Ares Armor CEO Tries to Reason with ATF over Customer Privacy; Raid Ensues

“Ares Armor CEO Tries to Reason with ATF over Customer
Privacy; Raid Ensues,” produced by Tracy Oppenheimer. The video is
about 6 mins.

Original release date was March 19, 2014 and original writeup is
below.

“This isn’t just a second amendment issue, it’s not just a
firearms issue. It’s an issue of an overreaching government that
wants to come into your kitchen, that wants to come into your
living room, and just see what you’re doing,” says Dimitrios
Karras, CEO of Ares Armor in
Oceanside, Calif.

Last week, the Bureau of Alcohol,
Tobacco, Firearms and Explosives
(ATF)
raided Ares Armor
to confiscate 80 percent polymer receivers
for AR-15s. These receivers are the lower part of the gun that
contain the trigger operations when
fully completed. The polymer version that the ATF is contesting is
not completed and requires the purchasers to finish machining it.
The ATF claimed that these are unlicensed firearms, but Karras says
otherwise.

“It’s an object that’s in the shape of a receiver, but it hasn’t
been completed to a point that it would be considered a firearm,”
says Karras. “This was a nice way for them to get their arm inside
of the business and grab the information that they are actually
looking for. To think that this is over a piece of plastic is
ludicrous.”

Karras says the true reason for the ATF’s piqued interest in his
shop was his refusal to relinquish the list of customers who had
purchased the polymer product. He sat down with Reason TV’s Tracy
Oppenheimer to discuss why he plans to continue fighting the ATF to
maintain his customers’ privacy and other Constitutional issues at
stake.

“They have trampled on the entire Bill of Rights,” Karras
says.

About six minutes.

Produced by Tracy Oppenheimer. Camera by Alex Manning and Zach
Weissmueller.

Scroll down for downloadble versions and subscribe to Reason
TV’s YouTube Channel for notifications when new material goes
live.

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Officials not Macro Economics Driving FX

This month the main drivers of the foreign exchange market have been official developments rather than macro-economic factors that often shape investors’ decisions. 

 

In addition to Russia/Ukraine and China developments, it was the ECB’s failure to take more measures to address the tightening of financial conditions, and falling inflation, that finally managed to convincingly push the euro above the $1.38 area that had capped it since last October.

 

It was also comments by Draghi on March 13 that have thus far put the euro’s high in just below $1.3970. This past week, it was a seemingly more hawkish Federal Reserve than expected, with the help of new Chair stripping the veneer of the traditional strategic ambiguity of language (“considerable period = around six months), that was the chief spur to the dollar’s recovery.

 

Perhaps these factors make the technical condition of the market an even more important source of insight than may usually be the case.  We turn first to the Dollar Index, which many look at for a rough proxy for the US dollar, even though it is far too Euro-centric. The Yellen-inspired rally saw the Dollar Index retrace, almost to the tick, half of what it had lost since the year’s high was recorded on January 21 near 81.40.

 

However, in order to signal more than the proverbial “dead cat” bounce, it needs to establish a foothold above 81.60, even though the 5-day moving average is poised to cross above the 20-day in early in the week ahead. Alternatively, on the downside, a break of 79.60-80 would suggest a new leg down has begun.

 

The positive technical tone of the euro has not been broken, even though it fell to nearly $1.3750 and closed below it 20-day moving average for the first time in over a month.   It finished the week just in the 5-cent 5-month trading range ($1.33-$1.38).  It found good bids below $1.38. To truly weaken the technical picture, the euro has to take out the $1.3680-$1.3700 area. The new trading range seems to be $1.3750-$1.4000 and since the bottom end of the range was last tested, the rule of alternation implies risk to the upside.

 

The price action in the dollar-yen is uninspiring. It remains, as it has since the beginning of February in a relatively narrow trading range. The JPY1101.20 area marks the lower end, while the upper end is around JPY102.80. The range was extended in early March to almost JPY103.75 but was not sustained. Three-month implied volatility fell to new lows since late-2012 before the weekend, suggesting that continued range trading is likely.

