El vocero de Javier Milei aseguró que todos los sectores crecen en Argentina, que está mejorando el salario real y que se redujo la pobreza.

This isn't old news, but it should be widely known. Major sovereign...

If the bill to end congressional stock trading passes the House, it would likely have an uphill climb in the Senate, where 60 votes are needed.

July 21, 2008 (18 years ago)

E-Gold Pleads Guilty to Money Laundering Charges

E-gold was a pre-Bitcoin digital currency. E-Gold’s downfall is the reason its founder said Bitcoin exists: proof that a centralized issuer is a single point of failure. Brief…

2/13 - Douglas Jackson was a radiation oncologist in Melbourne, Florida, not a technologist. He read a Thomas Sowell piece on F.A. Hayek's The Road to Serfdom and came away convinced government monetary manipulation had caused real wars and real economic…

3/13 - In 1996, Jackson and attorney Barry Downey built e-gold on that conviction: a payment system where value moved peer to peer, backed by something no government could inflate away, outside any single country's monetary control.

4/13 - The mechanism: e-gold accounts held digital ownership of real gold bullion, starting with coins in a Florida safe deposit box. Reserves eventually scaled to 3.8 tons, more gold than backed the Canadian or Mexican currencies at the time.

5/13 - Two entities ran it: e-gold managed accounts, Gold & Silver Reserve Inc. handled currency exchange, letting outside businesses build payment tools on top. By 2006, e-gold served customers in over 100 countries, moving roughly $3 billion a year for…

6/13 - Here's the irony. Wired called e-gold "one of law enforcement's most productive honey pots," since it helped catch credit card thieves and hackers who used it, even while under federal investigation itself. Jackson cooperated voluntarily with the case…

8/13 - No regulator had ever definitively ruled e-gold an unlicensed money transmitter before the raid. A 2006 Florida Office of Financial Regulation draft opinion actually found e-gold was not subject to money transmitter rules, citing "no evidence that…

9/13 - Prosecutors never disclosed that opinion to Jackson, the grand jury, or the judge. The Secret Service had told the Florida regulator to avoid communicating with Jackson about it directly. He learned it existed only years later, through a Freedom of…

10/13 - Jackson was charged in April 2007 with running an unlicensed money transmitting business. On July 21, 2008, e-gold and Gold & Silver Reserve Inc. pleaded guilty to conspiracy to launder money and operate unlicensed money transmitting:

https://ww…

11/13 - Jackson pleaded guilty to the same charges. Downey and fellow director Reid Jackson pleaded guilty to related DC licensing violations. Sentencing: no prison time, 300 hours community service, three years supervised release, six months home confinement…

13/13 - Jackson has said it directly: "The bitcoin bubble never would have happened in the first place if we had not had to exit the business." Economist Jon Matonis made the same point: a centralized issuer is one prosecution from shutdown, the problem Bitcoin's…

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A tese de que o mundo está desdolarizando acaba de morrer pela segunda vez em 4 meses.

E dessa vez quem assinou o atestado foi o BIS, o banco central dos bancos centrais.

O working paper 1370 documenta: cidadãos de emergentes comprando dólar via stablecoin…

Não é opinião, é a maior base de dados já montada sobre o tema: depósitos em moeda estrangeira de 130 economias desde 1990, cruzados com fluxos de USDT e USDC em 184 países entre 2017 e 2024, via Chainalysis.

A pergunta deles: a dolarização via stablecoin…

A dolarização clássica era disparada por calote soberano. A dolarização via stablecoin é disparada por crise bancária: 1 desvio padrão a mais na frequência de crises bancárias soma 0,8% do PIB em fluxos, contra média de 1,7%.

Quando o banco quebra, a pessoa…

O BIS estudou décadas de países que saíram de regimes de inflação alta. A dolarização dos depósitos estava em ~50% na saída e ficou lá, ano após ano, sem nenhuma queda detectável.

Derrotar a inflação recupera o índice de preços. Não recupera a confiança.…