Published January 28, 2014 FoxNews.com
June 2, 2012: Britain's Queen Elizabeth II and Prince Philip arrive for the Epsom Derby at Epsom race course, southern England at the start of four-day Diamond Jubilee celebrations to mark the 60th anniversary of the Queen's accession to the throne.
Queen Elizabeth II of Great Britain is apparently one royal who is no longer flush.
According to The Daily Telegraph, a report by the House of Commons' Public Accounts Committee has found that the Queen's financial reserves have reached a "historic low," dwindling to 1 million pounds ($1.66 million) from 35 million pounds ($58 million) in 2001.*
The Committee's report has placed the blame squarely on the Queen's advisers for overspending in a manner out of line with the austerity measures that have been adopted by Prime Minister David Cameron's government. According to the Telegraph, the royal household only managed 5 percent efficiency savings over the past five years, while some British government departments have cut their budgets by up to 33 percent. In the 2012-13 fiscal year, the report found that the royal household received 31 million pounds ($51.4 million) in taxpayer funds, but spent 33.3 million ($55.2 million), dipping into the reserves in the process.*
Margaret Hodge, a Labour MP who chaired the committee, told Sky News that the financial mismanagement has resulted in two of the Queen's most famous residences falling into disrepair, with no contingency plant to pay for the backlog of repairs.*
"Forty percent of [the royal estate] needs something doing to it," Hodge said. "The boilers at Buckingham Palace haven't been replaced for 60 years. Windsor Castle has problems with the bedrooms and the Royal Picture Gallery has buckets to catch the water coming through."
Hodge also called on the Treasury to "be actively involved in reviewing the Household's financial planning and management," which she claimed it has failed to do.*
A Buckingham Palace spokesman the Telegraph that repairing the royal palaces was "a significant financial priority" and claimed that the royal household had doubled its income since 2007.*
Interesting Video (Please watch the entire show): THRIVE: What On Earth Will It Take?
(Passion Business VII - cryptocurrency)
This article and the video is so interesting. It presented in no uncertain terms that the fiat currency is accelerating the erosion of value. The video said it in completeness: "This erosion by printing more fiat money every single year is making the value you held on to in terms of the currency you hold is reduced every single year. It guaranteed the currency printer will rob and eat you for free."
With this grim circumstance, the cryptocurrency I am proposing would be successful beyond my wildest dreams. Hopefully I don't get in the way of too many bureaucracies. My partner-in-crime is concerned with the ultimate security of the system. I am proposing the most difficult hash codes - SHA-3 2048 bits (four times more than the current 512 bits). In time, it will be able to automatically handle even more complex hash functions.
As long as the system don't get hacked and multiple mirrors set-up, I am sure we would be resistant to physical and cyber security breeches. We would have time to perfect the system, as the bureaucracies need time to catch up. Finally, I have re-engaged my cyber business. I lost it about 20 years ago. Now it is all coming home. Thank You, partner-in-crime.