economic collapse Tag

Posted On December 13, 2017By Bullion TigerIn Articles

Four reasons why you shouldn’t count gold out just yet!

Remember gold? It seems like only six years ago the shiny metal was flavor of the month, hitting a record $1,900 a troy ounce while its backers prophesied the end of the fiat money system.  With bitcoin sucking up all the crazy in financial markets, gold looks to have lost its luster. The CBOE/Comex Gold Volatility Index, a rough proxy for the amount of fun and profit available for precious metal traders, touched a record low of 10.17 last month, from levels north of 37. That may be overdue aRead More

Posted On October 26, 2017By BlackbeardIn Articles

Iran Should Go For Gold, Not A Currency Reform Illusion

Last December, the Iranian government of Hassan Rouhani passed a bill to change the name of Iran’s national currency from the rial to the toman. This would require a redenomination in which one zero was lopped off Iran’s unit of account, as 1 toman is equal to 10 rials. Without a change in the monetary and exchange rate regime, the proposed changes amount to a great illusion. Iran’s currency is, of course, one of the many reasons for Iran’s economic dysfunction. Indeed, since the Islamic Revolution of 1979, the rialRead More

Posted On October 26, 2017By BlackbeardIn Articles

Venezuelans turn to Bitcoin to escape currency crisis

By now, most Americans are familiar with the economic basket case that is Venezuela. The country’s economy has collapsed, leaving the population desperate and starving. The human cost is highly visible and tragic, but what gets less attention is the way in which the government has destroyed the country’s currency, thereby making it impossible for citizens to buy basic necessities. It’s a common story in socialist countries. Unable to sustain massive levels of government spending, the state prints more and more money, trading short-term gains for massive inflation. It’s oneRead More
This is akin to a family of five selling their home, cars, and personal belongings, in order to finance Dad heading off to Vegas in order to play the fucking slot machines. What can go wrong, after all? Bitcoins only go higher. Source: CNBC Didi Taihuttu, his wife, three kids and their cat bet all they have on bitcoin. The Dutch family of five is in the process of selling pretty much everything they own — from their 2,500-square-foot house, to their shoes – and trading it in for theRead More
Low rate environment puts banks under pressure, ING CEO says from CNBC. The CEO of a major European bank offered a stark warning for his industry on Thursday, suggesting that years of accommodative policy by global central banks could quickly turn sour. Low interest rates have been supportive for the world economy, according to ING Group’s Chief Executive Ralph Hamers, but banks have to be “very cautious” at this moment in time because “this is exactly when things may go wrong,” he said. “You have to be careful and very cautious notRead More

Posted On October 12, 2017By BlackbeardIn News

Here’s Why Malaysians Can’t Afford a House

Malaysia’s central bank has a response to those saying it needs to do more to spur home loans: houses simply aren’t affordable. Bank Negara Malaysia has created a website packed with data aimed at debunking the “myth” that access to financing was deterring home ownership, showing that loan approvals for key cities are near 70 percent or higher. The central bank has resisted calls to loosen mortgage lending, instead saying the property industry should boost efforts to cut costs and accelerate supply. Rising home prices have added to the grievancesRead More
It’s always funny to debate socialists on the merits of their ideology. If you point to a country like Venezuela, and say “See! This is what socialism leads to,” they’ll no doubt claim that it isn’t a real example of socialism. But if you went back in time by just a few years, you’d find that their perception of Venezuela was quite different. Celebrities like Sean Penn, Oliver Stone, and Danny Glover praised the regime not too long ago, as did intellectuals like Noam Chomsky. Six years ago, Bernie Sanders claimed that “the American dream is more aptRead More
The algorithm is simple: Governments coerce their pet monkeys to pay taxes into the system – the self-perpetuating machine – and thereby the monkeys become the very sources of funding to build, equip, staff, and enforce their own incarceration. There are too many individuals with dreams, plans, goals, and ambitions for themselves and their families.  There is too much individualism.  It eventually must be crushed, in order to maintain the existing social, political, religious, and economic order.  The order will eventually blend all of the elements and “homogenize” them to assure mutual self-support forRead More
Over the past three years, gold has found itself in an odd place: while it still remains the ultimate “safety” trade and store of value should everything go to hell following social and monetary collapse, when it comes to “coolness” it has been displaced by various cryptocurrencies, all of which have vastly outperformed the yellow metal in recent months. Meanwhile, central banks continue to pressure the price of gold to avoid a repeat of 2011 when gold nearly broke out above $2,000, putting the fate world’s “reserve currency” increasingly underRead More
Venezuela’s central bank devalued its weakest legal exchange rate nearly 64 percent in its latest currency system as the cash-strapped nation attempts to ease a shortage of dollars that’s emptied store shelves and fueled the word’s highest inflation. On Wednesday, central bank director Pedro Maldonado announced the results of the first auction in a revamped currency platform, known as Dicom, where it sold $24 million to businesses and individuals. Each U.S. dollar was sold at a rate of 2,010 bolivars, a sharp decline from the previous rate of about 728 bolivars. Maldonado saidRead More