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Iran, India Apparently Arranging to Trade Oil for Gold to Skirt Sanctions

Iran may be arranging to sell oil to India for gold instead of the U.S. dollar, according to intelligence reports out of the Middle East. China also is mulling using its huge stockpile of gold to buy oil from Iran, according to these reports. Oil is bought and sold in U.S. dollars all over the world. But the United States and many European governments have imposed sanctions to shut down Iran’s financial institutions and the country’s ability to trade its oil. The governments say the sanctions...

California Billionaires Bankroll Tax Hike Referenda

For the Chinese, 2012 is the Year of the Dragon. For beleaguered California taxpayers this may be the Year of the Billionaire. Of the half-dozen or so potential November ballot measures designed to raise taxes, nearly half are actively sponsored by billionaires. Tax Hikes on Business, Income Here is where the ultra-rich individuals are putting their money. Tom Steyer, a billionaire hedge fund manager with major investments in renewable energy, is promoting a $1.1 billion tax on out-of-state...

ObamaCare’s ‘Reinsurance Program’ Runs Out of Money

On January 1 yet another ObamaCare provision crashed and burned: the “Early Retiree Reinsurance Program” (ERRP), a $5 billion giveaway to unions, state and municipal governments, and corporations. The idea was to encourage such entities to continue health benefits for early retirees (ages 55-64) until the wonders of ObamaCare kick in 2014. The program provided “reinsurance” of 80 percent of claims between $15,000 and $90,000. Using the word “reinsurance” for this program is another case of...

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