Network Archives

War in Washington: Two Shocking Forecasts

"The bond investor rebellion we’re forecasting is not unprecedented. It has happened before — in 1980, under the Carter administration. Back then, the federal budget deficit was huge, although not nearly as large as today’s. Consumer inflation was taking off due to years of aggressive easy money by the Fed, although not nearly as aggressive as the Fed’s massive money printing and bond buying of the past five years. There was fear of a hotter cold war, although not nearly as intense as today’s fears. In response, bond buyers went on strike. It was virtually impossible for the United States government to sell its bonds at virtually any price. My forecast was — and is — that this will happen again." Continue reading →

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India arrests man caught smuggling gold bars in cellphone

"The Air Intelligence Unit (AIU) arrested a passenger for attempting to smuggle gold through Mumbai airport on Saturday. The passenger, Ibrahim Khaleel, was carrying four gold bars worth Rs 48 lakh. Two of the bars were concealed in his mobile phone in place of the battery. The other two were found in his bag. Khaleel landed in Mumbai from Riyadh by a Jet Airways flight. Just as he was trying to clear Customs through the green channel, AIU officials intercepted him on suspicion and asked for a thorough check." Continue reading →

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Proposition Opposition

With all the recent focus on the government shutdown, many will miss the fact that there is also an election just days away, early voting starts Monday and will run through Friday, November 1.  Texas voters will decide on nine amendments to the Texas Constitution.  View a sample ballot here  The Texas Constitution is a large and complex document because it is rare that constitutional amendments fail at the ballot box. With this in mind it is important to … Continue reading →

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International Wire Fees going up from the new remittance transfer rule

"On October 28th, 2013 international wire fees are going up. This is due to the remittance transfer rule amendment to Regulation E from the Dodd-Frank Act. Ironically, as a ‘consumer protection’ amendment, these new stipulations are suppose to help protect and disclose more information to those that are sending money abroad. The issue is that it really does the opposite of that–it simply makes international wires more expensive at the cost of those who can afford it the least. JP Morgan Chase has announced that they will no longer be offer outbound international wire services in response to this new regulation." Continue reading →

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The S&P’s Tragic Rise Will Continue

"Equities resumed their run to higher highs and higher lows. This rise has a tragic undertone for its substance is damaging the economy. One must make hay while the sun shines. Let's examine what to expect and how to position yourself for maximum gains and protection in the mid to long-term. Turbulence in the short term will pass for the markets but socio-economic stresses require that one's holding be placed in the strongest castles. Let us then consider a three-part investing strategy that should enable most people to ride the rip tides of these markets and crazed policies and anchor themselves to companies adapted to the new America, and world that is taking shape." Continue reading →

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Read more about the article Nix Prop 6: Public drain for private gain

Nix Prop 6: Public drain for private gain

Author: Terry Hall From the Archives for We Texans originally wetexans.com/nix-prop-6-public-drain-for-private-gain/ ========================================================== Rural water raid to benefit developers, not average Texan Have you ever had a kid ask for seconds during a meal before he’s even finished what’s on his plate? Well, that’s what the Texas Legislature is asking of voters with Proposition 6 on November 5. Lawmakers want Texans to pass this constitutional amendment to approve more funding for water projects. A similar measure narrowly passed in November 2011 for a $6 billion revolving fund to loan money to local government entities for water infrastructure, outside constitutional debt limitations. Now in 2013, the Texas Legislature is asking voters for permission to raid $2 billion from the state’s emergency fund, known as the Rainy Day Fund, to assist local agencies of government in funding water projects from the state’s water plan.

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Switzerland will release bank account numbers to foreign financial police

"Switzerland will cooperate more closely on fighting money laundering, the Swiss body responsible said on Wednesday, marking a further loosening of bank secrecy a day after the country signed an accord to fight tax evasion. In legislation that will come into force on November 1, the Bern-based Money Laundering Reporting Office (MROS) said that Swiss authorities will be able to release the numbers of bank accounts opened in the country to foreign investigators. A day earlier, Switzerland, widely considered a tax haven and long criticized for its secretive banking culture, signed an international agreement to exchange information among more than 60 countries aimed at exposing tax dodgers." Continue reading →

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Buried in Fine Print: $57B of FHA Loans Big Banks May Have to Eat

"The nation's four largest banks are holding $57 billion of seriously delinquent loans that they've been slow to move into foreclosure over concerns that the Federal Housing Administration, the government mortgage insurer, will refuse to cover the losses and hit them with damages, according to industry sources. The banks — Bank of America (BAC), Citigroup (NYSE:C), JPMorgan Chase (JPM), and Wells Fargo (WFC) — have assured investors in the footnotes of quarterly filings that the loans are government-insured and therefore pose no threat to their bottom lines, even if they end up in foreclosure." Continue reading →

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We All Know Who Janet Yellen Is, And That’s Terrifying

"The acclaim in the media sends a shiver down the spine. Janet Yellen, just nominated by President Obama as the next head of his Federal Reserve, will be 'the most powerful woman in the planet'. If we were living in a stable monetary order she would be the least powerful woman in the world. Think back to the era of the gold standard before 1914. Britain was the leader of the orchestra in the monetary system. But no one outside a few discount brokers in London knew the name of the Bank of England Governor, who changed each 2 years." Continue reading →

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