Property Rights are Necessary to Protect Africa’s Wildlife – A Message for Richard Leakey

Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke.

Over this past weekend, the New York Times published reportage, “Taking on Poachers, Kenya Burns Ivory” by Jeffrey Gettleman. Richard Leakey, the noted paleontologist and one of Kenya’s leading conservationists, appeared in that piece, which described a $105 million bonfire fueled by ivory and ignited by Kenya’s President, Uhuru Kenyatta. Leakey indicated that it was a shame to have to burn tons of ivory in an attempt to stop illegal ivory trade.

Well, there is another way. It was reported on in the Weekend Financial Times: “Kenya enlists cattle in struggle to save the elephant” by John Aglionby. In the Loisaba Conservancy, which was founded by Max Graham, a market-based approach to conservation is being developed.

These articles on wildlife conservation in Kenya bring me back to my first encounters with both Leakey and Kenya.

I first met Richard Leakey in the spring of 1972. It was then that the anthropologist Neville Dyson-Hudson, an expert on East African pastoral peoples, and I broke bread with Leakey at the Johns Hopkins Faculty Club in Baltimore. I anticipated plenty of paleontology and anthropology, but those weren’t on the menu. The conversation quickly turned to the topic that most interested Leakey, and as it turns out, the reason why my former colleague Dyson-Hudson had invited me to lunch in the first place: the economics of natural resources.

Leakey had a vision of land use and wildlife resources in East Africa. His observation was that the East African savannahs were, in large part, common property resources. In addition, Leakey noted that the wildlife that roamed over these vast savannahs were fugitive common property resources. He concluded that, unless property rights could be established, both the savannahs and wildlife would eventually be destroyed. For him, this would be a great tragedy, not only for the wildlife, but also the indigenous peoples living off the lands in East Africa.

Leakey questioned whether the current system — burdened with its common property problems and regulated by a very British-type system of hunting rules (charges for hunting licenses and penalties for unlicensed hunting, violations of closed seasons and the killing of protected species) — was sustainable. He also questioned whether parks and game reservations — coupled with restrictions on the trade of wildlife meat, skins and trophies — would actually conserve wildlife. Leakey’s conjecture was that, if property in the savannahs and wildlife resources could be established, they could be properly managed to enhance land-use productivity. This would, he conjectured, give wildlife economic value, save it from destruction, and enhance the economic wellbeing of those indigenous peoples who co-exist among the wildlife herds in East Africa.

Leakey wanted to know what I thought of his ideas. Could good property rights cut down on poaching and corruption, save wildlife and enhance the productivity of East Africa’s savannahs? Could well-managed game cropping, trophy hunting, tourism and so forth, coupled with pastoral herding, generate more prosperity than the current land-use arrangements? And could such a wildlife-oriented economy co-exist with traditional herding? And on-and-on the questions flowed.

My response was that I thought Leakey was, in principle, on the right track, but that definitive answers about just how one would establish property rights in East Africa’s common property resources, as well as the economic values involved, were practical, empirical questions. Field work and the collection of primary data, among other things, would be required.

At that point, Leakey responded positively: he invited me to prepare a research proposal, and subject to its approval, to join him at the National Museums of Kenya as a Research Associate.

I agreed and wrote a proposal, which was approved. In the summer of 1972, I arrived in Nairobi, where I took up residence at the Norfolk Hotel. In addition to spending hot days going over records of hunting licenses, ivory and game trophy export permits in Nairobi, I spent about a month in the field on safari. There are many remembrances of that. Two notable ones come to mind. While camping in the Masai Mara National Reserve, I observed first-hand a great deal of poaching. Some of it by government employees. Never mind. I also ran into Joy Adamson of Born Free fame out in the bush. It was in the middle of the afternoon, so Adamson had her tracker and scout lay a fire, and we had tea. We spent an hour or so chatting about the economics of wildlife and conservation. Adamson gave my research project a thumbs up, which was very encouraging.

