Oct 282017
 
 October 28, 2017  Posted by at 9:15 am Finance Tagged with: , , , , , , , ,
Share on FacebookTweet about this on TwitterShare on Google+Share on LinkedInShare on TumblrFlattr the authorDigg thisShare on RedditPin on PinterestShare on StumbleUponEmail this to someone


Stonehenge 1897

 

Spanish PM Dissolves Catalan Parliament And Calls Fresh Elections (G.)
Finland Prepares Parliamentary Vote To Recognize Catalonia (Exp.)
Catalonia Looks To Estonia’s E-Residency, Considers Cryptocurrency (IBT)
EU Economic Failures Are To Blame For Catalonia Mess – Steve Keen (Sp.)
Robert Mueller’s First Charges (Atlantic)
Large U.S. Cities Struggle With High Fixed Costs (BBG)
What You See Is Not What You Get in GDP (WS)
IRS Apologizes For Aggressive Scrutiny Of Conservative Groups (NPR)
J is for Junk Economics – Michael Hudson (Ren.)
New Zealand May Tighten Law That Allows Mega Wealthy To Buy Citizenship (G.)
Hopes Dashed For Giant New Antarctic Marine Sanctuary (AFP)

 

 

Vote for independence, get the opposite. A feature not a flaw in the EU.

Spanish PM Dissolves Catalan Parliament And Calls Fresh Elections (G.)

The Spanish government has taken control of Catalonia, dissolved its parliament and announced new elections after secessionist Catalan MPs voted to establish an independent republic, pushing the country’s worst political crisis in 40 years to new and dangerous heights. Speaking on Friday evening, the Spanish prime minister, Mariano Rajoy, said his cabinet had fired the regional president, Carles Puigdemont, and ordered regional elections to be held on 21 December. Rajoy said the Catalan government had been removed along with the head of the regional police force, the Mossos d’Esquadra. The Catalan government’s international “embassies” are also to be shut down. “I have decided to call free, clean and legal elections as soon as possible to restore democracy,” he told a press conference, adding that the aim of the measures was to “restore the self-government that has been eliminated by the decisions of the Catalan government.

“We never, ever wanted to get to this situation. Nor do we think that it would be good to prolong this exceptional [state of affairs]. But as we have always said, this is not about suspending autonomy but about restoring it.” The actions came hours after Spain’s national unity suffered a decisive blow when Catalan MPs in the 135-seat regional parliament voted for independence by a margin of 70 votes to 10. Dozens of opposition MPs boycotted the secret ballot, marching out of the chamber in Barcelona before it took place and leaving Spanish and Catalan flags on their empty seats in protest. Minutes later in Madrid, the Spanish senate granted Rajoy unprecedented powers to impose direct rule on Catalonia under article 155 of the constitution. The article, which has never been used, allows Rajoy to sack Puigdemont and assume control of Catalonia’s civil service, police, finances and public media.

Read more …

Finland, Argentina, perhaps Scotland, who’s next?

Finland Prepares Parliamentary Vote To Recognize Catalonia (Exp.)

Finland could be the first country to officially recognise Catalonia as a republic state, in a move that would put the Scandinavian country in direct opposition to the EU. The country’s MP for Lapland Mikko Karna has said that he intends to submit a motion to the Finnish parliament recognising the new fledgling country. Mr Karna, who is part of the ruling Centre Party, led by Prime Minister Juha Sipila, also sent his congratulations to Catalonia after the regional parliament voted earlier today on breaking away from the rest of Spain. Should Finland officially recognise the new state of Catalonia this will be yet another body blow to the the EU which has firmly backed the continuation of a unified Spain under the control of Madrid. European Commission President Jean-Claude Juncker warned today that “cracks” were appearing in the bloc due to the seismic events in Catalonia that were causing ruptures through the bloc.

