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Read today's News (below) on a daily basis, to stay well informed. Profit from economic uncertainty by understanding the times.

HEADLINE Economic, Financial & Global News...

Wednesday 05.22.2013

No Bear Market in Gold
By: Paul Craig Roberts - LewRockwell.com
You know that gold bear market that the financial press keeps touting? The one George Soros keeps proclaiming? Well, it is not there. The gold bear market is disinformation that is helping elites acquire the gold.
Certainly, Soros himself doesn't believe it, as the 13-F release issued by the Securities and Exchange Commission on May 15 proves. George Soros has significantly increased his gold holding by purchasing $25.2 million of call options on the GDXJ Junior Gold Miners Index.

The Gold/Silver Canary In The Coalmine
by Tyler Durden - ZeroHedge.com
In general when equity prices are rising and credit spreads are tightening, the ratio of gold-to-silver prices falls as 'fear' ebbs away and confidence in a real economy returns as exemplified by the rise of risk assets. Twice before we have seen the anti-correlation of stocks and gold/silver flip to a highly correlated regime, and as Bloomberg's Chart of the Day notes, each time it suggested "stocks were due to snap". It seems a concerted push above and a 50x ratio (for gold-to-silver) tends to exhibit notably risk-off behavior. Currently, the S&P 500 and Gold-to-Silver ratio have been highly correlated since this last rally began in stocks and as HSBC's Charles Morris notes, this suggests a 'snap' in risk assets within six months.

Running Head-On Into 1929
By Jim Cramer - TheStreet.com
NEW YORK (Real Money) -- Can the market make it 19 straight Tuesdays up? Can that happen? I know these things are silly, but let me tell you the lore and yore of it, and maybe you'll understand the tyranny the bears have over the bulls with just this one statistic.
First, no bear will give this Tuesday skein its due, even though it is monumental. Second, the previous record was 15 straight Tuesdays. So we have already had three more weeks of up Tuesdays since the last time.
Now, here's the easily made bear case: The streak we broke? It was June 21, 1927 to Sept. 27, 1927.

Fed officials dampen talk of imminent bond buying cutback
By Jonathan Spicer and Paul Carrel
NEW YORK/FRANKFURT | Tue May 21, 2013 4:43pm EDT
(Reuters) - Two senior Federal Reserve officials on Tuesday played down the chances that the U.S. central bank would signal a readiness to reduce its bond buying at its meeting next month, dampening speculation the Fed's ultra-easy monetary policy might end soon.
New York Federal Reserve Bank President William Dudley and St. Louis Fed chief James Bullard, both of whom will vote at the June 18-19 meeting, made clear further economic progress was needed before they would support curtailing bond purchases.

Keiser Report: Down is New Up, Up is New Down (E447)
Published on May 21, 2013
In this episode of the Keiser Report, Max Keiser and Stacy Herbert examine whether the markets are soaring or crashing but find it impossible to determine as long standing data patterns have broken down. They discuss feeding the ducks while they're quacking and bitcoin vigilantes fighting the Fed. In the second half, Max talks to Sandeep Jaitly of FeketeResearch.com about the imminent extinction of the price of gold as well as the permanent backwardation in both gold and silver markets.

Why Won't Bitcoin Die?
The virtual currency has had many near-death experiences in its short four year life, but it just keeps bouncing back
By Adrianne Jeffries, The Verge
I attended the first Bitcoin World Conference and Expo, held in a second-floor meeting room in a midtown Manhattan hotel, on a Saturday in August 2011. The virtual currency was powering an alternative economy worth around $81 million USD. Roughly 75 attendees, mostly long-haired programmers and pasty cypherpunks, came from as far as Switzerland. After the talks, we took a group photo.
The Bitcoin economy is now worth more than $1 billion USD. More than 1,000 people showed up last weekend at the San Jose McEnery Convention Center for Bitcoin 2013, a much more professional affair hosted by the non-profit Bitcoin Foundation. Lanyarded Bitcoiners swarmed the trade show booths on Friday night, gripping wine in clear plastic cups, as a comedian opened the convention to a lukewarm reception. "Democrats, make some noise!" he cried. Feeble clapping. "Republicans, make some noise!" Another smattering. He looked puzzled until a heckler suggested a third group. "Libertarians, make some noise!" The audience roared.

