Only 3 Weeks Left Until the Inside Bitcoins Conference in NYC

The Inside Bitcoins conference in NYC last summer was one of the highlights of 2013 for me. I was able to meet some of the smartest, determined and friendly people in the Bitcoin space, as well as significantly advance my understanding of the still young crypto-currency. Fortunately, this conference will be back in less than three weeks and I can’t wait to attend. It is once again being sponsored by Media Bistro and Liberty Blitzkrieg is happy to offer readers a 10% discount.

More information below:

Meet with Top Experts and Providers of Virtual Currencies – 10% OFF Inside Bitcoins Conference

After thousands gathered at Inside Bitcoins in Berlin, Germany on February 12-13, this innovative Bitcoin event is returning to New York City on April 7-8 at the Javits Convention Center. Thought leaders and industry experts will examine the growth of virtual currencies, investment strategies, and much more at this exciting event.

Whether you’re a venture capitalist, lawyer, technologist, entrepreneur, regulator, cryptographer, or public policy expert, their agenda offers the latest intelligence for everyone and anyone interested in learning more about Bitcoin. The conference will take a glimpse into Bitcoin’s future with sessions such as Best Practices for Using and Securing Bitcoins, Moving Bitcoin Forward: Bringing Trust, Legitimacy and Transparency to the Market, Creating and Funding the Next 100 Great Bitcoin Companies, and Wall Street’s View of Fair Value for Bitcoin.

Inside Bitcoins is one of the first events of its kind to give attendees the option to pay for their ticket with either dollars or Bitcoins and to include a special space in the middle of the tradeshow floor called the Bitcoins Trading Café that allows attendees to meet, buy, and sell Bitcoins.

We’re pleased to announce that Liberty Blitzkrieg is partnering with Inside Bitcoins to offer all readers 10% OFF a full conference pass with code LIBERTY. Plus, if you register before March 19, you’ll save an additional $400 with early bird prices – Register now!

Mediabistro will soon announce firm dates for additional events taking place in 2014 in Hong Kong, China; London, England; and Las Vegas, Nevada.

I look forward to seeing many of you there!

In Liberty,
Michael Krieger

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Only 3 Weeks Left Until the Inside Bitcoins Conference in NYC originally appeared on A Lightning War for Liberty on March 17, 2014.

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President Obama Explains To Russian Stocks Why They Should Be Down – Live Feed

With global equity markets exuberant (from US to Europe to Russia) at the prospect of US sanctions against Russia, we look forward to hearing from Comrade President Obama on why this is a punishment and why it’s a bad thing for Russia (and where the next red line is)…

 


    



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Russian Stocks, Ruble Respond To Obama’s Sanctions By Extending Gains

Despite no move in gold, silver, or US Treasuries, US equities (and JPY crosses) remain bid. But perhaps the most intriguing reaction to Obama’s escalation is the surge higher in Russian stocks and rally in the Ruble… Putin and his oligarch friends must be pleased…

 

Charts: Bloomberg


    



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Russian Sanctioned By White House Responds On Twitter To “Comrade Obama”

Moments ago we listed the Russian Putin “advisors” impacted by the latest Obama executive order freezing those assets over which the US has access. Among them was deputy Prime Minister Dmitry Rogozin and Russia’s ambassador to NATO. As a reminder, in 2011 Russian President Dmitry Medvedev appointed Dmitry Rogozin as a Special Representative on anti-missile defence and negotiations with NATO countries on this issue. On 23 December 2011 Dmitry Rogozin was appointed deputy premier of Russian Government in charge of defense and space industry. As responsible for the defense industry he leads the creation of the Russian Foundation for Advanced Research Projects in the Defense Industry (Russian DARPA). Moments ago Rogozin replied to Putin’s freezing of his, among other, assets.

Translated: “Comrade Obama, and what about those who don’t have accounts or assets abroad? Or perhaps you didn’t consider that.”

Which, as reported on Friday, probably is the case for many Russians oligarchs, who were expecting this move by Obama long ago. Worst case, a whole lot of New York City duplex penthouses are about to hit the market.

