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Nov 16, 2013

GATA | THE GATA DISPATCH November: Fed can't stop easy money if Bank of Japan and ECB won't, Pento says.



Fed can't stop easy money if Bank of Japan and ECB won't, Pento says


5:18p ET Saturday, November 16, 2013
Market analyst Michael Pento, in commentary posted today by King World News, elaborates on the point made by GoldMoney research director Alasdair Macleod in his commentary this week (http://www.gata.org/node/13252) -- that the major central banks are forced to coordinate their interest-rate policies.
Pento writes: "If Janet Yellen were to start tapering the Fed's quantitative easing program while the Bank of Japan and European Central Bank kept their monetary policies intact, the dollar would soar. This would cause the new chairman to panic about deflation (deflation is public enemy No. 1, according to this new era of Keynesian central bankers) while the stock market crumbled due to downward pressure on earnings from U.S.-based multinational corporations. Of course the chances of getting the Fed, Bank of Japan, and European Central Bank to agree on tightening monetary policy in the near future are about the same as their target rate on interest rates -- zero."
Pento's commentary is posted at the King World News Internet site here:
CHRIS POWELL, Secretary/Treasurer

NYT | Asian Morning Today's Headlines November: Syrian Government's Forces Gain, but a Siege War Goes On.

The New York Times
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Saturday, November 16, 2013



Top News
Smoke from shelling, reportedly by government forces, in Aleppo on Thursday.
Syrian Government's Forces Gain, but a Siege War Goes On

By ANNE BARNARD

The Assad government has made gains, and the momentum has tipped, however slightly, in its direction even while the nation remains badly fractured.
Europe's fiscal crisis has forced young people like Melissa Abadía to make painful adjustments and migrate to find jobs.
Young and Educated in Europe, but Desperate for Jobs

By LIZ ALDERMAN

High unemployment in countries like Spain, Portugal and Greece is hitting young people hardest as they take jobs below their skill level and seek work abroad.
. Graphic  Graphic: Young and Jobless Across Europe
Defection of Longtime Ally Splits Center-Right in Italy

By JIM YARDLEY

The rupture within the movement of Silvio Berlusconi was led by his longtime protégé, Angelino Alfano, who announced that he and others would refuse to join Mr. Berlusconi's rebranded party, Forza Italia.

Editors' Picks

FASHION & STYLE

Video VIDEO: Washington Comes Out
Ten percent of adults in the District of Columbia identify as lesbian, gay, bisexual or transgender, nearly three times the national average. What makes the city such a gay-friendly place?
Sylvie Kauffmann

OPINION | OP-ED | SYLVIE KAUFFMANN

Taxing Times for the Tax Collector

By SYLVIE KAUFFMANN

As years of budget reductions take a toll on public services and on the national psyche, France's sense of balance is lost.
World
Marycris Pulga beside the body of her husband, Richard, at a hospital in Tacloban, the Philippines.
Death After the Typhoon: 'It Was Preventable'

By KEITH BRADSHER

During five days in a Philippine hospital, a 27-year-old farmer and family breadwinner received virtually no care and died, in essence, of a broken leg.
The aftermath of Typhoon Haiyan in Guiuan, on Samar Island.
In Worst-Hit Area of Tacloban, a Killer From Two Sides

By AUSTIN RAMZY

Barangay 88, which sits on a peninsula and is one of Tacloban's most populous neighborhoods, endured massive destruction by last week's typhoon.
A corpse was carried on Thursday to a mass grave in Tacloban, the city of 220,000 that was flattened by the storm that made landfall a week ago. The number of dead still remains uncertain.
Relief Proceeds Slowly in Philippines, Where a Death Toll Remains Unclear

By KEITH BRADSHER and AUSTIN RAMZY

The search for bodies continued in Tacloban and nearby cities and towns as thousands of residents remained hungry and homeless.
. Responding to a Typhoon on the Web
For more world news, go to NYTimes.com/World
Business
Luna flies free.
Emotional Support, With Fur, Draws Complaints on Planes

By BILLY WITZ

A growing number of fliers are accompanied by pets legally certified as emotional support animals, sometimes raising eyebrows, and doubts.
Joy Laskar at his California home.
Reaching for Silicon Valley

By NICK WINGFIELD

Georgia Tech longed to build a start-up culture, but it says a professor took it too far. Three years later, he is battling the university in court.
. A List of Academic Innovators
Jenner Barrington-Ward says that she has been told,
Caught in Unemployment's Revolving Door

By ANNIE LOWREY

Some economists fear that the long-term unemployment crisis affecting millions of Americans might be a permanent change, with far-reaching and damaging consequences.
For more business news, go to INYT.com/Business
Technology

BITS BLOG

Still on Facebook, but Finding Less to Like

By JENNA WORTHAM

Facebook's very popularity may be a force that is driving some users, especially teenagers, to other social platforms.
Evan Spiegel, left, helped found Snapchat while at Stanford University.

