Browsing: Banking and Finance

‘The function of a Central Bank, regardless of which country, is to “launder money” – to transform it from worthless paper into valuable capital through the labor of the people that borrow money and then repay the amount (principal and interest). It’s the act of repaying that breathes life into otherwise empty and valueless currency.

The money that is lent out is generated as electronic “virtual” currency – which is created inside computer programs used by the banks to record and account for these funds. Before this “virtual” currency is lent, it resides inside the banks computer accounting system as ephemeral digits – sometimes existing for only a few milliseconds before being transferred into the hands of the borrower. The borrower usually never sees any physical form of payment – the borrowed funds are transferred into the borrower’s account as electronic digits – giving the borrower the credit means to settle a transaction – usually a purchase of goods or services. The borrower must then find another source of cash – usually through some act of value-producing labor – to payback the loan to the bank. But the money that is being returned to the bank now has “real” value – not merely “virtual” value.’

Read more: The International Banking Cartel: Most Secret of Secrets

‘Graphic CCTV footage shows the spine-chilling moment a man appears to launch an arson attack on a suburban bank in Melbourne, Australia.

The footage appears to show asylum seeker Nur Islam pouring a drum of gasoline over the foyer floor of the Springvale branch of Commonwealth Bank in the southeast of the city. As people begin running towards the door, Islam stands in the center of the puddle and ignites the fuel with a cigarette lighter.

Appearing at Melbourne Magistrates Court Tuesday, Islam said he bought the fuel from a nearby service station after becoming frustrated at the length of time it was taking to withdraw the balance of his account.’

Read more: Asylum seeker ‘frustrated at slow access to cash’ set bank on fire in alleged arson attack

‘The CIA has its own investment capital firm called “In-Q-Tel,” and it’s been funding innovative tech firms for years. This is both good news and bad. One the one hand, it allows the CIA to invest in technologies they deem useful for the intelligence community; however, some of these technologies are a little creepy when it comes to personal space and privacy.

In-Q-Tel has the ability to reach deep into the pockets of the U.S. government’s Black Budget, which is pretty hefty given that the Washington Post reported that a staggering $52.6 billion was set aside for Black Budget operations in fiscal year 2013. If you’re unfamiliar with the Black Budget program, that’s not very surprising; the entire point of the program is to keep these funds and the programs within it top secret.

Though these investments are much smaller than the total Black Budget spendings, amounting from somewhere between $500K and $2 million per investment as per a 2005 story in Washington Post, they’re still strategic contributions made in hopes of using the technology in the future.’

Read more: 14 Cutting Edge Firms Funded By The CIA

‘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.’’

Read more: John McAfee accidentally just revealed why Bitcoin is a total fraud: Behold the logic of ‘artificial 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.’

Read more: Venezuela Has Officially Abandoned The Petrodollar – Does This Make War With Venezuela More Likely?

‘It has been more than a decade since I fired the first shot in my David and Goliath battle with the giant Lloyds Banking Group.

In that time, I’ve done my best to make my case. I’ve set up a dedicated website, a Facebook platform, an internet radio station and a YouTube channel with more than 20 videos – all of which have generated a consistent flow of information and support.

But nothing has matched the scale of the response to my interview in last week’s Mail on Sunday, in which I outlined the devastating personal consequences of the way I was treated by HBOS – later taken over by Lloyds – and by one criminal bank manager, Mark Dobson, in particular…

…Quite simply, I am horrified at the scale of the damage to so many other livelihoods and lives. Haven’t we all grown up trusting high street banks? Their branches were fixtures, not only in our towns and cities, but in the way our lives ran.

Yet it is no exaggeration to say that thousands, possibly millions of us, instead of being helped have found our lives permanently damaged by the toxic UK financial system.’

Read more: ‘I’m not the only one who went through hell. Toxic banks have wrecked thousands of lives’: NOEL EDMONDS on how being driven to the very brink of suicide sparked a flood of responses from Mail on Sunday readers 

‘JPMorgan Chase, like so many corporations, is trying to have its cake and eat it under the Trump administration. In the last few weeks, it has invested time, public relations’ efforts and money in presenting itself as a defender of human rights. But the $2 million Chase pledged to fight racism is a drop in the ocean compared to the potential yield from its massive investment in the private prison system: one of the starkest manifestations of racial injustice in the U.S. today, profiting primarily from the detention of immigrants seeking a new life in the U.S. The DACA cancellation last week will only further boost the huge profit to be made from keeping yet more people under lock and key.

Now Trump has canceled DACA, JPMorgan Chase must decide how serious it really is about this newly discovered sense of social consciousness. For its stance on human rights to have real meaning, the corporation must divest from the private prison system. Taking a real public position might hurt profits, but may help convince critics that the company means business when it comes to standing up for racial justice.’

Read more: How JPMorgan Chase Is Cashing in on Private Prisons

‘Efforts by banks and stores to push customers to stop using real money are failing, with just one in three happy to live in a cashless society.

Finance giants want people to switch to tap and go cards or use smartphones to make payments as this is much cheaper for them than handling real money.

It also good news for retailers amid evidence people are more likely to spend when using virtual money than real notes and coins.

However, new research by retail analysts Mintel suggests that only a tiny fraction of the public are willing to give up on cash.’

Read more: Just a third of Britons want a cashless society after fears contactless cards are open to fraud and theft 

‘Equifax seems to be backpedaling on asking consumers to give up their legal rights to sue in court either individually or as part of a group over the massive data breach of consumer personal information such as names, birth dates, and Social Security numbers, as well as drivers’ license numbers and credit card account number in some instances.

Initially, the credit bureau asked consumers to waive, i.e., sign away, their rights to file a lawsuit if they accepted a year’s worth of free security monitoring.

After an outcry, however, Equifax announced that the class-action waiver applies only to the Trusted ID Premier service rather than what it called the “cybersecurity incident.”

On a dedicated website set up to address the privacy hack, Equifax published several clarifications.

In response to consumer inquiries, we have made it clear that the arbitration clause and class action waiver included in the Equifax and TrustedID Premier terms of use does not apply to this cybersecurity incident.’

Read more: After allowing 143 million credit profiles to be stolen by hackers, Equifax now trying to TRICK people into waiving class action lawsuit rights