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Apr 24, 2011

GATA : THE GATA DISPATCHES Wake Us when China actually sells dollars, Will Governments Confiscate gold and silver by Alasdair Macleod, Weekly metals Review ...

Wake us up when China stops talking and actually sells the   damn dollars

China Should Cap Forex Reserves at 1.3 Trillion U.S. Dollars, China Banker Says
From Xinhua News Agency, Beijing
Saturday, April 24, 2011
BEIJING -- China should reduce its excessive foreign exchange reserves and further diversify its holdings, Tang Shuangning, chairman of China Everbright Group, said on Saturday.
The amount of foreign exchange reserves should be restricted to between $800 billion to $1.3 trillion in U.S. dollars, Tang told a forum in Beijing, saying that the current reserve amount is too high.
China's foreign exchange reserves increased by $197.4 billion in the first three months of this year to $3.04 trillion by the end of March.
Tang's remarks echoed the stance of Zhou Xiaochuan, governor of China's central bank, who said on Monday that China's foreign exchange reserves "exceed our reasonable requirement" and that the government should upgrade and diversify its foreign exchange management using the excessive reserves.
Meanwhile, Xia Bin, a member of the monetary policy committee of the central bank, said on Tuesday that $1 trillion U.S. dollars would be sufficient. He added that China should invest its foreign exchange reserves more strategically, using them to acquire resources and technology needed for the real economy.
Tang also said that China should further diversify its foreign exchange holdings. He suggested five channels for using the reserves, including replenishing state-owned capital in key sectors and enterprises, purchasing strategic resources, expanding overseas investment, issuing foreign bonds, and improving national welfare in areas like education and health.
However, these strategies can treat only the symptoms but not the root cause, he said, noting that the key is to reform the mechanism of how the reserves are generated and managed.

Alasdair Macleod: Will governments confiscate gold and silver?

12:06p ET Sunday, April 24, 2011
Dear Friend of GATA and Gold (and Silver):
Writing for GoldMoney, economist and former banker Alasdair Macleod reflects on the possibility of confiscation by Western governments of privately held gold. Macleod concludes that confiscation would serve mainly to enrich Asians while impoverishing the few Americans who own gold, without gaining much for the U.S. government. The rationale for the gold confiscation in the United States in 1933, Macleod notes, no longer applies, since gold long ago ceased being part of the country's circulating money stock. Macleod's commentary is headlined "Will Governments Confiscate Gold?" and you can find it at GoldMoney's research section here:
Six years ago, after much prodding through a member of Congress, GATA managed to engage the U.S. Treasury Department in extensive correspondence about the department's attitude toward confiscation of privately held precious metals. The Treasury Department replied that, under certain circumstances, it indeed claims the power to confiscate privately held gold and silver -- as well as the power to confiscate every other financial asset held by citizens of the land of the free and the home of the brave. That correspondence is headlined "Treasury Claims Power to Seize Gold and Silver -- and Everything Else" and you can find it in the GATA archive here:

Weekly metals review and Embry, Hathaway interviews at King World News

11:43a ET Sunday, April 24, 2011
Dear Friend of GATA and Gold (and Silver):
Over at King World News, the weekly precious metals market review with CMI Gold & Silver's Bill Haynes and's Dan Norcini can be heard here:
This week's King World News interview with Sprott Asset Management's chief investment strategist, John Embry, can be heard here:
And this week's King World News interview with Tocqueville Gold Fund manager John Hathaway can be heard here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

NYT: Breaking News Alert: Classified Military Files Offer New Insights About Guantánamo Detainees

Breaking News Alert
The New York Times
Sun, April 24, 2011 -- 8:48 PM ET

Classified Military Files Offer New Insights About Guantánamo Detainees

A trove of more than 700 classified military documents
provides new and detailed accounts of the men who have done
time at the Guantánamo Bay prison in Cuba, and offers new
insight into the evidence against the 172 men still locked up
there. Military intelligence officials, in assessments of
detainees written between February 2002 and January 2009,
evaluated their histories and provided glimpses of the
tensions between captors and captives. What began as a
jury-rigged experiment after the 2001 terrorist attacks now
seems like an enduring American institution, and the leaked
files show why, by laying bare the patchwork and
contradictory evidence that in many cases would never have
stood up in criminal court or a military tribunal.

