Implode-Explode Heavy Industries news feed

Richard Russell on the Bizarre Market; Crude Manipulations

Wed, 22 May 2013 13:45:40 GMT

``I've never seen so much money being sloshed about. Nor have I ever seen so much news of corruption and criminal activity.... I think the gold miners will fly once gold gets over 1500. This crunch job on gold is the crudest manipulation job I've ever seen.''

Mt. Gox accused of violating US money transfer regulations as Bitcoin Crackdown Begins

Tue, 21 May 2013 07:11:09 GMT

The warrant alleges that Mt. Gox failed to register as a "money transmitting business" in accordance with 18 U.S. Code 1960. Violators can be fined and sentenced up to five years in prison.
...
How bitcoin exchanges fall under U.S. federal and state law had been somewhat in question. But in March, FinCEN issued guidance specific to virtual currencies, stating that exchanges are required to register but users are exempt.

Which apparently makes them retroactively in violation...

This Is No Ordinary Scandal (IRS Targetting Conservative Groups)

Mon, 20 May 2013 17:07:22 GMT

``The White House is reported to be shellshocked at public reaction to the scandal. But why? Were they so highhanded, so essentially ignorant, that they didn't understand what it would mean to the American people when their IRS--the revenue-collecting arm of the U.S. government--is revealed as a low, ugly and bullying tool of the reigning powers? If they didn't know how Americans would react to that, what did they know? I mean beyond Harvey Weinstein's cellphone number.''

IRS Apologizes for Extra Scrutiny of Anti-Tax Groups

Fri, 10 May 2013 23:38:46 GMT

``Lerner said the groups were asked inappropriate questions, including to identify their contributors. She said new IRS questionnaires were sent to some groups, while others didn't need to supply new information.''

Mish Interview With "Bitcoin Jesus"

Tue, 07 May 2013 19:15:49 GMT

A few weeks ago I decided to do another search for businesses that accepted bitcoins. I was surprised to discover that a new entity, the Bitcoin Store, offers 500,000 electronic products for sale, accepting only bitcoins as payment. The products include high-end digital cameras.
...
Mish: What is your volume in business, assuming a value on bitcoins of $100.
BJ: So far this month we have averaged 115 BTC per day. $11,500 per day, $350,000 per month.
We disabled international orders on the site because we were getting so many orders that we couldn't process them all each day.
Read more at http://globaleconomicanalysis.blogspot.com/2013/04/mish-interview-with-bitcoin-jesus.html#e7bHu8ReTHRalPGw.99

IRS: We can read emails without warrant

Sat, 13 Apr 2013 01:59:48 GMT

``The Internal Revenue Service (IRS) has claimed that agents do not need warrants to read people's emails, text messages and other private electronic communications, according to internal agency documents. The American Civil Liberties Union (ACLU), which obtained the documents through a Freedom of Information Act request, released the information on Wednesday.''

Bank of Cyprus's Customers May Lose as Much as 60% on Deposits

Sat, 30 Mar 2013 18:00:27 GMT

Customers will have 37.5 percent of their deposits above this amount converted into shares with full voting rights and access to any future Bank of Cyprus dividend, the Nicosia-based central bank said in an e-mailed statement. A further 22.5 percent will be temporarily withheld to ensure the lender meets the terms of its recapitalization, as agreed under Cyprus's loan agreement with international creditors, the central bank said.

Report: ObamaCare to Increase Premiums, 200% Possible

Fri, 22 Mar 2013 15:46:57 GMT

An exhaustive study by three congressional committees delivers startling news about the dire effects of Obamacare: President Barack Obama's signature legislation could increase health insurance premiums by over 200 percent and render insurance coverage unaffordable for millions of Americans.

UPDATE: Germany Warns That Banks in Cyprus May Remain Closed Permanently

Thu, 21 Mar 2013 14:46:03 GMT

Germany's finance minister, Wolfgang Schaeuble said major Cypriot banks were "insolvent if there are no emergency funds," according to a BBC report, meaning savers might lose all their money if no deal was reached.

