Free Republic

Although it sounds too far-fetched to be true, Americans don’t actually own the stocks, bonds, mutual funds, and other assets held in common retirement vehicles such as Roth IRA and 401(k) accounts. In reality, Americans own what are called “security entitlements.” Back in the old days, before digitalization fundamentally transformed the mechanics of financial transactions, this was not the case. But that was then. This is now. Most Americans have probably never heard of the Uniform Commercial Code (UCC), which is “a comprehensive set of laws governing all commercial transactions in the United States.” Even fewer Americans are familiar with...

Hamas' Interior Ministry has ordered residents of the Gaza Strip to remain in their houses if they are about to be bombed by the Israelis, a move that effectively turns citizens into human shields and is intentionally meant to boost the casualty rate, according to a copy of the order published by Hamas. Israel warns Gaza residents of air strikes before they take place so innocent civilians have time to flee and seek shelter. The latest Hamas order that citizens ignore Israel’s warnings and stay put is a clear effort by the terror group to increase the death count and...

There is much debate whether when it comes to the total notional size of outstanding derivatives, it is the gross notional that matters (roughly $600 trillion), or the amount which takes out biletaral netting and other offsetting positions (much lower). We explained previously how gross is irrelevant... until it is, i.e. until there is a breach in the counterparty chain and suddenly all net becomes gross (as in the case of the Lehman bankruptcy), such as during a financial crisis, i.e., the only time when gross derivative exposure becomes material (er, by definition). But a bigger question is what...

Earlier today the CME did something quite contrarian to its nature: it validated gold by a factor of 150%, when it announced that the amount of gold bullion that customers can post as collateral is increasing from $200 million to $500 million. To confused NYU adjunct economics professors this means that the credibility of gold in the global monetary system just increased by more than ever before. Regarding the stated reason for this move "the Chicago-based company said that the change will allow market participants to better manage their risk and to take advantage of lower gold lease rates." As...

<p>A photograph from July shows a damaged building in Zlitan, Libya, hit by NATO airstrikes. Such bombing has been crucial to the rebels' advance.</p> <p>WASHINGTON — The NATO air campaign that was instrumental in helping the rebels advance into Tripoli is hamstrung in many ways now that the fighting has turned into complex house-to-house urban warfare, American military and allied officials said Tuesday.</p>

We were pretty much speechless when we read this - it sure puts guarantees by Noyer, Trichet and all the other bureaumonkeys that the ECB does not accept just any collateral in perspective. From Presseurop.eu: "The most expensive footballer in history may now be used to guarantee the solvency of a Spanish bank. “Ronaldo in the bailout fund,” headlines Süddeutsche Zeitung. The daily reports that the Bankia group of savings banks,...

Wonder why Europe is pressing so hard for Greece (and soon the other PIIGS) to collateralize its pre-petition loans on a Debtor in Possession basis? Here is your answer: "Yesterday’s unanimous agreement by the European Parliament’s Committee on Economic and Monetary Affairs (ECON) to allow central counterparties to accept gold as collateral, under the European Market Infrastructure Regulation (EMIR), is further recognition of gold’s growing relevance as a high quality liquid asset. This vote reinforces market demand for a greater choice of assets that can be used as collateral to meet margin liabilities." Luckily for Greece, it has 111.5 tons...

http://www.bloomberg.com/apps/news?pid=20601109&sid=aTBiDsqJtOTI

Latvian Banker Taking Souls as Collateral Reuters | 03 Jul 2009 | 08:45 AM ET Ready to give your soul for a loan in these difficult economic times? In Latvia, where the crisis has raged more than in the rest of the European Union, you can. Such a deal is being offered by the Kontora loan company, whose public face is Viktor Mirosiichenko, 34. Clients have to sign a contract, with the words "Agreement" in bold letters at the top. The client agrees to the collateral, "that is, my immortal soul". Mirosiichenko said his company would not employ debt collectors...

WASHINGTON, May 7, 2009 – The United States, coalition and Afghan government regret even one innocent civilian death, and they will continue to do all they can to avoid civilian casualties, Defense Secretary Robert M. Gates said in Kabul today. Gates spoke at a news conference after a day of visiting U.S. and coalition troops in Afghanistan. A joint investigative team is looking into reports of civilian casualties during a May 4 operation against Taliban insurgents in western Afghanistan and has visited the site in Farah province. The team is investigating differing accounts of the events leading up to the...

