US venture capitalists oppose 'rogue website' bill

Angel investor Ron Conway
© AFP/Getty Images/File Joe Corrigan

AFP

WASHINGTON (AFP) - A group of top US venture capitalists has written a letter to the US Congress opposing a bill aimed at cracking down on websites selling pirated and counterfeit goods.

Some of the top names in Silicon Valley were among the signatories to the letter expressing concern about the Theft of Intellectual Property Act, known as the Protect IP Act or PIPA.

The bill, which has the backing of Hollywood and the music industry, would give the US authorities more tools to shutter so-called "rogue websites" selling pirated movies, television shows and music and counterfeit goods.

In their letter to Congress, the venture capitalists said that as investors in technology companies they "agree with the goal of fostering a thriving digital content market online.

"Unfortunately, the current bill will not only fail to achieve that goal, it will stifle investment in Internet services, throttle innovation, and hurt American competitiveness," they said.

"The bill is ripe for abuse, as it allows rights-holders to require third-parties to block access to and take away revenues sources for online services, with limited oversight and due process," they said.

The US authorities have shut down dozens of websites selling counterfeit goods in recent months by seizing their Internet domain names, and the venture capitalists expressed concern about the approach.

"By requiring access to sites to be blocked by Domain Name System providers, it endangers the security and integrity of the Internet," they said.

"While we understand PIPA was originally intended to deal with 'rogue' foreign sites, we think PIPA will ultimately put American innovators and investors at a clear disadvantage in the global economy," they said.

"For one, services dedicated to infringement will simply make their sites easy to find and access in other ways, and determined users who want to find blocked content will simply shift to services outside the reach of US law.

"Second, PIPA creates a dangerous precedent and a convenient excuse for countries to engage in protectionism and censorship against US services," they said. "These countries will point to PIPA as precedent for taking action against US technology and Internet companies."

The 54 signatories to the letter include Netscape founder Marc Andreessen of Andreessen Horowitz, John Borthwick of Betaworks, angel investor Ron Conway, LinkedIn founder Reid Hoffman, Vinod Khosla of Khosla Ventures, David Sze of Greylock Partners and Fred Wilson of Union Square Ventures.

A similar bill to the Protect IP Act, the Combating Online Infringement and Counterfeits Act, was approved by the Senate Judiciary Committee by a 19-0 vote in November but never made it to the Senate floor.

In addition to the venture capitalists, the bill, which was reintroduced in the Senate last month, has also come under fire from digital rights and free speech groups.

© AFP -- Published at Activist Post with license

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Ron Paul Hearing to Investigate U.S. Gold Reserves

Congressman Ron Paul of Texas has scheduled a hearing Thursday on legislation he introduced that would direct the Secretary of the Treasury to conduct an assay, inventory, and audit of all U.S. gold reserves — much of which is held within United States Mint facilities, including an analysis of the measures taken for their security.

"The Treasury Department has been less than transparent with the results of its gold audits. It is asking the American people to trust that all the gold is there, while not allowing site visits and not publishing all the data it holds on its audits and assays," Paul said in a press statement. "Since most of this gold was originally seized from the American people in the 1930s, they deserve more transparency than a handful of financial statements."

Ron Paul, chairman of the U.S. House Financial Services Subcommittee on Domestic Monetary Policy and Technology, will begin the hearing at 2 p.m. ET in Room 2128 of the Rayburn House Office Building.
The topic of specific discussion is legislation entitled the Gold Reserve Transparency Act of 2011, numbered H.R. 1495, which Ron Paul introduced in the U.S. House of Representatives on April 4. The hearing before Paul’s subcommittee is similarly named, "Investigating the Gold: H.R. 1495, the Gold Reserve Transparency Act and the Oversight of United States Gold Holdings."
Witnesses who are scheduled to testify before the subcommittee include Gary T. Engel, Director, Financial Management and Assurance, Government Accountability Office and
Eric M. Thorson, Inspector General, Department of the Treasury.
Should the Gold Reserve Transparency Act of 2011 pass, the United States Mint would be among the agencies affected since the bureau holds a significant portion of all U.S. gold reserves. The Financial Management Service in its May 31, 2011, report noted that total U.S. gold reserves stood at 261,498,899.316 fine troy ounces. United States Mint held gold in Denver, Fort Knox and West Point account for 245,262,897.040 ounces of the total, as highlighted in the following Financial Management Service report.

