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“What do you expect when you target the President?” This is what an Internal Revenue Service (IRS) agent allegedly said to the head of a conservative organization that was being audited after calling for the impeachment of then-President Clinton. Recent revelations that IRS agents gave “special scrutiny” to organizations opposed to the current administration’s policies suggest that many in the IRS still believe harassing the President’s opponents is part of their job.
As troubling as these recent reports are, it would be a grave mistake to think that IRS harassment of opponents of the incumbent President is a modern, or a partisan, phenomenon. As scholar Burton Folsom pointed out in his book New Deal or Raw Deal, IRS agents in the 1930s where essentially “hit squads” against opponents of the New Deal. It is well-known that the administrations of John F. Kennedy and Lyndon Johnson used the IRS to silence their critics. One of the articles of impeachment drawn up against Richard Nixon dealt with his use of the IRS to harass his political enemies. Allegations of IRS abuses were common during the Clinton administration, and just this week some of the current administration’s defenders recalled that antiwar and progressive groups alleged harassment by the IRS during the Bush presidency.
The bipartisan tradition of using the IRS as a tool to harass political opponents suggests that the problem is deeper than just a few “rogue” IRS agents—or even corruption within one, two, three or many administrations. Instead, the problem lays in the extraordinary power the tax system grants the IRS.
The IRS routinely obtains information about how we earn a living, what investments we make, what we spend on ourselves and our families, and even what charitable and religious organizations we support. Starting next year, the IRS will be collecting personally identifiable health insurance information in order to ensure we are complying with Obamacare’s mandates.
The current tax laws even give the IRS power to marginalize any educational, political, or even religious organizations whose goals, beliefs, and values are not favored by the current regime by denying those organizations “tax-free” status. This is the root of the latest scandal involving the IRS.
Considering the type of power the IRS excises over the American people, and the propensity of those who hold power to violate liberty, it is surprising we do not hear about more cases of politically-motivated IRS harassment. As the first US Supreme Court Chief Justice John Marshall said, “The power to tax is the power to destroy” — and who better to destroy than one’s political enemies?
The US flourished for over 120 years without an income tax, and our liberty and prosperity will only benefit from getting rid of the current tax system. The federal government will get along just fine without its immoral claim on the fruits of our labor, particularly if the elimination of federal income taxes are accompanied by serious reduction in all areas of spending, starting with the military spending beloved by so many who claim to be opponents of high taxes and big government.
While it is important for Congress to investigate the most recent scandal and ensure all involved are held accountable, we cannot pretend that the problem is a few bad actors. The very purpose of the IRS is to transfer wealth from one group to another while violating our liberties in the process, thus the only way Congress can protect our freedoms is to repeal the income tax and shutter the doors of the IRS once and for all.
News out of Asia is roiling both the gold and silver markets this evening. Apparently Economy Minister Amari spooked the Forex markets Sunday when he stated that further weakness in the Yen could actually end up damaging the nation's economy.
Obviously this is the FIRST sign we have seen out of official Japan that the level of Yen is now low enough for the powers that be there. Again, it is just one minister and there is no official change in policy but he is voicing concerns that the currency might have fallen a bit too far, too fast.
His comments are being used as a reason by some Yen bears to partially cover existing yen shorts and realize some gains. The downside to this ...
Since I feel surrounded by gold bears everywhere I look and the onslaught of articles recommending I and others holders of gold should “surrender” or face death holding gold, I chosen to respond with a one-word reply made famous during World War II – NUTS!
After 30 years in and around Wall Street, you develop a sixth sense that doesn’t require charts or some long list of fundamental reasons to justify a position. It’s like the movie is only halfway through but you already know where they’re going with it.
