Posts tagged ‘Gold’

August 25, 2011

August 25th, 2011

The Budget Deal May Not Last Until Christmas

Capital Gains and Games | Stan Collender

OK…I’ll admit that saying the agreement will be gone by this Christmas is likely (but not necessarily) an overstatement.

But saying that the “Budget Control Act” — the debt ceiling increase/deficit reduction deal signed into law on August 2 — isn’t likely to be in place on January 1, 2013, or to have it’s projected impact over the full 10 years it supposed to be in effect is anything but an exaggeration.

The reason? Federal budget agreements have seldom, if ever, gone the distance. Instead, they have always been changed, waived, ignored or abandoned long before they were scheduled to expire.

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Judge rules warrant required to obtain cell phone location data

The Raw Story | Eric W. Dolan

A federal judge in Brooklyn ruled Monday that the federal government must establish probable cause and secure a warrant before obtaining records about a cell phone user’s location, saying it violated the Fourth Amendment’s protections against unreasonable searches, according to the New York Law Journal.

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American Workers Deserve Better Than This

Mises Daily | Christopher Westley

Why can’t everyone who wants a job, or a better job, just find one? In a perfect world, this would be the case. Sadly, the recently released employment figures for June indicate that the world in which we live is still far from perfect.

Nationally, unemployment still lingers in the low nines, with job growth clocking in at a meager 18,000 — a figure that will surely be revised downward.

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Obama 39%, Paul 38%

Rasmussen |

The president and the maverick are running almost dead even in a hypothetical 2012 election matchup.

Texas Republican Congressman Ron Paul earns 38% of the vote to President Obama’s 39% in the latest Rasmussen Reports national telephone survey of Likely U.S. Voters. Fourteen percent (14%) like some other candidate, and eight percent (8%) remain undecided. (To see survey question wording, click here.)

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Social Security disability on verge of insolvency

Yahoo News | STEPHEN OHLEMACHER

Laid-off workers and aging baby boomers are flooding Social Security’s disability program with benefit claims, pushing the financially strapped system toward the brink of insolvency.

Applications are up nearly 50 percent over a decade ago as people with disabilities lose their jobs and can’t find new ones in an economy that has shed nearly 7 million jobs.

The stampede for benefits is adding to a growing backlog of applicants — many wait two years or more before their cases are resolved — and worsening the financial problems of a program that’s been running in the red for years.

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US government asset seizures on the rise

Sovereign Man | Simon Black

he Wall Street Journal published a disturbing article earlier this week entitled “Federal Asset Seizures Rise, Netting Innocent With Guilty.”

You can already imagine the crux of the article.

In the United States, there are hundreds of regulations which authorize dozens federal agencies to confiscate private property– homes, cars, bank accounts, gold, company shares, and even personal effects.

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The upside for gold and silver will knock your socks off – Embry

Mineweb.com | Geoff Candy

For many commentators, gold is considered not only a constant store of value but, also, a barometer for the health of the global economic system and the currencies that pump through its veins.

For, John Embry, chief investment strategist at Sprott Asset Management, the current parabolic rise in prices, which have beat even his optimistic performance expectations this summer, is indicative of the unsustainable debt situation in which the world now finds itself.

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Silver Prices To Reach Record Levels, Experts Says

Personal Liberty Digest |

While many investors have focused on the record levels that gold has reached in the past several weeks, the price of silver has gone up at a significant rate and has kept pace with the yellow metal, Barrons reported.

Industry experts have predicted that silver prices could top $50 an ounce over the next several months, as the rise of the value of gold may lead traders to favor a different commodity due to the amount of money that has been moved from the currency markets, according to the news outlet.

“Silver will benefit from the same factors as that of gold from rising investment drivers. Until the global macro situation gets clearer, prices will go higher,” Paul Walker, global head of precious metals at GFMS, said in a market review.

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The Truth About the Situation in Libya: Cutting through Government Propaganda and Media Lies

Global Research | Brian Becker

Libya is a small country of just over 6 million people but it possesses the largest oil reserves in all of Africa. The oil produced there is especially coveted because of its particularly high quality.