What was not encouraging were some of the findings I was turning up in those records back in Nairobi. When I added up the number of hunting licenses issued each year and the export permits for ivory, etc., there was a huge gap. Legal exports of wildlife trophies, ivory, etc., which were recorded at the Customs Department, exceeded hunting licenses issued by the Game Department by a wide margin. All my arithmetic pointed to a massive amount of corruption at the very highest levels of government. When the Chief Game Warden figured out where my collection and analysis of what were considered rather obscure primary data were pointing, I became persona non grata. Shortly thereafter, I caught a flight from Nairobi to Switzerland, where the World Wildlife Fund (WWF) is located.

It was at the WWF headquarters in Morges, Switzerland that I started to put some of my notes together. Eventually, many of my findings appeared in a piece I co-authored with Robert K. Davis and Frank Mitchell “Conventional and Unconventional Approaches to Wildlife Exploitation,” which was published in 1973. We concluded that the system of parks, protection, prohibitions on trade and traditional hunting rules and regulations — no matter how well intended — were destined to fail to generate prosperity and conserve wildlife. Only by establishing good property rights in land and wildlife will these resources be rendered valuable. Markets for them would then develop. In consequence, they would be wisely used, protected and conserved. Prudent resource use is, as it always has been, all about property, prices, markets and legitimate trade.

If Leakey is to succeed during his time as Chairman of the Board of Directors of the Kenya Wildlife Service, he must do something big, bold and unconventional. To that end, he should revisit the findings of the research project he initiated many moons ago at Johns Hopkins.

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Rick Perry Endorses Cancer for President, Would Be Willing to Accept Position as Cancer’s Running Mate

During his brief,  run for the GOP presidential nomination last year, former Texas Gov. Rick Perry emerged as one of the loudest and harshest voices of criticism against Donald Trump. Last July, shortly after Trump entered the race, Perry devoted an entire speech to blasting Trump as a form of “cancer” on the conservative movement. 

In that speech, Perry declared in no uncertain terms that Trump was a serious problem for conservatives and that Trump’s campaign threatened to destroy the entire ideological movement if not swiftly and soundly defeated. The entire text of the speech is still online. Here is a characteristic sample:

Let no one be mistaken – Donald Trump’s candidacy is a cancer on conservatism, and it must be clearly diagnosed, excised and discarded.

It cannot be pacified or ignored, for it will destroy a set of principles that has lifted more people out of poverty than any force in the history of the civilized world – the cause of conservatism.

I feel so strongly about this because I believe conservatism is the only way forward for this country.

Yesterday, Perry demonstrated exactly how strongly he feels about this by endorsing Donald Trump for president.

“I believe in the process,” Perry said in an interview with CNN, “and the process has said Donald Trump will be our nominee and I’m going to support him and help him and do what I can.”

Perry’s offer of help and support extends to accepting the vice presidential nomination, should it be offered to him, he said. “I am going to be open to any way I can help. I am not going to say no,” he told CNN when asked about the possibility. Perry acknowledged that he does not believe Trump to be an ideal nominee, but he also praised Trump as “one of the most talented people who has ever run for the president I have ever seen.” (Perry’s own skills as a presidential candidate are legendary.)  

Perry’s campaign last year was built on big ideas and policy innovation. He appears to have given up on that approach. 

Instead, Perry is now arguing that conservatives should give cancer a chance, because, after all, it proven to be quite successful, and further saying that he would be willing to support cancer in achieving its goals however he can. Cancer-Perry 2016! 

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Parents, Want to Attach GPS Monitors to Your Kids Every Time They Leave the House?

OutsideThe paragraph below is from a press release about a GPS service parents can subscribe to. When would you need this service? How about when your kids are walking to school solo:

Sure, you only live a few blocks from school, but letting your kids make the journey alone seems terrifying.  Freedom is important, but before saying yes, show them how to send you a Glympse. You can ensure they make no stops or detours, and have peace of mind whether you are at home waiting for them, or at the office unable to concentrate until you know they are home safe.