Donald Tusk, the President of the European Council, said earlier today that for the EU nothing changes despite the Catalan parliament voting to breakaway from Spain. He said that the EU would continue to only speak with Spain. If Finland recognised Catalonia then this would make a mockery of the EU’s refusal to acknowledge the region’s new status. A statement from the European Union on October 2 read: “Under the Spanish Constitution, yesterday’s vote in Catalonia was not legal. [..] Argentina could also formally recognise the Republic of Catalonia and reject the intervention of the Spanish Prime Minister Mariano Rajoy who has moved to implement Article 155 which will permit Madrid to take over control of the semi-autonomous region. Socialist Left Argentine MP Juan Carlos Giordano, who represents Buenos Aires Province said that he would present a bill in parliament for the South American country to recognise Catalonia.

The Scottish Government has also sent a message of support, saying that Catalonia “must have” the ability to determine their own future. [..] “The European Union has a political and moral responsibility to support dialogue to identify how the situation can be resolved peacefully and democratically.”

Read more …

“Eva Kaili MEP, an advocate of fintech innovation who was a politician in Greece at the time of the crisis, recounts that the plan was taken seriously. “We talked about leaving the eurozone, finding another currency,” said Kaili. “There was even a ‘Plan B’, which involved essentially hacking into everyone’s accounts and replacing all their money with Bitcoin.”

Catalonia Looks To Estonia’s E-Residency, Considers Cryptocurrency (IBT)

As Spain is poised to seize control of the Catalan government and stop the region’s bid for independence, an initiative is underway to emulate Estonia’s innovative e-residency programme. Technology advocates in Catalonia, which is reputed to be ahead of the rest of Spain in areas like fintech, are also reportedly touting the possibility of a national cryptocurrency or digital token, something Estonia has also been considering. An article in Spain’s main daily newspaper El Pais reports that digital transformation experts working for the Government of Catalonia, the Generalitat de Catalunya, have visited Estonia several times to gather tips on how to implement an e-residency programme. Dani Marco, director of SmartCatalonia, who appears to be heading up the initiative, pointed out that the Estonians “started from scratch, with all the possibilities they were offered to build a model of economic development.”

The article goes on to namecheck Vitalik Buterin, inventor of the next generation public blockchain Ethereum, who was attending a technology conference in Barcelona. The takeaway was that Catalonia could follow Estonia’s proposal to issue some flavour of national blockchain tokens – a decentralised store of value in other words. Most of the time you hear about banks stating that cryptocurrencies like Bitcoin are only good for criminals, or that they are too slow, or volatile to be of any real use. However, issuing digital currency without the need for a central bank is undoubtedly a bona fide use case. Moreover, the mere mention of Estonia in this context is somewhat incendiary: the digitally advanced Baltic nation recently proposed issuing a national cryptocurrency – the so-called “Estcoin”.

This would make it the first nation to carry out an initial coin offering (ICO), a new way of funding technology projects by issuing tokens on a blockchain. A blogpost on the subject garnered so much interest and media attention that in the end ECB chief Mario Draghi publicly slapped down the proposal. “No member state can introduce its own currency; the currency of the eurozone is the euro,” he said. The other thing that Estonia has perfected across its 1.3 million e-residents is a secure and tamper-resistant e-voting system. [..] It was not widely reported, but during the years of punishing austerity that followed the banking bailouts, Greece considered a desperate measure called “Plan B”, which essentially involved switching from the euro to Bitcoin.

Eva Kaili MEP, an advocate of fintech innovation who was a politician in Greece at the time of the crisis, recounts that the plan was taken seriously. “We talked about leaving the eurozone, finding another currency,” said Kaili. “There was even a ‘Plan B’, which involved essentially hacking into everyone’s accounts and replacing all their money with Bitcoin. “Plan B was quite well drafted. Move all accounts into to Bitcoin, establish Bitcoin ATMs – it’s scary, and of course it goes against the ethos of Bitcoin and being in control of your own assets. But look what happened in Cyprus; sometimes you are not safe from your own government.”

Read more …

“..the European Union is about unifying Europe — this is a great example of it actually causing Europe to fragment.”

EU Economic Failures Are To Blame For Catalonia Mess – Steve Keen (Sp.)

