The Freedom Watch

Iraq issues arrest warrant for ex central bank chief, other officials

"Iraqi authorities issued arrest warrants for the former central bank chief and other bank officials after a probe into corruption, a spokesman for the high judicial council said on Friday. Iraq's cabinet on Tuesday ousted director Sinan al-Shibabi over a parliamentary charges bank officials were abusing dollar sales. His dismissal will do little to ease investor worries the government is undermining the bank's autonomy." Continue reading →

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The Sad History of U.S. Peace Negotiations

"Negotiating for peace to prevent war is not the forte of U.S. governments. The Iranian story is yet to be written, but the press is now reporting that the U.S. and Iran have agreed for the first time to one-on-one negotiations over Iran’s nuclear program. Republican Senator Lindsay Graham wants none of it, stating that 'The time for talking is over.' After all, just take a look at all the U.S. military bases surrounding Iran. Sadly, with the above graphic, combined with the U.S.'s history of not negotiating peace, it's not looking so good for those of us who don't want more foreign wars." Continue reading →

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Middle East oil companies targeted in cyber war

"Middle Eastern oil and gas companies have been targeted in massive attacks on their computer networks in an increasingly open cyber war where a new virus was discovered just this past week. US Defense Secretary Leon Panetta also referred publicly for the first time about the 'Shamoon' virus that hit Saudi Arabia’s state oil company Aramco in August, disabling more than 300,000 computers. The virus also hit Rasgas, a joint venture between US oil firm Exxon Mobil Corp and state-controlled Qatar Petroleum. Panetta warned of the possibility of a 'cyber-Pearl Harbor' to justify a policy of moving aggressively against threats." Continue reading →

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Millions affected after cyber attack on HSBC

"An unknown group launched a so-called 'denial of service' attack on Britain’s largest bank on Thursday evening, crashing web-based services for about seven hours. At its peak, HSBC was deluged with internet traffic 500 times its normal level, five times higher than the amount of traffic that hit the bank in a similar attack earlier this year. US financial group Capital 1 is also understood to have been hit by a similar denial of service attack at the same time as HSBC. Several parties have claimed responsibility for the attacks, which have been linked to Islamic groups protesting against controversial film The Innocence of Muslims." Continue reading →

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Sheila Bair’s Bailout Blame Game

"During the summer of 2011 Sheila Bair stepped down as chairman of the FDIC and set herself to work on a tell-all book on the financial crisis. Bair’s book, Bull by the Horns: Fighting to Save Main Street from Wall Street and Wall Street from Itself, was released in late September. As part of the promotion of the book she had an interview with The Wall Street Journal during which, consistent with her public reputation, she confided that she 'hates bailouts.' However, a careful study of board minutes, supporting memos, and transcripts of FDIC board meetings during the crisis reveals a different reality." Continue reading →

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“But there is no inflation!” – Misconceptions about the debasement of money

"There is no end to ‘quantitative easing’. It will have to continue forever. There is no ‘exit strategy’. The central banks are digging themselves – and all of us – an ever deeper hole. These forecasts have been accurate so far and they continue to be my forecast for the future. And here is another forecast: The present measures will over time be seconded with others that in my book I label ‘nationalization of money and credit’, that is, institutional investors will be coerced via legislation and regulation to remain invested in certain asset classes, the war on cash and the war on off-shore will continue and intensify, ultimately we will see capital controls." Continue reading →

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James Altucher: Why I Won’t Vote

"People get very upset about this voting thing. I’m accused of being unpatriotic, for instance. Or my little 10 year old told me, 'more people will run stop signs if we don’t have a President.' She associates a President with a magical parent. Perhaps projecting her own sense that I don’t give her enough boundaries for her to figure out where the edge of childhood ends and adulthood begins. I let her run a Stop sign when I don’t set a bedtime, or turn her TV off. She wants a President who will tell her when to 'STOP!' So here are some reasons for not voting. I’m not asking anyone to agree with me. Many people like to vote. Do things that you like to do." Continue reading →

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The New Trend in Gold

"Why is this happening? And what does it mean? Certainly some of the shift stems from concerns with the funds themselves. Another reason for the shift is certainly due to global economic, fiscal, and monetary concerns. As fears of systemic risk ratchet higher, it's only natural for investors to gravitate toward the safest methods for holding physical metal. Throw in events like what happened to MF Global last year, and it's easy to understand why many investors would prefer holding their own bullion over a fund. More important, what should we do as a result of this trend?" Continue reading →

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Where the Big Players Are Buying Housing

"The Federal Reserve Bank of Atlanta has put out a very informative chart on where three big money players are buying houses, how much they are spending and a bit about their investment strategies. Distressed sales are declining because these giants, and others, are picking up what is on the market. The housing downturn is over. From the supply side prices will be pushed higher. If Bernanke's new money printing gets into the system, prices will also be pushed higher from the demand side." Continue reading →

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What Ben Bernanke Will Do When the Accelerated Price Inflation Hits

"Many are familiar with the Ben Bernanke book, Essays on the Great Depression, which is a compilation of writings about the Great Depression by various economists. Fewer, however, are aware that Bernanke contributed to a work on inflation, Inflation Targeting. This second book may provide us with important clues as to how Bernanke will act if price inflation begins to accelerate. And, indeed, it appears that some time in 2013 a perfect storm of actors may develop to push price inflation much higher." Continue reading →

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