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Aug 23, 2012

GATA | THE GATA DISPATCH Thursday, August 23 2012: Republican platform to offer sop to Paul supporters: anothe

Republican platform to offer sop to Paul supporters: another gold commission

Republicans Eye Return to Gold Standard
By Robin Harding and Anna Fifield
Financial Times, London
Thursday, August 23, 2012

http://www.ft.com/intl/cms/s/0/06ebfdaa-ed3f-11e1-83d1-00144feab49a.html

The gold standard has returned to mainstream US politics for the first time in 30 years, with a "gold commission" set to become part of official Republican Party policy.
Drafts of the party platform, which it will adopt next week at a convention in Tampa, Florida, call for an audit of Federal Reserve monetary policy and a commission to look at restoring the link between the dollar and gold.

The move shows how five years of easy monetary policy -- and the efforts of libertarian congressman Ron Paul -- have made the once-fringe idea of returning to gold as money a legitimate part of Republican debate.

 Marsha Blackburn, a Republican congresswoman from Tennessee and co-chair of the platform committee, said the issues were not adopted merely to placate Mr. Paul and the delegates he picked up during his campaign for the party's nomination.

"These were adopted because they are things that Republicans agree on," Ms. Blackburn told the Financial Times. "The House recently passed a bill on this, and this is something that we think needs to be done."
The proposal is reminiscent of the Gold Commission created by former president Ronald Reagan in 1981, 10 years after Richard Nixon broke the link between gold and the dollar during the 1971 oil crisis. That commission ultimately supported the status quo.

"There is a growing recognition within the Republican party and in America more generally that we're not going to be able to print our way to prosperity," said Sean Fieler, chairman of the American Principles Project, a conservative group that has pushed for a return to the gold standard.

A commission would have no power except to make recommendations, but Mr. Fieler said it would provide a chance to educate politicians and the public about the merits of a return to gold. "We're not going to go from a standing start to the gold standard," he said.

The Republican platform in 1980 referred to "restoration of a dependable monetary standard," while the 1984 platform said that "the gold standard may be a useful mechanism." More recent platforms did not mention it.

Any commission on a return to the gold standard would have to address a host of theoretical, empirical, and practical issues.

Inflation has remained under control in recent years, despite claims that expansion of the Fed's balance sheet would lead to runaway price rises, while gold has been highly volatile. The price of the metal is up by more than 500 per cent in dollar terms over the past decade.

A return to a fixed money supply would also remove the central bank's ability to offset demand shocks by varying interest rates. That could mean a more volatile economy and higher average unemployment over time.

On the campaign trail in New Mexico on Thursday, Republican presidential hopeful Mitt Romney said it was "a real achievable objective" for the U.S. to reach energy independence by 2020, touting his plan to open a stretch of the southeast coast for oil development and speed up drilling on federal lands.

PM says file closed on AWU claims: Financial and Forex Info | The Australian Capital Circle.



PM says file closed on AWU claims
 
JULIA Gillard has given her first detailed public account of controversial legal work she did 17 years ago before becoming a politician, denying all wrongdoing.

In an extraordinary press conference yesterday, the PM denied setting up a legal entity under false pretences in the early 1990s and regrets calling it a slush fund. She said she was the victim of a smear campaign by "misogynists and the nutjobs on the internet". She also attacked The Australian for an error in its coverage of the matter, but largely confirmed the paper's reporting of the issue. Read the transcript here.

The Australian's Hedley Thomas, who reported a series of fresh revelations on the 17-year-old scandal, gives his take on the PM's press conference here.

In other developments, a retired Greek-born builder says Julia Gillard paid for renovations on her Melbourne home herself. Kon Spyridis confirmed that Ms Gillard personally paid him for nearly $4000 worth of renovations with two bank cheques. And bankrupt blogger Larry Pickering says he's no misogynist and he'd love the PM to sue him

Tony Abbott - who said the Prime Minister had questions to answer on the matter - told the Nine Network this morning he'd only seen part of Ms Gillard's 50-minute press conference. "I've got quite a lot of things on my plate," he said. He said he was more concerned with her conduct as PM than her past conduct as a lawyer.

Julia Gillard is in Melbourne, where she'll visit a school.
Tony Abbott is in Brisbane.

Diary: RBA governor Glenn Stevens will appear before the House economics comm
Read more...
 
