regime uncertainty – Page 42

‘Way Harder’ For Goldman And Morgan Stanley To Get Out Of Commodities Than JP Morgan

Post author:The Freedom Watch Staff
Post published:July 30, 2013
Post category:Network Archives

"Goldman Sachs and Morgan Stanley two decades ago became known as the 'Wall Street Refiners' for their mastery of both financial and physical commodities. But since 2012 Morgan Stanley has looked at selling its commodity arm and Goldman has made moves to scale back its physical operations. Letters between the banks and the Federal Reserve, received by Reuters under the Freedom of Information Act, show both banks are in discussions on conforming or divesting activities that fall outside the normal scope of commercial banks." Continue reading →

More Coloradans than ever are packing heat

Post author:The Freedom Watch Staff
Post published:July 30, 2013
Post category:Network Archives

"More Coloradans than ever are carrying concealed weapons, according to data from the Colorado Bureau of Investigation, which processed 31,518 background checks for concealed carry permits in the first six months of the year. That’s more than in all of 2011 and just 1,300 fewer than in all of 2012, according to the Denver Post. County sheriffs are responsible for issuing concealed carry permits and 55 of the state’s 64 sheriffs are suing Colorado to overturn what they see as overly restrictive gun control laws. These include a law mandating universal background checks and one limiting the size of ammunition magazines." Continue reading →

Don’t Let Bitcoin Morph into Govcoin

Post author:The Freedom Watch Staff
Post published:July 30, 2013
Post category:Network Archives

"Recently, Govcoin has become a metaphor for alterations to the core bitcoin protocol that reduce its fungibility, irreversibility or privacy to conform to certain government specifications for an 'appropriate' digital currency. The Consumer Financial Protection Bureau has not yet confirmed to what extent the implementation of Regulation E by money transmitters will be applicable to licensed virtual currency providers. Also known as the Remittance Transfer Rule, compliance will be required by Oct. 28. It requires, among other items, prepayment disclosure, transaction receipts, and transaction cancellation within prescribed time limits." Continue reading →

Federal Reserve expected to stay the course on near-zero interest rate

Post author:The Freedom Watch Staff
Post published:July 29, 2013
Post category:Network Archives

"Markets appeared to ignore his assertion that the Fed’s key federal funds rate, at 0.0-0.25 percent since December 2008, would not rise before 2015. Interest rates jumped more than a full percentage point in two months, pushing mortgage rates suddenly higher, raising concerns they could snuff out the housing market recovery, one of the few bright spots in the sluggish economy. In later comments, particularly two days of twice-yearly testimony to Congress in mid-July, Bernanke sought to assure markets that the near-zero interest rate would stay put for a while, given the 'weak' economy. 'If we were to tighten policy, the economy would tank,' he told lawmakers." Continue reading →

US judge says ex-AIG CEO can depose Bernanke over bailout

Post author:The Freedom Watch Staff
Post published:July 29, 2013
Post category:Network Archives

"Federal Reserve Chairman Ben Bernanke should testify in the lawsuit by American International Group Inc's former chief Maurice 'Hank' Greenberg against the United States over the insurer's 2008 bailout, a judge ruled on Monday. Judge Thomas Wheeler of the U.S. Court of Federal Claims rejected the government's effort to keep Bernanke from being deposed, saying the Fed chairman was a 'central figure' in the decision to bail out AIG. 'Indeed, the court cannot fathom having to decide this multi-billion dollar claim without the testimony of such a key government decision maker,' Wheeler wrote." Continue reading →

Bitcoin trading suspended in Thailand due to central bank advisement

Post author:The Freedom Watch Staff
Post published:July 29, 2013
Post category:Network Archives

"Senior members of the Foreign Exchange Administration and Policy Department advised that due to lack of existing applicable laws, capital controls and the fact that Bitcoin straddles multiple financial facets the following Bitcoin activities are illegal in Thailand: Buying Bitcoins; Selling Bitcoins; Buying any goods or services in exchange for Bitcoins; Selling any goods or services for Bitcoins; Sending Bitcoins to anyone located outside of Thailand; Receiving Bitcoins from anyone located outside of Thailand." Continue reading →

Bitcoin trading suspended in Thailand due to central bank advisement

Post author:The Freedom Watch Staff
Post published:July 29, 2013
Post category:Network Archives

"Senior members of the Foreign Exchange Administration and Policy Department advised that due to lack of existing applicable laws, capital controls and the fact that Bitcoin straddles multiple financial facets the following Bitcoin activities are illegal in Thailand: Buying Bitcoins; Selling Bitcoins; Buying any goods or services in exchange for Bitcoins; Selling any goods or services for Bitcoins; Sending Bitcoins to anyone located outside of Thailand; Receiving Bitcoins from anyone located outside of Thailand." Continue reading →

FDA finally releases draft of new food import safety rules

Post author:The Freedom Watch Staff
Post published:July 28, 2013
Post category:Network Archives

"Importers would be accountable for verifying with their foreign suppliers that certain food safety standards are being met. Under current conditions, U.S. food safety inspectors examine food coming into the country but are able to inspect only a small percentage for potential problems. Importers have a market interest in ensuring the safety of the food they bring in, but currently are not required to mandate that their suppliers meet certain standards. Under the new rules, importers would be required to maintain records verifying that their foreign suppliers have met standards for the production of the food coming into the country. Importers would undergo audits." Continue reading →

Why Buffett Bailed on India

Post author:The Freedom Watch Staff
Post published:July 27, 2013
Post category:Network Archives

"Buffett isn’t alone in voting with his feet. Wal-Mart Stores Inc., ArcelorMittal (MT) SA and Posco are pulling back on investments in India that they had announced with great fanfare. What’s scaring foreigners away? A rampant political dysfunction that has stopped India’s progress cold. Headwinds from New Delhi are contributing to the slowest growth rates in a decade, a record current-account deficit and a 7.9 percent plunge in the rupee this year. Fiscal neglect has bond traders demanding higher yields for government debt than India wants to pay. Foreign-direct investment slid about 21 percent last fiscal year, and this one doesn’t look promising." Continue reading →

US blows out $16.7 trillion debt limit

Post author:The Freedom Watch Staff
Post published:July 27, 2013
Post category:Network Archives

"The US Treasury has already exceeded the federal legal borrowing limit of $16.7 trillion in May. That signals the main structural problems remain unresolved putting at risk the fragile recovery. The country’s outstanding public debt is already $38.82 million above the statuary debt ceiling and now at $16,738,220,000,000.00, according to Treasury data. In the debt ceiling debate two years ago, lawmakers and the White House battled for months before Obama signed an increase into law on Aug. 2, 2011, the day the Treasury Department warned that US borrowing authority would expire, Reuters reports." Continue reading →