"Yesterday at the American Economic Association's 2013 Annual Meeting, Carmen Reinhart and Ken Rogoff offered a paper titled Shifting Mandates: The Federal Reserve’s First Centennial. The paper included a cool chart of inflation since 1775. The authors argue that inflation didn't take off until the U.S. went off the gold standard in 1933." Continue reading →
"Iraqi archaeologists have found 66 gold coins that are at least 1,400 years old, officials said on Monday, adding that they hope to put them on display in Baghdad’s National Museum. Many of Iraq’s archaeological sites have been vandalised and encroached upon in recent decades, but especially in the years following the US-led invasion of 2003. The capital’s National Museum was also looted in its aftermath. At the time, nearly 32,000 pieces were stolen from 12,000 archaeological sites across Iraq, and 15,000 others disappeared from the National Museum in Baghdad, according to official figures." Continue reading →
"Don’t like the platinum coin option? Here’s a functionally equivalent alternative: have the Treasury sell pieces of paper labeled 'moral obligation coupons', which declare the intention of the government to redeem these coupons at face value in one year. It should be clearly stated on the coupons that the government has no, repeat no, legal obligation to pay anything at all; you see, they’re not debt, and therefore don’t count against the debt limit. But that shouldn’t keep them from having substantial market value." Continue reading →
"Should President Obama be willing to print a $1 trillion platinum coin if Republicans try to force America into default? Yes, absolutely.[...] So if the 14th amendment solution — simply declaring that the debt ceiling is unconstitutional — isn’t workable, go with the coin." Continue reading →
"The International Monetary Fund endorsed nations’ use of capital controls in certain circumstances, making official a shift, which has been in the works for three years, that will guide the fund’s advice. In a reversal of its historic support for unrestricted flows of money across borders, the Washington-based IMF said controls can be useful when countries have little room for economic policies such as lowering interest rates or when surging capital inflows threaten financial stability." Continue reading →
Senator Dianne Feinstein (D-Califailure) has been scheming for “over a year” on a way to re-ban “assault weapons,” according all the pictures of them that she’s studied: On Dec. 17th, Feinstein said, ”I have been working with my staff for over a year on this legislation” and “It will be carefully focused.” Indicating the depth of her research [...]
"This is the man US and Hollywood officials decided to make an example of. Interestingly, they were victims of the same persona that Dotcom has used successfully throughout his career. A man who so thoroughly advertised his affection for fast cars, large yachts, beautiful women and military video games was someone who surely could not be taken seriously. It was inconceivable to these intelligence agents and military men that someone as obviously undisciplined as Kim Dotcom would pose a 'hard target.' Surely he would fold immediately on feeling the boot upon his neck. And this misjudgment was only one of a series." Continue reading →
"Saudi Arabia has provided fighter jets to assist the United States with its drone strikes against Al-Qaeda targets in Yemen, the London Times reported on Friday. US drones are backing Yemeni forces combating militants of Al-Qaeda in the Arabian Peninsula (AQAP). The group’s Yemen branch is considered by Washington to be the most active and deadliest franchise of the global jihadist network. The Times cited a US intelligence source as saying that 'some of the so-called drone missions are actually Saudi Air Force missions'. US drone attacks in Yemen nearly tripled in 2012 compared to 2011." Continue reading →
"Eleven states make our list of danger spots for investors. They can look forward to a rising tax burden, deteriorating state finances and an exodus of employers. The list includes California, New York, Illinois and Ohio, along with some smaller states like New Mexico and Hawaii. …Two factors determine whether a state makes this elite list of fiscal hellholes. The first is whether it has more takers than makers. The second element in the death spiral list is large debts, an uncompetitive business climate, weak home prices and bad trends in employment." Continue reading →
"A slender majority of Israelis support the creation of a separate Palestinian state, but do not have high hopes for a peace deal, a survey said on Friday. The survey by daily Israel Hayom asked more than 800 Israelis 'do you support or oppose the idea of two states for two peoples, i.e. the creation of a Palestinian state independent from Israel?' Almost 54 percent said they favoured the idea, and 38 percent rejected it, with the rest refusing to answer. The survey’s margin of error was 3.4 percentage points. More than 54 percent of those surveyed, however, thought a peace deal with the Palestinians was impossible, the study said." Continue reading →