Beans Rice and Gold

European Stocks Dive Most In 10 Months

2013-05-23T14:18:00.000-04:00

Stock market of Brussels (Photo credit: Wikipedia)

There was quite a bit of dispersion among European equity indices today (with Italy worst and Spain actually holding up - albeit down 1.4%) but the European equivalent of the S&P 500 (the BE500) dropped 2% - its biggest single-day plunge in 10 months.

Credit markets - just as in the US - have been warning of a disconnect for two weeks and today's equity dive has more than halved that divergence. European sovereigns are wider by 10-15bps. Europe's VIX is over 2 vols higher at 18.4% (its highest in a month).

European financial stocks dropped by their most in 3 months and European high-yield credit worsened by its most in 3 months. A late-day ramp made things look a little better than they had earlier with a 100 pip rally in EURUSD off earlier lows seemingly providing some help. Read more >>

How police can find your deleted text messages

2013-05-23T13:31:00.003-04:00

Think that a secure password and erasing your phone's memory will protect sensitive information on your smartphone? Think again.

Smartphone forensics experts can retrieve just about anything from any phone. Police will often seize and analyze phones for evidence of things such as indecent photos and videos, what calls were placed when and to whom, browser history, calendar events and explanations of a suicide or murder.

All of that can be uncovered whether or not a user deleted it from their phone. "It makes it much, much harder, but wiping a phone doesn't always mean you can't get the data," said Courtney Lancaster, forensic analyst with IT consulting company TCS, at the CTIA wireless industry trade show in Las Vegas.

Forensic analysts have dozens of tools that allow them to access many layers of data on a device.

A so-called "physical" analysis can typically retrieve deleted information that is hidden deep within a smartphone's memory. When a photo is saved, for example, the device's operating system will typically store variations of that image in several different locations -- a thumbnail view may still be available even if the original isn't. Read more >>

Silver Gets Slammed

2013-05-21T09:18:00.001-04:00

The metal fell victim to heavy selling on Monday, dragging gold down with it, on U.S. dollar strength and as investors turned more cautious on precious metals as an alternate investment, said experts.

"We feel silver weakness has been a liquidation trade as investors grow increasingly wary of precious metals and traders are forced to close positions to meet margin calls elsewhere," said Stan Shamu, strategist at trading firm IG Markets.

Silver slumped over 4 percent on Monday to $21.30 an ounce, leading gold down lower by 1 percent to $1,344 an ounce. At one point silver hit a low of $20.30, down 8.8 percent from the start of trade on Monday.

Shamu is not ruling out further downside for the precious metal, noting that he sees support at $20, a key psychological barrier for investors.

Warren Gilman, chairman & CEO of investment firm CEF Holdings, agrees that silver could face further downside pressure, even below $20.

"When we have short-term volatile trends, silver acts like gold, only it's more volatile, so it's not a surprise to see it come off," he said.

According to a Citi report, if silver makes a rebound back towards the $27-28 level it will present renewed selling opportunities. Read more >>

Gold crush: U.S. ready to shut down gold sales to Iran

2013-05-21T08:55:00.002-04:00

The U.S. is trying to stop the gold rush to Iran in a bid to undermine the Islamic Republic's plummeting currency, but critics say the move is more likely to hurt ordinary citizens than the rogue regime's leadership.

A top Treasury Department official told lawmakers that, starting July 1, the U.S. plans to crack down on all transfers of gold to the Iranian government or its citizens. The move appears aimed largely at banks and gold brokers in Turkey and the United Arab Emirates.

Companies operating from within those nations have shipped large amounts of gold to Iran as Tehran attempts to stabilize its currency, the rial, amid increasing international economic isolation.

