Weekday NEWS to Comfort the Disturbed and Disturb the Comfortable.
Wed 05.20.2009
On the Cusp of a Significant Rise in Gold . . . . If gold sells down again, and I think it will, you could see a base-bottom somewhere between $850 and $885 and then a lot of chop and mild rallies. These channeled markets are difficult to trade. And, then into the fall we're looking for the next larger, extended rally. I suspect other markets will have a negative influence on several things and, as a result of that, gold should rise significantly in the fall. I know manipulators will be trying to cap it and keep the lid on, but one of the keys could be a rally price break through $1,007-the former high. Then gold could run away to $1,150 and more, easily up to $1,260. Now the other event, depending upon manipulation, is the chance gold could rise as high as $1,375 on the December futures contract. That remains to be seen. If it happens, we should see several markets' with new pivot moves depending on key events. But, technically, from where we are today and where we've been, $1,375 appears in the cards.
Why we are gold bulls . . . . To understand why we expect gold-related investments to do extremely well over the next few years it must first be understood that gold has never performed especially well (on a relative basis) during inflation-fuelled booms and has always performed very well during the busts that follow inflation-fuelled booms. Bob Hoye has done some good work on this topic covering hundreds of years, but we don't need to go back very far to see the pattern. Analysis of the past decade's market action will reveal that gold was a top performer during the mini bust of 2000-2002, generally lagged industrial commodities such as oil and copper during the major worldwide boom of 2003-2007, and then became the world's premier investment once the major boom transformed into a major bust. Looking at just the first half of this year we can see that gold started to weaken after hope of economic recovery -- the "green shoots" that everyone is talking about -- began to grow within the financial world. It is reasonable to expect, based on both history and logic, that the investment demand for gold will resume its upward march after this hope is dashed.
'Gold to touch $1650 by 2011' . . . . Gold requires a lack of confidence in other alternatives such as the US dollar. Gold can be roughly attached to Armstrong's changes in sentiment. Long term gold is attached in the inverse to Armstrong's trends, especially under today's unique and unprecedented circumstances.
New York gold bullion players have eye on dollar After having touched lows at near $918 an ounce, gold prices stabilized overnight and subsequently rose ahead of the NY open, as the US dollar slipped nearer to 82 on the index. Yesterday's stock market rallies managed to divert a fair amount of sidelined as well as committed cash, but there remain plenty of hedge funds whose bets on the commodities sector are keeping a floor under metals and energies.
Gold Prices Gain in New York as Dollar Weakens; Silver Climbs Gold prices increased in New York as the dollar fell, boosting demand for the metal as an alternative investment. Silver also advanced. The dollar weakened against the euro after Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley sought to repay $45 billion in government bailout cash, according to people familiar with the matter. The banks need approval for the payments from the Federal Reserve. Some investors buy gold as an alternative to the dollar. The greenback fell as much as 0.7 percent against the European currency.
Audit the Fed, Then End It! by Ron Paul I have been very pleased with the progress of my legislation, HR 1207, which calls for a complete audit of the Federal Reserve and removes many significant barriers towards transparency of our monetary system. This bill now has nearly 170 cosponsors, with support from both Republicans and Democrats. Senator Bernie Sanders has introduced a companion bill in the Senate S 604, which will hopefully begin to gain momentum as well. I am very encouraged to see so many of my colleagues in Congress stand with me for greater transparency in government.
Ron Paul - Audit the Fed......Then End It 5/18/2009
Who Will TARP America? Last week the nation's number one trucking company, YRC Worldwide Inc., announced that it will seek $1 billion in TARP assistance to bailout the company's pension plan. Never mind the fact that the request is light years away from the original intention and approval given by congress to purchase toxic assets from banks' balance sheets. The point is that the troubled company's request of the government to cover its pension obligations should remind us of the bigger issue; who will bailout our country's pension plan and can the USA TARP itself?
Brazil and China eye plan to axe dollar Brazil and China will work towards using their own currencies in trade transactions rather than the US dollar, according to Brazil's central bank and aides to Luiz Inácio Lula da Silva, Brazil's president. The move follows recent Chinese challenges to the status of the dollar as the world's leading international currency. Mr Lula da Silva, who is visiting Beijing this week, and Hu Jintao, China's president, first discussed the idea of replacing the dollar with the renminbi and the real as trade currencies when they met at the G20 summit in London last month.
