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DOVU To Participate In Jaguar Land Rover Hackathon

September 23, 2017 will 0

DOVU, the blockchain transport data initiative, will showcase its software at the forthcoming Jaguar Land Rover Developer Challenge, to be held in Slovakia at the end of the month. September 23, 2017 – The hackathon will take place around the theme of ‘smart mobility’, and will feature two specific challenges for developers: a mobile app… View Article

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Monero Android Wallet Monerujo is now in Public Beta

September 23, 2017 BitNewz.net 0

Finding a convenient wallet for altcoins is not all that easy. Although the major currencies have fewer issues in this […]

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Janet Yellen’s 78-Month Plan For The National Monetary Policy Of The United States

September 23, 2017 Tyler Durden 0

Authored by Economic Prism’s MN Gordon via Acting-Man.com,

Past the Point of No Return

Adventures in depravity are nearly always confronted with the unpleasant reality that stopping the degeneracy is much more difficult than starting it.  This realization, and the unsettling feeling that comes with it, usually surfaces just after passing the point of no return.  That’s when the cucumber has pickled over and the prospect of turning back is no longer an option.

Depravity and bedlam through the ages. The blue barge of perdition in the lower middle ferries the depraved and degenerate to their final destination, a small slice of which can be glimpsed above… [PT]

 

In late November 2008, Federal Reserve Chairman Ben Bernanke put in place a fait accompli.  But he didn’t recognize it at the time.  For he was blinded by his myopic prejudices.

Bernanke, a self-fancied Great Depression history buff with the highest academic credentials, gazed back 80 years, observed several credit market parallels, and then made a preconceived diagnosis.  After that, he picked up his copy of A Monetary History of the United States by Milton Friedman and Anna Schwartz, turned to the chapter on the Great Depression, and got to work expanding the Fed’s balance sheet.

Now here is something all those “Great Depression experts” always neglect to mention: the Fed’s holdings of government securities expanded my more than 400% between late 1929 and early 1933. Friedman’s often repeated assertion that the Fed “didn’t pump enough” in the early 1930s – which is held up as the gospel truth by nearly everyone – is simply untrue. It is true that the money supply collapsed anyway – but not because the Fed didn’t try to pump it up. Many contingent circumstances mitigated against money supply expansion: too many banks went bankrupt, taking all their uncovered deposit money to money heaven, as there was no FDIC insurance; only 50% of all banks were even members of the Federal Reserve system; no-one wanted to borrow or lend in view of the massive economic contraction and the Hoover administration’s ill-conceived interventionism. We can also tentatively conclude that the economy’s pool of real funding was under great pressure, which was exacerbated as a result of the trade war triggered by the protectionist Smoot-Hawley tariff enacted in June 1930. The collapse in international trade and investment meant that the pool of savings of the rest of the globe was no longer accessible. [PT]

 

Bernanke’s dirty deed commenced with the purchase of $600 billion in mortgage-backed securities, using digital monetary credits conjured up from thin air.  By March 2009, he’d run up the Fed’s balance sheet from $900 billion to $1.75 trillion.  Then, over the next five years, he ballooned it out to $4.5 trillion.

All the while, Bernanke flattered his ego with platitudes that he was preventing Great Depression II.  Did it ever occur to him he was merely postponing a much-needed financial liquidation and rebalancing?  Did he comprehend that his actions were distorting the economy further and setting it up for an even greater bust?

 

US broad true money supply TMS-2 and assets held by the Federal Reserve… and the perpetrator seen through the lens of various observers. [PT] – click to enlarge.

 

Normalization Principles and Plans

Perhaps Bernanke understood exactly what he was doing.  As many readers have insisted over the years, the Fed works for the big banks and big money interests.  Not Main Street. Regardless, the Fed recognizes that the optics of its $4.5 trillion balance sheet have become a bit skewed.  The Great Recession officially ended over eight years ago.  Why is the Fed’s balance sheet still extremely bloated?