Mumble
Peter Brent
Peter Brent
 
Spare a thought for Kim
As the ALP celebrates reaching a primary vote of 35 in the latest Newspoll, spare a thought for Kim Beazley. Australia’s Ambassador to…
 
More Peter Brent

China Besieged by Glut of Unsold Goods: NYT Global Update - August 23, 2012.-

The New York Times International Herald Tribune
August 23, 2012

Global Update



TOP NEWS

China Besieged by Glut of Unsold Goods

By KEITH BRADSHER
The severity of the country's inventory surplus has been masked by the blocking or adjusting of economic data by the government.
Euro Watch

French and German Leaders Meet as Fresh Signs Point to Regional Recession

By MELISSA EDDY, JACK EWING and DAVID JOLLY
Greece's fiscal problems were the pressing issue as President François Hollande met with the German chancellor, Angela Merkel.

Manufacturing in China Slows Further

By BETTINA WASSENER
The economic contraction continued in August, as a closely watched survey of the manufacturing sector fell to its lowest level since late last year.
U.S.

Interactive Feature: Faces of the Dead

Remembering the fallen service members who lost their lives in Iraq and Afghanistan.
Opinion

Latitude

A Tale of Two Territories

By RAJA SHEHADEH
Walking in Scotland, wondering about Palestine.
WORLD

Syrian Forces Renew Raids on Damascus Suburbs

By DAMIEN CAVE and HWAIDA SAAD
Government forces supported by tanks raided a suburb of the Syrian capital on Thursday, killing 15 people, opposition activists said.

General Notes Taliban Coercion in Some Attacks on Troops

By THOM SHANKER
Gen. John R. Allen, the senior commander in Afghanistan, said that up to one-quarter of the attacks by Afghan security forces on Americans could be caused by Taliban infiltration or coercion.

China Forcing Repatriation of Ethnic Refugees From Myanmar

By EDWARD WONG
Officials in southwest China are pushing ethnic refugees from neighboring Myanmar back into Kachin State, where a renewed civil war has forced 7,000 to 10,000 people to flee to China, according to Human Rights Watch.
BUSINESS
Economix Blog

Big Income Losses for Those Near Retirement

By CATHERINE RAMPELL
The typical American between the ages of 55 and 64 has a household income almost 10 percent less than it was when the recovery began three years ago.
DealBook

Private Equity Firms Stimulate Earnings and Deals in Post-Revolution Egypt

By SARA HAMDAN
Last year, a number of private equity-owned businesses in Egypt, in sectors like health care and power, increased their earnings by 40 percent or more, driven by surprising consumer spending.
DealBook

Qatar Fund Raises Stake in Xstrata

By WILLIAM ALDEN
Qatar Holding, the sovereign wealth fund, has increased its stake in the mining company Xstrata to above 12 percent, as it continues to oppose the planned $30 billion takeover of Xstrata by Glencore International.
TECHNOLOGY

Facebook Rewrites Its Code for a Small-Screen World

By BRIAN X. CHEN
The company is trying to find ways to show lucrative ads to mobile users without cluttering up their hand-held screens and driving them away in frustration.

In Google's Inner Circle, a Falling Number of Women

By CLAIRE CAIN MILLER
The search giant's efforts to recruit and promote more women have resulted in more hires, but not in the executive offices.

Silicon Valley Techies Fight to Save a Popular but Illegal Haven

By SOMINI SENGUPTA
A cavernous California warehouse that serves as an informal office building for the tech-enamored doesn't comply with city regulations. But no one, including the city, wants to close it.
SPORTS

Rugby Takes a Deeper Look at Concussions

By EMMA STONEY
The ruling body of the sport is, for the first-time, conducting an in-depth study of the long-term effects of blows to the head.

Another Player Receives 50-Game Ban

By LYNN ZINSER and SERGE F. KOVALESKI
Bartolo Colon, enjoying a resurgent season, tested positive for testosterone and was banished for 50 games, a week after the Giants' Melky Cabrera received the same penalty for the same substance.

Before McIlroy, There Was García

By KAREN CROUSE
A decade after challenging Tiger Woods in the United States Open, Sergio García remains in search of that elusive first major title while Rory McIlroy this month won his second major.
U.S. NEWS

Victory for Akin Seen as Difficult, but Still Possible

By JOHN ELIGON and MONICA DAVEY
Representative Todd Akin is having fund-raising and party problems since the abortion controversy erupted, but some say he could still win his Senate race in Missouri.

Romney Strategists Say They'll Stay the Course Amid Focus on Abortion

By MICHAEL D. SHEAR and JONATHAN WEISMAN
Campaign advisers say Mr. Romney's economic message will still resonate with female voters after the controversy created by Todd Akin's "legitimate rape" comment subsides.