Derivatives Market Declines for First Time on Record The derivatives market shrank for the first time in the second half of 2008 as the global financial crisis curbed trading, the Bank for International Settlements said in a report. The amount of outstanding contracts linked to bonds, currencies, commodities, stocks and interest rates fell 13.4 percent to $592 trillion, the Basel, Switzerland-based bank said yesterday. That's the first decline in 10 years of compiling the data. The amount of credit-default swaps protecting investors against losses on bonds and loans fell 27 percent to cover a notional $41.9 trillion of debt.
Bill Ayers is back And he's slamming The Washington Times Bill Ayers has kept a low profile since President Obama took office, so we thought he might have gone underground again. That was until we ran into him in Baltimore on Thursday and he lobbed a bomb at one of our editorial writers. When questioned by The Washington Times during a lecture on racism, Mr. Ayers went ballistic. "Did you drink the kool-aid over at The Times or are you okay?" he asked. "What I'm saying is ... do you actually have a mind of your own?" This is ironic given Mr. Ayers' past in the Weather Underground. In his 2001 autobiography "Fugitive Days," he admitted bombing government buildings to protest the Vietnam War. He remains unrepentant, telling the New York Times in a 2001 interview that, "I don't regret setting bombs. I feel we didn't do enough." While he used to employ explosives to intimidate Americans who did not share his radical views, he has adapted his tactics of indoctrination in recent years. Now he is a college professor.
Fed Widens Commercial Real Estate Loan Program The Federal Reserve yesterday broadened a key lending program to support more commercial real estate loans, expanding its rescue of the financial system to deal directly with some of the assets weighing down banks. The move is the Fed's first attempt to use its unlimited lending capacity to try to support markets for "legacy securities," or those that were created months or years ago. Previously, the Fed program supported only new commercial real estate lending.
The Short-Covering Rally Is Finished, Here Comes The Leg Down Recently departed Merrill Lynch bear David Rosenberg is out with his first report from his new outfit Gluskin Sheff. Not surprisingly, he picks up where he left off from his last report out of Merrill. He explains further why he believes that this big, two-and-half month rally is a sucker's rally based on short covering in the trashiest, low-quality stocks.
Let's Try Selling TARP Warrants Without Screwing Over Taxpayers Stuff like how the various bailout schemes are silently ripping off taxpayers doesn't usually get that much play on CNBC, unless it's Santelli, though the message usually gets lost amid all his other rants. So we were pleasantly surprised to see this debate on the fairly wonky subjects of the TARP warrants, and how Treasury can sell them back to companies without penalizing companies too much, while also offering taxpayers some of that promised "upside".
Feuding at the Central Bank PARIS - The iron discipline we have come to expect from the European Central Bank has broken down, giving an unprecedented public glimpse of feuding over the direction of monetary policy in the financial crisis. As the 16-nation euro zone's central bank dangles its toes in the uncharted waters of quantitative easing - starting to buy assets in an attempt to help revive the economy - its leaders cannot agree on how far to go and when to stop.
Wary of U.S. debt, China shifts gears on investment China has engineered a subtle yet significant shift in the investment of its foreign exchange reserves, a sign of how it is willing to act on concerns about financing an explosion of U.S. debt. Beijing has been far and away the single biggest foreign buyer of Treasuries over the past year, but this apparent vote of confidence belies how it has turned its back on long-term U.S. debt in favor of shorter maturities.
U.S. Needs More Inflation to Speed Recovery, Say Mankiw, Rogoff What the U.S. economy may need is a dose of good old-fashioned inflation. So say economists including Gregory Mankiw, former White House adviser, and Kenneth Rogoff, who was chief economist at the International Monetary Fund. They argue that a looser rein on inflation would make it easier for debt-strapped consumers and governments to meet their obligations. It might also help the economy by encouraging Americans to spend now rather than later when prices go up.
At Geithner's Treasury, Key Decisions on Hold Many Advisers' Roles Are Undefined And Others Still Awaiting Confirmation Seven weeks after the Treasury Department announced that it was ousting General Motors chief G. Richard Wagoner Jr. in the federal bailout of the company, he is still technically on GM's payroll. Wagoner's removal has been held up because senior Treasury officials have yet to decide whether he should get the $20 million severance package that the company had promised him.