The Air Force of the United States along with Britain and France has carried out 7,459 bombing attacks since March 19. Britain, France and the United States sent special operation ground forces and commando units to direct the military operations of the so-called rebel fighters – it is a NATO- led army in the field.

The troops may be disaffected Libyans but the operation is under the control and direction of NATO commanders and western commando units who serve as “advisors.” Their new weapons and billions in funds come from the U.S. and other NATO powers that froze and seized Libya’s assets in Western banks. Their only military successes outside of Benghazi, in the far east of the country, have been exclusively based on the coordinated air and ground operations of the imperialist NATO military forces.

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Motion Papers and Oral Argument Transcript from Meshal v. Higgenbotham

Lawfare | Robert Chesney

In November 2009, the ACLU brought a suit on behalf of an American citizen–Amir Meshal–against two FBI agents and two unnamed officials, alleging the following: that he went to Somalia in 2006, that he fled the fighting there but was arrested and detained in Kenya, that he was later sent back to Somalia and then to Ethiopia, that these detentions and transfers were at the behest of the U.S. government, and that the defendants violated Meshal’s constitutional rights by threatening him with torture, enforced disappearance, and execution in order to induce a false confession

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A Look Back: Nixon Ends Bretton Woods International Monetary System

The Daily Bell | Richard Nixon

On August 15, 1971, President Nixon announced on TV 3 dramatic changes in economic policy. He imposed a wage-price freeze. He ended the Bretton Woods international monetary system. And he imposed a temporary surcharge (tariff) on all imports. The Bretton Woods system was created towards the end of World War II and involved fixed exchange rates with the U.S. dollar as the key currency – but also a role for gold linked to the dollar at $35/ounce.

Almost immediately after President Richard Nixon took the US off the gold standard, the price of gold began to rise and the dollar lost value and has been increasing in value, cyclically, ever since.

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Legal Obedience

Townhall.com | Walter E. Williams

What laws are we morally obligated to obey? Help with the answer can be found in “Economic Liberty and the Constitution,” a 66-page pamphlet by Jacob G. Hornberger, founder and president of The Future of Freedom Foundation.

Hornberger offers a hypothetical whereby Congress enacts a compulsory church attendance law that requires children to attend church service each Sunday. Parents are penalized if their children fail to comply. Would there be any moral or constitutional legitimacy to such a congressional mandate?

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Cop Rapes Woman at Gunpoint, 11-Year-Old Rape Victim Smeared, Accuser Sued for $2 Million: Is US Society Failing Victims?

AlterNet | Sarah Seltzer

If events of the last few months have sent any sort of message to women in America it’s this: if you’re raped or sexually assaulted, justice won’t be on your side.

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What Are They Afraid Of?

TomMullen.net | Tom Mullen

In this interview, Ron Paul inadvertently coined what should be the new slogan of his campaign.“What are they afraid of?”

He was talking about the blatant suppression by the media of any positive news about his campaign. For the few somewhat principled journalists that have admitted that it is intentional, the excuse offered has been that the media ignore him because he can’t win. However, this is counterintuitive. Is it not largely media coverage that propels candidates to the “top tier” in political races? Does anyone seriously believe that even Ronald Reagan or Bill Clinton would have won their respective primaries, much less the presidency, if the media had not covered their campaigns?

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Getting to Know Scholar Thomas E. Woods, Jr.

Harvard Political Review | Naji Filali

Thomas E. Woods, Jr. ‘94 is a Harvard alumnus who contributes to modern libertarian thought: a rare combination. He received his bachelor’s degree in history, and then moved on to Columbia, where he earned his master’s, M.Phil., and Ph.D. Today, Dr. Woods is a senior fellow of the Ludwig von Mises Institute and continues to add to his credentials, both as a traveling scholar-orator and as a New York Times bestselling author of eleven books, dissecting a broad range of topics spanning states’ rights, Church history, and the causes of the economic meltdown. Dr. Woods keeps company with liberty-minded luminaries such as Ron Paul (who wrote the foreword to Woods’s book Meltdown) and Judge Andrew Napolitano, and the Harvard Political Review is delighted that he has taken time out of his busy schedule to sit down with us.

