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Palestinians hold prayers in Jerusalem area threatened with eviction

September 15, 2017 Middle East Monitor 0

Palestinians perform Friday prayers in the Sheikh Jarrah neighbourhood of Jerusalem Dozens of Palestinians today demonstrated in the Sheikh Jarrah neighbourhood of occupied East Jerusalem to protest against Israel’s targeting of the neighbourhood. The prayer came at the invitation of the Sheikh Jarrah neighbourhood defence committee, protesting the eviction of a Palestinian family and warning other families not to evacuate in favour of Israeli settlers. Sheikh Mohammed Hussein, Mufti of Jerusalem and the Palestinian territories, condemned the eviction of the Shamasna family from her home since 1964 and warned several other Palestinian families of eviction. He also condemned Israeli attempts to implement settlement plans in the Palestinian neighbourhood.

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Mexican Congress Debates Monetization Of The “Libertad” Silver Ounce

September 15, 2017 Tyler Durden 0

Authored by Mike Shedlock via MishTalk.com,

Guillermo Barba shares his post on a debate in the Mexican Congress to monetize the ‘Libertad’ silver ounce coin. The original article is in Spanish.

What follows below is Barba’s post in English, as it appeared on Hugo Salinas Price’s Plata website.

The Mexican Congress Debates the Monetization of the ‘Libertad’ Silver Ounce

By Guillermo Barba

On September 13th I participated in the Forum for “The Promotion of Savings by Mexicans” organized by the group “Legislators in Favor of Savings by the People” who are members of the Chamber of Deputies (i.e. “Congressmen”) in the Mexican Federal Congress; the group is led by Congressman Francisco Javier Pinto. The fact that this meeting took place at the seat of one the Legislative Houses of the Mexican Republic is extraordinary news, because there are few things so important for the development of the national economy and the economy of Mexican families, as savings.

According to the poll taken by the “National Poll Regarding Financial Participation in 2015”, 32% of the population saves informally, that is to say, by “stuffing money under the mattress” and other invented measures, and only 15% saves in a formal manner, for example, by depositing money in a bank account, or by purchasing Government Treasury Certificates (“CETES”) or by voluntary contributions to their official retirement account (“AFORES”).

These options are preferable than just saving pesos, though they are not winners, nor do they allow Mexicans to retain the purchasing power of their savings: they are only alternatives that provide less loss of purchasing power.

It is just for this reason that it is imperative to go further. At the Forum we insisted on the proposal to give a stable value to the Mexican silver coin. I’ll explain in few words.

The central feature of the proposal is that the Central Bank of Mexico (Banxico) shall determine a value in pesos for the “Libertad” silver ounce; and that this value shall be slightly higher (by a percentage that would be defined in the corresponding Law) than the price of silver in the international market, in order to provide Banxico with an assured profit in minting and placing these coins in monetary circulation.

Today, for example, at the present rate of exchange and the present price of silver, the Mexican silver ounce is worth $320 pesos. Now suppose the Proposal requires an overprice of 10%. In that case, Banxico’s monetary quote for the “Libertad” silver ounce would be for $352 pesos.

If the price of silver should plunge tomorrow to $250 pesos to the ounce, for example, the Mexican central bank would keep the monetary value of the “Libertad” ounce stable. In that way, the saver would not loose and the silver coin would remain “in circulation”. (Actually, the public will scarcely use the silver “Libertad” ounce as money, due to Gresham’s Law; practically all ounces will be held as savings for the long term or for emergencies, and the public will choose to keep on spending fiat money for daily needs, because it is money of no quality at all).

As a matter of fact, all the coins we carry around in our pockets are also worth less as plain metal, than their stamped nominal monetary value, and when their metal is worth more than the stamped value on the coins, they go out of circulation and are replaced by cheaper coins. (Why do you think we no longer see coins for 5, 10 or 20 centavos (cents) anymore, and you hardly ever see the yellow 50 centavo coins?).

On the other hand, if the price of silver should shoot upward, Banxico would have to issue new, higher quotes for the “Libertad” silver ounce (according to the formula to be established by Law). In this way, again, the coin will remain “in circulation”, and since it has no nominal price stamped on it, it will avoid ending up – like all the old silver coins that had stamped values – at the refineries.

Most of those old silver coins, once their content was worth more than the peso stamped value on their faces, ended up in the refineries. The holders of the coins sold their coins at a profit, for their silver content.