Home Depot chief warns on US housing Optimism in US market may be premature Growing optimism over the US housing market may be premature, a leading retailer warned on Tuesday. Frank Blake, chief executive of Home Depot, said housing market signals were still mixed. "We are concerned about the accelerating rates of foreclosures, particularly in the western part of the country," he said, noting that one out of every 54 homes in California was in foreclosure.
In U.S., Steps Toward Industrial Policy in Autos President Obama has cast himself as a reluctant interventionist in two of the nation's major industries, Wall Street and Detroit. The federal aid, he says, is a financial bridge to a postcrisis future and the hand-holding will be temporary. Even so, the scale of the government investment and control - especially by the auto task force now vetting plans at Chrysler and General Motors - points to an approach that has been shunned by the United States more than other developed nations.
U.S. Markets Spend the Day Treading Water Stocks were narrowly mixed in light trading on Tuesday as a surprise drop in construction and a cautious outlook from the retailer Home Depot led energy and utility stocks to pare gains. Wall Street has been trying to gauge the housing market for months as investors look for signs the economy is recovering. Stocks surged more than 3 percent on May 4 after unexpected increases in pending home sales and construction spending. "The housing number on the surface was horrible," said Alan Valdes, vice president at Hilliard Lyons in New York. But the whittling away of inventory will help prices eventually, Mr. Valdes said.
Senate passes credit-card reforms The Senate passed a measure on Tuesday that would limit significantly the powers of the credit-card industry, but an amendment loosening gun laws at national parks threatens to delay a compromise with the House. The measure, which passed by a 90-5 vote, curbs the ability of credit-card companies to increase interest rates and assess fees and penalties. The House easily passed a similar version earlier this spring.
Senators Push for Delay of 'Public Option' in Health-Care Plan Some senators drafting a health-care overhaul said they may support creating a new public health insurance program only if private insurers don't do enough to expand coverage and reduce costs. Senator Olympia Snowe, a Maine Republican, said a bipartisan group on the Senate Finance Committee is discussing a delay for several years in creating a "public option" plan that would compete against private insurers. The lawmakers first want to see whether more uninsured Americans get coverage under other policy changes, such as new subsidies for lower-income people, Snowe said. Snowe said she views a new government health-care program as a gamble, in part because it might attract a high proportion of sicker patients who would drive up costs.
Obama proposes new vehicle-emission standards President Obama on Tuesday proposed a new policy that for the first time merges fuel-efficiency standards for vehicles with limits on tailpipe pollutants, an effort to unify regulations that will greatly influence how the country's beleaguered automakers design vehicles. "This is an historic agreement to help America break its dependency on oil," Mr. Obama said in the White House Rose Garden.
Terminated Chrylser dealerships to challenge sale Some auto dealers that Chrysler LLC plans to close are beginning a challenge to the automaker's plans to quickly sell itself in bankruptcy. The group, which calls itself the "Committee of Chrysler Affected Dealers," filed papers on Tuesday asking the bankruptcy court to delay hearings that would approve the sale and allow Chrysler to reject almost 800 of its dealership franchise agreements, or about 25 percent of its overall dealer network.
GM says still hasn't made deals with Treasury, UAW General Motors says doesn't expect to reach deals with UAW, Treasury before May 26 deadline General Motors Corp. said Tuesday it does not expect to reach agreement on concessions with the United Auto Workers union or with the Treasury Department on its debt-for-equity exchange before a May 26 deadline. Both deals are part of the restructuring effort GM must complete by June 1, or it could be sent into bankruptcy protection. GM said in a filing with the U.S. Securities and Exchange Commission that the agreements aren't expected to be reached by May 26 -- the deadline for GM's bondholders to accept an offer to take 10 percent of the company's stock in exchange for wiping out $27 billion in debt. GM had said in its original debt swap offer that it expected to disclose terms of a UAW deal to cut labor costs before that deadline.
GM bankruptcy plan eyes quick sale to government If General Motors Corp files for bankruptcy, as widely expected, its healthy assets will be quickly sold to a new company owned by the U.S. government, a source familiar with the situation said on Tuesday. The source, who was not cleared to speak with the media and would not be identified, said the U.S. government would pay for the assets by assuming the automaker's $6 billion of secured debt and forgiving the bulk of the $15.4 billion of emergency loans that the U.S. Treasury has provided to GM.