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August 23, 2011

August 23, 2011

An Open Letter to Mayor Bloomberg

Mises Daily | Robert P. Murphy

Dear Mayor Bloomberg:

I read with interest that you (and fellow billionaire George Soros) are going to contribute millions of your own fortunes to supplement the tax dollars New York City’s government will spend because “blacks and Latinos are not fully sharing in the promise of American freedom.”

Yet rather than spending your own money — and that of the taxpayers — on retraining probation officers, posting job recruitment signs in government housing projects, and the other ideas mentioned in the New York Times article, you should consider much more effective ways to help young black and Latino men. As an added bonus, the following proposals would actually reduce government expenditures:

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Good News in Libya Won’t Last

USAWatchDog.com | Greg Hunter

It looks like the end of power for tyrant Muammar Gaddafi. He’s been in power 40 years, but what will take his place? Remember when stories broke out a few months ago about Libyan rebel al-Qaeda links? It is a fact that was reported in one of many publications such as The Telegraph back in March. The story headline read “Libyan rebel commander admits his fighters have al-Qaeda links.” The story went on to say, “Abdel-Hakim al-Hasidi, the Libyan rebel leader, has said jihadists who fought against allied troops in Iraq are on the front lines of the battle against Muammar Gaddafi’s regime. . . . Earlier this month, al-Qaeda issued a call for supporters to back the Libyan rebellion, which it said would lead to the imposition of “the stage of Islam” in the country.” (Click here to read the complete Telegraph story.) Did NATO’s 20,000 bombing missions help al-Qaeda win? It sure looks like it.

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Chavez move could drive gold through the roof – and put confiscation on the cards again

Mineweb.com | Lawrence Williams

Long dismissed by the mainstream as conspiracy theorists and a fringe organisation which appeals only to right wing gold fanatics, the Gold Anti Trust Association (GATA) is at last beginning to feel totally vindicated by events. Over the years since its foundation the organisation has unearthed some telling official evidence of government and central bank meddling in the gold market – perhaps to try and stabilize currencies, given gold is seen by many as a bellwether of the health of the dollar and, by association, of most of the world’s other currencies.

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Venezuela Requests Gold Holdings Held by BOE, Merentes Says

Bloomberg.com | Jose Orozco

Venezuela’s central bank has requested its 99 tons of gold holdings from the Bank of England, according to a bank statement sent by e-mail, citing the institution’s president Nelson Merentes.

“We’ve contacted the Bank of England and the corresponding protocols have been initiated to complete this operation as soon as possible,” Merentes said, according to the statement. “Once that’s done, the shipments will begin by sea.”

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The Business Of War

Personal Liberty Digest | Bob Livingston

The American government’s favorite industry is war.

It is making war on five nations right now: Afghanistan, Iraq, Pakistan, Yemen and Libya. The drumbeats for war on Iran are sounding, growing louder and louder. But before Iran will be Syria, as the United States tightens the noose around Iran.

President Barack Obama promised to extricate the U.S. from foreign wars. Instead, he’s starting new ones. The silence of the anti-war left is deafening. Where they loudly opposed President George W. Bush’s wars, they support Obama; if not openly, then through their silence.

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Fed secretly loaned $1.2 trillion in public money to Wall St. firms: report

Raw Story | Stephen C. Webster

An analysis of tens of thousands of documents obtained by Bloomberg through a Freedom of Information Act (FOIA) request shows that the U.S. Federal Reserve made approximately $1.2 trillion in loans from public money to support Wall Street firms in the midst of one of the worst financial crises ever.

