The Angel Clark Show With Ken Schortgen The Bitcoin Best Performing Currency Year To Date -Episode -401– 3/1/13

Posted on Posted in Podcast, Radio Freedom News, The Angel Clark Show

blood of war

Bank Deposits Decline Across Europe In January

There was much press coverage of the December jump in European bank deposits: a veritable litany of pundits said that it was an indication of the recovery in the European financial system, how faith in the banking system is coming back, and that European consumers are so wealthy they actually have excess cash they can deposit at their bank. Perhaps it is not very surprising, then, that we have yet to hear a peep about the fact that overnight the ECB reported that deposits at all key core and peripheral European countries declined. Wait, we know: “it’s seasonal.”

A Bitcoin for Your Thoughts The best performing currency year-to-date has no home country, no central banker and no physical scrip; it is the online-only ‘Bitcoin’ and as we noted recently, it is becoming more mainstream. BTC, as the currency is known, up 130% year to date in dollar terms, thanks to rising demand from a wide variety of adherents, which ConvergEx’s Nick Colas notes, includes libertarian activists, small businesses, online drug dealers and gambling sites. That makes the Bitcoin a controversial subject, to be sure, but Nick notes we can also learn from this unique case study a lesson in global economics. Bitcoin ‘Money supply’ growth is capped at a slow rate – far below its current levels of demand. That makes it prone to boom-bust cycles. It also has no sovereign sponsorship, which means it works outside any nation’s security apparatus. Lose your bitcoins to hackers? Tough luck – there is no FDIC in these parts. Still, Colas concludes, in the creation and growth of the Bitcoin it is not hard to see the online future of currency, especially as real-world alternatives continue to struggle with sluggish economies.

Ken Schortgen

As a historian in his primary field of study, and an investor in the real world, Kenneth has a keen perspective on all facets of the financial world. He has owned his own business and corporation, and has been an investor in many different markets such as securities, real estate, currency trading, and international trusts. His desire is to provide you with the true understanding of markets and the economy, and to give you the information that will help you make your own decisions in these troubling, and quite often, fascinating times regarding your economic decisions. Kenneth is not a certified financial advisor, and his only goal is to give you true information, by which you can see things as they happen, and in many cases, before they happen.


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