And then this follow up tweet:

Translated: “I think some joker wrote Obama’s executive order.

We expect Obama to respond on twitter momentarily. We also look forward if Obama will provide the Russian with a loophole allowing them to allocate frozen assets toward Obamacare…


    



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Homebuilder Confidence Misses Expectations Again As Outlook Plunges To 10-Month Lows

Despite last month’s epic collapse in the NAHB Confidence index, the ‘recovery’ bounce this month missed expectations significantly making the 6th miss in the last 7 months (we assume that means its been winter-stormy for the last 7 months). Holding at levels seen in May 2013, future sales expectations dropped once again to 10 month lows as hope fades (or they expect more bad weather). The West (crushed by warm dry pleasant weather) continues to plummet but the NorthEast dropped to levekls not seen since Auguest 2012.

 

3

 

and the outlook tumbles (must be expecting bad weather)

 

The West plunged and The NorthEast dropped to multi-year lows…

 

Charts: Bloomberg


    



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Obama Issues Executive Order Freezing Assets Of Seven Putin Aides

As was largely expected, the first retaliation by Obama has arrived, courtesy of a just issued Executive Order by the president, in which he has blocked and frozen “all property and interests in property that are in the United States, that hereafter come within the United States, or that are or hereafter come within the possession or control of any United States person” (i.e. assets) of not only the pre-coup Ukraine president Yanukovich and the Crimean leader Aksyonov, including all Russians that operate in the Russian arms industry, but most notably seven Putin aides. Not Putin himself of course – that would be too “escalatory”…

From the White House:

I, BARACK OBAMA, President of the United States of America, hereby expand the scope of the national emergency declared in Executive Order 13660 of March 6, 2014, finding that the actions and policies of the Government of the Russian Federation with respect to Ukraine — including the recent deployment of Russian Federation military forces in the Crimea region of Ukraine — undermine democratic processes and institutions in Ukraine; threaten its peace, security, stability, sovereignty, and territorial integrity; and contribute to the misappropriation of its assets, and thereby constitute an unusual and extraordinary threat to the national security and foreign policy of the United States. Accordingly, I hereby order:

 

Section 1. (a) All property and interests in property that are in the United States, that hereafter come within the United States, or that are or hereafter come within the possession or control of any United States person (including any foreign branch) of the following persons are blocked and may not be transferred, paid, exported, withdrawn, or otherwise dealt in…

The people impacted:

  • Vladislav Surkov

Vladislav Yuryevich Surkov (born 21 September 1964)[1] is a Russian businessman and politician. He was First Deputy of the Chief of the Russian Presidential Administration from 1999 to 2011, during which time he was widely seen as the main ideologist of the Kremlin. Allegedly he contributed greatly to the electoral victory of President Vladimir Putin in 2004. Surkov is seen as the main architect of the current Russian political system, often described as “sovereign” or “managed” democracy.

From December 2011 until 8 May 2013 he served as the Russian Federation’s Deputy Prime Minister. While his resignation was described as voluntary, presidential spokesman Peskov linked the resignation with the government’s failure to carry out decrees by President Putin., in the late 1980s he started as a businessman as the government lifted the ban against private businesses. He became a head of the advertisement department of Mikhail Khodorkovsky’s businesses. During the 1990s he held key managerial positions in advertisement and PR departments of Khodorkovsky’s Bank Menatep (1991 – April 1996) and Rosprom (March 1996 – February 1997) and Fridman’s Alfa-Bank (since February 1997).

In September 2004 Surkov was elected president of the board of directors of the oil products transportation company Transnefteproduct, but was instructed by Russia’s PM Mikhail Fradkov to give up the position in February 2006.

Sergey Yurievich Glazyev is a Russian politician and economist, Full Member of Russian Academy of Science since 2008. He was a minister in 1993, a member of the State Duma in 1993-2007, and ran for President of Russia in 2004. Glazyev was a co-founder of the Rodina party. Glazyev announced his retirement from politics in March 2007, and said that he did not intend to seek a further term in the Duma, arguing that Vladimir Putin’s rule had crowded out all forms of political opposition and debate in the country.

