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While some have suggested bitcoin's meteoric rise signals a potential cryptocurrency bubble, RT's Max Keiser says fiat currencies like the US dollar are collapsing against it.
“I think we are seeing fiat currencies in a hyperinflationary collapse against bitcoin,” he said, adding that we’ll see a major price correction somewhere at the $25,000 per bitcoin level. “Up until that price is achieved it looks like we’ll see a pretty strong upward move.”
On Monday, the digital currency smashed another all-time high, trading above $9,700 on growing signs of mainstream adoption by institutional investors.
According to Keiser, there is a huge market for other cryptocurrencies, but bitcoin has an entrenched network that is now growing exponentially. It is beyond the reach of any competition, of any nation-state and any cooperation to defeat it, the host of ‘Keiser Report’ said.
“Bitcoin is a perfect currency, something that is utterly changing the global finance and market and is putting banksters and the central banks out of business,” which, according to Keiser, “should be applauded because they’ve been horribly bad actors. We need to get rid of them and let bitcoin transform our world.”
He also suggested an interesting scenario that bitcoin could become “something of a financial black hole” and all cash that is currently invested in stocks and bonds is moved over into bitcoin. That will lead to a stock or bond market crash, or both, as “we see the price of bitcoin move into that $25,000 range.“
“That’s something that no central bank or country will be able to stop, and it’s becoming a real scenario, a real threat.”
Talking about bitcoin mining, Keiser said the energy required for that is quite significant as it costs around $2,000 to create a single bitcoin and therefore giving it real intrinsic value. “As the demand for bitcoin rises the energy will be there to meet that demand – that’s the way capitalism works,” he said.
For anyone who wants to enter bitcoin at this time, the former stockbroker recommends reading as much as possible. “Don’t just buy a bitcoin without knowing about it first. That way, when a correction does come and it inevitably will, you have some intellectual foundation to keep you in the game and to not panic sell. If you panic buy you could just as easily panic sell,” he explained.
Keiser dismissed concerns about bitcoin hacking, saying the core bitcoin blockchain itself has never been hacked while being immutable. That’s why it is “so alluring and attractive.”
Minimum capital requirement for commercial banks to increase to 100 billion MNT by 2021 www.theubpost.mn
Mongol Bank announced that the minimum capital requirement for commercial banks will be raised to 100 billion MNT by 2021 by decree of Mongol Bank Governor N.Bayartsaikhan.
In accordance to the Law on the Central Bank and the Law on Banking, Mongol Bank has the ability to modify the minimum capital requirements for financial institutions including banks. The central bank takes into account the state of the economy, changes in the exchange rate of the national currency, the assets of commercial banks, and overall health of the banking sector when discussing any changes in the capital requirement.
When the Banking Law was first approved in 1991 shortly after the transition into a democracy, the minimum capital requirement was set at 50 million MNT. In 1995, it was increased to 400 million MNT. Starting in 1999, it was legislated that the Governor of Mongol Bank would have the authority to modify the minimum capital requirement. Subsequently, the requirement was increased to two billion MNT that year. Starting in 2001, the amount was increased to four billion MNT, and in 2006, it was doubled to eight billion MNT.
Continuing the trend of doubling the capital requirement, the amount was increased to 16 billion MNT in 2011. The latest and the most significant increase in the amount came in 2015 when it was decided by then Governor of Mongol Bank N.Zoljargal to set the requirement at 50 billon MNT, tripling the previous amount.
A capital requirement is the standardized requirement in place for banks and other depository institutions that determines how much liquidity is required to be held for a certain level of assets. This measure is intended to help prevent any major shocks to banks and to ensure that a bank has enough assets to pay back its customers in the event of a bankruptcy.
In Mongolia, the minimum capital requirement for commercial banks is set by the central bank and its governor. The capital requirement for non-banking financial institutions and on publically-listed companies is set by the Financial Regulatory Commission.
Mongol Bank made the announcement on November 24 that Governor N.Bayartsaikhan decreed that the capital requirement would be increased to 100 billion MNT on December 31, 2021.
The central bank explained that the decision to increase the capital requirement has no relevancy or any links to the ongoing asset quality review being conducted by PricewaterhouseCoopers as part of the extended fund facility.