 

With the April 1 retail sales tax nearly at hand, Japanese economic data is largely immaterial. Until the impact of the tax is clearer, the monetary and fiscal policies are on hold. Most expect additional BOJ measures in Q3 around the time the government could decide on a supplemental budget and whether to postpone the second step increase in the retail sales tax.

 

Sterling peaked on February 17 and was trading at its lowest level since February 12 before the weekend. The 5-day moving average crossed below the 20-day on March 12. It has approached a key retracement objective near $1.6470. This will be an important area in the coming sessions. A convincing break may give it the momentum to cut through the 100-day average which is near $1.6425 and target the $1.6300-50 area. However, we are more inclined to see sterling’s recent downdraft as primarily a technical correction and start of a bear trend.

 

The $0.9140 target we suggested for the Australian dollar last week, assuming the $0.9100 level was breached, held. The price action warns that a sideways trend rather than an uptrend is more likely. If the $0.9140 area is on the top, then $0.9085 is on the downside. A break of this range likely points to the direction of the next half cent move or so.

 

While the Australian and New Zealand dollars compete with each other for the strongest major currency this month, the Canadian dollar has been competing with sterling for the weakest. Year-to-date, there is no competition. The Canadian dollar has fallen about 5.3% against the US dollar. Sterling, the second weakest currency, so far this year, is off by 0.4%.

 

The market thought that Bank of Canada Poloz’s reluctance to rule out a rate cut actually makes it more likely. It doesn’t. While Poloz’s comments were sufficient to arrest the Canadian dollar’s advance, it took the FOMC and Yellen to push it down. In particular, the US dollar rose convincingly above CAD1.12, which it had tried several times this year to do and failed.

 

Better than expected retail sales and a CPI reading not as soft as the market feared saw the Canadian dollar bounce, but the US dollar helped support in the CAD1.1170 area. This area needs to be taken out to signal anything important.

 

The US dollar remains range-bound against the Mexican peso. If the proximate range is MXN13.15 to MEX13.35, the greenback is near the middle of the range. The technical indicators are not generating strong signals. The disappointing economic data and dovish central bank make us more inclined to buy the dollar as it approaches the lower end of the range.

 

Observations from the speculative positioning in the CME currency futures: 

 

1.  The pace of position adjustment picked up over the course of the  reporting period that ended on March 18.  The general pattern was to add to gross longs and cut gross short foreign currency positions.  The Canadian dollar was the only currency futures that we track here that saw an increase in gross shorts. Sterling was the only one that saw a gross longs pared.

 

2.  There were three adjustments that we regard as substantial, which we define as a gross adjustment of 10k contracts or more.  The short gross yen positions were culled by nearly 30k contracts to 85.2k.  It is the biggest short covering since July 2012.  It underscores our argument that the yen’s safe haven appeal is more about short covering that fleeing to Japan.  Gross short Canadian dollar positions jumped 20k contracts to 97.6k.   It is the largest jump in shorts since last December.  This was before the FOMC meeting that saw the Canadian dollar sell-off to new multi-year lows.  The gross long Australian dollar positions more than doubled to 21.6k contracts, reflecting a 13k increase, bolstered perhaps by ideas the next move for the Reserve Bank of Australia is a hike.

 

3.  The 53.0k net long euro contracts is the most since last November.  The 61.1k net short yen contracts is the smallest since last October.  The net long Swiss franc futures position of 15.1k contracts is the largest since June 2011.  The 24.5k net short Australian dollar contracts is the smallest since last November.

 

4.  The short-term speculative market was ill-prepared for the unexpected hawkishness of the Federal Reserve the day after the reporting period ended.  Some who were stopped out may be part of the bargain hunting seen before the weekend, such as in the euro and Australian dollar.


