Precious Metals and the Dollar
September 24th, 2010WARNING: This is not a recommendation to buy, sell or hold any financial instrument.
The U.S. Dollar Index breach of 79.507 sets up the downside possibility of 77 to 76.5.
On the weekly chart, the DX could be grinding out the mother of all descending triangles, but this pattern goes back to mid 2008 and shows no sign of breaking anytime soon. What this means is that I don’t see the dollar going to make any fresh lows for now. So, short term, look for some more downside on the DX (upside on the metals), but watch out around that 77 to 76.5 zone on the DX. There’s a pivot low there and the possibility of the lower leg of the descending triangle overlapping that pivot. In other words, from around 77, the DX could rally for weeks or months.
This descending triangle is (big picture) bearish, but it’s not ready yet.
Finally, if that INDU gets shilled up over 11 grand again, it’ll be DIA puts for daddy.
Come on Maria, dear, I need to buy those puts a bit higher.
Via: Bloomberg:
Gold futures rose to a record $1,300 an ounce in New York as investors sought a protection of wealth and an alternative to a weakening dollar. Bullion traded at an all-time in London and silver reached the highest price since 1980.
The dollar headed for a weekly drop against the euro on concern the Federal Reserve is moving closer to boosting debt purchases, while European equities declined. Gold, which usually moves inversely to the greenback, advanced to a record for the fourth day this week. Silver, which is used in industrial applications, headed for a fifth weekly advance in London.
Israel Accused of War Crimes by Expert Panel
September 24th, 2010“International law is that law which the wicked do not obey and the righteous do not enforce.”
—Abba Eban, Israeli diplomat and politician
All of Israel’s atrocities are funded by the United States. So, sit back and watch as absolutely nothing results from this.
Via: Sydney Morning Herald:
A United Nations panel of human rights experts has accused Israel of war crimes through wilful killing, unnecessary brutality and torture in its ”clearly unlawful” assault on a ship attempting to break the blockade of Gaza in May, in which nine Turkish activists died.
The report by three experts appointed by the UN’s Human Rights Council described the seizure of MV Mavi Marmara, a Turkish vessel, by Israeli commandos as illegal under international law. Israel swiftly dismissed the accusations as ”politicised and extremist”.
Advertisement: Story continues below
The report further condemned the treatment of the passengers and crew as brutal and disproportionate. It said that the Israeli blockade of the Palestinian enclave was illegal because of the scale of the humanitarian crisis in Gaza.
”There is clear evidence to support prosecutions of the following crimes within the terms of article 147 of the fourth Geneva convention: wilful killing; torture or inhuman treatment; wilfully causing great suffering or serious injury to body or health,” the report said.
”A series of violations of international law, including international humanitarian and human rights law, were committed by the Israeli forces during the interception of the flotilla and during the detention of passengers in Israel prior to deportation.”
Lurking in the Shadows of Obama’s Grassroots Campaign, and Lending a Big Hand, Were Wall Street Banks
September 24th, 2010Via: Larry Flynt:
When it comes to doing the bidding of Wall Street, it doesn’t matter much whether the Republicans or Democrats are in charge. After the banking meltdown there was no difference in the policy pursued by Barack Obama over that of George W. Bush. Both had nothing else to offer except throwing money at Wall Street while ignoring the pain of ordinary folks who were losing their jobs and homes. Both political parties kept the bailout gravy train rolling for Goldman Sachs, Citibank, JPMorgan Chase and all the other good ol’ boy banks, while handing the keys to economic policy to the same array of slicksters that created this mess.
Cryptogon Readers Send Contributions
September 24th, 2010Thank you.
Eileen $100 [!]
MH $10
CS £15
Court Dismisses Shell Human Rights Abuse Case
September 24th, 2010Via: TCE Today:
A US appeals court has dismissed a case against Shell in which it was accused of assisting the Nigerian government to commit human rights abuses in its attempts to suppress local groups protesting against oil activities in the 1990s.
In a written ruling, the three-judge panel of the US Court of Appeals ruled 2 to 1 that corporations are not liable in US courts for violations of international human rights law.
“Looking to international law, we find a jurisprudence, first set forth in Nuremberg and repeated by every international tribunal of which we are aware, that offences [for] violations of human rights can be charged against states and against individual men and women but not against juridical persons such as corporations,” circuit judge José Cabranes said in his ruling.
