News Commentary

Why Is My US Brokerage Firm Closing My Account?

"In many cases the agreement that countries have insisted on with respect to FATCA is reciprocal. In other words, a country will say that yes they are willing to exchange information on financial accounts with the USA but the key word is 'exchange' – that is, in return, US financial institutions must also agree to provide information regarding their clients who are citizens of the country entering into the FATCA agreement with the USA. Imagine the mess this will cause for the large US banks and brokerage firms when they have to start reporting to foreign governments on their accounts for residents of these other countries." Continue reading →

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Bill Bonner: Are We Approaching a “Second Coming” For Gold?

"There are no moms or pops left in the gold market. Even serious, knowledgeable investors have gotten out. From what we read, it seems more like a bottom than a top. The public is not interested. And the professionals hate gold. If we were speculating – and we are not – we would bet that gold is a better buy than a sell. The price could go anywhere. But unlike the Fed's paper, gold won't go away. And, at $1,100 an ounce, gold is likely to be one of those few investments you don't mind telling your children and grandchildren about. If you buy, wait five years. Then let us know how it worked out." Continue reading →

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Edward Snowden’s “Safe and Dreary” Global Prison

"Not even Caligula, Commodus, or Diocletian had the ability to kill their enemies by remote control from half-way around the world. Rome's enemies, Gibbon pointed out, were condemned 'to wear out a life of exile on the barren rock of Seriphus, or the frozen banks of the Danube' -- assuming that they managed to elude the Empire's enforcers. As Edward Snowden can testify, Washington's reach is universal, and those who control its apparatus of repression are utterly pitiless. Snowden's sole sanctuary -- his 'safe and dreary prison' -- is a small section of an airport in Moscow." Continue reading →

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Travel Before Passports

"A century ago, there were no passports. We forget this. Our world would have seemed inconceivable to any free man in the Western world a century ago. People would not have imagined it possible that a person would be unable to cross a border because his nation had revoked his passport. There were no passports to revoke. The Russian Empire and the Ottoman Empire, both considered illiberal tyrannies, had passport systems. World War I did more to undermine liberty in the West than any other event of the last century. European states killed about 20 million citizens, and began taking away liberties from those citizens who survived. War is the health of the state." Continue reading →

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Traveling on a Revoked Passport…What Can You Do Next?

"In order for Snowden to depart safely from the Sheremetyevo without a second passport, he will need to procure some type of refugee travel document. So-called 'refugee passports' originated nearly 100 years ago when World War I ended. They look like regular passport booklets with two diagonal stripes in the upper left corner on the front cover. Hopefully, none of you reading this post will ever find yourself in the situation Edward Snowden is now experiencing: traveling internationally on a passport your country has revoked. But if you do, I hope that you take a precaution Snowden never did: to obtain a second passport, 'just in case.'" Continue reading →

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What Level of Taxation Is Too Much?

"It was reported that more than 8,000 French households had tax bills that exceeded 100% of their income in 2012. This occurred due to a so-called 'one-off levy' imposed by the socialist president in an attempt to 'offset' previous tax breaks. Ouch. Contrast France with these 18 countries that have no personal income tax. When it comes to confiscating wealth, desperate governments know no limit – other than 'what they can get away with.' In other words, it is only pragmatic to assume that anything within a desperate government's immediate reach becomes fair game." Continue reading →

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U.S. Helping Iranians With Surveillance Circumvention Technologies

"While Americans are making a big deal that the NSA is spying on everyone, Obama comes out and fervently defends the practice. NSA spying on you is the good kind. The 'bad' surveillance happens over in Iran. So what else for the U.S. government to do than supply Iranian citizens with surveillance circumvention technologies! Bloomberg reports: 'The U.S. State Department is helping develop a number of general-use surveillance circumvention technologies,' Sascha Meinrath, founder of the Commotion Wireless Project, a non-profit group trying to build such devices, said in an email.' The irony is so thick, you can barely see!" Continue reading →

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If Syria Falls, Expect a Pop in Oil Prices

"If Syria does fall, the next logical target would be Iran, which would create chaos in the global oil markets. Today, Iran provides about 20% of China's daily imported oil – only Russia provides more. If Iranian oil stops flowing to China, the Chinese will be required to go to other sources to buy over 500,000 barrels of oil, which would instantly increase the spot price of oil. Just what is going on in Syria? Syria is the first salvo in a war that puts Iran, China, and Russia against the US and its allies. The American government has thrown its weight behind the Sunnis, whereas Iran, China, and Russia have been backing Bashar al-Assad, the Shi'a leader in Syria." Continue reading →

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Going Postal

"Now we hear that the same USPS that cannot operate without massive financial losses -- even with a monopoly on first class mail delivery -- somehow has the resources to photograph the front and back of each piece of mail processed! They cannot deliver our mail properly, cannot operate at a profit, cannot provide anything resembling customer service beyond the 1950s East Europe model, yet somehow they have unlimited resources to play big brother with all our postal communications." Continue reading →

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Egypt: What a Shame

"When was the last time you saw a Jiffy Lube tear gas everyone who refused to stop in? Have you ever seen a Chiropractor driving down the street shooting water cannons at people who refused his services? Every single person could make a decision that 'I'll never go to Jiffy Lube as long as I live,' and Jiffy Lube could do nothing about it. Should that decision be made by everyone, it would have no choice but to close its doors. No pickets....No chants....No fairy tales like 'making your voice heard' or 'the will of the people'. No injuries, arrests or tanks trampling over bodies. Just a simple decision not to interact...not to exchange...not to associate." Continue reading →

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