But why is the walk to school so terrifying, so fear inducing for parents? Are the kids walking through a mountain lion preserve? Swimming through shark-infested waters? Or are normal people just supposed to be terrified every second their kids venture outside without them?

“Freedom is important,” says the press release. But are kids truly free if their parents are tracking their every move?

This press release then has the gall to say that this service “can help keep parents sane, with limited helicoptering needed.”

I resent the implication that this is not helicopter parenting. I resent any company trying to make it seem like this level of surveillance is just normal and necessary and not a big, childhood-changing deal. Imagine if your parents had constantly checked up on you as you walked home or played outside. I’m not talking about them requesting a call when you got to your friend’s house. I’m talking about them checking in on you on your way to and from the friend’s house, and at the friend’s house, and everywhere else you went, all the time. “Are you safe now? Now? How about now?”

The idea that this helps keep parents sane is ridiculous.

I got a note this week from a guy who went back to his hometown after an absence of several years. The town, he said:

is lovingly preserved, so much so that about 90% of all the schoolboy haunts I remember are still remarkably intact.
In the entire weekend I was there, I counted exactly two small children playing in a yard adjacent to the back lane I used to take to school. That’s it.

There was a kind of post-apocalyptic feel to the streets. A beautiful summer weekend –and nobody was out.

The apocalypse is fear.

A bomb of psychological terror has been dropped on our civilization, in part by “friendly” products and pitches like this, and its fallout means the kids have to stay inside. And now this conviction is seeping into law. Consider the Maryland Meitivs and Maria Hasankolli—investigated for letting their kids walk outside. Or consider all the parents harassed and even arrested for letting their kids wait in the car a short time. Society is becoming convinced that any unsupervised child is in immediate danger, which means that any parent permitting it is endangering their kid.

But let us remember this: The walk home from school, except in some truly sad neighborhoods, is no more dangerous than it was when we were kids. In fact,it’s safer. The crime rate is at a 50-year low. Crimes against kids and adults are way down. Even childhood pedestrian deaths are a third of what they were in the early ’90s. What has changed is our perception.

Stop peddling fear in the guise of reassurance.

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Dramatic Footage Of Assassination Attempt On Turkish Journalist

Earlier today we reported that an assailant tried to assassinate the editor-in-chief of Turkey’s Cumhuriyet newspaper Can Dündar, before the court was to announce the verdict on his case.

The paper had published reports implicating the Turkish government in having links with extremists. The gunman shouted “traitor” before firing at least three shots at the journalist. Dundar was not injured in the incident but a journalist was reportedly shot in the crossfire.

The incident was captured in the following dramatic video.

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Corporate Tax Receipts Reflect Economic Slowdown

Submitted by Pater Tenebrarum via Acting-Man.com,

Tax Receipts vs. the Stock Market

Following the US Treasury’s update of April tax receipts, our friend Mac mailed us a few charts showing the trend in corporate tax payments. Not surprisingly, corporate tax payments and refunds mirror the many signs of a slowing economy that have recently emerged. An overview in chart form follows below. First up, corporate tax receipts in absolute figures.

 

1-corporate tax receipts

Corporate tax receipts in absolute dollars and cents – this is quite astonishing considering that the amount of money in the US economy has increased by roughly 125% since early 2008. Corporate taxes by contrast haven’t even made it back to the 2007 peak.

 

The next chart shows tax refunds to companies – these traditionally increase when companies aren’t doing as well as they would like:

 

2-corporate tax refunds

Corporate tax refunds have begun to turn up – they have led the last downturn by about 7 months

 

The next chart shows the underlying trend in the form of the 12-month rolling change in net corporate tax receipts. This shows actually a quite noteworthy development: the 12 month rolling change has just crossed into negative territory to the greatest extent since late 2007 (there was a very tiny dip below the zero line in 2011 as well, during the peak of the euro area debt crisis):

 

3-corp tax 12 month rolling

12 month rolling change in net corporate tax receipts – click to enlarge.

