Monthly Archives: February 2013

The Drone War Doctrine We Still Know Nothing About

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“In these attacks, known as ‘signature strikes,’ drone operators fire on people whose identities they do not know based on evidence of suspicious behavior or other ‘signatures.’ According to anonymously sourced media reports, such attacks on unidentified targets account for many, or even most, drone strikes.  Despite that, the administration has never publicly spoken about signature strikes. What is the legal justification for signature strikes? What qualifies as a ‘signature’ that would prompt a deadly strike? Do those being targeted have to pose a threat to the United States? And how many civilians have been killed in such strikes?”

http://www.propublica.org/article/drone-war-doctrine-we-know-nothing-about

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‘Ragtime’: NSA’s Secret Domestic Intelligence Program Revealed

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“More than a decade after the 9/11 terrorist attacks, a set of extraordinary and secretive surveillance programs conducted by the National Security Agency has been institutionalized, and they have grown, reports Shane Harris at the Washingtonian.  These special programs are conducted under the codename ‘Ragtime,’ and they are divided into several subcomponents, according to the new book Deep State: Inside the Government Secrecy Industry, by Marc Ambinder and D.B. Grady.”

http://www.economicpolicyjournal.com/2013/02/ragtime-nsas-secret-domestic.html

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Banks Fear Court Ruling in Argentina Bond Debt

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“A fierce battle between the government of Argentina and investors led by a group of hedge funds has already led to the seizure of a naval ship and dragged in the United States Treasury. Now a federal appeals court is hearing the dispute, and how it rules could have a major impact on world debt markets.  The investors — including the hedge fund tycoon Paul E. Singer — sued Argentina seeking payment for $1.3 billion relating to bonds that the country defaulted on in 2001. On Wednesday, the case comes before the United States Court of Appeals for the Second Circuit, which has already sided with the hedge funds on their main arguments.”

http://dealbook.nytimes.com/2013/02/25/banks-fear-court-ruling-in-argentina-bond-debt/?emc=eta1

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Mexico’s audit office tells Bank of Mexico to verify gold held at Bank of England

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“The Mexican government audit office has reprimanded the Bank of Mexico for failing to verify its supposed purchase of $4.5 billion of gold vaulted at the Bank of England. The audit office confirms a complaint last year that the Bank of Mexico had purchased only ‘paper gold’ at the Bank of England and had no idea of the number of bars it had supposedly purchased, nor of the purity of the bars.  The audit office has recommended that the Bank of Mexico ‘make a physical inspection with the counterparty that has the gold under its custody, in order to be able to verify and validate its physical wholeness and the compliance with the terms and conditions of dealing with this asset.'”

http://www.gata.org/node/12282

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Bernanke says Fed stimulus benefits clear, budget cuts a risk

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“Federal Reserve Chairman Ben Bernanke strongly defended the U.S. central bank’s bond-buying stimulus before Congress on Tuesday, easing worries monetary policymakers might be getting cold feet.  The Fed chairman also urged lawmakers to avoid sharp spending cuts, which he warned could [..] create a ‘significant headwind’ for the economic recovery.  Bernanke said Fed policymakers are cognizant of potential risks from their extraordinary support for the economy, including the possibility the public loses confidence in the central bank’s ability to unwind its stimulus smoothly or the potentially destabilizing effect of low rates on key markets.”

http://www.reuters.com/article/2013/02/26/us-usa-fed-idUSBRE91P03T20130226

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FED paper warns it might not be able to undo QE

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“A new paper for the US Monetary Policy Forum and published by the Fed warns that the institution’s capital base could be wiped out ‘several times’ once borrowing costs start to rise in earnest.  A mere whiff of inflation or more likely stagflation would cause a bond market rout, leaving the Fed nursing escalating losses on its $2.9 trillion holdings. This portfolio is rising by $85bn each month under QE3. The longer it goes on, the greater the risk. Exit will become much harder by 2014.  What is new is that these worries are surfacing openly in Fed circles.”

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/9891082/Trade-protectionism-looms-next-as-central-banks-exhaust-QE.html

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Debt crisis: France puts brakes on austerity

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“Finance Minister Pierre Moscovici said on Friday that France would ask its EU partners and the European Commission for an extra year to cut its public deficit below a targeted 3 percent of GDP, and would outline new savings measures soon.  Mr Hollande said his government had brought down the deficit to 4.5 percent in 2012. The European Commission expects a French 2013 deficit of 3.7 percent of GDP.  Spending cuts in 2014 would be made in the state budget, local budgets and the social security budget, Hollande said.  Mr Hollande said France would continue to try and boost growth through public investment.”

http://www.telegraph.co.uk/finance/financialcrisis/9889813/Debt-crisis-France-puts-brakes-on-austerity.html

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Nervous Brussels urges Italy to stick to austerity

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“The European Commission has urged any future government in Italy to keep on implementing deficit-cutting measures, despite the fact that over half the electorate voted for anti-austerity parties.  ‘Last Friday the Italians were speaking quite clearly about debt-reduction commitments as well as a series of other commitments. These Italian commitments remain in force and the commission expects compliance,’ commission spokesperson Olivier Bailly said.  His comments come after elections in Italy put former comedian Beppe Grillo, who ran on an anti-austerity ticket and has called for a referendum on euro membership, in kingmaker position.”

http://euobserver.com/political/119199

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Italy’s anti-austerity ‘rebellion’ promises to spread

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“Any doubts that Italians were fed up with tax hikes and economic reform vanished in an election that awarded more than half of the votes to anti-austerity parties.  As Italian voters supported the anti-austerity parties, they also punished the centrist, pro-austerity alliance led by Mario Monti, the technocrat prime minister who replaced Mr. Berlusconi at the height of the Italian financial crisis in late 2011. Mr. Monti rolled out a series of tax hikes, including a hated property tax that Mr. Berlusconi vowed to kill, and attempted economic reforms that met with partial success. For that, his alliance got 10 per cent or less of the votes.”

http://www.theglobeandmail.com/report-on-business/international-business/european-business/italys-anti-austerity-rebellion-promises-to-spread/article9057343/

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Italian Business Taxpayers Feel ‘Persecuted’

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“A nationwide poll of 2,500 businesses by Confedercontribuenti, an association of Italian taxpayers, has found that they are being harassed in their dealings with the country’s complex tax system, which is viewed as extremely complex and persecutory.  On average, each company receives about 29 annual alerts regarding its obligations tothe system’s various tax authorities and collectors.  Above all, it is calculated that it takes each business an average of about 250 hours per year to resolve the issues raised by the total of 13 different institutions responsible for the Italian tax and social security system.”

http://www.tax-news.com/news/Italian_Business_Taxpayers_Feel_Persecuted____59811.html

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