Showing posts with label gold. Show all posts
Showing posts with label gold. Show all posts

Saturday, April 5, 2014

Chief Justice John Roberts Shreds Another Campaign Finance Law—Individuals May Now Shower Gold on Pols



The latest campaign finance ruling is another victory for the plutocrats.








The U.S. Supreme Court majority led by Chief Justice John Roberts has overturned one of the few remaining barriers in American elections that seek to limit wealthy individuals from using vast amounts of their money for political power and influence.


Wednesday’s ruling, in McCutcheon v. FEC,threw out parts of a 2002 law that imposed a $ 123,000 limit on federal campaign contributions in a two-year congressional cycle. It came in a lawsuit brought by a Republican Alabama businessman and the GOP that was designed to challenge those so-called aggregate contribution limits.


“Candidates will solicit million-dollar checks, contributors will write them and the pay-to-play system in Washington will only become more direct,” said J. Gerald Hebert, the executive director of the Campaign Legal Center. “The Roberts Court has exponentially increased the already-significant political influence of the very richest while further undermining the influence of the overwhelming majority of Americans who could not afford to write checks to politicians for even a fraction of the former aggregate contribution limit of more than $ 123,000 per election cycle.” 


While the conservative majority’s anti-regulatory ruling was expected, coming four years after its Citizens United ruling that deregulated some corporate contributions, what was striking about Wednesday’s ruling was its contemptuous tone, written by the Chief Justice, on the subject of what’s best for American democracy.


The legal basis for upholding campaign finance regulations is to prevent corruption, the Supreme Court ruled in 1976. But the Roberts Court, as was the case in Citizens United, chose to define corruption as a quid pro quo activity—like a bribe, which is already illegal—and turned a blind eye to what anybody who has worked in politics knows: that spending large sums of money on someone’s agenda or election does not come without some strings attached or expectation of future benefit.


Roberts wrote:


Spending large sums of money in connection with elections, but not in connection with an effort to control the exercise of an officeholder’s official duties, does not give rise to quid pro quo corruption. Nor does the possibility that an individual who spends large sums may garner “influence over or access to” elected officials or political parties.



This twisted legal logic was then used by Roberts to create a narrow rationale allowing the Court’s conservative majority to throw out the contribution caps.


The Government argues that the aggregate [contribution] limits further the permissible objective of preventing quid pro quo corruption. The difficulty is that once the aggregate limits kick in, they ban all contributions of any amount, even though Congress’s selection of a base limit indicates its belief that contributions beneath that amount do not create a cognizable risk of corruption. The Government must thus defend the aggregate limits by demonstrating that they prevent circumvention of the base limits, a function they do not serve in any meaningful way.



Roberts then tossed the ball back to Congress, asserting that while this part of its 2002 law was unconstitutional, Congress could try again to write better rules.


There are multiple alternatives available to Congress that would serve the Government’s interest in preventing circumvention while avoiding “unnecessary abridgment” of First Amendment rights. Such alternatives might include targeted restrictions on transfers among candidates and political committees, or tighter earmarking rules.



These lines of reasoning are a classic case of Supreme Court justices who either don’t understand how politics works—or understand it all too well—and want to shift the balance of power in Washington by undermining Congress’s ability to regulate elections and increasing the power of political parties and their biggest contributors.


The Campaign Legal Center’s Hebert, who is one of the nation’s foremost voting rights and campaign finance attorneys, said the ruling was arrogant in just this way.


“The Court today abandoned any pretense of respecting Supreme Court precedent or Congressional expertise on matters of campaign finance when it struck down longstanding federal limits on aggregate contributions to candidates, parties and PACs,” he said. “Once again, the Roberts Court exhibits its complete ignorance of political realities, or worse, chose to ignore those realities, in striking down laws written by Congress, which is intimately aware of the political corruption that will likely ensue in the wake of this decision.”


On a more practical level, other campaign finance reformers said that the ruling would unleash a torrent of big checks to both major parties, which would likely make them even more responsive than they are now to corporate and narrow monied interests.


“Our Founders feared corruption,” said Michael Waldman, Brennan Center for Justice at NYU School of Law president. “They did not want government beholden to narrow, elite interests… Following the Citizens United decision, this will further inundate a political system already flush with cash, marginalize average voters, and elevate those who can afford to buy political access.”


“This is truly a decision establishing plutocrat rights,” said Robert Weissman, president of Public Citizen. “In practical terms, the decision means that one individual can write a single check for $ 5.9 million to be spent by candidates, political parties and political committees… That is not democracy. That is plutocracy.”