Department of the Treasury Financial Management Service STATUS REPORT OF U.S. TREASURY-OWNED GOLD May 31, 2011
Summary	Fine Troy Ounces	Book Value
Gold Bullion	258,641,851.485	$10,920,427,976.14
Gold Coins, Blanks, Miscellaneous	2,857,047.831	120,630,844.95
Total	261,498,899.316	11,041,058,821.09
Mint-Held Gold – Deep Storage
Denver, CO	43,853,707.279	1,851,599,995.81
Fort Knox, KY	147,341,858.382	6,221,097,412.78
West Point, NY	54,067,331.379	2,282,841,677.17
Subtotal – Deep Storage Gold	245,262,897.040	10,355,539,085.76
Mint-Held Treasury Gold – Working Stock
All locations – Coins, blanks, miscellaneous	2,783,218.656	117,513,614.74
Subtotal – Working Stock Gold	2,783,218.656	117,513,614.74
Grand Total – Mint-Held Gold	248,046,115.696	10,473,052,700.50
Federal Reserve Bank-Held Gold
Gold Bullion:
Federal Reserve Banks – NY Vault	13,376,961.126	564,804,727.98
Federal Reserve Banks – display	1,993.319	84,162.40
Subtotal – Gold Bullion	13,378,954.445	564,888,890.38
Gold Coins:
Federal Reserve Banks – NY Vault	73,808.979	3,116,377.47
Federal Reserve Banks – display	20.196	852.74
Subtotal – Gold Coins	73,829.175	3,117,230.21
Total – Federal Reserve Bank-Held Gold	13,452,783.620	568,006,120.59
Total – Treasury-Owned Gold	261,498,899.316	$11,041,058,821.09

The additional assay, inventory and audits Ron Paul would like to see implemented are described in the Gold Reserve Transparency Act of 2011 as follows:

(a) The Secretary of the Treasury is directed to conduct and complete, not later than six months after the date of enactment of this Act, a full assay, inventory, and audit of gold reserves of the United States at the place or places where such reserves are kept, together with an analysis of the sufficiency of the measures taken for the security of such reserves.

(b)(1) The Government Accountability Office shall review the results of such assay, inventory, audit, and analysis and, not later than nine months after the date of enactment of this Act, shall prepare and transmit to the Congress a report of its findings, together with the results of the assay, inventory, audit, and analysis conducted by the Secretary of the Treasury.

(2) For purposes of such assay, inventory, audit, and analysis, the Government Accountability Office shall have access to any depository or other facility where such reserves are kept.

(c) The Secretary of the Treasury shall make available, in order to facilitate the review of the Government Accountability Office under this Act, all books, accounts, records, reports, files, correspondence, memoranda, papers, or any other document, tape, or written, audio, or digital record pertaining to the assay, inventory, audit, and analysis required by this Act, as determined by the Government Accountability Office.

Before any legislation becomes law, it must pass in the House, Senate and get signed by the President.

U.S. ready to arm Philippines amid China tension

WASHINGTON — The United States said Thursday it was ready to provide hardware to modernize the military of the Philippines, which vowed to "stand up to aggressive action" amid rising tension at sea with China.
Foreign Secretary Albert del Rosario, on a visit to Washington, said the Philippines hoped to lease equipment to upgrade its aged fleet and called for the allies to revamp their relationship in light of the friction with China.
"We are determined and committed to supporting the defense of the Philippines," Secretary of State Hillary Clinton told a joint news conference when asked about the hardware wish-list from the Philippines.
Clinton said the two nations were working "to determine what are the additional assets that the Philippines needs and how we can best provide those." She said del Rosario would meet Defense Secretary Robert Gates and other Pentagon officials.
Tensions in the strategic and resource-rich South China Sea have escalated in recent weeks, with the Philippines and Vietnam alarmed at what they say are increasingly aggressive actions by Beijing in the disputed waters.
Several Southeast Asian nations have been seeking closer relationships with the United States, which since last year has called loudly for freedom of navigation in the South China Sea.
"We are concerned that recent incidents in the South China Sea could undermine peace and stability," Clinton told reporters, urging "all sides to exercise self-restraint."

