Browsing: Business and Economy
‘In a recent CNBC interview that’s being widely touted by self-deluded Bitcoin promoters as some kind of “smack down” of JP Morgan CEO Jamie Dimon, Bitcoin advocate John McAfee accidentally admitted why Bitcoin is a total fraud that’s doomed to fail.
In answering Jamie Dimon’s recent declaration that Bitcoin is a fraud, McAfee replied: (see the video at The Daily Sheeple)
However, sir… you called Bitcoin ‘a fraud.’ I’m a Bitcoin miner. We create Bitcoins. It costs over one thousand dollars per coin to create a Bitcoin. What does it cost to create a U.S. dollar? Which one is the fraud? Because [the dollar] costs whatever the paper costs, but it costs me and other miners over a thousand dollars per coin – it’s called ‘proof of work.’’
‘Venezuela is the 11th largest oil producing country in the entire world, and it has just announced that it is going to stop using the petrodollar. Most Americans don’t even know what the petrodollar is, but for those of you that do understand what I am talking about, this should send a chill up your spine. The petrodollar is one of the key pillars of the global financial system, and it allows us to live a far higher standard of living than we actually deserve. The dominance of the petrodollar has been very jealously guarded by our government in the past, and that is why many are now concerned that this move by Venezuela could potentially lead us to war.
I don’t know why this isn’t headline news all over the country, but it should be. One of the few major media outlets that is reporting on this is the Wall Street Journal…
The government of this oil-rich but struggling country, looking for ways to circumvent U.S. sanctions, is telling oil traders that it will no longer receive or send payments in dollars, people familiar with the new policy have told The Wall Street Journal.’
‘In times like these (Donald Trump, the climate crisis, environmental degradation, police brutality, etc.), it’s natural to feel a need to do something. But what? It’s easy to donate online to any one of hundreds of organizations. Heck, even making an Amazon purchase online or an in-store Whole Foods purchase is accompanied by an opportunity to donate to an organization that needs your spare change. But where does that money go? And really, do you know what effect it is having?
While it’s nice and convenient to text-to-donate or round up for charity, there is a more direct, and more effective way to take action to make the world a better place, and it starts in your own backyard. It’s keeping your money where your home is by shopping local.
The impact of this simple action is so profound you might add years to your life, and to your neighbor’s. Here’s what happens when you buy local.’
‘On September 6 the U.S. House of Representatives unanimously passed a bill which spurs on further development of autonomous vehicles, but civil liberties advocates fear the further erosion of privacy. The so-called “SELF DRIVE Act” has been hailed as an opportunity to improve traffic safety and reduce vehicle deaths. If the bill passes the Senate and becomes law it would prevent states from passing certain laws to regulate the technology. The Hill reports the bill would also “allow car manufacturers to deploy up to 100,000 self-driving cars a year that don’t meet normal safety standards. In the first year, however, that number will be capped at 25,000.”
States would still handle vehicle registration, insurance, driver education, law enforcement and other local issues. Self-driving vehicle manufacturers will be required to include privacy protections in their vehicles.
With the advent of autonomous vehicles we must seriously think about the implications of bringing the interconnected Internet of Things into our lives on the road. The vehicles sensors will constantly be sucking up data and feeding it into the navigation system. The wide variety of data (weather, traffic, speed, location, time, date) could potentially reveal private details to the manufacturer, law enforcement, or hacker.’
‘Venezuelan President Nicolas Maduro said Thursday that Venezuela will be looking to “free” itself from the U.S. dollar next week, Reuters reports. According to the outlet, Maduro will look to use the weakest of two official foreign exchange regimes (essentially the way Venezuela will manage its currency in relation to other currencies and the foreign exchange market), along with a basket of currencies.
According to Reuters, Maduro was referring to Venezuela’s current official exchange rate, known as DICOM, in which the dollar can be exchanged for 3,345 bolivars. At the strongest official rate, one dollar buys only 10 bolivars, which may be one of the reasons why Maduro wants to opt for some of the weaker exchange rates.
“Venezuela is going to implement a new system of international payments and will create a basket of currencies to free us from the dollar,” Maduro said in a multi-hour address to a new legislative “superbody.” He reportedly did not provide details of this new proposal.
Maduro hinted that the South American country would look to using the yuan instead, among other currencies.’
‘Big Brother is coming for your wallet.
From expiry dates on $100 notes and cash payment limits to tracking chips, internet snooping and now central bank-issued digital fiat currency, the battle plan for the war on cash is taking shape.
With the federal government’s Black Economy Taskforce set to hand down its final report next month, the head of the corporate watchdog has weighed into the debate with an ominous prediction.
Speaking to the The Australian Financial Review on Monday, ASIC chairman Greg Medcraft predicted traditional bank accounts may be unnecessary within a decade as central banks begin issuing their own Bitcoin-style digital fiat currency.
While central banks already have digital settlement accounts with the financial institutions, Mr Medcraft predicted that those would soon be extended to everyday transaction accounts for the general population.’
‘Many people think that earning more money is the solution to their financial woes, but a recent Harris poll that was carried out on behalf of CareerBuilder reports that 78 percent of people with full-time jobs are living paycheck to paycheck. Those who earn six figures aren’t immune; a tenth of workers in this category say they live paycheck to paycheck, and nearly 60 percent of those earning in this range are in debt.
The numbers in the survey are disturbing on their own, but the fact that they’ve risen is even more concerning. Seventy-five percent of workers lived paycheck to paycheck last year, which means the number has risen 3 percent in just one year. Meanwhile, 71 percent of American workers are now in debt, a notable rise over last year’s 68 percent. And while debt can vary significantly, 54 percent of those surveyed said they were in over their heads. More than half (56 percent) of those who were in debt said they believed they would always be in debt, and 26 percent said they had not set aside any amount of savings each month during the last year.’
‘Sports Direct bosses asked warehouse staff to press ‘happy’ or ‘sad’ emoji buttons to say how they felt about their working conditions – before using fingerprint recognition to ID unhappy workers, according to a trade union.
Unite said the survey at the leisurewear company’s Shirebrook warehouse in Derbyshire – which was once dubbed a Soviet ‘gulag’ for its ‘Victorian’ working conditions – was ‘bogus’ because staff knew they might get in trouble for giving negative feedback.
Steve Turner, Unite’s assistant general secretary, added that some problems uncovered in a damning government report in 2016 about the company, owned by billionaire business tycoon and Newcastle United boss, Mike Ashley, are still ongoing today.’