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Bill Bonner: Can a credit system last in the modern world?

“When you have a system based on credit rather than bullion deals are never completely done. Instead, everything depends on the good faith and good judgment of counterparties – including everybody’s Number One counterparty: the US government. Its bills, notes, and bonds are the foundation of the money system. But they are nothing more than promises. A credit system cannot last in the modern world. Because as the volume of credits rise the creditworthiness of the issuers declines. The more they owe the less able they are to pay. As time goes by, the web of credit spins out in all directions, entangling not just the present, but the future too.” Continue reading →

Indian forces shoot six Kashmir protesters dead

“Indian paramilitary forces Thursday shot dead six people protesting at an incident involving the troops at an Islamic school in Kashmir, police said. The angry protesters clashed outside the BSF base on Thursday with troops who started firing, witnesses said. About a dozen rebel groups have been fighting Indian forces in Kashmir since 1989, either for independence or for a merger with Pakistan. The fighting has left tens of thousands, mostly civilians, dead. Nuclear-armed rivals India and Pakistan have each administered part of Kashmir since the partition of the subcontinent after the end of British rule in 1947. Each country claims the territory in full.” Continue reading →

Afghan customs fines hike cost of U.S. military pullout

“A customs dispute between the Afghan and US governments has disrupted the withdrawal of American military equipment, dramatically inflating the cost of the drawdown, defense officials said. With Afghan authorities insisting the United States owes millions of dollars in customs fines and trucks carrying hardware being blocked at border crossings, the Americans have started flying out most equipment by air at great cost. The Afghan government is insisting that US forces pay $1,000 for each shipping container leaving the country that lacks what it calls a valid customs form. And authorities now claim the Americans owe $70 million in fines.” Continue reading →

Al Qaeda militants flee Iraq’s Abu Ghraib in violent mass break-out

“Hundreds of convicts, including senior members of al Qaeda, broke out of Iraq’s Abu Ghraib jail as comrades launched a military-style assault to free them, authorities said on Monday. The deadly raid on the high-security jail happened as Sunni Muslim militants are gaining momentum in their insurgency against the Shi’ite-led government that came to power after the U.S. invasion to oust Saddam Hussein. Suicide bombers drove cars packed with explosives to the gates of the prison on the outskirts of Baghdad on Sunday night and blasted their way into the compound, while gunmen attacked guards with mortars and rocket-propelled grenades.” Continue reading →

Federal Reserve rethinks 2003 move allowing banks to trade physical commodities

“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

“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

“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 →

Tax havens explained: How the rich hide money

“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 →