Monthly Archives: January 2016

World Bank tells Saudis to prop up currency amid global devaluation war

"Saudi Arabia should use its massive foreign exchange reserves to defend the riyal, amid fears the world is descending into a new phase of global currency wars, the World Bank has said. The kingdom’s shaky currency peg with the dollar has come under record pressure this week as the price of oil has plummeted to near 12-year lows. Central bank reserves have dropped from a peak of $735bn to around $635bn this year - a pace of spending which will exhaust the kingdom’s fiscal buffers within five years The monarchy has vowed to stick by the exchange regime and is instead planning to strengthen its coffers through the unprecedented flotation of its state-owned oil giant, Aramco." Continue reading →

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Ron Paul Says to Watch the Petrodollar

"From 1972 to 1974, the U.S. government made a series of agreements with Saudi Arabia. These agreements created the petrodollar system. The U.S. government chose Saudi Arabia because of its vast petroleum reserves, its dominant position in OPEC, and the (correct) perception that the Saudi royal family was corruptible. In essence, the petrodollar system was an agreement that the U.S. would guarantee the survival of the House of Saud. It’s hard to overstate how much the petrodollar system benefits the U.S. dollar. It’s allowed the U.S. government and many Americans to live beyond their means for decades." Continue reading →

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Saudis ‘will not destroy the US shale industry’: hedge funds

"Hedge funds and private equity groups armed with $60bn of ready cash are poised to snap up the assets of bankrupt US shale drillers, almost guaranteeing that America’s tight oil production will rebound as soon as prices start to recover. Mr Yergin said groups with deep pockets such as Blackstone and Carlyle will take over the infrastructure when the distressed assets are cheap enough, and bide their time until the oil cycle turns. Many shale bonds are trading at distress level below 50 cents on the dollar, even for mid-risk companies. Banks are being careful not to push them into receivership but they themselves are under pressure." Continue reading →

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Bills in Three States Would End Participation in Resettlement Program

(Jan. 24, 2016) – Bills introduced in Florida, Virginia and Arizona would prohibit state cooperation with some contentious federal refugee resettlement programs, a significant step towards nullifying them in practice within those states. Two separate bills were recently introduced in Virginia. House Bill 852 (HB852), sponsored by Del. Timothy Hugo (R), and House Bill 494 (HB494),…

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Florida Bill Would Legalize Medical Marijuana; Help Nullify Federal Prohibition

TALLAHASSEE, Fla. (Jan. 23, 2016) – A Florida House bill would legalize medical marijuana in the state, setting the foundation to nullify the unconstitutional federal prohibition on the same. Introduced by Rep. John Wood (R-Haines City), House Bill 1183 (H.1183) sets up a state regulatory regime that would allow medical marijuana to make its way into…

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California “Right to Try” Bill would Nullify in Practice Some FDA Restrictions on Terminal Patients

SACRAMENTO, Calif. (Jan. 23, 2016) – After a Gov. Jerry Brown veto killed a similar effort last year, California will try again to set the foundation to nullify in practice some Food and Drug Administration (FDA) rules that deny access to experimental treatments by terminally ill patients. A massive bipartisan coalition of 29 Assembly member introduced…

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Rhode Island “Right to Try” Bill would Nullify in Practice Some FDA Restrictions on Terminal Patients

PROVIDENCE, R.I. (Jan. 22, 2016) – A Rhode Island bill introduced last week would set the foundation to nullify in practice some Food and Drug Administration (FDA) rules that deny access to experimental treatments by terminally ill patients. Introduced by Rep. Joseph McNamara, House Bill 7156 (H7156) would give terminally ill patients access to medicines…

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Indiana Bill Would Nullify All EPA Regulations

INDIANAPOLIS (Jan. 22, 2016) – An Indiana bill would nullify all EPA regulations within the state, and place sole authority for environmental regulations in the hands of a state agency. Rep. Chris Judy, along with three cosponsors, filed House Bill 1296 (HB1296) on Jan. 12. The legislation rests on the following legislative finding: “The regulation…

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West Virginia Bill Would Require Courts to Inform Jurors of Their Right to Nullify

CHARLESTON, W.V., (Jan. 22, 2016) – A bill in the West Virginia State House would require judges to inform juries of their right to nullify. Introduced by Rep. Ray Canterbury (R – Greenbrier, 42) and two cosponsors, House Bill 2600 (HB2600) would require “a judge to instruct a jury regarding the availability of jury nullification and protecting…

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