Buchanan began working on a description of power that started out as a critique of how institutions functioned in the relatively liberal 1950s and ‘60s, a time when economist John Maynard Keynes’s ideas about the need for government intervention in markets to protect people from flaws so clearly demonstrated in the Great Depression held sway. Buchanan, MacLean notes, was incensed at what he saw as a move toward socialism and deeply suspicious of any form of state action that channels resources to the public. Why should the increasingly powerful federal government be able to force the wealthy to pay for goods and programs that served ordinary citizens and the poor?
Is Education A Fundamental Right? (jdargis)
Plyler’s reach extends, too, to lawsuits filed this summer on behalf of immigrant children who were separated from their families at the U.S.-Mexico border. In June, the Texas State Teachers Association called on the governor of the state to make provisions for the education of the detained children, before the beginning of the school year, but has so far received no reply. Thousands of children are being held in more than a hundred detention centers around the country, many run by for-profit contractors. Conditions vary, but, on the whole, instruction is limited and supplies are few. “The kids barely learn anything,” a former social worker reported from Arizona.
Eternal Sunshine of the Spotless Mind (Aaron M.)
Still, be careful about what you do with information about valuations. If overvaluation was sufficient to halt a market advance, we would never have observed valuations like 1929, 2000, and today, because those advances would have ended at lesser extremes. It’s common to imagine that if valuations have pushed to extreme levels without a collapse, there must be something wrong with the valuation measures. But that’s not how valuations work.
In the beginning, Amazon was an exciting new way to shop for books: online. Then it was an exciting new way to read (Kindle e-books), an exciting new way to publish (CreateSpace), an exciting new way to power the internet (Amazon Web Services), an exciting new way to get deliveries (Amazon Prime), an exciting new way to make your house a high-tech outpost (Alexa).
"I certainly wouldn't say it's impossible that sales could go higher," Bryan Bezold, a senior Americas economist at Ford, said during a conference call with analysts and members of the media. "But the most likely case is the one we've outlined for several years now, which is our frame of reference here is that we have a several-year period coming out of the crisis when the rate of growth of auto sales exceeded the rate of growth of GDP. And that period is largely behind us because we think the replacement demand that we felt during the crisis has been satiated. So, I would expect it would be at this plateau."
"They are very rapid, sharp declines in asset values with sharp increases in market volatility," Kolanovic, the bank's global head of macro quantitative and derivatives research, said in a recent interview. But those flash crashes occurred during a backdrop of a U.S. economic expansion; the new market hasn't been tested in the throes of a recession, he said.
The key outside markets today find the U.S. dollar index solidly higher as the greenback continues its assault on the world’s secondary currencies. Meantime, Nymex crude oil prices are also firmly up and hit a nine-week high overnight, on worries about a hurricane in the Gulf of Mexico shutting in some U.S. crude oil production for a period of time.
By any traditional measure, the latest Commitment of Traders reports are unabashedly bullish. "Speculators" are net short and "Commercials" are net long. This rarely-seen dynamic would seem to be a surefire bullish signal. However, if these extremes are only due to the aforementioned management of the "peg", then why would we expect a sudden trend change and reversal based solely upon traditional CoT analysis?
Asian stocks hit with widespread declines (Thomas R.)
After a rebound Tuesday, Hong Kong stocks were underwater again, with tech names leading the pressure. The Hang Seng HSI, -0.99% was down 2.6%, with Unicom 0762, -0.21% down 2.4% and China Telecom 0728, +2.60% down about 1% after jumping Tuesday on the potential of the state-controlled wireless firms merging. Meanwhile, internet giant and index heavyweight Tencent 0700, -3.14% slid 4%, reversing Tuesday’s rebound.
Since the crisis, state officials have said they expect the Federal Emergency Management Agency to reimburse the state for up to 75 percent of the costs, with the local water districts that store water behind Oroville Dam covering the rest.
Already, some Chinese-led projects have experienced high levels of complaints that they are too expensive and give little work to local contractors. In response, some governments including Thailand, Tanzania, Sri Lanka and Nepal have halted, scaled back, and or renegotiated projects with Beijing.
Oil Could Jump To $95 This Winter (Thomas R.)
There are differing opinions about how U.S. sanctions against Iran will affect oil prices. While there seems to be general agreement that there will be a negative effect, opinions differ as to its extent. Some analysts believe that Iran could resort to secret oil shipments, for example, which will curb the effect of the sanctions, which aim to reduce the country’s exports to zero.
Over the last decade, China has become the biggest trade partner to continental Africa and to several countries in Latin America, homes to some of the world’s poorest people. At the same time, air pollution has surged in many of these countries, especially in Africa.
The source of the increased halocline heat content can be understood by first considering how the BG halocline is ventilated. The northern Chukchi Sea (NCS) region exerts major influence on the interior structure of the halocline; here, water masses with the salinity range of the warm halocline outcrop at the surface.
“This means the effects of sea-ice loss are not limited to the ice-free regions themselves, but also lead to increased heat accumulation in the interior of the Arctic Ocean that can have climate effects well beyond the summer season,” Timmermans said. “Presently this heat is trapped below the surface layer. Should it be mixed up to the surface, there is enough heat to entirely melt the sea-ice pack that covers this region for most of the year.”
The Growing Case for Geoengineering (newsbuoy)
Big questions remain about whether it would really work, what damaging side effects might arise, and whether the world should risk deploying a tool that could alter the entire climate. Indeed, the suggestion that we should entrust the global thermostat to an armada of flying robots will strike many as preposterous. But the real question is: preposterous compared to what?
Gold & Silver
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