Monthly Archives: June 2013

US army blocks access to Guardian website to preserve ‘network hygiene’

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“The US army has admitted to blocking access to parts of the Guardian website for thousands of defence personnel across the country. A spokesman said the military was filtering out reports and content relating to government surveillance programs to preserve ‘network hygiene’ and prevent any classified material appearing on unclassified parts of its computer systems.  A spokesman for the Army’s Network Enterprise Technology Command (Netcom) in Arizona confirmed that this was a widespread policy, likely to be affecting hundreds of defence facilities.”

http://www.guardian.co.uk/world/2013/jun/28/us-army-blocks-guardian-website-access

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Indignant Outrage

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Rights

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Records Obtained Detailing Obama Administration’s Warrantless Collection of Citizens’ Personal Financial Data

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“Judicial Watch announced today that it has obtained records from the Consumer Financial Protection Bureau (CFPB) revealing that the agency has spent millions of dollars for the warrantless collection and analysis of Americans’ financial transactions. The documents also reveal that CFPB contractors may be required to share the information with ‘additional government entities.'”

http://www.judicialwatch.org/press-room/press-releases/jw-obtains-records-detailing-obama-administrations-warrantless-collection-of-citizens-personal-financial-data/

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US Senate to retroactively punish runaway tax slaves

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“Years ago, it was virtually unheard of for someone to give up his/her US citizenship. Then, one by one, a handful of famous cases surfaced… like Sir John Templeton, who renounced his US citizenship in 1964 and moved to the Bahamas. At the time, Templeton was able to save $100 million in taxes to the US government.  But anyone view Templeton poorly for his lack of patriotism, it’s important to note that the man was one of the greatest philanthropists in history. And, rather than finance more bombs, guns, and military folly at the height of the Vietnam War, he chose to channel his wealth into improving the lives of millions of people around the globe.”

http://www.sovereignman.com/expat/us-senate-to-retroactively-punish-runaway-tax-slaves-12099/

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Italy could need EU rescue within six months, warns Mediobanca privately

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“Mediobanca, Italy’s second biggest bank, said its ‘index of solvency risk’ for Italy was already flashing warning signs as the worldwide bond rout continued into a second week, pushing up borrowing costs.  The report warned that Italy will ‘inevitably end up in an EU bail-out request’ over the next six months, unless it can count on low borrowing costs and a broader recovery.   Emphasising the gravity of the situation, it compared the crisis with when the country was blown out of the Exchange Rate Mechanism in 1992 despite drastic austerity measures.   Italy’s €2.1 trillion (£1.8 trillion) debt is the world’s third largest after the US and Japan.”

http://www.telegraph.co.uk/finance/economics/10139939/Italy-could-need-EU-rescue-within-six-months-warns-Mediobanca.html

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The Bush-Obama Great Stagnation

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“Robert Higgs has another must read in his ‘Etceteras …  Real Gross Domestic Private Product, 2000-2012’ in the most recent Independent Review. He provides good arguments on why government product should be (and perhaps almost was) excluded from income and product accounts. He then builds a measure of Real Gross Domestic Private Product for the Bush-Obama years.  Based on his calculations, he states, ‘Perhaps the most positive statement we can make about the private economy’s performance during this thirteen-year period is that it has been somewhat better than complete stagnation.'”

http://bastiat.mises.org/2013/06/the-bush-obama-great-stagnation/

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Guess where the country’s highest incomes are? Think government contractors. A great map.

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“The wealth of the nation is concentrated in Washington DC. I wonder why much of America resents the city so much.”

http://www.againstcronycapitalism.org/2013/06/guess-where-the-countrys-highest-incomes-are-think-government-contractors-a-great-map/

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‘Pawn Stars’ Owner: Selling Personal Gold At A Loss For Tax Writeoff, Then Buying Back

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“Harrison noted that while gold is plunging on the commodities exchanges, he’s finding it difficult to build an inventory for his shop.  ‘I retail gold and silver and I’m having a real difficult time right now getting physical metal,’ he explained. ‘It’s the crazy world about gold and silver: Sometimes the paper market is going down but you can’t find actual physical items.’  The reason, he said, was a lack of physical product, which he blamed on private and government mints not keeping up with demand.  But this same phenomenon should help prices see a bottom shortly.  ‘I still pay right around spot — I don’t think it’s going to go much lower,’ Harrison said.”

http://www.businessinsider.com/pawn-stars-star-im-selling-gold-2013-6

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LBMA: Volume Of Gold Transferred Climbs To 12-Year High In May On ETF Redemptions

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“The amount of gold transferred between accounts of London Bullion Market Association members rose sharply in May, the organization reported Friday. Total gold transfers rose by 17.2% to a daily average of 28.2 million ounces, the most in 12 years. Despite continued offloading of gold by exchange-traded funds in the Western economies, strong physical demand for gold on falling prices — particularly from India and China — led to a significant increase in demand, the LBMA said, The value of gold ounces transferred increased by 11.2% to a daily average of $39.8 billion, the highest level since August 2011.”

http://www.kitco.com/news/2013-06-28/LBMA-Volume-Of-Gold-Transferred-Climbs-To-12-Year-High-In-May.html

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Central banks sell record sums of US debt

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“Central banks sold a record amount of US Treasury debt last week while bond funds suffered the biggest-ever investor withdrawals as markets shuddered at the prospect of the US Federal Reserve ending its quantitative easing programme. Holdings of US Treasuries held at the Fed on behalf of official foreign institutions dropped a record $32.4 billion to $2.93 trillion, eclipsing the prior mark of $24 billion in August 2007. It was the third week of outflows in the past four. Private investors are also dumping fixed income. US funds were the worst hit, with withdrawals totalling $10.6 billion, but emerging market debt funds also saw record redemptions of $5.6 billion.”

http://www.gata.org/node/12741

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