The case was brought by the families of seven Nigerians executed by the former Nigeria government. They alleged that Shell provided transportation to Nigerian forces, allowed its property to be used as a staging ground for attacks, and provided food and compensation for soldiers who carried out the attacks. They said this aided the government to torture and kill locals protesting oil exploration in the Ogani region of Nigeria.
Shell has denied the accusations.
The dissenting circuit judge Pierre Leval wrote: “The majority opinion deals a substantial blow to international law and its undertaking to protect fundamental human rights. According to the rule my colleagues have created, one who earns profits by commercial exploitation of abuse of fundamental human rights can successfully shield those profits from victims’ claims for compensation simply by taking the precaution of conducting the heinous operation in the corporate form.”
Speaking to Reuters, Jonathan Drimmer, a partner of US law firm Steptoe & Johnson said the impact of the ruling would be confined to those cases brought against corporations in the same court, and added that the strength of Leval’s dissent suggests there will be a further appeal.
Research Credit: ltcolonelnemo
And Now… China Detains Four Japanese Citizens
September 24th, 2010Via: Bloomberg:
Japan said four of its citizens are being held in China for allegedly videotaping military targets as tensions heightened over a territorial dispute that has damaged ties between Asia’s two biggest economies.
The four are employees of Fujita Corp., Chief Cabinet Secretary Yoshito Sengoku said today in Tokyo. They were visiting Hebei, China on company business unrelated to military issues, Fujita spokesman Yoshiaki Onodera said.
The detention comes as China ratchets up pressure on Japan to release a fishing boat captain who collided with Japanese Coast Guard vessels near islets claimed by both countries. The islands, known as Diaoyu in Chinese and Senkaku in Japanese, are in the East China Sea near natural gas fields. The two countries signed an agreement in 2008 to jointly develop the fields that has yet to be implemented.
“We’re confirming details, but China informed us that the four Japanese are under investigation related to military facility laws,” Sengoku told reporters today in Tokyo. “We don’t think this has a link to the Senkaku issue raised by China.”
Queen Tried to Use State Poverty Fund to Heat Buckingham Palace
September 24th, 2010Via: Independent:
The Queen asked ministers for a poverty handout to help heat her palaces but was rebuffed because they feared it would be a public relations disaster, documents disclosed under the Freedom of Information Act reveal.
Royal aides were told that the £60m worth of energy-saving grants were aimed at families on low incomes and if the money was given to Buckingham Palace instead of housing associations or hospitals it could lead to “adverse publicity” for the Queen and the Government.
Aides complained to ministers in 2004 that the Queen’s gas and electricity bills, which had increased by 50 per cent that year, stood at more than £1m a year and had become “untenable”.
The Royal Household also complained that the £15m government grant to maintain the Queen’s palaces was inadequate.
Nicaraguan Diplomat Found Dead in New York; Throat Cut
September 24th, 2010Via: New York Times:
A Nicaraguan official was found dead on Thursday, his throat slashed, in his Bronx apartment, the police said.
The police identified the dead man as César Mercado, 34, a senior consulate officer who had been working in New York for eight years and had been performing the duties of consul general.
Mr. Mercado’s body was discovered at 10:35 a.m. by his driver, who, detectives said, had arrived to pick him up.
He was lying just inside the entrance to his sixth-floor apartment, at 2070 Grand Concourse, near East 180th Street, in the Mount Hope neighborhood, said Deputy Commissioner Paul J. Browne, the Police Department’s chief spokesman.
“The door was unlocked” but was shut when the driver arrived, Mr. Browne said.
The driver, who was not identified, left the apartment and called the police, Mr. Browne said.
Detectives from the 46th Precinct found several knives in the apartment, he said. A 12-inch kitchen knife and a paring knife were found in the bathroom sink, along with a lot of blood, possibly indicating that the stabbing happened there and that Mr. Mercado collapsed as he approached his door.
The body had deep cuts to the neck and stab wounds in the abdomen, Mr. Browne said.
The police, along with agents from the Federal Bureau of Investigation, were seeking a motive for the killing, and no suspects had been identified.
Mr. Browne said that the apartment did not appear to have been ransacked, and that Mr. Mercado’s body was clothed.