"We have been very clear with the governments of Turkey and the UAE and elsewhere, as well as the private sector that is involved in the gold trade, that as of July 1 all must stop, not just the trade to the government," Treasury Undersecretary for Terrorism and Financial Intelligence David Cohen told members of the Senate Foreign Affairs Committee last week. Read more >>

Senate investigators: Apple sheltered $44 billion from taxes

2013-05-21T08:39:00.000-04:00

Senate investigators accuse Apple of wiring together a complicated system to shield billions of dollars in international profits from both U.S. and foreign tax collectors.

A report released ahead of Apple CEO Tim Cook’s inaugural Capitol Hill appearance Tuesday alleges the tech giant took advantage of numerous U.S. tax loopholes and avoided U.S. taxes on $44 billion in offshore, taxable income between 2009 and 2012 — a characterization Apple flatly rejects.

The bipartisan Senate probe also charges for the first time that Apple’s long established foreign entities, based in Ireland, don’t actually have tax-resident status there or anywhere else. The company conducts most of its international business in the European country to take advantage of lower tax rates, according to the congressional report.

Despite the findings, lawmakers behind the inquiry did not describe Apple’s tax conduct as illegal — but they sharply rebuked the Cupertino, California-based tech heavyweight on Monday for its tactics.

“What we intend to do is to highlight that gimmick and other Apple offshore avoidance tactics so that American working families, who pay their share of taxes, understand how offshore tax loopholes raise their tax burden and how those loopholes add to the federal deficit,” said Sen. Carl Levin (D-Mich.), the chairman of the Permanent Subcommittee on Investigations. Read more >>

Robots to Care for Aging Mom and Dad

2013-05-20T08:51:00.003-04:00

In the opening scene of the movie “Robot & Frank,” which takes place in the near future, Frank, an elderly man who lives alone, is arguing with his son about going to a medical center for Alzheimer’s treatment when the son interrupts him. “I brought you something,” he says to Frank. Then the son pulls a large, white humanoid robot from the trunk of his car.

Frank watches in disbelief. “You have got to be kidding me,” he says as a robot helper, called the VGC-60L, stands in front of him. “I’m not this pathetic!”

But as Frank soon learns, he doesn’t have much of a choice. His new robot helper is there to cook, clean, garden and keep him company. His son, mired in family and work life, is too busy to care for his ailing father.

Just like Frank, as the baby boomer generation grows old and if the number of elderly care workers fails to grow with it, many people might end up being cared for by robots. According to the Health and Human Services Department, there will be 72.1 million Americans over the age of 65 by 2030, which is nearly double the number today.

According to the Bureau of Labor Statistics, the country will need 70 percent more home aide jobs by 2020, long before that bubble of retirees. But filling those jobs is proving to be difficult because the salaries are low. In many states, in-home aides make an average of $20,820 annually. Read more >>

BILLION dollar deal makes 26-year-old America's next tech tycoon

2013-05-20T08:30:00.000-04:00

David Karp, the 26-year-old founder of blogging site Tumblr, has just made a lot of money - almost in spite of himself. Yahoo's board of directors agreed on Sunday to buy his wildly popular blogging platform, which boasts 100million users and 90million posts per day, for $1.1billion cash.

The deal could make the native New Yorker the latest 20-something tech billionaire, even though he was publicly opposed, even just last year, to selling the company he founded out of his mother's small Manhattan apartment in 2007.

On Sunday afternoon, it was revealed Yahoo's board approved the purchase of Tumblr, despite its revenue of only $13million last year. Even that figure was only made possible after $125million in capital investments.

Tech news site AllThingsD reports that new Yahoo CEO Marissa Mayer wanted to quickly snatch up Tumbler as 'the stake in the ground of what her strategy is going forward for Yahoo.' Tumblr, which is a mico-blogging platform for quickly posting pictures, text and video, also functions as a social media site. Read more >>

Thousands of French Households Taxed Over 100%

2013-05-20T07:57:00.001-04:00

More than 8,000 French households' tax bills topped 100 percent of their income in 2012, according to a French newspaper report.

