Kurdish Government Threatens to Sue Iraq Over Oil Exports—May Be Moving Forward on Independent State

not yetIraq has lost metaphorical and real ground in its
ongoing dispute with the Kurdish regional government over oil
exports—the first
thing I wrote about
here more than two years ago. Back then
Iraq’s central government was busy trying to coerce foreign oil
companies into not making lucrative deals with the stable
government in Arbil. And now, as Reuters
explains
:

Baghdad has cut the KRG’s budget since January over the dispute,
arguing the sales are illegal, and has repeatedly threatened to sue
any firm that buys oil from the autonomous region.

But since the KRG took control of the northern oil hub of Kirkuk
amid the retreat of the Iraqi military from the Islamic State-led
insurgency, the autonomous region has been emboldened.

On Thursday, the president of Iraq’s Kurdish north asked the
region’s parliament to prepare the way for a referendum on its
long-saught goal of independence.

The Kurdish people have never had an independent country of
their own. Turkey, which also has a geographically contiguous area
populated by Kurds, has long opposed the creation of a Kurdish
state—quelling rebellions at home and fearing an independent state
carved out of Iraq would make it harder for them to manage their
Kurdish majority. Apparently no more. A spokesperson for Turkey’s
ruling party said earlier
this week
the country was ready to welcome an independent
Kurdish state. Turkey, fore one, appears to be choosing stability
over sectarianism.

from Hit & Run http://ift.tt/1jOzoty
via IFTTT

Viva PorcFest and the Free State Project! Now With More Ice Cream!

Last
weekend, I traveled to speak and hang out at the Free State Project‘s annual
hootenany, which is called PorcFest (short for Porcupine Freedom
Festival). It was a great and excellent time and I hope to write up
something about in the next few days.

Here’s
a nice writeup
of the event and the FSP by The
Economist
‘s Emily Bobrow:

In the jovial atmosphere of PorcFest, where idealists bond over
their shared mistrust of rules and big institutions, the prospect
of a future New Hampshire that can do without such things seems
far-fetched. Tech geeks (who still dominate the Free State
movement) enjoy home-made “bananarchy” ice cream while prattling on
about the power of crypto-currencies. “Bitcoin can topple
governments and end war,” gushes one fan.

Others are more realistic. “I’m an incrementalist,” explains
Jason Sorens, the subdued intellectual who dreamed up the Free
State Project while he was getting his PhD from Yale. Now a
lecturer at Dartmouth College in Hanover, he is eager to use New
Hampshire to test libertarian theories about enlightened
self-interest and reciprocal altruism, small government and large
networks of voluntary institutions. “We don’t have all the
answers,” he says, “but it’s worth the experiment.”

The “Bananarchy” ice cream was pretty damn fine, btw, but even
better was the “Who Will Build My Rocky Road.”


Read the whole thing.

from Hit & Run http://ift.tt/1xo2AzA
via IFTTT

The Left’s Reaction to the SC’s Hobby Lobby and Harris Rulings Shows that it Hates Freedom

There is no other way to interpret the hissy fits it is
throwing. In both instances, I note in my column in The
Week
, HobbyLobbythe Supreme Court upheld the
liberties of religion, speech and association enshrined in the
First Amendment. But it did so on grounds so narrow so as to not
even be worth chugging a Sam Adams for this July 4.

Hobby Lobby challenged Obamacare’s mandate that companies offer
contraceptive coverage even in violation of their religious
beliefs. I note:

Yet instead of simply affirming the owners of Hobby Lobby’s
broad constitutional right not to be forced to violate their
religious beliefs, the justices ruled in the company’s favor only
because not doing so would have violated the Religious Freedom and
Restoration Act.

All that the act requires is that before violating someone’s
religious liberties, the government demonstrates that it had no
other way to achieve its ends. In this case, the “conservative”
justices questioned neither the end — provision of contraceptives —
nor whether it was a “compelling state interest.” These fanatics of
limited government ruled only that because there were
less-religious-liberty-busting ways to achieve contraceptive
coverage — for example, by the government directly funding it as
it’s doing for religious universities and hospitals — the mandate
did not meet the RFTRA test.