Differing from the $16 trillion in loans made through asset swaps and preferred stock agreements, which were first revealed by a recent Government Accountability Office (GAO) audit mandated by Congress, these loans came from public money, representing the greatest largess of the financial sector during a crisis that threatened to pull the whole globalized system of finance to its knees.

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Social Security and What You Should Know!

The Daily Bell | Adrian Krieg

There are Ponzi schemes and then there’s Social Security. For the last ten weeks every politician from Obama to Sanders has been harping about the out-of-control social costs of Social Security and Medicare and our immediate need to raise taxes and reduce benefits. These political ideologues are liars because the entire Social Security system is nothing but lies.

According to the Social Security Administration, the average recipient collects $500,000 in retirement benefits but pays in only $278,000. Wrong! What they conveniently don’t mention is that if the average beneficiary pays in $278,000 and the employer matches that with an equal amount, SS collects $556,000 per recipient.

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10 Faux Progressive Companies … With Some Dirty Secrets

Alter Net | Lauren Kelley

hat makes a company “progressive”? A CEO’s lefty politics? A dedication to people over profits? A solid environmental track record?

Many companies have earned credibility among progressives by marketing themselves as “different” (Apple), “green” (Seventh Generation), or “anti-sweatshop” (American Apparel), despite having a poor track record with the environment, sexism, union busting, monopolizing, and more. These companies are boosting revenues by tapping into the growing demand for socially-conscious products and businesses, especially among the wealthy, well-educated sub-set of progressive consumers.

I rounded up information on ten of the best-known companies that should be a disappointment to progressive consumers:

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NATO SLAUGHTER IN TRIPOLI: “Operation Mermaid Dawn” Signals Assault by Rebels’ Al Qaeda Death Squads

Global Research | Thierry Meyssan

Tripoli, Libya, Aug. 22, 2011, 1 AM CET– On Saturday evening, at 8pm, when the hour of Iftar marked the breaking of the Ramadan fast, the NATO command launched its “Operation Mermaid Dawn” against Libya.

The Sirens were the loudspeakers of the mosques, which were used to launch Al Qaeda’s call to revolt against the Qaddafi government. Immediately the sleeper cells of the Benghazi rebels went into action. These were small groups with great mobility, which carried out multiple attacks. The overnight fighting caused 350 deaths and 3,000 wounded.

The situation calmed somewhat on Sunday during the course of the day.

Then, a NATO warship sailed up and anchored just off the shore at Tripoli, delivering heavy weapons and debarking Al Qaeda jihadi forces, which were led by NATO officers.

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The 12 Scariest TSA Stories of All Time

Insurance Quotes |

The TSA is an oft hated and maligned part of airline travel, and although the agency seems to get an excessively bad rap, many stories of TSA incidents indicate that the public’s assessment is correct. Airline passengers going through security should not fear brutal force, sexual harassment, insensitive treatment, and even being separated from their child in the name of safety, yet as you’ll see from the following stories, they do. Although these stories are among the worst, so many more were not included, and continue to develop each day. Read on to find 12 chilling TSA horror stories.

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Karen J. Greenberg, Taking the Justice Out of the Justice System

Tomgram | Karen J. Greenberg

Can you even remember the world before 9/11? You know, the one where you weren’t stripped in the airport or body-wanded at the ballpark? It’s as much a lost world as anything Conan Doyle ever imagined. And it seems there’s no turning back. An administration voted into office by a populace tired of George W. Bush-ism has, remarkably enough, added on to Bush’s wars, redoubled his “secret” drone campaigns, further expanded the special operations forces that have grown into a secret military inside the military, upped the level of secrecy that envelops the National Security Complex (whose further expansion it also has overseen), renewed the Patriot Act, supported further surveillance of Americans, dumped yet more money into the Pentagon, and in sum seems intent on recreating Bushism without Bush.

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August 22, 2011

August 21st, 2011

Gold, Silver SOAR, Gold Cartel In Shambles / PM Shares On The Move … Finally

GoldSeek.com | Bill Murphy, Le Metropole Cafe, Inc

“The wind blows over the surface of the lake. In this way, the effects of the invisible are made visible.” … I Ching

Go GATA!