In July 2012, Putin appointed Glazyev as presidential aide for the coordination of the work of federal agencies in developing the Customs Union of Belarus, Kazakhstan, and Russia. Glazyev has authored more than forty books and hundreds of pamphlets and research papers. One of his books has been published in English translation by the LaRouche movement’s Executive Intelligence Review as Genocide: Russia and the New World Order (ISBN 0-943235-16-2). In 1995 he was awarded with the Gold Kondratieff Medal by the International N. D. Kondratieff Foundation and the Russian Academy of Natural Sciences (RAEN).

In August 2013 Glazyev claimed that stating that all Ukrainians favor Ukraine to integrate in the European Union “is some kind of sick self-delusion”.[3] Because, according to him, “sociological surveys by Ukrainian sociological services say something different: 35% of people prefer the European Union and 40% the Customs Union”. He blamed “numerous political scientists and experts, who have fed on European and American grants for 20 years, and a whole generation of diplomats and bureaucrats that has appeared after the years of the ‘orange’ hysteria, who are carrying out an anti-Russian agenda” and “who are too far from the economy and real life, don’t really know their country’s history and are divorced from its spiritual traditions” for creating “an effect that Ukraine doesn’t want”.[3] Ukrainian opinion polls that polled support in Ukraine for European Union membership did indicate that at the time of Mr Glazyev’s statements Ukrainians preferred joining the European Union rather than the Customs Union.

  • Leonid Slutsky

Leonid Eduardovich Slutskii is a member of the State Duma of Russia, a member of the LDPR party. Currently he is the Chairman of the State Duma Committee on the “Commonwealth of Independent States, Eurasian Integration and links with compatriots”. Slutsky as been a First Deputy Chairman of the State Duma’s Committee on International Affairs. He is dean of the international relations department at the Moscow State University of Economics, Information and Statistics. He has held senior banking positions and was an advisor to the mayor of Moscow. Slutsky also reported to a directorate of the Presidium of the Supreme Soviet of the RSFSR. He holds an economics degree from the Moscow Economic-Statistical Institute

  • Andrei Klishas

Dr. Andrey A. Klishas served as Vice President and Chairman of the Board of Directors at Interros Company since June 2008. Dr. Klishas is a visiting Professor of Constitutional and Administrative Law Faculty and an Assistant Professor of Constitutional and Municipal Department (Legal Department) of Russian Peoples Friendship University. Dr. Klishas is an Assistant Professor of constitutional and municipal department of Moscow University for the Russian Ministry of Domestic Affairs. From June 1998 to October 2001, he was the Legal Matters Director and Deputy General Director of Interros Company. From October 2001, Dr. Klishas served as the General Director of Interros and from December 2001, he was the Chairman of the Management Board. From January 2004, Dr. Klishas was a Member of the Board of Directors of the firm. He held different posts at Russian Federal Property Fund from 1995 to 1997 and at UNEXIM Bank, where he was the Deputy Head of Legal Department from August 1997 to June 1998. On July 2007, Dr. Klishas was elected the President of Federation of Hunting Dog Breeding.

Currently, he is the Chairman of the Board of Directors of Polyus Gold since June 26, 2008 and Open Investments company and a Member of the Board of Agros Group and Polyus CJSC. Dr. Klishas serves as a General Director at KM Invest Private Joint Stock Company. He has been Director of MMC Norilsk Nickel since December 2008.

  • Valentina Matviyenko

Valentina Ivanovna Matviyenko is the highest-ranking female politician in Russia, the former governor of Saint Petersburg and the current Chairman of the Federation Council of the Russian Federation. Born in the Ukrainian SSR, Matviyenko started her political career in the 1980s in Saint Petersburg (then called Leningrad) and was the First Secretary of the Krasnogvardeysky District CPSU of the city from 1984 to 1986. In the 1990s she served as Russian ambassador to Malta (1991–1995) and Greece (1997–1998). Between 1998–2003 Matviyenko was Deputy Prime Minister of Russia for Welfare, and briefly the Presidential Envoy to the Northwestern Federal District in 2003. By that time she firmly allied herself with Russian President Vladimir Putin, an alliance which secured her a victory in the governor elections in Saint Petersburg, Putin’s native city.

