It’s A Trap

India might buy gold from citizens to ease rupee crisis

"The RBI will ask the banks to buy back jewelry, bars and coins for rupees. Lenders will have to offer better rates than pawn shops and jewelers to lure sellers. Selling gold reserves may sit badly with Indians, many of whom saw the 1991 sale [of 67 tonnes gold] as a public humiliation. The secret operation was only exposed after a vehicle carrying the first consignment of bullion broke down on its way to the airport from the central bank. The rupee, the worst-performing emerging market currency in Asia this year, rebounded from a record low on Thursday after the RBI said it will provide dollars directly to state oil companies to shore up the currency." Continue reading →

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Small minds, big ideas: The implications of the IRS targeting anti-tax groups

"Any time you give a state agency a goal with an extremely broad, malleable definition, the agency is going to tend to interpret its mission as broadly as possible. And when that goal is inherently incompatible with a free society, the agency’s powers will inevitably grow at the expense of individual liberties and the rule of law. We shouldn’t trust the IRS to take as much money as it wants; we shouldn’t trust the military to invade the countries it thinks need to be invaded; and we shouldn’t trust the state security apparatus to 'keep us safe from terrorism.' The best thing that can happen to an agency trusted with such a goal is that it will fail. The worst is that it will succeed." Continue reading →

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Is Windows 8 a Trojan Horse for the NSA? The German Government Thinks So

"The German Government is now deeply suspicious that the Trusted Platform Module (TPM) technology built into a growing number of Windows 8 PCs and tablets is creating a gigantic back door for NSA surveillance, leaked documents have suggested. During TCG meetings, German officials appear to have expressed concern about the potential for abuse but were 'rebuffed,' Zeit claims. The documents also refer to the NSA having representation at the meetings and the statement 'the NSA agrees' in the context of leaving the technology in its current (presumably unreformed) state." Continue reading →

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‘Data is the new oil’: Tech giants may be huge, but nothing matches big data

"'Data is the new oil,' declared Clive Humby, a Sheffield mathematician who with his wife, Edwina Dunn, made £90m helping Tesco with its Clubcard system. Though he said it in 2006, the realisation that there is a lot of money to be made – and lost – through the careful or careless marshalling of 'big data' has only begun to dawn on many business people. About 90% of all the data in the world has been generated in the past two years (a statistic that is holding roughly true even as time passes). There are about 2.7 zettabytes of data in the digital universe, where 1ZB of data is a billion terabytes (a typical computer hard drive these days can hold about 0.5TB, or 500 gigabytes)." Continue reading →

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Can Bitcoin make a good first impression with top federal agencies?

"The discussions are to involve many of the country’s top law enforcement and financial agencies, including the FBI, the Secret Service, the IRS, the Drug Enforcement Administration and the Department of Homeland Security. Also attending will be officials from the Justice Department, the Securities and Exchange Commission, National Credit Union Administration, Money Transmitter Regulators Association and the Conference of State Bank Supervisors would also be in attendance, a Treasury official confirmed. Congress has also asked the Obama administration for information on its plans for regulating digital currencies." Continue reading →

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NSA Funding N.C. State University Lab

"North Carolina State University just secured a $60.75 million grant from the National Security Agency (NSA) to build a massive campus lab for the study of data analytics. The Laboratory for Analytic Sciences (LAS) is expected to create 100 jobs in the area; those actually working in the facility will need government security clearances. The NSA reportedly chose the university because of the latter’s extensive work in data analytics. While a portion of its research will remain unclassified, the bulk of it—including personnel numbers and facility details—will remain firmly under wraps." Continue reading →

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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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The USDA Is Pushing Food Stamps Like a Drug Dealer at a Grade School

"Last year the USDA targeted Spanish speaking citizens (and non-citizens) with a radio 'novela' – which was basically a soap opera outlining how the lives of the characters improved as soon as they went on SNAP. In many locations, outreach programs are taking place – people don’t even have to go down to the benefits office to sign up. They can find out if they are eligible right in the grocery store parking lot. The USDA is spending an additional THREE MILLION DOLLARS not on providing food, but on providing outreach to convince people to accept benefits that folks never realized they 'needed'." Continue reading →

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The Eric Holder Memorandum on Mandatory Minimum Sentences, Explained

"In short, the Holder Memorandum directs prosecutors to prevent application of mandatory minimum sentences for a select group of less-culpable defendants. Isn't this A good thing? Yes, with a but. It's a good thing that the Jane Does of the world can be sentenced according to the judge's discretion and not according to mandatory minimum sentences. A lot of low-level, unsophisticated, and hapless mules and mopes and dupes will get far lower sentences, which is both just and less expensive for you, the taxpayer. But I'm not happy that the methodology for the change is a fairly dramatic expansion of prosecutorial discretion." Continue reading →

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‘Eminent Domain for the People’ Leaves Wall Street Furious

"Richmond became the first California city last week to move forward on a plan that has been floated by other California municipalities to ask big bank lenders to sell underwater mortgage loans at a discount to the city (if the owner consents), and seize those homes through eminent domain if the banks refuse. The city has committed to refinancing these homes for owners at their current value, not what is owed. City officials launched this process by sending letters in late July to 32 banks and other mortgage owners offering to buy 624 underwater mortgages at the price the homes are worth, not what the owners owe." Continue reading →

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