 


 


 


 

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Chief Justice John Roberts Shreds Another Campaign Finance Law—Individuals May Now Shower Gold on Pols

Friday, March 21, 2014

Gold Reserves Top 20 Countries

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Gold Reserves Top 20 Countries

Monday, March 17, 2014

UBS Investigated For Gold Manipulation Suggesting Gold Inquiry Goes Beyond London Fix


The last time the FT penned an article on the topic of gold manipulation, titled “Gold price rigging fears put investors on alert” it was promptly taken down without much (any) of an explanation. Luckily, we recorded the article for posterity here. Earlier today, another article on the topic appears to have slipped through the cracks of the distinguished editors of the financial journal that enjoys the ad spend of the status quo, when it reported that “Gold pricing scrutiny widens”, hardly an update that will take the world by storm, however it is notable that “even” the FT, where for years goldbugs claiming gold manipulation had been ridiculed, is finally start to admit the glaringly obvious.


In this case, the FT looks at one of the most habitual and recidivist manipulators of practically every asset class that the market has ever known, Swiss bank UBS, better known as the rat that is allegedly perfectly happy to expose all other manipulators in exchange for immunity, and focuses on the Friday’s admission by UBS in its 2013 annual report: “that a review of its foreign exchange operations has been widened to include its precious metals business. In the report, the Swiss bank said: “Following an initial media report in June 2013 of widespread irregularities in the foreign exchange markets, UBS immediately commenced an internal review of its foreign exchange business, which includes our precious metals business.


And while it was recently revealed that there has been unprecedented collusion and rigging of gold at the time of the London fix, the latest revelations confirms that the inquiry is going beyond merely what the venerable five member banks of the London Gold Market Fixing Ltd, on the premises of N M Rothschild & Sons: after all UBS is not part of this particular criminal syndicate, which at last check included Barclays, Deustche (soon to be replaced by Standard Bank which is merely a front for China’s ICBC), Bank of Nova Scotia, HSBC and SocGen.


More from the FT:


“A number of authorities also are reportedly investigating potential manipulation of precious metal prices. UBS has taken and will take appropriate action with respect to certain personnel as a result of its ongoing review.”


UBS has been in front of its peers in revealing important details about various regulatory probes – most notably the rigging of Libor and other interbank lending rates.


Until Friday the bank had not mentioned its precious metals business was included in its review of trading practices. There was, for example, no mention of the metals business alongside fourth-quarter results a month ago.



But before anyone gets too excited, let’s recall that the last time the CFTC did an “in depth” investigation of manipulation in precious metals, it found… nothing (however, according to Bart Chilton that was only due to the zero or negative budget allotted to the impotent regulator, until recently headed by a Goldmanite). Perhaps this time will be different, and suddenly it may be in someone’s interest to finally see gold trade up to its fair value, whatever that may be, although certainly higher than the current prevailing beaten down prices, which have seen China buy up unprecedented amounts of physical gold courtesy of manipulated paper supply and demand. Especially supply. 


Better yet: we look forward to learning all about it by the staunch defender of fair and efficient gold markets, the FT. Which is why, just in case, we have saved this article too. You never know when the FT will pull down this article or that, simply for breaching the taboo topic of gold price manipulation, something the Bank of England we are confident, will be very interested in as well.



Your rating: None





WHAT REALLY HAPPENED



UBS Investigated For Gold Manipulation Suggesting Gold Inquiry Goes Beyond London Fix

Tuesday, March 11, 2014

Breaking: Oklahoma legislators pass bill legalizing gold and silver tender: Nullify the fed?

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Breaking: Oklahoma legislators pass bill legalizing gold and silver tender: Nullify the fed?

Monday, February 24, 2014

Gold, Silver Hit 4-Month Highs On Bullish Chart Postures


Kitco News
February 24, 2014


Gold and silver prices ended the U.S. day session solidly up and scored four-month highs Monday. The markets were boosted by slowly improving technical pictures. Gold saw increasing safe-haven demand amid geopolitical concerns. April gold was last up $ 14.30 at $ 1,337.90 an ounce. Spot gold was last quoted up $ 11.80 at $ 1,338.50. March Comex silver last traded up $ 0.283 at $ 22.065 an ounce.