On 19 May 2007, the Federal Security Service of the Russian Federation announced that on 16 May it had detained several members of an undisclosed youth religious group allegedly preparing an assassination attempt on Valentina Matviyenko’s life using hand grenades and plastic explosive. On 23 May FSB Director Nikolay Patrushev announced that the prevented attempt had been scheduled for June.

Controversial businessman Vitaly Arkhangelsky accused Matviyenko in corporate raiding and corruption. According to him Matvieyenko is the real owner of the bank “Saint Petersburg” that staged a corporate raid on the property of his company, OMG that included Vyborg Port and Western Terminal of Saint Petersburg port using falsified documents with forged signature of Arkhangelsy. The lawyers of bank “Saint Petersburg” insist on exclusion materials of Matviyenko’s involvement from the criminal case in London court.

  • Dmitry Rogozin

Dmitryi Olegovich Rogozin  is a Russian Ambassador Extraordinary and Plenipotentiary of Russia, Deputy Prime Minister of Russia in charge of defense industry. In January 2008, he became Russia’s ambassador to NATO, until December 2011. He was a leader of the Rodina (Motherland) party until it merged with other similar Russian parties to form the Fair Russia party.He speaks 4 languages and holds a doctor’s degree.

On 18 February 2011 Russian President Dmitry Medvedev appointed Dmitry Rogozin as a Special Representative on anti-missile defence and negotiations with NATO countries on this issue. On 23 December 2011 Dmitry Rogozin was appointed deputy premier of Russian Government in charge of defense and space industry. As responsible for the defense industry he leads the creation of the Russian Foundation for Advanced Research Projects in the Defense Industry (Russian DARPA).

In 2008 he was appointed a Russian ambassador to NATO. As Russia’s NATO envoy he was heavily opposed to Ukraine and Georgia becoming members of NATO. After the two countries were denied membership of the NATO Membership Action Plan he claimed that: “They will not invite these bankrupt scandalous regimes to join NATO…more so as important partnerships with Russia are at stake.”. For such words he was criticized by some Ukrainian and Georgian officials. Former Ukraine’s envoy to NATO Ihor Sahach said: “In my opinion, he is merely used as one of cogs in the informational war waged against Ukraine. Sooner or later, I think, it should be stopped”. The envoy also expressed a surprise with Rogozin’s slang words. “It was for the first time that I heard such a higher official as envoy using this, I don’t even know how to describe it, whether it was a slang or language of criminal circles… I understand Russian, but, I’m sorry, I don’t know what his words meant”.The Foreign Minister of Ukraine Volodymyr Ohryzko stated that he did not regard the statement as serious.

  • Yelena Mizulina

Yelena Mizulina is a Russian politician serving as a member of the Russian Parliament between 1995 and 2003 and again since 2007. Since 2012, she has been the center of attention in regard to a set of controversial laws concerning the rights of the LGBT community in Russia and the adoption of Russian orphan children by foreigners. She is currently Chairman of the Duma Committee on Family, Women and Children Affairs. She has changed her political affiliation several times, having served public office on behalf of the Communist Party of the Soviet Union, the liberal Yabloko and Union of Right Forces parties and is currently representing the region of Omsk in the Duma as a representative of the social democratic A Just Russia party.


