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Pushing back the frontiers of economic ignorance and restoring sound financial foundations, one family at a time.


The act, known as cryptojacking, has grown in popularity because it is hard to detect, reasonably passive and lucrative.

NBCNews  |  Jasmine Boyse


Hackers are quietly hijacking personal computers, company servers, cable routers, mobile devices and other forms of computing power to stealthily mine cryptocurrencies — a problem that cybersecurity experts warn is growing rapidly.

The act, known as crypto-jacking, has grown in popularity because it is hard to detect and reasonably passive, unlike other hacks such as Ransomware, which can encrypt files or lock users out of systems until money is paid.

“It’s sneaky,” said Raj Samani, a chief scientist at the cybersecurity firm McAfee. Read the rest of this entry »


The subprime mortgage crisis was precipitated by lenders offering no-down payment loans with short-term “teaser” rates as low as zero.

CNBC  |  Diana Olick

See the source image

Borrowers can have low credit scores, but have to go through an education session about the program and submit all necessary documents, from income statements to phone bills.

They must go through counseling to understand their monthly budget and ensure they can afford the mortgage payment. Read the rest of this entry »


U.S. consumer debt rose in July more than forecast as non-revolving credit grew by the most since November and credit-card debt outstanding rebounded.

Image: Consumer Credit Rises $16.6B, Exceeds Estimates on Broad Demand

NewsMaxFinance  |  Bloomberg News

Highlights of Consumer Credit (July)

  • Total credit climbed $16.6b (est. up $14b) from a downwardly revised $8.5b gain the prior month (prev. $10.2b), the Fed announced.
  • Non-revolving debt outstanding rose $15.4b m/m after $9.6b gain
  • Revolving credit outstanding rose $1.3b m/m, after falling $1.2b

Key Takeaways Read the rest of this entry »


The attack went unnoticed by Equifax for more than six weeks.


NewsMaxFinance  |  Associated Press

A new report by congressional investigators details how hackers broke into Equifax last year in a breach that exposed the financial information of more than 145 million Americans.

The lawmakers who requested the report say they will press the Trump administration on the lack of enforcement actions against the giant credit-reporting agency.

Shares of Equifax plunged by about one-third last year after news broke about the massive breach. Since then, the stock has recovered to about $10 below its peak before all the bad news and closed Friday at $135.91 a share. The company has reported a profit of $236 million this year, and second-quarter profit was down just 12 percent from the same period last year despite the breach.

Here is what you need to know about the breach and events since then: Read the rest of this entry »


It’s dropped more than 11 percent since the start of the month.

Image: Bitcoin Bulls Are Sweating Latest Test of Key Resistance Level

NewsMaxFinance  |  Bloomberg

Bitcoin’s recent stumble could turn into a full-blown tailspin, testing its strong support level of $6,000 again, according to a leading technical indicator.

The biggest cryptocurrency has bounced off the $6,000 mark four times since February, and a break below that price could signal further capitulation. Read the rest of this entry »


Most vulnerable… Stocks, Catastrophe Bonds, and Mortgage Backed-Securities

Image: Hurricane Could Pound Insurance Stocks, ETFs, Mortgage-Backed Bonds

NewsMaxFinance  |  Bloomberg News

The path of Hurricane Florence’s potential destruction runs right through markets from stocks to mortgage-backed securities.

The Category 4 storm — which is forcing more than 1 million people to flee to safety and could wreak as much as $27 billion in damages in the states of North Carolina and South Carolina — has already struck insurance stocks and funds holding catastrophe bonds as investors try to front run the possible disaster. Read the rest of this entry »


There are 152 fiat currencies that have failed due to excess inflation. Their average lifespan was 24.6 years and the median lifespan was 7 years. In fact, 82 of these currencies lasted less than a decade and 15 of them lasted less than 1 year.

Currency World

MisesInstitute  |  Daniel Lacalle

In this era of monetary fiction, one tends to read all types of undocumented and misguided views on monetary policy. However, if there is one that really is infuriating: MMT science fiction.

One of its main principles is based on a fallacy: “A country with monetary sovereignty can issue all the debt it needs without default risk.”

First, it is untrue. A report by David Beers at the Bank Of Canada has identified 27 sovereigns involved in local currency defaults between 1960 and 2016 (database here).

David Beers explains: “A long-held view by some investors is that governments rarely default on local or domestic currency sovereign debt.

After all, they say, governments can service these obligations by printing money, which in turn can reduce the real burden of debt through inflation and dramatically so in cases like Germany in 1923 and Yugoslavia in 1993-94.

Of course, it’s true that high inflation can be a form of de facto default on local currency debt. Still, contractual defaults and restructurings occur and are more common than is often supposed.”

No, a country with monetary sovereignty cannot issue all the debt it needs without default risk. It needs to issue in foreign currency precisely because few trust their monetary policies. Most local citizens are the first ones to avoid the domestic currency exposure and buy US dollars, gold or (now) cryptocurrencies, fearing the inevitable.

Most governments will try to cover their fiscal and trade imbalances by devaluing and making all savers poorer. Read the rest of this entry »


“Fed tightening, US decoupling, flattening yield curve, collapsing EM, underperforming levered quant strategies, all echo ’98… but global contagion missing.”

See the source image

ZeroHedge  |  Tyler Durden

Last weekend we highlighted the most stunning divergence observed since the great financial crisis: non-US equity markets have underperformed the US the most over a 3-month period since the failure of Lehman, a divergence which Bank of America said “is reaching levels normally only exceeded in bear markets.”

This divergence, which has been observed across many other asset classes including commodities, Chinese stocks, European banks and others which have recently entered (and in many cases remained) in so-called “rolling bear markets”, is highlighted in the latest note by BofA’s Michael Hartnett who writes that global stocks ex US tech are now down -6.2% YTD, while no less than 809 of 1150 EM stocks have entered a bear market.

But it’s not stocks that BofA is worried about, it’s bonds, and specifically US investment grade BBB bonds which are annualizing a 3.2% loss (2nd worst since 1988), and which to Hartnett is the true “canary.” Read the rest of this entry »


Though the banking system is stronger, shadow banking and possible political unrest between international regulators could jeopardize recovery from the next crisis.

Are You Ready

ZeroHedge  |  Tyler Durden

A group of current and former policymakers and academics in the financial industry that comprise the “Group of 30” – a financial industry working group that includes names like Mario Draghi and Mark Carney and which is the “who’s who” of economists and experts that led the world into the last financial crisis – has come to the same conclusion that the many in the “fringes of economic thought” have been warning about for the last decade: the Fed is going to be in worse off shape to fight the next major crisis than they were in 2008.

“Some of the tools to fight the hopefully rare but extreme crises in the future have been weakened,” Tim Geithner, a distinguished Group of 30 member, told Bloomberg. Read the rest of this entry »