|Targets of opportunity|
|Great Uncle John Martin, RIP 12-7-41|
About 12.6 trillion rupees ($185 billion) had been deposited into bank accounts as of Dec. 3, the people said, asking not to be identified citing rules for speaking with the media. The government had estimated that about 5 trillion rupees of the 15.3 trillion rupees sucked out by Modi’s move would stay undeclared, implying that this was cash stashed away to evade taxes, known locally as black money.So was the whole effort merely, as Modi admitted, a move towards a cashless society after all? And not in any way related to corruption? Either way, it is too late now as faith in the fiat currency has collapsed.
Lack of a meaningful cancellation could be a double blow for Modi as the measure was being used as a political and economic gauge of the success of his Nov. 8 move. One of Modi’s biggest campaign pledges was to expose black money in Asia’s No. 3 economy, and economists were viewing the cash as a potential windfall for the government.
"Some of the windfall that the government was hoping for from the cancellation of notes will be dented," said Anjali Verma, chief economist at PhillipCapital Ltd. "That means the fiscal stimulus that was being expected might also take some hit. That is not good news at a time when direct consumption, private investment is not expected to pick up."
"Markets are not too worried at the moment," said Chakri Lokapriya, Mumbai-based managing director at TCG Advisory Services, which manages about $3 billion. "But if 12-13 trillion rupees comes back into the system it defeats the whole theory of black money."
In such a situation where the gains of demonetization aren’t apparent, individuals will more closely analyze the pain. A slump in demand due to the cash shortages will hurt company revenues and government tax collections, widening the budget deficit and ultimately weakening the rupee, Lokapriya said.
Diesel and gasoline use, which account for more than half of India’s oil demand, will slow or contract this month and possibly early next year, according to Ivy Global Energy Pte., FGE and Centrum Broking Ltd.So an Indian PM 'flaps his wings' and the rest of the world may have a hiccup.
“As the Indian economy largely depends on various cash-intensive sectors, the demonetization saga will no doubt slow down economic growth in the near term,” said Sri Paravaikkarasu, head of East of Suez oil at FGE in Singapore. “Moving into the first quarter, an expected slowdown in the economic growth should marginally drag down oil consumption, particularly that of transport fuels.”
Diesel consumption could fall as much as 12 percent and gasoline demand as much as 7 percent this month, according to Tushar Tarun Bansal, director at Ivy Global Energy.
“I expect to see a much smaller growth in diesel demand of about 2 percent in the first quarter,” Bansal said.
The possible slow down this month and into next year is a reversal of the demand spike seen in November as people rushed to fill their tanks to take advantage of a rule allowing fuel retailers to accept the banned 500 and 1,000 rupee ($15) bills until Dec. 2.
(h1) Sandy Hook was a real event, where 20 children and 6 adults were killed at a school;(h2) Sandy Hook was an elaborate hoax, where a drill was conducted and no children died.
* the Attorney General of Connecticut argued against releasing the 911 calls, where the court ruled against him;* the Clerk of Newtown entered into secret negotiations with the state legislature to avoid issuing death certificates;* a special panel of the state legislature recommended that any state employee who released information about Sandy Hook other than via Freedom of Information Act request be prosecuted as an E-felony with a five year sentence; and,* those who were hired to participate in the demolition of the school building were required to sign life-time gag orders that prohibit them from talking about what they saw or did not see during its destruction.
“Couple of decades ago, Australia had a mass shooting, similar to Columbine or Newtown,” Obama said. “And Australia just said, well, that’s it, we’re not doing, we’re not seeing that again, and basically imposed very severe, tough gun laws, and they haven’t had a mass shooting since.”
And while they haven’t seen a mass shooting since, local officials say that gun violence on the continent is much worse than it was before the tougher gun policies went into effect.Meanwhile, the one thing that the President failed to recognize is that gun crime in the U.S. is on the decline. According to a PEW research study, gun crime is down 49% since 1993. Another study by the Bureau of Justice Statistics showed that non-fatal gun crime is actually down 70% since the same time. Even the President’s own study performed by the Center for Disease Control reached a similar conclusion: “Firearm-related death rates for youth ages 15 to 19 declined from 1994 to 2009,” the report states. “The number of public mass shootings of the type that occurred at Sandy Hook Elementary School accounted for a very small fraction of all firearm-related deaths.” What these studies show is there’s a clear agenda being carried out by the Mainstream Media to make it seem like mass shootings are the norm. As soon as a mass shooting happens, it reverberates through all the major news networks for weeks, much like an echo after the initial shot. Because of this, much of the nation seems to believe that gun violence, particularly school shootings, is on the rise even with evidence that points to the contrary.
