Friday, August 5, 2011

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Thursday, August 4, 2011


Colbert Takes On Newt Gingrich's Fake Twitter Follower Scandal (VIDEO)

Colbert Takes On Newt Gingrich's Fake Twitter Follower Scandal (VIDEO)
Stephen Colbert isn't nearly as pessimistic about Newt Gingrich's fledging presidential campaign as many prognosticators seem to be. As Gingrich himself recently pointed out, he has six times the number of Twitter followers as all the other Republican candidates combined. Go to @NewtGingrich and check out his illustrious account for yourself. We'll wait.

Welcome back! Impressed, no? You're not alone. Well, you might be alone. After Gingrich made his claim, it was countered by many in the media who claim that up to 92% of his followers are fake accounts. But Colbert takes down Gingrich's critics by pointing out what's really attractive about Gingrich and his Twitter account -- that Newt is obviously a hip, youth-defining candidate. Colbert then has some advice for how Gingrich can translate the lessons from this Twitter scandal into a campaign advantage.

Wednesday, August 3, 2011

Bernanke Gets Hammered, Tells Truth About US Economy: http://ning.it/nXepH5


What Makes a Police State? How do you know your country is no longer free? http://ning.it/ovdcih

Miami-Dade bills $22,000 for a public records request. Avg cost for similar requests? Free to $17. http://ow.ly/1vihMa


F ree c ell ph ones are now a right for the poor in Pennsylvania http://ow.ly/1vihrD


China Joins Russia in Blasting U.S. Borrowing After Debt Ceiling Agreement http://ow.ly/1vie7l


Obama Policies Killing U.S.! The 4 Scariest Economic Graphs I've Seen This Year - The Atlantic: bit.ly/o3UDKt


Obama Regime Wants Changes to Arms Export Licensing Process... To Export More Arms http://ow.ly/1vidlB


Scare: Job cuts surge 60% to 16-month high http://ow.ly/1vicRQ


Rep. Paul introduces bill to cancel $1.6T in debt held by Federal Reserve http://ow.ly/1via2


Radioactive fish found in Connecticut River — State officials trying to determine source http://ow.ly/1vi9AA

Police called criminals as Katrina trial closes http://ow.ly/1vi9sh


NSA is looking for a few good hackers http://ow.ly/1vi9q5


Florida on hurricane alert as tropical storm Emily is gaining power http://ow.ly/1vi9p0


The Debt Ceiling Deal From Hell http://ow.ly/1vi9k3


The US Dictatorship and its White House Servant ‘President’ http://ow.ly/1vi9if


Sheriff's deputies Tasered a Vet 16 times and sprayed him with 4 cans of pepper spray http://ow.ly/1vi94x


Federal court rules human genes can be patented http://ow.ly/1vi8OF


Paul Craig Roberts: The Decline and Fall of the American Empire http://ow.ly/1vi8MG


Checking out "hip hop to fight the new world order" on 12160: http://ning.it/qaSKPZ


Biggest Middle Class Tax Increase In History Will Come In Five Month: http://ning.it/qJ0hBq


@12160


LINK EXCHANGE 


Tanks storm Hama -At least 142 people reportedly killed in violence throughout Syria http://ow.ly/1vc30q

Anarchists should be reported, advises anti-terror police
http://ow.ly/1vc2tU

The Crying Indian - full commercial - Keep America Beautiful: http://ning.it/pdtaL4

Anti-Piracy Lawyers Rip Off Work From Competitor
http://ning.it/qZOxmm

Deal Framework Reached on Raising U.S. Debt Ceiling: http://ning.it/rpxGZo

Chinese Nuclear Accident Alleged


Bill Gates Now Has More Money Than The Federal Government http://ning.it/pbDgI2


RT News: U.S. Military Vets lost http://ning.it/rnKd9L

US Judge Orders Nixon's Secret Watergate Testimony Released Despite Obama Opposition http://ning.it/rugngo