Obama Announces First Nationwide Regulation of Greenhouse Gases President Obama today proposed tough standards for tailpipe emissions from new automobiles, establishing the first nationwide regulation for greenhouse gases. New Auto Standards vs. Old U.S. Preferences Mileage Rules To Add to Price, Shrink Engines The cars of the near future will be lighter, more expensive and maybe smaller. Big engines will shrink. And more and more cars will be hybrids or diesel-powered vehicles like those common in Europe. Those aren't qualities that American consumers have rushed to embrace in the past. But the new fuel-efficiency and tailpipe-emissions standards unveiled yesterday at the White House will push automakers and motorists in a direction aimed at reducing U.S. oil dependence and the emissions of greenhouse gases, just part of the administration's program for remaking the ailing American car industry.
Max Keiser - Between the Headlines US foreign policy is involved with the financial crisis; shadow banking system and links between Washington and Wall Street
GPS system 'close to breakdown' Network of satellites could begin to fail as early as 2010 It has become one of the staples of modern, hi-tech life: using satellite navigation tools built into your car or mobile phone to find your way from A to B. But experts have warned that the system may be close to breakdown. US government officials are concerned that the quality of the Global Positioning System (GPS) could begin to deteriorate as early as next year, resulting in regular blackouts and failures - or even dishing out inaccurate directions to millions of people worldwide. The warning centres on the network of GPS satellites that constantly orbit the planet and beam signals back to the ground that help pinpoint your position on the Earth's surface. The satellites are overseen by the US Air Force, which has maintained the GPS network since the early 1990s. According to a study by the US government accountability office (GAO), mismanagement and a lack of investment means that some of the crucial GPS satellites could begin to fail as early as next year.
'US energy policy a threat to national security' America's energy posture constitutes a serious and urgent threat to national security -- militarily, diplomatically and economically, according to a blue-ribbon panel of top-ranking retired admirals and generals. In a report released on Tuesday entitled "Powering America's Defense: Energy and the Risks to National Security" the military leaders warn that continuing business as usual is perilous and recommend immediate action to address the nation's long-term energy profile. By addressing its own security needs, the Department of Defense can help lead the transformation of U.S. energy use as an innovation incubator for new energy technologies.
Barack Obama snubbed as Senate withholds funds needed to close Guantanamo Bay President Barack Obama's plan to close the Guantanamo Bay prison by early 2010 ran into unexpectedly stiff opposition from his own Democratic Party yesterday when the Senate refused to provide funds he had requested. Mr Obama had asked for $80 million from Congress to pay for relocating the 240 prisoners still held on the US naval base in Cuba, but Democratic senators joined Republicans in demanding that a clear plan for the closure be presented before they approved the money. With American allies currently prepared to take more than a handful of the detainees, and others unwanted by their home countries, Republicans have successfully raised fears have that many will be freed into the US prisons or the public at large.
No 'Fairness Doctrine'? Prove it! Demands for vote to strip FCC of ability to restore broadcast policy House Speaker Nancy Pelosi and Majority Leader Harry Reid are being told to prove once and for all that the "Fairness Doctrine" will not be reinstated - by calling for a vote to strip the FCC of its authority to reinstitute the broadcast policy. FCC Chairman Michael Copps insisted Thursday that people who are concerned about a return of the so-called "Fairness Doctrine" are "conspiracy theorists" and guilty of "issue mongering," but Media Research Center President Brent Bozell isn't buying it. "The Fairness Doctrine is long gone and it's not coming back," Copps said, calling the subject a "phony issue."
Republicans salute Obama's military tack Moves anger liberal Democrats Even as congressional Democrats feuded last week with the CIA in what at times seemed to be a throwback to the 1970s, President Obama was headed in the other direction in what may have been his most active week yet as commander in chief. He pushed through the House a spending bill to finance the war in Afghanistan and reversed himself, deciding to fight the release of photos purportedly showing humiliating treatment of detainees in Iraq and Afghanistan.
'Patriot pastors' called to crush 'hate crimes' bill Ministers ordered to fight for freedom, against criminalization of Christianity America has become a morally bankrupt society that embraces intolerance against Christians, including a new push for "hate crimes" legislation, according to one pastor who believes it's all because church leaders have failed to do their jobs. But this Memorial Day weekend he is calling ministers to fight for those freedoms - from their pulpits. "Pastors, if you wonder who is to blame for America's slide from the 'Ozzie and Harriet' morality of yesteryear to the 'Brokeback Mountain' immorality of today, look in the mirror," said Pastor Paul Blair of Fairview Baptist Church in Edmond, Okla.