The Dollar is Going Up
By Keith Weiner - FinancialSense.com
Let's take a look at a few graphs of the dollar, from Feb 1, 2013 through Friday May 17, 2013. Yes, I said graphs of the dollar. I've priced the dollar in gold first (of course), then silver, the euro, and even the yen. The pattern is obvious. The dollar is going up.
I did not show copper, lumber, or wheat though they show the same trend. These commodities are not money, of course.
My point is simple. It's not gold that is going anywhere. In past articles, I've used the analogy of measuring a steel ruler using rubber bands. Using the dollar to measure gold is like that. In this article I show that it's not just gold, but silver, other currencies, and commodities. The dollar is rising now matter how we measure it.

The Coming Collapse Of The Petrodollar System
PETRODOLLAR WAR
by Andrew McKillop - ZeroHedge.com
The theory of Petrodollar Warfare can be attributed to US analyst and author William R Clarke, and his 2005 book of that title which interpreted the US-UK decision to invade Iraq in 2003. He called this an "oil currency war", but the concept of the petrodollar system and petrodollar recyling dates back to the eve of the first Oil Shock in 1973-1974. The role of the petrodollar system as a driving force of US foreign policy is explained by analysts and historians as basic to maintaining the dollar's status as the world's dominant reserve currency - and the currency in which oil is priced.

Thanks To QE Bernanke Has Injected Foreign Banks
With Over $1 Trillion In Cash For First Time Ever
by Tyler Durden - ZeroHedge.com
Two years ago, Zero Hedge first made the observation that the bulk of Fed reserves (also known simply as "cash created out of thin air" because money is first and foremost fungible no matter what textbook theoreticians may claim, and the only cash allocation preference is the capital allocation IRR analysis) had been parked not with US banks, but with foreign banks with US-based operations. We followed thatwith more analyses, showing explicitly how the Fed was providing a constant cash injection to foreign banks courtesy of the rate on overnight reserves which is the amount Fed pays to banks that hold reserves with it, as the bulk of reserves continued to end up with foreign banks - a situation set to become a huge political storm some time in 2014-2015 when the IOER has to rise and the Fed is "found" to have injected tens of billions of "interest" not into US banks but in foreign banks operating in the US, and which then can upstream the "profits" to insolvent offshore domiciled holding companies.

The real trouble with the IRS
The IRS's Job Is To Violate Our Liberties
by Ron Paul - LewRockwell.com
"What do you expect when you target the President?" This is what an Internal Revenue Service (IRS) agent allegedly said to the head of a conservative organization that was being audited after calling for the impeachment of then-President Clinton. Recent revelations that IRS agents gave "special scrutiny" to organizations opposed to the current administration's policies suggest that many in the IRS still believe harassing the President's opponents is part of their job.

IRS official to plead the Fifth before House Oversight panel
By Peter Schroeder - TheHill.com
The Internal Revenue Service official at the center of the Tea Party targeting controversy will reportedly refuse to answer questions from lawmakers Wednesday.
Lois Lerner, the head of the exempt organizations division of the IRS, will exercise her rights under the Fifth Amendment if forced to appear before the House Oversight Committee as scheduled Wednesday, according to her attorney.

Not My Fault
Treasury secretary distances himself from IRS scandal
BY: Andrew Evans - FreeBeacon.com
Treasury Secretary Jack Lew attempted to distance his department from the Internal Revenue Service's controversial actions at a Senate hearing on Tuesday morning, despite acknowledging that the Treasury oversees the IRS.
Lew said he did not know any details of the inspector general's investigation into inappropriate targeting of conservative nonprofit groups before the final report was released, although he confessed that the inspector general alerted him to it on March 15.

Five Troubling Questions About IRS Scandal
Editorial, Investor's Business
Scandal Watch: Despite White House attempts to brush the IRS scandal aside as "irrelevant" or the work of rogue miscreants, huge questions remain about who ordered IRS agents to harass Tea Party groups, and why.
Every day, in fact, raises new and more disturbing questions that congressional investigators must get answers to. Among them:
1. Who told Internal Revenue Service workers to target conservatives? It's becoming increasingly clear these workers did not act on their own. Over the weekend, the Washington Post quoted an IRS staffer saying how "everything comes from the top."

McCain-Feingold Gave Us the IRS Scandal
"Too much money in politics" is never the problem.
By ROSS KAMINSKY - Spectator.org
During Friday morning's House Ways and Means Committee hearing on the IRS targeting scandal, Liberal Congressman Jim McDermott (D-WA) at least had the honesty to say "I don't like the right."
Each committee member had his own axe to grind. McDermott's was campaign finance reform, and his view was shared by several Democrats.

