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European envoy meets with Egyptian ex-president Morsi

“Egypt’s rulers allowed an EU envoy to meet deposed President Mohamed Mursi, the first time an outsider was given access to him since the army overthrew him and jailed him a month ago, and she said she found him in good health. The White House, treading a fine line with a pivotal Arab ally that it funds with $1.3 billion a year in military aid, said on Monday it ‘strongly condemns’ Saturday’s bloodshed, and urged respect for the right to peaceful protest. ‘Violence not only further sets back the process of reconciliation and democratization in Egypt, but it will negatively impact regional stability,’ spokesman Josh Earnest said.” Continue reading →

Mass jail break in Pakistan as Taliban gunmen storm prison to free 250 inmates

“The attack in the city of Dera Ismail Khan showed the ability of the al Qaeda-linked Pakistani Taliban to strike at the heart of Pakistan’s heavily guarded prison system and walk away with dozens of senior Taliban fighters and commanders. The overnight assault on the Central Prison took place despite reports that regional officials had received intelligence days, if not weeks, ago suggesting such an attack was imminent. Officials blamed a combination of negligence and lack of communication among Pakistan’s many security agencies, but some suggested there may have been a degree of insider help.” Continue reading →

Bitcoin industry leaders launch DATA, a self-regulatory body for digital currencies

“The Committee for the Establishment of the Digital Asset Transfer Authority will ‘work proactively with regulators and policymakers to adapt their requirements to our technologies and business models,’ said the new group, in an announcement earlier today. The list of backers is a Who’s Who of players in bitcoin. Tony Gallipi, CEO of payment processor BitPay, Chris Larsen, CEO of Ripple and founder of OpenCoin, and Patrick Murck, general counsel for the Bitcoin Foundation, are on board. TradeHill CEO Jered Kenna, who has been negotiating licenses with individual states for his high-net worth bitcoin exchange, is also a member.” Continue reading →

Taiwanese gang caught smuggling $3m worth of gold into South Korea

“South Korean custom officials caught Wednesday nine Taiwanese nationals who were allegedly smuggling 134 pounds (60.75 kilograms) worth of gold, hidden in their rectal cavities. According to China Post, the suspects are accused of transforming US$3 million worth of gold bars into small beads and smuggling them into South Korea 11 times since May last year. The group allegedly entered the country through Gimpo International Airport in western Seoul as Korea’s main gateway, the Incheon International Airport, has recently tighten controls.” Continue reading →

Bill Bonner: Goodbye, Motor City

“Motor City has been flattened. Now it’s being scrapped. The largest municipal bankruptcy in history. Detroit was once one of the richest…and most dynamic…cities in the world. And it was the centre of America’s most profitable industry: automobiles. German and Japanese automakers had the good fortune to be bombed out in World War II. But Detroit grew bigger…more prosperous…and full of zombies. Yes, dear reader, Detroit is a zombie story. Since 1971, almost all big stories have a zombie angle. Because the credit-based monetary system that Richard Nixon put us in is a perfect habitat for zombies.” Continue reading →

In cash-strapped Detroit, few critics question new sports arena funding

“The Tigers’ home stadium Comerica Park, which opened in 2000, was built at a cost of $300 million, 38 percent of which was publicly financed. Ford Field, the Lions’ domed stadium, was built next door to Comerica and opened in 2002 at a cost of $430 million, 36 percent of which was publicly financed. A state board recently approved issuing bonds to help pay for a new arena for the Red Wings at the heart of a proposed 45-block entertainment district just north of downtown. The total project is slated to cost $650 million. About 44 percent of the project would be financed through public sources.” Continue reading →

Amazing video – Ride the Space Shuttle’s Solid Rocket Booster

I LOVE this stuff From the video description: From the upcoming Special Edition Ascent: Commemorating Space Shuttle DVD/BluRay by NASA/Glenn a movie from the point of view of the Solid Rocket Booster with sound mixing and enhancement done by the folks at Skywalker Sound. The sound is all from the camera microphones and not fake […]

Federal Reserve expected to stay the course on near-zero interest rate

“Markets appeared to ignore his assertion that the Fed’s key federal funds rate, at 0.0-0.25 percent since December 2008, would not rise before 2015. Interest rates jumped more than a full percentage point in two months, pushing mortgage rates suddenly higher, raising concerns they could snuff out the housing market recovery, one of the few bright spots in the sluggish economy. In later comments, particularly two days of twice-yearly testimony to Congress in mid-July, Bernanke sought to assure markets that the near-zero interest rate would stay put for a while, given the ‘weak’ economy. ‘If we were to tighten policy, the economy would tank,’ he told lawmakers.” Continue reading →