Del Rosario, with Clinton at his side, said that the Philippines was a small country but is "prepared to do what is necessary to stand up to any aggressive action in our backyard."
The Philippines has announced the deployment in disputed waters of its navy flagship, the Rajah Humabon. One of the world's oldest warships, the Rajah Humabon was a former US Navy frigate that served during World War II.
The Philippines has historically bought second-hand hardware, but del Rosario said that President Benigno Aquino has allocated 11 billion pesos (252 million dollars) to upgrade the navy.
Shortly ahead of his talks with Clinton, del Rosario said that the Philippines was asking the United States for "an operational lease so that we can look at fairly new equipment and be able to get our hands on that quickly."
"We need to have the resources to be able to stand and defend ourselves and, I think, to the extent that we can do that, we become a stronger ally for you," del Rosario said at the Center for Strategic and International Studies.
The United States signed a defense treaty with the Philippines in 1951, five years after the archipelago's independence from US colonial rule. Del Rosario said he believed the treaty -- which calls for mutual defense in the event of an attack in "the Pacific area" -- covers the South China Sea.
The United States has been providing military aid to the Philippines primarily to fight Islamic militants in the wake the September 11, 2001 attacks.
Del Rosario said that Al-Qaeda-linked Abu Sayyaf has largely been defeated, estimating that only around 200 guerrillas remained.
"The Philippines' relative success in counter-insurgency coupled with pressures in the regional environment compel a reorientation of focus and resources," he said.
"A reset in our relations has therefore become an imperative to allow the alliance to continue to meet domestic goals while contributing to global stability," he said.
China has said that it will not resort to the use of force in the South China Sea but has also warned the United States to stay out of territorial spats.
I believe some countries now are playing with fire. And I hope the US won't be burned by this fire," China's vice foreign minister Cui Tiankai said.

Rising Sliver Prices Silver headed to $200

Rising Sliver Prices Silver headed to $200 http://www.globalresearch.ca/index.php?context=va&aid=25385 by Eric King and Peter Schiff
Global Research, June 24, 2011
King World News
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With gold back above $1,550 and silver firming, today King World News interviewed Peter Schiff, President of Europacific Capital.  When asked about the mining shares Schiff stated, “Well I think they are throwing these stocks away.  I mean gold is less than $20 from a record high, yet if you look at the HUI (Gold Bugs Index) a 16% rally is what it would need just for the index to get back to where it was when gold was less than $20 higher than its current price.  You look at some of the big gold mining companies - Barrick Gold is trading at 10 times forward earnings, 10 times earnings!  I remember when that stock was 30 to 40 times earnings, yet here we have a huge bull market in the price of gold and the PE’s have compressed to 10.  I think anyone who believes there is a bubble in precious metals, all you have to do is look at the PE’s of these mining stocks and realize this isn’t a bubble at all.  This is a huge wall of worry and everybody is more fearful than greedy in the gold mining market.” Schiff continues: When asked about year over year increases in inflation in the UK with butter being up 57%, bread 50%, potatoes 103%, tomatoes 63%, cauliflower 82.6% Schiff remarked, “Inflation is the money that the Fed is printing that is causing all of these prices to rise. The Fed has been printing money like crazy. The Federal Reserve has been printing enough money to buy all of the net new issuance of US government debt...Central banks around the world are also printing money to prevent their currencies from rising against the debased dollar.  So the world is in a money printing fest and the result is that prices are rising, mostly for commodity prices.  The Fed is going to be announcing today what it’s going to do with interest rates once the official policy of QE2 or dollar debasement comes to an end.  Will they replace it with a QE3?  I think the Fed will try to deny that, but I believe that they will do it because without the continuous printing of money, interest rates will rise sharply and this phony bubble economy that’s built on a foundation of cheap credit will come tumbling down.  The Fed does not want that and so the Fed will print more money which means bread prices, butter prices, all of those prices that you mentioned are going much higher, including the price of gold and ultimately the value of the companies that mine the gold.” When asked how long the little guy can stand up against the massive year over year inflation with Brent Crude oil up 53.2%, diesel 45.8%, car insurance 74.7%, cotton uniforms 66% to 77% and oranges up 67% Schiff responded, “It’s going to be harder and harder, especially since more and more of the little guys are unemployed and struggling beneath their own debt... “We (the US) are the grand-daddy of all sovereign credit problems and our crisis is going to be too big to hide beneath a bailout or to kick down the road.  The IMF is not going to step in with loans to the United States government.  The IMF is getting its money from the US, and of course we are getting our money from China.  So when we fail, there is no way out. We’re going to have the same problems as Greece.  The reason that Greece can’t pay its bills is that interest rates are rising and the Greeks don’t have the money.  Well, the same thing is going to happen in America.  When interest rates eventually rise, we can’t afford to pay because we’ve borrowed so much...And unless we can find new buyers of our debt, we’re going to have to default.” When asked about gold and silver in that environment Schiff replied, “They’ll go straight up.  That’s why you want to buy your gold and silver before that atmosphere.” Regarding silver specifically Schiff had this to say, “I think anything in the low $30’s represents a pretty good entry point for people to buy...Once we go through $50...I see silver going to $200 an ounce.  I own a lot of silver personally because of that outlook.”
Global Research Articles by Eric King
Global Research Articles by Peter Schiff

