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Apr 3, 2013

Fed's gold selling is "desperate," former assistance treasury secretary says: GATA | THE GATA DISPATCH April 3, 2013.

Fed's gold selling is 'desperate,' former assistant treasury secretary says

8p ET Wednesday, April 3, 2013

Former Assistant Treasury Secretary Paul Craig Roberts tells King World News today that the Federal Reserve is taking "desperate" action against gold to support the dollar and keep interest rates down and government bond prices up. "The last couple of days there has been an amazing amount of selling on the part of the Fed," Roberts says. "It's paper shorts, not actual people selling bullion. But they are trying to bust up the momentum in gold so they can hold on to their low interest rates, high bond prices, and continue printing money." An excerpt from the interview is posted at the King World News blog here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

Taliban Assault on Compound in Afghanistan Kills Dozens: NYT I Global Update April 3, 2013.

The New York Times International Herald Tribune
April 3, 2013
Compiled 20:45 GMT

Global Update


Taliban Assault on Compound in Afghanistan Kills Dozens

In one of the war's deadliest insurgent attacks, nine Taliban fighters stormed a government compound, killing at least 44 people and wounding more than 100 in a hostage standoff.

North Korea Blocks Workers From South at the Border

The North's threats and provocative acts prompted the Pentagon to announce the deployment of an advanced radar battery to Guam.

2 Major Air Pollutants Increase in China

Levels of two major air pollutants - nitrous dioxide and particulate matter that is between 2.5 and 10 micrometers, called PM 10 - surged early in 2013, a report said.

Op-Ed Contributor

Keep Myanmar on Track

An outbreak of communal violence raises worries for the future of a fragile state.

Video: Inherited Tactics in North Korea

An analyst from the Center for Strategic and International Studies says the abrasive actions of the North Korean leader Kim Jong-un are part of a game plan set by his father.

Clashes Resume Across Israel-Gaza Border as Tensions Mount

Israel launched an air attack in response to rockets fired from Gaza as Palestinian prisoners declared a hunger strike.

Mandela Said to Be 'Much Better' Than a Week Ago

Doctors said Nelson Mandela, the former South African president, is responding "satisfactorily" to treatment for pneumonia.

New Rebel Gains Reported in Southern Syria

The insurgency now appears to be threatening the Assad government's control of an area near the Jordan border.
State of the Art

Breaking Free of the Cellphone Carrier Conspiracy

T-Mobile, the smallest of the Big Four cellphone carriers, steps away from the two-year, unbreakable contract that Sprint, Verizon and AT&T live by.

Former Goldman Trader Surrenders to F.B.I.

Matthew Taylor, a former Goldman Sachs trader suspected of fabricating huge positions at the bank, surrendered to the F.B.I. on Wednesday morning, escalating a case that until now has produced only civil charges.

Leno Blesses 'Tonight Show' Succession Plan

NBC confirmed that Jimmy Fallon would take over from Jay Leno as host of "The Tonight Show" after the conclusion of the Winter Olympics in February 2014.

2 Deterrents to Robocalls Win Contest by F.T.C.

The Federal Trade Commission expressed hope that the winning proposals find their way to the marketplace soon, to provide relief to millions of American consumers.

S.E.C. Sets Rules for Disclosures Using Social Media

The Securities and Exchange Commission cleared companies' use of Facebook and Twitter for announcements, following an investigation into a social media post by Netflix's chief.

Google Faces More Inquiries in Europe Over Privacy Policy

European regulators accused the company of being unclear about its use of personal data across different services.

Fine Margins and Punishing Consequences

When giants of Europe meet in the Champions League quarterfinals, concentration becomes a crucial factor.

Getting an Opportunity to Face the Lions

Quade Cooper's game-breaking abilities will be necessary for Australia against the British and Irish Lions, a former Wallabies coach says.
Paris St.-Germain 2, Barcelona 2

Barcelona Loses Messi and the Lead, Spoiling Its Evening in Paris

Paris St.-Germain held Barcelona to a 2-2 tie after Blaise Matuidi scored with a low shot that wriggled past goalkeeper Victor Valdés.

Crucible of Change in Memphis as State Takes On Failing Schools

In a city marked by pockets of entrenched black poverty, some of the worst schools in Tennessee, taken over by the state, are in the midst of a radical experiment.

Advances in Science of Fire Free a Convict After 42 Years

Louis C. Taylor was convicted for starting the deadliest fire in Arizona history, but his case is now helping to call into question previously held arson investigation principles.