12/29/2008 - FORWARD OPERATING BASE ORGUN-E, Afghanistan (AFNS) -- Minimizing collateral damage is at the forefront of military leader's priorities in Afghanistan. Those leaders depend on the teamwork between pilots and Air Force joint terminal attack controllers to ensure innocent civilians and their property aren't put at unnecessary risk. By combining laser-guided munitions with constant communication between JTACs on the ground and pilots in the sky, collateral damage is kept at the lowest possible level. "Preventing civilian casualties and [friendly fire] is our primary concern," said Master Sgt. Leigh Bradley, JTAC superintendent from the 19th Expeditionary Air Support Squadron. "The...

D-Day Collateral Damage The battle of Normandy caused the death of less than 14,000 civilians in the three departments of Basse Normandie, that is to say: 8,000 in the Calvados 4,000 in the Manche 2,000 in the Orne In absolute value, it is the town of Caen which suffered the most, with 2,000 killed, that is to say 3.5 % of its population. According the number of inhabitants, other communities suffered losses proportionally higher: 4% of the population of Coutances (270 dead) and Valognes (200 dead) 5% of Lisieux (800 dead), Condé-sur-Noireau (250 dead) or Périers (107 dead) 6%...

YOU ARE A PREMIER WARRIOR—AN AMERICAN MARINE—AND MUST KILL OR CAPTURE ALL IRAQI INSURGENTS (SADDAM’S TRIBAL BROTHERS AND FOLLOWERS, MEMBERS OF AL QAEDA, ISLAMIC FANATIC JIHADISTS, AND ASSORTED ANTISOCIAL CRIMINALS) IN ANBAR PROVINCE. BUT YOU MUST BE A REPRESENTATIVE OF AMERICA AND WIN THE HEARTS AND MINDS OF THE PEOPLE OF ANBAR PROVINCE BY BEING FRIENDLY AND OUTGOING TO THE PEOPLE OF ANBAR PROVINCE WHO HATE YOU AND WISH TO DESTROY YOU BY PLANTING IEDS EVERYWHERE AND WHO WOULD RATHER DIE THAN COOPERATE WITH YOU...."

New weapon could mean the end of collateral damage The U.S. military has been developing a gunship that could literally obliterate enemy ground targets with a laser beam. The military plans to test the Advanced Tactical Laser, a laser weapon mounted on a C-130H air transport that could destroy any weapon system without collateral damage. The laser could have tremendous repercussions on the battlefield, particularly in urban warfare in such countries as Afghanistan and Iraq. "It's the kind of tool that could bring about victory within minutes," an official said. The applications of ATL could change military dynamics on the...

Spurred by new laws restricting the sales of cold remedies such as Sudafed, which contain pseudoephedrine, a necessary component of popular meth-cooking recipes, police and prosecutors across the country have been arresting convenience store clerks -- sometimes on charges that carry substantial prison sentences. In one Georgia case, authorities made mass arrests of immigrant store clerks and owners, but it's starting to look less like a criminal conspiracy and more like culturally naive foreign-born merchants simply trying to sell their merchandise. It's all a big waste of money, says the Drug Policy Alliance, which issued a press release this week...

The purpose of FreeRepublic.com's multiple message boards is to limit the topics for each board to particular topics. Posting the same message on all the boards defeats the purpose of multiple-boards for special topics. It is very annoying to see the same message on every bulletin board. PLEASE! DO THE READERS A FAVOR. STOP CROSS-POSTING YOUR MESSAGES!

So today we are joined by a senior official from the coalition headquarters at CentCom to shed some light on how we go about striking legitimate military targets while sparing no effort to protect innocent civilians. ---- (Background briefing on U.S. military practices and procedures to minimize casualties to non-combatants and prevent collateral damage during military operations. The slides shown during this presentation are available at http://www.defenselink.mil/news/Mar2003/g030305-D-9085M.html ) Staff: It is not quite afternoon. It's -- good morning, and thank you for joining us today, and welcome to this background briefing on the targeting process. Last week we talked in...

Analysis: Can the old world order survive this much collateral damage?The credibility and future of the United Nations, Nato and the Commonwealth are threatened by deep divisions and public arguments By Rupert Cornwell in Washington 11 February 2003 This truly is the season of "collateral damage". As everyone knows, that weasel phrase was coined by the Pentagon to hide the ghastly realities of war, of the killing of innocent civilians and the destruction of their means of living. But even before war with Iraq has started, it threatens to do massive collateral damage of another kind – to the international...