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Sep 22, 2015

Fact Sheet: U.S.-India Commercial, Trade and Economic Cooperation: U.S. Department of Commerce News - September 22, 2015.

Press Release

The United States and India share a strong and growing commercial and economic relationship, driven by entrepreneurs and businesses in both countries.  In January, President Obama and Prime Minister Modi decided to elevate the bilateral commercial and economic partnership by establishing the first-ever U.S.-India Strategic and Commercial Dialogue (S&CD) which was held today in Washington, DC.  The S&CD is the signature, annual forum for policy discussions between the United States Government and the Government of India.  The United States and Indian Governments are using this vehicle to advance our shared priorities of generating economic growth, creating jobs, and strengthening the middle class.  U.S. Secretary of State John Kerry and U.S. Secretary of Commerce Penny Pritzker co-chaired the dialogue with their Indian counterparts, Minister of External Affairs Sushma Swaraj and Minister of Commerce and Industry Nirmala Sitharaman.
The S&CD reflects the Obama Administration’s commitment to strengthen the economic engagement that lies at the center of our bilateral relationship.  This engagement, which includes business, education, cultural, familial and people-to-people ties, has always been at the leading edge of the U.S.-India partnership, and continues to expand.  Our bilateral trade has grown from $19 billion in 2000 to over $100 billion in 2014.  U.S. exports to India totaled $38 billion last year, supporting an estimated 181,000 U.S. jobs.  Cumulative Indian foreign direct investment in the United States totaled $7.8 billion in 2014; U.S. foreign direct investment into India was $28 billion. Ongoing government actions to facilitate trade in both directions and open new sectors to private investment will continue to accelerate not only economic growth and development, but also increase prosperity for the citizens of both our countries.
Below are key highlights of progress since the 2014 U.S.-India Strategic Dialogue:    

David Morgan: Conspiracy Facts Show Metals Prices Have to Rise: GATA | THE GATA DISPATCH - September 22, 2015.

David Morgan: Conspiracy facts show metals prices have to rise

Submitted by cpowell on  September 22, 2015.  Tuesday, September 22, 2015's David Morgan tells the AU Report's J.T. Long that manipulation of the monetary metals and commodity markets is "conspiracy fact."
"The futures markets," Morgan says, "allow massive amounts of paper contracts that represent silver and gold and, for that matter, other commodities such as wheat or corn to be manufactured at will for speculative purposes. That satisfies the demand without changing the real supply. Someone could buy what they think is a physical amount of metal through a major broker-dealer but in reality only hold a claim on the underlying asset. This is fairly pervasive throughout the precious metals industry."
When this leverage that is being used breaks, Morgan says, things can change fast.
The interview is headlined "Silver Investor David Morgan: Conspiracy Facts Show Metal Prices Have to Rise" and it's posted at the AU Report here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

DealBook P.M. Edition -- September 22, 2015: Looking Ahead: China Gathering Tech Leaders in Seattle

Tuesday, September 22, 2015
Lloyd Blankfein, the chairman and chief executive of Goldman Sachs.
Goldman C.E.O. Lloyd Blankfein Has Lymphoma Mr. Blankfein said in a letter to shareholders and employees that he had a "highly curable" form of cancer.

  • NYT »
    Shareholders on Tuesday backed the board's decision to grant Brian T. Moynihan both titles of chairman and chief executive.
    Bank of America Shareholders Allow Chief to Keep Chairman Post The vote comes as a big relief for Brian Moynihan and the broader leadership of Bank of America.
    Mark Bertolini, left, chief executive of Aetna, and Joseph Swedish, the chief executive of Anthem, will testify before Congress about planned acquisitions by their companies.
    Health Insurers Push for Mergers, Playing Down Antitrust Concerns The executives of Aetna and Anthem tried to assure Congress that their planned mergers would enhance competition, but a consumer group expressed doubts.
    Deezer, French Music Streaming Service, Plans I.P.O. The announcement comes as competition has heated up in recent months with the likes of Apple, Spotify and Deezer vying for global customers.
    Larry Kudlow in June. The conservative economist said he was considering running against Senator Richard Blumenthal, Democrat of Connecticut, in 2016.
    Larry Kudlow Weighs Run Against Senator Richard Blumenthal in Connecticut The economist wants to help define a conservative economic message for the entire Republican Party, but he is also driven by outrage over the Democratic senator's support for the Iran nuclear deal.
    Martin Winterkorn, chief of Volkswagen, apologized for conduct that could lead to billions of dollars in fines.
    Breakingviews: Volkswagen Debacle on Financial Par With BP Oil Spill The final bill under the Clean Water Act for BP's Gulf of Mexico oil spill was $5.5 billion; for Volkswagen, it could be as much as $18 billion.

