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Area: WoT Operations    WoT Background    Opinion        Politix   
Police recover 60,000 kgs of explosives, 6 held
Today's Headlines
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Page 6: Politix
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-Lurid Crime Tales-
Gold-plated Hindu statuette stolen in Nepal
A 300-year-old gold-plated statuette of a Hindu god was stolen from the ancient town of Patan on the outskirts of the Nepalese capital Kathmandu, police said on Sunday.
Ooh! Ooh! I seen this movie!
The figure of the Laxminarayan deity was taken last week from Patan's Durbar Square, part of the Kathmandu Valley UNESCO world heritage site, police inspector Ramesh Parajuli said. "The gold-plated idol was the major tourist attraction of Patan Durbar Square. It is still unclear how it disappeared," Parajuli told AFP. The robbers removed the nine-inch tall statuette from a traditional stone water sprout in a palace courtyard. "It went missing while the renovation works were being carried out. We are investigating the incident," the police officer said.

Durbar Square at Patan is famous for exquisite sculptures and woodcarvings. A 300-year-old gold-plated statuette of a Hindu god was stolen from the ancient town of Patan on the outskirts of the Nepalese capital Kathmandu, police said on Sunday.

The figure of the Laxminarayan deity was taken last week from Patan's Durbar Square, part of the Kathmandu Valley UNESCO world heritage site, police inspector Ramesh Parajuli said. "The gold-plated idol was the major tourist attraction of Patan Durbar Square. It is still unclear how it disappeared," Parajuli told AFP. The robbers removed the nine-inch tall statuette from a traditional stone water sprout in a palace courtyard. "It went missing while the renovation works were being carried out. We are investigating the incident," the police officer said.

Durbar Square at Patan is famous for exquisite sculptures and woodcarvings.
Posted by: Fred || 11/09/2009 00:00 || Comments || Link || [3 views] Top|| File under:


-Short Attention Span Theater-
Today in History: a wall falls.
Charles G. Hill, dustbury.com

In November 1989, I was running a FidoNet echo and reading a lot of others. And a chap named Wolfram Sperber dropped into INTERUSER, and we dropped everything, because he was there, man. I saved his story, and it's followed me through half a dozen computers since then, which is a neat trick considering I was running a Commodore 128 at the time.

Sperber's story follows...

After all these tremendous news from here and Germany at all, I feel the need to send a report to you all from Schoeneberg in West-Berlin about the "first night" from Nov. 9th to 10th.

At noon time on Sunday I'm sitting at my keyboard, listening to TV-Transmission of Beethoven's 7th sinfony from the Berlin philharmonics: a special free concert to our guests from the GDR... (Yesterday more than half a million has been in this part of the City where some 2 million people are living. It was reported that more than 4.3 millions of visa were given until now, i.e. for more than one fourth of the population of a state).-

You all get informed very quickly by your own mass media, and I don't want to duplicate lots of news...

What I want to describe, are my own adventures in that first night....

Go read the rest of it.
Posted by: Mike || 11/09/2009 13:57 || Comments || Link || [0 views] Top|| File under:

#1  I was in Berlin on this day to visit friends. When we watched the famous press conference we knew this was huge. We all went to Bernauer Strasse which was close by. And suddenly GDR citizens were crossing the border. The first slowly, incredulous that they had made it, but followed by a crowd of jubilating people shouting "Wahnsinn!" Bottles of Sekt appeared out of nowhere and everyone was celebrating.

Then a beautiful East German girl walked up to me, hugged me and kissed me, just like that.

We celebrated all night.

A few months later she became my wife and we have four children now.

One day in history.

Posted by: European Conservative || 11/09/2009 15:26 Comments || Top||

#2  EC -- That's a great story! I guess you two have your own anniversary to celebrate tonight as well.

Now THAT's the kind of souvenir I would like--much better than a lousy T-shirt...
Posted by: Dar || 11/09/2009 17:17 Comments || Top||

#3  Well we have a living souvenir of that day... She's 19 years and 3 months old...
Posted by: European Conservative || 11/09/2009 17:41 Comments || Top||

#4  Yeah, great story, EC. It is both sad and shameful that the President of the United States is not there commemorating one of the defining events of the 20th century. But then again, it is not about Him, is it? Ich bin ein jelly donut.
Posted by: SteveS || 11/09/2009 17:50 Comments || Top||

#5  Happy Anniversary, Mr. & Mrs. EC!
Posted by: Mike || 11/09/2009 17:53 Comments || Top||

#6  President Bush Sr was there.
Nobody is missing Obama.

