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 →
The Republican-controlled Missouri legislature is expected to enact a statute next month nullifying all federal gun laws in the state and making it a crime for federal agents to enforce them here. A Missourian arrested under federal firearm statutes would even be able to sue the arresting officer. The law amounts to the most far-reaching states’ rights endeavor in the country, the far edge of a growing movement known as 'nullification' in which a state defies federal power. In a letter explaining his veto, Governor Jay Nixon said the federal government’s supremacy over the states’ 'is as logically sound as it is legally well established.' When the legislature gathers again, it will seek to override his veto.