 

Mac had the interesting idea to compare gross corporate tax receipts to the S&P 500 index as well. In a way, it can be thought of as an alternative market valuation measure. As he notes to this chart:

“The market and tax receipts began to diverge at about the exact same time that QE1 began.”

 

4-SPX vs. tax receipts

Corporate tax receipts (red line) vs. the S&P 500 (blue line), indexed since 2005. Note the large positive gap prior to 2010 and the persistent (and now widening) negative gap since then.

 

Moving the starting point of the above comparison to January 2007 makes the diverging trends even more obvious (note that the colors have been switched in this chart):

 

5-SPX vs. tax receipts from 2007

S&P 500 (red line) vs. corporate tax receipts (blue line) – drifting apart.

 

Conclusion

Several things can be gleaned from this:

1. the economy is indeed slowing down, and corporate profits are coming under pressure (notwithstanding the non-GAAP and buyback influenced per share data reported by listed companies);

 

2. aggregate corporate tax receipt data are apparently a good leading indicator of economic downturns (but not of upturns, presumably because write-downs tend to lag economic recoveries);

 

3. the stock market’s valuation and the real economy have drifted apart quite a bit

This is nothing new of course, but it is once again confirmed by these data as well.

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Donald Trump is flat wrong about being the ‘King of Debt’

I’ve often joked very tongue-in-cheek that Donald Trump is the only person qualified to be President simply because he’s declared bankruptcy four times.

Trump himself talks up his own debt credentials, saying “I’m the King of Debt,” and “I know more about debt than practically anybody.”

He’s flat wrong, of course.

Trump may have racked up billions in debt for his companies, but Barack Obama has racked up more debt for America than anyone else in the history of the world.

That said, Trump does have mad street cred when it comes to debt.

In 1991, 1992, 2004, and 2009, Trump filed under Chapter 11 of the US Bankruptcy Code to reorganize his business debts.

Each of these constitutes a default, i.e. a violation of the original terms between the borrower and the lender.

And as I joke (only half-kidding), that’s precisely what America needs: default.

Stop kicking the can down the road, admit that you can’t pay your obligations, hit the reset button, and get on with it already.

Yet anytime I talk about US government debt, there’s invariably a voice in the crowd that says, “yeah, but we owe it to ourselves. . .”

This is one of the biggest lies in finance.

People have actually become convinced that the US government’s $19+ trillion nominal debt, and $60+ trillion total debt, doesn’t seem to matter because ‘we owe it to ourselves.’

First of all, is this true? Sort of.

According to the Treasury Department, foreigners hold roughly $4 trillion of US government debt.

The rest of it—the vast majority of US debt—is owed to various domestic agencies, banks, and citizens.

The #1 owner of US government debt, in fact, is Social Security… in other words, all current and future American retirees.

Next comes the central bank– the Federal Reserve, which holds $2.46 trillion worth of US government debt according to its most recent balance sheet.

Just on the heels of the Fed are other US government agencies (like the Defense Department and the FDIC) which also own US debt.

Then, of course, are all the thousands of banks and pension funds in the United States, which routinely buy US government debt.

And last but not least are all the individuals and companies across America who own US government debt as part of their portfolios.

So, yes, a minority portion of US debt is owed to foreigners.

What eludes me is why anyone thinks this is OK…

It’s like saying, “well I owe grandma a million bucks, but she won’t mind if I don’t pay.”

Ummm. Come again?

The US government is totally unable to pay its debt. The debt has been rising for decades, and they haven’t been able to run a budget surplus in 20 years.

Not to mention they have to borrow money just to pay interest on the money they’ve already borrowed at a time when interest rates are at historic lows.

Debt is already over 100% of GDP, and even the government itself predicts this number to rise.

At this point default is an almost mathematical certainty. The question is– default on whom?

Defaulting on the debt owed to Social Security means that hundreds of millions of current and future retirees have their lives turned upside down.