On Wednesday, Fed Chair Janet Yellen attempted to clarify what the Fed is going to do about it.  Following the two day Federal Open Market Committee meeting, the Fed issued its customary statement.  Therein, it mentioned that balance sheet normalization would be initiated in October.  The referenced implementation note offered details on how the Fed will go about contracting its balance sheet:

“Effective in October 2017, the Committee directs the [Open Market] Desk to roll over at auction the amount of principal payments from the Federal Reserve’s holdings of Treasury securities maturing during each calendar month that exceeds $6 billion, and to reinvest in agency mortgage-backed securities the amount of principal payments from the Federal Reserve’s holdings of agency debt and agency mortgage-backed securities received during each calendar month that exceeds $4 billion.”

 

Ms. Yellen mentioned that the run-down of the balance sheet was going to be akin to “watching paint dry” – this is certainly true, considering its current size of around $4.5 trillion and the relatively small initial monthly drawdowns of $10 billion. But reductions by $50 billion per month are quite sizable and the markets are very likely to anticipate the effects at some point. In other words, this exercise in quantitative tightening could get a lot more exciting rather sooner than expected. [PT]

Moreover, if we correctly interpreted the Fed’s June 2017 Addendum to the Policy Normalization Principles and Plans, the Fed plans to increase this initial $10 billion balance sheet contraction every three months by increments of $10 billion until they reach $50 billion per month.  Then they’ll let it ride until they’re back to normal; though, it is unclear what the Fed believes normal is.  What to make of it?

Janet Yellen’s 78-Month Plan for the National Monetary Policy of the United States

By our back of the napkin calculation, starting with October’s initial $10 billion reduction, then incrementally increasing the reduction by $10 billion each quarter until hitting $50 billion per month, and then contracting by $50 billion a month from there, it will take 78-months for the Fed to get its balance sheet back to $900 billion (i.e., where it was before Bernanke’s act of depravity).  Thus, in roughly six and a half years, or in March 2024, monetary policy will be back to normal.

If you recall, the Soviets operated under five-year plans for the development of the national economy of the USSR.  Now, Yellen, an ardent central planner and control freak, has charted the Fed’s 78-month plan for the national monetary policy of the United States.  Have you ever heard of something so ridiculous?

However, while the Soviets were zealous believers in their plans, we suspect the Fed will be as committed to the cause as a fat person to a New Year’s Day diet.  In truth, the Fed will never, ever reduce its balance sheet to $900 billion.  They won’t even get close; they are well past the point of no return.

In the early 1930s the Soviet planners under Stalin had a great idea: why not fulfill the 5 year plan in four years? This showed that nothing was impossible for the “new Soviet man” and two plus two was henceforth five. As Marxists will explain, this is in perfect keeping with the rules of polylogism. Even the laws of mathematics must bend to proletarian logic. [PT]

 

For starters, financial markets will not allow the Fed to execute its 78-month tightening program according to plan.  At some point, credit markets will have a severe reaction.  This would ripple through stock markets and nearly all assets that are propped up by cheap credit.

What’s more, if this doesn’t panic the Fed from its master 78-month monetary policy plan, the economy will.  No doubt, at some point within the next 78-months the U.S. economy will shrink.  What will the Fed do then? Will they continue to tighten in the face of a contracting economy?

Guess who’s lying in wait… it will be found out that a creature long held to be extinct was merely hibernating in its cave, sharpening its claws. [PT]

 

No way.  They will ease, and then they will ease some more.  They won’t stop until it is near impossible for an honest person to work hard, save their money, and pay their way in life. Many fine fellows were already pickled over by the Fed in the last easing cycle and lost their way. More are bound to follow.

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Charlie Lee: China Won’t Ban Cryptocurrency Mining

September 23, 2017 BitNewz.net 0

TheMerkle China Cryptocurrency miningTo this day, there are still a lot of questions and uncertainties regarding the Bitcoin situation in China. While it is evident large exchanges will halt CNY trading, it remains to be seen if the mining sector will be affected as well. For now, it does not appear this will be the case, and Charlie Lee recently stated as much on Twitter. However, there is no official source either confirming or countering Lee’s tweet. Mining Cryptocurrency in China is Still Fine Given China’s stance on Bitcoin and cryptocurrency these days, it is not entirely surprising that there are a lot of questions

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Markets Update: Bitcoin Price Consolidates After Last Week’s Volatility