|The Phoenix is one of the two MOAS vessels. The ship is regularly spotted in the territorial waters of Libya. It is registered in Belize, South America. However, the ship is owned and operated by the Maltese to bring the immigrants to Italia. Website: MOAS|
|The Topaz Responder, a 51-meter custom-made emergency response vessel, which hosts two high-speed rescue launches. The ship is managed in combination with MSF. This is one of the three ferries that can transport hundreds of people at one go. The ship is registered at the Marshall Islands. Website: MOAS|
|Iuventa is registered under the flag of the Netherlands and owned by the German NGO Jugend Rettet. Website: Jugend Rettet.|
|The Golfo Azzurro is used by the Dutch ‘Boat Refugee Foundation’. Golfo Azzurro operates under the Panama flag. The Boat Refugee Foundation charters the vessel for a symbolic price. Website: Bootvluchteling.|
|Dignity 1 is registered under the flag of Panama. We believe the ship belongs to Médecins Sans Frontières. Website: MSF.|
|The Bourbon Argos, a ship of Médecins Sans Frontières. It is one of the three ships used to ferry people from the smaller vessels to Italy. The vessel is currently registered under the flag of Luxembourg. MSF.|
|The Aquarius is one of the many ships managed by Médecins Sans Frontières. It is registered under the flag of Gibraltar. Website: MSF.|
|The Vos Hestia search and rescue ship, chartered by the charity Save The Children, like many of the NGO vessels it is under the supervision of the Italian Coast Guard Website: Save the Children.|
|Proactiva Open Arms operates the Astral. We spotted the Astral many times in Libyan territorial waters. The ship disappeared on a regular basis from the AIS tracking websites. Website: Proactiva Open Arms.|
|The MS Sea-Watch I is owned by a Berlin-based organisation. It works closely with Watch The Med, a transnational network of people that fight against the European border regime, and demand a free and safe passage to Europe. Website: Sea-Watch.|
|The MS Sea-Watch II is owned by a Berlin-based organisation. It works closely with Watch The Med a transnational network of people that fight against the European border regime, and they demand a free and safe passage to Europe. Website: Sea-Watch.|
|The Audur is registered under the Netherlands’ flag. We do not know to whom this ship belongs.|
|The MS Sea-Eye is owned by Sea-Eye-eV. Michael Buschheuer from Regensburg, Germany, and a group of family and friends founded the non-profit sea rescue organisation Sea-Eye e.V. Website: Sea-Eye.|
|The Speedy is a speedboat owned by Sea-Eye-eV. The ship is confiscated by the Libyan government. Website: Sea-Eye.|
|Minden is owned by the German organisation LifeBoat. The vessel is currently registered under the flag of Germany. Website: Lifeboat.|
There was just one thing missing: the settlement amount. Then, on October 17, the first part of the answer was revealed when according to court filings, Deutsche Bank had agreed to pay $38 million to settle the silver manipulation litigation.The negotiations with Deutsche Bank over the material terms of the Settlement took place over several months starting in December 2015 and continuing until the Deutsche Bank Settlement Agreement was executed on September 6, 2016.
Following initial phone calls with Deutsche Bank’s counsel in December 2015, Lowey and Grant & Eisenhofer engaged in lengthy negotiations with Deutsche Bank’s counsel over the material terms of the settlement, including the amount of the settlement consideration, the scope of the cooperation to be provided by the Deutsche Bank Defendants, the scope of the releases, and the circumstances under which the parties would have the right to terminate the settlement.
During the course of the negotiations, Class Counsel presented what we perceived to be the strengths and weaknesses of the claims and defenses, as well as Deutsche Bank’s litigation exposure.
In February 2016, we reached an agreement with Deutsche Bank on the amount of the settlement, subject to the negotiation of other material terms of the deal. For example, given that this is the first settlement in the case, it was our view that the cooperation provisions of the deal were extremely important to our ability to maximize the overall recovery for the class against the Non-Settling Defendants. The negotiations as to the scope of the cooperation provisions continued for several months.
On April 13, 2016, counsel for Deutsche Bank and Class Counsel signed a Binding Settlement Term Sheet (“Term Sheet”). The Term Sheet set forth the terms on which the parties agreed, subject to the negotiation of a full Settlement Agreement, to settle Plaintiffs’ claims against Deutsche Bank. At the time the Term Sheet was executed, Class Counsel was well-informed about the legal risks, factual uncertainties, potential damages, and other aspects of the strengths and weaknesses of the claims and defenses asserted.
By letter dated April 13, 2016, the Parties reported to the Court via ECF that the Term Sheet had been executed, and advised the Court that the Term Sheet would be superseded by a formal settlement agreement. ECF No. 116.
The parties negotiated the Deutsche Bank Settlement Agreement over the course of the next several months. The negotiations over the terms of the Deutsche Bank Settlement Agreement included various material terms over which the parties had substantial disagreement, requiring significant give and take on both sides. To that end, drafts of the Deutsche Bank Settlement Agreement went back and forth between the parties, and numerous contested issues were raised, negotiated and resolved, including without limitation, continuing negotiations over the scope of Deutsche Bank’s cooperation (see ¶ 4(A)-(G)), the scope of the releases (see ¶ 12 (A)-(C)), and the circumstances under which the parties could terminate the Settlement (see ¶ 21).
Thus, the Deutsche Bank Settlement Agreement, which was executed (along with the Supplemental Agreement) on September 6, 2016, was the culmination of arm’s-length settlement negotiations that had extended over many months.
The Deutsche Bank Settlement was not the product of collusion. Before any financial numbers were discussed in the settlement negotiations and before any demand or counter-offer was ever made, we were well informed about the legal risks, factual uncertainties, potential damages, and other aspects of the strengths and weaknesses of the claims against Deutsche Bank.
The Deutsche Bank Settlement involves a structure and terms that are common in class action settlements in this District. The consideration that Deutsche Bank has agreed to pay is within the range of that which may be found to be fair, reasonable, and adequate at final approval.
The same will likely be applicable to gold traders following Friday's monetary settlement.We have reason to believe that there are at least hundreds of geographically dispersed persons and entities that fall within the Settlement Class definition. The Settlement Class includes traders of COMEX Silver Futures contracts, anyone who traded in physical silver based on the Silver Fix, and traders in various silver derivatives.