Citing data from France's finance ministry, the business newspaper Les Echos reported on Friday that in addition to those taxed at over 100 percent last year, almost 12,000 households paid taxes worth more than 75 percent of their 2011 income and that a further 9,910 households were taxed at more than 85 percent of their income.

The paper said this was due to a one-off levy imposed on the 2011 incomes of households with assets of more than 1.3 million euros ($1.67 million). The surcharge was introduced by socialist President Francois Hollande in an attempt to offset the cost of a rebate scheme and taxation cap introduced by former President Nikolas Sarkozy, the paper added.

"In 2011, 5,221 households had a tax rate of more than 100 percent on their revenues, Some 6,203 households had a rate of more than 85 percent and 6,343 house holds a rate of more than 75 percent," the newspaper said but households could take advantage of a "tax shield" introduced by Sarkozy to cap an individual's overall taxation at 50 percent of their income. Read more >>

8 of the 10 most polluted US cities are located in California

2013-05-17T09:57:00.002-04:00

There is no doubt that great strides have been made in air pollution in the U.S. Awareness, stricter legislation and improved technology have all contributed to improved air, land and water conditions. Despite the improvements, four in 10 Americans still live where pollution levels are often dangerous to breathe.

Since the American Lung Association began studying particle pollution, almost all of the most polluted cities have consistently remained among the worst. The ALA’s 2013 “State of the Air” report measures cities based on low-lying ozone pollution, as well as both short- and long-term particle pollution.

Based on average long-term particle pollution figures collected by the ALA between 2009 and 2011, 24/7 Wall St. identified the 10 most polluted cities in the country. For each of these metropolitan areas, the ALA noted the population and the number of people in the area with health problems that high pollution can exacerbate, such as asthma and cardiovascular disease.

Check out the 10 most polluted US cities, 8 are in California:

Crack forces shutdown of North Carolina nuclear reactor

2013-05-17T09:39:00.001-04:00

A quarter-inch crack in a reactor sensor at the Shearon Harris nuclear plant in southwest Wake County has forced Duke Energy to take the plant offline, officials said Thursday.

No radioactive material leaked from the plant, and public health and safety is not in danger, spokeswoman Kim Crawford said.

"There are no indications that there was any leakage," Crawford said. "We made the conservative decision to take the unit offline and make the repair."

Crawford said she couldn't say how long the reactor would be out of commission, but she said the utility has plenty of capacity and wouldn't need to purchase electricity from outside sources to meet demand.

"We're not anticipating any issues," she said. "While our plant is offline, we'll continue to serve our customers."

Shearon Harris provides power to about 550,000 customers, and industry sources said not operating the reactor could cost Duke about $1 million a day. Read more >>

House votes to repeal ObamaCare in 229-195 vote

2013-05-17T09:18:00.002-04:00

The Republican-led House has voted, for the 37th time, to repeal President Obama’s health care law, even though GOP lawmakers know the Senate will not follow suit. The repeal passed on a 229-195 vote.

All Republicans voted to repeal, while all but two Democrats voted no. They were Reps. Mike McIntyre, D-N.C., and Jim Matheson, D-Utah, two of the most conservative Democrats in the House.

Democrats have called efforts to de-fund or partly scale back the Affordable Care Act a waste of time -- even an obsession.

But Republicans see a political advantage to keeping the pressure up as the administration tries to get all the moving parts of the law working in the next few months. They're hoping that problems with its implementation will help them recapture the Senate in next year's midterm elections. Read more >>

Soros Joins Gold-Stake Cuts Before Bear Market Drop

2013-05-16T10:10:00.001-04:00

Billionaire investor George Soros joined Northern Trust Corp. and BlackRock Inc. in cutting holdings of exchange-traded products backed by gold before a bear market in prices last month, while John Paulson maintained a stake that lost about $165 million in the first quarter.