    



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EURJPY Ignites Stock Surge On Obama Sanctions (Bonds & Bullion Shrug)

US equity markets are jubilant at the decision by President Obama to apply travel sanctions against numerous Russian citizens and entities (though we – like every other rational investor out there – are confused as to why this would be). The simple reason is a surge in the EUR (repatriation on this move by Obama) which jerked EURJPY dramatically higher and thus – smashed S&P 500 futures up over 12 points (on negligible volume)… Bonds and gold have hardly moved on this decision…

 

EURJPY rules stocks…

 

and nothng else cares…

 

Charts: Bloomberg


    



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Market “Strains The Imagination” – Everyone From Goldman To Sterne Agee Stumped

Just in case people, as opposed to Virtu algos because we know they never lose money, were confused by this market, we have some encouraging words: don’t worry you are not alone.

From Goldman’s David Kostin…

The flat YTD equity market is impressive considering the news flow: Persistently disappointing domestic economic data (partly weather-related), an EM currency crisis, uncertainty in China growth and its shadow banking system, and the Russian invasion and sponsorship of the Crimea succession plebiscite on Sunday, to name just a few events since the start of 2014.

… To Sterne Agee’s Carter Worth (via Bloomberg)

S&P 500 rise to new high recently was a “party for one” as other global indexes did not participate; “there are so many issues with the market that it strains the imagination,” writes Sterne Agee technical analyst Carter Worth in note. Nikkei 225 “deteriorating for weeks” has “look and feel of an important topping-out formation” while European stocks at or below February lows. Small cap stocks, including solar, marine shipping, new-era dot.com, and micro-cap biotech stocks “surging with abandon”

So? The USDJPY is higher and that is all that matters. But yes, nobody has any clue what is going on any more. Just BTFATH, or if that is not available, just keep BTFWWWIIID.


    



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002: Simon Black and Peter Schiff on Gold

sm002featured1 150x150 002: Simon Black and Peter Schiff on Gold

For our second Sovereign Man podcast, I’m pleased to bring along a special guest– my friend Peter Schiff, who I’ve just spent the last week with darting around the Caribbean. In today’s podcast, Peter and I focus on gold: why you should own it, and what’s happening in the marketplace right now. If you know anything about Peter, you can probably already tell that this edition will be highly entertaining.

Peter and I were both speakers at an investment conference that I’ll tell you about. And while I generally turn down all the speaking invitations I receive, this event was really great, and I’m glad I went.

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Industrial Production Beats, Recovers February’s Big Miss On More Auto Inventory Stacking

Hardly surprising given February’s biggest miss in 10 months that March’s data would rebound and so it did from an initial -0.3% in Feb, March rose +0.6% (well above +0.2% expectations)  – 2.7% above last year’s levels. This 0.6% rise is above even the most exuberant “economists” estimates. Utilities fell 0.2% (as weather warmed up) but what was most notable is the 7.4% surge in motor vehicles (the biggest in at least 6 months) – which are already sitting at record levels of absolute inventories and the highest inventory-to-sales since the financial crisis.

 

IP swings back to recover Feb’s losses…

 

The indexes for consumer durables and consumer non-energy nondurables moved up 2.1 percent and 0.9 percent, respectively, in February, while the index for consumer energy products decreased 0.8 percent.

Within consumer durables, the production of automotive products jumped 4.6 percent to reverse most of a similarly sized decrease in January, and the output of home electronics increased 0.7 percent. These gains in February were partly offset by a decrease of 1.7 percent in the production of appliances, furniture, and carpeting as well as a decline of 0.1 percent in the output of miscellaneous goods.

Within consumer non-energy nondurables, the indexes for foods and tobacco, for chemical products, and for paper products each rose about 1 percent, while the output of clothing moved down 0.7 percent.

 

Of course, this IP number is largely irrelevant because in 11 days the Fed will revise the entire data series:

The Federal Reserve Board plans to issue its annual revision to the index of industrial production (IP) and the related measures of capacity utilization at noon on March 28, 2014. The revised indexes for IP will incorporate data from the U.S. Geological Survey regarding metallic and nonmetallic minerals (except fuels) for 2012. The update will also include revisions to the monthly indicators (either product data or input data) and to seasonal factors for each industry. In addition, the estimation methods for some series may be changed. Any modifications to the methods for estimating the output of an industry will affect the index from 1972 to the present.


    



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