Unsurprisingly, from my perspective, President Obama was re-elected in the US election. How did Wall St react? The Dow Jones fell by 2.36% and the Nasdaq fell by 2.48%. Why? One possibility is that Obama's re-election means that the fiscal cliff crisis will occur again within a matter of weeks. Another possibility is that Wall St wanted Romney as his policies were pro-business.
According to Robert Shiller , speaking at Davos, Bitcoin is a perfect example of a bubble - story here . Shiller sees Bitcoin as a backwards step in the evolution of money. George Selgin , a free banker, takes an opposing view - click here . Although he doesn't believe that Bitcoin is money, he sees its development as a fascinating turn in the evolution of money. In particular, he lauds the fact that Bitcoin production is constrained and cannot be infinite. There is a short video below where Bitcoin explain how it works.