China Has a Message Markets Don't Understand:: CNBC - Market Insider.

China has a message markets don't understand

Evelyn Cheng
China may be compounding its own problems by the way its leaders talk about them.
With the country's growth a concern for global markets, investors are trying to fathom the depth of China's economic issues and understand what authorities are doing.
Analysts say it is difficult to discern what's really going on there and that the economy has always been difficult to measure.
But China's leadership isn't helping.
Chinese President Xi Jinping.
Getty Images
Chinese President Xi Jinping.
Ahead of his U.S. visit that kicked off Tuesday, Chinese President Xi Jinping said in an interview with The Wall Street Journal that recent intervention in capital markets was necessary or normal and that China is still on track to transform its economy.
Read MorePresident Xi: China is a big ship hitting rough seas
"I think they are mostly nothing new and simply a repeat of what other officials have said," Ilya Feygin, managing director at WallachBeth Capital, said of Xi's comments.

Stocks Close Down 1% as Growth Concerns Weigh: Wall Street at Close Report by CNBC on September 22, 2015.

Stocks close down 1% as growth concerns weigh

Evelyn Cheng
U.S. stocks closed more than 1 percent lower Tuesday as investors weighed declines in oil, concerns about global growth, and the implications of the Federal Reserve's rate hike decision.
"It's a market that's gripped with fear, fear of uncertainty of the growth of the global economy and it's own growth strength and that's due to the Fed sending the wrong signals to the market," said Peter Cardillo, chief market economist at Rockwell Global Capital.

Volkswagen Says 11 Million Cars Worldwide Are Affected in Diesel Deception: NYT International Business - September 22, 2015.

Volkswagen Says 11 Million Cars Worldwide Are Affected in Diesel Deception

Jack Ewing
A Volkswagen display at the Frankfurt International Motor Show on Monday. Hannelore Foerster/Getty Images
FRANKFURT — A scandal that has undermined Volkswagen in the United States spread to its core market of Europe on Tuesday, after the company said that 11 million of its diesel cars worldwide were equipped with software that was used to cheat on emissions tests.
Volkswagen did not provide information on where the affected cars are, but the overwhelming majority are probably in Europe, where the company dominates the market and accounts for more than one of every four cars sold.

Religions Are What People Make Them: NYT - Krugman Blogs.

Religions Are What People Make Them

The current crop of Republican presidential candidates is accomplishing something I would have considered impossible: making George W. Bush look like a statesman. Say what you like about his actions after 9/11 — and I did not like, at all — at least he made a point of not feeding anti-Muslim hysteria. But that was then.

CMI Spot Prices as of Close of Trading in New York on September 22, 2015.

Spot Prices as of traditional New York closing times

Tuesday, September 22, 2015


Today Change Week Ago Month Ago Year Ago
$1,126.20 -$8.20 $1,104.30 $1,161.20 $1,222.35


Today Change Week Ago Month Ago Year Ago
$14.78 -$0.47 $14.36 $15.33 $17.81


Today Change Week Ago Month Ago Year Ago
$940.60 -$33.40 $960.30 $1,029.00 $1,334.70


Today Change Week Ago Month Ago Year Ago
$613.20 -$2.60 $600.75 $607.65 $819.00

Gold/Silver Ratio


SEC Proposes Liquidity Management Rules For Mutual Funds And ETFs: SEC Press Release - September 22, 2015.

 SEC Seal
The Securities and Exchange Commission today voted to propose a comprehensive package of rule reforms designed to enhance effective liquidity risk management by open-end funds, including mutual funds and exchange-traded funds (ETFs).
“Promoting stronger liquidity risk management is essential to protecting the interests of the millions of Americans who invest in mutual funds and exchange-traded funds,” said SEC Chair Mary Jo White. “These significant reforms would require funds to better manage their liquidity risks, give them new tools to meet that requirement, and enhance the Commission’s oversight.”
Under the proposed reforms, mutual funds and ETFs would be required to implement liquidity risk management programs and enhance disclosure regarding fund liquidity and redemption practices. The proposal is designed to better ensure investors can redeem their shares and receive their assets in a timely manner.

SEC Charges Retailer for Improper Valuation and Inadequate Internal Accounting Controls: SEC Press Release - September 22, 2015.

SEC Seal

The Securities and Exchange Commission today charged Stein Mart Inc. for materially misstating its pre-tax income due to improper valuation of inventory subject to price discounts and for having inadequate internal accounting controls.
An SEC investigation found that the Jacksonville, Florida-based retailer often offered its merchandise to customers at retail price reductions referred to as Perm POS markdowns and that merchandise subject to such a markdown never reverted back to its original retail price. Stein Mart reduced the value of inventory subject to these markdowns at the time the item was sold rather than immediately at the time the markdown was applied.  As a result, Stein Mart materially misstated its pre-tax income in certain quarterly public filings with the SEC, including an overstatement of almost 30 percent in the first quarter of 2012.