Sputnik: Quite extraordinary scenes this afternoon in Catalonia. Are you surprised it’s come to this? Steve Keen: No, I am not. One thing that we tend to forget is that the last fascist dictator to die in his sleep was the last fascist ruler of Spain. So there’s a deep tendency for authoritarian reactions in that country. But in the meantime, the real story I think is the impact of the euro causing effectively depressions through southern Europe. And areas that were rich before the euro came are the ones that are leading revolts against it right now. Catalonia, of course, is the prime example!

Sputnik: People see this as a problem for Spain, but isn’t it a bit of a problem for the EU too? Steve Keen: Absolutely! The EU has completely sided with Spain, the only thing it did was acknowledge that the actual referendum was illegal. It didn’t make any mention of the heavy-handed treatment by the Spanish police and of the enforcing of that judgment. They should have been far more sensible simply ignoring it. The EU has aligned itself here with basically suppressing democratic tendencies inside its own member countries. Sputnik: Do you think that’s actually recognized by the European public? Or has it gone unnoticed?

Steve Keen: I think it’s gone unnoticed because the real reason to form the European Union was to bring about European unity. And that was, of course, a noble aim after the Second World War. But the mistake was the economic system into which it was imposed. And if you’re trying to bring about economic democracy of a continental level, when you don’t have a treasury at the same time and you don’t have a way of equalising the impact of trade imbalances, which is what removing the flexible exchange rates prior to the euro ended up causing, then you have a system which will end up causing crisis after crisis. Which is, of course, what happened with the global financial crisis leading to great-depression-levels of unemployment in Spain. And they’re still at 17% of the population. For everyone who thinks that the European Union is about unifying Europe — this is a great example of it actually causing Europe to fragment.

Read more …

It’s getting ugly. And murky.

Robert Mueller’s First Charges (Atlantic)

The special counsel overseeing the Russia investigation reportedly obtained a sealed indictment on Friday. It’s the end of the beginning for the Russia investigation. Special Counsel Robert Mueller’s team has reportedly filed the first criminal charges as part of the sprawling inquiry into Moscow’s interference in the 2016 presidential election, CNN reported Friday night. Citing “sources briefed on the matter,” the network said a federal grand jury in Washington, D.C., approved the charges, which have been sealed by a federal judge. CNN did not indicate who had been charged, how many people had been charged, or what charges had been filed by Mueller’s team. An arrest could come by Monday. Reuters subsequently confirmed CNN’s reporting.

John Q. Barrett, a St. John’s University law professor and former associate special counsel in the Iran-Contra affair, said that a sealed indictment itself is rare, as is its disclosure to the press. “It’s possible that this could come from sources in the Department of Justice or defense counsel, each of which would have been likely to know that charges were going to be sought and that a sealing order was going to be sought,” he explained. “It’s unusual and would be a serious violation,” Matthew Miller, a former Justice Department spokesman under the Obama administration, said Friday night. “No one outside of the Justice Department or the court—including grand jurors, court reporters and such—should know, with the possible exception of the defendant’s attorney, who might have been briefed to arrange surrender.”

No matter who is indicted, the move will send shockwaves throughout the Trump administration and the nation’s capital. Until now, the Russia investigation has followed President Trump’s first year in office like a shadow, darkening his political fortunes without substantially altering them. A federal indictment of anyone connected to the Trump campaign or the White House would turn that theoretical danger into hard reality.

Read more …

The problems that crawl up on you in the dark of night.

Large U.S. Cities Struggle With High Fixed Costs (BBG)

Cities across the U.S. often feel the same pinch—trying to manage the typical costs of running a city, such as picking up trash and filling potholes, on top of ballooning retirement obligations and outstanding debts. Several major cities are struggling to keep up. The culprit: As employees age and retire, cities are on the hook for funding more pensions and health-care benefits. In 2016, local governments faced a pension investment gap of $3.7 trillion, according to Moody’s Investors Service. Their predicament only worsens when cities fall behind in making those payments or their investments lag. When you measure those fixed costs against a city’s operating budget, no major city is as embattled as Jacksonville, Florida. In the city of 881,000 people, fixed costs are 31.4 percent of expenses, according to data compiled by Bloomberg.