In Poll, Obama Is Given Trust Over Medicare

By MICHAEL COOPER and DALIA SUSSMAN
New polls show that Medicare ranks as the third most crucial issue to likely voters in Florida, Ohio and Wisconsin, and that more respondents in each state trust President Obama to manage the program.
OPINION
Op-Ed Columnist

Dulce Et Decorum Est

By ROGER COHEN
The war in Afghanistan is unwinnable and a reproach to us all.
Op-Ed Contributor

Gathering Hope in Tehran

By KAVEH AFRASIABI
Although the Nonaligned Movement summit meeting has been mocked as a "bacchanal of nonsense," it is likely to have significant implications.
Latitude

Power Failures in Venezuela

By FRANCISCO TORO
A highly scripted TV appearance of Chávez's goes wrong, exposing more than one crack in the system he's created.

New York Fed Sells Off Last A.I.G.-Related Holdings: DealBook | DealB%K Afternoon Edition - August 23, 2012. -



Thursday, August 23, 2012
TOP STORY
New York Fed Sells Off Last A.I.G.-Related Holdings The Federal Reserve Bank of New York said on Thursday that it had wound down the final remnant of its rescue of the American International Group, generating a multibillion-dollar profit in the process.
  • DEALBOOK »
  •  
  • DEALBOOK HIGHLIGHTS
    Private Equity Firms Stimulate Earnings and Deals in Post-Revolution Egypt Last year, a number of private equity-owned businesses in Egypt, in sectors like health care and power, increased their earnings by 40 percent or more, driven by surprising consumer spending.
    Qatar Fund Raises Stake in Xstrata Qatar Holding, the sovereign wealth fund, has increased its stake in the mining company Xstrata to above 12 percent, as it continues to oppose the planned $30 billion takeover of Xstrata by Glencore International.
    UBS Also Urges S.E.C. to Reject Nasdaq's Proposal UBS is the latest financial firm to shoot down Nasdaq's $62 million proposal to compensate customers who lost money during Facebook's bungled initial public offering.
    Bank of America Adds 4 Directors Bank of America on Thursday appointed four new directors to its board in anticipation of several current board members stepping down after they reach retirement age.
    What the Sound and Fury Over Best Buy May Signify Behind the squabbling between Best Buy and its founder and principal stockholder, Richard M. Schulze, there is a mystery. What exactly is Mr. Schulze's strategy? And why are both parties fighting so publicly?
    JPMorgan's Former Leader Makes a Case for Big Banks William B. Harrison Jr., a primary architect of the modern-day JPMorgan Chase, writes in an op-ed in The Times that the breakup of big banks would not prevent risky behaviors.
    Tokyo Stock Exchange Completes Tender Offer for Osaka Rival The Tokyo exchange said it had received tenders totaling 80 percent of the Osaka exchange, above the 67 percent it had sought.
    Bank of China Profit Grows at Slowest Pace in 3 Years Bank of China, the first of the country's top lenders to report second-quarter earnings, said its net profit rose 5.2 percent, to $5.5 billion.
    LOOKING AHEAD
    Economic Reports The data released on Friday will include durable goods orders for July.
    Overseas The Federal Reserve Bank of Chicago president, Charles L. Evans, speaks at a press briefing in Beijing on Friday. Chancellor Angela Merkel of Germany meets with Greece's prime minister, Antonis Samaras, about Greece's aid package
     

New York Fed Sells Off Last A.I.G.-Related Holdings: DealBook | DealB%K Afternoon Edition - August 23, 2012. -