Soros Fund Management LLC lowered its investment in the SPDR Gold Trust, the biggest such fund, by 12 percent to 530,900 shares as of March 31, compared with three months earlier, a Securities and Exchange Commission filing showed yesterday. Funds run by Northern Trust and BlackRock showed reductions of more than half, according to earlier filings. Paulson & Co., the largest investor in SPDR, held 21.8 million shares, while Schroder Investment Management Group bought 2.1 million.

Gold prices that reached a record in 2011 tumbled into a bear market last month, erasing $42 billion from the value of ETP assets this year, according to data compiled by Bloomberg. Some investors lost faith in the metal as a store of value, favoring riskier assets, as equities soared to all-time highs and unprecedented stimulus measures by the world’s central banks failed to spur inflation. After the longest rally in nine decades, gold is headed for its first annual decline since 2000. Read more >>

Human Cloning One Step Closer

2013-05-16T10:05:00.000-04:00

Scientists have used cloning technology to transform human skin cells into embryonic stem cells, an experiment that may revive the controversy over human cloning.

The researchers stopped well short of creating a human clone. But they showed, for the first time, that it is possible to create cloned embryonic stem cells that are genetically identical to the person from whom they are derived.

These stem cells could go on to differentiate into heart, nerve, muscle, bone and all the other tissue types that make up a human body.

Since the birth of Dolly the sheep in 1996, researchers have cloned about 20 species, including rabbits, goats, cows and cats. Yet they have been unable to create biologically identical copies of any monkey or primate, including humans, possibly because their reproductive biology is more complicated. Read more >>

Obama facing accusation after accusation of impinging on civil liberties

2013-05-16T09:47:00.002-04:00

But as U.S. president for the last 4-1/2 years, Barack Obama has faced accusation after accusation of impinging on civil liberties, disappointing his liberal Democratic base and providing fodder for rival Republicans as he deals with the realities of office.

News in the past week of the federal seizure of phone records from the Associated Press news agency and the Internal Revenue Service's targeting of conservative Tea Party groups, has intensified criticism already simmering over the Guantanamo Bay prison camp and aerial drone strikes abroad.

When he took office in 2009, Obama promised to close the Guantanamo camp for foreign terrorism suspects, but it remains open with 166 detainees, many on hunger strikes in protest at indefinite detentions. Obama said last month he would revisit that pledge and blamed Congress for blocking his plan to close the camp, partly through restrictions on transfers of detainees. Read more >>

10 Scenes From The Ongoing Global Economic Collapse Sweeping Across The Planet

2013-05-15T09:04:00.000-04:00

A simulated-color satellite image of Metro Detroit, with Windsor across the river, taken on NASA's Landsat 7 satellite. (Photo credit: Wikipedia)

Excerpt from The Economic Collapse

When is the economic collapse going to happen? Just open up your eyes and take a look around the globe. The next wave of the economic collapse may not have reached Wall Street yet, but it is already deeply affecting billions of lives all over the planet.

Much of Europe has already descended into a deep economic depression, very disturbing economic data is coming out of the second and third largest economies on the globe (China and Japan), and in most of the world economic inequality is growing even though 80 percent of the global population already lives on less than $10 a day.

Just because the Dow has been setting brand new all-time records lately does not mean that everything is okay. Remember, a bubble is always the biggest right before it bursts. The next major wave of the economic collapse is already sweeping across Europe and Asia and it is going to devastate the United States as well. I hope that you are ready.

The following are 10 scenes from the economic collapse that is sweeping across the planet:

#1 27 Percent Unemployment/60 Percent Youth Unemployment In Greece

The economic depression in Europe just continues to get worse with each passing month. According to the Daily Mail, the unemployment rate in Greece has nearly tripled since 2009...

Greek youth unemployment rose above 60 per cent for the first time in February, reflecting the pain caused by the country's crippling recession after years of austerity under its international bailout.