This morning was breathtaking. As I am still having trouble getting off London/France time yet, I am still rising VERY early. This morning was worth every second of it as I watched gold blow through the 2% Rule with ease, RISING 3% at its highs of its rocket run. Speaking of rockets…

haha Bill
you gotta laugh. Do you think he is referring to those GATA rockets?!

UK Guardian Blog:

The deepening panic on stock markets has sparked new metaphors, with gold – which broke through $1868 an ounce today – being described as a “rocket ship”. Jeremy Cook, chief economist at foreign exchange brokers, World First, said:

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Juan Williams on Mainstream Media Bias, the Entitlement Culture and American Foreign Policy

Daily Bell | Anthony Weil

The Daily Bell is pleased to publish this exclusive interview with Juan Williams (left).

Juan Williams, one of America’s leading journalists, is a political analyst for Fox News, a regular panelist on Fox Broadcasting’s Sunday-morning public-affairs program Fox News Sunday, and a columnist for FoxNews.com and for The Hill. He hosted NPR’s Talk of the Nation and has anchored Fox News Channel’s weekend daytime news coverage. A former senior correspondent and political analyst for National Public Radio, he is the author of the bestselling book Enough, the critically acclaimed biography Thurgood Marshall: American Revolutionary, and the national bestseller Eyes on the Prize: America’s Civil Rights Years, 1954–1965, the companion volume to the critically acclaimed television series. His most recent book, Muzzled: The Assault on Honest Debate, was released by Crown Publishers in late July, 2011, the main topic of which is the muzzling of honest exchange of ideas and search for solutions and compromise in America. During his 21-year career at the Washington Post, Williams served as an editorial writer, op-ed columnist, and White House reporter. His articles have appeared in the New York Times Sunday Magazine, Time, Newsweek, Fortune, The Atlantic Monthly, Ebony, Gentlemen’s Quarterly, and The New Republic.

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Merkel and Sarkozy impotent in the face of debt crisis

GoldMoney.com |

Mrs Merkel and Mr Sarkozy achieved nothing last Tuesday by holding, at short notice, a meeting to sort out the eurozone sovereign debt crisis. They only succeeded in exposing their political impotence. They came up with four proposals – none of which stand a chance of being implemented – having dropped one of Sarkozy’s, the issuance of a “eurobond”, after the Germans refused to lend their name and credit to it. This charade has more to do with French presidential elections next year than anything else, and Sarkozy’s diminishing re-election prospects. Mrs Merkel must regret being dragged into it.

They have no answers for the sovereign debt crisis, which now extends beyond the PIIGS to Belgium and France as well. According to the CIA database, the only eurozone countries with budget surpluses last year were Finland and Malta; the rest have a combined budget deficit of $760bn. Germany, who everyone is relying on, accounted for $120bn of the total deficit and has a government debt-to-GDP ratio of 80%. The most solvent are Estonia, Luxembourg, Slovenia and Slovakia, three of which have not had the chance to rack up much debt having been shackled behind the Iron Curtain for much of the last century.

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The Next De Gaulle

The Daily Sun |

Our editorial yesterday in respect of Charles De Gaulle raised the question of whether someone could be found today who could talk about the monetary crisis with the sense and gravitas the leader of Free France brought to the monetary crisis that came into view in the mid-1960s. De Gaulle himself is now gone, of course, having died in 1970. He had his faults and had become, in many ways, an irritant to America. But his late career call for a return to a system of sound money that would — by virtue of being based on gold — hold all countries to the same standard is now echoing across the decades. And it turns out there is an heir to the economist who emboldened the French president to make his famous declaration.

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Study says it’s official: The media is ignoring Ron Paul

The San Fransisco Chronicle | Joe Garofoli

It’s official: There is now a nonpartisan study confirming the Great Ron Paul Blow-Off. Dude lost the Ames Straw Poll by 152 votes to uh…uh…what’s her name… but SHE got the Sunday morning chat show invites while the punditocracy treated Dr. Paul like he was Thaddeus McCotter.