The Ukrainian president was ousted over the weekend and is now in hiding and wanted for murder. The situation there remains very fluid. If violence escalates in Ukraine, much more risk aversion would enter the market place. The Ukrainian developments and some civil unrest and violence in Thailand are prompting increased safe-haven demand for gold.


There was a Group of 20 economic and finance ministers meeting in Sydney, Australia, during the weekend. The group laid out a plan for the major industrial economies to continue with their aggressive monetary stimulus plans, while at the same time called for the emerging countries to restructure their economies to contain inflation. The proclamation was mostly ignored by world markets. However, the confab’s declaration does hint that the major central banks of the world are going to be reluctant to cut back too much on their heretofore aggressive monetary policy easing measures.


Read more


This article was posted: Monday, February 24, 2014 at 2:01 pm










Infowars



Gold, Silver Hit 4-Month Highs On Bullish Chart Postures

Gold, Silver Hit 4-Month Highs On Bullish Chart Postures


Kitco News
February 24, 2014


Gold and silver prices ended the U.S. day session solidly up and scored four-month highs Monday. The markets were boosted by slowly improving technical pictures. Gold saw increasing safe-haven demand amid geopolitical concerns. April gold was last up $ 14.30 at $ 1,337.90 an ounce. Spot gold was last quoted up $ 11.80 at $ 1,338.50. March Comex silver last traded up $ 0.283 at $ 22.065 an ounce.


The Ukrainian president was ousted over the weekend and is now in hiding and wanted for murder. The situation there remains very fluid. If violence escalates in Ukraine, much more risk aversion would enter the market place. The Ukrainian developments and some civil unrest and violence in Thailand are prompting increased safe-haven demand for gold.


There was a Group of 20 economic and finance ministers meeting in Sydney, Australia, during the weekend. The group laid out a plan for the major industrial economies to continue with their aggressive monetary stimulus plans, while at the same time called for the emerging countries to restructure their economies to contain inflation. The proclamation was mostly ignored by world markets. However, the confab’s declaration does hint that the major central banks of the world are going to be reluctant to cut back too much on their heretofore aggressive monetary policy easing measures.


Read more


This article was posted: Monday, February 24, 2014 at 2:01 pm










Infowars



Gold, Silver Hit 4-Month Highs On Bullish Chart Postures

Sunday, February 23, 2014

Canada Beats Sweden For Men"s Hockey Gold Medal


Canada defeated Sweden, 3-0 on Sunday, to win the men’s ice hockey gold medal at the Winter Olympics in Sochi, Russia. The Canadians proved to be too much for Sweden, as goals by Jonathan Toews, Sidney Crosby and Chris Kunitz gave Canada the shutout win, and second-straight Olympic men’s hockey gold medal. Sweden finished in second place for the silver medal, while Finland took home the bronze after shutting out the United States, 5-0, on Saturday.


Copyright © 2014 MarketWatch, Inc.




FOX Business



Canada Beats Sweden For Men"s Hockey Gold Medal

Tuesday, February 18, 2014

Almost Fail of the Day: Norway"s Emil Hegle Svendsen Celebrated Early and Almost Lost a Gold Medal

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Almost Fail of the Day: Norway"s Emil Hegle Svendsen Celebrated Early and Almost Lost a Gold Medal

China Hoarding Gold Before U.S. Dollar Collapse

China Hoarding Gold Before U.S. Dollar Collapse
http://img.youtube.com/vi/u3oONvY1Bgg/0.jpg



In today’s video, Christopher Greene of AMTV reports on China stockpiling Gold to Internationalize the Yuan. http://www.amtvmedia.com/re-direct-china-hoardin…
Video Rating: 4 / 5




Read more about China Hoarding Gold Before U.S. Dollar Collapse and other interesting subjects concerning Top News Videos at TheDailyNewsReport.com

Monday, February 10, 2014

Sochi medal wrap-up, Day 2: 15yo figure skating prodigy secures Russia’s first gold

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Sochi medal wrap-up, Day 2: 15yo figure skating prodigy secures Russia’s first gold

Sunday, February 2, 2014

Gold and Silver Derivatives in Chart Form: What Market Makers Have Controlling Interests?

Here are a few charts from Sharelynx Gold regarding precious metal derivative holdings. The charts are as September 30, the latest data available. Click on any chart for sharper image.


OCC Gold Derivatives All Maturities



OCC Silver, Palladium, Plagtinum Derivatives All Maturities



Aggregate Precious Metal Derivatives



Some will point to these charts as “proof” of manipulation. I suggest it is proof of “possible” manipulation.