Hundreds of thousands of letters given to senators Campaign in opposition to 'hate crimes' provisions growing Hundreds of thousands of letters have been dispatched to members of the U.S. Senate suggesting that the so-called "hate crimes" bill now pending before committee is the wrong way for the country to move.
THE WRENCHING TRANSFORMATION OF AMERICA - part 1 . . . . I believe the American people, and their every action, are being ruled, regulated, restricted, licensed, registered, directed, checked, inspected, measured, numbered, counted, rated, stamped, censured, authorized, admonished, refused, prevented, drilled, indoctrinated, monopolized, extorted, robbed, hoaxed, fined, harassed, disarmed, dishonored, fleeced, exploited, assessed, and taxed to the point of suffocation and desperation.
THE WRENCHING TRANSFORMATION OF AMERICA - part 2 Perhaps the most egregious action item offered in the Urban Environmental Accords dealt with the topic of water. Action item number 19 called for adoption and implementation of a policy to reduce individual water consumption. The UN document begins by stating: "Cities with potable water consumption greater than 100 liters per capita per day will adopt and implement policies to reduce consumption by 10% by 2015." There is no scientific basis for the 100 liter figure other than to employ a very clever use of numbers to lower the bar and control the debate over water consumption.
ARE YOU A TERRORIST? by Larry Pratt GOA http://gunowners.org/ The Obama Administration has told us who they think the real terrorists are. It's you! Although most Americans are probably still of the opinion that the main terrorist threat in our country comes from Muslim Jihadis, they are not the ones singled out in this report. They're not even mentioned, even though they were responsible for killing thousands of people on September 11, and for perpetrating other acts of violence using motor vehicles and firearms. But, what do most Americans know? Muslim Jihadi violence is not terrorism; it is simply a "man-caused disaster," according to the administration. With that handy definition in mind, the Department of Homeland Security has issued a secret report (which was eventually leaked to the media) entitled "Rightwing Extremism: Current Economic and Political Climates Fueling Resurgence in Radicalization and Recruitment."
Congress Trying To Implement The Medical Records Gun Ban Congress is moving closer to a showdown over the largest expansion of government in modern U.S. history -- a bill which would require virtually every single American to buy government-approved health insurance, whether they wanted it or not. And, in the process, that bill would feed all of your most confidential medical data into an enormous database, which could be used to take away your guns. This is a bit complicated. But here's where we are: Once a year, the 1974 Budget Act allows Congress to pass a bill -- solely for the purpose of balancing the budget -- and that bill cannot be filibustered in the Senate. Hence, it can be passed with only fifty Democrat votes (plus the vice president), without any Republican support.
Gun Owners Are On The Verge Of A Huge, Legislative Victory -- The next few days could see the end of the pernicious gun ban on NPS lands Get ready to pinch yourself. After eight years of clashing with anti-gun bureaucrats and congressional leadership hostile to gun rights, we have never been closer to victory in the battle to repeal the National Park Service (NPS) gun ban. As you are by now undoubtedly aware, NPS land is subject to a blanket gun ban. A Bush administration regulation partially reversing the ban was singlehandedly negated recently by an activist judge in Washington, D.C. Gun Owners of America reported last week about an amendment to repeal the gun ban, sponsored by Senator Tom Coburn (R-OK), that passed by an overwhelming 67-29 vote. Senator Coburn attached his amendment to a fast-moving "must pass bill," H.R. 627, dealing with credit card industry reform.
****This article is about Ted Kennedy's Legislation PASSED in congress April 21, pressing ALL Americans into 'service' - young and old alike, and more to restrict your freedoms of choice. "SERVICE LEARNING" THROUGH SOVIET BRAINWASHING "Lenin outlined a program for an active participation by both children and adolescents in the building of socialism. ... Socially useful work should serve as a school of collectivism."[1] "...expand and strengthen service-learning programs through year-round opportunities ... in order to renew the ethic of civic responsibility and the spirit of community for children and youth throughout the United States."[2] Serve America Act (GIVE, H.R.1388), signed into law on April 21 Read the bill - you won't like it, but IT IS NOW the LAW: http://thomas.loc.gov/cgi-bin/query/z?c111:H.R.1388:
Town halls hire citizen snoopers as young as SEVEN to spy on neighbours and report wrongs Children as young as seven are being recruited by councils to act as 'citizen snoopers', the Daily Mail can reveal. The 'environment volunteers' will report on litter louts, noisy neighbours - and even families putting their rubbish out on the wrong day. There are currently almost 9,000 people signed up to the schemes. More are likely to be recruited in the coming months. Controversially, some councils are running 'junior' schemes which are recruiting children. After basic training, volunteers are expected to be the 'eyes and the ears' of the town hall.
