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Sep 7, 2015

Greetings From Bitcoins, Ronan Manly: Huge Decline in London-Vaulted Gold, Little Left for Unallocated Accounts: GATA | THE GATA DISPATCH - September 7, 2015.

Greetings from Bitcoin Island

Submitted by cpowell on  Monday, September 7, 2015. By Jeremy Kahn
Bloomberg News
Monday, September 7, 2015

The Isle of Man is a strange place. Home to four-horned sheep, cats without tails, and perfectly preserved Victorian-era steam locomotives, this rock in the middle of the Irish Sea is perhaps best known for hosting the world's most dangerous motorcycle race, the Manx TT.
It's also a place where, after you take a 70-minute flight from London, a car service called The Lady Chauffeurs will meet you at the airport in a silver Mercedes-Benz S-Class. Imagine my surprise, then, when I'm greeted at arrivals by Keith, who, while courteous, impeccably dressed in a gray suit, and an able driver, is most decidedly not a lady. "All of our regular drivers are busy," says an apologetic Nula Perren, who owns the company and has accompanied Keith to the airport. Not that I mind. I didn't choose The Lady Chauffeurs for its ladies; I booked for the bitcoin.
Lady Chauffeurs is one of a growing number of businesses on the island that accept the digital currency. Bitcoin startups tend to cluster where the venture capital money is: London, New York, San Francisco. Taking on these behemoths might appear to be a stretch for a tiny British protectorate that can seem more time capsule than Tomorrowland. Yet the Manx government is indeed seeking to make the island the world's foremost hub for the technology. Some 25 startups working with digital currencies or the blockchains that underpin them are already based hereand that number is growing steadily. ...

Tony Abbott under pressure to take more Syrian refugees – politics live: The Australian Politics.

Australian politics
Tuesday 08 Sep 2015
Latest More »

The prime minister faces entreaties from colleagues to take more displaced people from Syria. The government aims to increase political pressure on Labor over the China FTA with a parliamentary motion. Warren Truss has some explaining to do after bureaucrats have now admitted they discussed options with a cruise operator which could have involved hiring a foreign crew under a foreign flag. All the developments from Canberra, live
Which candidate has channelled her inner Bob Dylan? Which one thinks gay people are ‘the most demanding in Australia’. And which one has argued there shouldn’t even by a byelection? Calla Wahlquist explains

TF Metals Report: People's Bank of China adds 16 tonnes of gold in August: GATA | THE GATA DISPATCH - September 7, 2015.

TF Metals Report: People's Bank of China adds 16 tonnes of gold in August

Submitted by cpowell on September 7, 2015

Even while it has been selling a lot of U.S. Treasury bonds, the People's Bank of China continues to add to its gold reserves, in the amount of 16 tonnes in August, the TF Metals Report's Turd Ferguson reports today. The monthly additions, Ferguson adds, are running at a rate of about 200 tonnes per year. His report is posted at the TF Metals Report here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

China's foreign exchange war chest drained as growth fears intensify, China's new oil contract signals shift from Brent and U.S. dollar: GATA | THE GATA DISPATCH - September 7, 2015.

China's foreign exchange war chest drained as growth fears intensify

Submitted by cpowell on  Monday, September 7, 2015By Szu Ping Chan
The Telegraph, London
Monday, September 7, 2015

China's war chest of foreign exchange reserves fell by the largest amount on record in August, as official data revealed the cost of efforts to defend the renminbi.
Reserves fell by $93.9 billion to $3.56 trillion (L2.33 trillion) last month, according to the People's Bank of China (PBoC).
The amount represents the biggest monthly fall on record and the largest in percentage terms since May 2012, when the country's reserves fell by almost 3 percent.
China's central bank has sold dollars to support its currency following the PBoC's shock decision to devalue the yuan for the first time in modern history. ...

Europe Ends Higher Despite China Selloff, Glencore Surges 7%> European Markets at Close Report on September 7, 2015.

Europe ends higher despite China selloff, Glencore surges 7%

Arjun Kharpal, Holly Ellyatt
European equities ended higher on Monday, bucking the trend set in Asia where shares were trading mixed on the back of a revision in Chinese economic growth figures, with commodities trader Glencore soaring as much as 12 percent after it unveiled a debt revamp plan.
The pan-European STOXX 600 index ended around 0.5 percent higher amid lighter trade volumes as U.S. markets were closed for the Labor Day holiday.

China Finally Arrives on World Stage? RT Cross Talk.

CrossTalk: China finally arrives on world stage?


Published on Sep 7, 2015
Has China finally arrived - in every sense of the word – on the world stage? It was at the epicenter of the most recent global financial turbulence. Thus when something happens to the Chinese economy, it is immediately felt around the world. And China is on track to be the lender of last resort, replacing the US

Australian Politics - September 7, 2015.

Australian politics
Monday 07 Sep 2015
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MPs return to Canberra for a fortnight of sittings before the Canning byelection. More bad polls for the Abbott government as the Coalition marks two years in office. Immigration minister Peter Dutton flies to Geneva to discuss the Syrian refugee crisis. All the developments from Canberra, live

China Stocks End Sharply Lower After Choppy Day: Asian Markets at Close Report on September 7, 2015.

China stocks end sharply lower after choppy day

Chao Deng
China-driven volatility returned to Asian markets Monday, with Shanghai leading most of the region’s markets lower on renewed concerns about China’s economy. At the same time, Asian currencies hit a series of lows on worries about a U.S. interest-rate rise.