None of this, however, prevented the left from throwing a
collective hissy-fit. Social media erupted into tiresome taunts
of fascism.

As for Harris vs. Quinn in which a mom sued Illinois’ public
unions for garnishing the state subsidies she receives for taking
care of her disabled son, one would have thought that standing up
for the mother would be a no-brainer for the left. But, apparently,
letting her keep her money, according to Salon‘s Joan
Walsh, is a victory for the “one percent” and the “plutocrat
carte.l”

I cannot do justice to Walsh’s twisted logic in a few words, so
just go and read the damn column
here
– and then weep tomorrow about how unhinged the left has
become in this country.

from Hit & Run http://ift.tt/1xo2wja
via IFTTT

Global Macro In 1 Simple Chart

The US and UK are the ‘best’ performing world economies based on PMIs. Despite slumping real incomes, surging gas prices, a dismal Q1, fading Q2 growth expectations, and the US being the worst relative performing macro-surprise index in the world this year, it is the cleanest clean shirt with the great expansion based on soft-survey data. France joins Korea at the bottom of the global pile of macro-economic performers with Russia, Brazil, Australia, and Greece also in contraction. Here is your 1-stop-shop guide to global macro – USA USA USA…

 

 

Source: JPMorgan




via Zero Hedge http://ift.tt/1vCQcsD Tyler Durden

India’s Central Bank To Sell Gold On The Market In Exchange For Gold At The Bank Of England

Submitted by Mike Krieger of Liberty Blitzkrieg blog,

India’s gold policy over the last several years is about as dysfunctional as any government policy I have ever seen, and that’s saying a lot. In case you need a reminder, here are a few posts I have written on the subject:

The Times of India: “Almost Every Passenger on a Flight from Dubai to Calicut Was Found Carrying 1kg of Gold”

Gold Smuggling Increases 7x in India and Surpasses Illegal Drug Trade

Indian Temples Fight Back Against Government Gold Grabbing Plot

In a nutshell, Indians were buying too much gold for their government’s comfort, so the “authorities” stepped in with duties and import restrictions in an attempt to stifle the trade. So smuggling soared.

Fast forward to today. It appears the government has finally realized they can’t stop their citizens penchant for gold, so they have decided to dump central bank gold onto the market. What is incredible to me is that they are justifying this with a so-called “swap” into phantom gold at the Bank of England. The favored global hub of shady, rent-seeking, banker oligarchs.

What’s even more interesting about this is the fact that so many Central Banks seems to be swapping or selling their gold to Western interests. Most notably Ecuador selling to Goldman Sachs, which I highlighted in the piece: Ecuador to Transfer More Than Half its Gold Reserves to Goldman Sachs in Exchange for “Liquidity.”

Now from Reuters:

MUMBAI, July 2 (Reuters) – India’s central bank said on Wednesday it has sought quotes from banks to swap gold in its own vaults for international-standard gold, aiming to improve the management of its reserves.

 

The Reserve Bank of India said the operation would “standardise the gold available with RBI in India with respect to international standards” and the gold acquired would be delivered to its overseas custodian, the Bank of England.

 

By holding gold reserves in London, the RBI would gain flexibility to mobilise them if needed to defend the currency. It shipped some of its gold holdings to Britain in 1991 as part of a series of emergency measures to tackle a financial crisis.

This begs the question of who really needs the gold, the RBI, or London bankers?

According to the World Gold Council, India holds the 11th-largest gold reserves of 557 tons. At current market prices, they would be worth nearly $24 billion. It was not immediately clear how much of that would be swapped.

 

Market participants said the central bank was likely to offload its old gold onto the local market in India.

At least the people will get a hold of it as opposed to criminal Central Bankers.

That would have the beneficial effect of boosting domestic gold supply without hitting India’s current account – which faces renewed pressure as the conflict in Iraq has pushed up India’s oil import bill.