Defaulting on the Federal Reserve means that the Fed will become formally insolvent, creating a massive currency crisis in the Land of the Free.

Defaulting on other government agencies means that the Defense Department (among others) won’t have any more money to operate… so they’ll just end up increasing your taxes to make up the difference.

Defaulting on banks and pension funds would cause every bank to fail, creating an unprecedented financial catastrophe.

So the fact that ‘we owe it to ourselves’ means the debt is even MORE important. And that’s what’s so scary.

Think about it– it would actually be better if the US government owed 90% of its debt to the Chinese.

In that case, they would simply make the Chinese out to be evil, and then selectively default on that debt.

The rest of the world would probably go along with it, and America would get a pass. US citizens, banks, corporations, etc. would be largely unaffected.

But that’s not going to happen.

There’s a lot of tough talk about negotiating the debt with the Chinese… but this is all hot air.

Even if they default on the Chinese, they still owe tens of trillions to Americans that they have absolutely no hope of paying.

Some people think, ‘well can’t they just restructure the debt?’

No. First of all, restructuring is just a fancy way of saying ‘default’.

It means that you’re not going to honor the terms of the original agreement, and instead work out more favorable terms to pay off the debt.

But… what terms can possibly be more favorable?

Uncle Sam is already paying record low interest. There’s nothing left to restructure… no terms they can renegotiate which are more favorable than they already have.

Bottom line, the US government can’t possibly meet its obligations… so the only hope is to default.

They’ll either outright default and cause any number of major crises in the financial system or the American retirement system.

Or they’ll default on the promises they’ve made to their taxpayers, including the solemn obligation to maintain a sound currency (something they already abandoned long ago.)

Look, understanding this reality doesn’t mean that you’re negative or pessimistic.

There’s nothing pessimistic about acknowledging basic arithmetic.

It’s also no cause for panic. It might take years for these consequences to be realized.

But that’s no excuse to follow their lead and kick the can down the road. Building a great Plan B takes time, and it’s founded on one very simple principle:

It makes absolutely no sense to hold EVERYTHING in your life—your home, savings, investments, business, retirement funds, etc. in a country where the government truly is the King of Debt.

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Favor Delivery: How Many Reckless Drivers Driving Without Insurance?

By EconMatters

 

No Parking Sign Means NO Parking


One of my friends in Houston Texas recently had a run-in with a driver of a company called NeighborFavor Inc. d/b/a Favor Delivery.  

 

 

 

 

It was actually a fairly minor fender bender type of auto incident where a Favor Delivery driver (or runner as Favor calls them) parked at a Fire Lane No Parking Zone directly behind my friend’s garage for a quick drop-off on the job.  My friend inevitably backed into the Favor Driver’s car. 

 

Driving without Insurance Is a Serious Matter


My friend complained to favor’s corporate office about its driver’s illegal parking causing the accident, and also filed a claim with the runner’s personal auto insurance co.  The initial communications by Favor seemed to think the driver’s insurance co. should cover this claim.  Then the driver’s insurance company noted an “exclusion paragraph” that the personal policy does not cover “liability arising out of operation of a vehicle while it is being used for a fee” which includes delivery for profit.  

 

 

 

This means that Favor driver was driving illegally without proper insurance while working for Favor Delivery.   

 

 

My friend immediately communicated this “exclusion” and how the driver was actually working for Favor without proper insurance, and if Favor has a corporate policy to cover its drivers on the job.  The subsequent communication from Favor simply denies any wrong doing, yet did not answer the very important question regarding its driver insurance coverage. 

 

Who Is Favor Delivery?


Based on Google search and emails between my friend and Favor, I understand Favor Delivery is one of those start-ups catering to the Millennial or Gen Y lifestyle of having everything delivered.  Favor’s business model is very similar to Uber that anyone can apply and become a runner making extra bucks delivering for Favor.  Favor Delivery has no company fleet, and each runner makes delivery on the job using their personal vehicle without any company sign or logo.  

