Mainstream News

Could the Government confiscate your gold?

"Roosevelt's 1933 gold raid is well documented but it's often forgotten that in 1966 Britons were banned from holding more than four gold coins or from buying any new ones, unless they held a licence. It's not just gold that governments can confiscate – pension assets can be in the firing line, although usually only in emerging markets and in extreme circumstances. In recent years, private pension schemes have been nationalised in Argentina and Hungary. Could such a scenario happen today? And if they did confiscate all private holdings of gold, would it be enough?" Continue reading →

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CNBC: Bitcoin Bonanza

"They won't make a sound no matter how many of them you try to toss in a bucket, and you can't pitch them in a fountain and wish for good luck. But make no mistake, bitcoins are getting big. The online alternative currency, previously little more than a curiosity in financial markets since its 2009 inception, has zoomed in trading value since the Cyprus banking crisis erupted two weeks ago. With fears spreading that even insured deposits might not be safe in similar nations hit by banking crises, those looking for a haven to store their wealth have fled to the complicated world of digital cash." Continue reading →

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Bloomberg: Bitcoin May Be the Global Economy’s Last Safe Haven

"One of the oddest bits of news to emerge from the economic collapse of Cyprus is a corresponding rise in the value of Bitcoin, the Internet’s favorite, media-friendly, anarchist crypto-currency. Bitcoin thrives where people would prefer to throw in their lot with anonymous strangers instead of the world economy. It’s gold-bug thinking reinvented for an age of fluid transparency and instantaneous transactions. And as such it’s an excellent indicator of anxiety. Where you see Bitcoins in action you find a weird and heady mix of speculative angst, a fear of being left behind, and people who appear to have lost faith in institutions, who feel most left behind." Continue reading →

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Cyprus bank controls to last a month, minister says

"Cyprus conceded on Thursday that tight capital controls would remain in force longer than expected as the island's banks reopened for the first time after the government was forced to accept a tough EU rescue package to avoid bankruptcy. The government initially said the controls would remain in place for a week, subject to review. Economists say they will prove hard to lift as long as the economy is in crisis. To help the Cyprus banks weather the crisis, the European Central Bank flew in 5 billion euros ($6.4 billion) in cash overnight from Frankfurt, a German newspaper reported." Continue reading →

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Betray Your Bank Before Your Bank Betrays You

"The way it’s supposed to work at failing banks is that shareholders get wiped out first. Next the losses go up the ladder from junior debt holders to senior bondholders, and then all the way to uninsured depositors, if need be. Taxpayers and insured depositors shouldn’t have to absorb others’ losses or put money at risk to spare them. Troubled banks should have to fend for themselves. This was the approach imposed on Cyprus. In ordinary circumstances, it would be considered fair. The best argument for why it wasn’t is that Cyprus had been lulled into believing it would be treated just as well as Europe’s other bailout recipients." Continue reading →

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Evaluating Drug Decriminalization in Portugal 12 Years Later

"Twelve years ago, Portugal eliminated criminal penalties for drug users. Since then, those caught with small amounts of marijuana, cocaine or heroin go unindicted and possession is a misdemeanor on par with illegal parking. Experts are pleased with the results." Continue reading →

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Seized drugs stolen from Fribourg police building

"Red-faced police in the canton of Fribourg are admitting that 34 kilograms of hashish and marijuana seized by officers from drug offenders has been stolen from a warehouse. Police had stored 28.6 kilograms of hash and 4.8 kilograms of pot, seized from three different investigations, in a building in Châtillon, near the city of Fribourg. The drugs were likely stolen in late November or early December last year but the theft was only recently noticed, according to media reports. Cantonal police said they discovered that a metal bar on one of the windows at the rear of the warehouse had been sawn off on December 5th." Continue reading →

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Afghan villagers flee their homes as US drones terrorize them

"Barely able to walk even with a cane, Ghulam Rasool says he padlocked his front door, handed over the keys and his three cows to a neighbor and fled his mountain home in the middle of the night to escape relentless airstrikes from U.S. drones targeting militants in this remote corner of Afghanistan. Rasool and other Afghan villagers have their own name for Predator drones. They call them benghai, which in the Pashto language means the 'buzzing of flies.' When they explain the noise, they scrunch their faces and try to make a sound that resembles an army of flies." Continue reading →

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US Army vet charged with fighting alongside al-Qaida against Syrian government

"A U.S. Army veteran, who boasted on Facebook of his military adventures with Syrian rebels, was charged Thursday with firing rocket propelled grenades as part of an attack led by an al-Qaida group against the government of Syrian President Bashar al-Assad. According to an FBI affidavit, Harroun, who served three years in the Army before being medically discharged, was engaged in military action in Syria, siding with rebel forces against the Syrian government, from January to March of this year. Harroun is not charged with providing material support to a terrorist group, but instead conspiring to use a weapon of mass destruction outside the U.S." Continue reading →

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U.S. flies nuclear-capable stealth bombers over South Korea

"The United States said two nuclear-capable B-2 stealth bombers flew 'deterrence' missions over South Korea on Thursday. The deployment of the stealth bombers was clearly meant to deliver a potent message to Pyongyang about the US commitment to defending South Korea against any aggression as military tensions on the Korean peninsula soar. It came shortly after the North severed its last-remaining military hotline with South Korea. US Defense Secretary Chuck Hagel told his South Korean counterpart that Seoul could rely on all the military protection the United States has to offer — nuclear, conventional and missile defence." Continue reading →

Continue ReadingU.S. flies nuclear-capable stealth bombers over South Korea