Program Helps Students Talk Their Way Out of Trouble

Restorative justice, which encourages young people to develop empathy for one another, is increasingly offered in schools seeking an alternative to "zero tolerance" policies.
Op-Ed Contributor

Keep Myanmar on Track

An outbreak of communal violence raises worries for the future of a fragile state.
Op-Ed Columnist

My Little (Global) School

Ever wonder how your kid's school compares with one in China? Now you can find out.
Op-Ed Columnist

Happily Never After?

An unmodern court debates a modern issue, all of which has left a friend completely exhausted. He shares his perspective.

DealBooK P.M. Edition April 3, 2013.: As Business Lending Rises, Concerns Emerge About Profit

Wednesday, April 3, 2013
As Business Lending Rises, Concerns Emerge About Profit The recent spurt in bank business lending is starting to flash some warning signs. The concern is that banks are making loans to businesses at rates that are so low that they may end up being unprofitable for the lenders.
Toronto-Dominion Announces C.E.O. Succession Bharat B. Masrani, the head of the bank's U.S. operation, will take over as chief executive of the Canadian giant when William E. Clark retires as president and chief executive in November 2014.
Former Goldman Trader Surrenders to F.B.I. Matthew Taylor, a former Goldman Sachs trader suspected of fabricating huge positions at the bank, surrendered to the F.B.I. on Wednesday morning, escalating a case that until now has produced only civil charges.
Report Faults 'At All Costs' Attitude at Barclays The push to change Barclays from a predominantly British retail bank to a global financial giant created a culture that put profits before customers, an independent review has found.
Breakingviews: Barclays' Need for a Culture Change Dominic Elliott says that changing the banking culture at Barclays will take time and will require perseverance. It will also require deftness of touch.
Shares of Moleskine Fall Modestly in Trading Debut Shares of the vintage notebook company rose in trading in Milan on Wednesday as much as 3.9 percent before falling back slightly to close at 2.28 euros a share, down .87 percent from its offering price.
Vodafone Shares Fall After Verizon Throws Cold Water on Bid Talk Shares of Vodafone fell in London trading on Wednesday after Verizon Communications said it did not "currently have any intention to merge with or make an offer for Vodafone, whether alone or in conjunction with others."
Economic Reports Data to be released on Thursday includes weekly jobless claims.
In the United States On Thursday, some American retailers will report same-store sales.
Overseas On Thursday, the Bank of Japan, the European Central Bank and the Bank of England will announce monetary policy.

Quotation of the Day
"Almost every trading debacle was sitting on some accountant's desk."
John Breit, a former risk manager for Merrill Lynch.

Wall Street at Close Report April 3, 2013.: U.S. stocks slide after disappointing data; by Kate Gibson, MarketWatch.

By Kate Gibson, MarketWatch 
NEW YORK (MarketWatch) U.S. stocks fell sharply Wednesday, with the benchmark indexes taking their worst hit in more than five weeks, after labor-market data disappointed ahead of Friday’s nonfarm payrolls report. 

“If you stack up economic data over the last few days, a handful have disappointed, including today,” said Art Hogan, a market strategist at Lazard Capital Markets. 

Friday’s “big employment report will determine the next direction for the market, at least for the short term,” said Randy Frederick, managing director of active trading and derivatives. 

After a 136.65-point drop, the Dow Jones Industrial Average DJIA -0.76% finished at 14,550.35, down 111.66, or 0.8%.

Private payrolls below expectations
ADP reports private companies added 158,000 payrolls in March, a much slower pace than was expected. 

The S&P 500 index SPX -1.05% shed 16.56 points, or 1.1%, to 1,553.69, with financial companies hardest hit and technology losing the least among its major sectors. 

While the S&P 500 and the Dow industrials on Tuesday closed at all-time highs, market breadth on the NYSE was a slight negative and trading volume slight, leaving the market “gasping for air at its current high-altitude level with buyers reluctant to step in and drive prices meaningfully higher on heavy trading volume,” Fred Dickson, chief investment strategist at Davidson Companies, said in emailed research. Read a blog on stock-market trends investors should really worry about. 
On Wednesday, Monsanto Co.’s MON +0.85%  shares climbed 0.9% after the agricultural company hiked its 2013 earnings outlook.
Zynga Inc. ZNGA +0.28% jumped 15% after saying it would launch online gambling in the U.K.
The Nasdaq Composite COMP -1.11% declined 36.26 points, or 1.1%, to 3,218.60.
For every share rising, more than three fell on the New York Stock Exchange, where nearly 812 million shares traded. 

Composite volume exceeded 4 billion. 