I remember when he was in Berlin the last time, using Germans as a backdrop for his hopeanchange campaign.

I watched it from a distance. Most Germans were drinking beer and eating sausages. The "inner circle" were only American supporters shipped in for the event to applaud and cheer him, with CNN happily filming away.

Well, that DID remind me of East Germany
Posted by: European Conservative || 11/09/2009 19:10 Comments || Top||

#7  It reminded many of us of the same place / ideology, EC.
Posted by: lotp || 11/09/2009 19:16 Comments || Top||

#8  Brainwashing 2.0
Posted by: European Conservative || 11/09/2009 19:19 Comments || Top||


-Signs, Portents, and the Weather-
News Corp Sites 'To Be Removed From Google'
News Corp chairman Rupert Murdoch has suggested the company's online newspaper pages will be invisible to Google users when it launches its new paid content strategy. He claimed that readers who randomly reach a page via an internet search hold little value to advertisers.

When asked by Sky News Australia's political editor David Speers why News Corp has not stopped Google from finding its content, Mr Murdoch replied: "I think we will."

He cited the Wall Street Journal as an example of where only the first paragraph comes up on search engines and is free. Anything after that is subscription-based. He is planning to make newspapers like The Times and Sunday Times chargeable online.

Using the robots.txt protocol on a site indicates to automated web spiders such as Google's not to index that particular page or to serve up links to it in users' search results.

As well as Google, he criticised other sites like Microsoft and Ask.com for also taking a free ride on its content - "the people who just simply pick up everything and run with it - steal our stories ... without payment", he claimed.

He said: "There's not enough advertising in the world to make all the websites profitable. We'd rather have fewer people coming to our websites but paying.

"There are no news websites or blog websites anywhere in the world making any serious money, some may be making breaking even or making a couple of million."

Referring to people finding News Corp stories via search engine websites, he said: "When they click it, they get the page with the story that's in our paper. Who knows who they are or where they are. They don't suddenly become loyal readers of our content."
Certainly not with that attitude ...
He then turned his attention to the BBC, saying it was a "scandal" that everyone with a TV was "compelled" to pay a licence fee. He said although the BBC did not charge for its own online content, it was the taxpayer who was ultimately paying for it.

Earlier in the year, his son, James Murdoch, called for major changes in the way UK broadcasting is run and regulated, and strongly criticised the BBC and TV watchdogs.
Posted by: GolfBravoUSMC || 11/09/2009 10:07 || Comments || Link || [1 views] Top|| File under:

#1  Some days I think Fox News exists because if it didn't there's a danger someone would start a real conservative news network.

Their own search tools are kinda pathetic, in my experience.
Posted by: Thing From Snowy Mountain || 11/09/2009 10:20 Comments || Top||

#2  Murdoch and old media types just do not get it do they? Invisible to Google means Invisible to consumers. He will go broke just like the newspapers.
Posted by: Large Ebbaiting1188 || 11/09/2009 11:05 Comments || Top||

#3  "He is planning to make newspapers like The Times and Sunday Times chargeable online."

Dumb. Really dumb. Would only work if ALL papers did it. Or the Times had a content so terrific and special that people would pay for it (the WSJ is the only paper doing so successfully).

But the Times? They won't. The Guardian and the Telegraph will send Murdoch a bottle of single malt.
Posted by: European Conservative || 11/09/2009 17:48 Comments || Top||

#4  Good luck with that. If it's not in Google, it doesn't exist.
Posted by: DMFD || 11/09/2009 19:30 Comments || Top||


Arabia
Saudi religious police launch Facebook group
[Al Arabiya Latest] A group of Saudi's launched a group on a popular social networking website called The Facebook Committee for the Promotion of Virtue and the Prevention of Vice and have so far to attracted more than 500 members.
I don't know what to say.
The group, named after the kingdom's Committee for the Promotion of Virtue and the Prevention of Vice also known as the religious police, aims to introduce people to the religious police, the London-based al-Hayat reported Friday.

The group's administrators have set several conditions for membership, including, no foul language or slandering officials, only serious topics open for discussion and posters should be tolerant and open-minded.

