And on a lighter note, here’s the musical version of “The Wall Street Meltdown.” It’s pretty good financial history too. The first part, about 2007, is on youtube as well.
Author Archives: Lila
With Law And Church Behind Us…
“Hitler never abandoned the cloak of legality; he recognized the enormous psychological value of having the law (as well as the church) on his side. Instead, he turned the law inside out and made illegality legal.”
– Historian Alan Bullock
The Draconian Senate Bill 3081…
Another terrifying piece of legislation is in the works. The Senate Bill 3081, “Enemy Belligerent Detention, Interrogation, and Prosecution Act of 2010,” has been introduced by Senator Joseph Lieberman (I-CT) and Senator John McCain (R-AZ), says Gary Barnett at Lew Rockwell.
“Sec. 2. Placement of Suspected Unprivileged Enemy Belligerents in Military Custody.
- MILITARY CUSTODY REQUIREMENT.?Whenever within the United States, its territories, and possessions, or outside the territorial limits of the United States, an individual is captured or otherwise comes into the custody or under the effective control of the United States who is suspected of engaging in hostilities against the United States or its coalition partners through an act of terrorism, or by other means in violation of the laws of war, or of purposely and materially supporting such hostilities, and who may be an unprivileged enemy belligerent, the individual shall be placed in military custody for purposes of initial interrogation and determination of status in accordance with the provisions of this Act. (all emphasis mine)
In addition, any individual initially captured or who in any manner comes under effective control of the U.S., may be held, interrogated, or transported by any U.S. intelligence agency and placed into military custody. With the establishment of “Interrogation Groups,” which is authorized by this Act, and composed of personnel in the Executive Branch, each person captured or held may be designated as a “High-Value Detainee.” One of the criteria for determining if one is to be designated as “high value,” should the obvious ones fail is: “Such other matters as the President considers appropriate.” This is of course so broad in nature that virtually anyone can be detained if deemed necessary by just one man’s authority. Any individual who is suspected of being an unprivileged enemy belligerent will not be provided Miranda or otherwise be informed of any rights. In addition, they “may be detained without criminal charges and without trial for the duration of hostilities.” Given that the so-called “War on Terror” may never have an end; this by design, you can see how horrendous this legislation truly is. Add to this other legislation that is already in place, and the probability that with any civil unrest or natural disaster Martial Law could now be not only implemented but “legally” administered; there is a very real and dangerous risk to any of us who won’t submit fully to the state.”
Cryptogon On Everbank Gold Story
An odd little story today about well-regarded online bank and metals vendor, Everbank, that I came across at Cryptogon.
Apparently, they unilaterally changed the terms and conditions of their ‘metals select’ program recently. Everbank president, Frank Trotter, responded in a letter to Cryptogon author, Kevin Flaherty, that the changes were subsequently deleted. Still, if you’re a client, you might want to be on top of that. From all I’ve heard, they’re a reliable bank, but banks change hands and terms very frequently these days (for eg. BrownCo to Harris Direct to E-trade).
John Gatto On State-Controlled Consciousness
Toward the end of this video, John Taylor Gatto, the iconoclastic critic of compulsory education and state schools and ardent advocate of “unschooling,” has an especially memorable passage.
He points out that while the state can violently coerce a few people at a time (through arrest and shooting), there’s no way (outside war or genocide, I presume) to coerce large masses of people over time, except through controlling their minds.
Or more accurately, through creating the habits and attitudes that make them obedient to puppet strings in their own minds.
Compulsory schooling by the state, he argues, is a way to colonize the minds of children to make them their own police-force, eager to report other deviants.
[Preparing them to become tax snitches, as I blogged earlier, or political informants, or supporters of biometric ID legislation].