 

Is Favor Delivery a Responsible Corporate Citizen?


The first question that comes to mind:  How can any legitimate company say it with a straight face that its driver was not at fault parking at a Fire Lane No Parking Zone and driving without insurance?  Is this an appropriate manner in which a responsible corporate enterprise which is community facing should behave?      

 

The second question:  Since Favor did not respond to the question regarding a corporate policy, does that mean Favor does not have a corporate insurance policy covering its runners?  From there, I can only conclude Favor’s operating model is to rely on each runner’s own personal policy to cover vehicle accident liability on the job so to save on a more expensive corporate policy.  (Is Uber also operating under this kind of business model?) 

 

A Huge Liability Issue for Uber-like Delivery Business


This means there are a whole lot of pseudo delivery drivers operating in the United States with a gap in their insurance coverage, i.e., they may think their employees have proper insurance coverage, when in fact these drivers are not covered at all for operating in their role as an employee for these Delivery Companies (For a Business) as opposed to covering normal driving activities of a personal nature. Once you cross the line of going “professional”, insurers have clauses to exclude their liability – so how many drivers are actually insured?

 

This sets up a huge liability for the delivery business, i.e., if they kill somebody while delivering and are found negligible and have no insurance, the trial lawyers are going to have a field day with these delivery firms.

 

Uber has already failed pretty poorly in the courts so far. I think ultimately these delivery companies that are springing up almost daily have underestimated the standard business practices and costs associated with running a fully insured, corporate enterprise and most are going to go bankrupt or litigated into bankruptcy from a liability standpoint.

 

Breaking Two Laws and No Fault?


Regardless who was at fault in this particular incident, one thing clear is that this Favor driver broke at least two laws – a Texas law requiring every driver to have at least liability insurance and failure to observe the Fire Lane No Parking sign.  It also shows Favor’s lack or disregard of proper safe driving training for its drivers.         

 

Reckless Favor Delivery in a City near You?

 

According to its web site, Favor Delivery is currently operating in 22 cities in the U.S.  From what I’ve seen based on my friend’s experience, Favor is operating a reckless nuisance business in communities all over the United States (and in Toronto, Canada).  I wonder just how many reckless Favor Delivery drivers are driving around your subdivisions without proper insurance coverage.         

 

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Since 2014 The US Has Added 450,000 Waiters And Bartenders, And No Manufacturing Workers

With Obama yet again on TV, taking credit for the Fed’s reflation of the stock market as somehow indicative of an economic “recovery” (“fiction peddlers” not allowed in the crowd), here is another way of showing the unprecedented transformation in the US labor pool: since December 2014, the US has added just under 450,000 waiters and bartenders, and no manufacturing workers.

Behold: “Obama’s recovery.”

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Buy Gold, ‘Get Out Of The Stock Market’ Warns Druckenmiller

Buy Gold, ‘Get Out Of The Stock Market’ Warns Druckenmiller

Buy gold and ‘get out of the stock market’, legendary billionaire investor, advised investors at an investment conference in New York this week.

Druckenmiller, who has one of the best long-term track records in money management, said the stock market bull market has “exhausted itself” and that gold “remains our largest currency allocation.”

buy gold bullion 2
Stan Druckenmiller. Photographer: Scott Eells/Bloomberg

He told the Sohn Investment Conference attendees to sell their equity holdings:

“The conference wants a specific recommendation from me. I guess ‘Get out of the stock market’ isn’t clear enough …”

He has been very critical of Federal Reserve and central bank monetary policies in recent years while correctly anticipating at that time that it would lead to higher asset prices.

“I now feel the weight of the evidence has shifted the other way; higher valuations, three more years of unproductive corporate behavior, limits to further easing and excessive borrowing from the future suggest that the bull market is exhausting itself,” said Druckenmiller, who averaged annual returns of 30 percent from 1986 through 2010 at his Duquesne Capital Management. He’s up 8 percent this year, according to a person familiar with the matter.