Mr. Browne said Mr. Mercado had been seen by neighbors on Wednesday.
Some neighbors in the six-story tan-brick building, known as August Arms, said they recalled Mr. Mercado as being a nice person. No one, however, seemed familiar with his job.
One woman, Daisy Valle, 40, who has lived on the fifth floor for 16 years, said she was surprised that someone of Mr. Mercado’s stature was living there.
Nicaragua’s foreign minister, Samuel Santos López, who was in New York for meetings of the United Nations General Assembly this week, was looking into the death and was communicating with Mr. Mercado’s relatives, according to La Prensa, a leading Nicaraguan newspaper.
Ahmadinejad’s UN Speech; Comments on 9/11
September 24th, 2010I was mainly interested in the parts about 9/11, so I’ve included those below. The link contains the full text of Ahmadinejad’s speech in English.
I lump all theocrats (Christian, Muslim, Jewish and all the rest) into the-worst-sort-of-nuts category, but on 9/11, Ahmadinejad sounds pretty rational.
Via: Islamic Republic News Agency:
…The event of the 11 September 2001 which has affected the whole world for almost a decade.
All of a sudden, the news of the attack on the twin towers was broadcast using numerous footages of the incident.
Almost all governments and known figures strongly condemned this incident.
But then a propaganda machine came into full force; it was implied that the whole world was exposed to a huge danger, namely terrorism, and that the only way to save the world would be to deploy forces into Afghanistan.
Eventually Afghanistan, and shortly thereafter Iraq were occupied.
Please take note:
It was said that some three thousands people were killed on the II September for which we are all very saddened. Yet, up until now, in Afghanistan and Iraq hundreds of thousands of people have been killed, millions wounded and displaced and the conflict is still going on and expanding.
In identifying those responsible for the attack, there were three viewpoints.
1- That a very powerful and complex terrorist group, able to successfully cross all layers of the American intelligence and security, carried out the attack. This is the main viewpoint advocated by American statesmen.
2- That some segments within the U.S. government orchestrated the attack to reverse the declining American economy and its grips on the Middle East in order also to save the Zionist regime.
The majority of the American people as well as other nations and politicians agree with this view.
3- It was carried out by a terrorist group but the American government supported and took advantage of the situation. Apparently, this viewpoint has fewer proponents.
The main evidence linking the incident was a few passports found in the huge volume of rubble and a video of an individual whose place of domicile was unknown but it was announced that he had been involved in oil deals with some American officials. It was also covered up and said that due to the explosion and fire no trace of the suicide attackers was found.
There remain, however, a few questions to be answered:
1- Would it not have been sensible that first a thorough investigation should have been conducted by independent groups to conclusively identify the elements involved in the attack and then map out a rational plan to take measures against them?
2- Assuming the viewpoint of the American government, is it rational to launch a classic war through widespread deployment of troops that led to the death of hundreds of thousands of people to counter a terrorist group?
3- Was it not possible to act the way Iran countered the Riggi terrorist group who killed and wounded 400 innocent people in Iran. In the Iranian operation no innocent person was hurt.
It is proposed that the United Nations set up an independent fact-finding group for the event of the II September so that in the future expressing views about it is not forbidden.
I wish to announce here that next year the Islamic Republic of Iran will host a conference to study terrorism and the means to confront it. I invite officials, scholars, thinkers, researchers and research institutes of all countries to attend this conference.
The CIA’s War in Pakistan
September 23rd, 2010Via: Independent:
The US Central Intelligence Agency is running and paying for a secret 3,000-strong army of Afghan paramilitaries whose main aim is assassinating Taliban and al-Qa’ida operatives not just in Afghanistan but across the border in neighbouring Pakistan’s tribal areas, according to Bob Woodward’s explosive book.
Although the CIA has long been known to run clandestine militias in Afghanistan, including one from a base it rents from the Afghan president Hamid Karzai’s half-brother in the southern province of Kandahar, the sheer number of militiamen directly under its control have never been publicly revealed.
Woodward’s book, Obama’s Wars, describes these forces as elite, well-trained units that conduct highly sensitive covert operations into Pakistan as part of a stepped-up campaign against al-Qa’ida and Afghan Taliban havens there. Two US newspapers published the claims after receiving copies of the manuscript.