Is there manipulation? Of course there is. But there is no evidence to prove it is in one direction only, or that central banks are behind it all, as some maintain.


For further discussion, please see Gold Manipulation: Is it Illegal? Risk Free? What About JP Morgan?


As always, views expressed regarding charts created by other, are mine.


Mike “Mish” Shedlock
http://globaleconomicanalysis.blogspot.com


Mish’s Global Economic Trend Analysis



Gold and Silver Derivatives in Chart Form: What Market Makers Have Controlling Interests?

Friday, January 31, 2014

Why is the Federal Reserve Tapering the Gold Market?

Why is the Federal Reserve Tapering the Gold Market?
http://www.paulcraigroberts.org/wp-content/uploads/2014/01/image.jpg


Dr. Paul Craig Roberts and David Kranzler 
RINF Alternative News


In former times, the rise in the gold price was held down by central banks selling gold or leasing gold to bullion dealers who sold the gold. The supply added in this way to the market absorbed some of the demand, thus holding down the rise in the gold price.


As the supply of physical gold on hand diminished, increasingly recourse was taken to selling gold short in the paper futures market. We illustrated a recent episode in our article. Below we illustrate the uncovered short-selling that took the gold price down today (January 30, 2014).


When the Comex trading floor opened January 30 at 8:20AM NY time, the price of gold inexplicably plunged $ 17 over the next 30 minutes. The price plunge was triggered when sell orders flooded the Comex trading floor. Over the course of the previous 23 hours of trading, an average of 202 gold contracts per minute had traded. But starting at the 8:20AM Comex, there were four 1-minute windows of trading here’s what happened:


8:21AM: 1766 contracts sold
8:22AM: 5172 contracts sold
8:31AM: 3242 contracts sold
8:47AM: 3515 contracts sold


image


Over those four minutes of trading, an average of 3,424 contracts per minute traded, or 17 times the average per minute volume of the previous 23 hours, including yesterday’s Comex trading session.


The yellow arrow indicates when the Comex floor opened for gold futures trading. There was not any news events or related market events that would have triggered a sell-off like this in gold. If an entity holding many contracts wanted to sell down its position, it would accomplish this by slowly feeding its position to the market over the course of the entire trading day in order to avoid disturbing the price or “telegraphing” its intent to sell to the market.


Instead, today’s selling was designed to flood the Comex trading floor with a high volume of sell orders in rapid succession in order to drive the price of gold as low as possible before buyers stepped in.


The reason for this is two-fold: Driving down the price of gold assists the Fed in its efforts to support the dollar, and the Comex is running out of physical gold available to be delivered to those who decide to take delivery of gold instead of cash settlement.


The February gold contract is subject to delivery starting on January 31st. As of January 29th, 2 days before the delivery period starts, there were 2,223,000 ounces of gold futures open against 375,000 ounces of gold available to be to be delivered. The primary banks who trade Comex gold (JP Morgan, HSBC, Bank Nova Scotia) are the primary entities who are short those Comex contracts.


Typically toward the end of a delivery month, these banks drive the price of gold lower for the purpose of coercing holders of the contracts to sell. This avoids the problem of having a shortage of gold available to deliver to the entities who decide to take delivery. With an enormous amount of physical gold moving from the western bank vaults to the large Asian buyers of gold, the Comex ultimately does not have enough gold to honor delivery obligations should the day arrive when a fifth or a fourth of the contracts are presented for delivery. Prior to a delivery period or due date on the contracts, manipulation is used to drive the Comex price of gold as low as possible in order to induce enough selling to avoid a possible default on gold delivery.


Following the taper announcement on January 29, the gold price rose $ 14 to $ 1270, and the Dow Jones Index dropped 100 points, closing down 74 points from its trading level at the time the tapering was announced. These reactions might have surprised the Fed, leading to the stock market support and gold price suppression on January 30.


Manipulation of the gold price is a foregone conclusion. The question is: why is the Fed tapering?


The official reason is that the recovery is now strong enough not to need the stimulus. There are two problems with the official explanation. One is that the purpose of QE has always been to support the prices of the debt-related derivatives on the balance sheets of the banks too big to fail. The other is that the Fed has enough economists and statisticians to know that the recovery is a statistical artifact of deflating GDP with an understated measure of inflation. No other indicator–employment, labor force participation, real median family income, real retail sales, or new construction–indicates economic recovery. Moreover, if in fact the economy has been in recovery since June 2009, after 4.5 years of recovery it is time for a new recession.