If members insult Islam they will be allowed three warnings before they are deleted from the group.
After which the Muttawa will come to their homes to take them away for the mandated decapitation. Y'all may want to consider the Dr. Hasan solution to that risk.
Many Saudis were keen to join the group and a large portion of members praised the role the committee plays in the Saudi society and the way they protect citizens and imposes order.
Posted by: Fred || 11/09/2009 00:00 || Comments || Link || [4 views] Top|| File under:


Britain
BNP copies Obama Web design
Posted by: tipper || 11/09/2009 11:53 || Comments || Link || [1 views] Top|| File under:

#1  Well, it's Drupal - there are only so many themes.
Posted by: gromky || 11/09/2009 11:57 Comments || Top||


Caribbean-Latin America
Chavez to troops: Prepare for war with Colombia
President Hugo Chavez ordered Venezuela's military on Sunday to prepare for a possible armed conflict with Colombia, saying the country's soldiers should be ready if the United States attempts to provoke a war between the South American neighbors. "The best way to avoid war is preparing for it," Chavez told military officers standing at attention during his weekly television and radio program. Repeating an often-used military adage, he added, "If you want peace, prepare for war."

Chavez told his supporters that President Barack Obama holds sway over Colombia's government, and he cautioned the U.S. leader against using his allies in Bogota to mount a military offensive against Venezuela. "Don't make a mistake, Mr. Obama, by ordering an attack against Venezuela by way of Colombia," he said.

The former paratroop commander voiced concern over an agreement between Bogota and Washington giving the American military personnel more access to Colombia's military bases through a 10-year lease agreement.
Posted by: Fred || 11/09/2009 00:00 || Comments || Link || [2 views] Top|| File under:

#1  I thought Hugo and The Big O were Best Friends Forever. A lover's quarrel?
Posted by: SteveS || 11/09/2009 0:27 Comments || Top||

#2  My bets are with Colombia - they have a long history of violence that even impressed Fidel.
Posted by: borgboy || 11/09/2009 0:38 Comments || Top||

#3  He's having some kind of domestic problem.
Posted by: gromky || 11/09/2009 0:53 Comments || Top||

#4  A good bet, Gromky.
Posted by: twobyfour || 11/09/2009 3:20 Comments || Top||

#5  Welcome back 2x4
Posted by: g(r)omgoru || 11/09/2009 3:31 Comments || Top||

#6  Hugo, of the safe havens for FARC, is already at war with Columbia by proxy.
Posted by: Procopius2k || 11/09/2009 7:46 Comments || Top||

#7  drought, water delivery problems, electrical grid/delivery problems, empty store shelves, hyperinflation, dwindling oil production...

yep, let's start a war to distract the peons
Posted by: Frank G || 11/09/2009 8:39 Comments || Top||

#8  Works for most 3rd rate tin pot dictators Frank .
Posted by: Oscar || 11/09/2009 9:03 Comments || Top||

#9  It would be nice if the Colombians have an assassination program. Take out Hugo and war is avoided.
Posted by: rjschwarz || 11/09/2009 10:18 Comments || Top||

#10  Columbia would whoop Chavez's ass. Go ahead, dipshit. Add one more failure to your resume.
Posted by: DarthVader || 11/09/2009 13:26 Comments || Top||


Honduran Prosecutor safe after assailants fire gunshots at vehicle
Luis Rubí, Honduran General Prosecutor, was attacked by gunshots fired against his government vehicles, which were on the principal northern highway of the country, according to police reports. Claims that the attack is a result of the political crisis have not been negated.

Rubí is one of the main government officials that supported the coup which ousted President Manuel Zelaya.

Police spokesman Orlín Cerrato said that the attack occurred in the Los Palillos area in Comayagua, around 90 kilometers north of the capital, and claimed no victims, according to an Italian news agency.

Cerrato said that the delinquents, as of yet unidentified, shot various times against one of the three vehicles with bodyguards that accompanied Rubí, during a moment of intense rain in the area.

Rubí, according to the National Resistance Front against the Coup, is a key supporter of the removal from office of constitutional President Manuel Zelaya, who was ousted on June 28.

Zelaya remains in refuge at the Brazilian embassy in Tegucigalpa, where he has been since September 21, when he returned to Honduras after having been removed by militants.