BITS BLOG

Snapchat, How Quickly You Have Grown

By NICK BILTON

Last year, Evan Spiegel, a co-founder of SnapChat, was busy wrapping up school projects at Stanford. Now, Mr. Spiegel is turning down multibillion dollar acquisition attempts.
. Rejecting Billions, Snapchat Expects a Better Offer

Sports
Sebastian Vettel, seeking a record eighth straight Formula One victory, will race in the United States Grand Prix on Sunday.
On Track and Off, Vettel Sets His Own Pace

By KAREN CROUSE

Sebastian Vettel, a 26-year-old German, is the youngest driver to score points in Formula One, the youngest Grand Prix winner and the youngest world champion.
Sami Khedira tore a knee ligament in Friday's match against Italy.

SOCCER ROUNDUP

Germany Star Out for Season

By THE ASSOCIATED PRESS

Real Madrid's Sami Khedira is likely to miss the rest of the season after tearing the anterior cruciate ligament in his right knee during Germany's 1-1 friendly match with Italy on Friday.

WINTER SPORTS ROUNDUP

Shiffrin of U.S. Wins Slalom on Road to Sochi

By THE ASSOCIATED PRESS

The American Mikaela Shiffrin easily won the World Cup slalom opener in Levi, Finland, on Saturday, beating the Olympic champion Maria Höfl-Riesch of Germany.
For more sports news, go to INYT.com/Sports
U.S. News
Dissolvable filmstrips of buprenorphine were melted onto the pages of a Kentucky inmate's Bible for later ingestion.

THE DOUBLE-EDGED DRUG

Addiction Treatment With a Dark Side

By DEBORAH SONTAG

High hopes for buprenorphine, an effective treatment for opioid addiction, have been tempered by a messy reality: health complications and deaths, unscrupulous doctors and a reputation as a street drug.
Gov. Bill Haslam of Tennessee must balance conflicting concerns like dwindling state resources and conservative opposition.
Tennessee Governor Hesitates on Medicaid Expansion, Frustrating Many

By RICK LYMAN

As a Jan. 1 deadline looms, Gov. Bill Haslam remains torn on whether to expand Medicaid and is trying to negotiate a plan of his own with federal officials.
President Obama met Friday with executives of more than a dozen of the nation's largest health insurance companies in the Roosevelt Room at the White House.
After Obama Meeting, Insurers Question Plan's Workability

By REED ABELSON and SUSANNE CRAIG

Insurance executives expressed mixed feelings about whether President Obama's proposal to prevent cancellation of insurance policies for millions of Americans could work in every state.

Opinion

SUNDAY REVIEW | OPINION

The Banality of Robbing the Jews

By SARAH GENSBURGER

Stripping Jews of their belongings was an essential part of the effort to destroy them.
What Makes a Martyr?

LATITUDE

What Makes a Martyr?

By HUMA YUSUF

A debate in Pakistan highlights the pitfalls of mixing politics and religion.
. Comment Comment
Arthur Danto

OPINIONATOR | THE STONE

The School of Arthur Danto

By CRISPIN SARTWELL

The philosopher Arthur Danto, a singular thinker and stylish writer, transformed the field of philosophical aesthetics.

GATA | THE GATA DISPATCH November 16, 2013: Nick Barisheff: Fed and Treasury likely arranged gold smashdown

Nick Barisheff: Fed and Treasury likely arranged gold smashdown

10:03a ET Saturday, November 16, 2013
Dear Friend of GATA and Gold:
With a study presented to the Toronto Scholars Conference of the new Ludwig von Mises Institute of Canada on November 1 and 2, Bullion Management Group CEO Nick Barisheff has more than earned his tin-foil hat, acknowledging that a primary objective of the U.S. Federal Reserve is to suppress the gold price.
Among Barisheff's observations:
"Western central bankers have been involved in the practice of leasing, and the even more opaque practice of swapping, their gold holdings for decades. Whatever gold is held in the vaults at the Federal Reserve Bank of New York and even in Fort Knox almost certainly, through hypothecation and re-hypothecation, has several claims to ownership."
"This year the New York Fed told Germany's Bundesbank that it must wait seven years to repatriate just 300 tonnes of gold held in U.S. vaults. I believe this, and Holland's second-largest bank, ABN Amro's, default on its gold redemptions were two of the main events that necessitated the Fed-orchestrated gold takedown this year. The Fed has either compromised Germany's gold through leasing or swapping or simply doesn't have it. There is no other logical explanation."
"Chinese officials have admitted they have a goal of 10,000 tonnes of gold, and 2013's Fed-orchestrated takedown of gold has enabled them to make significant strides toward meeting this goal. Some Asian fund managers have suggested China may have already accumulated up to half of this amount. China is extremely secretive about its official gold holdings; it has been known to use the country's opaque sovereign wealth funds to amass gold holdings, which are then moved to official holdings and announced at China's discretion. China has nothing to gain from divulging its official holdings, and everything to gain from lower gold prices. We can add the migration of gold from West to East to the long list of so-called Fed accomplishments, as history will surely do."
"The gold price takedown was a paper takedown, likely orchestrated by the Federal Reserve and the Treasury, through their bullion banks and, possibly, through the off-budget Exchange Stabilization Fund. If it were a true correction, one based on weakening fundamentals, the physical market would not have been on fire, as we see by Eastern physical buying."
Barisheff's study is valuable for acknowledging not just the government policy of gold price suppression but also the inherently corrupt nature of modern central banking -- corruption that, Barisheff doesn't quite make clear, arises in large part from the secrecy being imposed on public policy. Barisheff's study is titled "The Federal Reserve's Centennial Birthday -- The Hundred Years' War Against Gold and Common Sense" and it's posted at Bullion Management Group's Internet site here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

