Indian Gold Problem
The Indian government hopes to contain gold imports well below the 845 tones that were shipped last year. Of course, their attempt to crush popular demand for gold merely resulted in soaring and increasingly more ingenious attempts to smuggle gold into the country. Because this smuggling is not generating revenue for the government, they plan to relax the strict rules.
Mother of All Corrections
The Chinese real estate market is crumbling as housing starts have dropped 15%. This was not at all unexpected after Chinese credit expanded from 9 trillion dollars in 2008 to 25 trillion dollars as of this month. So, if China is the so-called “economic engine” of a fictional global recovery, imagine what will happen when the Chinese “bubble” pops.
Russian Gold Reserves
Russia bought 900,000 ounces of gold in April as they continued to offload U.S. Treasuries. Gold as a percentage of the overall Russian reserves is about 10% as they now have 34.4 million ounces.
Fake Vaccination Programs
The CIA organized a fake vaccination program in Pakistan several years ago in order to get Osama bin Laden’s family DNA. Naturally, many Pakistanis were none too pleased about the CIA’s idiocy. Now, the entire world may never trust any vaccine program that has any U.S. connections. Sounds like a good thing to me.
News Is What You Think It Is
CNN President, Jeff Sucker err… Zucker, said that they are not going to cover Benghazi. Is it any wonder why CNN has sinking viewer ratings? If CNN went off the air, would anyone seriously miss them?
Newly authorized IRS access to Customs and Border Patrol databases will prevent those, whom the IRS tags with a click of a mouse, from leaving or re-entering the country. In addition, if a proposed law takes effect, the IRS will be able to revoke passports of U.S. citizens under certain circumstances without any formal charges.
Negative Tax Rates?
The largest Life and Annuity insurers made billions in 2013, but paid no U.S. tax on that income. The effective tax rate of the largest 25 insurers, by asset size, was negative 8.4%. With 21.6 billion dollars in net income, the negative effective tax rate for the top insurers equates to tax free income.
Finally, please prepare now for the escalating economic and social unrest. Good Day!
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