July 2013 – Page 60

Federal Reserve rethinks 2003 move allowing banks to trade physical commodities

Post author:The Freedom Watch Staff
Post published:July 22, 2013
Post category:Network Archives

"The U.S. Federal Reserve is 'reviewing' a landmark 2003 decision that first allowed regulated banks to trade in physical commodity markets, it said on Friday, a move that may send new shockwaves through Wall Street. While it is well known that the Fed is considering whether or not to allow banks including Morgan Stanley and JPMorgan to continue owning trading assets like oil storage tanks or metals warehouses, Friday's one-sentence statement suggests that it is also reconsidering the full scope of banks' activities in physical markets, which help generate billions in profits." Continue reading →

Dubai offers gold to fight obesity epidemic

Post author:The Freedom Watch Staff
Post published:July 22, 2013
Post category:Network Archives

"Dubai's government will pay residents in gold for losing those extra pounds as part of a government campaign to fight growing obesity in the Gulf Arab emirate. The 30-day weight-loss challenge was launched on Friday to coincide with the Muslim holy month of Ramadan, when the faithful refrain from eating and drinking during daylight hours. For every kilogram dropped by Aug. 16, contestants who register from Friday can walk away with a gram of gold, currently worth about $42, Dubai's civic authority announced as part of its 'Your Weight in Gold' initiative." Continue reading →

Indians urged to recycle stashed gold

Post author:The Freedom Watch Staff
Post published:July 22, 2013
Post category:Network Archives

"The All India Gem & Jewellery Trade Federation, representing about 300 000 gold manufacturers and retailers, was asking members to offer incentives to lure holders to recycle their old jewellery, chairman Haresh Soni said yesterday. Using more scrap and hoarded metal may further reduce Indian imports of gold, which are forecast to tumble 22 percent in the second half. Jewellers have suspended sales of coins and bars to retail buyers until the current account deficit has stabilised. On Tuesday Finance Minister Palaniappan Chidambaram appealed to Indians to moderate their demand for the metal, while ruling out a complete ban on imports." Continue reading →

Gold exports in June slump 70% in India

Post author:The Freedom Watch Staff
Post published:July 22, 2013
Post category:Network Archives

"According to Vipul Shah, chairman of the Gems and Jewellery Export Promotion Council, 'Exports declined drastically in June as there was a shortage of raw material for jewellery manufacturing. Our main demand is that we should be provided gold on easy terms.' He added that if the current situation prevailed, it would be disastrous for the entire industry and bring in large scale unemployment. According to M Ahamed of the Kerala Jewellery Federation, exporters had initially gained from the rupee depreciation in the country, as the value of their exports in rupee terms had gone up. However, that gain has now petered off, he added." Continue reading →

If Edward Snowden Had Read This Book …

Post author:The Freedom Watch Staff
Post published:July 22, 2013
Post category:Network Archives

"In most countries, extradition is not automatic. A hearing is usually required, with the person subject to extradition given the opportunity to argue his or her case. Some countries, such as Brazil, almost never allow extradition. Many refuse to return a person they deem to be wanted for 'political' offenses. Usually, an extradition request seeks persons facing criminal prosecution or an already convicted escapee, but there are other grounds for such official demands. Generally, tax offenses have not been extraditable. However, fraud per se is an extraditable offense, so a government that wants to pursue a tax case claims 'tax fraud.'" Continue reading →

Tax havens explained: How the rich hide money

Post author:The Freedom Watch Staff
Post published:July 22, 2013
Post category:Network Archives

"Recent leaks of secret banking information have helped authorities around the world crack down on tax cheats who go offshore, resulting in billions of dollars recovered for the public purse. Now, in one of the biggest ever leaks of financial data, the International Consortium of Investigative Journalists has released data on a whopping 120,000 secret offshore entities in 10 different jurisdictions. Read more about how unscrupulous investors hire high-priced lawyers and financial advisers to move money offshore in the interactive below. Select the blue button to make choices and move through each step." Continue reading →

‘How Money Walks’: Map shows cash fleeing states with high taxes

Post author:The Freedom Watch Staff
Post published:July 22, 2013
Post category:Network Archives

"The map’s author, Travis H. Brown, tracked the millions of people in the U.S. who moved from state to state, taking with them more than $2 trillion in adjusted gross income. Brown says Americans are fleeing high-tax states and moving to states that offer lower taxes. The big losers? New York, California, Illinois, New Jersey and Ohio. The big gainers? Florida won the most, with $86 billion coming its way. Other gainers were Arizona, Texas, North Carolina and Nevada." Continue reading →

And the Natural Result of “Planned Obsolescence” is… (Drumroll)… Bankruptcy!

Post author:The Freedom Watch Staff
Post published:July 22, 2013
Post category:Network Archives

"The strike lasted 44 days, until GM gave in. It marked the rise of the UAW and the slippery slope of capitulation that would kill the automaker’s competitiveness. GM started to decentralize its production process so it could never be hijacked again. Detroit’s population became decentralized along with it. As people left, the tax base shrunk. To keep revenue up, taxes were raised on things that couldn’t be moved out of the city limits, like property. Because of high property taxes, people stopped improving buildings. Eventually, it wasn’t worth it to pay the property taxes. So people just left for greener pastures in taxpayer-friendly jurisdictions." Continue reading →

George Zimmerman Rescues Family of Four from Highway Crash

Post author:The Freedom Watch Staff
Post published:July 22, 2013
Post category:Network Archives

"George Zimmerman, who has been in hiding since he was acquitted of murder in the death of Trayvon Martin, emerged to help rescue a family who was trapped in an overturned vehicle, police said today. Zimmerman was one of two men who came to the aid of a family of four -- two parents and two children -- trapped inside a blue Ford Explorer SUV that had rolled over. By the time police arrived, two people - including Zimmerman - had already helped the family get out of the overturned car, the sheriff's office said. No one was reported to be injured. Zimmerman was not a witness to the crash and left after speaking with the deputy, police said." Continue reading →

Dutch woman arrested for ‘recruiting Syrian jihadists’ to fight alongside rebels

Post author:The Freedom Watch Staff
Post published:July 22, 2013
Post category:Network Archives

"Dutch authorities have arrested a 19-year-old woman suspected of recruiting jihadists to fight alongside radical Muslim rebels in Syria, a prosecution spokeswoman said on Monday. There is growing concern in the Netherlands about young Dutch Muslims being enlisted to fight in Syria, with a British study in April saying at least 107 Dutch citizens were fighting President Bashar al-Assad’s forces in the war-torn country. Police arrested the woman in Zoetermeer, a small city just east of The Hague, on Wednesday after families filed complaints with the authorities that their relatives had gone to fight in Syria." Continue reading →