sound money

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’

Colorado county puts seceding to form 51st state on November ballot

"Residents in one rural Colorado county will get an opportunity to decide in November if they want to break away and form the 51st state. In an unanimous vote on Monday, commissioners in Weld County voted to include the initiative on November’s ballot. Weld County Commissioner Sean Conway (R) said that more than 85 percent of residents support the effort to break away a create a state called 'North Colorado.' Cheyenne, Sedgwick and Yuma counties have already put similar initiatives on their ballots. Kit Carson, Lincoln, Logan, Morgan, and Washington counties have also held discussions about joining the new state." Continue reading →

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Plainclothes NH State Police officer gets warrant to rob reporter of his camera

"The trooper was circling Garret's home in an unmarked vehicle that morning and waited until Garret was out of earshot of his roomates, away from his home before initiating the shakedown. DiRusso was investigating a bogus claim of 'wiretapping', the alleged videorecording of a public official while they were working on taxpayers' dime. Despite zero probable cause or physical evidence suggesting that the alleged wiretapping ever took place, corrupt district court judge Edward Burke signed the baseless warrant authorizing the legal theft." Continue reading →

Continue ReadingPlainclothes NH State Police officer gets warrant to rob reporter of his camera

San Francisco bans helmet cams after firefighters captured running over victim

"The Associated Press reported on Monday that video from Battalion Chief Mark Johnson’s helmet camera shows a fire truck running over 16-year-old Ye Meng Yuan, who was lying on the ground following the crash. The discovery of the footage led Chief Joanne Hayes-White to expand a 2009 order banning cameras on department grounds to include helmet cameras, citing concerns over firefighters’ safety. 'Why would anybody not want to know the truth?' attorney Anthony Tarricone. told the AP. 'What’s wrong with knowing what happened? What’s wrong with keeping people honest? That’s what the helmet cam did, in effect, in this case.'" Continue reading →

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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 →

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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 →

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Indian Food Inflation Is Getting Out Of Control

"Vegetable prices in India spiked 46.59% in July year over year, another ugly bullet point in the country's persistent struggle with massive food inflation. In particular, the onion — a staple vegetable whose rising prices have dogged ruling parties in the past — saw a particularly dramatic jump. India has already lost hundreds of billions of dollars due to inflation in the past few years. Of course, the country's poor population, which spends the lion's share of income on food, has been hit hardest. India's central bank has cut interest rates three times this year, but lowering it further could further crush the rupee and drive inflation higher, the Journal reported." Continue reading →

Continue ReadingIndian Food Inflation Is Getting Out Of Control