IRS Union Chief Stonewalls
Kelley denies Tea Party talk with Obama:
silent on White House e-mails, phone records.
By JEFFREY LORD - Spectator.org
Yesterday I asked in this space, among other questions about the IRS scandal, this:
What was the subject of the Obama-Kelley March 31, 2010 meeting?
I received the following response to my question from the National Treasury Employees Union (NTEU) — the union for IRS employees headed by ex-14 year agent Colleen Kelley. The response came from union spokesperson Dina Long. It reads, in its entirety, this:
Statement of NTEU
On March 31, 2010, NTEU President Colleen M. Kelley attended the White House Forum on Workplace Flexibility at the Old Executive Office Building. The forum was attended by approximately 200 attendees including business leaders, workers, policy experts and labor representatives discussing telework and worklife balance issues. Attendees were broken into five groups to discuss workplace issues. The president made opening remarks. President Kelley did not have any direct contact with the president or the first lady. President Kelley has never discussed the tea party with the president.

Labor union concern over fallout on Obamacare
is growing, report says
By Russ Britt - MarketWatch.com
The Hill reports that President Obama is beginning to find an unlikely rival to his signature health-care overhaul initiative — labor unions.
Several labor groups are concerned that implementation of the measure formally known as the Affordable Care Act will let their members fall through the cracks in the law and they're calling for those to be patched up before the major portions of the bill go into effect next year, The Hill said in a report on Tuesday.

Has the IRS Already Seized Your Medical Records?
If you think your intimate health information is private
in the era of Obamacare, think again.
By DAVID CATRON - Spectator.org
As gratifying as it was to see the "news" media actually do its job last week when the IRS scandal broke, it was also odd that the coverage focused exclusively on abuses of power relating to various Tea Party and anti-abortion groups. A much scarier IRS story has been virtually ignored by the establishment press. On Wednesday, it wasreported that a class-action lawsuit had been filed against a group of IRS agents who, according to the complaint filed by "John Doe Company" in the Southern District of California, "stole more than 60,000,000 medical records of more than 10,000,000 Americans, including at least 1,000,000 Californians."

Issa Warns Hillary
If she's called to testify again, she'd better be ready.
By Jonathan Strong - NationalReview.com
Since Hillary Clinton last came up to Capitol Hill, we've learned senior State Department officials sought to scrub references to terrorism from the infamous Benghazi talking points to insulate Foggy Bottom from political criticism — citing concerns of their "building's leadership" to justify the demands.
The rising temperature of the scandal means it's possible that Hillary could be asked to return and testify again. If she comes back, she had better be prepared, says House Oversight and Government Reform chairman Darrell Issa.

Role of Health-Law 'Navigators' Under Fire
By LOUISE RADNOFSKY - WSJ.com
Lawmakers across the country are tussling over the Obama administration's plans to create a small army of assistants to guide millions of Americans as they sign up for new health-insurance options available this fall.
Backers of the health-care overhaul face an uphill battle to spread the word about the law, in the face of consumer research that suggests most uninsured people know little about it and are skeptical about the value of health insurance generally. Some Democrats have openly worried that the administration is doing too little to make sure the enrollment process goes smoothly.

Some Republicans see new scandal in Sebelius fundraising
By David Morgan
WASHINGTON | Tue May 21, 2013 4:06am EDT
(Reuters) - With the White House already reeling from three major controversies, some Republican lawmakers are zeroing in on what they perceive is another possible scandal tied to President Barack Obama's landmark health reform law just as it nears implementation.
On top of the troubles the administration is facing over its handling of the attack on the Benghazi mission, the Internal Revenue Service's targeting of conservative groups, and the Justice Department's seizure of Associated Press phone records, Republicans hope to target Health and Human Services Secretary Kathleen Sebelius.

Sebelius: 'Expanding Access to Health Coverage Is a Responsibility Belonging Chiefly to National Governments'
By Susan Jones - CNSNews.com
(CNSNews.com) - Health and Human Services Secretary Kathleen Sebelius touted universal health coverage at a global conference in Geneva, Switzerland on Monday.
"Advancing the health of our nations is a fundamental commitment we make to all our people," Sebelius told the World Health Assembly Plenary Session. "As President Obama recently reminded us, access to health care is not some earned privilege--it is a right. And that means we must work to ensure that everyone has access to the services they need."

Unions break ranks on ObamaCare
By Kevin Bogardus - TheHill.com
Labor unions are breaking with President Obama on ObamaCare.
Months after the president's reelection, a variety of unions are publicly balking at how the administration plans to implement the landmark law. They warn that unless there are changes, the results could be catastrophic.
The United Food and Commercial Workers International Union (UFCW) — a 1.3 million-member labor group that twice endorsed Obama for president — is very worried about how the reform law will affect its members' healthcare plans.