    



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Peter Schiff: Debt And Taxes

Submitted by Peter Schiff of Euro Pacific Capital,

The red flags contained in the national and global headlines that have come out thus far in 2014 should have spooked investors and economic forecasters. Instead the markets have barely noticed. It seems that the majority opinion on Wall Street and Washington is that we have entered an era of good fortune made possible by the benevolent hand of the Federal Reserve. Ben Bernanke and now Janet Yellen have apparently removed all the economic rough edges that would normally draw blood. As a result of this monetary "baby-proofing," a strong economy is no longer considered necessary for rising stock and real estate prices.

But unfortunately, everything has a price, even free money. Our current quest to push up asset prices at all costs will come back to bite all Americans squarely in the pocket book. Death and taxes have long been linked by a popular maxim. However, there also exists a similar link between debt and taxes. The debt we are now incurring in order to buttress current stock and real estate will inevitably lead to higher taxes down the road. However, don’t expect the taxes to arrive in their traditional garb. Instead, the stealth tax of inflation will be used to drain Americans of their hard earned purchasing power.

I explore this connection in great length in my latest report Taxed By Debt, available for free download at www.taxedbydebt.com. But diagnosing a problem is just half the battle. I also present investing strategies that I believe can help Americans avoid the traps that are now being laid so carefully.

The last few years have proven that there is no line Washington will not cross in order to keep bubbles from popping. Just 10 years ago many of the analysts now crowing about the perfect conditions would have been appalled by policies that have been implemented to create them. The Fed has held interest rates at zero for five consecutive years, it has purchased trillions of dollars of Treasury and mortgage-backed securities, and the Federal government has stimulated the economy through four consecutive trillion-dollar annual deficits. While these moves may once have been looked on as something shocking…now anything goes.

But the new monetary morality has nothing to do with virtue, and everything to do with necessity. It is no accident that the concept of "inflation" has experienced a dramatic makeover during the past few years. Traditionally, mainstream discussion treated inflation as a pestilence best vanquished by a strong economy and prudent bankers. Now it is widely seen as a pre-condition to economic health. Economists are making this bizarre argument not because it makes any sense, but because they have no other choice.

America is trying to borrow its way out of recession. We are creating debt now in order to push up prices and create the illusion of prosperity. To do this you must convince people that inflation is a good thing…even while they instinctively prefer low prices to high. But rising asset prices do little to help the underlying economy. That is why we have been stuck in what some economists are calling a "jobless recovery." The real reason it's jobless is because it's not a real recovery!  So while the current booms in stocks and condominiums have been gifts to financial speculators and the corporate elite, average Americans can only watch from the sidewalks as the parade passes them by. That's why sales of Mercedes and Maseratis are setting record highs while Fords and Chevrolets sit on showroom floors. Rising prices to do not create jobs, increase savings or expand production. Instead all we get is debt, which at some point in the future must be repaid.

As detailed in my special report, when President Obama took office at the end of 2008, the national debt was about $10 trillion. Just five years later it has surpassed a staggering $17.5 trillion. This raw increase is roughly equivalent to all the Federal debt accumulated from the birth of our republic to 2004! The defenders of this debt explosion tell us that the growth eventually sparked by this stimulus will allow the U.S. to repay comfortably. Talk about waiting for Godot. To actually repay, we will have few options. We can cut government spending, raise taxes, borrow, or print. But as we have seen so often in recent years, neither political party has the will to either increase taxes or decrease spending.

So if cutting and taxing are off the table, we can expect borrowing and printing. That is exactly what has been happening. In recent years, the Fed has bought approximately 60% of the debt issued by the Treasury. This has kept the bond market strong and interest rates extremely low. But a country can't buy its own debt with impunity indefinitely. In fact the Fed, by winding down its QE program by the end of 2014, has threatened to bring the party to an end.

Although bond yields remain close to record low territory, thanks to continued QE buying, we have seen vividly in recent years how the markets react negatively to any hint of higher rates. That's why any indication that the Fed will lift rates from zero can be enough to plunge the markets into the red. The biggest market reaction to Yellen's press conference this week came when the Chairwoman seemed to fix early 2015 as the time in which rates could be lifted from zero. That possibility slapped the markets like a frigid polar wind.