The de facto regimen, led by Roberto Micheletti, is opposed to the reinstatement of Manuel Zelaya, and believes that he should face trial for the supposed violation of the national Constitution after trying to reform said document in order to allow for a presidential reelection.

Since the ousting of Zelaya, several attacks have taken place with explosives against shopping centers and media outlets, identified by the Resistance Front as supporters of the de facto government.
Posted by: Fred || 11/09/2009 00:00 || Comments || Link || [3 views] Top|| File under:

#1  Zelaya's people keep sending their messages. A couple have been delivered. So far none returned to sender.
Posted by: Glenmore || 11/09/2009 8:18 Comments || Top||

#2  You use the Current Bond picture?
It couldn't be him. the target's still alive
Posted by: Redneck Jim || 11/09/2009 12:28 Comments || Top||

#3  Can't hit Zelaya without starting a war with Brazil. Not a good idea. Just keep stalling until after the November 29th elections, and everything else is moot. After that, Zelaya should be kneecapped and used as a penalty kick in all national and international soccer matches.
Posted by: Old Patriot || 11/09/2009 23:00 Comments || Top||


China-Japan-Koreas
China's Building Myanmar Oil Pipeline
China wants faster, perhaps more secure oil flow. So, instead of relying solely on tankers traveling the Malacca Strait chokepoint, the South China Sea and the various other chokepoints in the south Asia seas, they begin a Myanmar oil pipeline...
Posted by: 3dc || 11/09/2009 00:05 || Comments || Link || [1 views] Top|| File under:


Down Under
Australia says Women should be allowed to fight on the front line
The government could change rules barring female soldiers from combat roles, saying the decision to send people into battle should be based on ability, not gender.

The Rudd government says it is "perfectly valid" to argue that all categories of the defence force should be open to women. It says the only exceptions should be where the physical demands cannot be met - and that criteria should be determined by scientific analysis, rather than cultural assumptions.
Ed Koch, former mayor of New York, once said that he didn't care about the gender of a fire-fighter as long as that person could carry a 200 pound mayor out of a burning building ...
Australia Defence Association executive director Neil James insists the current criteria do not discriminate against women. But he said he doubted whether the community would accept women in combat roles.

"I don't think the people of Australia would like to see their daughters, sisters, wives or female friends killed in disproportionate numbers to male service personnel," he told ABC Radio. "It's a simple physicality thing. On the battlefield, academic gender equity theory doesn't apply. The laws of physics and biomechanics apply."

'Ancient views' on women and chivalry

There was also evidence male soldiers were overly protective of women in the battlefield, he said - an argument angrily rejected by the Women's Electoral Lobby.

"Grow up, I mean get over it, because that's something that comes out of some very ancient views about women and chivalry," spokeswoman Eva Cox said. "I don't think most men, most young men these days, are particularly aware of it."
More's the pity ...
Opposition Leader Malcolm Turnbull said it was up to Defence Force bosses to decide whether to allow women to serve in frontline combat units.

"This is very much a matter for the defence leadership," Mr Turnbull told ABC Radio, adding that issues of physical strength were "very relevant". "The primary objectives has to be the safety and the effectiveness of our armed forces."

An informed discussion about the plan should be led by those with "real knowledge and frontline experience in the field", he said.
Posted by: Oztralian || 11/09/2009 10:09 || Comments || Link || [3 views] Top|| File under:


Australian man punches shark in the mouth after it attacked him
A man who was bitten by a shark south of Adelaide at the weekend says the shark released him when he punched it repeatedly in the mouth.

Dean Brougham, 25, is recovering in hospital from arm and leg injuries. He has had an operation on his hand and he is awaiting surgery on his leg.

He told reporters from his hospital bed he had been spear fishing in the water at Second Valley for just seven minutes when the shark attacked. He thinks it may have been a white pointer.

"I came up, as soon as I got to the surface I felt someone, something pulling my leg and I thought it was just someone being a smart arse, and I turned around and just saw the big face looking at me," he said. "It was unimaginable, just freaky, just seeing this big monster's head just looking at you."

Mr Brougham said the shark fled when he punched it in the mouth.