One possible explanation for the tapering is that the Fed has created enough new dollars with which to purchase the worst part of the banks’ balance sheet problems and transfer them to the Fed’s balance sheet, while in other ways enhancing the banks’ profits. With the job done, the Fed can slowly back off.


The problem with this explanation is that the liquidity that the Fed has created found its way into the stock and bond markets and into emerging economies. Curtailing the flow of liquidity crashes the markets, bringing on a new financial crisis.


We offer two explanations for the tapering. One is technical, and one is strategic.


First the technical explanation. The Fed’s bond purchases and the banks’ interest rate swap derivatives have made a dent in the supply of Treasuries. With income tax payments starting to flow in, fewer Treasuries are being issued to put pressure on interest rates. This permits the Fed to make a show of doing the right thing and reduce bond purchases. As a weakening economy becomes apparent as the year progresses, calls for the Fed to support the economy will permit the Fed to broaden the array of instruments that it purchases.


A strategic explanation for tapering is that the growth of US debt and money creation is causing the world to turn a jaundiced eye toward the US dollar and toward its role as world reserve currency.


Currently the Russian Duma is discussing legislation that would eliminate the dollar’s use and presence in Russia. Other countries are moving away from the dollar. Recently the Nigerian central bank reduced its dollar reserves and increased its holdings of Chinese yuan. Zimbabwe, which was using the US dollar as its own currency, switched to Chinese yuan. The former chief economist of the World Bank recently called for terminating the use of the dollar as world reserve currency. He said that “the dominance of the greenback is the root cause of global financial and economic crises.” Moreover, the Federal Reserve is very much aware of the flight away from the dollar into gold, because it is this flight that causes the Fed to manipulate the gold price in order to hold it down and in order to be able to free up gold for delivery.


The Fed knows that the ability of the US to pay its bills in its own currency is the reason it can stand its large trade imbalance and is the basis for US power. If the dollar loses the reserve currency role, the US becomes just another country with balance of payments and currency problems and an inability to sell its bonds in order to finance its budget deficits.


In other words, perhaps the Fed understands that a dollar crisis is a bigger crisis than a bank crisis and that its bailout of the banks is undermining the dollar. The question is: will the Fed let the banks go in order to save the dollar?


Paul Craig Roberts is a former Assistant Secretary of the US Treasury for Economic Policy.


Dave Kranzler traded high yield bonds for Bankers Trust for a decade. As a co-founder and principal of Golden Returns Capital LLC, he manages the Precious Metals Opportunity Fund.




WHAT REALLY HAPPENED




Read more about Why is the Federal Reserve Tapering the Gold Market? and other interesting subjects concerning NSA at TheDailyNewsReport.com

Tuesday, January 28, 2014

JPM Sees 28% Withdrawal From Gold Vault In One Day As Another 10 Tons Depart

On Friday, when we remarked on the biggest recorded withdrawal from the JPM gold vault, we said: “Something tells us the next few days will see matching withdrawals from JPM’s gold vault, which at last check was officially owned by the Chinese.” As it turns out we were absolutely correct: according to the just released update from Comex, on Monday the infamous gold vault located below 1 C(hina)MP saw an identical withdrawal of 321,500 ounces, matching the record withdrawal, and amounting to 28% of all JPM gold in storage. Adding to Friday’s drop, this means that a record 47% of JPM’s gold has been withdrawan in a few short days: a trend we are certain will continue until the total holdings of the vault drop to new record lows.




This withdrawal means total JPM gold slides from 1.128 million ounces to 816,027 ounces, down from 1.459 million ounces a week ago.







    








Zero Hedge



JPM Sees 28% Withdrawal From Gold Vault In One Day As Another 10 Tons Depart

Friday, January 17, 2014

Digital Currency Gets Real with New Bitcoin Alternative Backed by Gold

Digital Currency Gets Real with New Bitcoin Alternative Backed by Gold
http://worldnewscurator.com/wp-content/uploads/2014/01/XNF-official.png


XNF-officialA new Bitcoin alternative – a math-based digital currency with which users can send and receive over the internet – is aiming to add real world value to the digital currency market by backing their digital coin with real gold and silver held in vaults around the world.


NoFiatCoin is hoping that their novel idea of backing the coin with valuable real world commodities can help to address some of the key concerns with digital currency and provide a more appealing alternative for those who see the potential for digital currency to transform our financial services industry, but are wary putting their money into a currency with no intrinsic value.


