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Martin Armstrong: Why the Dollar is not Fiat

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Posted by Martin Armstrong - Armstrong Economics

on Tuesday, 12 December 2017 06:41

QUESTION: You have said that coins were still fiat and not tangible hard money. Nobody else has said that. Can you support that statement?

DS

ANSWER: Of course. During the American Colonial period, there was a shortage of silver in particular in Britain. The British imposed restrictions on what coins could be used to pay Americans for anything. That restriction was imposed on silver and gold. Therefore, payment to Americans from Britain was always in copper coins. If Americans wanted to buy something from Britain, it was typically demanded in silver or gold. This was one of the reasons for the American Revolution.

US-Penny-1793-Present

Because of these restrictions, the monetary value of copper coins was twice its actual metal content. All governments produced coins ONLY at a profit, which is called the seignorage........

....continue reading HERE

....also from Martin:

EU Commission v Eurogroup

Most people do not understand that there is the Eurogroup, which is an informal body of finance ministers from the Eurozone member states that are intended to discuss matters relating to their countries’ common responsibilities related to the Euro.  They do not keep any minutes so nothing emerges with respect to policy. There is now a clash building between this Eurogroup and that of the European Commission....

....continue reading HERE



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Currency

This Week in Bitcoin: The IRS Targets Coinbase, Venezuela to Mint Its Own Cryptocurrency

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Posted by Frank Holmes - US Global Investors

on Tuesday, 12 December 2017 06:32

COMM-this-week-in-bitcoin-the-IRS-targets-coinbase-venezuela-to-mint-its-own-cryptocurrency12082017

Writing about blockchain and bitcoin right now is a little like buying a new computer in the 1990s. The tech was advancing so fast in those days that as soon as you brought the thing home, it was sorely outdated. Similarly, the cryptocurrency world is changing so rapidly at the moment that even before “the ink dries” on one of my posts, some important new development has already surfaced.

Case in point: When Bloomberg ran a particular story last Monday—Bitcoin Is Now Bigger Than Buffett, Boeing and New Zealand”—bitcoin’s market cap hovered just above $185 billion, making it worth more than the likes of PepsiCo, Boeing and McDonald’s.

Bitcoin is now worth more than some of the worlds biggest companies as of decemeber 4
click to enlarge

Well, here it is a week later, and this chart is already outdated. As of Monday morning, bitcoin’s market cap topped $275 billion, bringing its total value comfortably above Coca-Cola, Toyota and Verizon (and now Bank of America, Walmart, Procter & Gamble, Pfizer, AT&T and Chevron). Next stop is Alphabet, which had a market cap of $288 billion at the end of the third quarter.



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Currency

Bitcoin – Millennial's Fake Gold

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Posted by Vitaliy Katsenelson - Contrarian Edge

on Monday, 11 December 2017 06:28

UnknownI’ve been asked about Bitcoin a lot lately. I’ haven’t written anything about it because I find myself in an uncomfortable place in agreeing with the mainstream media: It’s a bubble. Bitcoin started out as what I’d call “millennial gold” – the young (digital) generation looked at it as their gold substitute.

Bitcoin is really two things: a blockchain technology and a (perceived) currency. The blockchain element of Bitcoin may have enormous future applications: It may be used for electronic contracts, voting, money transfers – and the list goes on. But there is a very important misconception about Bitcoin: Ownership of Bitcoin doesn’t give you ownership of the technology. I, without owning a single bitcoin, own as much Bitcoin technology as someone who owns a million bitcoins; that is, exactly none. It’s just like when you have $1,000 on a Visa debit card: That $1,000 doesn’t give you part ownership of the Visa network unless you actually own some Visa’ stock.

Owning Bitcoin gives you a right to … what, actually? Digital bits?

I can understand gold bugs and the original Bitcoin aficionados. The global economy is living beyond its means and financing its lifestyle by issuing a lot of debt. Normally this behavior would cause higher interest rates and inflation. But not when you have central banks. Our local central bankers simply bought this newly issued debt and brought global interest rates down to near-zero levels (and in many cases to what would have been previously unthinkable negative levels). If you think investing today is difficult, being a parent is even more difficult. I tried to explain the above to my 16-year-old son, Jonah. I saw the same puzzled look in his eyes as when he found out where babies come from. I also felt embarrassed, for my inability to explain how governments can buy the debt they just issued. The concept of negative interest rates goes against every logical fiber in my body and is as confusing to this forty-four-year-old parent as it is to my sixteen-year-old.



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Currency

MAJOR ALERT: One Of The Greats In The Business Just Issued This Dire Warning About Bitcoin

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Posted by KingWorldNews

on Friday, 08 December 2017 06:49

KWN-Boockvar-I-1282017

But the chart above from Boockvar was sooooo hours ago as Bitcoin has now broken above $17,000.

Here is an extraordinary warning regarding Bitcoin that was issued by Jason Goepfert at SentimenTrader:  Anecdotal evidence of a blow-off in Bitcoin has exploded over the last couple of days. That’s hard to incorporate, so using data related to price action and public interest, we see that a sentiment model has reached blow-off territory. The few other times we’ve seen an extreme like this, further gains were erased in the week(s) ahead, especially once there was an initial sign that late buyers were getting scared…

....continue reading HERE

....also from King World News:

On the heels of some chaotic overseas trading, it appears  that things may be about to go horribly wrong.



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Currency

Bitcoin achieved what The Gold Market Never Could & Never Will?

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Posted by Sol Palha's Tactical Investor

on Monday, 04 December 2017 06:17

here is no absurdity so palpable but that it may be firmly planted in the human head if you only begin to inculcate it before the age of five, by constantly repeating it with an air of great solemnity. Arthur Schopenhauer

 

Gold bottomed in 2002, and it took nine years for its trade to a high of roughly $1900 (September 2011). Contrast that to Bitcoin, in less than 1/3rd of the amount of time it is showing gains of more than 11,000%. It took nine years for Gold to show gains of roughly 700% and Gold has given up a substantial portion of those gains.

bitcoin price Dec 2017

We bailed out of Gold in 2011 for two reasons:



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