Greece's jobless rate has almost tripled since the country's debt crisis emerged in 2009 and was more than twice the euro zone's average unemployment reading of 12.1 percent in March.

While the overall unemployment rate rose to 27 per cent, according to statistics service data released on Thursday, joblessness among those aged between 15 and 24 jumped to 64.2 percent in February from 59.3 percent in January.

#2 Detroit, Michigan Is Insolvent And Is Rapidly Running Out Of Cash

I love to write about Detroit because it is a perfect example of where the rest of the country is headed. They have just gotten there first. At this point, Detroit is essentially bankrupt, and the new emergency financial manager is saying that Detroit may totally run out of cash next month...

Detroit may run out of cash next month and must cut long-term debt and retiree obligations, according to emergency financial manager Kevyn Orr’s preliminary plan to save Michigan’s largest city from bankruptcy.

Orr’s report says the cost of $9.4 billion in bond, pension and other long-term liabilities is sapping the ability to provide public safety and transportation. He listed cutting debt principal, retiree benefits and jobs among his options.

“No one should underestimate the severity of the financial crisis,” Orr said yesterday in a statement. He called his report “a sobering wake-up call about the dire financial straits the city of Detroit faces.”

#3 Economic Despair In France

France is going down the same path that Greece, Spain, Portugal and Italy have gone. The following is an excerpt from a recent article in the Economist...

HELDER PEREIRA is a young man with no work and few prospects: a 21-year-old who failed to graduate from high school and lost his job on a building site four months ago. With his savings about to run out, he has come to his local employment centre in the Paris suburb of Sevran to sign on for benefits and to get help finding something to do. He’ll get the cash. Work is another matter. Youth unemployment in Sevran is over 40%. Read more >>

Diplomatic cables reveal aggressive GMO lobbying by US officials overseas

2013-05-15T08:45:00.000-04:00

American diplomats lobbied aggressively overseas to promote genetically modified (GM) food crops such as soy beans, an analysis of official cable traffic revealed on Tuesday.

The review of more than 900 diplomatic cables by the campaign group Food and Water Watch showed a carefully crafted campaign to break down resistance to GM products in Europe and other countries, and so help promote the bottom line of big American agricultural businesses.

The cables, which first surfaced with the Wikileaks disclosures two years ago, described a series of separate public relations strategies, unrolled at dozens of press junkets and biotech conferences, aimed at convincing scientists, media, industry, farmers, elected officials and others of the safety and benefits of GM products.

The report offers a further glimpse of the power of the agricultural and biotech industries in America, after the supreme court came down on the side of Monsanto in its effort to enforce its patented GM soybeans. The court ruled on Monday that an Indiana farmer had to buy new seeds directly from Monsanto every time he planted the GM Roundup Ready soybeans.

The public relations effort unrolled by the State Department also ventured into legal terrain, according to the report. US officials stationed overseas opposed GM food labelling laws as well as rules blocking the import of GM foods. Read more >>

Argentina Special: Buy a 4% Bond or Go to Jail

2013-05-15T07:40:00.003-04:00

President Cristina Fernandez de Kirchner wants tax evaders hiding about $160 billion in dollars to help finance Argentina’s oil-producing ambitions. Her offer: Buy a 4 percent bond or face the prospect of jail time.

The tax authority announced the plan May 7, highlighting its information-sharing agreements with 40 nations and warning Argentines who don’t use the three-month amnesty window that they risk fines or arrest. Evaders have two options for their cash and the only one paying interest will be a dollar bond due in 2016 to finance YPF SA (YPF), the state oil company. The 4 percent rate is a third the average 13.85 yield on Argentine debt and less than the 4.6 percent in emerging markets.

