British Channel Island in Bid to Manufacture Bitcoins

News around this move by the finance minister of the tiny British crown dependency has a curious mix of definitions of the bitcoin, which soared to over $1200 today.

An independent company will provide the Bitcoins. If the price plunged, neither Alderney nor the Royal Mint would lose anything. The company would put the Bitcoins in an escrow account at an agreed price. Meanwhile, the Royal Mint would take customers’ orders for its minted Bitcoins and receive money from those coin sales. The virtual Bitcoins backing the physical coins would be held in digital storage facilities by Alderney.

The Mint would issue the commemorative Bitcoin, paying for the value of the gold content itself. Alderney would receive royalties from sales of the coins.

Coins could be redeemed for sterling at any point in Alderney for the price of a Bitcoin on that day.

It seems to be currency (it is backed by sterling), it is called a ‘commemorative coin’ by the mint, and if worse came to worse, could be melted down for the small amount of gold the coin itself contains.  So it is currency, commemorative and gold rolled into one…what?    Alderney to Manufacture Bitcoins    The Financial Times Reports:

ALDERNY, LITTLE MORE THAN A ROCK

ALDERNY, LITTLE MORE THAN A ROCK

Surprising Economic Trends in the US and the World

The number-one way that the finance industry makes its money is by collecting fees from people in order to manage their money. Pension funds, mutual funds, hedge funds, endowment funds…it seems like every dollar you save gets a hefty cut as it passes through the hands of middleman after middleman. And they can’t all beat the market, can they? But America’s love affair with money managers may be going lukewarm, as more and more investors move their wealth into passive management. Passive management means piggybacking on the wisdom of the market instead of paying one pro big bucks to try to out-guess the other pros. Exchange Traded Funds, offered by companies such as BlackRock and Vanguard, are one of the main passive investment vehicles that have emerged in recent years. Meanwhile, some big pension funds are turning to passive management. This could be the dawn of a new, laid-back financial age. And many other provocative thoughts.  Economic Trends That Surprise

 Passive Management

Bangalore: Finance, Market Access Hinder Women Entrepreneurs

A study, Roadmap 2020 and Beyond, was carried out on 200 women entrepreneurs in the Bangalore.

A study carried out among 200 women entrepreneurs in the city over a two month timeframe, says accessing finance to run their businesses and finding markets to sell their products and services are the two key challenges they face.

While 75% find access to finance a major challenge, access to markets was rated challenging by 90% of the surveyed respondents. Apart from these two attributes, what city businesswomen need most is their family’s support and mentoring.
Finance, market access hinder women entrepreneurs

In the past women could only peek through the curtain, now we have joined together and our breaking through the curtainIn this image, the artist Rani Jha states, In the past we could only peek through the curtain, now we have joined together and our breaking through the curtain

 

Tweaking or Overhauling Economics Education

The financial crisis left huge numbers of financiers, traders, brokers, investment-wizards and hedge-fund fixers dazed by the sweeping tide of a storm for which they lacked the understanding and breadth of ideas to predict, let alone combat.

A soft burn of neglect suddenly raged into a fierce inferno, exposing the inability of those inside the industry to make responsible decisions. Economics, as the art or science of observation and prediction has proved disastrous in preparing the human world for the consequences of its own actions.

At the core of the current financial system lies a flaw. Economics is a field that holds more than theories of how to make money, endorse GDP growth and create an ever-growing economy. Yet these aspects lie remote and untouched by financial and commercial leaders.   Educating Economists

Economics Education

Prostitution Flourishing as a Profession in Germany

The oldest profession came under attack from the radical feminists and the left decades ago.  Different countries have approached ‘the problem’ differently.   Under the Social Democrats, who will be Angela Merkel’s new coalition party, the profession was made more attractive and theoretically safer.  Merkel’s party is not so enthusiastic about their approach.  Who knows what will happen.  One thing is for sure. Even in bleak economic times, people in this profession can find work.  Prostitution Flourishing in Germany

Prostitution in Germany