NYT | Today's Headlines November 16, 2013: China to Ease Longtime Policy of 1-Child Limit

The New York TimesMost Popular | Video | Subscribe: Digital / Home Delivery

Today's Headlines

Saturday, November 16, 2013



Top News
The Chinese limit of one child for most families, which was enacted to slow population growth, has led to criticism.
China to Ease Longtime Policy of 1-Child Limit

By CHRIS BUCKLEY

The Communist Party also said that it would end a much-criticized "re-education through labor" system and institute economic reforms.
. China's Economic Plans 'Ambitious,' U.S. Treasury Secretary Says
Eric Cantor, House majority leader, walked to the floor to vote on a bill allowing insurance companies to renew policies that do not meet the standards of the health care law.
House Approves Bill That Allows Policy Renewals

By ASHLEY PARKER and ROBERT PEAR

Defying a veto threat, 39 Democrats joined Republicans in approving the measure, which goes further than the fix that President Obama had previously announced.
. The Vote Count
Marycris Pulga beside the body of her husband, Richard, at a hospital in Tacloban, the Philippines.
Death After the Typhoon: 'It Was Preventable'

By KEITH BRADSHER

During five days in a Philippine hospital, a 27-year-old farmer and family breadwinner received virtually no care and died, in essence, of a broken leg.

Editors' Picks

T MAGAZINE

Winter Travel Issue
The latest issue of T takes us to many destinations in many different ways.
. A Road Trip Through Alexander Payne's Nebraska
. The Professional Women Who Hunt, Shoot and Gut Their Dinners
. In Myanmar, Retracing George Orwell's Steps

OPINION | OP-ED CONTRIBUTOR

Voter Suppression's New Pretext

By RICHARD L. HASEN

New rationale, old goal: making it harder to be counted.

QUOTATION OF THE DAY

"On the bad days, it's really hard to get out of bed. I ask myself, 'What did I do wrong?'"
ALBA MÉNDEZ,, a 24-year-old with a master's degree in sociology who was interviewing for a job at a supermarket in Madrid, the capital of Spain, where in September, unemployment among those 24 and younger stood at 56 percent.
ADVERTISEMENT

The Economist Editor's Picks, From The desk of John Micklethwait, Editor- in - Chief on November 14, 2013.

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The Economist
Thursday November 14th 2013
Editor's picks


Most of us are used to being watched by security cameras. But what if everybody walking down a street could immediately identify you? As cameras shrink and become ubiquitous, and face-recognition technology bounds forward, there will be lots of gains for consumers and society. But our cover leader worries about privacy. Liberal politicians, we argue, have been too lazy about defending the idea of personal space, especially online.

John Micklethwait, Editor-in-Chief
Reform in China
Every move you make
Xi Jinping has made himself the most powerful leader since Deng Xiaoping
READ MORE »
Schumpeter
The mindfulness business
Western capitalism is looking for inspiration in eastern mysticism
READ MORE »
The evolution of beauty
Face the facts
What makes for a beautiful visage, and why
READ MORE »
Politics this week
Typhoon Haiyan swept through the central Philippines, leaving a trail of destruction that affected as many as 11m people. At least 2,300 people are known to have died; the eventual toll will be far higher.
SEE ARTICLE »

MORE FROM: POLITICS THIS WEEK »
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Business this week
The European Commission began an in-depth review of Germany's "high and persistent" current-account surplus and whether it is "affecting the functioning of the European economy". It will form part of a wider assessment of macroeconomic imbalances that looks at 16 countries in total.
SEE ARTICLE »
MORE FROM: BUSINESS THIS WEEK »