"I just started beating it, just trying to get rid of it, and then it let me go and then I was just straight towards the cliffs," he said. "I can't believe first of all I got attacked by a shark, I can't believe second of all that I got out of the water, and I can't believe that I've still got everything attached."
Posted by: Oztralian || 11/09/2009 09:48 || Comments || Link || [1 views] Top|| File under:

#1  Awwwwwwww, I thought that it was Luke, RB's resident aussie surfer, at his shark-handling business again.
Posted by: anonymous5089 || 11/09/2009 14:40 Comments || Top||

#2  IIRC this is the correct response to a shark attack. I think they have sensitive nerve endings in their noses?
Posted by: Free Radical || 11/09/2009 18:48 Comments || Top||


Aussie rules football brawl
Police feared for their safety when they turned up to a disturbance at a sporting field on Groote Eylandt to discover it had escalated to a full scale brawl. The brawl, involving several hundred people, some of them armed with axes and spears, broke out about 5pm (CST) on Sunday at the Angurugu sports oval during an AFL match.
Football with axes and spears? Gives new meaning to a 'full-contact' sport ...
It is understood the feud started on the football field when one of the teams was awarded a free kick. The dispute then spread to the crowd.

Northern Territory Police have been unable to confirm how many people were directly engaged in the brawl, but Superintendent Brent Warren said there were about 500 people in the area when police arrived.

"A number of those people were armed with axes and spears and a large number were involved in hostile and aggressive behaviour, which was later directed at police," he said. "The guys (officers) that attended were concerned for their own safety and obviously the safety of at least one man who had already been injured.

"As you can imagine, even when a number of police cars turn up, when you've got a crowd that's potentially 500-strong, it's difficult to take proactive action at the time.

"That's why we tend to respond to these kind of incidents by doing the follow-up investigation the next day and taking action against individuals we can identify later on."

No arrests have been made, but Supt Warren said police would lay charges in the near future.

"Police are confident they have identified some of the people involved," he said.
Posted by: tipper || 11/09/2009 09:15 || Comments || Link || [3 views] Top|| File under:

#1  Tribes.
Posted by: Procopius2k || 11/09/2009 9:42 Comments || Top||

#2  aussie football, almost as rowdy as world cup soccer
Posted by: 746 || 11/09/2009 9:56 Comments || Top||

#3  These days a lot of traditional business is done during football carnivals, and axes and spears can assist in the doing, for sure.
The feud probably pre-dated the disputed free kick, by years, or centuries, or even a millenium or two. Groote Eylandt can be a bit tense.
Posted by: Grunter || 11/09/2009 12:10 Comments || Top||

#4  And this differs from a normal match how?
Posted by: Helmuth, Speaking for Angutle7853 || 11/09/2009 12:41 Comments || Top||

#5  Is THIS The reason Aussies want women on the front lines? (snark)
Posted by: Redneck Jim || 11/09/2009 13:02 Comments || Top||

#6  "And this differs from a normal match how?"
You can't carry weapons into a football match. That's an automatic 50 metre penalty.
Posted by: Grunter || 11/09/2009 17:19 Comments || Top||


Home Front: Politix
58% Say Next President Likely To Be Republican
Posted by: GolfBravoUSMC || 11/09/2009 11:04 || Comments || Link || [0 views] Top|| File under:

#1  A generic Republican. As in 'Not Obama'. Sort of like the flip side of the generic 'Not Bush' candidate that got us where we are.
Posted by: Glenmore || 11/09/2009 11:15 Comments || Top||

#2  58% Say Next President Likely to be Republican

Racists!
Posted by: Woozle Uneter9007 || 11/09/2009 11:33 Comments || Top||

#3  If there are free elections in 2012.
Posted by: g(r)omgoru || 11/09/2009 14:27 Comments || Top||

#4  Funny. A few years back when I was making a nuisance of myself commenting at dKos, I pointed out that George Bush would no longer be president after January 20, 2009. More than a few moonbats scoffed at that, certain that Darth Cheney would have pulled off a coup by then.

So it's November, 2009, and George Bush is in quiet retirement. I'd like to think that Barack Obama would follow the same example as the 37 presidents before him who reached the end of their terms: when you're done you're done.

We'll see.
Posted by: Steve White || 11/09/2009 15:43 Comments || Top||

#5  Don't be too confident. We could always nominate McCain again and hand Bammo a second term.
Posted by: Iblis || 11/09/2009 15:58 Comments || Top||

#6  Never underestimate the ability of the GOP to snatch defeat from the jaws of victory.
Posted by: DMFD || 11/09/2009 19:28 Comments || Top||

#7  Don't be too confident. We could always nominate McCain again and hand Bammo a second term.