US ready to arm Philippines amid China tension

The United States said Thursday it was ready to provide hardware to modernize the military of the Philippines, which vowed to "stand up to aggressive action" amid rising tension at sea with China.

Foreign Secretary Albert del Rosario, on a visit to Washington, said the Philippines hoped to lease equipment to upgrade its aged fleet and called for the allies to revamp their relationship in light of the friction with China.

"We are determined and committed to supporting the defense of the Philippines," Secretary of State Hillary Clinton told a joint news conference when asked about the hardware wish-list from the Philippines.

Clinton said the two nations were working "to determine what are the additional assets that the Philippines needs and how we can best provide those." She said del Rosario would meet Defense Secretary Robert Gates and other Pentagon officials.

Tensions in the strategic and resource-rich South China Sea have escalated in recent weeks, with the Philippines and Vietnam alarmed at what they say are increasingly aggressive actions by Beijing in the disputed waters.

Several Southeast Asian nations have been seeking closer relationships with the United States, which since last year has called loudly for freedom of navigation in the South China Sea.

"We are concerned that recent incidents in the South China Sea could undermine peace and stability," Clinton told reporters, urging "all sides to exercise self-restraint."

Del Rosario, with Clinton at his side, said that the Philippines was a small country but is "prepared to do what is necessary to stand up to any aggressive action in our backyard."

The Philippines has announced the deployment in disputed waters of its navy flagship, the Rajah Humabon. One of the world's oldest warships, the Rajah Humabon was a former US Navy frigate that served during World War II.

The Philippines has historically bought second-hand hardware, but del Rosario said that President Benigno Aquino has allocated 11 billion pesos (252 million dollars) to upgrade the navy.

Shortly ahead of his talks with Clinton, del Rosario said that the Philippines was asking the United States for "an operational lease so that we can look at fairly new equipment and be able to get our hands on that quickly."

"We need to have the resources to be able to stand and defend ourselves and, I think, to the extent that we can do that, we become a stronger ally for you," del Rosario said at the Center for Strategic and International Studies.

The United States signed a defense treaty with the Philippines in 1951, five years after the archipelago's independence from US colonial rule. Del Rosario said he believed the treaty -- which calls for mutual defense in the event of an attack in "the Pacific area" -- covers the South China Sea.

The United States has been providing military aid to the Philippines primarily to fight Islamic militants in the wake the September 11, 2001 attacks. more
http://beta.news.yahoo.com/philippines-seeks-us-arms-amid-china-ten...