Janet Yellen may talk about tightening someday, but she will continue to move the goalposts to avoid actually having to do so. (Or as she did this week, remove the goalposts altogether). As global investors finally realize that the Fed has no credible exit strategy from its zero interest policy, they will fashion their own exit strategy from U.S. obligations. Should this happen, interest rates will spike, the dollar will plunge, and inflation's impact on consumer prices will be far more pronounced than it is today. This is when the inflation tax will take a much larger bite out of our savings and paychecks.  The debt that sustains us now will one day be our undoing.

But there are steps investors can take to help mitigate the damage, particularly by moving assets to those areas of the world that are not making the same mistakes that we are. In my new report, I describe many of these markets. Just because the majority of investors seem to be swallowing the snake oil being peddled doesn't mean it's wise to join the party. I urge you to download my report and decide for yourself.


    



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Stanton Peele on How the Recovery Movement Hijacked ‘Sobriety’

Before
Alcoholics Anonymous and the recovery movement hijacked the term,
“sober” simply meant not being currently intoxicated. Now, sober is
a state of being—one you can only achieve through total, lifelong
abstinence if you ever drank alcoholically.

For recovery absolutists, no one recovers from alcoholism
without giving up drinking forever. Nonsense, says Stanton Peele.
Who are these self-appointed experts to tell everyone how
they must achieve recovery?

View this article.

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Pink cheeks + Sweatfest = Sexercise OR HIIT… unfortunately, this morning it was just HIIT.

@hooper_fit

Pink cheeks + Sweatfest = Sexercise OR HIIT… unfortunately, this morning it was just HIIT.

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tags#gymjunkie,#sexercise,#selfie,#nola,#fitchicks,#fitlife,#chickswithmuscle,#girlswholift,#sweatlife,

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Russian Forces Storm Crimean Military Base In Belbek – Live Webcast

As we reported earlier, while Ukraine military forces are either slowly leaving the Crimea or joining the Russian army, one outpost, that at the Crimean airforce base of Belbek, remains undaunted by Russian demands to hand over the premises as the Russian ultimatum to surrender has expired, and moments ago wire services reported that shots were fired as Russian forces stormed the front gate of the Crimean outpost. Watch a live webcast from the scene below as the Russian force take control of the last place of presence of Ukraine forces in the Crimea.


    



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Video: Amazons, Academics, and Adventure

Anne Fortier is a best-selling Canadian/Danish author with
an unparalleled talent for bringing history to life. Her previous
novel, New York Times
bestseller, 
Juliet,
retold the Shakespearean legend of Romeo &
Juliet.

Fortier credits many of the ideas and themes in her novels to
her libertarian outlook on life. Her new
novel, The
Lost Sisterhood
, switches back and forth between the
travails of Diana Morgan, a contemporary scholar at Oxford, and
Myrina, the legendary warrior who would become the first ruler of
the Amazons. It’s a page-turning thriller that is also packed with
ideas about history, gender, self-determination, and the desire for
true freedom.


View this article.

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Scott Beyer on Abolishing the Federal Gas Tax

Gas pumpThe
notion that U.S. infrastructure is crumbling and underfunded has
been common lately, and more such news came in February, when the
Department of Transportation announced that the Federal
Highway Trust Fund could soon run out. This raised debates about
what to do with the trust’s main funding source, the federal gas
tax. Some legislators have long wanted to raise this tax, and
President Obama recently proposed his own $302 billion
funding plan. But one Congressman, Georgia Republican Tom Graves,
has a better idea: nearly abolish the gas tax altogether.

Last November, writes urban issues expert Scott Beyer, Graves
introduced the Transportation Empowerment Act, which was
cosponsored through Senate legislation by Republican Mike Lee. By
drastically reducing the tax, it would enable states to manage
their own transportation policies, improving a process that has
become massively inefficient under federal oversight.

View this article.

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