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Joint Report by Stellar and Luxembourg Fintech Platform Approach ICOs with Caution

Stellar, a nonprofit decentralized financial network,and the Luxembourg House of Financial Technology LHoFT, the countrys dedicated fintech platform, have published a joint report on Initial Coin Offerings ICOs.According to the report, organizations…

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Trump’s China-Sanctions Madness Imperils The Dollar

September 21, 2017 Tyler Durden 0

Authored by Ryan McMaken via The Mises Institute,

Last week US Treasury Secretary Steve Mnuchin warned the US will impose new sanctions on China if it doesn’t conform to UN sanctions on North Korea:

“If China doesn’t follow these sanctions, we will put additional sanctions on them and prevent them from accessing the U.S. and international dollar system, and that’s quite meaningful.”

In other words, the administration wants to sanction one of the US’s biggest trading partners, and the world’s second-largest economy.

China is the world’s third-largest recipient of Americans exports, behind only Canada and Mexico. China is the world’s largest source of imports for Americans, slightly ahead of both Mexico and Canada.

In 2016, Americans exported $169 billion in goods and services to China while importing $478 billion of goods and services. Every year, both consumers and producers benefit from the importation of Chinese electronics, machinery, food, footwear, and more.

Ratcheting up economic warfare with China could serve to cut off these avenues of trade and thus will only cost consumers and small business owners who currently benefit from lower-cost machinery, clothing, and more.

For the mercantilists in the Trump administration, of course, American consumers import “too much” from China anyway, and Americans and ought to be prohibited by the US government from purchasing what they want. The North Korea situation could serve as a convenient excuse for slapping prohibitions on American consumers in the name of “fair trade” while also serving as a foreign policy tool.

The last thing the US consumer needs is a trade war with China.

At this point, however, the US isn’t talking about cutting off trade in such a blunt manner.

As Mnuchin notes, the strategy here is to “prevent [the Chinese] from accessing the U.S. and international dollar system.” In practice, this would likely mean restricting access to the so-called SWIFT system which facilitates international transactions in dollars.

This idea is highly problematic in its own way. Were the Chinese to be cut off from the dollar, this would only create an enormous incentive for the Chinese to move away from the dollar into other currencies — including its own. China’s largest trading partners would likely follow China in this exodus. Moreover, China and Russia have already foreseen the possibility of SWIFT being “weaponized.”

As Jeff Thomas notes:

China, Russia and others have seen this day coming and have created their own SWIFT system, world cable network and world banking system. All that’s needed to kick it all into gear is a major international need to bypass SWIFT. The US government has just provided that need with this threat. There would certainly be teething pains in getting the new system running on a massive scale, but the sudden worldwide need would drive the implementation.

Moreover, China is a key trading partner for Germany, Russia, Australia, Japan. Brazil, and South Korea. Will these countries simply write off China as a trading partner because thy can’t settle accounts in dollars?  It’s unlikely. 

While this would not necessarily destroy the dollar, a movement away from the US dollar would greatly diminish the dollar’s standing as the world’s reserve currency. It would diminish the dollar’s role as the go-to currency, and this would, in turn, drive up borrowing costs — i.e. interest rates — for the US government. This would turn the US’s currently sustainable debt problem into an unsustainable one. Massive domestic budget cuts in the US would follow. 

The fact is, as Foreign Policy noted last year, China is becoming “too big to sanction. Todd Williamson writes on how the IMF has now added China’s currency, the renminbi (RMB), to its basket of four reserve currencies known as Special Drawing Rights. In doing so, Williamson notes, the IMF “may have delivered a severe blow to the strength of a key tool in the West’s geopolitical arsenal: financial sanctions.”