A year after seizing YPF, Fernandez is funneling more money into the nation’s energy industry as the government struggles to boost production from the world’s third-biggest shale oil reserves. With Argentina already committed to pumping $2 billion of central bank reserves into a fund for energy investments and the highest borrowing costs in emerging markets keeping it from issuing debt abroad, the government is eyeing the billions of undeclared dollars that Argentines hold to help shore up reserves that have dwindled to a six-year low. Read more >>

Amazon launches its own virtual currency

2013-05-15T07:35:00.002-04:00

Amazon has launched its own currency called Amazon Coins. It's currently only available in the States for Kindle Fire owners, but the Coins can be used to pay for games, apps and in-app purchases from the Amazon Appstore.

One Amazon Coin is worth one US penny, and Kindle Fire owners are getting 500 Coins ($5) for free as part of the launch.

The Coins will also be able to be used on the company's retail site when they become more widely available. Amazon has not yet confirmed when the scheme will be launched outside of the US, or if it will be available to non-Kindle users.

Amazon Coins can be bought in batches of 1000, 2500, 5000 and 10,000. The more you buy, the bigger the discount and 10,000 Coins costs $90, for example. Read more >>

Chicago street gang forms ‘Hit Squad’ to kill cops

2013-05-15T07:29:00.001-04:00

Chicago Police Supt. Garry McCarthy says his department is taking seriously a purported directive from a Chicago street gang to kill members of law enforcement. The gang reportedly has even created a so-called “hit squad” to carry out the mission, CBS 2′S Mai Martinez reports.

Being a police officer just got more dangerous in Chicago. According to information gathered by the Cook County Sheriff’s office, a street gang wants to ambush and kill police officers near 19th and Oakley west of the Loop.

“This is in regards to one particular officer who’s done an incredible job who we’re paying special attention to make sure that he’s covered,” McCarthy told reporters Monday. They’re also alerting all officers. CBS 2 obtained a copy of an Officer Safety Alert issued last week that says, “The purpose of this squad will be to kill law enforcement officers.”

According to some of the information gathered, gang members intend to coax police officers into chasing them into alleys or gangways. Once inside, other gang members would shoot the officers. Read more >>

Airlines collected record baggage fees in 2012

2013-05-14T22:08:00.001-04:00

U.S. airlines collected more than $6 billion in baggage and change-in-reservation fees from passengers last year, the highest amount since the fees became common five years ago.

These fees, along with charges for boarding early or picking prime seats, have helped return the industry to profitability.

Airlines started charging for a first checked suitcase in 2008 and the fees have climbed since. Airlines typically charge $25 each way for the first checked bag, $35 for the second bag and then various extra amounts for overweight or oversize bags.

The nation's 15 largest carriers collected a combined $3.5 billion in bag fees in 2012, up 3.8 percent from 2011, according to the Bureau of Transportation Statistics. Reservation change fees totaled $2.6 billion, up 7.3 percent.

The airlines took in $159.5 billion in revenue last year and had expenses of $153.6 billion, according to the government. That 3.7 percent profit margin comes entirely from the baggage and change fees. Read more >>

Who will pay more under Obamacare? Young men

2013-05-14T22:04:00.001-04:00

The Obama administration says the Affordable Care Act will provide cheaper health insurance for millions of Americans. But some people, particularly young men who aren't insured through their employers, could see their premiums go up once coverage in the state-based insurance exchanges begins in January.

Many groups have come out with reports forecasting what will happen to premiums, on average, next year. But just what folks will pay for insurance on the individual market depends on a variety of factors. They include the enrollee's income, age, gender, current coverage level and state of residence.

"The average isn't very relevant to any particular person," said Jim O'Connor, principal at consulting firm Milliman, who authored a report on how "Obamacare" will affect premiums. The exact cost of plans likely won't be known until the summer, at the earliest -- and possibly not until the exchanges open for enrollment in October. Insurers have already submitted their proposals to state officials, and regulators are now reviewing them. But it is up to each state to decide when to release the plan specifics. Read more >>

Gold's worst yearly start in over 30 years

2013-05-13T08:50:00.001-04:00

Hedge funds increased bets on lower gold prices after investors pulled a record $20.8 billion from bullion funds this year while BlackRock Inc. (BLK), the world’s biggest money manager, said it’s still bullish.