Checking out "Kelly Thomas Memorial and Protest - July 30, 2011" on 12160: http://ning.it/nWpnwX

CIA Drug Ops Conspiracy-Unaired Documentary-Full Length http://ow.ly/1vbUci


Is Your Senator Using The Distraction Of The Debt Ceiling To Support The Feds Secret Interpretation http://ow.ly/1vbSDn

Mapping the Power Structure of the NWO http://ow.ly/1vbRKJ

G. Edward Griffin: The Collectivist Conspiracy http://ow.ly/1vbRD0

For Liberty: How the Ron Paul Revolution Watered the Withered Tree of Liberty: http://ow.ly/1vbRjG

Ron Paul Exposes The C.I.A. System: http://ning.it/pI1Kjg

Police Beating of Kelly Thomas in Fullerton, CA: http://ning.it/pwM7HP

The Power behind the New World Order *Full Documentary* http://ning.it/ncpj0I


Sea Shepherd flagship impounded in Scottish port after Maltese tuna fishery sues for £850,000 in damages http://ning.it/pn3CMX

Blackwater Relocates Headquarters to D.C.: http://ning.it/nfkFBX




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Monday, August 1, 2011

Turkey to appoint new military leadership
Civilian government set to appoint new commanders for first time, following resignation of country's four top generals.
Last Modified: 01 Aug 2011 16:01
Erdogan, right, and the Turkish military have often had fraught a relationship [Reuters]
Turkey's Prime Minister Recep Tayyip Erdogan has been meeting military leaders to decide on new heads for all the branches of the armed forces.
The four-day gathering of the Supreme Military Council, which reviews annually the promotion prospects of senior officers, follows the surprise resignation of the country's four top generals last week.
The meeting has never before been held without the main military leaders in attendance and it will be the first time a civilian government decides who commands the various armed forces in Turkey.

Armed forces chief Isik Kosaner and the separate heads of the army, navy and air force all resigned on Friday in a row with Ankara over the promotion of dozens of officers held in a probe of alleged plots to oust the government.
Following the resignations, Erdogan named as acting forces chief General Necdet Ozel, who was the head of the military police.
Ozel, who was also tapped to head the army on an emergency basis, is co-chairing the promotions meeting.
'Sledgehammer' plot
more
http://english.aljazeera.net/news/europe/2011/08/20118113584619619.html
In spite of constant headlines about debts and deficits, most Americans don’t really believe the U.S. dollar will collapse. From knowledgeable investors who study the markets to those seemingly too busy to worry about such things, most dismiss the idea of the dollar actually going to zero.
The price of gold climbed to $1633.50 an ounce Friday morning – as stocks and commodities fell following the decision to cancel a vote on proposals to cut the US deficit. It continued rising into the U.S. opening.  Heading into the weekend, the gold price was looking at a 1% weekly gain by Friday lunchtime.
History has a message for us: No fiat currency has lasted forever. Eventually, they all fail.
BMG BullionBars recently published a poster featuring pictures of numerous currencies that have gone bust. Some got there quickly, while others took a century or more. Regardless of how long it took, though, the seductive temptations allowed under a fiat monetary system eventually caught up with these governments, and their currencies went poof!
So what’s the one word for the “thousand pictures” below? Worthless.

