economic Trends

US Marines Put On Alert To Move Into Egypt Amid Violent Protests

"Amid anti-government demonstrations planned for this weekend, roughly 200 combat-capable U.S. Marines in southern Europe have been put on an alert status should they need to protect the U.S. Embassy or American citizens in Egypt, CNN is reporting. The Marines were told to be ready to deploy within an hour, and would be flown in via MV-22 Osprey, the Marine Corps’ rapid deployment aircraft. A state department spokesman told CNN that the move is precautionary, and that the U.S. fully expects the Egyptian security forces to be able to protect the American diplomatic facilities." Continue reading →

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David Galland: What the Hell Is Wrong with Obama?

"It sure seems like we are following the script set down by the neocons (Kristol, Wolfowitz, Cheney, Rumsfeld, Abrams, et al.) that years ago infiltrated the US military-political complex. This is the 'Might is right' crowd who believe in exercising US power proactively to knock down the dominos of all Middle Eastern countries Israel feels threatened by, with the end goal of remaking the Middle East as a region dominated by friendly democracies (or, in the case of Saudi Arabia, friendly dictatorships). Failing functioning democracies, turning the outcast countries into failed states that pose no real threat to US or Israeli interests." Continue reading →

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US army blocks access to Guardian website to preserve ‘network hygiene’

"The US army has admitted to blocking access to parts of the Guardian website for thousands of defence personnel across the country. A spokesman said the military was filtering out reports and content relating to government surveillance programs to preserve 'network hygiene' and prevent any classified material appearing on unclassified parts of its computer systems. A spokesman for the Army's Network Enterprise Technology Command (Netcom) in Arizona confirmed that this was a widespread policy, likely to be affecting hundreds of defence facilities." Continue reading →

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Records Obtained Detailing Obama Administration’s Warrantless Collection of Citizens’ Personal Financial Data

"Judicial Watch announced today that it has obtained records from the Consumer Financial Protection Bureau (CFPB) revealing that the agency has spent millions of dollars for the warrantless collection and analysis of Americans’ financial transactions. The documents also reveal that CFPB contractors may be required to share the information with 'additional government entities.'" Continue reading →

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US Senate to retroactively punish runaway tax slaves

"Years ago, it was virtually unheard of for someone to give up his/her US citizenship. Then, one by one, a handful of famous cases surfaced… like Sir John Templeton, who renounced his US citizenship in 1964 and moved to the Bahamas. At the time, Templeton was able to save $100 million in taxes to the US government. But anyone view Templeton poorly for his lack of patriotism, it’s important to note that the man was one of the greatest philanthropists in history. And, rather than finance more bombs, guns, and military folly at the height of the Vietnam War, he chose to channel his wealth into improving the lives of millions of people around the globe." Continue reading →

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Italy could need EU rescue within six months, warns Mediobanca privately

"Mediobanca, Italy’s second biggest bank, said its 'index of solvency risk' for Italy was already flashing warning signs as the worldwide bond rout continued into a second week, pushing up borrowing costs. The report warned that Italy will 'inevitably end up in an EU bail-out request' over the next six months, unless it can count on low borrowing costs and a broader recovery. Emphasising the gravity of the situation, it compared the crisis with when the country was blown out of the Exchange Rate Mechanism in 1992 despite drastic austerity measures. Italy’s €2.1 trillion (£1.8 trillion) debt is the world’s third largest after the US and Japan." Continue reading →

Continue ReadingItaly could need EU rescue within six months, warns Mediobanca privately

The Bush-Obama Great Stagnation

"Robert Higgs has another must read in his 'Etceteras … Real Gross Domestic Private Product, 2000-2012' in the most recent Independent Review. He provides good arguments on why government product should be (and perhaps almost was) excluded from income and product accounts. He then builds a measure of Real Gross Domestic Private Product for the Bush-Obama years. Based on his calculations, he states, 'Perhaps the most positive statement we can make about the private economy’s performance during this thirteen-year period is that it has been somewhat better than complete stagnation.'" Continue reading →

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‘Pawn Stars’ Owner: Selling Personal Gold At A Loss For Tax Writeoff, Then Buying Back

"Harrison noted that while gold is plunging on the commodities exchanges, he's finding it difficult to build an inventory for his shop. 'I retail gold and silver and I'm having a real difficult time right now getting physical metal,' he explained. 'It's the crazy world about gold and silver: Sometimes the paper market is going down but you can't find actual physical items.' The reason, he said, was a lack of physical product, which he blamed on private and government mints not keeping up with demand. But this same phenomenon should help prices see a bottom shortly. 'I still pay right around spot — I don't think it's going to go much lower,' Harrison said." Continue reading →

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LBMA: Volume Of Gold Transferred Climbs To 12-Year High In May On ETF Redemptions

"The amount of gold transferred between accounts of London Bullion Market Association members rose sharply in May, the organization reported Friday. Total gold transfers rose by 17.2% to a daily average of 28.2 million ounces, the most in 12 years. Despite continued offloading of gold by exchange-traded funds in the Western economies, strong physical demand for gold on falling prices -- particularly from India and China -- led to a significant increase in demand, the LBMA said, The value of gold ounces transferred increased by 11.2% to a daily average of $39.8 billion, the highest level since August 2011." Continue reading →

Continue ReadingLBMA: Volume Of Gold Transferred Climbs To 12-Year High In May On ETF Redemptions