He continues: 

The RMB is currently the fourth-most traded currency on the global market (behind the dollar, euro, and pound). It now holds the third highest percentage in the basket, at just under 11 percent, placing it ahead of the pound’s 8 percent (though far below the dollar, which holds more than 40 percent). The IMF’s decision to include the RMB is more than a symbolic sign of the currency’s liberalization: It’s also a big step toward the RMB’s regular usage outside of China. The SDR determines the mix of currencies in which the IMF lends out — a total of $112 billion in 2015 — and the RMB’s inclusion in this distribution mechanism will likely drive up the currency’s demand. The comfort level of the RMB’s usage in global transactions among central banks, sovereign wealth funds, and other massive financial institutions will rise with the currency’s greater accessibility.

In other words, slapping financial sanctions on the Chinese is nothing at all like doing the same to the Iranians or the Venezuelans. The Chinese economy and the Chinese currency are already huge global players which huge trading partners. 

Now, as Thomas notes, if the US forces China away from the dollar will not be without pain. If it were painless, the Chinese state would have abandoned the dollar already. 

China Is Highly Motivated to Go Its Own Way on North Korea

Should the US force the Chinese regime’s hand, the regime will be highly motivated to stay the course on North Korea, in spite of the potential for economic disarray. 

China already feels itself surrounded by Western client states, including Japan, South Korea, Taiwan, and the Philippines. The Chinese state is not going to abandon its buffer state in North Korea. Were North Korea to be absorbed into a Greater Korea on American terms, this would be seen as a disaster by the Chinese, since it would place US forces right on a Chinese land border, just across the Yalu River. 

To get a sense of why the Chinese will not cave to US attempts at regime change in North Korea, imagine how the US would behave if China threatened the US with sanctions — unless the US permitted Chinese troops on the south bank of the Rio Grande. 

Add in the fact that the Chinese state is not subject to elections, and we can see the political will to carry on with de-dollarization in the face of US sanctions would be significant indeed. 

Another likely outcome of financial sanctions would be to encourage the Chinese to dump their holdings of US debt. China currently holds seven percent of all US bonds. Were the Chinese to dump these holdings, it will become far more difficult for the US and its central bank to continue paying rock-bottom interest rates on its 20-trillion-dollar debt. 

If the US wants to really continue with this sanctions game, it need also be prepared to face the reality that its not 1989, and that the world may not be willing to treat dollars and US sanctions in the way the US expects it to. The likely response will only be the latest evidence that the US “unipolar moment” is over.

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Off-the-Shelf Solution for Cryptocurrency Liquidity by GRAFT

September 20, 2017 BitNewz.net 0

If your wallet is full of crumpled cash and countless credit cards, then you’ve probably felt like throwing these all out one day. However, what are you supposed to use instead? Cryptocurrency? Well, not a bad idea. However, there are so many traps and pitfalls. Fortunately, the GRAFT team has resolved the issues and made … Continue reading Off-the-Shelf Solution for Cryptocurrency Liquidity by GRAFT

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Off-the-Shelf Solution for Cryptocurrency Liquidity by GRAFT

September 20, 2017 Guest Author 0

If your wallet is full of crumpled cash and countless credit cards, then you’ve probably felt like throwing these all out one day. However, what are you supposed to use instead? Cryptocurrency? Well, not a bad idea. However, there are so many traps and pitfalls. Fortunately, the GRAFT team has resolved the issues and made … Continue reading Off-the-Shelf Solution for Cryptocurrency Liquidity by GRAFT

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Revolutionary Blockchain-based Digital Advertising Ecosystem Papyrus started Bounty Program on 19th September 2017

September 20, 2017 BitNewz.net 0

Papyrus, the world’s first fully comprehensive and scalable decentralized ecosystem for advertisers, publishers, developers and users built on top of Ethereum blockchain and smart contracts, on Tuesday 19th September announced Bounty program. Papyrus aims to develop a disruptive digital advertising platform using a constellation of integrated technologies that will transform and unite the entire digital … Continue reading Revolutionary Blockchain-based Digital Advertising Ecosystem Papyrus started Bounty Program on 19th September 2017

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Revolutionary Blockchain-based Digital Advertising Ecosystem Papyrus started Bounty Program on 19th September 2017