“The main purpose of the asset quality review is to ensure that banks have enough assets to back all loans provided, to determine whether an adequate risk fund had been established, and to ensure that commercial banks have enough assets to cover any losses regarding loan risks,” stated Mongol Bank on their website.
Increasing the minimum capital requirement will help increase the operational capacity of commercial banks and improve their ability to manage risks, believes Mongol Bank. In addition, the central bank believes the move will help activate the operations of smaller commercial banks while also increasing competition in the financial sector and ultimately setting up the basis for lower interest rates.
“The decision to increase the minimum capital requirement to 100 billion MNT on December 31, 2021 was based on the forecast that Mongolia’s economy will revive from its crisis and grow further,” stated Mongol Bank....
Fodor’s Travel, a leading name in travel recommendations for over 80 years, expanded its Travel Go List from 25 to 52 destinations this year to provide an interesting place for each week of 2018.
“Despite all of the recent calamity and horrors — both natural and manmade — this really is a magical world that deserves to be explored,” said Jeremy Tarr, editorial director of Fodors.com. “We focused on celebrating and surfacing that wonder as we assembled this year’s lists.”
Fodor’s editors suggested Mongolia to everyone who wishes to “experience the final days of pristine nomadic life and the birth of a booming, modern metropolis”.
“Mongolia is a land of pristine blue skies that stretch for miles, rolling mountains and steppes covered in sweet Mongolian grass, mirrored Khuvsgul Lake, and vast desert landscapes. In the countryside, where locals don their ornate brocade deel and sip airag, a fermented horse milk wine at intimate Naadam celebrations, while racks of fresh khuruud cheese dry atop gers in the arid breeze. As climate change leads to desertification and pushes nomads into the capital city, Ulaanbaatar, these quiet scenes of Mongolian life are quickly vanishing.
“While the capital is undergoing a cultural and culinary revolution, 2018 might be one of the last years where visitors can experience the subtle splendor of the Mongolian landscape and nomadic lifestyle, while also enjoying the raw metropolitan energy of a city being reborn.”
Fodor strongly encouraged travelers to rent a Jeep, or even a motorcycle, and a driver to explore the vast grasslands, the remote temples of Chinggis Khaan’s capital at Kharkhorin, and the Flaming Cliffs in the Gobi Desert as it evaluated that much of Mongolia’s soul lies in the countryside. The review also advised purchasing cashmere and yak wool products and purses made from recycled traditional Kazakh tapestries to support nomads.
The best time to visit Mongolia is said to be from late spring to early fall, with July and August being the most popular dates for tourists as the National Naadam Festival is annually held during the summer. The official 2018 National Naadam Festival will take place throughout the country from July 11 to 15 with smaller, regional festivals throughout the year.
A Chinese delegation introducing the achievements of the 19th National Congress of the Communist Party of China (CPC) ended its four-day visit to Japan on Sunday following its trips to Mongolia and South Korea.
The delegation, headed by He Yiting, executive vice president of the Party School of the CPC Central Committee, visited Mongolia, South Korea, and Japan at the invitation of the General Office of Mongolia Government, the South Korean foreign ministry, and Japan's ruling Liberal Democratic Party (LDP) and its coalition partner the Komeito party, respectively.
During its visits, the delegation explained the significance of the 19th national Party congress to the political parties, government, mainstream media and think tanks of the three countries.
The three sides congratulated China on the success of the 19th CPC National Congress and Xi Jinping's re-election as General Secretary of the CPC Central Committee, and lauded the influence of the Party congress to the world.
They said the visit has enhanced their understanding of the CPC party congress and China's future development and expressed the wishes for continued improvement and development of bilateral relations.
HOHHOT, Nov. 26 (Xinhua) -- Chinese researchers have launched several digital archive projects to preserve a number of historical Mongolian books.
Engraved on wood, a rare Mongolian version of the Tibetan Buddhist classic "Kangyur" has been scanned and photographed to make a digital copy, according to Qi Jinyu, deputy head of the Mongolian language and literature working group.
Published in 1720, the woodcut copy has 109 volumes and 50 million words. Its electronic edition is now available online.
China is home to more than 200,000 volumes of Mongolian books and documents, but many of them are in danger of discoloration and mildew.
Mongolian books often remain shelved, with common readers or scholars not having access to them.