Read More:

MarketWatch | Economic Preview : Signs of faltering recovery down to ‘one-off factors,’ including oil

By Steve Goldstein, MarketWatch

WASHINGTON (MarketWatch) — The nation’s economy in the first quarter didn’t grow nearly as quickly as it did in the fourth quarter, and on Thursday the government will release the grim data.
To be fair, none of the economists that MarketWatch tracks is expecting the Commerce Department to report that gross domestic product shrank in the January-to-March period. But the MarketWatch consensus for the GDP data, due for release Thursday at 8:30 a.m. Eastern, pegs growth as slowing to a 1.7% annualized pace from 3.1% in the fourth quarter.
MarketWatch consensus
date report Consensus previous
April 25 New home sales 290,000 250,000
April 26 Consumer confidence 65.0 63.4
April 27 Durable goods orders 3.0% -0.6%
April 27 FOMC 0%-0.25% 0%-0.25%
April 28 GDP 1.7% 3.1%
April 28 Jobless claims 395,000 402,000
April 29 Personal income 0.3% 0.3%
April 29 Consumer spending 0.5% 0.7%
April 29 Core PCE price index 0.1% 0.2%
April 29 Employment cost index 0.5% 0.4%
April 29 Chicago PMI 68.0% 70.6%
April 29 Consumer sentiment 70.0 69.6
/conga/economy-politics/calendars/preview widget.html 142096
Part of the drop will be put down to changes in the trade balance and inventories.
“There were quirky numbers from the fourth quarter, an unusual narrowing in the trade balance and a significant drawdown in inventories,” said Thomas Simons, economist at Jefferies & Co., which is forecasting 2.6% growth for the first quarter. “Both of those will reverse themselves to some degree; the question is which one wins.”
There are other factors at play as well.
Some readers will roll their eyes, but this winter actually was worse than normal in terms of snowfall. The Middle East, the dominant provider of world if not U.S. oil, isn’t always in the throes of a revolution that both limits actual output (Libya) and raises fears about future output (Saudi Arabia, Iran).


Obama on reducing the debt
At the Facebook Town Hall event, President Obama discusses options for cutting the federal debt.

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/conga/story/misc/dc.html 141872
“Several one-off factors — a significant jump in oil prices, weather-related disruptions and an anomalous shortfall in defense outlays — limited growth temporarily in the first quarter,” said Robert DiClemente, chief U.S. economist at Citi, in a note to clients. He’s forecasting 1.8% first-quarter GDP growth.
“In our judgment, these special factors alone were not enough to quash a recovery that otherwise exhibited healthy demand, accelerating employment gains and surprisingly stable financial conditions,” according to DiClemente.
That’s the typical view on Wall Street. Even though 38 out of 52 economists have reduced their annual GDP growth view in a poll by Blue Chip Economic Indicators earlier this month, the 2011 estimate still stands at 2.9%, which is how fast the U.S. economy grew last year.
“Our analysis indicates that current GDP growth is not a very good predictor of next quarter’s GDP growth, once we take into account other information,” said Goldman Sachs economist Zach Pandl in a note to clients. “We therefore remain comfortable that growth will reaccelerate in the second quarter.”
That assumption depends on the bounce in gasoline prices — with its attendant restraint on consumer spending — being short-lived.

Much hinges on consumers’ behavior

“The consumer has some positives to hang his hat on — the stock market has done well even in the face of troubling events and weak data, the labor market continues to heal itself, and the unemployment rate has come down,” said Simons. “But the thing that kills consumers is when they have to pay for what they don’t want to pay for — namely, gasoline.”
Two gauges of consumer confidence in April are set for release: the Conference Board’s on Tuesday and the final University of Michigan-Thomson Reuters reading on Friday. Both are likely to show that consumers are still put off by the spike in gasoline prices, if less so than in March. Consumer confidence is a predictor, albeit an imperfect one, of retail activity.


U.S. week ahead: Fed in focus

Federal Reserve Chairman Ben Bernanke will begin holding news conferences following the central bank's policy-making meeting, MarketWatch's Greg Robb tells Kelsey Hubbard.
Another highlight will be data on durable-goods orders for March, due out Wednesday morning ahead of the day’s big event: the Federal Reserve interest-rate decision, forecast on growth (currently 3.4% to 3.9%) and press conference with Fed Chairman Ben Bernanke. See more on potential questions to be asked of top U.S. central banker Bernanke.
The durables report is a volatile indicator but could shed light on the impact of the recent Japanese earthquake and tsunami on the U.S. supply chain.
“The data from the manufacturing sector should be closely looked at, that’s been biggest driver of the recovery so far,” said Simons. “The implications from the Japan situation haven’t really fleshed themselves out in data significantly.”
The big drop in the manufacturing survey for April compiled by the Federal Reserve Bank of Philadelphia could be the first demonstration of the Japan impact, he said. But the rebuilding of Japan, the world’s No. 3 economy, should bolster spending on construction equipment during the second half of the year. Read more about economic data for the week ended April 21 as rendered in charts, including the Philly Fed.
Steve Goldstein is MarketWatch's Washington bureau chief.

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On April 24, 1898, Spain declared war on the United States after rejecting America's ultimatum to withdraw from Cuba.

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( Associated Press Associated Press , AP)

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( Associated Press Associated Press , AP)

Indian doctor says Hindu holy man Sathya Sai Baba, considered a living god by followers, dies
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( Associated Press Associated Press , AP)


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( Associated Press Associated Press , AP)

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( Associated Press Associated Press , AP)

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( Associated Press Associated Press , AP)

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( Associated Press Associated Press , AP)