In “Dumbing Us Down”, Gatto argues that state schooling causes the following in a child’s mind:
1) Confusion, with its jumbled ensemble of tests, memorized and then forgotten
2) Dependence on class position
3) Indifference/apathy
4) Emotional dependency
5) Intellectual dependency
6) Provisional self-esteem that needs the assurance of experts to maintain
7) Habituation to constant surveillance and the denial of privacy
Bastiat On The Virtues Of Misers
In my view, the moral problem at the root of socialism is actually not envy, as many libertarians contend. I grew up among socialists, and they were, by far, motivated by honorable concerns: a sense of injustice, grief for the poor, compassion.
(I’m not talking here about political activists, some of whom do, in fact, have much baser motives).
The principal flaw in the socialist world view, as I see it, is a too great concern with appearances and an inability to see cause and effect in any complex way. It’s not the ‘materialism’ of dialectical materialism I object to. It’s the lack of ‘mind’ in the materialism. The reasoning is limited, superficial, and inaccurate. It lacks sufficient particularity, as Michael Oakeshott argued in “Rationalism in Politics” (1962).
And as Oakeshott argued there, that can be a problem in Hayek, as well.
Libertarian theorist, Frederic Bastiat, makes much the same point in his acute analysis of the superiority of the miser over the spendthrift, an analysis that would be iconoclastic from the point of view of traditional religious morality, where the miser’s avarice would usually be condemned and the spendthrift’s generosity praised:
Illegal Immigrant Workers
David Kramer, at Lew Rockwell blog:
“You know what an “illegal” immigrant worker is, don’t you? It’s someone who voluntary decides to move from one piece of land on the planet Earth to another piece of piece of land on the planet Earth because he or she knows of a person at that second piece of land on the planet Earth who wants to voluntarily exchange with him or her a medium of exchange for his or her labor services—but wasn’t given permission to by a third party with a gun (i.e., the government).”
Camus On God
“I would rather live my life as if there is a God and die to find out there isn’t, than live my life as if there isn’t and die to find out there is.”
Portugal and Spain In Trouble Too…
Will Frankfurt (the European Central Bank) come to the rescue of Greece, or Spain, or Portugal? Maybe in the end, but not now, reports Ambrose Evans-Pritchard in The Telegraph:
“Mr Callow of Barclays said EU leaders will come to the rescue in the end, but Germany has yet to blink in this game of “brinkmanship”. The core issue is that EMU’s credit bubble has left southern Europe with huge foreign liabilities: Spain at 91pc of GDP (€950bn); Portugal 108pc (€177bn). This compares with 87pc for Greece (€208bn). By this gauge, Iberian imbalances are worse than those of Greece, and the sums are far greater. The danger is that foreign creditors will cut off funding, setting off an internal EMU version of the Asian financial crisis in 1998.
Jean-Claude Trichet, head of the European Central Bank, gave no hint yesterday that Frankfurt will bend to help these countries, either through loans or a more subtle form of bail-out through looser monetary policy or lax rules on collateral. The ultra-hawkish ECB has instead let the M3 money supply contract over recent months.”
Mr Trichet said euro members drew down their benefits in advance — “ex ante” — when they joined EMU and enjoyed “very easy financing” for their current account deficits. They cannot expect “ex post” help if they get into trouble later. These are the rules of the club.”
Europe Thumbs Its Nose At G-Sax, Banksters
“For the first time in five years, no big US investment bank appears among the top nine sovereign bond bookrunners in Europe, according to Dealogic data compiled for the Guardian. Only Morgan Stanley ranks at number 10.
Goldman Sachs doesn’t make the table. Goldman made it to number five last year and in 2006, and number eight in 2007, the data shows. JP Morgan was in the top ten last year and in 2007 and 2006 but doesn’t appear this year.
“Governments do not have the confidence that the excessive risk-taking culture of the big Wall Street banks has changed and they still cannot be trusted to put the stability of the financial system before profit,” said Arlene McCarthy, vice chair of the European parliament’s economic and monetary affairs committee. “It is no surprise therefore that governments are reluctant to do business with banks that have failed to learn the lesson of the crisis. The banks need to acknowledge the mistakes that were made and behave in an ethical way to regain the trust and confidence of governments.”