CLibertyC

Feds firm on gun denials for pot users

"The federal form all firearms purchasers are required to fill out includes this question: 'Are you an unlawful user of, or addicted to, marijuana ... ?' An untruthful response to this question is a crime, said a spokesman for the Bureau of Alcohol, Tobacco, Firearms and Explosives. When it comes to marijuana law, the states and federal government have been in an awkward stalemate, with states such as Colorado taking an increasingly casual attitude toward marijuana and the federal government refusing to declassify it from a Schedule 1 narcotic – the same class as heroin and methamphetamine." Continue reading →

Continue ReadingFeds firm on gun denials for pot users

Local credit union tries on being banker to the pot industry

"One of Seattle’s oldest credit unions has stepped up to serve the pot industry—and inadvertently test the limits of state versus federal authority as the state attempts to create an above-board recreational marijuana industry. Other banks and credit unions have uniformly rejected pot-related businesses, because marijuana is on the federal list of illegal drugs, and a bank that handles marijuana revenue could look like a money launderer. On the other hand, it is a business opportunity. Verity's interpretation of the banking rules does push the boundaries a bit, and highlights the tension between state and federal laws." Continue reading →

Continue ReadingLocal credit union tries on being banker to the pot industry

John Paulson’s Gold Bet Loses Almost $1 Billion In Rout: Chart of Day

"Hedge-fund manager John Paulson’s wager on gold wiped out almost $1 billion of his personal wealth in the past two trading days as the precious metal plummeted 13 percent. Gold’s tumble since the start of the year has cut his riches by $1.52 billion on paper. Paulson started the year with about $9.5 billion invested across his hedge funds, of which 85 percent was in gold share classes. Paulson is sticking with his thesis that gold is the best hedge against inflation and currency debasement as countries pump money into their economies, according to the New York-based firm, which manages about $18 billion." Continue reading →

Continue ReadingJohn Paulson’s Gold Bet Loses Almost $1 Billion In Rout: Chart of Day

Ex-Soros Advisor Sells Japan Holdings, Shorts Bonds; Sees Crash, Default, Hyperinflation

"Fujimaki said he recently bought put options for Japanese government bonds of various maturities, without elaborating. He continues to hold real estate in Japan and options granting the right to sell the yen against the greenback expiring in less than five years. He also holds assets in U.S. dollars and currencies of other developed nations. 'Japan’s finance is sinking into the ocean,' Fujimaki said. 'There’s no escape from a market crash in the future when you have such enormous debt. By expanding the monetary base to 270 trillion yen, the BOJ is making a huge bet which I think it will ultimately lose,' Fujimaki said in an interview in Tokyo on April 11." Continue reading →

Continue ReadingEx-Soros Advisor Sells Japan Holdings, Shorts Bonds; Sees Crash, Default, Hyperinflation

U.S. Treasury to BOJ: Do As We Say, Not As We Do

"The BOJ will double the monetary base by purchasing about 7.5 trillion yen of Japanese government bonds per month. It plans to extend the average maturity of its portfolio from three to seven years. And it will continue such actions until it achieves its inflation target. In other words, the BOJ is doing exactly what the Federal Reserve is doing. And for this it gets a warning from the U.S. Treasury 'to refrain from competitive devaluation and targeting its exchange rate for competitive purposes'? The message came in the Treasury's semiannual report on international exchange rates, released on April 12." Continue reading →

Continue ReadingU.S. Treasury to BOJ: Do As We Say, Not As We Do

China Takes Another Stab At The Dollar, Launches Currency Swap Line With France

"China has now launched yet another feeler to see what the apetite toward its currency is, this time in the heart of the Eurozone: Paris. According to China Daily, as reported by Reuters, 'France intends to set up a currency swap line with China to make Paris a major offshore yuan trading hub in Europe, competing against London.' As a reminder the BOE and the PBOC announced a currency swap line back in February, in effect linking up the CNY to the GBP. Now it is the EUR's turn." Continue reading →

Continue ReadingChina Takes Another Stab At The Dollar, Launches Currency Swap Line With France

BOE Supports Chinese Financial Domination

"Governor Zhou Xiaochuan met Governor Mervyn King today during Governor King's visit to Beijing. They agreed to facilitate discussions on the establishment of a reciprocal 3-year, renminbi (RMB)/sterling currency swap arrangement. The arrangement would be used to finance trade and direct investment between the two countries and to support domestic financial stability should market conditions warrant. They have agreed that the Bank of England and the People's Bank of China (PBoC) would work together to sign the final agreement shortly." Continue reading →

Continue ReadingBOE Supports Chinese Financial Domination

Australia And China To Enable Direct Currency Convertibility

"The land down under is set to say goodbye to the world's 'reserve currency' in its trade dealings with the world's biggest marginal economic power, China, and will enable the direct convertibility of the Australian dollar into Chinese yuan, without US Dollar intermediation, in the process 'slashing costs for thousands of business' and also confirming speculation that China is fully intent on, little by little, chipping away at the dollar's reserve currency status until one day it no longer is. This latest development in global currency relations should come as no surprise." Continue reading →

Continue ReadingAustralia And China To Enable Direct Currency Convertibility

Is Japan’s Devaluation an Attack on China?

"In an article yesterday we suggested that the reason Japan was embarking on a massive attempt at Keynesian-style stimulation was to promote the efficacy of Keynesian economic 'cures.' But there is another possibility as well. Perhaps the idea is to start a currency war aimed at least in part at China. Japan is a longtime ally of the US, which defeated it in World War II. It is certainly possible that Japan has allied itself with the US to serve Anglo-American interests in this regard. It is indeed possible to hypothesize that Japan's current policy is intended to confront China and therefore is being used as a monetary 'weapon of war.'" Continue reading →

Continue ReadingIs Japan’s Devaluation an Attack on China?

Don’t Sell Your Gold!

"You would be crazy to look upon the current events in the gold market and presume the golden age is over. It won’t end until America has a credible plan for dealing honestly with our country’s debt and Washington’s financial diarrhea. That isn’t likely for many more years yet. As I told attendees at the Global Currency Expo earlier this month, I don’t care if gold goes to $2,000 or $500, I don’t sell. I don’t cancel my homeowners insurance just because I don’t expect a fire at my house this year. Why would I cancel my lifestyle insurance just because some investors are bailing on gold?" Continue reading →

Continue ReadingDon’t Sell Your Gold!