Mainstream News

European central banks to shun fresh gold sales limits

"The amount of gold the region's central banks can sell in any given period has been capped by a series of Central Bank Gold Agreements (CBGAs) since 1999, after a spate of disposals by the official sector, including a 395-tonne tonne sale by the Bank of England, shook up the bullion market. Prices are more than five times higher than they were when the first CBGA was signed by 15 central banks, including those of Germany, Italy and France as well as the European Central Bank, in 1999. That limited sales to 400 tonnes of gold per year, for a five-year period. Signatories struggled to stay within those limits." Continue reading →

Continue ReadingEuropean central banks to shun fresh gold sales limits

Fannie To Allow Mortgage Walkaways by On-Time Borrowers

"Fannie Mae (FNMA) and Freddie Mac will let some borrowers who kept up payments as their homes lost value erase their debts by giving up the properties, helping Americans escape underwater loans while adding to losses at the mortgage giants bailed out with $190 billion of taxpayer money. Non-delinquent borrowers with illness, job changes or other reasons they need to move will become eligible in March to apply for a so-called deed-in-lieu transaction that erases the shortfall between a property’s value and the size of its mortgage." Continue reading →

Continue ReadingFannie To Allow Mortgage Walkaways by On-Time Borrowers

Fannie To Allow Mortgage Walkaways by On-Time Borrowers

"Fannie Mae (FNMA) and Freddie Mac will let some borrowers who kept up payments as their homes lost value erase their debts by giving up the properties, helping Americans escape underwater loans while adding to losses at the mortgage giants bailed out with $190 billion of taxpayer money. Non-delinquent borrowers with illness, job changes or other reasons they need to move will become eligible in March to apply for a so-called deed-in-lieu transaction that erases the shortfall between a property’s value and the size of its mortgage." Continue reading →

Continue ReadingFannie To Allow Mortgage Walkaways by On-Time Borrowers

Banks, at Least, Had a Friend in Geithner

"As financial adviser to the president in the tumultuous years immediately after the credit crisis, Mr. Geithner had immense sway over the government’s approach to all things economic. For everyday Americans, his major tasks included responding to the home foreclosure mess, unwinding federal bailouts under the Troubled Asset Relief Program and tackling the problem of financial institutions that are too big to manage and too interconnected for America’s good. But in scanning these agenda items, a pattern of winners and losers emerges. Let’s just say the financial institutions that dominate the United States were rarely on the losing end in the Geithner years." Continue reading →

Continue ReadingBanks, at Least, Had a Friend in Geithner

Ireland votes to liquidate Anglo Irish Bank

"Anglo Irish Bank will be liquidated under the plan and its outstanding debt will be converted into a new long-term bond intended to spread the repayment over a longer period of time cutting the cost to the state. At present, the Irish government must pay €3.1bn (£2.7bn) every year to service the debt it took on to rescue the bank, equivalent to about 2pc of the country's GDP. The lender's collapse in 2008 forced the government to provide a guarantee for the debts of the country's entire banking system. Ireland was eventually forced to request an €67.5bn bailout from the EU and IMF as the costs of the banking rescue proved too much." Continue reading →

Continue ReadingIreland votes to liquidate Anglo Irish Bank

Scotland – In Or Out Of The UK?

"Prime Minister David Cameron last night launched a defence of the United Kingdom as his government prepared to put the 'facts' about Scottish independence to the ­public. He also criticised the SNP government for giving the illusion that the referendum result was already 'in the bag' by last week’s publication of a transition document with a timetable for full statehood following a Yes vote in 2014. Cameron said: 'Britain is admired around the world as a source of prosperity, power and security.' Britain has built up 'world-renowned' institutions such as the NHS and BBC, he insisted and 'fought for freedom' in two world wars, leaving 'unbreakable bonds'." Continue reading →

Continue ReadingScotland – In Or Out Of The UK?

FDA on the verge of approving first bionic eye for the blind

"After years of research, the first bionic eye has seen the light of day in the United States, giving hope to the blind around the world. Developed by Second Sight Medical Products, the Argus II Retinal Prosthesis System has helped more than sixty people recover partial sight, with some experiencing better results than others. Consisting of 60 electrodes implanted in the retina and glasses fitted with a special mini camera, Argus II has already won the approval of European regulators. The US Food and Drug Administration is soon expected to follow suit, making this bionic eye the world’s first to become widely available." Continue reading →

Continue ReadingFDA on the verge of approving first bionic eye for the blind

75-year-old soybean farmer sees Monsanto lawsuit reach U.S. Supreme Court

"On the one side is Bowman, a single 75-year-old Indiana soybean farmer who is still tending the same acres of land as his father before him in rural south-western Indiana. On the other is a gigantic multibillion dollar agricultural business famed for its zealous protection of its commercial rights. The firm insists that it maintains patent rights on its genetically modified seeds even if sold by a third party with no restrictions put on its use – even if the seeds are actually only descendants of the original Monsanto seeds." Continue reading →

Continue Reading75-year-old soybean farmer sees Monsanto lawsuit reach U.S. Supreme Court

Genetically engineered virus kills cancer

"A genetically-engineered virus tested in 30 terminally-ill liver cancer patients significantly prolonged their lives, killing tumours and inhibiting the growth of new ones, scientists reported on Sunday. Sixteen patients given a high dose of the therapy survived for 14.1 months on average, compared to 6.7 months for the 14 who got the low dose. Pexa-Vec has been engineered from the vaccinia virus, which has been used as a vaccine for decades, including in the eradication of smallpox." Continue reading →

Continue ReadingGenetically engineered virus kills cancer

The secret history of drones

"The drones now snooping over Afghanistan have a longer history than you might think. In 1916, a military scientist conceived of an 'aerial torpedo' designed to be loaded with explosives and steered into the deadly Zeppelins on their bombing raids over southern England. In a lecture to the Royal Aeronautical Society on Monday evening Michael Draper, author of Sitting Ducks & Peeping Toms, will lift the wraps off the secret century of unmanned air vehicles, starting with the prototype referred to by the innocuous initials 'AT'." Continue reading →

Continue ReadingThe secret history of drones