Tuesday, July 30, 2013

Detroit Built by Capitalism & Destroyed by Marxism ~ Richard Wolff

Here's what's in your Prime Interest today:
It's official! Bitcoins under intense scrutiny in Thailand. The central bank of the former Kingdom of Siam said Bitcoins are not a currency -- and the nation's legal infrastructure, which includes capital controls, simply does *not* have a place for Bitcoins. So, it's illegal for Thai residents to buy, sell or trade the crypto *non*-currency. In addition, Thai authorities said Bitcoins cannot be moved into or out of the country -- quote "rendering any current stockpiles worthless." Just contemplate that for a moment. Apparently, Alaskan Senator Ted Steven's internet *tubes* simply don't exist in Thailand -- which you would think renders the entire argument moot. Of course it doesn't. Up next, the Senate outlaws gravity.

But here in the US, the Bitcoin community is getting proactive about getting ahead of such legal threats. There's now a Committee for the Establishment of the Digital Asset Transfer Authority -- or DATA -- that is working with regulators and authorities. In fact, there's another Bitcoin conference going on today, and we'll be covering the issues in depth later this week. In the meantime, Perianne breaks down another legal issue -- the Volcker Rule.

And Bob talks to Richard Wolff about dysfunctional Detroit. Speaking of dysfunction, our capital markets might have a shining knight. We'll have to see, but there's a new exchange in town: the IEX. And, it's expressly designed for large investors who don't want to be gamed by high frequency trading. Instead of allowing client computers to sit right next to the exchange's own servers, they'll be in a separate building. So, instead of a delay of ten millionths of a second -- the current industry standard -- the delay will be 350 millionths of a second. Seriously, folks. This is what trading has come to.