Puppet Masters
Smuggled gold is traded secretly through underground markets in South Korea and is used as an effective way to hide income and avoid tax.
"The gold spot market will help normalise the unregulated circulation of gold," Shin Je-Yoon, chairman of the Financial Services Commission, said on Tuesday, vowing to step up a crackdown on black-market transactions.
Of the country's total gold trading volume -- estimated at more than 100 tonnes annually -- about 70 per cent is traded illegally, according to Shin's office.
Fang Fang, who served as chief executive of JPMorgan's China investment banking unit before being appointed to vice chairman of investment banking for all Asia in 2009, "has informed us of his desire to retire," said a memo from Therese Esperdy, co-head of Asia-Pacific banking at JPMorgan.
The memo did not elaborate on his reason for stepping down. Esperdy said Fang, who joined JPMorgan in 2001, should be credited with helping the bank achieve a leadership role in the region.

A Crimean resident holds Ukrainian Hryvnia money next to a money exchange office as she prepares to buy western currency and Russian roubles, in Sevastopol, Crimea.
"From this day, we can officially make payments in roubles. The hryvnia remains in use until the first of January, 2016," Crimea's pro-Moscow prime minister Sergiy Aksyonov said on Twitter on Monday.
His deputy Rustam Temirgaliev, cited by Russia's RIA Novosti news agency, said pensions would be paid in roubles from Monday, and that 300 million roubles ($A9.1million) had been set aside for this.
According to the minister, the signing of a document between Kiev and Brussels took place at a time when the new government in Ukraine has not yet been formed."

Iran's movie set 'aircraft carrier' that twisted the knickers of the warmongering US mainstream media
Satellite images of what looked like a US Navy ship docked at a dockyard near the coast of Iran were obtained by The New York Times and CNN last week, puzzling media and military experts.
The latter concluded that the ship was not an actual aircraft carrier, but was "made to look like one," US Navy Fifth Fleet spokesman Jason Salata said, as quoted by Reuters.
The New York Times stated that the Nimitz-class carrier-shaped ship looked "more like a barge" with no nuclear propulsion system and was "only about two-thirds the length of a typical 1,100-foot-long Navy carrier."
The events of 9-11-2001 were a watershed moment for the geopolitical architects and served as a catalyst to allow them to expand their military machine to every corner of the world and invade countries at will and conduct operations with complete disregard for international law and accepted international norms.
In light of the 15th Anniversary of the NATO aggression the Belgrade Forum for a World of Equals and other independent Civic associations in Serbia will hold an international conference from the 21st to the 24th of March 2014. The conference will gather 100 prominent intellectuals from all over the world, in addition to those from Serbia, Montenegro, the Republica Srpska and 10 to 15 guests from Russia, including Academician and retired Russian Army General Leonid Ivashov. The conference will also include the participation of the Veterans Alliance of Serbia and the Club of Generals and Admirals of Serbia.

Interim Prime Minister Arseny Yatsenyuk meets President Obama at White House, March 2014
The Governor of the National Bank of Ukraine (NBU) Ihor Sorkin was fired on February 25th and replaced by a new governor: Stepan Kubiv.
Stepan Kubiv is a member of Parliament of the Rightist Batkivshchyna "Fatherland" faction in the Rada led by the acting Prime Minister Arseny Yatsenyuk (founded by Yulia Tymoshenko in March 1999). He previously headed Kredbank, a Ukrainian financial institution largely owned by EU capital, with some 130 branches throughout Ukraine. (Ukraine Central Bank Promises Liquidity To Local Banks, With One Condition, Zero Hedge, February 27, 2014).

Crew members of the Ukrainian naval landing vessel Konstantin Olshansky come ashore after leaving the ship in Donuzlav bay in Crimea, March 23, 2014.
Demilitarization "is the best way to de-escalate the situation," Andriy Parubiy, head of Ukraine's National Security Council, told reporters in Kiev, while declining to say when the evacuation would take place. "Troops from both Ukraine and Russia" should be removed from Crimea, he said.
The withdrawal announcement comes as pro-Russian civilians in Crimea continued to detain Ukrainian military personnel, including its navy chief, after overrunning installations in the region, that's home to Russia's Black Sea Fleet. Ukraine's acting President Oleksandr Turchynov set a deadline of 9 p.m. local time for their release.
Putin's move to annex Crimea following the ouster of the Moscow-backed Ukrainian president last month has plunged Russia and the West into their worst crisis since the end of the Cold War. The decision to reinforce troops patrolling its eastern regions highlights Ukraine's concerns that Russia may attempt to further destabilize the country by creating turmoil in areas with large pro-Russia populations.
State television and newspapers used the anniversary of the start of the bombing campaign to depict the West as hypocritical for saying Crimea has no right to secede from Ukraine when NATO used force to help Kosovo escape Slobodan Milosevic's clutches.
A special program on state TV called "The Serbian Tragedy: 15 Years" hammered home Russia's message that the United States and NATO are to blame for redrawing global borders, encouraging separatism and flouting international law.

President Vladimir V. Putin of Russia in the Kremlin on Friday, where he signed legislation completing the annexation of Crimea.
Barack Obama tried working around him by building up his protégé in the Kremlin, an approach that worked for a time but steadily deteriorated to the point that relations between Russia and the United States are now at their worst point since the end of the Cold War.
For 15 years, Vladimir V. Putin has confounded American presidents as they tried to figure him out, only to misjudge him time and again. He has defied their assumptions and rebuffed their efforts at friendship. He has argued with them, lectured them, misled them, accused them, kept them waiting, kept them guessing, betrayed them and felt betrayed by them.
Each of the three presidents tried in his own way to forge a historic if elusive new relationship with Russia, only to find their efforts torpedoed by the wiry martial arts master and former K.G.B. colonel. They imagined him to be something he was not or assumed they could manage a man who refuses to be managed. They saw him through their own lens, believing he viewed Russia's interests as they thought he should. And they underestimated his deep sense of grievance.









Comment: One of the characteristics of psychopaths is that they indulge in wishful thinking, thinking that bears no relationship to reality. We see clear signs of that here in the way they viewed Putin - they saw him the way they wanted to see him, not as he really is.