September 23, 2017 Jamie Redman 0

Markets Update: Bitcoin Price Consolidates After Last Week's VolatilityThe price of bitcoin has started to trend upwards on Saturday, September 23, after a slight dip in value 24-hours prior. Currently, the price per BTC is roughly $3,775 at press time after rebounding from yesterday’s low of $3,510. Also read: GMO to Invest 10 Billion Yen in Its Own 7nm, 5nm and 3.5nm Dedicated Bitcoin […]

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“Thousands Could Die” – Puerto Rico Scrambles To Evacuate River Valley As Dam Fails

September 23, 2017 Tyler Durden 0

Days after Hurricane Maria passed over the island and made its way west toward the Dominican Republican, Puerto Rico is still struggling with the initial response to the storm – rescuing people stranded in remote villages, and moving thousands into government shelters. Meanwhile the island’s first responders are making due without electricity, gas or cell phone service after the storm dealt a knockout blow to its infrastructure.

In what was perhaps the most destructive blow to the island’s aging infrastructure, the NWS warned Friday that the Guajataca Dam in northwest Puerto Rico would soon fail, prompting the agency to issue a flash flood emergency warning for Isabela and Quebradillas municipalities. Now, authorities are scrambling to evacuate the residents of the river valley below the dam before their communities are entirely submurged. If the authorities don’t act quickly, “thousands could die” one official in charge of the rescue response said.

According to federal reservoir data, the lake behind the dam, Lago de Guajataca, rose more than three feet between Tuesday and Wednesday, when the storm was still directly over the island. More recent data were unavailable. With floodwaters gushing into the Guajataca river valley, Reuters reports that emergency officials were scrambling Friday and Saturday to evacuate its nearly 70,000 residents before their villages have been completely submerged.

Video published by CBS shows waters gushing over the top of the 90-year-old dam, sending a wall of water racing into the valley below.

The National Weather Service warned of “imminent failure” and urged residents in the area to “move to higher ground now.”

The evacuation of the valley is perhaps the most high-stakes rescue effort of the past week, according to  Abner Gomez, executive director of Puerto Rico’s emergency management agency. Gomez said Friday that the dam’s floodgates suffered mechanical damage during the storm, which made it impossible for authorities to open and let out normal water currents.

He added that “there is no way to fix it” right now considering the conditions and said if the dam tops over or fails structurally, “thousands of people could die.”

The Puerto Rico Electric Power Authority, which operates the dam, says that the failure is already causing flash flooding downstream. The dam lies across the Guajataca River to form a reservoir that can hold roughly 11 billion gallons of water.

According to Weather.com, local media have reported that residents of one small community near the dam are refusing to evacuate, forcing authorities to invoke a law that allows responders to evacuate children and the elderly in an emergency.

The latest crisis comes as the death toll on Puerto Rico rose to 21 on Friday, when authorities said eight people had died in Tao Baha 30 miles from San Juan, where more than 4,000 people have been rescued from floodwaters.

Meanwhile, some shelters are running out of food and other essential supplies, creating a situation that the island’s governor, Ricard Rossello, described as a “humanitarian emergency.”

Maria made landfall in Puerto Rico early Wednesday as a powerful Category 4 hurricane with 155 mph winds – the first Category 4 to hit the island since 1932. The storm wiped out the island’s power grid and dumped 20 to 30 inches of rain in 24 hours, with some areas seeing as much as 40 inches. The storm could leave most of the island without power for weeks – or possibly up to six months in some areas.
 

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PR: Successful Pre ICO Launch for New Digital Identity Verifier Firm, VerifyUnion

September 23, 2017 Bitcoin.com PR 0

PR: Successful Pre ICO Launch for new digital identity verifier firm, VerifyUnionThis is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release. Another unique and reliable digital identity verification platform, VerifyUnion, has been […]

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ICOMG Wants The Government To Stay The Hell Away From Crypto

September 23, 2017 BitNewz.net 0

icomg logoRecently, a friend of mine from the United States (the land of the free), wanted to participate in an ICO for a brand new coin.  He had done all the research on the team, read the white paper, and had his hard earned money ready to invest when the date rolled around. What he didn’t anticipate, upon logging into the site, was a message saying his IP had been blocked and that US investors were not allowed to participate. He was devastated. Lucky for him I am not American and a few clicks later I purchased the ICO for him.

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