That’s driven by pensions, which made up almost 18 percent of expenses in fiscal 2016. Twenty-six other U.S. cities with populations of more than 250,000 have fixed cost ratios above 23 percent. They include Los Angeles and Houston, which could also be on the hook to pay Hurricane Harvey recovery costs that federal funds don’t cover. Smaller cities aren’t necessarily immune. City leaders in Hartford, Connecticut, where fixed costs are 27 percent of expenses, warned last month that the city wouldn’t be able to meet its financial obligations without additional help from the state. State lawmakers passed a budget with additional aid to the capital city on Thursday. Relief may not be around the corner for other areas. City revenues are expected to stagnate in 2017, on average, while expenditures are forecast to rise 2.1 percent, according to a Sept. 12 survey of 261 U.S. city finance officers by the National League of Cities.

Read more …

Awaiting revisions.

What You See Is Not What You Get in GDP (WS)

The US economy, as measured by “real” GDP (adjusted for a version of inflation) grew 0.74% in the third quarter, compared to the prior quarter. That was a tad slower than the 0.76% growth in Q2, but up from the 0.31% growth in Q1. GDP was up 2.3% from a year ago. To confuse things further, in the US, we cling to the somewhat perplexing habit of expressing GDP as an “annualized” rate, which takes the quarterly growth rate (0.74%) and projects it over four quarters. This produced the annualized rate of 2.99%, or as we read this morning all over the media, “3.0%.” This was the “advance estimate” by the Bureau of Economic Analysis. The BEA emphasizes that the advance estimate is based on source data that are “incomplete or subject to further revision by the source agency.”

These revisions can be big, up or down, as we’ll see in a moment. The BEA will release the “second estimate” for Q3 on November 28 and the “third estimate” on December 21. More revisions are scheduled over the next few years. So 2.99% GDP growth annualized, or 0.74% GDP growth not annualized, or 2.3% growth from a year ago… is pretty good for our slow-growth, post-Financial-Crisis, experimental-monetary-policy era, but well within the range of that era, that goes from 5.2% annualized growth in Q3 2014 to a decline of 1.5% in Q1 2011. So nothing special here:

[..] In other words, we won’t really know how the economy did in the last quarter until we have a lot more hindsight. Point one: It’s devilishly hard to estimate what’s going on in the vast and complex US economy. The BEA comes up with an “advance estimate” to give economy watchers a feel, but it concedes that there will be many and substantial revisions as more data become available, and that initial “feel” may be wrong. Point two: Equally complex economies, such as China’s, are equally hard to estimate. Yet China’s National Bureau of Statistics comes up with one big-fat figure that is always very near the number the central government had mandated earlier. It publishes its GDP number less than three weeks after the end of the quarter, and a week or more before the BEA’s advance estimate.

For example, on October 18, the National Bureau of Statistics reported that GDP in Q3 grew 6.8% year-over-year. And this figure – however hastily concocted, inflated, or just plain fabricated – becomes etched in stone. No one believes it. At least in the US, after many revisions and years down the road, GDP becomes a credible number. In China, you’ll never get there. And point three: GDP is a terrible measure of the economy. It measures what money gets spent on and invested in. It’s a measurement of flow. Among other shortcomings, it doesn’t include the source of money – whether it’s earned money or borrowed money. This leads to the distortion that piling on debt is somehow good for the economy, when in reality it’s only good for GDP but will act as a drag on the economy down the road.

Read more …

WTF?

IRS Apologizes For Aggressive Scrutiny Of Conservative Groups (NPR)

In a legal settlement that still awaits a federal judge’s approval, the IRS “expresses its sincere apology” for mistreating a conservative organization called Linchpins of Liberty — along with 40 other conservative groups — in their applications for tax-exempt status. And in a second case, NorCal Tea Party Patriots and 427 other groups suing the IRS also reached a “substantial financial settlement” with the government. Attorney General Jeff Sessions announced the two settlements Thursday. The Justice Department quoted him as saying of the IRS activity: “There is no excuse for this conduct. Hundreds of organizations were affected by these actions, and they deserve an apology from the IRS. We hope that today’s settlement makes clear that this abuse of power will not be tolerated.”