Former Fannie Mae Executives Resolve Subprime and Reduced Documentation Disclosure Case with SEC: SEC Litigation Release - September 22, 2015.

SEC Seal


Lit. Release No. 23358 / September 22, 2015

Securities and Exchange Commission v. Daniel H. Mudd, Enrico Dallavecchia, and Thomas A. Lund, 11-CIV-9202 (PAC) (S.D.N.Y.), complaint filed December 16, 2011.

Former Fannie Mae Executives Resolve Subprime and Reduced Documentation Disclosure Case with SEC

The Securities and Exchange Commission announced today that the Honorable Paul A. Crotty of the United States District Court for the Southern District of New York has entered an Order approving a stipulation and agreement between the Commission and defendants Enrico Dallavecchia, the former Chief Risk Officer of Fannie Mae, and Thomas A. Lund, Fannie Mae's former Senior Vice President and head of its single-family guarantee business.

Federal Reserve Board issues enforcement action and termination of enforcement action: FRB Press Release - September 22, 2015.

Press Release

Release Date: September 22, 2015

The Federal Reserve Board on Tuesday announced the execution of the following enforcement action:
First State Bank of Colorado (PDF), Hotchkiss, Colorado

Order of assessment of civil money penalty dated September 18, 2015
The Board also announced the termination of the enforcement action listed below:
Liberty Bancorp of Georgia, Inc., Clayton, Georgia
Written Agreement issued October 30, 2012
Terminated September 16, 2015

Search of Federal Reserve enforcement actions.
For media inquiries, call 202-452-2955. 

Last update: September 22, 2015

Jeremy Hunt’s Hit Squad is a Danger to Our National Health: The Best of Guardian Opinion - September 22, 2015.

The best of Guardian opinion
Tuesday 22 Sep 2015
Today's opinion articles More »

Leucadia National Corporation to Pay $240,000 to Settle FTC Charges It Violated U.S. Premerger Notification Requirements: FTC | Enforcement Action on September 22, 2015.

FTC@100 Banner

Holding company Leucadia National Corporation has agreed to pay $240,000 in civil penalties to resolve Federal Trade Commission allegations that it violated federal premerger reporting laws by failing to report a conversion of its ownership interest in the financial services company Knight Capital Group, Inc..
In July 2013, Knight Capital consolidated with another financial services company, GETCO Holding Company, LLC to become KCG Holdings, Inc. That transaction converted Leucadia’s ownership interest in Knight Capital into nearly 16.5 million voting shares of the new entity, KCG Holdings, worth approximately $173 million.

Europe Plummets at Close, Hurt by Volkswagen, Miners: European Markets at Close Report by CNBC on September 22, 2015.

Europe plummets at close, hurt by Volkswagen, miners

Alexandra Gibbs, Arjun Kharpal, Holly Ellyatt
European stocks ended sharply lower on Tuesday, brought down by autos tanking, several major mining companies being downgraded and oil prices weighing on investor sentiment.
The pan-European STOXX 600 finished the day significantly lower, down 3.1 percent.


FTSE FTSE 100 Index 5935.84
-172.87 -2.83% 958105687
DAX DAX Index 9570.66
-377.85 -3.80% 154642433
CAC 40 CAC 40 Index 4428.51
-156.99 -3.42% 163531965
IBEX 35 IBEX 35 Idx 9550.20
-306.60 -3.11% 335148024
London's FTSE 100 sank 2.8 percent at the close, weighed down by Glencore shares and other miners that are heavily weighted in the index.
Both the French CAC and German DAX indexes tanked, ending down 3.4 and 3.8 percent respectively.

Fla-Grant Lies: FTC Scam Alerts - September 22, 2015.

Federal Trade Commission Consumer Information
by Bridget Small
Consumer Education Specialist, FTC

Growing up, we all learned that money doesn’t grow on trees. Here’s another hard truth: the federal government is not giving away thousands of dollars in grants to people who pay their taxes on time, have no criminal records, never declared bankruptcy or were ‘selected in a demographic survey.' Anyone who claims you’ll get ‘free money’ for those reasons is trying to scam you.
Read more >

Federal Reserve Board announces Community Advisory Council members: FRB Press Release - September 22, 2015.

Press Release

Release Date: September 22, 2015

The Federal Reserve Board on Tuesday announced the members of its newly created Community Advisory Council (CAC).

The CAC is composed of individuals with consumer- and community development-related expertise who will provide information, advice, and recommendations to the Board on a wide range of relevant policy matters and emerging issues of interest. The fifteen members of the CAC were selected from a pool of individuals who responded to the Board's public request for candidates (PDF). CAC members will initially serve one-, two-, or three-year staggered terms to provide the CAC with continuity. Going forward, new members will be appointed to three-year terms.

