Are Bitcoins a Ponzi scheme? That's what the headlines in the media
suggest the Securities Exchange Commission is alleging. However, the
SEC is simply investigating whether the new crypto-currencies are being
used as a tool to lure investors into an illegal investment scheme.
Whether or not this is true, the smear campaign against alternative
currencies continues. In a press release, the SEC stated "Investors
should understand that regardless of the type of investment, a promise
of high returns with little or no risk is a classic warning sign of
fraud." Well, don't tell that to Fannie and Freddie. At least China
got out.
And there was a natural gas explosion on an unmanned
rig off the coast of Louisiana on Tuesday. The blaze has been described
as "out of control." No injuries were reported on the nearby jackup
rig, but a natural gas cloud and a very large light sheen was reported.
The operator of the well stated no "oil" was spilled, but again it's a
natural gas rig. Curiously the well that exploded was a sidetrack well,
which is usually used to overcome an engineering problem with the
original well. We'll stay on top of this story as it develops.
And,
we have a Bloomberg-gate update. That would be the scandal where
Bloomberg reporters were allegedly spying on Bloomberg terminal users,
including such power users as Ben Bernanke and Tim Geithner. Well, the
current attorney general of New York, Eric Schneiderman, who was funded
by George Soros, is now investigating the matter.
The
AG position is one that Eliot Spitzer held before becoming governor.
Spitzer is now once again seeking elected office as New York City
Comptroller, to oversee the city's $140 billion pension fund. Oh, and
Mayor Bloomberg himself is suing the current Comptroller. Break out the
popcorn, because we smell a Gangs of New York-style fight brewing here.
Bob talks dysfunctional politics with Lew Rockwell. And Perianne
profile the dysfunctional city of Detroit, as well.
get yourself a taste n bend over
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