Daily Digest 3/8 - We Can Live With A Nuclear Iran, How To Understand The Monetary System, An Easy Guide To The Federal Debt
- We Can Live With A Nuclear Iran
- Cause, Effect And The Fallacy Of Returning To Normalcy
- Jesse's Café Américain: The Failure of the Current Banking Model and the Calculated Mispricing of Risk
- Detroit Police Roll Out New 911 Policy
- How To Understand The Monetary System
- Bill Black: US Exports Flawed Economic Dogma; the Results are Disastrous
- Debt Limit: A Guide To American Federal Debt Made Easy
- Libor Links Deleted as U.K. Bank Group Backs Away From Rate
- Hank The Cat Runs For Senate, Faces Negative Ad From Dogs
- People Like Expensive Health Care, Study Finds
- Market Pulse: Jitters ahead of Greek deadline
- First Study Where Fortune 100 Executives Were Screened For Psychopathy [Podcast] Interview With Dr. Daniel N. Jones, Ph.D. Postdoctoral Researcher for Dr. Robert Hare Ph.D.
- Jim Grant Must Watch: "Capitalism Is An Alternative For What We Have Now"
- Factors That Could Make $5 A Gallon Gas The Norm
We Can Live With A Nuclear Iran (jdargis)
Thus we find ourselves at a strange pass. Those in the United States who genuinely yearn for war are still a neoconservative minority. But the danger that war might break out—and that the hawks will get their way—has nonetheless become substantial. The U.S. has just withdrawn the last troops from one Middle Eastern country where it fought a highly costly war of choice with a rationale involving weapons of mass destruction. Now we find ourselves on the precipice of yet another such war—almost purely because the acceptable range of opinion on Iran has narrowed and ossified around the “sensible” idea that all options must be pursued to prevent the country from acquiring nuclear weapons.
The definition of normal is: “The usual, average, or typical state or condition”. The fallacy is calling what we’ve had for the last three decades of illusion – Normal. Nothing could be further from the truth. We’ve experienced abnormal psychotic behavior by the citizens of this country, aided and abetted by Wall Street and their sugar daddies at the Federal Reserve. You would have to be mad to believe the debt financed spending frenzy of the last few decades was not abnormal.
Fraud is corrosive, and impinges on what Samuel Johnson called that confidence which constitutes the ease and existence of society. And taken to the extreme levels which we have seen from the Wall Street Banks, the manipulating of markets to achieve personal profits, even under the excuse of governmental ends, becomes an assault on society as a whole.
Detroit Police Roll Out New 911 Policy (Phil H.)
Since officers couldn't get to a majority of the 850,000 calls to 911 last year, most of the time you'll talk to an operator, not a cop.
Nobody in the police department wanted to explain this on camera, but I'm told by a spokesperson if your call is life-threatening, you'll get an officer. Nobody we spoke to, however, thought this was a good idea.
As described in Michael Maloney’s book, “Guide to Investing in Gold and Silver,” before the Federal Reserve was created, each U.S. Treasury note (paper dollar) was fully backed by gold or silver. When the Federal Reserve Act was passed in 1913, the amount of gold backing each dollar was reduced to just 40% of the face value of existing currency. In effect, this allowed the U.S. government to increase the amount of currency it could create and spend by 60%, enabling deficit spending for World War I and the accompanying increase of the currency supply.
On the natural tendency of unregulated capitalism to evolve into crony capitalism: Pure capitalist systems do not exist anywhere - for very good reason; they throw lots of humanity into the ditch, and they produce elite criminals. Unregulated capitalism tends to evolve into crony capitalism. Conservative economists like Adam Smith have recognized this from the beginning. They always emphasize that government must be there. And they always emphasize one key role for government: Enforcing the law against fraud. Even Ayn Rand emphasized that the government is essential to stop businesses from using fraud.
A satirical short film taking a look at the national debt and how it applies to just one family
Libor, the basis for $360 trillion of securities worldwide, has transformed from a talisman of London’s influence in financial markets to an albatross for the industry. Regulators worldwide are investigating whether banks routinely lied about their true borrowing costs to avoid the perception they faced difficulty raising funds and traders rigged submissions to benefit their own wagers on derivatives linked to the rate. The probes have called into question whether banks can be trusted to set Libor with only minimal regulatory oversight.
Hank’s political career began when O’Leary ran the cat as a write-in candidate in a recent state election as a joke. The furry feline received nine votes, so Roberts and O’Leary launched Hank’s campaign. Since then, the cat’s sudden spate of publicity has crashed his website, HankForSenate.com.
Hibbard's team studied 1,400 workers, offering them different doctors and care options. If they were given details on price alone, the volunteers chose the most expensive choice. But if given details about the quality of care, they moderated their choices, Hibbard's team said.
Market Pulse: Jitters ahead of Greek deadline (ewilkerson)
Markets claw back some of Tuesday's heavy losses, but investors still nervous as Greek debt swap deadline looms.
“The Dark Triad of Personality” called Machiavellianism, Psychopathy & Narcissism. When you get these 3 together in an organization it is a particularly toxic outcome because they feed off each other’s unethical behavior.
Maria Bartiromo: “What are the alternatives?”
Jim Grant: “Capitalism is an alternative for what we have now. I highly recommend it.”
Even though the economy is somewhat stronger than it was a year ago, the demand for gas is still down around 400 kbd. (8.746 against 9.101 mbd). In a more conventional market decreasing demand, against constant supply would lead to a fall in prices. That is not likely to happen, and in part this is because the USA only provides a part of the global market where the demand from the developing countries (as Stuart Staniford has noted) is steadily increasing. China, for example, is growing its oil demand at slightly more than 5% p.a. (0.51 mbd y-o-y for December growth) and has reached a total consumption of 9.3 mbd. It is also slowly starting to build its own reserve of oil and has been buying additional oil for that reason. How long that will continue this year is one of those questions to which there is no clear answer, although, since it is apparently buying heavier and higher sulphur crude and it may be acquiring those crudes that Saudi Arabia has previously had problems selling.
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