I’m not going to write some long dissertation to justify my position to buy gold and silver right now but I will make a few key points:
They’re without a doubt the most hated investment class. 99% of the financial industry and the media that follows them are slobbering over one another to tell us why gold and silver sucks! Even the most ardent bulls (all three of us) have been beaten up and have doubts of our sanity to stay the course. It’s truly a contrarian delight to go long now.Enough has been written about the strange selling patterns, timing and parties involved that has led to this take down, much of it accurate but shall never be taken seriously by the vast majority because they hate gold and silver and all it stands for. If you too don’t think anything strange occurred, go buy all the general equities and bonds you can get hold of, load up on cheap mortgages and buy Obama memorabilia during this decline in prices. If you happen to be one of the “crazies”, tin-foil hat wearers, and the other kooky names given to anyone who actually thinks gold is money, just know all these actions eventually aren’t enough and the truth shall set you free (and bring on the next leg up in gold’s march to ...
Currently, I don't think it's possible for the media reporting and investor sentiment to get any more negative toward gold. But quite frankly, given the extreme negative sentiment, in addition to the numerous other contrarian indicators I've outlined in previous articles, I have never in my life seen a market set up technically for a big bull move as gold/silver and the mining stocks are now. - Dave Kranzler, Seeking Alpha: LINK
Let's be clear here, if I thought the fundamentals of the global financial system were improving in a way that was negative for gold, I would go short gold and load up on stocks and junk bonds. No question about that. When I came out of business school in 1991, I was one of two top-10 b-school grads who went into junk bonds. That's 2 people out of about 5000 grads. No one was interested in junk bonds in 1991. But I had examined the fundamentals and determined that it was still a valid form of corporate finance. Recall, Drexel had just collapsed and everyone was screaming that junk bonds were dead. In fact, 1992 marked the start of a new bull market in junk bonds.
The key to understanding relative value is not found in charts, "technical" indicators, CNBC, Bloomberg News, any Wall Street research, Barron's, chat board, etc. Realistic and honest assessment and study of fundamentals is nowhere to be found in any of those sources. None. Zero.
The key to understanding value is doing your own research, which includes knowing where to look to find the best possible information available. Since 2002, when I first really understood just how corrupted and doomed the U.S. financial and political system is ...
Whistleblower Andrew Maguire alerted King World News to a key level in the price of gold that will trigger massive central bank buying. Maguire, who recently appeared in the extraordinary CBC production titled, “The Secret World of Gold,” also discussed a large sovereign order that was filled on Friday’s decline and whether or not gold has seen a bottom. Here is what Maguire had to say in part three of his extraordinary written interview series.
...The minute this (downside) momentum wanes, I think there will be a race (for the shorts) to cover. I would say, given that the physical market is exponentially larger (in terms of demand) on each decline, I still firmly believe the bottom is in at the $1,320 area. But if we start approaching that area again, I think anything sub $1,350 is going to create massive central bank demand.”...
Today 50-year veteran Art Cashin warned King World News that money supply is now going parabolic and may cause problems for the Fed and also create explosive inflation. Cashin, who is Director of Floor Operations at UBS ($650 billion under management), also spoke about John Paulson and others positioned in gold.
Eric King: “Art, you brought up the Fed and the distortion in the markets. What about the Fed distorting the markets and is there a danger of something like the 1987 stock market crash coming out of all of this?”
Cashin: “You are in uncharted territory in many ways. This is what the ancient mapmakers would call, ‘Terra incognita, or ‘Land unknown.’ That is why you see people like John Paulson, brilliant, made more money than just about anybody in the housing collapse, and he’s long gold and handcuffed and tied in.
Many of the other hedge fund managers bought gold. Why did they buy it? They bought it for classical economic reasons. They believed that if the Fed was going to print money relentlessly, hand-over-fist, it must follow, as night follows day, that you will have a burst of inflation that will shake the Earth. They think back to the Weimar Republic.
We have not had any of that because the people are so frightened. So money has no velocity. Inflation lies dormant so far, and that’s why gold is having such a tough time.” ...
PARIS (Reuters) - More than 8,000 French households' tax bills topped 100 percent of their income last year, the business newspaper Les Echos reported on Saturday, citing Finance Ministry data.The newspaper...
No one should be surprised if gold prices take another dive. The market certainly remains vulnerable to more institutional selling. That said, I'm looking for a bounce-back in the week ahead -- with the yellow metal recovering some of the ground lost in the recent flash crash -- if only because the price has fallen so far, so fast.