You’ve heard everybody from Jon Stewart to well, Ron Paul complain about it, but now we have a study from the nonpartisan Pew Research Center to back it up. The bar graph don’t lie:

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Syria: Obama Threatens U.S. Military Intervention

Global Research | Sara Flounders

President Barack Obama on Aug. 18 demanded that Syrian President Bashar al-Assad step down, saying that the Syrian leader’s days are numbered. The governments of Britain, France and Germany joined in this demand. This statement is ablatant imperialist interference in Syria’s internal affairs. Morethan that, it is an open threat to intervene militarily in another country in that region, just as the U.S. and its European allies have done already in Afghanistan, Iraq, Libya and Somalia, with rockets and bombs. It is a threat against the Syrian peopleof something like the last five months of slaughter of the Libyan people.

Two weeks earlier, on Aug. 5, Russia’s envoy to NATODmitry Rogozin told the media that NATO is planning a military campaign against Syria to overthrow the Assadregime. In an interview with Russia’s Izvestia daily newspaper, Rogozin said the North Atlantic Treaty Organization is also probably establishing a long-reaching goal of preparing an attack on Iran. (Reported in Xinhua, Aug. 5)

When U.S. imperialism engages in an attack on any government or movement, as it is now on Syria, it is cowardly to be neutral. It is rank betrayal to stand on the same side as the imperialist octopus, which seeks to dominate the world. This has been an ABC for workers’ movements through 150 years of class-conscious struggles. It is the very basis of Marxism. Whatever one’s assessment of the government under attack, any attempt at imperialist intervention, whether through sanctions or through armed attack, must be opposed.

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Roubini, Marx, and Keynes

LewRockwell.com | Gary North

Nouriel Roubini, known as “Dr. Doom” – having replaced Henry Kaufman in this capacity – now says that Karl Marx was right, according to a recent article.

Roubini teaches at New York University’s Stern School of Business. Kaufman earned a Ph.D. at the Stern School of Business. They are both very stern fellows.

I can hardly blame Kaufman for being stern. He ended his career at Lehman Brothers as the chairman of the Finance and Risk Committee. He is the author of The Road to Financial Reformation: Warnings, Consequences, Reforms (2009), also known as Do As I Say or Wind Up as We Did.

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A Not-Car Column….

EricPetersautos.com | Eric Peters

Last weekend, we bought some land.

This flies against policy (our policy) of never buying anything except that which can be paid for at the time of purchase – and even though I know full-well that we won’t really own the land, just as we don’t really own the land we have (or the house that sits upon it) because owners don’t pay rent in perpetuity to the government, which we, like all “owners” must (in the form of annual property taxes) if we wish to continue to be allowed to remain on the land (and in “our”) house.

Anyhow.

We did this deed as a way to hedge against what I am increasingly convinced is coming – the destruction of the dollar, followed about five minutes after this becomes common knowledge by the final implosion of what’s left of the American economy.

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Gold: Is It Invincible?

321gold.com | Morris Hubbartt

US Dollar QE Repercussion Chart

Dollar Commentary

Loss of confidence in the dollar is accelerating and it effectively sits now on what amounts to a trap door. US debt downgraded by S&P was a big story. The bigger story is the performance of the dollar in comparison to gold! Gold is being elevated back to its ultimate currency status. I think it’s fair to almost say that it is gold that has really downgraded the dollar for months, and this downgrade continues with a fury.

US Dollar Ultimate Oscillator Chart

The USD has had a rough 12 months, losing in excess of 10%. Unfortunately, the policies of the United States Government for the foreseeable future are unchanged. I expect that policy to show itself in the performance of the dollar.

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So where in the world is safe?

Sovereign Man | Simon Black

Yesterday’s letter about social upheaval received a lot of comments, and I want to address the major themes today.