Bank of America CEO Moynihan retains chairman title after vote: Reuters | Personal Finance - September 22, 2015.

Bank of America CEO Moynihan retains chairman title after vote

By Ross Kerber and Dan Freed
BOSTON/NEW YORK Bank of America Corp shareholders voted to allow Chief Executive Brian Moynihan to remain chairman of the bank after a group of investors had sought to strip him of that title.Of the votes cast, 63 percent were in favor of Moynihan's keeping the title, a bank official said on a webcast of a special meeting held to vote on the matter.
The vote is the latest loss for investors that have sought to separate the chief executive and chairman roles at banks to ensure that managers have enough independent oversight from their board of directors.

A New iPhone for the Slow Upgrade Crowd: Bits | The Business of Technology Daily Report - September 22, 2015.

Daily Report
 Tuesday, September 22, 2015

A New iPhone for the Slow Upgrade Crowd | Despite many reports to the contrary, not everyone rushes out to get a new iPhone every time Apple has an upgrade.
For those of you who have waited a (phone) generation or two and maybe you're worried your phone is starting to act a little wonky, now may be the time to make a change. In a review of the iPhone 6s and the 6s Plus, Brian X. Chen says an upgrade makes sense for people with phones two years old or more. The screen is bigger, the processor more powerful, and there are a number of different storage options.

Keiser Report: British vs American Sex & Economic Scandals (E813) : RT Keiser Report September 22, 2015.

Keiser Report: British vs American Sex & Economic Scandals (E813)


Published on Sep 22, 2015
In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss the role of #PigGate on national and economic security. They also look at the war machine and the Norman Bates-like fight Janet Yellen is having with the markets. In the second half, Max interviews Mark McGowan - aka the Artist Taxi Driver - about David Cameron’s relationship with pigs - both those at the trough and those on the platter.

Gerald Celente - Trends In The News - "FED Keeps Pumping Up Ponzi" - (9/17/15)

Gerald Celente - Trends In The News - "FED Keeps Pumping Up Ponzi" - (9/17/15)

Gerald Celente
Published on Sep 18, 2015
"The first day of the Trends conference begins, Janet Yellen of the Federal Reserve decides to keep rates unchanged & why Carly Fiorina is just another war mongering politician".

The Next Global Financial Crisis is Here: Gerald Celente: Economic Collapse - Originally Published on September 20, 2015.

Published on Sep 20, 2015
The Next Global Financial Crisis is Here: Gerald Celente

Bron Suchecki: Fractional reserve bullion banking, Part 2: GATA | THE GATA DISPATCH - September 22, 2015.

Bron Suchecki: Fractional reserve bullion banking, Part 2

Submitted by cpowell on Tuesday, September 22, 2015

Perth Mint research director Bron Suchecki today offers the second installment of his series about fractional-reserve bullion banking. He notes that leverage in a bullion bank's business may not be as great as suspected, since some of the bank's gold obligations may not be immediately callable but instead limited by longer maturities. But, Suchecki adds, if a bank's gold obligation maturities don't match well or there is unexpected demand for metal, the bank may be forced to try to buy gold in the market or borrow it from another bullion bank or a central bank.

From Spies to Smartphones: Britain's Aga Set for Another New Chapter: Reuters Deals

From spies to smartphones: Britain's Aga set for another new chapter

By Kate Holton
LONDON The sale of oven maker Aga Rangemaster to a U.S. owner with global ambitions caps the transformation of a quintessential English country brand created by some of the biggest names in global design, advertising - and espionage.The acquisition of Aga for $202 million by Middleby Corporation follows a brief bidding war with U.S. rival Whirlpool for the maker of the colorful cast-iron stoves that can weigh as much as a male polar bear, cost $18,000 and, in older versions, take two days to heat.
The deal, set to be completed this week, marks the latest in a list of premium British brands to fall under foreign ownership in recent years, to the dismay of some business commentators who want to see it kept in British hands.

Frank Holmes on The Ways Investors Can Take Advantage of The Fed's Uncertainty: Mineweb Gold News - September 22, 2015:

Mineweb Mineweb Gold News -  22 September 2015

Frank Holmes on the ways investors can take advantage of the Fed's uncertainty

Frank Holmes on the ways investors can take advantage of the Fed's uncertainty
The gold love trade will be in full swing shortly.
Barrick boss flies coach as top miner staves off junk rating

Barrick boss flies coach as top miner staves off junk rating
The largest bullion producer has a road map to avoid following other miners into junk credit-rating status.
China national gold joins WGC as country’s gold market expands

China national gold joins WGC as country’s gold market expands
China’s gold production jumped sevenfold over the past three decades.