"Doug Casey of Casey Research (www.caseyresearch.com/) debates e-money researcher (themonetaryfuture.blogspot.co.uk/) and 'crypto economist' Jon Matonis on the virtues -- or otherwise -- of Bitcoin, and how it compares to gold as a form of money." Continue reading →
"In response to evident repudiation of a 'democratically elected' government (long story there…), the well-fed Egyptian military guys answered the call by removing the clerical fascists who were and are, by most metrics, utterly incompetent to govern. Here’s a look at just how this 'Middle East Effect' has played out. Each time the market heads lower toward the $85 threshold, a Middle East event spurs prices higher. I won’t get into conspiracy theory in this write-up, but OPEC has all the incentive in the world to keep the threat of volatility alive and well. After all, the $10-20 bump in prices since mid-April is nothing but money in the bank for OPEC producers." Continue reading →
"It’s important to remember that the Saudis not only have the largest proved reserves of oil, it’s also the largest repository—by far—of low-cost oil reserves. Much of Canada’s oil sands and US tight oil requires $75 per barrel or more to be economically viable. Saudi Arabia also needs $75 per barrel, but that’s to support its current domestic budget. The Kingdom’s lifting costs are somewhere around $5 at last report. So Saudi Arabia could easily flood the market, as it did in the early ‘80s, if it lost too much market share, dropping oil prices to $50 or less, and US drilling and production would collapse." Continue reading →
"New residents flock to Midland in search of jobs in the area’s booming economy. In the past year, almost 20 new restaurants have opened or are planned to open in Midland and Odessa, with several national restaurant chains even venturing to call West Texas home. [..] About a year ago, talk began circulating in this West Texas town about a huge oil-producing formation called the Cline Shale, east of the traditional drilling areas around Midland. Then the oilmen and their rigs arrived. Now homes and hotels are sprouting, 'help wanted' signs have multiplied, and a major drilling company has cleared land to build an office and equipment yard." Continue reading →
"A federal appeals court on Friday rejected a legal challenge by Texas and Wyoming to the U.S. Environmental Protection Agency’s efforts to implement greenhouse gas regulations. A three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit, split 2-1, said that the states did not have standing to sue, while rejecting related claims made by industry groups." Continue reading →
"This is a guy who had demonstrated the year before how he could wirelessly direct an implantable insulin pump to deliver a lethal dose. The year before that, he hacked an ATM to make it spray out bills like a slot machine. But trouble-making is what he’s paid to do at IOActive, and in that role he has developed a particular respect for the looming power of smartphones. What about the firm he was working for, IOActive? The video I put up on Thursday included two specialists who demonstrated how to takeover a car remotely. One of the specialists worked for IOActive. The last tweet by Barnaby Jack, before he died, was to feature an IOActive tweet about the video." Continue reading →
"Egyptian police have killed at least 72 people in an attack on pro-Morsi protesters early Saturday. An activist named Mohamed El-Zahaby recorded video Saturday that showed the pre-dawn street fighting, filmed from behind the pro-Morsi lines, reports NYT. Warning: the below video shows graphic images of wounded and dead protesters." Continue reading →
"Importers would be accountable for verifying with their foreign suppliers that certain food safety standards are being met. Under current conditions, U.S. food safety inspectors examine food coming into the country but are able to inspect only a small percentage for potential problems. Importers have a market interest in ensuring the safety of the food they bring in, but currently are not required to mandate that their suppliers meet certain standards. Under the new rules, importers would be required to maintain records verifying that their foreign suppliers have met standards for the production of the food coming into the country. Importers would undergo audits." Continue reading →
"Most Americans living outside the U.S. are not 'tax cheats,' 'tax evaders' or 'traitors' though they are often characterized that way in the media or even by members of Congress. Instead, they are honest, productive, contributing residents of other countries, which they call home. In many cases, they are also citizens of those countries. President Obama and members of Congress, how did the 'simple premise' of 'cracking down on illegal tax evasion and closing loopholes' become an attack on financial lives and personal integrity of millions of people living outside United States, their banks and laws and constitutions of their countries of residence?" Continue reading →
"The Marijuana Policy Project said in a news release that Grazie Media, the company that owns the huge billboard at the entrance to the raceway, had approved the content of the ad and accepted payment for it. The ad was supposed to air over the weekend. The Drug Free America Foundation, Inc. had complained that the ad promoted drug abuse. Though 19 states and the District of Columbia have legalized the medical use of marijuana, Indiana has not. The ad noted that smoked marijuana contained no calories, didn’t result in hangovers or overdoses, and wasn’t linked to violent behavior." Continue reading →