Digital currencies certainly have a huge potential. Not only are they a convenient way to pay for things online, but they can also enable peer to peer financial transactions of other kinds – like sending money to a friend or relative abroad. The remittance industry which currently handles such transactions is a huge business, and new services based on peer to peer digital currency transactions could easily undercut the currently high prices. Currency exchange, forex trading, and even the trading of other assets could also be affected by the ‘digital currency revolution’. This is exactly what the Ripple Network, within which the NoFiatCoin launched in early January 2014, is hoping to facilitate. Ripple offers a way for anyone to trade in and exchange a range of currencies and commodities through the medium of their own digital currency XRP.


By backing their new ‘alt coin’ – as alternatives to Bitcoin (the first digital currency) have become known – with real gold and silver NoFiatCoin are placing a real world value on one of these digital assets for the first time. The coins, which use the currency code XNF, can be redeemed for gold or silver at any time, from vaults across the world. If you are lucky enough to have gold or silver stored at home, you can also send it in to your local vault in exchange for XNF. This real world backing could add a new level of security and stability which is missing in other digital currencies.


NoFiatCoin also follows the model of Ripple’s in house currency XRP, avoiding the problem of currency becoming concentrated in the hands of a small group of ‘miners’ by distributing the currency themselves and using the funds to stock the vaults with gold and silver. Bitcoin, and most of the new alternatives which have popped up since it started to be successful, perform the initial distribution of currency by handing it out to people whose computers are first to solve a difficult problem. This means that wealth is concentrated in the hands of people who own the powerful specialist computers which can perform these calculations; running one of these computers is called ‘mining’. Although the ‘pre-mined’ method used by Ripple and NoFiatCoin has generated a great deal of controversy and opposition from these (now very wealthy) miners, it does at least put everyone on the same level from day one.


The value of NoFiatCoins has already gone up more than 50% in a week, suggesting a significant amount of early interest. If the idea catches on, however, this could pale in comparison to future gains.



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World News Curator




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Sunday, October 27, 2013

[8] Rick Rule on the Paper Gold Collapse and John Mauldin on Japanese Dysfunction

[8] Rick Rule on the Paper Gold Collapse and John Mauldin on Japanese Dysfunction
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Saturday, October 26, 2013

Rising silver & gold demand in China-On the Edge with Max Keeiser-11-18-2011

Rising silver & gold demand in China-On the Edge with Max Keeiser-11-18-2011
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http://www.presstv.com/Program/210910.html In this edition of the show Max interviews Dan Collins from thechinamoneyreport.com. He talks about the big news c…




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Tuesday, October 15, 2013

Indian sage dreams of gold to save economy, government starts digging




NEW DELHI | Tue Oct 15, 2013 7:22am EDT




NEW DELHI (Reuters) – The Indian government is digging for treasure after a civic-minded Hindu village sage dreamt that 1,000 tons of gold was buried under a ruined palace, and wrote to tell the central bank about it.



The state Archaeological Survey of India has sent a team of archaeologists to the village of Daundia Khera in the northern state of Uttar Pradesh. They are due to start digging on Friday, Praveen Kumar Mishra, the head archaeologist in the state, told Reuters.


Yogi Swami Shobhan Sarkar says the gold he dreamt of belonged to a nineteenth-century ruler, Rao Ram Bux Singh. He says he wants it in government hands to help India recover from an economic crisis.


“I cried the day I realized that India is going to collapse economically,” the seer told the Mail Today newspaper. The dead ruler’s spirit has been roaming the palace and asking for the gold to be dug up, he added.


“It is a hidden treasure for the country.”


Not all Hindu leaders are so keen to put bullion into the Reserve Bank of India’s vaults. Temples sitting on about half as much gold as in Fort Knox are resisting efforts by the central bank to audit their holdings.


Indians buy as much as 2.3 tons of gold, on average, every day – the weight of a small elephant – and what they don’t give to the gods is mostly hoarded.


That is costing the economy dear, since India has few gold mines. Gold imports totaled $ 54 billion in the year ending on March 31, 2013, a major factor in swelling the current account deficit and undermining the rupee.


Swami Sarkar’s dream haul of 1,000 tons would be enough to replace all of India’s imports for a year and would be worth at least $ 40 billion.


The archaeologists plan to dig two 100-square-metre blocks beside the palace. Mishra, however, warned that there was as yet no proof that any treasure lay beneath the soil of Daundia Khera village.


