statism

Cypriot president ‘warned his friends to move money abroad’ before financial crisis hit

"Cypriot president Nikos Anastasiades 'warned' close friends of the financial crisis about to engulf his country so they could move their money abroad, it was claimed on Friday. The respected Cypriot newspaper Filelftheros made the allegation which was picked up eagerly by German media. The Cyprus newspaper did not say how much money was moved abroad but quoted sources saying the president 'knew about the possible closure of the banks' and tipped off close friends who were able to move vast sums abroad." Continue reading →

Continue ReadingCypriot president ‘warned his friends to move money abroad’ before financial crisis hit

New Zealand Plans Cyprus-Style Bank Confiscations

"Is it coincidence or something more? Globalists that are trying to create an international monetary solution often implement programs in various countries at once. The question arises as to whether Money Power itself – the banking entities and those behind them that control a good deal of the world's wealth – have decided to 'send a message' about the relationship between citizens and their banks. Cyprus and New Zealand are well down this road. Is a message being sent to savers? Is this going to become the new normal in the West?" Continue reading →

Continue ReadingNew Zealand Plans Cyprus-Style Bank Confiscations

Peter Schiff: Cyprus Lifts the Curtain

"The decision to inflict pain on both large and small depositors was almost universally described as a historic blunder. But the mistake was to do so in a manner that was not camouflaged by financial smoke and mirrors. In truth, rank and file depositors have been paying, and will continue to pay, for all manner of bailouts and stimulus. Whether it's through lower interest payments on deposits, inflation, higher taxes, higher borrowing costs, or the accumulation of unsustainable sovereign debt, Cypriots will bear the burden of past profligacy. But the new plan for Cyprus was far too transparent, simple, and direct to survive in a world dependent on deceit and obfuscation." Continue reading →

Continue ReadingPeter Schiff: Cyprus Lifts the Curtain

Spoiled greens

"Ever since the Illícitos Cambiarios Law was approved in 2010, buying, selling, and even mentioning the price of black market dollars in Venezuela has become a crime punishable by up to 7 years in prison. The answer to this legal gag on all things dollar-related was a flourishing black market, which has spawned its own little sub-culture, jargon (Lechuga Americana, Lechuga Europea, Lechugas en hojas frescas, Lechugas Amazónicas), code-words (1000 a 25. Transfer. Norte. Inbox me.), and a host of anonymous Twitter accounts that helpfully quoted daily reference prices, which, as we established, is illegal." Continue reading →

Continue ReadingSpoiled greens

The Ever-Growing Insanity of Venezuelan Exchange Controls

"With soaring import demand due to double-digit inflation, collapsing local production of almost everything other than the ever-flowing black gold, and increasing regime uncertainty ever since the Comandante’s passing, there seems to be no end in sight for the bizarre efforts with which the Venezuelan government is trying to sustain foreign exchange controls. If you want to get a good grasp of the whole shenanigan, make sure to read this, this and this, by Francisco Toro and Emiliana Duarte at Caracas Chronicles." Continue reading →

Continue ReadingThe Ever-Growing Insanity of Venezuelan Exchange Controls

Argentina Turns To Gold As Inflation Tops 26%

"In the country Paul Krugman hailed as a Keynesian success story, the people are fleeing the government's currency. Banco de la Ciudad de Buenos Aires, Argentina’s only bank offering gold bullion coins and bars to investors and savers is negotiating with mining companies to purchase gold direct as surging demand depletes the scrap supply. The bank began marketing gold to clients after Argentina tightened currency controls in October 2011. Banco Ciudad is the only bank left that trades in gold after Fernandez banned the purchase of certified 99.99% pure gold for savings in July. The bank sells it at 99.96% purity." Continue reading →

Continue ReadingArgentina Turns To Gold As Inflation Tops 26%

Cyprus risks euro exit after EU bailout ultimatum

"The European Union gave Cyprus till Monday to raise the billions of euros it needs to secure an international bailout or face a collapse of its financial system that could push it out of the euro currency zone. Trying to placate its lenders, the government proposed to parliament a 'solidarity fund' that would bundle state assets, including future gas revenues, as the basis for an emergency bond issue, likened by JP Morgan to 'a national fire sale'. It also sought the power to impose capital controls on banks, a type of measure unseen since before the country joined the single currency bloc five years ago." Continue reading →

Continue ReadingCyprus risks euro exit after EU bailout ultimatum

Supreme Court rules ‘first sale doctrine’ applies to lawful copies of a copyrighted work

"The US Supreme Court sided Tuesday with a former Thai student who made $90,000 reselling text books bought abroad and sparked a copyright row with a publisher. Supap Kirtsaeng, who arrived in the United States in 1997 to study math at the University of Southern California on a scholarship, had asked his friends and family to buy the books, published by John Wiley & Sons, which were cheaper back home. John Wiley & Sons filed a complaint in 2008 alleging illegal importation and resale without the payment of exclusive distribution rights protected by copyright. Lower courts had sided with the publisher, imposing a $600,000 fine on Kirtsaeng." Continue reading →

Continue ReadingSupreme Court rules ‘first sale doctrine’ applies to lawful copies of a copyrighted work

New York man released after being wrongly imprisoned for 23 years

"A New Yorker was freed Thursday after serving more than 20 years in prison for the murder of a rabbi that the authorities now say he did not commit. David Ranta was sentenced to 37 years behind bars after being convicted in 1991 of killing an Orthodox Jewish rabbi during a botched robbery. He always maintained his innocence. The Brooklyn District Attorney’s Office announced an internal probe had found evidence unavailable during the trial that cleared the imprisoned man." Continue reading →

Continue ReadingNew York man released after being wrongly imprisoned for 23 years

‘Poet climber’ sidesteps security and scales U.S. embassy in Paris

"A self-styled 'poet climber' on Thursday managed to sidestep security and climb on to the roof of the US Embassy building in Paris. Herve Couasnon, whose previous stunts have included sneaking into France’s National Assembly and a nuclear power station, told AFP by phone from the roof that he wanted to meet Barack Obama, give the president his CV and talk peace — a reference to Obama’s ongoing Middle East trip." Continue reading →

Continue Reading‘Poet climber’ sidesteps security and scales U.S. embassy in Paris