"The most important method to give access is to digitize and publish ancient books. Recently, the digitization project has brought new life to many ancient Mongolian books." said Soyolt, an official specializing in ethnic Mongolian documents.
Over the past three years, Inner Mongolia Autonomous Region has digitized and published 120 Mongolian classics.
In northwest China's Gansu Province, the Northwest University for Nationalities has established a database and collected over 10,000 Mongolian folk tales.
Researchers in Xinjiang Uygur Autonomous Region have collected and compiled 384 books in Todo bichig, a writing system used by Mongolian tribes in the Qing Dynasty (1644-1911). It is the only compilation of Todo bichig materials in China.
About 6.5 million ethnic Mongolians live in eight Chinese provinces and regions, including Inner Mongolia, Liaoning, Gansu, Xinjiang and Qinghai.
CHICAGO (Reuters) - Black Friday and Thanksgiving online sales in the United States surged to record highs as shoppers bagged deep discounts and bought more on their mobile devices, heralding a promising start to the key holiday season, according to retail analytics firms.
U.S. retailers raked in a record $7.9 billion in online sales on Black Friday and Thanksgiving, up 17.9 percent from a year ago, according to Adobe Analytics, which measures transactions at the largest 100 U.S. web retailers, on Saturday.
Adobe said Cyber Monday is expected to drive $6.6 billion in internet sales, which would make it the largest U.S. online shopping day in history.
In the run-up to the holiday weekend, traditional retailers invested heavily in improving their websites and bulking up delivery options, preempting a decline in visits to brick-and-mortar stores. Several chains tightened store inventories as well, to ward off any post-holiday liquidation that would weigh on profits.
TVs, laptops, toys and gaming consoles - particularly the PlayStation 4 - were among the most heavily discounted and the biggest sellers, according to retail analysts and consultants.
Commerce marketing firm Criteo said 40 percent of Black Friday online purchases were made on mobile phones, up from 29 percent last year.
No brick-and-mortar sales data for Thanksgiving or Black Friday was immediately available, but Reuters reporters and industry analysts noted anecdotal signs of muted activity - fewer cars in mall parking lots, shoppers leaving stores without purchases in hand.
Stores offered heavy discounts, creative gimmicks and free gifts to draw bargain hunters out of their homes, but some shoppers said they were just browsing the merchandise, reserving their cash for internet purchases. There was little evidence of the delirious shopper frenzy customary of Black Fridays from past years.
However, retail research firm ShopperTrak said store traffic fell less than 1 percent on Black Friday, bucking industry predictions of a sharper decline.
The National Retail Federation (NRF), which had predicted strong holiday sales helped by rising consumer confidence, said on Friday that fair weather across much of the nation had also helped draw shoppers into stores.
The NRF, whose overall industry sales data is closely watched each year, is scheduled to release Thanksgiving, Black Friday and Cyber Monday sales numbers on Tuesday.
U.S. consumer confidence has been strengthening over this past year, due to a labor market that is churning out jobs, rising home prices and stock markets that are hovering at record highs.
Ulaanbaatar /MONTSAME/ At the initiative of the President of Mongolia, an open discussion themed ‘Improving Implementation of State Policies on Protection of Children and Women from Violence, Public Participation and Control’ was held on November 24 in the Citizens’ Chamber of the State House. President of Mongolia Kh.Battulga gave an address.
The discussion aimed to improve security and protection for Mongolian citizens, especially women and children, against violence and coercion, increase effectiveness of current legal regulations, child protection laws and budget expenditure for protecting the rights of children and women, discuss required solutions in areas of justice, enhance coordination between government and non-government organizations and facilitate favorable environment for public participation and control.
The policymakers and public service organizations, functions of which are targeted to ensuring safety and protection of the citizens of Mongolia (women and children) against violence and attack, representatives of non-government organizations, citizens, academics and international organizations. The following results are expected from the discussion:
1. Studying possibilities of changing the legal environment, after authentically determining the current state of violation of children’s rights and crimes against children;
2. Revealing challenges and problems facing non-government organizations that operate for the benefit of children, and improving coherence between government and non-government organizations; and
3. Identifying appropriate solutions for substantial drop in the number of offenses against children through enhancing coordination between activities of government and non-government organizations.