September 20, 2017 News BTC 0

Papyrus, the world’s first fully comprehensive and scalable decentralized ecosystem for advertisers, publishers, developers and users built on top of Ethereum blockchain and smart contracts, on Tuesday 19th September announced Bounty program. Papyrus aims to develop a disruptive digital advertising platform using a constellation of integrated technologies that will transform and unite the entire digital … Continue reading Revolutionary Blockchain-based Digital Advertising Ecosystem Papyrus started Bounty Program on 19th September 2017

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Chinese Bitcoin Exchange Executives Allegedly Must Remain in China

September 20, 2017 Samuel Haig 0

Chinese Bitcoin Exchange Executives Allegedly Must Remain in ChinaReports have emerged alleging that Chinese bitcoin exchange executives have been forbidden from leaving the country. The travel ban has been instigated whilst the Chinese central government seeks to “clean-up” the nation’s cryptocurrency industries. Also Read: China May Try to Block All Bitcoin Transactions in the Country  Chinese Bitcoin Exchange Executives Are Reported to Be Required […]

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THE NEXT S&P INDEX OF CRYPTO

September 20, 2017 Guest Author 0

The Hedge Token team will revolutionise the way investors, evangelists and speculators view and interact on crypto markets by creating Indices (like the S&P 500), Crypto Traded Indices™ (Crypto Exchange Traded Funds) and a suite of crypto-derivative hedging instruments – according to Hedge Project funding milestones. Hedge Token is bringing ‘Crypto Street’ to ‘Main Street’, … Continue reading THE NEXT S&P INDEX OF CRYPTO

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THE NEXT S&P INDEX OF CRYPTO

September 20, 2017 BitNewz.net 0

The Hedge Token team will revolutionise the way investors, evangelists and speculators view and interact on crypto markets by creating Indices (like the S&P 500), Crypto Traded Indicesâ„¢ (Crypto Exchange Traded Funds) and a suite of crypto-derivative hedging instruments – according to Hedge Project funding milestones. Hedge Token is bringing ‘Crypto Street’ to ‘Main Street’, … Continue reading THE NEXT S&P INDEX OF CRYPTO

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Mexico quake rescuers race to free girl, other survivors

September 20, 2017 rbksa 0
Author: 
AP
Thu, 2017-09-21 04:00
ID: 
1505949705284961400

MEXICO CITY: The wiggling fingers of a young girl trapped in the rubble of her collapsed school in Mexico City raised hopes among hundreds of rescuers working furiously Wednesday to try to free her — a drama that played out at dozens of buildings toppled by the powerful earthquake that killed at least 223 people.
But it was the ongoing rescue at the Enrique Rebsamen school, where 25 people including 21 children perished, that was seen as emblematic of Mexicans’ rush to save survivors before time runs out.
Helmeted workers spotted the girl buried in the debris early Wednesday and shouted to her to move her hand if she could hear. She did, and a rescue dog was sent inside to confirm she was alive.
Hours later the crews were still laboring to free her, as images of the rescue effort were broadcast on TV screens nationwide. Workers in neon vests and helmets used ropes, pry-bars and other tools, frequently calling on the anxious parents and others gathered around to be silent while they listened for any other voices from beneath the school.
At one point, the workers lowered a sensitive microphone inside the rubble to scan for any noise or movement. A rescuer said they thought they had located someone, but it wasn’t clear who.
“It would appear they are continuing to find children,” said Carlos Licona, a burly sledge-hammer wielding volunteer who came to help in any way he could. Asked if that made him optimistic, he said, “I hope so.”
It was part of similar efforts at the scenes of dozens of collapsed buildings, where firefighters, police, soldiers and civilians wore themselves out hammering, shoveling, pushing and pulling debris aside to try to reach the living and the dead.