Cyborgs arrive! Scientists build 3D printed ear
Princeton researchers mix tissue and electronics
By Sharon Gaudin - Computerworld.com
Computerworld - Merging electronics with human tissue, scientists have used 3D printing tools to build a functioning ear.
Researchers at Princeton University reported that they created afunctioning ear that that can "hear" radio frequencies beyond the range of normal human capability.
Using an off-the-shelf 3D printer, they printed both calf cells and silver nanoparticles, along with a cell culture, to merge a small antenna with cartilage -- essentially creating a bionic ear.

The man who 'nearly broke the internet'
Sven Olaf Kamphuis is accused of global cybercrime, but Spanish police found him in a squalid flat with his name on the letterbox
By Giles Tremlett in Granollers - The Guardian
The day Sven Olaf Kamphuis parked his huge orange Mercedes van with its German numberplates outside Bar Javis, in the Catalan town of Granollers, the owner's son snapped a picture with his mobile phone.
"Not a lot happens in this street," Maria Cruz, the bar's owner, explained. "And it was so huge, with all those funny antennas and solar panels poking out of the roof, that it blocked the light to the bar."

Cybercrime breaches $1 trillion a year, China mostly to blame
By Paul Bedard - WashingtonExaminer.com
Cybercrime and efforts to thwart computer attacks have finally crossed the $1 trillion a year line and Chinese sources are to blame for 89 percent of the high-tech assaults, according to a leading computer security executive and the National Security Administration.
The wave of attacks has surged in the past three years to such a level, however, that efforts to defend and fight back haven't kept up, prompting officials to call for international treaties to cover cyberspace, sanctions on countries that attack U.S. databases and even computer revenge.

Fabian Society: Pay for Permission to Use the Earth
All would be 'renters' without ownership rights
under this 1887 collectivist model.
Aaron Dykes - Activist Post
In the founding creed of the Fabian Society, published circa 1887, the prestigious UK socialists behind the founding of the Labour Party set down principles against the private ownership of land and towards the formation of a global (socialist administered) commune.
In particular, the group – whose most notable members include playwright George Bernard Shaw and sci-fi writer H.G. Wells – says that people should "pay rent" for "permission to use the Earth."

Fabian Society: Pay for Permission to Use the Earth

The Big One: Preparing for mid-America earthquake
By Michael Fitzgerald - CNHI News Service
It's a bleak scenario. A massive earthquake along the New Madrid fault kills or injures 60,000 people in Tennessee. A quarter of a million people are homeless. The Memphis airport – the country's biggest air terminal for packages – goes off-line. Major oil and gas pipelines across Tennessee rupture, causing shortages in the Northeast. In Missouri, another 15,000 people are hurt or dead. Cities and towns throughout the central U.S. lose power and water for months. Losses stack up to hundreds of billions of dollars.
Fortunately, this magnitude 7.7 temblor is not real but rather a scenario imagined by the Mid-America Earthquake Center and the Institute for Crisis, Disaster and Risk Management at George Washington University. The goal of their 2008 analysis was to plan for a modern recurrence of quakes that happened along the New Madrid fault more than 200 years ago, in 1811 and 1812.

Are We Entering The Worst Period
For Natural Disasters In U.S. History?
By Michael Snyder - EndOfTheAmericanDream.com
Weather patterns are becoming increasingly erratic and the ground under our feet is becoming extremely unstable. So precisely what in the world is going on here? Is this the beginning of a trend? Could it be possible that we are entering the worst period for natural disasters in U.S. history? The tornado that just hit the town of Moore, Oklahoma is already being called one of the most destructive tornadoes that America has ever seen. That tornado came almost two years to the day after the deadliest tornado in U.S. history hit Joplin, Missouri. But of course it is not just tornadoes that seem to be getting more powerful. Giant sinkholes are appearing at an unprecedented rate, earthquakes are becoming more frequent and more powerful, 6 of the 10 worst years for wildfires ever recorded in the United States have all come since the year 2000, and the western part of the country is experiencing the worst stretch of drought since the days of the Great Depression. Is all of this just some sort of a giant coincidence? If not, what is causing these changes?