Can't imagine (except Arlene Spector) who could make my skin crawl more than McShame.
Posted by: HammerHead || 11/09/2009 20:16 Comments || Top||

#8  But will he be a Conservative?
Posted by: CrazyFool || 11/09/2009 20:20 Comments || Top||


S. 1606: Foreign Manufacturers Legal Accountability Act of 2009
A bill to require foreign manufacturers of products imported into the United States to establish registered agents in the United States who are authorized to accept service of process against such manufacturers, and for other purposes.
Finally! Apparently congress reads RB and decided to do something about the fact that other countries seem to have no respect for US laws and the welfare of its citizens.

Do you think the price of Chinese-made goods will increase as a result of this?

I've always thought that if China can't test their own products and make sure they conform to the rules, we should do it for them in port. If the paint in the toy that babies put in their mouths contains lead, send it back at the importer's expense. That way the thing actually gets tested, the price gets passed along to the consumer, the importer gets spanked, and China has to deal with a wary consumers of their crap goods. I believe that this is one of the reason Chinese-made goods are cheap inexpensive, and I also believe that the chemicals and compounds found in Chinese-made products will be found to contribute to wider health problems such as autism. We'll see how this plays out.

Let's see now, I have been bitten by several of the following products:
Heparin, baby formula, plastics that babies and children put in their mouths, children's lunchboxes containing lead, antifreeze-flavored toothpaste, seafood, children's products with lead-based paint (only got fooled a dozen times or more on that one, shame on us!), pet food and baby formula laced with melamine or other compounds to make it seem like they actually had nutritive value, tires, and who knows what else.

Now TW has brought the Chinese-made drywall in the rental I am living in to my attention. Every now and then something someone says resonates with me in an odd way and this did, so I checked into it. My autistic child doesn't need to deal with this on top of his "usual" problems, so we may choose to bug out of here soon depending on what my research and findings indicate. Thanks, TW! :-)
You are very welcome, gorb. Hopefully if you need to move, some of his usual problems will go away.
Was your house built after about 2001 and has grey-colored drywall? Even stuff manufactured in the USA sometimes contains their components, so you should check out the markings on the back of your drywall and do a search on it. It releases excessive Sulfur and Strontium and God knows what else and causes physical problems with metal things, especially containing copper, and it also causes health problems. As usual, our illustrious government is investigating, and having about as much "success" as they have had with Agent Orange and Gulf War Syndrome. AFAIK, you are going to have problems selling it if you have this problem.

Does anyone out there have anything to add to this?
Posted by: gorb || 11/09/2009 00:01 || Comments || Link || [3 views] Top|| File under:

#1  The proper way is to go after them in their own countries. Trying to enforce extraterritoriality always fails. The Chinese legal system works, it's just nobody even tries to use it. See http://www.chinalawblog.com/ for any number of posts hammering this point home.

And what, I'm supposed to establish an entity in the States, presumably well-funded (in US dollars no less), whose only purpose in life is to get sued by the insane US legal system? No thanks. This one is a business-killer.
Posted by: gromky || 11/09/2009 0:39 Comments || Top||

#2  Yeah, well, some of this business needs killing.
Posted by: Ebbang Uluque6305 || 11/09/2009 12:46 Comments || Top||


India-Pakistan
Full circle: India buys 200 tons gold from IMF
WASHINGTON/NEW DELHI: More than 18 years after New Delhi pawned 67 tons of gold to tide over a balance of payments crisis, the Reserve Bank of India has bought thrice that amount of gold from the International Monetary Fund to diversify its assets.

The IMF on Monday announced the sale of 200 metric tons of gold to the RBI, saying it represented almost half of the total sales volume of 403.3 metric tons that was approved by the Fund's Executive Board in September.

Welcoming the purchase of 200 metric tons of gold by India's RBI, IMF MD Dominique Strauss-Kahn said, "I strongly welcome this transaction with RBI."

"It is an important step toward achieving the objectives of the IMF's limited gold sales program, which are to help put the Fund's finances on a sound long-term footing and enable us to step up much-needed concessional lending to the poorest countries."

For India, the purchase, apart from signaling that its economy has come full circle, is a way of spreading its assets which are said to be currently over-weighted with foreign currency, mainly in the form of sovereign US Treasury bonds. In other words, it is a hedge against a falling dollar.