By mid-afternoon, 52 people had been pulled out alive since Tuesday’s magnitude 7.1 quake, Mexico City’s Social Development Department said, adding in a tweet: “We won’t stop.” Among them were 11 people rescued at the Enrique Rebsamen school, where three people remained missing, two children and an adult. Earlier, journalists saw rescuers pull two small bodies from the rubble, covered in sheets.
More than 24 hours after the collapse, the debris being removed from the school began to change as crews worked their way inside: From huge chunks of brick and concrete, to pieces of wood that looked like remnants of desks and paneling, to a final load that contained a half-dozen sparkly hula-hoops.
Volunteer rescue worker Dr. Pedro Serrano managed to crawl into the crevices of the tottering pile of rubble and make it to a classroom, where he found no survivors.
“We saw some chairs and wooden tables. The next thing we saw was a leg, and then we started to move rubble and we found a girl and two adults — a woman and a man,” he said. All were dead.
“We can hear small noises, but we don’t know if they’re coming from … the walls above, or someone below calling for help,” Serrano said.
A helicopter overflight of some of the worst-hit buildings revealed the extent of the damage wrought by the quake: Three mid-rise apartment buildings on the same street pancaked and toppled in one Mexico City neighborhood; a block in the town of Jojutla, in Morelos state, where nearly every home was flattened or severely damaged and a ruined church where 12 people died inside.
The death toll included 93 people killed in Mexico City; 69 in Morelos state just south of the capital; 43 in Puebla state to the southeast, where the quake was centered; 12 in Mexico State, which borders Mexico City on three sides; four in Guerrero state; and one in Oaxaca, according to the official Twitter feed of civil defense agency head Luis Felipe Puente.
President Enrique Pena Nieto declared three days of national mourning even as authorities made rescuing the trapped and treating the wounded their priority. “Every minute counts to save lives,” Pena Nieto tweeted.
In the town of Jojutla in Morelos state, dozens of buildings collapsed, including the town hall. One building had been rocked off its foundations and part way into a river.
The town’s Instituto Morelos secondary school partly collapsed, but an earthquake drill held Tuesday morning to mark the anniversary of an 8.0 earthquake that killed thousands in 1985 proved fortuitous, the school’s director, Adelina Anzures said.
“I told them that it was not a game, that we should be prepared,” Anzures said of the drill. When the quake hit, she said, children and teachers rapidly filed out and nobody was hurt.
Town residents who had spent Tuesday night on the streets next to homes that were severely damaged or flattened outright, wrapped in blankets or on mattresses, walked past shattered buildings and picked through what was left when daylight came
At a wake for Daniel Novoa, a toddler killed when his home collapsed, family members bent over a white child-size coffin surrounded by a crucifix and images of Mexico’s patron, the Virgin of Guadalupe. Alongside was a larger open coffin for the child’s aunt, Marta Cruz.
In Atzala in Puebla state, villagers mourned 11 family members who died inside a church when it crumbled during a baptism for a 2-year-old girl. People at the wake said the only ones to survive were the baby’s father, the priest and the priest’s assistant.
Power was being restored in some Mexico City neighborhoods that had been left in darkness overnight, and officials reported that the sprawling Metro system was running at near-normal capacity. Mayor Miguel Angel Mancera said there were 38 collapsed buildings in the capital alone, down from the 44 he had announced previously.
People rallied to help their neighbors in a huge volunteer effort that included people from all walks of life in Mexico City, where social classes seldom mix. Doctors, dentists and lawyers stood alongside construction workers and street sweepers, handing buckets of debris or chunks of concrete hand-to-hand down the line.
Even Mexico City’s normally raucous motorcycle clubs swung into action, using motorcades to open lanes for emergency vehicles on avenues crammed with cars largely immobilized by street closures and malfunctioning stoplights.
Economist Alfredo Coutino, Latin America director for Moody’s Analytics warned Wednesday of economic disruption to several central states and the capital in particular.
“Though it is too early for authorities to have an estimate of the damage as rescue work continues, it is certain that economic activity … will continue to be disrupted for some time,” Coutino wrote.

Main category: 
related_nodes: 
Frantic search for survivors of deadly Mexico quake
Other deadly quakes to hit Mexico
Mexicans dig in rubble seeking survivors as quake kills 225

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