“We are still searching for the exact location and whether there is any treasure. It is all in the future,” he said. “We often just find pottery and metal antiquities, like agricultural tools or kitchen tools.”


(Reporting by Shyamantha Asokan; Editing by Frank Jack Daniel and Robert Birsel)



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Reuters: Oddly Enough

Indian sage dreams of gold to save economy, government starts digging

Monday, October 7, 2013

The Pure Gold Baby


Margaret Drabble. Photograph © Ruth Corney

Margaret Drabble. Photograph © Ruth Corney



Dame Margaret Drabble is an institution — the editor of the fifth and sixth editions of The Oxford Companion to English Literature, and the author of eighteen novels, several works of non-fiction (including studies of Arnold Bennett, Thomas Hardy, Angus Wilson, and William Wordsworth), and a collection of short stories. Her most recent novel, The Pure Gold Baby, out this month from Houghton Mifflin Harcourt and excerpted in the October issue of Harper’s Magazine, follows Jessica Speight, an anthropology student who, after an affair with an older, married professor, gives birth to a daughter, Anna — a beautiful, happy girl with severe learning difficulties, who will remain, in a sense, a child all her life. The Pure Gold Baby is a closely observed group portrait of female friends, a patient insight into the joys and pains of motherhood, and an image of how society has changed and how it has not. I wrote to Dame Drabble with six questions.


1. How did The Pure Gold Baby take shape in your mind?


 [1] “Split Hand Split Foot” or ectrodactyly is a rare congenital disorder involving the absence of one or more of the central digits of the hand or foot. 

I saw the SHSF[1] children (if that’s what they really were) in Zambia, in the marshes of Lake Bangweulu, I think in 1986, when I was researching a journalistic piece. They haunted me, and all of us who were in the group that saw them. They seemed an image of something important, but I didn’t know what. Independence and difference, self-sufficiency and vulnerability — all mixed up together.


The novel began with that image, of the children, and with the character of Anna, and with the nature of maternal love. Are some of us naturally maternal, others not? I don’t know. I have a good friend who, like me, has three children, and she thinks loving one’s children is the natural default position, but that it doesn’t happen for everyone — she has worked with some very difficult children and adults in her career.


The novel evolved; it hasn’t really got a structure. I just left all (or most) of the essay reflections in, filtered through Jess’s consciousness, wondering if my publishers would tell me to take them out again.  I wrote it over a long period. The narrative problem lies with the fact that Anna doesn’t develop or change. She lives in the present. So a conventional plot wasn’t going to work anyway.


2. The novel’s essayistic reflections include passages on the treatment of mental disability and mental illness through history, on changing styles of parenting, on anthropology and exploration, on art and literature. What kind of research did you conduct for the novel, and how did it change the book?


I’ve always been interested in both anthropology and mental disability, encouraged by a college friend who studied archaeology and anthropology at Cambridge. We used to talk a good deal about her studies as well as mine, and on holidays together, with our small children, we would explore sites and talk about prehistory. When I began to think of writing the novel I read widely round the subjects, in the British Library and in the Wellcome Library in London. I also visited one or two institutions that cared for children with learning disabilities. I had a friend (dead now) who was happiest when in the avant-garde NHS Mental Health Unit described in the novel. I also had an au pair girl, a very nice young woman, who had been in Kingsley Hall during the R. D. Laing period, and I met her friend Mary Barnes.  Mental-health issues were very much in the air in the 1960s and 1970s, not only among professionals.


The treatment of mental disability in fiction is a subject in itself. Charlotte Brontë thought nothing of referring to a child as a “cretin,” a word we wouldn’t use now, though it was as she used it technically correct. I find the subject of the political correctness in language very interesting, and also very important.


I don’t know why I’ve always been so interested in Livingstone’s mission in Africa, but have twice walked in his footsteps. All these themes came together very, very slowly.


3. In several of your early novels, female protagonists balance the demands of family with ambitious careers, romantic lives, and travel. This novel presents a more sober portrait of women’s lives and, in particular, of parenting. Why do you think you felt compelled to write a story of constraint and consequence, rather than of freedom and adventure?


The answer to this very pertinent reflection and query lies in the fact that I am aging, and now that I am old I am more and more aware of the sadnesses of things that didn’t happen, of things that went wrong. We all live under constraints, and at the end of life we look back at them and wonder how they have shaped our destinies. Several of my close friends have died, or are gravely ill, which is in the way of things, and must be accepted or confronted. I do still travel, and enjoy travel, but for obvious reasons no longer have that sense of boundless hope and expectation. So yes, I think this novel is more sombre, more reflective, more backward looking. But that’s not surprising. 