 

“It’s a good move by the RBI, this will at least ease the stock requirement of the jewellery industry,” said a senior official with a foreign bank that supplies gold to India.

You have to wonder if this in any way relates to concern about the upcoming Swiss referendum on the country’s gold reserves, which Parliament has been fighting hard to prevent from happening. For example, back in May Bloomberg reported that:

Swiss parliamentarians urged rejection of a popular initiative that would curtail the Swiss National Bank (SNBN)’s independence by requiring it to hold a fixed portion of its assets in gold.

 

Members of the Swiss parliament’s lower house voted 129 to 20 with 25 abstentions today against the plan, which demands that at least 20 percent of the central bank’s assets be in gold. It would also disallow the sale of any such holdings and require all SNB gold be held in Switzerland.

 

No date for a national vote has yet been set.

Well it appears based on a Bloomberg headline from this morning that a date has been set. A friend sent me the following:

  • (BN) *SWISS TO VOTE NOV. 30 ON `GOLD INITIATIVE’

There may be some very concerned bankers in New York and London this weekend.

Full article here.




via Zero Hedge http://ift.tt/TSewuO Tyler Durden

Israel Defense Force Deletes “Nuclear Leak” Tweet; Blames Cyber Terrorism

How to start World War 3? Step 1) Hack IDF Twitter account; Step 2) Tweet that Israel’s secret nuclear facility has suffered a potential leak after shelling; Step 3) wait for US response… It appears (though for now has not been confirmed) that the Israel Defense Force’s Twitter account was hacked by the Syrian Electronic Army who then tweeted “#WARNING: Possible nuclear leak in the region after 2 rockets hit Dimona nuclear facility” The Tweet was deleted soon after – not before all major newswires picked it up – and the report has been denied by the IDF. We can only imagine the market response to this tweet if US traders were not all out buying beers and burgers..

 

The original Tweet from @IDFSpokesperson

 

The Tweet was deleted minutes later after this image (of the Syrian Electronic Army) was tweeted…

 

and this…

 

But The IDF was quick to note it was not correct…

Israeli army is investigating how posting appeared on its official Twitter account saying there was risk of nuclear leak after rocket hit Dimona facility, military spokesman says on condition of anonymity in accordance with regulation.

 

Tweet was later deleted; army spokesman declines to comment on possibility the official account was hacked

*  *  *

And then The IDF issues this statement:

 




via Zero Hedge http://ift.tt/1lDacWp Tyler Durden

Ukraine’s New Interior Minister Promises To Retake Crimea From Russia

The civil war in east Ukraine – the self-proclaimed republic of Novorossiya – is back on and raging as violently as ever, with unconfirmed reports that even Russia has now gotten involved:

This follows what BBC reported was the death of at least nine civilians during an attack on a village in the Luhansk region of eastern Ukraine. “The rebels have accused the Ukrainian army of shelling and bombing the village of Luhanska. But Ukrainian officials said their forces were not in the area, blaming the rebels themselves.”

In other words more of the same, and certainly not helping any attempts at peace or even a ceasefire, as Russia and Ukraine are again stuck accusing each other of scuttling all attempts at ending hostilities. As Reuters noted, in a telephone conversation with U.S. Vice President Joe Biden, Poroshenko repeated a promise that Kiev could return to the ceasefire, on three conditions. “A statement on his website said he wanted assurances on a ‘bilateral’ truce, the release of hostages, and the deployment of international monitors to check Ukraine’s porous border with Russia. Moscow denies Ukraine’s charges that it is letting fighters and weapons cross into the east of the country.”

Curiously, besides Putin benefiting from higher oil prices as a result of geopolitical instability, and a far better venue to achieve that nowadays would be Iraq anyway, one wonders who actually has more to gain from perpetuating the fighting.

Yet the most surprising news of the day comes not from the contested region, but from Kiev where Ukraine’s president Poroshenko appointed a new Ukraine defense minister, Valeriy Heletey. His first promise? To not only re-engage Russia in Crimea, but to be victorious in doing so. From BBC:

New Ukrainian Defence Minister Valeriy Heletey has promised that the army would retake Crimea, restoring the country’s territorial integrity.