Yugoslavia – 10 billion dinar, 1993
Zaire – 5 million zaires, 1992
Venezuela – 10,000 bolívares, 2002
Ukraine – 10,000 karbovantsiv, 1995
Turkey – 5 million lira, 1997
Russia – 10,000 rubles, 1992
Romania – 50,000 lei, 2001
Central Bank of China – 10,000 CGU, 1947
Peru – 100,000 intis, 1989
Nicaragua – 10 million córdobas, 1990
Hungary – 10 million pengo, 1945
Greece – 25,000 drachmas, 1943
Germany – 1 billion mark, 1923
Georgia – 1 million laris, 1994
France – 5 livres, 1793
Chile – 10,000 pesos, 1975
Brazil – 500 cruzeiros reais, 1993
Bosnia – 100 million dinar, 1993
Bolivia – 5 million pesos bolivianos, 1985
Belarus – 100,000 rubles, 1996
Argentina – 10,000 pesos argentinos, 1985
Angola – 500,000 kwanzas reajustados, 1995
Zimbabwe – 100 trillion dollars, 2006
So, will a similar fate befall the U.S. dollar? The common denominator that led to the downfall of each currency above was the two big Ds: Debts and Deficits.
Because when it comes to money, worthless is not a fun word.
Owning physical gold is good protection from the sinking value of the U.S. dollar>>>>>>>>>>>>>Details here
Spot gold prices gained 1.2 percent today and hit a new record high of $1623/oz. The US officials failed to increase the country’s debt limits and also heightened fears over a possible default. This led poor sentiments in the global financial markets which boosted safe-haven demand for gold. On the MCX, gold prices traded higher by almost 1 percent and were hovering at `23,323/10 gms today. Following rise in gold, spot silver gained around 1.6 percent mainly taking cues from a weaker dollar.
Escalating concerns with regard to US debt limits and weak sentiments in the global markets exerted pressure on the base metal prices on the LME today. Strike at Escondida, world’s largest copper mine in Chile, have entered in its fourth day and there is no signs of any solution to the disputes. Copper traded lower by 0.5 percent and touched an intra-day low of $9608/tonne today. But sharp decline was cushioned mainly on the back of supply worries from Chile and a weaker dollar.
Crude oil prices declined almost 1 percent on the Nymex today mainly on account of rising US debt limits concerns coupled with weak global market sentiments. Oil touched an intra-day low of $98.76/bbl and were trading at $99.01/bbl till 4.00 pm IST.
However, on the MCX, crude oil August contract declined around 0.5 percent as Rupee depreciation led minimal decline on the domestic bourses today.
Outlook
Base metals and crude oil is expected to trade lower today mainly on the back of choppy sentiments in the global markets due to increasing concerns over US debt worries. However, a weaker dollar will cushion sharp decline.
Expect gold to trade higher today mainly due to rising US debt tensions and weak sentiments in the global markets which will fuel safe-haven demand for gold.
Historical Considerations
Since ancient times, humans have been fascinated by gold, silver and other precious metals, and have used them both as currency and to make valuable jewelry and artifacts. In times of war and other strife, people have traditionally converted their savings into metals that they have carried with them to safer places. Precious metals, particularly gold, continue to be regarded as safe haven investments, and as a form of insurance against both inflation and deflation.
The volume of gold trading on the global markets tends to intensify as individuals sense an uncertain economic or political environment. Since 9/11, when the world started to become more unstable in geopolitical terms, the prices of gold and its companion metals have increased dramatically while trading volumes are up sharply, too. Prices have escalated especially fast since 2008, when the world economy entered a crisis period that is still not resolved, and investors flocked to these perceived safe commodities.
With severe and complex economic problems on both sides of the Atlantic, and even China warning that its banking sector might be in trouble, more and more ordinary people are learning to trade silver, gold, platinum and palladium in an attempt to gain control of their own financial security. Many experts recommend holding physical precious metals rather than paper investments such as futures or ETFs (exchange traded funds) on these commodities, particularly in uncertain times such as these.

SINGAPORE: Gold fever is gripping Asian investors and could spread to central banks as global growth uncertainties tarnish the appeal of other assets, putting bullion on course for more gains but also provoking fears about supply.
Spot gold surged more than $100 in 11 straight days to Tuesday, its longest winning streak in four decades, hitting a record $1,617.51 an ounce, as debt default fears in the US and Europe drove investors to seek safety.
Gold stayed above $1,600 las week as market watchers remained cautious about the debt situation on both sides of the Atlantic.