Some of the institutional players who were inclined to lighten their long positions or short the metal along the way down have already done so . . . and some of the large hedge funds -- including a few that made news by selling in recent months -- may begin re-establishing long positions at what they believe to be attractive long-term acquisition prices.
Moreover, Asian buying has been especially strong -- apparent from the large premiums in the key Asian markets over London and New York delivery -- and retail investment demand for coins and small bars in the U.S. and Europe has also provided some support.
I expect that some central banks have been and will continue to buy on dips and this too should help
South Africa's total exports to India were valued at about $9 billion during the last financial year, about 56 percent of it comprised gold.
NEW DELHI(BullionStreet): India's anti gold measures were hitting South Africa, a major gold exporter, according to a top SA official.
Stefanus Botes, minister counsellor (Economic) in High Commission of South Africa in India, said his country could suffer from India's gold imports cuts as SA were one of the major suppliers of gold to India.
He said South Africa is aware of the steps that have been taken by the Indian government to slow down the imports of gold.
He added that since South Africa is a major supplier of gold into global markets and particularly to India, it will have an impact on it's economy, but have to comply with the rules and regulations of the importing country. ...
TheProspectorSite.com exists to provide proof via current events and history that precious metals are one of the best ways to preserve and grow your wealth.
Storing wealth in physical precious metal is not 100% risk free. It is possible someone could steal what you’ve worked so hard to amass leaving you with no choice other than to start all over. But such a risk is very low and I say this only after countless hours researching the best methods to store silver and gold, both domestically and internationally. I cannot say the same for wealth stored within the reach of an overbearing IRS.
The ability to buy and physically own precious metal is one far too many fail to capitalize on considering the volatile age we live. Right now, a person in the United States can legally trade dollars for silver, or gold, without reporting this exchange to a governmental agency (a few exceptions exist so use due diligence). PM advocates often refer to this privilege as the last frontier of wealth storage. I know of no other asset with the same discretionary capability but this window of opportunity is closing as you read these words today.
To argue if metal prices will rise or fall, short-term speaking, is redundant in my opinion considering the discretionary benefits of physical PM.
While some view the latest PM price take down with frustration….. I view it differently. Paper silver at $22, and gold in the $1300ish, help preserve precious metal as an irrelevant asset even as the world disguises our silent depression with denial and printed currency. Think of this PM obscurity as a postponement with a short shelf life. ,,,
... One of the other reasons that the sell-offs in the metal are hitting the shares so hard, is that mutual funds are feeling the effects of massive redemptions...and they have to sell whether they want to or not. The markets are very illiquid...and this just makes matters worse.
But the one big question you should be asking yourself is this..."Who is buying all these shares that the precious metals investors are selling in such a panic?" Think about it. Somebody is...and whoever they are [and I have my suspicions] they have infinitely deep pockets...and are the very definition of "strong hands". ...
From Bruno de Landevoisin at Slope Of Hope........
It’s painfully clear for all to see that the majestic United States is now firmly caught in the rapacious stranglehold of financial elites which have completely captured it in a grotesque gamed monetary process. Our country’s once idealistic and industrious free market economy has been hijacked and is undeniably being fraudulently and overtly financialized by the craven clutches and maniacal machinations of a contemptible self-seeking banking class. They have become nothing more than avaricious parasites disgustingly feeding from the grand trough of our treasured human ingenuity and self-respecting industry.
Unproductive asset classes of every shape and form are surging in price everywhere as the pumped up folly of the perpetually spewing free money fire hose incessantly flows. Both privileged institutional and private favored recipients of the free flowing Fed funds are climbing all over themselves snatching up existing assets of all kinds, in a vulgar and narcissistic ferocious feeding frenzy. The gluttonous menu includes: Housing, Commercial Property, Farm Land, Fine Art, Vintage Collectibles, Classic Automobiles, Equity Indexes, ETFs, REITs, Options, Currencies, Futures, Precious Metals and Commodities………………………etc.