It’s “a historic victory,” said Jay Sekulow of the American Center for Law and Justice, a conservative nonprofit legal group representing the Linchpins plaintiffs. Sekulow, who is also on President Trump’s personal legal-defense team, said the IRS agreed to stop “the abhorrent practices utilized against our clients.” The Linchpins case, in federal circuit court in Washington, D.C., has no monetary settlement. The two sides agreed to bear their own legal fees. The consent order says the IRS admits it wrongly used “heightened scrutiny and inordinate delays” and demanded unnecessary information as it reviewed applications for tax-exempt status. The order says, “For such treatment, the IRS expresses its sincere apology.” [..] The controversy began in 2013 when an IRS official admitted the agency had been aggressively scrutinizing groups with names such as “Tea Party” and “Patriots.”

It later emerged that liberal groups had been targeted, too, although in smaller numbers. The IRS stepped up its scrutiny around 2010, as applications for tax-exempt status surged. Tea Party groups were organizing, and court decisions had eased the rules for tax-exempt groups to participate in politics. Groups sought tax-exempt status as 501(c)(3) charities, where the organization and its donors get tax write-offs, and 501(c)(4) “social welfare” organizations, where donors’ contributions are not tax deductible. After the IRS confession in 2013, its top echelons were quickly cleaned out. Conservative groups sued. Congressional Republicans launched what became years of hearings, amid allegations the Obama White House had ordered the targeting.

Read more …

Economics is designed to distort our view of the economy.

J is for Junk Economics – Michael Hudson (Ren.)

The main goal of neoliberalism is to create an economic model for a parallel universe that seems plausible, says economist, Michael Hudson, Professor of economics at the University of Missouri in Kansas City and a researcher at the Levy Economics Institute at Bard College. “It seems that it would work very nicely, if the world where that day,” he tells host and co-founder, Ross Ashcroft. “But economics does not have a relationship to the real world. “The function of neoliberal economics is to distract attention away from how the economy really works: Why it’s polarising, why people are having to work harder despite the fact that productivity is increasing, and why the economy is polarising between the 1% and the rest of the economy.” It’s classic cognitive dissonance.

And though there have been many economists who have accurately explained the world, the economist says very little empirical research has been factored into classical economic modelling. “Everyone from Adam Smith, through even Malthus and Ricardo – had the basic concepts of value and price theory correct, for instance” said Professor Hudson. “John Stuart Mill gets even better marks, though he was a little optimistic about where capitalism was going. Then Thorstein Veblen caps-it-off. These are people Americans haven’t heard very much of: The institutionalist, Simon Patton for instance, was the first Professor of Economics at America’s first business school – the Wharton School – who became the intellectual mentor of economics turning into sociology early in the 20th century.

“There is an enormous amount of analysis, all of it based on history, on empirical analysis, on statistical analysis – and all of that is excluded from the curriculum – so there’s no way to fit economic reality into the academic curriculum of neoclassical economics.” [..] “What happens is that people who criticise financialisation – for instance, modern monetary theorists – find that they can’t get published in the major refereed journals. And without that, they can’t get promoted within academia. Universities are systematically detouring students away from economic reality.” [..] When Professor Hudson was teaching at the New School 50 years ago, he said his graduate students were dropping out of economics because they couldn’t fit reality into the curriculum.

The economist, famed for sacking Alan Greenspan back before the days he was appointed to the Chair of the US Federal Reserve, criticised him for claiming he was “shocked” by the self-interest lending of institutions to protect shareholders equity. “He knew who paid him,” said Hudson. “When I was on Wall Street in the 1960s, banks were afraid to hire him because he was known for saying whatever the client wanted to be said. He’s a public relations person. “The fact is universities are teaching the economics of public relations for the corporate sector. That’s why, underlying this theory, is a theory of how an economy would work without government, or any governmental regulation, where taxation is seen as a burden.”

Read more …

It’ll be hard to keep the rich away.

New Zealand May Tighten Law That Allows Mega Wealthy To Buy Citizenship (G.)