Gold prices broke a new record Monday, driven by concerns over mounting debt worries in the United States and Europe.  Gold futures for August delivery reached a fresh high of $1,602.50 per ounce in early trading Monday.  The yellow metal has been on a roll since July 12, when it got an extra boost from the minutes of the Federal Reserve’s June policy meeting. They indicated that the central bank could be open to more monetary stimulus.  Further stimulus could undermine the U.S. dollar, triggering a flight to gold, the age-old stalwart in troubled times, when investors are afraid to put their money elsewhere.

Market does the “Hussle”

Remington-Hobbs also said that gold prices could be heavily influenced this week by what Federal Reserve Chairman Ben Bernanke says when he speaks Thursday about financial regulation.
Silver was taking its cues from gold, with prices breaking the $40-an-ounce mark for the first time since May 4. Silver rose nearly 3% on Monday to $40.13 per ounce but is still short of its April 25 record of $49.81, noted Remington-Hobbs.
Gold is also still far from its true peak, when adjusted for inflation. Gold hit its real record on Jan. 21, 1980, when it rose to $825.50 an ounce. Adjusted for inflation from 1980 dollars to 2011, that translates to an all-time record of $2,261.33 an ounce.
Silver advanced 6.92% to settle the week at $40.70 amid global suspicions including failure of the US politicians to raise the debt ceiling as the deadline for the same is approaching.
The dollar index remained settled 0.07% below previous week closing after rating agencies threaten US the possibility of losing their credit rating and by a stalled talks on raising debt ceiling.
Global equities measured by the MSCI all country world indexes, posted a 2.23% fall while the Asian benchmark index declined by 1.95%, its first since past four weeks, as the EU finance ministers declined to rule out a temporary default for Greece. On the other hand, the CRB Index, a bellwether for commodities, advanced by 0.80%.
Fitch has cut Greece’s credit grades to its lowest for any country in the world. The move from “B+” to “CCC” reflects the absence of a new fully funded and credible program by the IMF and the EU which intensified a real possibility of default.
US Debt Ceiling Concerns
The US government will need to decide on raising the debt ceiling by the beginning of August; it’s mostly likely to be passed in the next couple of weeks, but in the mean time the internet continues to explore this issue. Moody’s rating agency even went one step further and suggested the United States to eliminate its statutory limit on government debt in order to reduce uncertainty among bond holders.