India is the world's largest private gold consumer, but the government's holding of gold as an asset is modest. Even so, the latest purchase puts it at Number 10 among the list of top 10 gold-holders in the world.

Of India's current foreign exchange reserves of nearly $285 billion, foreign currency assets account for more than 90% ($268.3 billion), followed by gold ($10.3 billion), IMF's Special Drawing Rights ($5.2 billion) and a reserve position in the IMF of $1.59 billion.

While India's current gold holdings, accounting for just 3.7% of assets, are said to be historically low, buying 200 tons in addition to the 358 tons it already holds is expected to bump up the gold reserves to more than 6%. The dash to gold is prompted by the unsteady dollar and countries such as China, Russia and Brazil have already gone this route.

Commenting on the purchase, finance minister Pranab Mukherjee said, "It doesn't mean we don't prefer the dollar any more or like gold any better." Recalling the embarrassment of 1991, when India was forced to mortgage a part of its gold reserve, he said that when RBI recently asked whether it should invest in gold, he told the central bank it could do so to bolster the reserve. An RBI statement said the purchase of gold was made as part of the bank's foreign exchange reserves management operations.

The IMF said the transaction, which is in the process of being settled, involved daily sales that were phased over a two week period during October 19-30, 2009, with each daily sale conducted at a price set on the basis of market prices prevailing that day.

Officials said the total sales proceeds are equivalent to US$ 6.7 billion at an average gold price of $ 1045 per ounce.

India's gold trauma occurred in the summer of 1991, when faced with dwindling foreign exchange reserves and a possibility of a default on payments, the government hocked 47 tons of gold to the Bank of England and 20 tons of gold to the Union Bank of Switzerland to raise $ 600 million.

The move helped tide over the balance of payment crisis, and also kick-started the reforms process when the next Prime Minister, Narasimha Rao, appointed Dr Manmohan Singh as the finance minister.
Posted by: john frum || 11/09/2009 05:31 || Comments || Link || [8 views] Top|| File under:

#1  The immediate effect is of strongly stabilizing and strengthening the rupee. Since India is already on much firmer financial ground than most, I suspect that this is an effort to turn the rupee into one of the "basket" of reserve currencies instead of the dollar.
Posted by: Anonymoose || 11/09/2009 8:01 Comments || Top||

#2  Follow up: Reports are that India is dumping US Treasury bonds to pay for the gold. Since the gold is coming from the IMF, this makes me wonder what they will do with those T-bills.

Interestingly, the IMF also issues bonds. China has taken to purchasing them instead of US T-bills.
Posted by: Anonymoose || 11/09/2009 12:55 Comments || Top||

#3  Finance Ministers new assistant:
Posted by: DMFD || 11/09/2009 19:25 Comments || Top||

#4  ION TIMES OF INDIA [vee Bloomberg]: NAXALS COULD HIT [damage] INVESTMENT CLIMATE, WARNS FICCI.
ARTIC > Naxals-Maoists greatest single threat to India is ECONOMIC, notsomuch military political or ideological. Oper in approxi 30% of INJUH, up from less than 10% back in 2001, the Naxals-Maoists desire to dominate INDIA'S URBAN + INDUSTRIAL CENTRES [ force of arms + political power].

Also, WAFF > ISLAM IS AN INDIAN/INDIC RELIGION, INDIA IS A SACRED LAND OF ISLAM [President TARIQ ABDULLAH E. of WORLD ORGZ OF RELIGION AND KNOWLEDGE].
Posted by: JosephMendiola || 11/09/2009 21:14 Comments || Top||

#5  Joseph, you tend to ramble and speak incoherently. I have very little understanding of what you talk about.
Posted by: Jame Retief || 11/09/2009 23:42 Comments || Top||

#6  Joseph, you tend to ramble and speak incoherently. I have very little understanding of what you talk about.

You must be new here...
Posted by: badanov || 11/09/2009 23:53 Comments || Top||


India Seeks To Bolster Transport With 10 C-17s
Posted by: 3dc || 11/09/2009 00:13 || Comments || Link || [5 views] Top|| File under:

#1  Somebody has to keep the C-17 assembly line open ...
Posted by: Steve White || 11/09/2009 0:30 Comments || Top||


Defying China, Dalai Lama visits Indian town near border
Ignoring Chinese protests, the Dalai Lama traveled Sunday to a remote town in northeastern India near China's Tibetan border where thousands of pilgrims had braved cold weather to catch a glimpse of their spiritual leader.