Lazard’s Hogan played down the notion that the market’s decline had much to do with reports the U.S. was readying to deploy an advanced missile-defense system to Asia in response to threats by North Korea.
“If we were really worried about North Korea, gold would not be making a new low,” said Hogan at Lazard Capital Markets. 

On the New York Mercantile Exchange, gold futures GCM3 -1.16%  closed at a nine-month low.
“Everybody has been long gold for three years. It feels like the same liquidation that Apple AAPL +0.01%   has been going through,” he added.

By th numbers

Before the opening bell, private-payrolls processor ADP reported private-sector job growth of 158,000 in March, below expectations of 215,000 and versus an upwardly revised gain of 237,000 in February.

The biggest increase of 74,000 came in small business, and while financial and manufacturing jobs increased, last month brought “zero job creation in the construction sector,” noted Dan Greenhau, ,chief global strategist at BTIG LLC in New York. 

ADP has gotten better at predicting the monthly payrolls number from the Labor Department, but the company’s misses “can vary in both size and direction,” said Greenhaus. 

So, while the data showing a reduced pace of hiring is cause for concern, “meaningfully changing Friday’s estimate because of this number is a useless exercise. ADP is a guide, not a predictor,” he said.

Equities continued their slide after the release of a gauge of the U.S. services sector, with the Institute for Supply Management’snonmanufacturingg index in March falling to 54.4 from 56 the month before. 

American corporations starts reporting first-quarter results next week, with Alcoa Inc. AA -0.36% slated to release its earnings for the period on Monday. 

Federal Reserve Bank of San Francisco President John Williams on Wednesday said the central bank could start reducing its $85 billion-a-month asset-purchases by the summer. 

The comments followed those by St. Louis Fed Bank President James Bullard, who spoke in favor of trimming the bond purchase program in $10-$15 billion increments in response to changes in the economy. 

Kate Gibson is a reporter for MarketWatch, based in New York.

The Conscience of a Liberal America the Debtor; by Paul Krugman I NYT I Opinion Today April 3, 2013.

The New York Times

April 3, 2013

Opinion Today

Op-Ed Contributor

Diagnosis: Human

Is being human fast becoming a condition to be contained by prescription drugs?
Why Do G.M.O.'s Need Protection?

Why Do G.M.O.'s Need Protection?

Congress should put the public interest first, especially when there's more to learn about genetically engineered crops.
Guns, Guns, Guns
The Conversation

Guns, Guns, Guns

Brooks and Collins on what to do about the omnipresence of weapons, from Illinois to Colorado to Texas to North Korea.
Where YouTube Meets the Farm
Opinionator | Fixes

Where YouTube Meets the Farm

Delivering video messages to rural farmers in poor countries promises to be an effective method in fighting hunger and malnutrition.
Op-Ed Contributor

Did Putin Sink Cyprus?

Paranoia in Russia drove billions of rubles offshore, seeking safety.
Should Tweets Cost You Your Job?
Room for Debate

Should Tweets Cost You Your Job?

Managers and employees have to figure out how workers should represent themselves and their employers online.
Op-Ed Contributor

The Damage Done by a 'Lucky Guy'

Mike McAlary, the newspaper columnist who is now the subject of a Broadway play, was a flawed journalist who once falsely accused a rape victim of perpetrating a hoax.
Playing It Safe

Playing It Safe

A government campaign to distribute free condoms in hotels puts Vietnamese authorities ahead of this still-traditional society.

Justice Ginsburg's Misdirection

The lesson of Roe v. Wade is that the Supreme Court must not wait on fundamental rights.

The Connecticut Gun-Control Package

Swift approval of the bipartisan bill would send a message to the entire country that some issues must rise above politics.

Public Housing as a 'Penal Colony'

Troubling testimony emerges from a third stop-and-frisk case against the New York Police Department.

On the Frontiers of Brain Research

President Obama's pledge of $100 million is a modest but welcome start to helping us understand how the brain works.

The Opinion Pages

Read the full opinion report, including editorials, columns, op-eds and Opinionator. Go to the Section »
Taking Note

Affirming Abortion Rights

The pro-choice side is usually on the defensive. But active attempts to protect reproductive freedom are not unheard of.
America the Debtor
The Conscience of a Liberal

America the Debtor

Guess who still earns more from foreign investments than it pays?
The Gun Report: April 3, 2013
Joe Nocera's Blog

The Gun Report: April 3, 2013

A day in the life of armed America.
Survey Finds Most Republicans Seek Action on Climate Change
Dot Earth Blog

Survey Finds Most Republicans Seek Action on Climate Change

A new survey finds a strong majority of Republicans and conservative independent voters seek action on climate and non-polluting energy sources.