New Zealand’s new Labour government will reconsider legislation that allows wealthy foreigners to effectively buy citizenship, the housing minister has said. In an interview with the Guardian about the housing shortage in New Zealand, Phil Twyford said the law that allowed Trump donor and Paypal co-founder Peter Thiel to become a citizen and buy a bolt hole in the South Island would come under scrutiny. Since coming into power last week, Labour has said it will ban foreigners from buying existing homes, along with a slew of policies aimed at addressing the housing crisis, which has seen homelessness grow to more than 40,000 people. However, the ban will not apply to foreigners who gain citizenship in New Zealand – a loophole that billionaire Thiel used, after spending a total of 12 days in the country.

Thiel’s fast-tracked citizenship allowed him to buy multiple properties in New Zealand, even though he told the government he had no intention of living in the country, but would be an “ambassador” for New Zealand overseas instead, and provide contacts for New Zealand entrepreneurs to Silicon Valley. “That was a discretionary decision that was made at the time [Thiel’s citizenship], and we were very critical. Our policy, banning people would apply to everybody, regardless of how much money they have or what country they come from,” Twyford said. “We haven’t announced policy on that [tightening the investment immigration criteria] but I think it is probably something that we are likely to look at.” Twyford said New Zealand’s ban on foreign buyers was modelled on similar legislation in Australia, and was designed to ensure New Zealanders can once again achieve the Kiwi dream of owning their own home.

Read more …

We are the tragedy.

Hopes Dashed For Giant New Antarctic Marine Sanctuary (AFP)

Hopes for a vast new marine sanctuary in pristine East Antarctica were dashed Saturday after a key conservation summit failed to reach agreement, with advocates urging “greater vision and ambition”. Expectations were high ahead of the annual meeting of the Commission for the Conservation of Antarctic Marine Living Resources (CCAMLR) – a treaty tasked with overseeing protection and sustainable exploitation of the Southern Ocean. Last year’s summit in Hobart saw the establishment of a massive US and New Zealand-backed marine protected area (MPA) around the Ross Sea covering an area roughly the size of Britain, Germany and France combined. But an Australia and France-led push this year to create a second protected area in East Antarctica spanning another one million square kilometre zone failed.

Officials told AFP that Russia and China were key stumbling blocks, worried about compliance issues and fishing rights. Consensus is needed from all 24 CCAMLR member countries and the European Union. Greenpeace called for “greater vision and ambition” in the coming year while WWF’s Antarctic program chief Chris Johnson said it was another missed opportunity. “We let differences get in the way of responding to the needs of fragile wildlife,” he said. Australia’s chief delegate Gillian Slocum described the failure as “sad”. She also bemoaned little progress on addressing the impacts of climate change which was having a “tangible effect” on the frozen continent. “While CCAMLR was not able to adopt a Climate Change Response Work Program this year, members will continue to work together ahead of the next meeting to better incorporate climate change impacts into the commission’s decision-making process,” she said.

Read more …

Home Forums Debt Rattle October 28 2017

This topic contains 11 replies, has 7 voices, and was last updated by  V. Arnold 2 weeks, 6 days ago.

Viewing 12 posts - 1 through 12 (of 12 total)
  • Author
    Posts
  • #36726

    Stonehenge 1897   • Spanish PM Dissolves Catalan Parliament And Calls Fresh Elections (G.) • Finland Prepares Parliamentary Vote To Recognize Cat
    [See the full post at: Debt Rattle October 28 2017]

    #36727

    V. Arnold
    Participant

    Catalan independence killed dead by Rajoy; tragic; but no real surprise from a government rooted in fascism.
    Hear, hear, for Michael Hudson. A voice of reality in the wilderness of neo-liberal economic chicanery.
    Oh, and I can’t close until I commend Ilargi for the 1897 Stonehenge picture; superb…
    How in the hell did the builders get that horizontal stone up there?

    #36728

    rapier
    Participant

    A campaign law established rules for ‘independent’ political groups which were tax exempt, like charities. The rules stated that their activities, in order to maintain tax exempt status must be educational and not partisan. Billionaires poured hundreds of millions into these’ non partisan grass roots groups’ (if ever ironic quotes were ever needed it was here) in order to educate voters.