Warning!…
Gold & Silver BAN by Federal
Government
ALL Trading Outlawed After July 15, 2011
This is NOT a
Conspiracy Theory!
This is NOW LAW!
This is all good new to the Rare Gold & Silver Coin Market.   There are many people aout there that see this as the first step in a slippery slope of laws the Obama administration want to enact.  The end of the slippery slope ends in a  to revisiting of the Great Depression, the action of FDR in 1933 with gold confiscation, and high demanded for the non-bullion rare gold and silver coins.
The short term effects will pour more people in to the physical gold and silver market place driving the prices up.  If I were you I would look to get pre-1933 gold and silver Now!
Read the New Amendments below>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Important Account Notice Re: Metals Trading
We wanted to make you aware of some upcoming changes to FOREX.com’s product  offering. As a result of the Dodd-Frank Act enacted by US Congress, a new  regulation prohibiting US residents from trading over the counter precious  metals, including gold and silver, will go into effect on Friday, July 15,  2011.
In conjunction with this new regulation, FOREX.com must discontinue  metals trading for US residents on Friday, July 15, 2011 at the close of trading  at 5pm ET. As a result, all open metals positions must be closed by July 15,  2011 at 5pm ET.
We encourage you to wind down your trading activity in these products over  the next month in anticipation of the new rule, as any open XAU or XAG positions  that remain open prior to July 15, 2011 at approximately 5:00 pm ET will be  automatically liquidated.
We sincerely regret any inconvenience complying with the new U.S. regulation  may cause you. Should you have any questions, please feel free to contact our  customer service team.
Sincerely,
The Team at FOREX.com
So far we have only received this warning from Forex.com. We are waiting to  see which other dealers inform their customers that trading gold and silver over  the counter will soon be illegal.
It appears that Forex.com’s interpretation of the law stems primarily from  Section 742(a) of the Dodd-Frank act which  “prohibits any person [which again includes companies]from entering into, or  offering to enter into, a transaction in any commodity with a person that is not  an eligible contract participant or an eligible commercial entity, on a  leveraged or margined basis.”
Some prehistory from Hedge  Fund Law Blog:
The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Act”) has  changed a number of laws in all of the securities acts including the Commodity  Exchange Act.  Two specific changes deal with certain transactions in  commodities on the spot market.  Specifically, Section 742 of the Act deals with  retail commodity transactions.  In this section, the text of the Commodity  Exchange Act is amended to include new Section 2(c)(2)(D) (dealing with retail  commodity transactions) and new Section 2(c)(2)(E) (prohibiting trading in spot  forex with retail investors unless the trader is subject to regulations by a  Federal regulatory agency, i.e. CFTC, SEC, etc.).  According to a congressional rulemaking spreadsheet, these are effective 180  days from the date of enactment.
We provide an overview of the new sections  and have reprinted them in full below.
New CEA Section 2(c)(2)(D) –  Concerning Spot Commodities (Metals)
The central import of new CEA  Section 2(c)(2)(D) is to broaden the CFTC’s power with respect to retail  commodity transactions.  Essentially any spot commodities transaction (i.e. spot  metals) will be subject to CFTC jurisdiction and rulemaking authority.  There is  an exemption for commodities which are actually delivered within 28 days.  While  the CFTC wanted an exemption in which commodities would need to be delivered  within 2 days, various coin collectors were able to lobby congress for a longer  delivery period (see here).
It is likely we will see the CFTC propose  regulations under this new section and we will keep you updated on any  regulatory pronouncements with respect to this new section.
New CEA  Section 2(c)(2)(E) – Concerning Spot Forex
The central import of new  CEA Section 2(c)(2)(E) is to regulate the spot forex markets.  While the section  requires the CFTC to finalize regulations with respect to spot forex (which were  proposed earlier in January), it also, interestingly, provides  oversight of the  markets to other federal regulatory agencies such as the CFTC.  This means that  in the future, different market participants may be subject to different  regulatory regimes with respect to trading in same underlying instruments.  A  Wall Street Journal article discusses the impact of this with respect to firms  which engage in other activities in addition to retail forex transactions.  The  CFTC’s proposed rules establish certain compliance parameters for retail forex  transactions, requires registration of retail  forex managers and requires such managers to pass a new regulatory exam  called the Series 34 exam.  We do not yet know whether the other  regulatory agencies will adopt rules similar to the CFTC or if they will write  rules from scratch.
Next, from Henderson & Lyman:
The prohibition of Section 742(a) does not apply, however, if such a  transaction results in actual delivery within 28 days, or creates an enforceable  obligation to deliver between a seller and a buyer that have the ability to  deliver, and accept delivery of, the commodity in connection with their lines of  business. This may be problematic as in most spot metals trading virtually all  contracts fail to meet these requirements. As a result, although the  courts’ interpretation of Section 742(a) is unknown, Section 742(a) is likely to  have a significantly negative impact on the OTC cash precious metals industry.  Here too, it is essential that those who offer to be a counterparty to OTC  metals transactions seek professional help to discuss possible operational and  regulatory contingency plans.
The actual rule language  exempts a transaction if it “results in actual delivery within 28 days  or such other period as the Commission may determine by rule or  regulation based upon the longer period as the Commission may determine by rule  or regulation based upon the typical commercial practice in cash or spot markets  for the commodity involved;” Alas, the commission has decided not to  intervene and keep the exemption status window so small as to affect virtually  all exchanges which transact in the gold and silver spot market.
More  here:

Elimination of OTC Forex
Effective 90 days from its inception, the Dodd-Frank Act bans most retail OTC  forex transactions. Section 742(c) of the Act states as follows:
…A person [which includes companies] shall not offer to, or  enter into with, a person that is not an eligible contract participant, any  agreement, contract, or transaction in foreign currency except pursuant to a  rule or regulation of a Federal regulatory agency allowing the agreement,  contract, or transaction under such terms and conditions as the Federal  regulatory agency shall prescribe…
This provision will not come into effect, however, if the CFTC or another  eligible federal body issues guidelines relating to the regulation of foreign  currency within 90 days of its enactment. Registrants and the public are  currently being encouraged by the CFTC to provide insight into how the Act  should be enforced. See CFTC Rulemakings regarding OTC Derivatives  located at the following website address, under Section XX – Foreign Currency (Retail  Off Exchange). It is essential that OTC forex participants seek professional  help to discuss possible operational and regulatory contingency plans.
Elimination of OTC Metals
As for OTC precious metals such as gold or silver, Section 742(a) of the Act  prohibits any person [which again includes companies]from entering into, or  offering to enter into, a transaction in any commodity with a person that is not  an eligible contract participant or an eligible commercial entity, on a  leveraged or margined basis. This provision intends to expand the narrow so  called “Zelener fix” in the Farm Bill previously ratified by congress  in 2008. The Farm Bill empowered the CFTC to pursue anti-fraud actions involving  rolling spot transactions and/or other leveraged forex transactions without the  need to prove that they are futures contracts. The Dodd-Frank Act now expands  this authority to include virtually all retail cash commodity market products  that involve leverage or margin – in other words OTC precious metals.
The prohibition of Section 742(a) does not apply, however, if such a  transaction results in actual delivery within 28 days, or creates an enforceable  obligation to deliver between a seller and a buyer that have the ability to  deliver, and accept delivery of, the commodity in connection with their lines of  business. This may be problematic as in most spot metals trading virtually all  contracts fail to meet these requirements. As a result, although the courts’  interpretation of Section 742(a) is unknown, Section 742(a) is likely to have a  significantly negative impact on the OTC cash precious metals industry. Here  too, it is essential that those who offer to be a counterparty to OTC metals  transactions seek professional help to discuss possible operational and  regulatory contingency plans.
Small Pool Exemption Eliminated
Pursuant to Section 403 of Act, the “privateadviser” exemption,  namelySection 203(b)(3) of the Investment Advisers Act of 1940 (“Advisers  Act”), will be eliminated within one year of the Act’s effective date (July  21, 2011). Historically, many unregistered U.S. fund managers had relied on  this exemption to avoid registration where they:
(1) had fewer than 15 clients in the past 12 months;
(2) do not hold themselves out generally to the public as investment  advisers; and
(3) do not act as investment advisers to a registered investment company or  business development company.
At present, advisers can treat the unregistered funds that they advise,  rather than the investors in those funds, as their clients for purposes of this  exemption. A common practice has thus evolved whereby certain advisers manage up  to 14 unregistered funds without having to register under the Advisers Act.  Accordingly, the removal of this exemption represents a significant shift in the  regulatory landscape, as this practice will no longer be allowable in  approximately one year.
Also an important consideration, the Dodd-Frank Act mandates new federal  registration and regulation thresholds based on the amount of assets a manager  has under management (“AUM”). Although not yet underway, it is possible that  various states may enact legislation designed to create a similar registration  framework for managers whose AUM fall beneath the new federal levels.
Accredited Investor Qualifications
Section 413(a) of the Act alters the financial qualifications of who can be  considered an accredited investor, and thus a qualified as eligible participant  (“QEP”). Specifically, the revised accredited investor standard includes only  the following types of individuals:
1) A natural person whose individual net worth, or joint net worth with  spouse, is at least $1,000,000, excluding the value of such investor’s  primary residence;
2) A natural person who had individual income in excess of $200,000 in each  of the two most recent years or joint income with spouse in excess of $300,000  in each of those years and a reasonable expectation of reaching the same income  level in the current year; or
3) A director, executive officer, or general partner of the issuer of the  securities being offered or sold, or a director, executive officer, or general  partner of a general partner of that issuer.
Based on this language, it is important to note that the revised accredited  investor standard only applies to new investors and does not cover existing  investors. However, additional subscriptions from existing investors are  generally treated as requiring confirmation of continuing investor  eligibility.
On July 27th, 2010, the SEC provided additional clarity regarding the  valuation of an individual’s primary residence when calculating net worth. In  particular, the SEC has interpreted this provision as follows:
Section 413(a) of the Dodd-Frank Act does not define the term “value,”  nor does it address the treatment of mortgage and other indebtedness secured by  the residence for purposes of the net worth calculation…Pending implementation  of the changes to the Commission’s rules required by the Act, the related amount  of indebtedness secured by the primary residence up to its fair market value may  also be excluded. Indebtedness secured by the residence in excess of the value  of the home should be considered a liability and deducted from the investor’s  net worth.
The Spanish economy still faces “considerable” risks, the International Monetary Fund has warned.
In an annual report, the IMF said the Spanish government had to continue work to reduce public spending, and increase efforts to liberalise its jobs market.
Since last year Madrid has been carrying out austerity measures to reduce the country’s public deficit.
Unlike other highly indebted eurozone nations such as Greece and Portugal, it has not needed an outside bail-out.
While the IMF did not comment on whether this remained a possibility for Spain, it warned that financial conditions could deteriorate further in the eurozone, which “could put additional pressure on sovereign and bank funding costs for Spain”.
As a result, the fund said there could be “no let up in the reform momentum” to both help boost Spain economy and ease the concerns of the financial markets.
It added that Spain’s 21% unemployment rate – the highest in Europe – was “unacceptably high”.
To help reduce unemployment, the Spanish government is continuing to change the country’s labour laws.  Madrid hopes the changes will make firms more willing to take on new staff, because historically it has been difficult for Spanish companies to make staff
redundant.
As part of Spain’s continuing austerity measures – which have sparked a number of large protests across the country – the government is also reducing the pensions of public sector workers.  Desite the IMF’s warnings, it said Spain was still on track to reduce the country’s public deficit from 9.2% of its annual economic output in 2010, to 6% this year.
Gold rose to settle above $1,546 on Tuesday, driven by a weaker dollar and uncertainty over the outcome of a confidence vote in Greece that may determine whether the country can avert a default on its sovereign debt.
Bullion also got a lift from a return of investor risk appetite, as the grains, commodity and equity markets rose across the board on hopes that the Greek government could avoid defaulting on its sovereign debt.
On the options front, gold volatility has dropped by nearly one-fifth from its peak in mid-May, as prices of the underlying gold futures have largely been rangebound after rallying to a record $1,575.79 on May 2.
“Gold has been split between taking its cue from the changes in sovereign risk, but today the sovereign risk has declined and the euro … has rallied and gold is choosing to track the euro more than it is the reduction in sovereign risk,” said James Steel, chief commodities analyst at HSBC.
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By   Shamim Adam  -Jun 12, 2011 10:55 PM CT
Mon Jun 13 03:55:12 GMT 2011<span id=”__mce” data-mce-type=”bookmark”></span>A “perfect storm” of fiscal woe in the U.S., a slowdown in China, European debt restructuring and stagnation in Japan may converge on the global economy, New York University professor Nouriel Roubini said.
There’s a one-in-three chance the factors will combine to stunt growth from 2013, Roubini said in a June 11 interview in Singapore. Other possible outcomes are “anemic but OK” global growth or an “optimistic” scenario in which the expansion improves.

