Update: Cryptocurrencies are widely bid tonight with Bitcoin over $10,150, Ether holding $475, and LiteCoin topping $100 for the first time...
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Bitcoin has now soared over 20% since Black Friday's close, topping $10,000 for the first time in history (rising from $9,000 in just 2 days)... now up over 950% year-to-date.
image courtesy of CoinTelegraph
It's been quite a year....
As Illinois muni debt continues to hover around all-time highs, the number of watchdog groups offering warnings about Chicago's deteriorating finances continues to grow. The latest such warning comes from Truth In Accounting which provided the Windy City an 'F' on their latest fiscal report card citing a staggering debt burden that amounts to $41,700 per Chicago resident. To put that figure in perspective, the median household income in Chicago is roughly $48,500.
Ah Goldman, never change.
One week after Goldman's chief equity strategist David Kostin predicted a three-year bull market of "rational exuberance", lifting his 2018 S&P price target from 2,500 to 2,850 rising to 3,100 in 2020, and stating that should the exuberance turn "irrational", the S&P could rise as high as 5,300 by the end of 2020, another Goldman strategist, Christian Mueller-Glissmann, has decided it may be a good idea to play bad cop and cover all bases.
Looking to put bitcoin’s rise in context? How about this: Over the last five years, the world’s most valuable digital currency has risen an astonishing 11,000,000%. Furthermore, since Jan. 1, it has climbed 950%, compared with a total return of 18% for the S&P 500.
Authored by Simon Black via SovereignMan.com,
Another day, another major banking scandal.
It’s getting to the point where you can practically set your watch to these things.
The latest involves our old friend Wells Fargo.
The Wall Street Journal reported last night that Wells has been screwing its customers on foreign currency exchange rates.