No Bible, No Democracy
The Book We Still Can't Spare
Without the Bible, can there be democracy?
By Lars Walker - Spectator.org
Despite my well-deserved international reputation as a coward, I occasionally get into arguments with people, mostly on Facebook where no one can punch you. It was during such an argument recently that someone actually implied that I was a liar, one vice for which I don't have a reputation, as far as I know. We were discussing…. never mind; that's another essay. But when she asked me where I got my ideas about right and wrong, I said that I'd read the Bible. My opponent laughed that off. She'd never read the whole Bible, she said, and she was pretty sure I hadn't either.

Progressives for Sale
Secret corporate cash
behind Obama-allied think tank, leak reveals
BY: Bill McMorris - FreeBeacon.com
A liberal think tank with close ties to the Obama administration took money from General Motors and other businesses it did not disclose while campaigning for policies benefitting those companies, according to The Nation magazine.
Members of the "Business Alliance" of the Center for American Progress (CAP) include bailed out car company GM, unsafe Bangladeshi factoryutilizer Walmart, and embattled solar energy company First Solar, according to a membership list obtained by the liberal magazine.

The Agenda Of The New World Order
Published on May 15, 2013
Lindsey Williams, who has been an ordained Baptist minister for 28 years, went to Alaska in 1971 as a missionary. The Transalaska oil pipeline began its construction phase in 1974, and because of Mr. Williams' love for his country and concern for the spiritual welfare of the "pipeliners," he volunteered to serve as Chaplain on the pipeline, with the subsequent full support of the Alyeska Pipeline Company. Because of the executive status accorded to him as Chaplain, he was given access to information documented in his eye opening book, The Energy Non-Crisis.

Big Brother Is Watching
Privacy, public health and the moral hazard of surveillance
If online oversharing is a public health problem, then the state's decision to harness it for its own purposes means that huge, powerful forces within government will come to depend on it
By Cory Doctorow, The Guardian
Whenever government surveillance is debated, someone inevitably pooh-poohs the subject as cause for alarm: after all, people overshare so much sensitive personal information with services like Facebook that there's hardly anything to be gleaned from state surveillance that isn't already there for the taking on "social media."
I don't question the assertion that people overshare on social networks – that is, people share information in ways that they later come to regret. The consequences of oversharing range widely, and we hear of any or all of losing a job; being outed to your family or co-workers for your sexual orientation; having embarrassing youthful episodes of intoxication and/or ill-considered opinion forever tied to your name in the eyes of potential lovers, friends, and employers; and alienating friends and family who don't approve of some aspect of your life, associations, or hobbies.

White House threatens veto of Keystone bill
By Zack Colman - TheHill.com
The White House on Tuesday threatened to veto a House bill that would expedite construction of the Keystone XL oil sands pipeline.
"Because H.R. 3 seeks to circumvent longstanding and proven processes for determining whether cross-border pipelines are in the national interest by removing the Presidential Permitting requirement for the Keystone XL pipeline project, if presented to the President, his senior advisors would recommend that he veto this bill," the White House said in a statement of administrative policy.

Benghazi witness points finger at Clinton
on lapses in consulate security
By Julian Pecquet - TheHill.com
The star witness in the Benghazi investigation said former Secretary of State Hillary Clinton personally ordered Ambassador Chris Stevens to set up a permanent post in the restive city and should have known about deteriorating security.
The revelations from the second-ranking U.S. diplomat in Libya at the time come as the audit that cleared the former secretary of State of any wrongdoing has come under fire for not interviewing Clinton or her top lieutenants.

Israel warns Syria: More strikes loom
By Cheryl K. Chumley-The Washington Times
Israeli's military warned on Tuesday that more strikes on Syria could be coming if the nation doesn't stand down its missile attacks.
The IDF said Syria launched against Israel three times in three days — and the fact that the launches all stemmed from the same location and went forth about the same time proves that they were intentional, and not simple spillover from the country's internal civil unrest, Ynet reported. So Israel finally launched a counter-attack on Tuesday, taking out a Syrian post. And now IDF heads are saying more will come, if Syria doesn't back off.

Israel and Syria exchange fire in the Golan Heights
Syrian army says it destroyed 'Israeli vehicle with everyone in it', but Israel reports only minor damage and no injuries
By Harriet Sherwood in Jerusalem - Guardian.co.uk
A cross-border exchange of fire in the Golan Heights between the Israeli and Syrian armies early on Tuesday triggered a claim by the Damascus regime that a jeep manned by Israeli troops had entered Syrian territory and was destroyed.
The Israeli Defence Forces (IDF) denied the claim, saying shots were deliberately fired at a patrol inside the Israeli-controlled the Golan Heights, causing minor damage and no injuries. "In response, IDF forces returned precise fire at the source and reported a direct hit," it said.

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