Monthly Archives: May 2013

Paul Craig Roberts: Assault On Gold Update

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“Who has 16 million ounces of gold? At the beginning gold price that day of about $1,550, that comes to $24,800,000,000. Who has that kind of money? What happens when 500 tons of gold sales are dumped on the market at one time or on one day? Correct, it drives the price down. Investors who want to get out of large positions would spread sales out over time so as not to lower their sales proceeds. The sale took gold down by about $73 per ounce. That means the seller or sellers lost up to $73 dollars 16 million times, or $1,168,000,000. Who can afford to lose that kind of money? Only a central bank that can print it.”

http://www.paulcraigroberts.org/2013/04/13/assault-on-gold-update-paul-craig-roberts/

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Hedge funds selling gold ‘in a big way’

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“Hedge funds and other big speculators in commodities have started selling gold in a big way, trade data showed on Friday, just a month after they had supported the precious metal amid a record tumble in its price. Money managers, including hedge funds, pulled $1.4 billion from the U.S. gold futures market for the week ended May 14 by trimming their net long positions in the metal, according to Reuters calculations of data released by the Commodity Futures Trading Commission (CFTC).  Open interest, a measure of market liquidity, fell more than 3 percent in the week to May 14 for gold contracts traded by money managers on the COMEX.”

http://www.reuters.com/article/2013/05/17/us-hedgefunds-commodities-cftc-idUSBRE94G0XV20130517

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The Truth: Chained CPI Is Worse Than You Thought

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“The proposal to change the measure of inflation used for federal programs to chained CPI, which rises more slowly than conventional inflation measures, is usually framed as a Social Security cut. And it is. The CBO estimates that it will save $133 billion in Social Security costs over 10 years.  But it’s also a tax increase. Currently, the cutoffs for different tax brackets rise with CPI-U, a non-chained measure of inflation. Chained CPI would cause the cutoffs to rise more slowly, pushing more and more people into higher tax brackets. That raises $99 billion over 10 years. So about 43 percent of the deficit reduction from chained CPI comes from increased taxes.”

http://www.economicpolicyjournal.com/2013/05/the-truth-chained-cpi-is-worse-than-you.html

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IRS Scandal: And They Shall Eat Their Own …

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Wile2

“These three scandals in particular represent the power of what we often call the Internet Reformation. While scandals have always beset Washington, the breathtaking rapidity with which these blossomed and expanded may be indicative of how modern communication undermines damage control and resists minimization.  And, yes, I would tend to believe the third reason – the power of the Internet itself – is driving the rapidity and evolution of these scandals. It is not enough anymore to claim executive privilege while attempting to conceal abuses of political privilege.”

http://www.thedailybell.com/29118/Anthony-Wile-Scandal-And-They-Shall-Eat-Their-Own-

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‘We could lose everything’: Tea Party groups prepare to sue IRS

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“ACLJ Executive Director Jordan Sekulow told FoxNews.com he’ll likely file the civil suits next Wednesday or Thursday on behalf of more than a dozen Tea Party groups who say they were singled out by the IRS and had their tax-exempt status severely delayed or denied altogether. Sekulow said the number of plaintiffs in the civil suit are growing as is the list of who his organization wants held accountable. It’s still unclear whether the organization will file as a class-action or individually in the 17 different states where the complaints originate.  Litigation could take months or years and for some like Devereaux, time isn’t on their side.”

http://www.foxnews.com/politics/2013/05/18/could-lose-everything-tea-party-groups-prepare-to-sue-irs/

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Lawsuit Alleges IRS Improperly Seized 60 Million Personal Medical Records

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“An unnamed healthcare provider in California is suing the IRS and 15 unnamed agents, alleging that they improperly seized some 60 million medical records of 10 million Americans, including medical records of all California state judges on March 11, 2011. The search warrant for financial data pertaining to a former employee of the ‘John Doe Company,’ ‘did not authorize any seizure of any healthcare or medical record of any persons, least of all third parties completely unrelated to the matter.’  The medical records included information on psychological counseling, gynecological counseling, sexual and drug treatment, and other sensitive medical treatment data.”

http://www.forbes.com/sites/scottgottlieb/2013/05/15/the-irs-raids-60-million-personal-medical-records/

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5th Cincinnati IRS worker allegedly connected to scandal

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“Despite the claim of just two employees being involved, FOX19 has exclusively learned from two separate sources that there could be at least four Cincinnati employees involved.  Those four employees, whose names we have chosen to withhold until they have been officially confirmed, have each worked in the IRS Exempt Organizations Department.  While the IRS is pointing at ‘two rogue employees,’ the number of organizations that were singled out has swelled to nearly 500. In addition, on Friday FOX19 obtained documents of a fifth Cincinnati IRS agent who reportedly came after a pro-life group in 2009.”

http://www.fox19.com/story/22265631/four-cincy-irs-workers-not-two-allegedly-connected-to-scandal

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‘Monsanto Protection Act 2.0’ Would Ban GMO-Labeling Laws At State Level

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“An amendment inserted into the 2013 Farm Bill passed by the House of Representatives’ Agriculture Committee Wednesday would revoke the ability of individual states’ lawmakers to pass GMO-labeling laws, food advocates warn. The amendment, introduced by Rep. Steve King, a California Republican, is the newest salvo in an ongoing battle between food advocates and companies like Monsanto that create and sell genetically modified and genetically engineered seeds, which grow into GMO crops and find their way into an estimated 70 percent of processed foods in American grocery stores.”

http://www.ibtimes.com/monsanto-protection-act-20-would-ban-gmo-labeling-laws-state-level-1267629

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‘Bitcoin threatens economic monopoly, bolsters free speech’

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“Bitcoin threatens both the financial elite’s monopoly over the economy and the online web of payment systems which have been used as a tool to crack down on free speech on the Internet, Amir Taaki, a bitcoin software developer, told RT. The US government has never hidden the fact that it is closely watching the virtual currency, which international regulators have thus far failed to keep a lid on. But while banks and governments have treated the Bitcoin payment system as an ‘existential threat’ to current financial system, Taaki argues that the virtual currency epitomizes real free trade and is a necessary tool to maximize the benefits of a free and open market.”

http://rt.com/op-edge/bitcoin-market-speech-taaki-450/

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Winklevoss twins on Bitcoin: Time to work with the Feds

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“The Winklevoss twins, who transformed a lucrative Facebook payout into a venture capital fund, say it’s now time for bitcoin companies to work with governments rather than against them.  Cameron and Tyler Winklevoss, the twin Harvard graduates famously portrayed in the 2010 film The Social Network, showed up at the Bitcoin 2013 conference to talk up the future of the Internet’s favorite alternative currency — as long as it escapes a government crackdown.  ‘I don’t think anyone wants a fight — I think everyone here wants to build bitcoin, to work with regulators,’ Cameron Winklevoss told over 1,000 conference attendees. ‘Cooperation is really the way forward.'”

http://news.cnet.com/8301-13578_3-57585151-38/winklevoss-twins-on-bitcoin-time-to-work-with-the-feds/

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