Geithner: Taxes on ‘Small Business’ Must Rise So Government Doesn’t ‘Shrink’

(CNSNews.com) - Treasury Secretary Timothy Geithner told the House Small Business Committee on Wednesday that the Obama administration believes taxes on small business must increase so the administration does not have to “shrink the overall size of government programs.”
The administration’s plan to raise the tax rate on small businesses is part of its plan to raise taxes on all Americans who make more than $250,000 per year—including businesses that file taxes the same way individuals and families do.
Geithner’s explanation of the administration's small-business tax plan came in an exchange with first-term Rep. Renee Ellmers (R.-N.C.). Ellmers, a nurse, decided to run for the U.S. House of Representatives in 2010 after she became active in the grass-roots opposition to President Barack Obama’s proposed health-care reform plan in 2009.
“Overwhelmingly, the businesses back home and across the country continue to tell us that regulation, lack of access to capital, taxation, fear of taxation, and just the overwhelming uncertainties that our businesses face is keeping them from hiring,” Ellmers told Geithner. “They just simply cannot.”
She then challenged Geithner on the administration’s tax plan.
“Looking into the future, you are supporting the idea of taxation, increasing taxes on those who make $250,000 or more. Those are our business owners,” said Ellmers.
Geithner initially responded by saying that the administration’s planned tax increase would hit “three percent of your small businesses.”
Ellmers then said: “Sixty-four percent of jobs that are created in this country are for small business.”
Geithner conceded the point, but then suggested the administration’s planned tax increase on small businesses would be “good for growth.”
“No, that's right. I agree with that,” said Geithner. “But just to put it in perspective, it's important to recognize why are we doing this. You know, our deficits are 10 percent of GDP, higher than they've been since any time in the postwar period really. We have a big hole to dig out of, and we have to figure out how to do that in a way that's balanced, good for growth, fair to people as a whole.”
Geithner, continuing, argued that if the administration did not extract a trillion dollars in new revenue from its plan to increase taxes on people earning more than $250,000, including small businesses, the government would in effect “finance” what he called a “tax benefit” for those people.
“We're not doing it because we want to do it, we're doing it because if we don't do it, then, again, I have to go out and borrow a trillion dollars over the next 10 years to finance those tax benefits for the top 2 percent, and I don't think I can justify doing that,” said Geithner.
Not only that, he argued, but cutting spending by as much as the “modest change in revenue” (i.e. $1 trillion) the administration expects from raising taxes on small business would likely have more of a “negative economic impact” than the tax increases themselves would.
“And if we were to cut spending by that magnitude to do it, you'd be putting a huge additional burden on the economy, probably greater negative economic impact than that modest change in revenue,” said Geithner.
When Ellmers finally told Geithner that “the point is we need jobs,” he responded that the administration felt it had “no alternative” but to raise taxes on small businesses because otherwise “you have to shrink the overall size of government programs”—including federal education spending.
“We're not doing it because we want to do it, we're doing it because we see no alternative to a balanced approach to reduce our fiscal deficits,” said Geithner.
“If you don't touch revenues and you leave in place the tax cuts for the top 2 percent that were put in place by President Bush, if you leave those in place and you're trying to bring our deficits down over time, then you have to do exceptionally deep cuts in benefits for middle-class Americans and you have to shrink the overall size of government programs, things like education, to levels that we could not accept as a country,” said Geithner.
“So to do a balanced approach to reduce our deficits you have to make modest changes in revenues,” he said. “There's no realistic opportunity to do alternatives to doing that.”
According to historical budget tables published by the White House Office of Management and Budget, federal spending has climbed from $2.89 trillion in 2008—the year President Obama took office—to $3.82 trillion this year, an increase of approximately $930 billion.
Meanwhile, according to the National Center for Educational Statistics, although federal education spending in inflation-adjusted dollars has jumped from $71.64  billion in 1995—when Bill Clinton was president--to $163.07 billion in 2009—when Barack Obama was president—federal spending still accounted for only 8.2 percent of spending for public primary and secondary education in America in the 2007-2008 school year. Historically and presently in the United States, local and state governments have  funded the cost of public education.

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