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| October 22, 2018

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Cyclist Calls Loss to Transgender Rival ‘Not Fair’

October 21, 2018 |

An American woman has cried foul after losing out in the Masters Track Cycling World Championships to a transgender rival from Canada. The controversy began after Rachel McKinnon won gold this month, edging out competitors including bronze finisher Jennifer Wagner. When a conservative media UK media personality expressed outrage over…


Kim Kardashian & Kanye West’s Old Bel-Air Mansion Sells at Nearly $4 Million Loss

October 11, 2018 |

Even Kim Kardashian and Kanye West’s Midas touch has a limit — their old Bel-Air crib, which they sold for a whopping profit, has been sold again … but this time at a staggering multi-million dollar loss. You’ll recall the Wests…

Disney pulls the plug on its proposed luxury hotel in Anaheim, citing the loss of a tax break

October 11, 2018 |

The Walt Disney Co. has canceled plans to build a 700-room luxury hotel near its Anaheim resort, citing the city’s elimination of a tax rebate agreement that would have saved the media giant $ 267 million over 20 years.

The cancellation of the hotel — what would have been the fourth at the resort…

L.A. Times – Business

Sky Loss Is a Disappointment for Disney Ambitions

September 23, 2018 |

Walt Disney didn’t win Sky as part of its acquisition of 21st Century Fox assets, but the end to the unusual bidding war leaves rival Comcast paying a sum that will benefit Disney as a minority owner of the British pay-TV operator. US Business


Conor McGregor Cried After 1st MMA Loss, Opponent Explains Why …

September 22, 2018 |

Conor McGregor wasn’t always a monster in the cage — he tapped out in his 3rd-ever MMA fight and wept in the cage … but his opponent says the dude is FAR from a cry baby.  We spoke with Artemij Sitenkov — the very first man to make…

Steve Hanke: Central Banks Fuel Wealth Loss and Inflation – The World Needs Less of Them

September 22, 2018 |

Central Banks Fuel Wealth Loss, Inflation - The World Needs Less Of Them: Hanke

Respected economist Professor Steve Hanke has chanted down central banks. While Hanke doesn’t tout cryptocurrency as an alternative, he does say that the world needs fewer central banks because these government-controlled entities are messing up economies and abusing monetary policy, while fueling inflation and loss of wealth.

Also read: Ex-Liberia Central Bank Chief Under Probe For Missing $ 104M, State Seeks FBI Help

Central Banks Have Crashed Economies Through Reckless Money Printing

Central banks have come under fire for aiding struggling economies to crash through reckless money creation, thereby fueling inflation. Prominent economist and currency expert Steve Hanke, who played a key role in establishing new currency in Argentina, Estonia, Bulgaria and Ecuador, says the world needs fewer state banks to prevent economic and cash crises.

Central Banks Fuel Wealth Loss, Inflation - The World Needs Less Of Them: Hanke
Professor Hanke

He said central banks, armed with discretionary powers to create money and credit, are behind currency crises in most emerging markets. “They are also the engine that generates inflation. And it is inflation that destroys wealth, undermines growth and destabilize societies,” Hanke said, in an opinion piece on September 20.

The Johns Hopkins University professor of applied economics said 10 countries – Argentina, Iran, Venezuela, Turkmenistan, Turkey, Sudan, Yemen, Zimbabwe, South Sudan and Liberia – have annual inflation rates exceeding 35%, which risks collapsing their economies further.

Monetary authorities in these countries continue to print money to cater for their respective government’s high expenditures, worsening economic decay. According to Hanke, any nation which exceeds 35% in annual inflation would have failed his inflation test.

Cryptocurrency Is a Viable Alternative

Central Banks Fuel Wealth Loss, Inflation - The World Needs Less Of Them: Hanke

This is exactly why cryptocurrency was created: to stop governments from pushing bad economic policies. That’s why it all started with an anti-establishment rhetoric. As the legacy financial ecosystem has developed, the need for regulation, in order for bad players to be kept in check, has heightened. Central banks have objectives that are aligned to governments and these do not necessarily revolve around innovation and cost reductions. Their involvement in cryptocurrency regulation should be more observant than instructional.

Get Rid Of Central Banks, Adopt Currency Board

Hanke proposes two ways for countries with failing economies to get rid of their central banks: either by adopting the US dollar or by introducing currency board systems. A currency board issues notes and coins, convertible on demand into a foreign anchor currency at a fixed rate of exchange. As reserves, it holds low-risk, interest-bearing bonds denominated in the anchor currency.

“Countries that employed currency boards have delivered lower inflation rates, smaller fiscal deficits, lower debt levels relative to the gross domestic product, fewer banking crises, and higher real growth rates than comparable countries that have employed central banks,” he said.

The Cato Institute founder, who correctly predicted Zimbabwe’s hyperinflation in 2008, which reached 231 million percent according to official estimates, noted that a currency board, unlike a central bank, has no discretionary monetary powers and cannot engage in the fiduciary issue of money.

“It has an exchange rate policy (the exchange rate is fixed) but no monetary policy. A currency board’s operations are passive and automatic. The sole function of a currency board is to exchange the domestic currency it issues for an anchor currency at a fixed rate.”

Central Banks Fuel Wealth Loss, Inflation - The World Needs Less Of Them: Hanke

“Consequently, the quantity of domestic currency in circulation is determined solely by market forces, namely the demand for domestic currency,” he explains, adding that currency boards have existed in about 70 countries, and none have failed.

A currency board cannot issue credit. Accordingly, a currency board imposes a hard budget constraint and discipline on the government. Hanke said this is an underappreciated feature of currency boards.

What do you think about the behavior of central banks? Let us know how you feel in the comments section below.

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The post Steve Hanke: Central Banks Fuel Wealth Loss and Inflation – The World Needs Less of Them appeared first on Bitcoin News.

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Sears hints at revival while posting yet another huge quarterly loss

September 13, 2018 |

Sears Holdings Corp. posted another loss in its latest quarter but said sales turned positive this summer. That sent shares up in late trading.

The company reported a loss of $ 508 million in its fiscal second quarter, or $ 4.68 a share. That compares with a loss of $ 250 million, or $ 2.33 a share,…

L.A. Times – Business


Serena Williams Goes Off on Chair Umpire in U.S. Open Final Loss

September 8, 2018 |

Serena Williams erupted on the court during the U.S. Open final … but it didn’t help her win. Serena confronted the chair judge after receiving a coaching violation early in the second set Saturday … telling him she doesn’t cheat to win. But,…

Hailstorm Brings ‘Massive Loss’ for Colorado Zoo

August 8, 2018 |

Hail the size of golf balls and softballs pummeled a Colorado zoo on Monday, leaving 14 people injured and two animals dead, including one of roughly 20 endangered vultures known to be in the US. The 13-year-old female Cape vulture, dubbed Motswari, arrived at the Cheyenne Mountain Zoo in Colorado…


Serena Williams Says Postpartum Emotions Contributed to Tennis Loss

August 6, 2018 |

Serena Williams says she was in a “funk” during her historic loss at the Silicon Valley Classic last week — all because postpartum emotions made her feel like a bad mom.  Williams suffered the worst loss of her pro career to 43rd ranked…