Federal Reserve

Singapore to regulate phony internet currency exchanges. I can't get over people trading nothing as it had value. I know this is true of fiat currency, but government forces people to do that, plus, historically, currency was valued in gold. These virtual currencies have no coercion to back them and no history of being anything but nothing.

Mt. Gox knew it was selling phantom bitcoins. That's a phantom of a phantom. Fractional reserve virtual currency. It's funny that banks do this legally all the time, but it's considered OK for them. More.

Inflation for food staples expected to double.

"Price inflation for meat, fish, milk, eggs, fruits and vegetables is expected to more than double this year from a nearly four-decade low in 2013."

Contrary to this report, food price inflation wasn't low in 2013.

"In other words, over a five-year period the bitcoin bank went from a (presumably) 100% reserve ratio to holding less than 3% reserves… and no one noticed!"

Somebody noticed.