    Here, get educated by the Tea Party
    https://theredphoenix.files.wordpress.com/2011/07/4430070551_e14ed10882.jpg
    https://theredphoenix.files.wordpress.com/2011/07/racist_tea_party.jpg
    https://theredphoenix.files.wordpress.com/2011/07/tea-party-niggar.jpg
    https://theredphoenix.files.wordpress.com/2011/07/slide_1398_20093_large.jpg
    https://theredphoenix.files.wordpress.com/2011/07/tea-party-racist-signs-07-white-slavery.jpg

    The IRS “apologized” because it is now lead by hyper partisan Republicans.

    #36729

    rapier
    Participant

    I could deduce from Ilargi’s fondness for ZH that he has about the same regard for niggers that Schäuble has for Greeks. So be it and no doubt that will help with donations. It just won’t do much to advance what is AE’s ever submerging cause.

    #36730

    V. Arnold
    Participant

    rapier
    You’ve become a rather toxic poster here; I could deduce from Ilargi’s fondness for ZH that he has about the same regard for niggers that Schäuble has for Greeks.
    Your critical thinking skills must be proximit to your IQ; low 90’s maybe?
    Your posts have taken a decided turn for the worst; alcohol driven? Or worse; dementia…

    #36731

    anticlimactic
    Participant

    Catalonia and Blockchain

    Catalonia issuing its’ own currency is an intriguing idea. Here in the UK a few villages issued their own currency in the form of notes. The idea was to keep money in the local economy. Any currency is dependent on the willingness of others to accept it in exchange for goods and services and these currencies had strong local support, although I do not know if they still survive.

    I think the ICOs missed a trick – they should have been ISOs : Initial Share Offering. If they had been selling shares rather than ‘coins’ AND they all used the same blockchain then it would have created a virtual stock market. Dividends would be paid in shares which were bought on the market and allocated to the shareholders. Such a cheap way to issue shares would mean that a system like this could grow very rapidly, especially for smaller companies. It starts to undermine the need for Wall Street.

    Estonia’s voting blockchain is also a brilliant idea and is needed in most countries, especially America. Despite all the allegations of Russian interference it was noticed that there are more registered voters than there are actual potential voters!

    * For those who say Bitcoin is for criminals as it is anonymous : every Bitcoin has a record of EVERYONE who has ever owned it! [As some criminals found out!]

    #36732

    Diogenes Shrugged
    Participant

    I’ve attached a couple of videos that some might think reveal Israel’s double standards / hypocrisy. I’ll go a step further and say they reveal Israel’s state-sponsored, deeply racist political agenda.

    Israelis welcoming immigrants into Greece:

    Israelis jettisoning immigrants from Israel:

    A great advantage the medium of the Internet has over television, radio and print media is comments sections like this one. When uncensored, they function as a sort of peer-review. Except, of course, when the commenters fail to rise to the level of “peers.” It’s not unusual to see informed, thoughtful remarks alongside utterances better suited to an old AOL chat room.

    Incidentally, the second video (above) derived from the comments section after an article Nassim linked the other day. Indeed, I feel I’ve learned a lot from comments sections.

    That said, I’m reminded of The Grateful Dead:

    I see you’ve got your fist out,
    Say your piece and get out,
    Guess I get the gist of it, but it’s alright.
    Sorry that you feel that way,
    The only thing there is to say,
    Every silver lining’s got a touch of grey.

    R.I.P. Jerry

    #36733

    Dr. D
    Participant

    That seems odd and uncalled for. Does it show the recent worldview that anyone to right of Mao is now Hitler? Or is it that anyone to the right of ourselves is now Hitler?

    Trouble is, such cutting away has found the Left perched on a tiny branch made solely of the Trotskyist, identity-politics wing, and not only are they too purging themselves ever-smaller with a Neo-Cultural Revolution of ideological purity, but far worse, they don’t win elections. Being ever-smaller never does.

