Beware of Bitcoin, Central Banks Warn; & 4 More Things to Know Today

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Bitcoins Rise
AP/Rick Bowmer
Here's a quick rundown from the world of business and economics this morning: the things you need to know, and some you'll just want to know.

• France's central bank issued a warning Thursday: Beware of Bitcoin. The essence of the statement was fairly simple: The digital crypto-currency isn't backed by a government, and if people stop being willing to trade Bitcoins for "real" money, the whole concept could collapse like a house of cards. Coincidentally, China's central bank issued a similar warning Thursday, and banned its banks from trading in Bitcoin, which has recently seen a major surge in popularity in the world's most populous nation.

• Would you like pickets with your value meal? Fast food strikes are happening in 100 cities around the country Thursday, as labor groups continue their fight for living wages, enough hours, and decent benefits for the front-line employees in the fast food industry.

• But don't get the idea that it's just fast food workers suffering from wage stagnation and inequality in America. A new study from UC-Berkeley reveals that fully one-third of America's 500,000 or so bank tellers are receiving some form of government assistance, due to their low pay and higher likelihood of being part-timers. And it's not just a problem for them: U.S. taxpayers are paying nearly $900 million a year to supplement tellers' wages so that banks can pay them less and offer them fewer benefits. It's a nice little subsidy for the banks, which earned $141.3 billion in profits in 2012.

• Apple will finally get a bite of China Mobile's more than 700 million customers. The two companies finally sealed a deal that will allow the world's largest mobile phone carrier to offer iPhones.

• And finally, if you're a workaholic, you can probably blame mom and dad. A new study from the University of Michigan reveals that people's attitudes about the meaning of work fall into three general categories: The "career-oriented," who derive a lot of their personal identity from their jobs; the "job-oriented," who are just in it for the paycheck and are more interested in their lives outside the office; and the "calling-oriented," who picked jobs they believe are making the world a better place. And yes, which category you fall into largely comes down to the attitudes of your parents.


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RouteUS66Busload

Haven't got my passport to travel internationally so it isn't my problem.

December 06 2013 at 1:45 AM Report abuse rate up rate down Reply
pdbliz

Better beware of GOLD....and the PAPER DOLLAR..
BUT,,MOST OF ALL,,BEWARE OF WASHINGTON D.C.
Younger people are now waking up on the scam that has been run on them,,!!!!

HAVE YOU CHECKED YOUR HEALTH CARE COST YET.???? AS GOME PYLE SAID,,,,SUPRISE,,,SUPRISE..!!!!

December 05 2013 at 8:18 PM Report abuse rate up rate down Reply
k4jlp

People, your Congress is so much out of line it ain't even funny no more...

December 05 2013 at 5:26 PM Report abuse +1 rate up rate down Reply
k4jlp

Oh no Mr. Bill...we would certainly not want anything to mess with the feds dollar right?

December 05 2013 at 5:25 PM Report abuse +1 rate up rate down Reply
Peter

All the banks are making a lot of money but they are still receiving some kind of government assistance to support their staff. What kind of joke is that ?

December 05 2013 at 3:21 PM Report abuse rate up rate down Reply
hamcallk5co

AT one time I had a manufacturing business here in the 'states. Then wages kept increasing and all of my competitors were importing and beating me out of customers. So I had to let all the people go and import products that I once made; no problem. Unless you want to count dozens of workers that had priced themselves out of jobs. It's forty years later and good luck to you.

December 05 2013 at 1:08 PM Report abuse rate up rate down Reply
1 reply to hamcallk5co's comment
pgile

Yeah, if only we could pay them over here like they pay them in Bangledesh. Happy days would be here again for sure.

December 05 2013 at 2:40 PM Report abuse rate up rate down Reply
elendil3136

Wait a minute. Most bank tellers are on some form of government assistance because of low wages? And this while their CEO's are pocketing tens (maybe hundreds) of millions in bonus's? There is something wrong with this picture.

Wage stagnation is eating our economy. I haven't had a raise in four years, and my superivisors are actually working for less than they were five years ago. Where does this end? At what point will people stop worrying about abortion and gun control, and start to get fired up about the real issues in this country?

December 05 2013 at 12:12 PM Report abuse +2 rate up rate down Reply
2 replies to elendil3136's comment
jdykbpl45

Blame Obana and all of the lying democrats: Pelosi, Reid, Bernake, Geithner, Holder, and Corzine.

December 05 2013 at 1:22 PM Report abuse rate up rate down Reply
pdbliz

Let all the baby daddys and baby moms,,that claim low wages,,,,
keep there pants zipped up........IF YOU CAN NOT AFFORD KIDS,,,,KEEP IT IN YOUR PANTS.!!!!
Low wages are how you spend ,,,,,,and save,,,,,,,,does not matter how much you make,,,you can save...
all the low wage people are on government benefits,,,,,that adds up big time...

December 05 2013 at 8:21 PM Report abuse rate up rate down Reply