Submitted by Tim Price of Sovereign Man blog,
For practitioners of Schadenfreude, seeing high-profile investors losing their shirts is always amusing.
But for the true connoisseur, the finest expression of the art comes when a high-profile investor identifies a bubble, perhaps even makes money out of it, exits in time – and then gets sucked back in only to lose everything in the resultant bust.
The most curious thing of all about the November jobs report released on Friday was the huge drop in the unemployment rate — and the fact that the Labor Department chose not to disclose that the data going into that figure are under investigation for falsification.
On Nov. 19, I broke the news in my column that the Census Bureau, which collects data that goes into the jobless rate on behalf of Labor, had caught one of its enumerators fabricating interviews in 2010.
Having discussed the advantages and disadvantages of the crypto-currency and noted the extreme volatility of the last few weeks, it seemed only a matter of time before some ambitious entrepreneur tried to monetize the volatility. What better way to "manage the risk" of your virtual currency horde than buying (or selling) options (in a more levered way). Predictious, the Dublin-based prediction market, this week unveiled Bitcoin Option Spreads enabling both long- and short-positions to be constructed on the already extremely volatile 'asset'. Regulatory clamp-down in 3..2..1...
I’ve been waiting for this headline. It was just a matter of time before the exchange of BTC for a Tesla happened. The purchase took place at Lamborghini Newport Beach in California, and this isn’t just a one time gimmick. The dealership has announced that:
Lamborghini Newport Beach in California is proud to announce that we are fully capable of accepting Bitcoin as payment for vehicles. We are excited to be opening the door to this new currency.
Video: Greenspan Baffled Over Bitcoin 'Bubble': "To Be Worth Something, It Must Be Backed By Something"Submitted by Apple on Wed, 12/04/2013 - 21:37
"In order for currencies to be 'exchangeable' they have to be backed by something," is the remarkably ironic initial comment from none other than debaser-of-the-entirely-fiat-dollar Alan Greenspan when asked about the "bubble in bitcoin," by Bloomberg TV's Trish Regan.
Iranian officials say that the White House is misleading the public about the details of an interim nuclear agreement reached over the weekend in Geneva.
Iran and Western nations including the United States came to an agreement on the framework for an interim deal late Saturday night in Geneva. The deal has yet to be implemented
The White House released a multi-page fact sheet containing details of the draft agreement shortly after the deal was announced.
A senior advisor to the Saudi royal family has accused its Western allies of deceiving the oil rich kingdom in striking the nuclear accord with Iran and said Riyadh would follow an independent foreign policy.
Nawaf Obaid told a think tank meeting in London that Saudi Arabia was determined to pursue its own foreign and policy goals. Having in the past been reactive to events, the leading Sunni Muslim nation was determined to be pro-active in future.
Iran has struck a historic agreement with the US and five other world powers, accepting strict constraints on its nuclear programme for the first time in a decade in exchange for partial relief from sanctions.
The deal, signed at 4.30am on Sunday morning, marks arguably the most significant foreign policy achievement of Barack Obama's presidency, amounting to the most significant agreement between Washington and Tehran since the 1979 Iranian revolution.
Iran and six world powers have reached a deal regarding Iran’s nuclear program, after hours of talks in Geneva.
The European Union’s Foreign Policy Chief, Catherine Ashton, announced early Sunday morning that an agreement has been reached between Iran and the group known as the P5+1.
France's Foreign Minister, Laurent Fabius, confirmed as well that a deal has been reached. Details of the agreement have not yet been made public.
BREAKING: French foreign minister says Iran nuclear deal has been reached - @AP
High-level U.S. talks with the Islamic Republic, Saudi Arabia’s bitter regional rival, were the last straw. Last Tuesday, the head of Saudi intelligence services told European diplomats to anticipate a “major shift” away from the United States over disagreements on Syria and Iran policy. Recent Saudi rhetoric has been so severe that in it Israeli Justice Minister Tzipi Livni heard echoes of her own country’s politics: “When you hear the Saudis talk about what needs to be done to prevent [a nuclear] Iran, it sounds familiar,” Livni said.
With a shiny red ballon dog selling for $58 million, perhaps it was time to take a little profit in the equity exuberance. S&P futures are down 9 points from last night's close - which in the new normal is considerable (sadly) - with no macro data headlines this morning to spark a move, we will be watching JPY (which for now is rallying awkwardly) for signs of ignition. Meanwhile, as the USD flatlines (despite dispersion in FX), Bitcoin just toppped $400 for the first time ever - doubling in the last two weeks.
"I can only say: I'm sorry, America. As a former Federal Reserve official, I was responsible for executing the centerpiece program of the Fed's first plunge into the bond-buying experiment known as quantitative easing.... We were working feverishly to preserve the impression that the Fed knew what it was doing... The central bank continues to spin QE as a tool for helping Main Street. But I've come to recognize the program for what it really is: the greatest backdoor Wall Street bailout of all time.... Having racked up hundreds of billions of dollars in opaque Fed subsidies, U.S.
Bitcoin is broken. And not just superficially so, but fundamentally, at the core protocol level. We're not talking about a simple buffer overflow here, or even a badly designed API that can be easily patched; instead, the problem is intrinsic to the entire way Bitcoin works. All other cryptocurrencies and schemes based on the same Bitcoin idea, including Litecoin, Namecoin, and any of the other few dozen Bitcoin-inspired currencies, are broken as well.
Protesters wearing the white-faced Guy Fawkes masks that have become synonymous with the Occupy movement and the hacktivist grouping Anonymous have taken part in hundreds of gatherings around the world in opposition to causes ranging from corruption to fracking.
Demonstrations in more than 400 cities had been planned as part of the event - billed as the "Million Mask March" - that coincided with Guy Fawkes Day.