 

Addressing parliament in Kiev, he said: “There will be a victory parade… in Ukraine’s Sevastopol.”

 

Lt Gen Heletey, 46, was approved by MPs in Kiev after being recommended by Mr Poroshenko as someone who would work day and night to restore the military capability of the country’s armed forces. His remark about Sevastopol was applauded by the chamber.

We are confident Putin had a different, and far more amused reaction to the statement.

But while we applaud Ukraine’s attempts at generating populist enthusiasm, a far bigger problem for the nation will be if, as we explained previously, Russia not only manages to finally conclude the South Stream, which despite Europe’s attempts at sabotage, is proceeding according to schedule, but diverts all gas transit away from Ukraine. At that point, Ukraine will be completely irrelevant not only to Russia, which already has under its control, via separatist groups, the industrial regions in the east, but to Europe. It goes without saying that the second Russia makes Ukraine irrelevant as a core transit hub to Europe, all the promises from Europe, NATO, IMF and of course, America, will be gone with the wind. Only then will Ukraine discover just how credible its newly found allies are…




via Zero Hedge http://ift.tt/1qssCPX Tyler Durden

Jim Epstein on New York City’s Affordable Housing Bonanza for the Rich

New York City Mayor Bill de Blasio (D) ||| William Alatriste/NYC CouncilNew York City Mayor Bill De
Blasio (D), who ran on a promise to reduce inequality, is allowing
upper middle class professionals with household incomes as high as
$193,000 to tap into government housing subsidies so they can
continue living in posh areas of Manhattan and Brooklyn.

In a city in which one in five households lives below the
poverty line, writes Jim Epstein, applying limited government
resources to such a purpose is obscene.

View this article.

from Hit & Run http://ift.tt/1mcLbFY
via IFTTT

NSA Thinks Privacy Is for Extremists, Rob Ford Has Tried ‘Every Drug,’ Thousands Flee Hurricane Arthur: P.M. Links

  • The NSA’s XKeyscore
    surveillance system’s source code
    was leaked
    . If you care about your online privacy and use
    things like the Tor network, the NSA classifies you as an
    “extremist.”
  • Bureau of Labor Statistics data indicates that employers

    added 288,000 jobs
    to the economy in June. Sounds great,
    except, at the same time a
    record high 92,120,000
    Americans 16 and older didn’t
    participate in the labor force.
  • We
    don’t discuss veterans. We do not work for veterans.
    … Our
    customer is the VA central office, the White House and the
    Congress,” a whistleblower says. “We actually put incoming
    applications aside so we could focus on the [Obamacare] related
    applications that came in over last summer.”
  • After facing a potential $54,000 deficit due to federal lunch
    guidelines, one school board president in Milwaukee says he’s
    ditching the program  “pushed by and large by Michelle Obama,
    who last I checked
    has been elected by no one
    .” Burn!
  • Toronto Mayor Rob Ford announced that he’s tried “every drug you
    can probably think of
    .”  Either this is a bold
    reelection strategy, or he was on drugs when he said it.
  • Saudi Arabia deployed
    30,000 troops
    to the Iraqi border. 

  • Thousands are fleeing
     the North Carolina coastline as
    Hurricane Arthur is expected to hit it tomorrow.

Follow Reason and Reason 24/7 on
Twitter, and like us on Facebook. You
can also get the top stories mailed to you—sign up
here
.

from Hit & Run http://ift.tt/1xnGgWR
via IFTTT

Are You Targeted By The NSA?

Meet XKeyscore – "a computer network exploitation system", as described in an NSA presentation, devoted to gathering "nearly everything a user does on the internet." The German site Das Erste has exposed the shocking truth about the rules used by the NSA to decide who is a "target" for surveillance. While the NSA claims to only "target" a small fraction of internet users, the perhaps unsurprising truth is very different. As Boing Boing concludes, one expert suggested that the NSA's intention here was to separate the sheep from the goatsto split the entire population of the Internet into "people who have the technical know-how to be private" and "people who don't" and then capture all the communications from the first group.