US Treasury Has Bitcoin in Sights With "Virtual Currency" Reg

Wed, 20 Mar 2013 23:25:46 GMT

``Congratulations, Bitcoin, you've made the big time! How do we know? Easy, the Feds have you in their sights.'' -- This is just nibbling at the fringes for now, but of course bears watching. Since bitcoin isn't centralized the best they can do is laser in on sites providing exchanges. Of course, this doesn't have to be in the US at all, though there is probably some connection for any site doing US deposits or withdrawals.

Cyprus seeks Russian rescue, EU threatens cutoff

Wed, 20 Mar 2013 20:17:53 GMT

``Cyprus extended a bank lockdown to next week and considered nationalizing pension funds on Wednesday, scrambling to avert a financial meltdown after rejecting the terms of a bailout from the European Union and turning to Russia for a lifeline.'' -- Nationalizing pensions sounds like a super idea. In respect to that, turning to the Russkies (including signing over energy assets) seems downright brilliant.

The Great Cyprus Bank Robbery Shows That No Bank Account Is Safe

Tue, 19 Mar 2013 18:43:04 GMT

The global elite have now proven that when the chips are down they are going to go after any big pile of money that they think they can get their hands on. That means that no bank account, no retirement fund and no stock portfolio on earth is safe. Up until now, most people assumed that private bank accounts were untouchable and that deposit insurance actually meant something. Now we see that there is no pile of money that is considered "off limits" by the global elite and deposit insurance means absolutely nothing.

Greek's Radical Left: The Dangers of the Disaffected and the Unemployed Read more: Greek's Radical Left: The Dangers of the Disaffected and the Unemployed | Stratfor

Thu, 14 Mar 2013 15:18:35 GMT

Because unemployment is so pervasive, jobless, disenchanted people are joining radical parties espousing a wide variety of ideologies. Examples include populist euroskeptic parties, such as Italy's Five Star movement; far-right parties, such as Greece's Golden Dawn party; and anti-austerity leftist groups, such as Greece's Coalition of the Radical Left, or Syriza. With unemployment in Greece at 27 percent, it is not surprising to see both radical right-wing and radical left-wing groups gaining support from those who have become deeply disaffected by the crises.

BitCoin CIA Connection -- YouTube

Fri, 08 Mar 2013 19:44:48 GMT

When all is said and done about BitCoin...
When a few get something for nothing, in the end, most will get nothing for something.

Eric Holder on Not Indicting HSBC

Fri, 08 Mar 2013 13:43:47 GMT

``It's nice and all that Mr. Holder cares about the stability of the global financial system, but that is not Mr. Holder's job. As attorney general he is the country's top law enforcement officer, and in that capacity he should prosecute criminals and criminal institutions.''

Bradley Manning pleads guilty to misusing classified data in WikiLeaks case

Thu, 28 Feb 2013 19:21:27 GMT

``At the hearing, Manning pleaded not guilty to the most serious charge, aiding the enemy, through his attorney. Manning, who has been jailed at Quantico Marine Base in Virginia for more than 1,000 days, could face life imprisonment if convicted of that charge.''

Is Detroit The America Of Tomorrow?

Tue, 26 Feb 2013 15:32:03 GMT

Is Detroit the shape of things to come for the next generation of Americans?

Leading Gold Storage Firm ViaMat Dumps All US Clients

Tue, 26 Feb 2013 06:04:09 GMT

``ViaMat, one of the world's leading precious metals storage firms (used by BullionVault & GoldMoney as primary storage provider) has just notified US customers that effective April 30th 2013, it will discontinue private storage of precious metals for all clients with a US tax liability. Clients have until April 30th to notify Via Mat International where they would like their physical bullion dispatched to.''

Global Guerrilla War Against Surveillance Cameras Hits America

Sat, 16 Feb 2013 19:44:15 GMT

Global insurrection against police surveillance cameras has hit the Seattle metropolitan area.

France Plans To Prohibit Cash Payments Over €1,000

Thu, 14 Feb 2013 23:05:45 GMT

One of the best things about covering payments news is that you never run out of stories where various myopic governments attempt to restrict the flow of cash in a squeeze for revenue.