Royal Dutch Shell Plc is linking up with some of the world’s biggest carmakers to expand its electric-vehicle charging business in Europe as it prepares for life beyond oil.
The second-biggest oil company has agreed with IONITY -- a Munich-based venture between BMW Group, Daimler AG, Ford Motor Co. and Volkswagen AG -- to start charging stations in 10 European nations, Shell said on Monday in a statement.
The agreement builds on Shell’s acquisition of Europe’s largest electric-vehicle charging provider NewMotion last month. The deals come as the oil industry goes through a critical phase in its history, with the dominance of gasoline and diesel challenged by the need for cleaner energy. Markets including France, the U.K. and China are talking about phasing out the sale of fossil-fuel-powered cars in the coming decades, and major energy companies are looking to adapt.
Shell and IONITY will initially have charging points at 80 of Shell’s biggest highway fuel stations, with an average of six posts in each. It will take five to eight minutes on average to charge an electric vehicle at these points, according to the statement.
Shell opened its first rapid-charging point for electric cars at gasoline stations in the U.K. last month. The company wants 20 percent of profit margins from fuel sold in its retail forecourts to come from vehicles that don’t burn diesel or gasoline by 2025, John Abbott, the top executive of its downstream business, said in September.
Scientists and industry in the United Kingdom are joining forces to build a commercial scale facility capable of transforming biomass into next-generation solid fuels with coal-like properties. This would be the first complex of its type in the country.
HTC or Hydrothermal Carbonisation is the name of the technology being developed by researchers at the University of Nottingham who are working in partnership with the Energy Research Accelerator and CPL Industries.
According to the group of experts, HTC converts high-moisture biomass into solid fuels using moderate temperatures and high pressures. The process effectively mimics the long-term natural process of coal formation, but instead of millennia it only takes a few hours for the mineral-like material to be created.
The intention of the HTC facility is to investigate suitable replacements for fossil fuels in home-heating products, with possible future developments being the replacement of coking coal in industrial applications such as foundries and smelters.
"We will be able to look at how we can convert waste streams into value-added fuel products that have many domestic and industrial applications. Also, by using the biocoal that has been made from biowaste, we are producing a carbon-neutral fuel and reducing greenhouse gas emissions,” said in a university statement Colin Snape, Director of the Centre in Efficient Power from Fossil Energy and Carbon Capture Technologies at the University of Nottingham.
The HTC facility will be operated by solid-fuel manufacturer CPL Industries and will be located at the company's production site in Immingham, North Lincolnshire. Activities at the plant are scheduled to begin in mid-2018....
The government's plan to boost UK industry ahead of the country leaving the EU is due to be launched later.
The industrial strategy is aimed at lifting growth, which official forecasts suggest will slow due to the UK's poor productivity performance.
Business Secretary Greg Clark said the UK's decision to leave the EU meant the strategy was "even more important".
A deal with US healthcare giant MSD to open a UK research centre has been announced as part of the strategy.
The investment by MSD, known as Merck in the US, is worth up to £1bn and is expected to create 950 jobs.
The government said the announcement was "a huge vote of confidence" in its plans to boost the post-Brexit UK economy.The strategy comes just days after official forecasting body the Office for Budget Responsibility (OBR) announced an aggressive downgrade of its UK growth and productivity forecasts.
Political parties and business groups have said that the solution to creating stronger growth and higher wages is more investment.
The industrial strategy is expected to outline similar partnerships to the MSD one with other private sector firms in the construction, artificial intelligence and automotive sectors.
The deals will see the government pledge funding and policy collaboration in exchange for investment from private firms.
The government said the deals would be "strategic and long-term partnerships".
It has already pledged to invest an additional £80bn in research and development over the next decade.
The additional funding is aimed at putting the UK's investment in this area on a par with other advanced nations.
Currently the UK spends 1.7% of its gross domestic product on research and development, much lower than the 2.4% average of developed countries in the Organisation for Economic Co-operation and Development.
As part of its industrial strategy, the government is also expected to outline the main global trends which it believes the UK needs to tackle to revive its flat-lining productivity.
These are expected to include artificial intelligence, clean energy such as low carbon technologies, medical care for an ageing population and future mobility such as driverless cars and drone-delivered goods.
"More decisions about our economic future will be in our own hands and it is vital that we take them," Mr Clark said.