First, ‘Simon the White’ wrote: “You imply that it’s not just the USA, but that all Western countries are screwed. Where will the contagion end? You appear to be arguing ‘expatriate at all costs,’ but if things are bad enough that there is rioting in the USA, where on earth will be safe?”

To summarize yesterday’s letter, I view social upheaval as a foregone conclusion– it’s already happening around the world, and is a direct consequence of deteriorating economic conditions. In the developed world, social upheaval is a gigantic pyre desperately seeking a spark.

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Donald Trump’s candidacy received three times more coverage than Ron Paul’s candidacy

The Raw Story | Eric W. Dolan

Donald Trump received over three times as much news coverage than Republican presidential candidate Rep. Ron Paul (R-TX) this year, according to a report by the Pew Research Center’s Project for Excellence in Journalism.

The report found that Trump was featured in 94 campaign stories by 52 major news outlets from from January 1 to August 14, but the same news outlets only featured Paul in 27 campaign stories.

The real estate mogul and reality television star briefly considered running for president in the spring.

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Cloudy with 100% Chance of Corporate State

Coyote Blog |

t does not appear that Rick Perry is the guy to dismantle our growing corporate state.

The LA Times investigates the big-money culture of Texas politics, which has gotten even bigger and money-er since Rick Perry became governor:

Perry has received a total of $37 million over the last decade from just 150 individuals and couples, who are likely to form the backbone of his new effort to win the Republican presidential nomination….Nearly half of those mega-donors received hefty business contracts, tax breaks or appointments under Perry, according to a Los Angeles Times analysis.

Perry, campaigning Monday at the Iowa State Fair in Des Moines, declined to comment when asked how he separated the interests of his donors from the needs of his state. His aides vigorously dispute that his contributors received any perks. “They get the same thing that all Texans get,” said spokesman Mark Miner.

Nearly half! And this doesn’t even include anything about David Nance and the largesse Perry distributes via his $200 million state-managed venture capital slush fund. Doling out political favors in industrial quantities is obviously something that isn’t frowned upon by Texas political culture, and Perry has taken it to whole new levels.

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May 24, 2010

Gold still the best option to protect agaisnt Fiat paper money

Thomas G. Brown |

Read an article in the Financial Times today by Merryn Somerset Webb about gold just hitting it stride and not in a bubble as many talking heads are discussing. Ms. Webb attributes the drop in the gold price to a reduction in jewelery purchases in India which usually attributes for a large amount of gold purchases in the spring due to holidays. She goes on to say that “Adjust the 1980 high of $850 for US inflation and you get around $2,500-a level only the most bullish are predicting now”

My thoughts are that gold and silver are still the best protection against currency devaluation and monetary uncertainty that we are experiencing not just in the US but around the world as folks are waking up to the effects of fiat currencies.

Congressman Ron Paul in his weekly column Texas Straight Talk points out the problems with fiat currencies a compares what the US government is doing to Identity Theft. He points out that if we incur a debt with out our knowledge or consent the bank would fully reimburse you of these debts. But if your government go into debt or borrow money without your consent you are forced to pay for it either in direct taxing or more likely an inflation tax in the creation of new money out of thin air.

A great quote about paper money came from George Washington “Paper money has had the effect in your state that it will ever have to ruin commerce, oppress the honest, and open the door to every species of fraud and injustice.”

Hell even Bill Clinton stated to Bob Schaeffer at the Peterson Institute back in April that the monetary problems and the implosion of the financial/banking industry is due to the ending of the Gold Standard.

With all this information pointing to the destruction of the economy being tied to fiat money the fools Congress seem to be in the dark…ah hell these people are clueless. They decided that the new Restoring American Financial Stability Act of 2010is the way to go in terms of correcting and preventing future economic catastrophes. The bill does nothing but expands the powers of the Federal Reserve. Talk about letting the pedophile run the summer camp!

The first step to fixing our economic problems is to do away with the fiat money and bring back Constitutionally (Article 1 section 8&10) sound money in the form of gold and/or silver.