US Government Debt Reaches All Time High, Bitcoin Offers Financial Protection
As the total debt of the US federal government surpassed it’s an all time high record with $19,659,460,647,160.83. Bitcoin is proving to be one of the very few alternatives for financial protection. The US economy is found on an entirely debt-based monetary system, which is presumed to surpass $20 trillion in debt by 2017. The outstanding debt of the US federal government is covered by the Federal Reserve’s quantitative easing process, in which billions of Dollars are printed out to be distributed amongst top-tier commercial banks, corporations, and the Federal Reserve bank. Bloated US....
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Financial instability in Greece may eventually drive more people towards alternative financial solution. According to the IMF, Greece has a maximum of three weeks to deal with its looming debt. For the time being, the government suffers from a deadlock in their talks with creditors.Either Greece agrees to additional austerity, or introduces fresh elections. Neither solution is worth considering for the government right now, although a solution has to be found. The IMF predicts Greece’s debt load will become “explosive’ in the next 15 years. Everyone who has kept an eye on the financial....
Bonds worth $17.05 trillion now yields a return below zero, according to Bloomberg Barclays Global Negative Yielding Debt index.
Karpeles bowing in apology. Mt. Gox CEO Mark Karpeles just came on Japanese TV channel Asahi News Network today and publicly apologised for the Gox disaster. According to various translations, Karpeles is "really sorry for causing trouble to all the people concerned... The 750,000 Bitcoins we kept for users, (37,000 million yen), are almost all gone." That's more than $400 million of Bitcoins lost due to what Karpeles describes as "weakness in the system." [youtube http://www.youtube.com/watch?v=NeuCuM9CkBc]. Furthermore, Mt. Gox is officially filing for bankruptcy protection, with an....
A new report from Bloomberg suggests that bitcoin is about to get a whole lot more attention from the United States Consumer Financial Protection Bureau. The investigative arm of the United States Congress, The Government Accountability Office had written in what has been described as a confidential report that the Consumer Financial Protection Bureau needed to be more active in the field of creating digital currency policies. The Bureau responded to the Government Accountability Office in agreement: "We're looking forward to increasing our involvement in formal working groups as they....
Working out a repayment plan should be the top priority for the Puerto Rican government, but that will not be the case for the foreseeable future. Puerto Rico is not often mentioned in a positive content when it comes to the financial sector. Neither is this story, unfortunately, as the country decided to default on its debt. But at the same time, the reason for doing so makes a lot of sense. All of this is still somewhat good news to push Bitcoin adoption in the country to new heights, though. Defaulting on debt is never a good thing, particularly not for a region so deeply indebted as....