Courtesy of Dave.
Iranians Hoard Gold As Currency Collapses Ahead Of Snapback Sanctions
August 6, 2018
On Tuesday just after midnight U.S. Eastern time, the Trump administration is set to bring back a first wave of restrictions that had been waived under the Iran nuclear deal, an Obama-era agreement that gave Iran sanctions relief in exchange for curbs on its nuclear program. The new sanctions limit dealings in Iran’s currency and with its automotive industry. They also threaten U.S. penalties for banks that finance the precious-metals trade with Iran and against anyone who sells precious metals to the Iranian government.
And, as The Wall Street Journal reports, worries about a shaky economy and enticed by government sales of gold coins, Iranians have converted savings into gold recently even as prices skyrocketed.
According to Bonbast, a site that tracks unofficial exchange rates, Iran’s currency, the rial, has seen a record weakening this year – currently trading at roughly 101,000 per U.S. dollar compared with about 43,000 in January,
Courtesy of Dave.
Martin Armstrong: Why Has The Magnitsky Film Been Banned In USA & Europe?
August 6, 2018
Authored by Martin Armstrong via ArmstrongEconomics.com,
The Magnitsky Act Behind the Scenes has been pulled from everywhere. You do not ban a film in Europe and the United States if it is wrong. This is perhaps a huge cover-up that goes really beyond comprehension. The film was funded by ZDF TV in Europe and they have the power to prevent it from being shown despite the fact that they are taking a huge loss. They would not do that unless there was political pressure behind it.
Trump canceled his meeting with Putin he said until this “Russian witchhunt is over.” The Magnitsky Act is being expanded throughout the West. Canada in 2017 passed its version of the Magnitsky Act. Denmark and Sweden moved for versions of the Magnitsky Acts. Estonia voted to ban entry to foreigners deemed guilty of human rights abuses in a law targeting Russia and inspired by the Magnitsky case. We also have versions of the Magnitsky Act adopted in Britain, Lithuania, and Latvia. This is clearly not to help Browder get his money back. This is the start of a narrative that is trying to convince everyone in the West that Russia is the dark enemy and then we MUST go to war to annihilate them once and for all. This is the script that is being sold to justify war.
Like him or not, what happened to free speech?
Chilling Precedent? Infowars Block Exposes Big Tech As No Friend Of Free Speech
August 7, 2018
The US Constitution explicitly forbids government censorship. So Silicon Valley big-tech companies made themselves the gatekeepers of ‘goodthink,’ de-platforming anyone who runs afoul of their arbitrary ‘community standards.’
Alex Jones, the host of InfoWars, has often been derided by establishment media as a conspiracy theorist. Yet on Monday, Apple, Spotify, YouTube and Facebook proved right the motto of his show – “There’s a war on for your mind!” – by blocking or deleting InfoWars accounts from their platforms, saying he allegedly engaged in “hate speech” and violated their “community standards.”
Simply put, these corporations appointed themselves arbiters of acceptable political thought, and censored Jones for failing to comply with arbitrary political standards set in Silicon Valley boardrooms, not at the ballot box.
Follow the money.
US Military Aid to Israel Set to Exceed $3.8B, or $23,000 Per Year for Every Jewish Family Living in Israel
August 06, 2018
In an event largely overlooked by the U.S. media, the Senate passed a bill on Wednesday that would provide Israel with $3.3 billion in military aid along with over $500 million for missile defense over the course of the next year. The bill, officially titled the “United States-Israel Security Assistance Authorization Act of 2018,” is expected to be voted on by the House within the week. If approved and signed into law by President Trump, it would represent the “single largest military aid package in American history.”
The massive amount of funding being allocated to Israel’s military is ultimately the result of the 2016 U.S.-Israel Memorandum of Understanding on security assistance between the Israeli and U.S. governments, which called for $3.8 billion in funding for Israel on an annual basis over the next ten years.
Though this startling figure — which translates into $23,000 for every Jewish family living in Israel — was supposed to be the limit for U.S. military aid to Israel, the figure is actually set to be higher this year, given Congress’ recent passage of a massive $716 billion defense bill that provides an additional $550 million in U.S. aid for Israeli missile defense systems. The defense bill also authorizes an additional $1 billion for U.S. weapons stockpiles in Israel.
Courtesy of Dave.
“Their Wealth Has Vanished”: Baby Boomers File For Bankruptcy In Droves
August 7, 2018
An alarming number of older Americans are being forced into bankruptcy, as the rate of people 65 and older who have filed has never been higher – at three times what it was in 1991, while the rate of bankruptcies among Americans age 65 and older has more than doubled, according to a new study by the The Bankruptcy Project.
Older Americans are increasingly likely to file consumer bankruptcy, and their representation among those in bankruptcy has never been higher. Using data from the Consumer Bankruptcy Project, we find more than a two-fold increase in the rate at which older Americans (age 65 and over) file for bankruptcy and an almost five-fold increase in the percentage of older persons in the U.S. bankruptcy system. The magnitude of growth in older Americans in bankruptcy is so large that the broader trend of an aging U.S. population can explain only a small portion of the effect.
The median senior filing bankruptcy enters the system $17,390 in debt, vs. an average net worth of $250,000 for their non-bankrupt peers.
According to the study, a three-decade shift of financial risk from government and employers to individuals is at fault, as aging Americans are dealing with longer waits for full Social Security benefits, 401(k) plans replacing employer-provided pensions and more out-of-pocket spending on items such as health care.