for life and liberty

San Francisco bans helmet cams after firefighters captured running over victim

"The Associated Press reported on Monday that video from Battalion Chief Mark Johnson’s helmet camera shows a fire truck running over 16-year-old Ye Meng Yuan, who was lying on the ground following the crash. The discovery of the footage led Chief Joanne Hayes-White to expand a 2009 order banning cameras on department grounds to include helmet cameras, citing concerns over firefighters’ safety. 'Why would anybody not want to know the truth?' attorney Anthony Tarricone. told the AP. 'What’s wrong with knowing what happened? What’s wrong with keeping people honest? That’s what the helmet cam did, in effect, in this case.'" Continue reading →

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Export stats confirm massive outflow of Western gold to Asia, maybe ETF gold

"The London Bullion Market Association said that the daily cleared trading volume on the London market by its members hit a 12-year high of 900 tonnes -- worth $39 billion -- in June on the back of 'strong physical demand particularly from China and India.' At the same time Swiss gold refiners, such as Metalor, Pamp, Valcambi, and Argor-Heraeus, have enjoyed a boom, melting down large 400-ounce bars from London vaults and reprocessing them into smaller products that are preferred by Asian buyers. 'The Swiss are running three or four shifts to keep the refineries going non-stop. They're throwing bodies at it,' said one senior gold trader." Continue reading →

Continue ReadingExport stats confirm massive outflow of Western gold to Asia, maybe ETF gold

Marc Faber: I would own physical gold

"Faber noted weakness in such sectors as home builders, retailers, airlines and food companies. That made the precious metal a strong play, he added. 'First of all, I have a preference for physical gold, held in a safe deposit box outside the United States, and preferably in Asia, for a variety of reasons,' he said. Faber chided gold bears for missing the precious metal's 1999-to-2011 bull run. Faber also said that he had recently bought stock in Newport Mining, Freeport-McMoRan and Barrick. As a member of their boards, Faber also owned equity in Ivanplats, NovaGold and Turquoise Hill, he added." Continue reading →

Continue ReadingMarc Faber: I would own physical gold

India’s war on gold fails to protect the rupee, which keeps plunging

"The fresh currency falls also increased pressure on the debt markets. Yields on India's 10-year debt spiked above 9 per cent for the first time since late 2011, while Jakarta's cost of borrowing jumped 18 basis points to the highest level since March 2011. Over the weekend a range of senior figures including Prime Minister Manmohan Singh tried to calm investor fears that the country's mixture of weakening growth and an unsustainable current account gap was pushing India’s economy towards a crisis point. Notably, officials ruled out capital controls on foreign investors." Continue reading →

Continue ReadingIndia’s war on gold fails to protect the rupee, which keeps plunging

Fear of Fed Retreat Roils India

"After a growth spurt from 2006 to 2011, the country lapsed back into a plodding pace as economic reforms lost steam. India's government, in an effort to narrow the current-account gap, has tried to curb gold imports and announced a plan to buy more of the country's oil from Iran through what is effectively a barter mechanism. On Wednesday, the country reduced the amount of money residents and companies can send abroad, sparking fears of more-draconian measures. The government says these moves aren't a prelude to capital controls and that it doesn't plan to impose restrictions on companies repatriating profits." Continue reading →

Continue ReadingFear of Fed Retreat Roils India

Indian Food Inflation Is Getting Out Of Control

"Vegetable prices in India spiked 46.59% in July year over year, another ugly bullet point in the country's persistent struggle with massive food inflation. In particular, the onion — a staple vegetable whose rising prices have dogged ruling parties in the past — saw a particularly dramatic jump. India has already lost hundreds of billions of dollars due to inflation in the past few years. Of course, the country's poor population, which spends the lion's share of income on food, has been hit hardest. India's central bank has cut interest rates three times this year, but lowering it further could further crush the rupee and drive inflation higher, the Journal reported." Continue reading →

Continue ReadingIndian Food Inflation Is Getting Out Of Control

A Summer of Troubles Saps India’s Sense of Confidence

"The Indian government recently loosened restrictions on direct foreign investment, expecting a number of major retailers like Walmart and other companies to come rushing in. The companies have instead stayed away, worried not only by the government’s constant policy changes but also by the widespread and endemic corruption in Indian society. Wednesday night, the government announced measures to restrict the amounts that individuals and local companies could invest overseas without seeking approval. It was an astonishing move in a country where a growing number of companies have global operations and ambitions." Continue reading →

Continue ReadingA Summer of Troubles Saps India’s Sense of Confidence

India to launch Save Gold Campaign to convince consumers to deposit gold

"India's bullion industry is set to revive its gold deposit scheme in a bid to mobilise gold coins and bars lying idle. The Save Gold Campaign (Swarna Bachao Abhiyan) is hoped will mop up some of the gold currently lying fallow with individuals, banks, high networth individuals, charitable trusts and even temple trusts, that is estimated to be as much as 25,000 tonnes. The consumer would take sealed gold and authenticity certificate to the bank, which would issue a deposit certificate for a valid period, ranging from one and a half to three years. After the said period, the depositor would get the gold back with interest as promised by the bank." Continue reading →

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George Soros Takes a Giant Put Position Against the S&P 500

"Hedge fund titan George Soros' biggest position is a huge bearish bet that the Standard & Poor's 500 will go down, MarketWatch reported. Soros has a history of rolling the dice on risky propositions in the past and making giant gains. He is known as 'The Man Who Broke the Bank of England' because of his successful bet against the British pound that led to $1 billion in profits during the 1992 Black Wednesday U.K. currency crisis. Soros Fund Management reported it bought a put on 1,248,643 units of the SPDR S&P 500 Trust (SPY) exchange-traded fund (ETF) in the second quarter – its largest holding, according to MarketWatch." Continue reading →

Continue ReadingGeorge Soros Takes a Giant Put Position Against the S&P 500