Just last week the NY auction house Christies, founded in 1766, posted its best week ever in its over 250 year old illustrious history. This is simply non productive wealth formation my twisted malfunctioning friends. It is profoundly unhealthy and decidedly unearned prosperity, as it provides little to no substantial growth value nor functional benefit for the actual working economy on the ground which so many depend upon. True prosperity comes from real authentic wealth creation through genuine tangible production with honest determined human endeavor, not speculative and discreditable self enrichment based primarily on asset inflation deliberately engineered by gross and dishonorable monetary largess ....
As the regular readers of this site are now fully aware, I am on record as stating that the current rally in the US equity markets is a gigantic Federal-Reserve-induced bubble that has eclipsed all previous equity market bubbles in modern history.
The disconnect between what is going on in this market against what is going on in Main Street, is growing exponentially larger with the passing of each week. You will have the equity perma bulls crying up one reason after another to justify this aberration but the simple fact is that this is what PAPER ASSET INFLATION looks like. In a deliberately created, ZERO INTEREST RATE ENVIRONMENT, investors looking to obtain a return on investment are forced to put capital into stocks. As stated yesterday, the only RISK is the RISK OF NOT BEING IN THE STOCK MARKET. ...
Today one of the savviest and well connected hedge fund managers in the world spoke with King World News about the high volume takedown in the gold and silver markets and what major players such as Soros and other are doing right now. Outspoken Hong Kong hedge fund manager William Kaye also discussed who is on the buy side of all of this selling. Kaye, who 25 years ago worked for Goldman Sachs in mergers and acquisitions, had this to say in this tremendous interview.
Kaye: “This is unusually high volume of trading in gold and silver in Asia. We have already traded about 45,000 contracts and it’s still very early in the trading day. But as I said, that’s unusually high volume.
The suppression of the metals, which became pretty intense during US trading on Friday, has continued in the very thin Asian trading. So this is a pretty interesting setup. It’s clear that wherever they want to push the price of gold and silver they are not done yet....
Click through for the full post and what he has to say about Soros.
Placer mining, in which gold is extracted from other materials using water, had been so challenging that many of the Shanglin gang's Chinese predecessors had failed.
ACCRA(BullionStreet): Unconfirmed reports said Chinese miners known as the “the Shanglin gang" have discovered gold worth more than 1 billion yuan in Ghana.
Nearly 50,000 shanglin gold diggers are working in Ghana at the moment but they're keeping their method a secret.
When the Shanglin villagers from a small town in China’s southern Guangxi province arrived in Ghana in 2005, larger sites for hard-rock gold mining had already been snapped up by international corporations.
They have started from scratch, ambitious high school dropouts and hard working laborers eager to trade their sweat for cash. They have made a fortune in the West African country in the past eight years by investing and working in small and medium-sized gold mines, said the report. ...
The price of gold is going down. That is what the charts, newspapers and pundits are all saying. What I think they are deliberately not saying is that the value and desirability, as opposed to the price of gold, is going up and will go up further.
Make no sense? Well I think it does if you remember there are two types of ‘gold’ for sale. One is metal, the other is paper. It is paper gold that is being dumped not the metal. The metal is being bought at a fair old rate. But because there is so much paper gold around and the major sellers and market makers in paper gold prefer metal and paper to be confused, even thought to be identical (their trade depends on this confusion), no one seems to be pointing out the very different dynamic happening in paper and metal gold.
Paper gold is being sold. And those selling it are the likes of Soros Fund Management LLC and BlackRock Inc. As Bloomberg reports today,
Filings showed Soros Fund Management LLC and BlackRock Inc. (BLK) were among funds that cut stakes in the SPDR Gold Trust, the biggest gold ETP, in the first quarter.
Does that say Soros and BlackRock no longer want gold? No it does not. It says they don’t want paper gold. They don’t want paper claims of gold. For those that don’t know ...
Commodities / Gold and Silver 2013 May 16, 2013 - 05:27 PM GMT By: Steve_St_Angelo
The tactic by the Fed and Central Banks is to inflate the stock markets while manipulating the price of gold and silver lower. This achieves two goals, 1) it reassures the public’s faith by pumping up stock prices while the economic indicators continue to deteriorate and 2) it elevates the dollar while it destroys market sentiment in the precious metals.
So far, the strategy has worked. Some of the toughest gold and silver bugs are becoming extremely ...