“There are already elements of fragility,” he said.“Everybody’s kicking the can down the road of too much public and private debt. The can is becoming heavier and heavier, and bigger on debt, and all these problems may come to a head by 2013 at the latest.”
Elevated U.S. unemployment, a surge in oil and food prices, rising interest rates in Asia and trade disruption from Japan’s record earthquake threaten to sap the world economy. Stocks worldwide have lost more than $3.3 trillion since the beginning of May, and Roubini said financial markets by the middle of next year could start worrying about a convergence of risks in 2013.
The MSCI AC World Index has tumbled 4.9 percent this month on concern recent data, including an increase in the U.S. unemployment rate to 9.1 percent in May, signal the global economy is losing steam. U.S. Treasuries rose last week, pushing two-year note yields down for a ninth week in the longest stretch of decreases since February 2008, on bets the Federal Reserve will maintain monetary stimulus.
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‘Overcapacity’ in China
“China is now relying increasingly not just on net exports but on fixed investment” which has climbed to about 50 percent of GDP, he said. “Down the line, you are going to have two problems: a massive non-performing loan problem in the banking system and a massive amount of overcapacity is going to lead to a hard landing.”
A record $2.7 trillion of loans were extended in China over two years, pushing property prices to all-time highs even as authorities set price ceilings, demanded higher deposits and limited second-home purchases.
The nation’s current challenge is to maintain growth and curb price gains ahead of a leadership change next year, Roubini said. Officials may use administrative steps and price controls, as well as raising rates further and allowing currency appreciation, if inflation becomes a bigger problem, he said.
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A Chinese ratings house has accused the United States of defaulting on its massive debt, state media said Friday, a day after Beijing urged Washington to put its fiscal house in order.
“In our opinion, the United States has already been defaulting,” Guan Jianzhong, president of Dagong Global Credit Rating Co. Ltd., the only Chinese agency that gives sovereign ratings, was quoted by the Global Times saying.
Washington had already defaulted on its loans by allowing the dollar to weaken against other currencies — eroding the wealth of creditors including China, Guan said.