Speculators held 67,374 so-called short contracts on May 7, 6.4 percent more than a week earlier, U.S. Commodity Futures Trading Commission data show. The net-long position dropped 10 percent to 49,260 futures and options. Net-bullish wagers across 18 U.S.-traded raw materials climbed 5.8 percent to 582,265, with gains for cocoa, cotton and hogs.

Gold is having its worst start to a year since 1982 after dropping 15 percent and sliding into a bear market in April. Holdings in exchange-traded funds backed by bullion tumbled to the lowest since July 2011 even as central banks print money on an unprecedented scale to boost growth. BlackRock’s President Robert Kapito said May 9 he would still buy the metal, echoing billionaire John Paulson, who’s sticking with a bullish view even after losing 27 percent in his Gold Fund last month. Read more >>

How to spot a murderer's brain

2013-05-13T04:19:00.000-04:00

When Raine started doing brain scans of murderers in American prisons, he was among the first researchers to apply the evolving science of brain imaging to violent criminality.

His most comprehensive study, in 1994, was still, necessarily, a small sample. He conducted PET [positron emission tomography] scans of 41 convicted killers and paired them with a "normal" control group of 41 people of similar age and profile.

However limited the control, the colour images, which showed metabolic activity in different parts of the brain, appeared striking in comparison. In particular, the murderers' brains showed what appeared to be a significant reduction in the development of the prefrontal cortex, "the executive function" of the brain, compared with the control group.

The advancing understanding of neuroscience suggested that such a deficiency would result in an increased likelihood of a number of behaviours: less control over the limbic system that generates primal emotions such as anger and rage; a greater addiction to risk; a reduction in self-control; and poor problem-solving skills, all traits that might predispose a person to violence. Read more >>

IRS targeted groups that criticized the government

2013-05-13T04:09:00.004-04:00

At various points over the past two years, Internal Revenue Service officials targeted nonprofit groups that criticized the government and sought to educate Americans about the U.S. Constitution, according to documents in an audit conducted by the agency’s inspector general.

The documents, obtained by The Washington Post from a congressional aide with knowledge of the findings, show that on June 29, 2011, IRS staffers held a briefing with senior agency official Lois G. Lerner in which they described giving special attention to instances where “statements in the case file criticize how the country is being run.” Lerner, who oversees tax-exempt groups for the agency, raised objections and the agency revised its criteria a week later.

But six months later, the IRS applied a new political test to groups that applied for tax-exempt status as “social welfare” groups, the document says. On Jan. 15, 2012 the agency decided to target “political action type organizations involved in limiting/expanding Government, educating on the Constitution and Bill of Rights, social economic reform movement.,” according to the appendix in the IG report, which was requested by the House Oversight and Government Reform Committee and has yet to be released. Read more >>

US State Department Halts 3-D Gun Production

2013-05-10T03:58:00.001-04:00

Three days ago, in an article that looked at the convergence of 3-D printing and the 2nd Amendment, we presented "the Liberator" - the world's first fully 3-D printed firearm.

The name was aptly chosen because courtesy of its creator, 25-year old UofT law student Cody Wilson, and his non-profit group Defense Distributed, its online blueprint and assembly instructions liberated "anyone to be able to download and print a gun with no serial number, in the privacy of their garage" in effect completely circumventing any gun control/distribution laws, background checks and other regulatory hurdles of an increasingly authoritarian government.

In fact, we were counting the number of days before some US Federal agency would come knocking on Cody Wilson's door and involved that other key Amendment - the First, by either "disappearing him" or politely enforcing a permanent Cease and Desist of all production, including, of course, the removal of all online "liberating" blueprints. We didn't have long to wait - it took just one week. Read more >>