As bankers experiment with “the absurd notion of negative interest rates,” Druckenmiller said, he is investing in gold.

“Some regard it as a metal, we regard it as a currency and it remains our largest currency allocation,” he said.

On the Fed, Druckenmiller said the central bank has borrowed more “from future consumption than ever before.”

“By most objective measures, we are deep into the longest period ever of excessively easy monetary policies,” he said. “Despite finally ending QE, the Fed’s radical dovishness continues today. By most objective measures, we are deep into the longest period ever of excessively easy monetary policies. In other words, and quite ironically, this is the least ‘data dependent’ Fed we have had in history.”

Druckenmiller said “volatility in global equity markets over the past year, which often precedes a major trend change, suggests that their risk/reward is negative without substantially lower prices and/or structural reform. Don’t hold your breath for the latter.”

Read full article on Bloomberg here


Gold and Silver Prices and News
Gold Set for Weekly Drop Of 0.6% Before Payroll Report Offers Rates Clue (Bloomberg)
Gold set for weekly decline ahead of U.S. jobs data (Reuters)
Gold Futures Fall for Third Day as Dollar Gains Squelch Demand (Bloomberg)
Gold falls for fourth day as dollar extends its gains (Reuters)
Jobless Claims in U.S. Increase to Highest Level in Five Weeks (Bloomberg)

Gold Is Back In A Bull Market (Money Week)
Gold To Rise Further, Charts Show – $1,340 Short Term Target (CNBC)
Highly Simplistic and Unbalanced Anti Gold Article (Guardian)
Italian Banks: It’s the Hope That Kills You (Bloomberg)
Hong Kong to Gain as China Streamlines Cross-border Gold Trade (SCMP)
Read More Here

Gold Prices (LBMA)
06 May: USD 1,280.25, EUR 1,121.06 and GBP 883.04 per ounce
05 May: USD 1,275.75, EUR 1,114.95 and GBP 879.23 per ounce
04 May: USD 1,280.30, EUR 1,114.18 and GBP 883.59 per ounce
03 May: USD 1,296.50, EUR 1,118.15 and GBP 881.32 per ounce
29 April: USD 1,274.50, EUR 1,119.45 and GBP 873.80 per ounce

Silver Prices (LBMA)
06 May: USD 17.31, EUR 15.15 and GBP 11.93 per ounce
05 May: USD 17.38, EUR 15.21 and GBP 12.01 per ounce
04 May: USD 17.18, EUR 14.96 and GBP 11.86 per ounce
03 May: USD 17.49, EUR 15.10 and GBP 11.92 per ounce
29 April: USD 17.85, EUR 15.67 and GBP 12.22 per ounce

 

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Wall Street Analyst Who Warned on GE Ahead of Crash Calls Clinton Foundation “Charity Fraud”

Screen Shot 2016-05-06 at 10.05.54 AM

The Clinton Foundation’s finances are so messy that the nation’s most influential charity watchdog put it on its “watch list” of problematic nonprofits last month.

The Clinton family’s mega-charity took in more than $140 million in grants and pledges in 2013 but spent just $9 million on direct aid.

The group spent the bulk of its windfall on administration, travel, and salaries and bonuses, with the fattest payouts going to family friends.

“It seems like the Clinton Foundation operates as a slush fund for the Clintons,” said Bill Allison, a senior fellow at the Sunlight Foundation, a government watchdog group where progressive Democrat and Fordham Law professor Zephyr Teachout was once an organizing director.

– From last year’s post: Senior Fellow at Sunlight Foundation Calls the Clinton Foundation “A Slush Fund”

Thanks to Charles Ortel, it’s time to prepare ourselves for some more Clinton Foundation revelations.

The Washington Free Beacon reports:

The Wall Street analyst who uncovered financial discrepancies at General Electric before its stock crashed in 2008 claims the Bill, Hillary, and Chelsea Clinton Foundation has a number of irregularities in its tax records and could be violating state laws.

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