Mainstream News

U.S. says it did not sanction holding Glenn Greenwald’s partner at Heathrow

"The White House spokesman confirmed that Britain alerted the US authorities after Miranda’s name appeared on a passenger manifest of a flight from Berlin to Heathrow on Sunday morning. 'I think that is an accurate interpretation of what a heads up is,' Earnest said. He would not rule out whether the US authorities had been passed any information from Miranda’s electronic equipment seized at Heathrow, which included his phone, laptop, memory sticks, DVDs and games consoles. 'I’m not in a position to do that right now,' Earnest replied." Continue reading →

Continue ReadingU.S. says it did not sanction holding Glenn Greenwald’s partner at Heathrow

UK: Greenwald’s partner had ‘highly sensitive stolen information that would help terrorism’

"The government has embarked on an aggressive offensive to justify the detention of David Miranda by suggesting that the partner of the Guardian journalist Glenn Greenwald possessed 'highly sensitive stolen information that would help terrorism'. Amid calls from across the political spectrum for a fuller explanation, the Home Office made clear that his nine-hour detention was fully justified on the grounds that he was carrying leaked documents. The statement by the Home Office, including a challenge to critics to think about condoning the leaking of sensitive documents, marks a significant change in tone by the government." Continue reading →

Continue ReadingUK: Greenwald’s partner had ‘highly sensitive stolen information that would help terrorism’

The NSA: ‘The Abyss from Which There Is No Return’

"By sifting through the detritus of your once-private life, the government will come to its own conclusions about who you are, where you fit in, and how best to deal with you should the need arise. Indeed, we are all becoming data collected in government files. Surveillance of all citizens, even the innocent sort, gradually poisons the soul of a nation. Surveillance limits personal options—denies freedom of choice—and increases the powers of those who are in a position to enjoy the fruits of this activity. Frankly, we are long past the point where we should be merely alarmed. These are no longer experiments on our freedoms. These are acts of aggression." Continue reading →

Continue ReadingThe NSA: ‘The Abyss from Which There Is No Return’

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

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

Repo Market Decline Raises Alarm as New Regulations Strain Debt

"The U.S. repurchase, or repo, market where banks and investors borrow and lend Treasuries and other fixed-income securities shrunk to $4.6 trillion daily outstanding last month, down 35 percent from 2008. Financial institutions are responding to more stringent capital standards imposed by regulators around the world. Already, the group of dealers and investors that advise the U.S. Treasury say that they see declines in liquidity in times of market stress, including wider gaps between bid and offer prices and the speed of completing trades. The potential consequences are higher borrowing costs for governments, companies and consumers." Continue reading →

Continue ReadingRepo Market Decline Raises Alarm as New Regulations Strain Debt

Cayman FATCA Agreement Makes It Tougher for Wealthy Americans to Hide Money

"The Cayman Islands, known as a haven for wealthy Americans seeking to stash cash overseas without scrutiny from the U.S. government, is about to become less secret. An agreement between the countries will put in place the Foreign Account Tax Compliance Act, or Fatca. The 2010 law makes it tougher to hide money overseas because foreign banks must report their accounts to the U.S. Internal Revenue Service or face, in some cases, a 30 percent withholding tax. The accord is significant because the Cayman Islands is a major financial center and home to operations for dozens of banks, funds and wealth-management entities." Continue reading →

Continue ReadingCayman FATCA Agreement Makes It Tougher for Wealthy Americans to Hide Money