As Das Erste describes it,

The NSA program XKeyscore is a collection and analysis tool and "a computer network exploitation system", as described in an NSA presentation. It is one of the agency’s most ambitious programs devoted to gathering "nearly everything a user does on the internet." The source code contains several rules that enable agents using XKeyscore to surveil privacy-conscious internet users around the world. The rules published here are specifically directed at the infrastructure and the users of the Tor Network, the Tails operating system, and other privacy-related software.

And Cory Doctorow of Boing Boing summarizes,

In a shocking story on the German site Tagesschau (Google translate), Lena Kampf, Jacob Appelbaum and John Goetz report on the rules used by the NSA to decide who is a "target" for surveillance.

 

Since the start of the Snowden story in 2013, the NSA has stressed that while it may intercept nearly every Internet user's communications, it only "targets" a small fraction of those, whose traffic patterns reveal some basis for suspicion. Targets of NSA surveillance don't have their data flushed from the NSA's databases on a rolling 48-hour or 30-day basis, but are instead retained indefinitely.

The authors of the Tagesschau story have seen the "deep packet inspection" rules used to determine who is considered to be a legitimate target for deep surveillance, and the results are bizarre.

 

According to the story, the NSA targets anyone who searches for online articles about Tails — like this one that we published in April, or this article for teens that I wrote in May — or Tor (The Onion Router, which we've been posted about since 2004). Anyone who is determined to be using Tor is also targeted for long-term surveillance and retention.

 

Tor and Tails have been part of the mainstream discussion of online security, surveillance and privacy for years. It's nothing short of bizarre to place people under suspicion for searching for these terms.

More importantly, this shows that the NSA uses "targeted surveillance" in a way that beggars common sense. It's a dead certainty that people who heard the NSA's reassurances about "targeting" its surveillance on people who were doing something suspicious didn't understand that the NSA meant people who'd looked up technical details about systems that are routinely discussed on the front page of every newspaper in the world.

 

But it's not the first time the NSA has deployed specialized, highly counterintuitive wordsmithing to play games with the public, the law and its oversight. From James Clapper's insistence that he didn't lie to Congress about spying on Americans because he was only intercepting all their data, but not looking at it all; to the internal wordgames on evidence in the original Prism leak in which the NSA claimed to have "direct access" to servers from Google, Yahoo, Microsoft, Apple, etc, even though this "direct access" was a process by which the FBI would use secret warrants to request information from Internet giants without revealing that the data was destined for the NSA.

I have known that this story was coming for some time now, having learned about its broad contours under embargo from a trusted source. Since then, I've discussed it in confidence with some of the technical experts who have worked on the full set of Snowden docs, and they were as shocked as I was.

One expert suggested that the NSA's intention here was to separate the sheep from the goats — to split the entire population of the Internet into "people who have the technical know-how to be private" and "people who don't" and then capture all the communications from the first group.

Another expert said that s/he believed that this leak may come from a second source, not Edward Snowden, as s/he had not seen this in the original Snowden docs; and had seen other revelations that also appeared independent of the Snowden materials. If that's true, it's big news, as Snowden was the first person to ever leak docs from the NSA. The existence of a potential second source means that Snowden may have inspired some of his former colleagues to take a long, hard look at the agency's cavalier attitude to the law and decency.

*  *  *

And just this week it was all found perfectly legal… But it appears the US continues to make friends wherever it goes…

The German attorney Thomas Stadler, who specializes in IT law, commented: "The fact that a German citizen is specifically traced by the NSA, in my opinion, justifies the reasonable suspicion of the NSA carrying out secret service activities in Germany.

 

For this reason, the German Federal Public Prosecutor should look into this matter and initiate preliminary proceedings."

So now you know – you are all being watched…




via Zero Hedge http://ift.tt/1mcGmMS Tyler Durden