Thursday, August 23, 2012
TOP STORY
New York Fed Sells Off Last A.I.G.-Related Holdings The Federal Reserve Bank of New York said on Thursday that it had wound down the final remnant of its rescue of the American International Group, generating a multibillion-dollar profit in the process.
  • DEALBOOK »
  •  
  • DEALBOOK HIGHLIGHTS
    Private Equity Firms Stimulate Earnings and Deals in Post-Revolution Egypt Last year, a number of private equity-owned businesses in Egypt, in sectors like health care and power, increased their earnings by 40 percent or more, driven by surprising consumer spending.
    Qatar Fund Raises Stake in Xstrata Qatar Holding, the sovereign wealth fund, has increased its stake in the mining company Xstrata to above 12 percent, as it continues to oppose the planned $30 billion takeover of Xstrata by Glencore International.
    UBS Also Urges S.E.C. to Reject Nasdaq's Proposal UBS is the latest financial firm to shoot down Nasdaq's $62 million proposal to compensate customers who lost money during Facebook's bungled initial public offering.
    Bank of America Adds 4 Directors Bank of America on Thursday appointed four new directors to its board in anticipation of several current board members stepping down after they reach retirement age.
    What the Sound and Fury Over Best Buy May Signify Behind the squabbling between Best Buy and its founder and principal stockholder, Richard M. Schulze, there is a mystery. What exactly is Mr. Schulze's strategy? And why are both parties fighting so publicly?
    JPMorgan's Former Leader Makes a Case for Big Banks William B. Harrison Jr., a primary architect of the modern-day JPMorgan Chase, writes in an op-ed in The Times that the breakup of big banks would not prevent risky behaviors.
    Tokyo Stock Exchange Completes Tender Offer for Osaka Rival The Tokyo exchange said it had received tenders totaling 80 percent of the Osaka exchange, above the 67 percent it had sought.
    Bank of China Profit Grows at Slowest Pace in 3 Years Bank of China, the first of the country's top lenders to report second-quarter earnings, said its net profit rose 5.2 percent, to $5.5 billion.
    LOOKING AHEAD
    Economic Reports The data released on Friday will include durable goods orders for July.
    Overseas The Federal Reserve Bank of Chicago president, Charles L. Evans, speaks at a press briefing in Beijing on Friday. Chancellor Angela Merkel of Germany meets with Greece's prime minister, Antonis Samaras, about Greece's aid package
     

In Poll, Obama Is Given Trust Over Medicare: NYT Politics - August 23, 2012 -

The New York Times

August 23, 2012

Politics



In Poll, Obama Is Given Trust Over Medicare

New polls show that Medicare ranks as the third most crucial issue to likely voters in Florida, Ohio and Wisconsin, and that more respondents in each state trust President Obama to manage the program.
Exelon's nuclear plant in Byron, Ill. Company officials say its relationship with the Obama administration reflects a shared vision of moving the nation toward a cleaner energy future.

Ties to Obama Aided in Access for Big Utility

The Illinois-based energy producer Exelon Corporation has sometimes benefited from close ties with the Obama administration.

More Politics

Romney Energy Plan Would Expand Oil Drilling on U.S. Land and Offshore

Mr. Romney's plan would give states more control over drilling on federal land, promote the nuclear power industry and approve an oil pipeline from Canada.
Akin Is In, and if He Wanted Out, It Would Be Hard
The Caucus

Akin Is In, and if He Wanted Out, It Would Be Hard

In Missouri, changing nominees in the middle of a campaign is complicated.

Victory for Akin Seen as Difficult, but Still Possible

Representative Todd Akin is having fund-raising and party problems since the abortion controversy erupted, but some say he could still win his Senate race in Missouri.

Romney Strategists Say They'll Stay the Course Amid Focus on Abortion

Campaign advisers say Mr. Romney's economic message will still resonate with female voters after the controversy created by Todd Akin's "legitimate rape" comment subsides.
Ann Romney greeted supporters at a rally in August in Norfolk, Va. Because of network plans to televise the Republican National Convention on the final three nights, Mrs. Romney's speech will not be broadcast on any major network.

Limited Convention Broadcasts Shut Out Ann Romney

Believing that viewers are tired of politics, the networks will broadcast three hours of convention coverage, less than they showed in 2008.

Racial Comment by Republican Official in Ohio Rekindles Battle Over Early Voting

Remarks from the Republican chairman in Franklin County, Doug Preisse, angered Democrats and African-American leaders.
Women listened to Senator Scott P. Brown at a campaign event Tuesday in Fairhaven, Mass.

Another Senate Race Seizes on Rape Remark

Heated exchanges over the "war on women" have suddenly come to dominate the closely watched Senate race in Massachusetts.

The Caucus

Romney Unveils Plan for Energy Independence

"This is not some pie-in-the-sky kind of thing," Mitt Romney said of his plan to make North America energy independent by 2020, . "This is a real, achievable objective."

Polls Highlight Senate Races in Swing States

New surveys show the ratings for governors in Florida, Ohio and Wisconsin as well as the state of play in key Senate contests.

Key Democratic State Parties Have Financial Edge

While President Obama and Mitt Romney crisscross the nation raising money for their campaigns, in battleground states Republican and Democratic organizations have been laying the groundwork for voter organization and turnout for the November election.

G.O.P. Platform Takes Hard Line on Immigration

Republican delegates hammered out an immigration plank calling for tough border enforcement and opposing "any forms of amnesty" for illegal immigrants, instead endorsing "humane procedures to encourage illegal aliens to return home voluntarily," a policy of self-deportation.