The Dalai Lama, who was sharply criticized by Beijing before the visit, expects to spend five days praying and instructing Buddhist worshipers in the monastery town of Tawang in the Indian state of Arunachal Pradesh, an area claimed by China. His last visit was in 2003.

China has accused the spiritual leader of making the trip to further the movement for an independent Tibet, a region that accounts for about one-sixth of Chinese territory. "He is always involved in activities that undermine the relations between China and other countries as well as ethnic separatist activities," Foreign Ministry spokesman Ma Zhaoxu said in a regular news briefing last week in Beijing. "The Dalai Lama is a liar."

Although Beijing has leveled similar accusations for decades, its charges have become more pointed since deadly anti-government riots broke out in March 2008 across the Tibetan plateau.

The Dalai Lama's previous visits to Tawang merited little response from China, said Vijay Kranti, editor of Tibbat Desh, a newspaper for the Tibetan exile community in India. China's reaction this time has turned the visit into a bigger deal than it otherwise would be, he said. "The Dalai Lama's best advertising agency is Beijing," Kranti said.
Continued on Page 49
Posted by: Steve White || 11/09/2009 00:00 || Comments || Link || [13 views] Top|| File under:

#1  As far as I'm concerned he should piss on the Chinese border. I am old enough to remember the events of 1959...
Posted by: borgboy || 11/09/2009 0:34 Comments || Top||

#2  The Dalai Lama spoke recently at UC Santa Barbara for almost an hour and there was some cable channel that aired it. Dunno much about Buddhism but I was curious so I watched. He seems like a kindly old man with a fair amount of wisdom. Wouldn't want to judge whether or not he is equal to or greater than the Pope in stature. But he speaks pretty good English, has a good sense of humor and it was very interesting to listen to him. He did not appear to hold any bitterness toward the Chinese or anybody else for that matter. He actually, wryly, thanked the Chinese for giving him more publicity than he could have ever expected had they not invaded his country. For their part, the Chinese seem to be up against something they don't understand and maybe that's why they fear him so much. I think it'd be funny if some of those Chinese who've moved into Tibet get some of that Buddhist stuff on them.
Posted by: Ebbang Uluque6305 || 11/09/2009 12:15 Comments || Top||

#3  Han chinese in Tibet is kind of like hairless cats in the artic
Posted by: 746 || 11/09/2009 16:00 Comments || Top||


Teenage girl killed by wedding gun sex
A teenage girl, who was a student of class six, was shot dead when an attendant at a wedding ceremony shot off resorted to aerial firing in celebration, in the remit of the Mehmoodabad police station on Sunday.

The incident took place in Chanesar Goth when the deceased girl, identified as Hina, daughter of Iqbal, was playing with her neighbours' children outside her house.

Police officials said a bullet hit the girl when one of the attendants at the wedding ceremony of Shahzad, who was the neighbour of the victim, started aerial firing. The girl was immediately shifted to the Jinnah Postgraduate Medical Centrewhere she succumbed to her injuries while receiving medical treatment. The police said neither a case was registered, nor anyone arrested till the filing of this report.

Separately, a 35-year-old man, who was yet to be identified at the time of this report, was killed when a goods train hit him at the railway track near Malir Bridge, in the jurisdiction of Drigh Road Railway police station.
Posted by: Fred || 11/09/2009 00:00 || Comments || Link || [4 views] Top|| File under:

#1  I guess the shooter will owe the widow his daughter when she is nine years old of marriageable age.
Posted by: gorb || 11/09/2009 0:23 Comments || Top||

#2  The incident took place in Chanesar Goth

That Goth stuff is just one unhealthy lifestyle.
Posted by: SteveS || 11/09/2009 0:28 Comments || Top||

#3  SteveS takes the early lead for "Snark of the Week" ...
Posted by: Steve White || 11/09/2009 0:31 Comments || Top||

#4  A little 7-year old girl was just killed a few blocks from me. In her apartment. From stray gunfire - most likely a shootout between cars driving down the road. Generally decent neighborhood. Really tragic - father is deployed to A'stan.
Posted by: Glenmore || 11/09/2009 8:24 Comments || Top||



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