Mexico's Peso Gains to 6-Month High on U.S. Banks' Refund Offer Mexico's peso climbed to a six-month high after U.S. banks applied to refund government bailout cash, adding to speculation the worst of the financial crisis is over. The currency rose 0.6 percent to 12.9465 per U.S. dollar at 5 p.m. New York time, from 13.0204 yesterday. Earlier it touched 12.8820, the highest since Nov. 11. The peso has risen 5.6 percent this year.
U.S.-Israel forming working group on Iran Set to assess progress of outreach, share intelligence The United States and Israel are quietly forming a high-level working group to assess the progress of President Obama's outreach to Iran and to share intelligence about the Islamic Republic's nuclear weapons program, officials familiar with the two countries' deliberations said Tuesday. The agreement, reached during Monday's meeting between Israeli Prime Minister Benjamin Netanyahu and Mr. Obama, gives the U.S. a clear channel for communicating with the new Israeli government and a vehicle for keeping tabs on any military contingency plans Israel might make if diplomacy fails and Iran develops nuclear weapons capability.
Obama Urges Israel to Support Palestinian Statehood President Barack Obama urged Israeli Prime Minister Benjamin Netanyahu to support Palestinian statehood and said reaching a peace agreement would give the U.S. more leverage in trying to thwart Iran's nuclear program. Obama said he wants the U.S. and its allies to begin a "serious process of engagement" with Iran after elections there in June. He also plans an assessment of whether the Iranians are serious about talks by the end of the year. The U.S. president drew an explicit link between progress on the Israel-Palestinian conflict and pressuring Iran to the negotiating table.
China on the rise once more across the East If any more evidence of China's steady ascent towards Asian regional dominance was needed, the climax of Sri Lanka's war has provided the proof. An ally of Beijing has fought a bitterly controversial conflict to a final victory, while shrugging off international protests along the way. India, the other Asian giant, is only 50 miles from Sri Lanka across the waters of the Palk Straits, yet it has been shown to have far less influence on its neighbour than China. Through a combination of strategic investments in seaports and pipelines, along with direct financial and military support for friendly governments, China is building a web of influence across South Asia. Many of Beijing's immensely ambitious projects are years away from fruition, yet the repercussions of these ventures are already being felt.
Study urges U.S. to tone down Tehran conflict As President Obama on Monday promised tough action to persuade Iran not to develop nuclear weapons, a major study prepared for the U.S. Air Force recommended "de-escalating" unilateral U.S. pressure on Tehran while strengthening multilateral sanctions and engaging Iran on regional security issues. The new study by the Rand Corp., a nonprofit organization for research and analysis, dismisses hopes that bilateral U.S.-Iran talks alone will change Tehran's behavior as "unrealistic" and advocates a broad international effort that would leverage incentives and punishment, depending on Iran's response.
Venezuelan Sway on Region Fades With Oil Wealth CARACAS, Venezuela - President Hugo Chávez's push to extend his sway in Latin America is waning amid low oil prices and disorder in Venezuela's own energy industry. In recent years, Mr. Chávez has used his nation's oil wealth to drive his socialist-inspired agenda at home and draw other countries in the region into his sphere of influence, helping to consolidate a leftward political shift in parts of Latin America. But more than a dozen big projects intended to broaden his nation's reach are in limbo - including a gas pipeline across the continent and at least eight refineries, from Jamaica to Uruguay - as Venezuela grapples with falling revenues and other troubles in its national oil company.
Arms From U.S. May Be Falling Into Taliban Hands KABUL, Afghanistan - Insurgents in Afghanistan, fighting from some of the poorest and most remote regions on earth, have managed for years to maintain an intensive guerrilla war against materially superior American and Afghan forces. Arms and ordnance collected from dead insurgents hint at one possible reason: Of 30 rifle magazines recently taken from insurgents' corpses, at least 17 contained cartridges, or rounds, identical to ammunition the United States had provided to Afghan government forces, according to an examination of ammunition markings by The New York Times and interviews with American officers and arms dealers.
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