 [2] Joshua is the son of one of Jessica’s best friends in the novel, who serves time in prison. 

Some of the more sombre tone about children and parenting may come from my acceptance that nature is as powerful as nurture. This is clearly so in the case of Anna, but much more widely true than we used to believe. There are some things that just cannot be helped — like the tragic fate of the little boy who went into the lion’s cage. I still believe in what we might call progressive parenting — allowing children choice and freedom, letting them play in the street, not pushing them toward success or career choice. Many of today’s children are over-protected, and their parents over-anxious and over-ambitious for them. Or so it seems to me. Each generation has its own habits, its own attitudes. We (or the group that I describe here) were sexually tolerant but financially scrupulous. Young Joshua[2] is probably now doing very well in the City.


4. To what extent do you think of yourself as a “North London anthropologist,” as Anna Speight calls herself?


From The Pure Gold Baby:

The children appear to us on that journey through Sussex, our own children, not the poor stranger children of Jess’s catalogue, or the children of the lake, but our own North London children, whose stories are not yet finished, whose stories no proleptic twist of plot can pre-empt. The spirit trembles before the leap of prophecy, of guesswork, of staring into futurity.



I do know North London and its manners very well. Two of my children still live there. I think North London has changed in very interesting ways, and perhaps its self-awareness makes it even more interesting. I’ve often been accused of writing “Hampstead novels,” and it’s true that I lived happily in Hampstead for many years, but in fact I haven’t set much of my fiction there, and this novel is more a Highbury/Finsbury Park novel. As was The Needle’s Eye. 


I think many novelists are in part anthropologists — writers as diverse as Edith Wharton and Saul Bellow, for example. They study society as well as the individual. I have always been intrigued by social change, by the rise and fall of neighbourhoods, by the evolution of place as well as of people. I walk around observing, making notes, eavesdropping. I love public transport. You learn a great deal about social groupings and behaviour on the buses, tubes and trains. You can be anonymous, yet submerged in what is happening.


5. The narrator of The Pure Gold Baby tells the reader that she hasn’t “the right” to tell the story of her own family, and worries about betraying Jessica and Anna Speight. Have you ever felt that you hadn’t the right to tell a story?


Yes, of course, I worry a great deal about the right to use material from other people’s lives, and when it seems appropriate, I ask permission. There are many stories I shall never tell, because they would invade the lives of others. I think I am more scrupulous about this than some writers, but most writers do worry very much about these issues. The story of Anna raised particular problems, as Anna and those like Anna cannot read, but I think she would not object to having her story told. I’ve known several families with children with learning difficulties, and used them as touchstones for my descriptions of Anna’s education, her capacities, her likely responses in given situations. I don’t think I could have written about her without first-hand knowledge. Her goodness and unselfishness are drawn from life.


I’ve generally found that it’s easier to be truthful in memoir about easy relationships, easier to be truthful in fiction about hard ones.  I know I wrote the memoir while my husband was very ill and I was trying to keep calm. The constraints of writing memoir are very obvious, of writing fiction much less so. Fiction is more painful and more difficult, more open-ended, more frightening. My memoir project was very limited and left out a great deal, very deliberately.


6. After writing your memoir, The Pattern in the Carpet, you told interviewers you were finished with writing fiction. Why did you change your mind?


I changed my mind, I think, because when my husband recovered and returned more or less to normal I began to feel underemployed. I tried to find a non-fiction project that would occupy me, but failed to find anything compelling. But writing The Pure Gold Baby was very slow and uncertain; it took me years, much longer than any other book I’ve worked on. Maybe that’s just the slowness of age. I don’t feel a sense of urgency about the next project, as I used to do. I’ve written a good deal, over the years, and don’t feel the need or the pressure to continue. I am more interested in enjoying (while I still can) walking, exploring, looking around me. I no longer feel the need to turn everything I see into words.




Harper’s Magazine



The Pure Gold Baby

Monday, September 16, 2013

Obama Supporters Sign Petition To Ban Gold Coins


Prison Planet.com
September 16, 2013


Confiscating Coins From Safe Deposit Boxes to Help the Economy.


This article was posted: Monday, September 16, 2013 at 9:48 am









Prison Planet.com



Obama Supporters Sign Petition To Ban Gold Coins