    Point being, TOLERANCE is the winning hand. Tolerance not just for races, nations, classes, but for diversity of all peoples. That is, people who are different from ourselves and think differently. Why? Because EVERYONE thinks differently than everybody else: that’s what makes the world work and what makes it worthwhile. Since that simple gradient has no clear markers, we have to let each other speak and address the concrete points of their argument, and not jump to logical fallacies like overgeneralization or false equivalence. It’s not true that all Conservatives are Fascists. It’s not even true that ZeroHedge sympathizes with Fascists. (It is, however, true that Fascists are Socialists and are therefore Leftists)

    In any case, the point, the legacy of Western Civilization itself, the culmination of all we’ve learned and proven in practice, is to let the other guy speak and assume in him as much goodwill as any facts will allow. After that, after the debate, discussion, the fact-proving by due process, then we make our determination.

    But not just by slinging words and adjectives, saying he once read something or met someone, that since he saw the enemy’s flag once, he must therefore be the enemy. That’s McCarthyism. That way madness lies. As we see in the news every day now.

    “Did you ever notice that anyone who drives slower than you is an idiot, and anyone who drives faster than you is a maniac?”
    —George Carlin.

    #36734

    Nassim
    Participant

    “She also bemoaned little progress on addressing the impacts of climate change which was having a “tangible effect” on the frozen continent”

    This would be funny, if she really believed her own statement which I doubt. “climate change” normally means “warming” to anyone who follows the media.

    This study compares the distribution of surface climate trends over the Southern Ocean in austral summer between 1979–2011 and 1950–1978, using a wide variety of data sets including uninterpolated gridded marine archives, land station data, reanalysis, and satellite products. Apart from the Antarctic Peninsula and adjacent regions, sea surface temperatures and surface air temperatures decreased during 1979–2011, consistent with the expansion of Antarctic sea ice. In contrast, the Southern Ocean and coastal Antarctica warmed during 1950–1978. Sea level pressure (SLP) and zonal wind trends provide additional evidence for a
    sign reversal between the two periods, with cooling (warming) accompanied by stronger (weaker) westerlies and lower (higher) SLP at polar latitudes in the early (late) period. Such physically consistent trends across a range of independently measured parameters provide robust evidence for multidecadal climate variability over
    the Southern Ocean and place the recent Antarctic sea ice trends into a broader context

    The “variability” bit at the end is there merely to get the paper published. The fact that matters is that the Antarctic and the oceans of the Southern Hemisphere have been cooling for many years. Most of the water in the planet is in the Southern Hemisphere and it largely determines the earth’s temperature. Even the North Atlantic has been cooling – although it is tiny in comparison.

    North Atlantic Cooling Has Plunged Below 1950s (And 1800s) Levels

    I really don’t understand why politicians are so determined to blatantly lie and for the media to support them 100%

    #36735

    Nassim
    Participant

    “How in the hell did the builders get that horizontal stone up there”

    More interestingly is how they moved the even bigger rocks to the site intact. There are few rivers moving from Wales to England.

    “On 18 December 2011, geologists from University of Leicester and the National Museum of Wales announced the discovery of the exact source of some of the rhyolite fragments found in the Stonehenge debitage. These fragments do not seem to match any of the standing stones or bluestone stumps. The researchers have identified the source as a 70-metre (230 ft) long rock outcrop called Craig Rhos-y-Felin (51°59′30.07″N 4°44′40.85″W), near Pont Saeson in north Pembrokeshire, located 220 kilometres (140 miles) from Stonehenge”

    Stonehenge Stones Were Moved 160 Miles
    Ancient bluestones match outcrop near Wales sheep farm, experts say

    Maybe some Egyptians came to offer some advice. 🙂

    #36744

    Accusing me of racism is a new low.

    #36746

    V. Arnold
    Participant

    Accusing me of racism is a new low.

    Ilargi; I would’nt let that post disturb you too much; rapier is obviously off his/her meds.
    Frankly, I was somewhat taken aback by that comment, but considered it an aberant comment.
    Which is why I commented as I did.
    Those of us who follow you know better; cheers for a better tomorrow…

Viewing 12 posts - 1 through 12 (of 12 total)

You must be logged in to reply to this topic.