Yearly Archives: 2012

UN Takes on Al Qaeda in Mali

"War and more war. There are plenty of questions about the legitimacy of what is about to occur. It all begins with the Tuaregs, a blue-daubed fierce tribe of warriors who are part of the larger Berber peoples that were recognized by the UN in the 1990s as legitimate claimants of the northern African Maghreb that spans Tunisia, Libya, Niger and Algeria. After the destabilization of Libya, a Tuareg rebellion took place throughout the African Maghreb and also destabilized parts of Mali. What is evident is that the fighting between secularist Tuaregs and Islamic Tuaregs has now resolved itself in favor the Islamic factions. And this is supposedly the reason for the UN involvement." Continue reading →

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8-child family defies China’s one-child policy

"China’s one-child rule has numerous critics, but perhaps none have so emphatically defied the policy as a couple who have accumulated four boys and four girls — some born to two surrogate mothers. Authorities are calculating how high a fine to impose on the family, described as 'rich merchants' in the southern province of Guangdong, estimating that it could reach 10 times their annual income. While the triplets born to the mother via artificial insemination were deemed legal, they were delivered in Hong Kong — a popular option for wealthy Chinese who want to secure residency there for their children and evade the mainland China quota." Continue reading →

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Asian economies turn to yuan

"A 'renminbi bloc' has been formed in East Asia, as nations in the region abandon the US dollar and peg their currency to the Chinese yuan — a major signal of China's successful bid to internationalize its currency, a research report has said. Seven out of 10 economies in the region — including South Korea, Indonesia, Malaysia, Singapore and Thailand — track the renminbi more closely than they do the US dollar. Only three economies in the group — Hong Kong, Vietnam, and Mongolia — still have currencies following the dollar more closely than the renminbi, said the report, posted on the institute's website." Continue reading →

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Kyle Bass at AC2012: The Engtanglement

"Kyle Bass is the managing director and principal of Hayman Advisors LP’s, general partnership which was formed in December 2005. Kyle Bass is also a mortgage credit portfolio advisor to few asset management companies and manages or advises over $4 billion of investments in the residential mortgage-backed securities market. Mr. Bass is also a Director of the Asset Backed Securities at Credit Derivatives Users Association. He is also a member of the Serengeti Asset Management Advisory Board and is a member of the endowment’s board of the University of Texas Investment Management Co which bought $1 billion Gold bars in 2011." Continue reading →

Continue ReadingKyle Bass at AC2012: The Engtanglement

Tiny gold bars latest rage for jittery investors

"Private investors in Switzerland, Austria and Germany are lining up to buy gold bars the size of a credit card that can easily be broken into one gram pieces and used as payment in an emergency. Now Swiss refinery Valcambi, a unit of U.S. mining giant Newmont, wants to bring its 'CombiBar' to market in the United States and build up its sales presence India - the world's largest consumer of gold where the precious metal has long served as a parallel currency. The 'CombiBar' - which has been dubbed a 'chocolate bar' because pieces can be easily broken off by hand into one gram squares." Continue reading →

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Brazil Doubles Gold Reserves as Central Banks Buy Bullion

"Brazil boosted gold reserves for a third month in November to double the country’s holdings since August as central banks from Russia to Belarus and South Korea add the metal to diversify their assets. Central banks have been expanding reserves as the metal heads for a 12th annual gain and investors hold a record amount in bullion-backed exchange-traded products. Nations bought 373.9 tons in the first nine months of the year and full-year additions will probably be at the bottom end of a range from 450 to 500 tons, the London-based World Gold Council estimates." Continue reading →

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The Five Largest Landowners in the U.S. (Three you probably never heard of)

"1. John Malone - The cable tycoon has 2.2 million acres stretching from Wyoming to Maine. 2. Ted Turner - The media magnate has 2 million acres in Nebraska, New Mexico and other states. 3. The Emmerson family This low-profile family holds 1.8 million acres through Sierra Pacific Industries, the nation's second largest lumber producer. 4. Brad Kelley The reclusive billionaire, who drives a pick-up truck and made his money from discount cigarettes, owns about 1.5 million acres and uses much of it for cattle ranching. 5. The Irving family The Canadian forestry family behind J.D. Irving Inc. owns 1.2 million acres in Maine and other locations." Continue reading →

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Housing Up, Home Ownership Down: The Mysterious New Housing Bubble

"If the number of people who actually bought a home and moved in dropped by 175,000, then what we’re seeing is industrial-scale investment by Wall Street speculators who are getting lavish financing perks from the banks to buy distressed properties that, if they had been sold on the MLS or via bank auctions, would have driven prices down even further pushing bank balance sheets deeper into the red. In other words, the Obama administration, the banks, the Fed and the behemoth private equity firms are all in bed together to reward the people who blew up the financial system with another backdoor bailout." Continue reading →

Continue ReadingHousing Up, Home Ownership Down: The Mysterious New Housing Bubble

Older homeowners falling more into foreclosure

"Homeowners more than 50 years old are falling into foreclosure faster than any other age group, particularly widows whose husbands held the mortgage, said the New York Times. Foreclosures among homeowners over 50 increased by 23% over the past five years, resulting in 1.5 million foreclosures. The main reason for the rise in foreclosures is due to women outliving their spouses and not being able to cop with ballooning, medical costs, mortgage and pension cuts. About 6% of loans held by persons over 50 were delinquent in 2011, up from 1% in 2007. One of the problems is older Americans are saving less and borrowing more, said AARP." Continue reading →

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California School District Owes $1 Billion On $100 Million Loan

"In 2010, officials at the West Contra Costa School District, just east of San Francisco, were in a bind. The district needed $2.5 million to help secure a federally subsidized $25 million loan to build a badly needed elementary school. Charles Ramsey, president of the school board, says he needed that $2.5 million upfront, but the district didn't have it. 'Why would you leave $25 million on the table? You would never leave $25 million on the table.' In the West Contra Costa Schools' case, that $2.5 million bond will cost the district a whopping $34 million to repay." Continue reading →

Continue ReadingCalifornia School District Owes $1 Billion On $100 Million Loan