Guan did not immediately respond to AFP requests for comment.
The US government will run out of room to spend more on August 2 unless Congress bumps up the borrowing limit beyond $14.29 trillion — but Republicans are refusing to support such a move until a deficit cutting deal is reached.
Ratings agency Fitch on Wednesday joined Moody’s and Standard & Poor’s to warn the United States could lose its first-class credit rating if it fails to raise its debt ceiling to avoid defaulting on loans.
A downgrade could sharply raise US borrowing costs, worsening the country’s already dire fiscal position, and send shock waves through the financial world, which has long considered US debt a benchmark among safe-haven investments.
China is by far the top holder of US debt and has in the past raised worries that the massive US stimulus effort launched to revive the economy would lead to mushrooming debt that erodes the value of the dollar and its Treasury holdings.
Beijing cut its holdings of US Treasury securities for the fifth month in a row to $1.145 trillion in March, down $9.2 billion from February and 2.6 percent less than October’s peak of $1.175 trillion, US data showed last month.
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Foreign ministry spokesman Hong Lei on Thursday urged the United States to adopt “effective measures to improve its fiscal situation”.
Dagong has made a name for itself by hitting out at its three Western rivals, saying they caused the financial crisis by failing to properly disclose risk.
The Chinese agency, which is trying to build an international profile, has given the United States and several other nations lower marks than they received from the the big three.

Facebook
Charles Arthur
Guardian
June 8, 2011
Facebook has come under fire for quietly expanding the availability of technology to automatically identify people in photos, renewing concerns about its privacy practices.
The feature, which the giant social network automatically enabled for its more than 500 million users, has been expanded from the US to “most countries”, Facebook said on its official blog on Tuesday.
Fresh food that lasts>>>
Marc Rotenberg, president of the non-profit privacy advocacy group Electronic Privacy Information Center, said the system raised questions about which personally identifiable information, such as email addresses, would become associated with the photos in Facebook’s database.
He also criticised Facebook’s decision to automatically enable the facial-recognition technology for its users.
“I’m not sure that’s the setting that people would want to choose. A better option would be to let people opt-in,” he said.
Internet security consultancy Sophos noted that many Facebook users had seen the facial recognition option turned on without any notice in the last few days.
“Yet again, it feels like Facebook is eroding the online privacy of its users by stealth,” commented Graham Cluley, a senior technology consultant at Sophos.
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