This won’t happen with the “Libertad” silver ounce, whose value will be adjusted upward, and benefit the saver, who will thus retain his purchasing power no matter what may happen with inflation. Thanks to owning silver “Libertad” ounces, the public’s savings will float on the ocean of currency through the years.

The great peace of mind for the investor, great or small, will encourage savings and financial responsibility better than any other policy of public stimulus.

This is not the first time that this proposal comes before the Mexican Congress, but we pray that this time it becomes a reality. We hope so. It’s for Mexico, the world’s Número Uno producer of silver!

Guillermo Barba

Mish Comments

This is a follow-up to a post by Hugo Salinas Price from a couple days ago. I knew this proposal was under discussion at the time but I did not have a translation.

Those interested in an excellent historical synopsis should consider A Silver Coin for Mexico: History Lesson and a Stellar Proposal

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‘Abdulrahman confessed when security forces threatened to rape his mother’

On 6 March 2014 Mahmoud Wahba and his friend Khaled Askar were in the car making their way to meet Khaled’s mother to break their fast together. It was a Thursday, one of two days in the week on which the Sunnah recommends Muslims fast. As they drove towards Khaled’s house the two young men were stopped by security forces in Mansoura, one of Egypt’s largest cities located on the east bank of the river Nile. The families heard nothing from them until later that evening when Mahmoud’s mother, Fatima Al-Issawi, received a phone call from the police station. “Doctor, your son Mahmoud is here at the station,” said a voice on the other end of the line. “You should […]

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Forex Weekly Outlook – Sep. 18-22 2017

September 15, 2017 Yohay Elam 0

The US dollar staged an impressive recovery, based on better data, political calm and more. Is this a correction or a total change of trend? The highly anticipated Fed decision is easily the most important event. Here are the highlights for the upcoming week. Florida escaped most of the storm, and that was only one […]

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Man Shouting “Allahu Akbar” Attacks Two Women With A Hammer In French Town

September 15, 2017 Tyler Durden 0

Two days after a Muslim religious fanatic attacked a family in Toulouse,  moments ago two women were among the people injured after a hammer-wielding man assaulted them while screaming “Allahu Akbar” in Chalon-sur-Saone, near Lyon, France, according to media reports. The attacker, wearing all black, is reportedly still on the run.


The town of Chalon-sur-Saône, in eastern France

The first victim was attacked at noon, and the other some 15 minutes later at a nearby location, Le Journal reports

And, as has so very often been the case in recent weeks, according to a source close to the investigation, preliminary indications are that “the act was carried out by a mentally unstable person,” Le Journal reported. It was unclear if the “mentally unstable person” also had any affiliation to a terrorist organization.

Following the attack, the Police force launched a vast search for the assailant, including a low-flying helicopter.

Intervention en cours à @Chalon_officiel @saoneetloire pic.twitter.com/yWD9nmNc33

— Préfet Saône&Loire (@Prefet71) September 15, 2017

Two women are reportedly in critical condition after the assault in Chalon-sur-Saône, in Bourgogne-Franche-Comté around lunchtime today. One of the two women is believed to have been hit in the back of the head.

This comes as a knife wielding man attacked a French soldier outside a Metro station in Paris today while praising Allah. The attack in Paris took place att Chatelet metro station at 6.30am this morning, and saw an unnamed assailant attack a soldier with a knife.

The victim managed to wrestle him to the ground and he was arrested by armed police as he shouted ISIS slogans.

The unidentified man is said to have rushed at a patrol of soldiers wearing combat uniforms and brandishing assault rifles. ‘He was restrained, and nobody was injured,’ said a source investigating the case on Friday morning. The man was taken to the main Chatelet police station, and now faces a range of terrorist charges.

It is the latest in a long string of attacks on service personnel involved in Operation Sentinelle – an initiative involving 10,000 soldiers and 4700 gendarmes and police.

The attacks come on the same day as an improvised explosive device blew up on a London subway car, injuring at least 22.

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China Cracks Down Oil Smuggling Network

September 15, 2017 Irina Slav 0

Chinese authorities have busted an oil smuggling group in the Fujian Province, in eastern China, that has since the start of the year smuggled fuel worth US$138 million, Xinhua reports. The police arrested 99 suspects and confiscated 1,700 tons of smuggled fuel. The network, local border police reported, had been operating since June last year and involved four gangs operating nine midsized oil tankers to smuggle the fuel. The total amount of fuel smuggled to date is 180,000 tons. The police seized seven vessels, ten oil trucks, and nine underground…

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