Monthly Archives: July 2013

Patients’ advocates ask Supreme Court to decide medical value of marijuana

"A group that advocates on behalf of medical marijuana patients has asked the nation’s highest court to decide whether marijuana is a dangerous drug with no medical value. Americans for Safe Access on Monday appealed a District of Columbia Circuit Court decision that upheld marijuana’s federal Schedule I status. In their appeal, ASA contends the D.C. Circuit Court was wrong to equate 'currently accepted medical use' with only FDA-approved studies. The D.C. Circuit Court also 'simply ignored that marijuana has an extremely low abuse potential relative to other controlled substances, despite having been presented voluminous evidence,' according to the appeal." Continue reading →

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Does Free Money Exist?

"The social credit crackpottery of the 1930s has returned, wrapped in the robes of Neo-Nazi statism. Those boosting it wrap their rhetoric in anti-banker sentiments, but make no mistake: A meme of this magnitude is a Tavistock-like promotion. These people use the rhetoric of libertarianism to arrive at terrifyingly statist conclusions. The state wiped out some 150 million people in the 20th century, and we would actually think it's a lot more. The upshot of social credit is a fascist society in which only the biggest corporations survive, in league with the government itself. And these ideas are gaining traction." Continue reading →

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Krugman thinks low interest rates are behind the boom in paper currency. Not so fast!

"Yes, as Krugman says, interest rates are probably an important factor. But I’m not so sure they’re the most important factor — for a few reasons. For starters, a lot of the demand for U.S. currency is coming from abroad. If you’re in another country with high inflation or severe instability, one of your main concerns is going to be preserving your purchasing power. About 70 percent of U.S. currency today – in the form of $100 bills – is abroad, compared to about 50 percent two decades ago. And while the total level of $100 bills outstanding in the United States has a little more than doubled over 20 years, the growth in $100 bills abroad has increased by far more." Continue reading →

Continue ReadingKrugman thinks low interest rates are behind the boom in paper currency. Not so fast!

Timing the Bottom

"We think the safest portfolio allocation under present circumstances would be 50% gold, 50% cash. But preserving wealth is not our only goal here at Casey Research. For many of us, readers and colleagues alike, it's not even our top priority: we want to make money—lots of money. And it is our view that the recent market volatility is evidence that our projections of more economic trouble ahead were and are correct. That means our overall strategy is correct and remains intact, which in turn implies that the current selloff is a buying opportunity. Hence, we still recommend our basic allocation model of 33% cash, 33% gold, and 33% equities that should do well in times of crisis." Continue reading →

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Buying Booze With Bitcoins: Yes, I Took One For the Team

"So, it turns out buying electronic cyberbeer is practically indistinguishable from everyday pint purchasing. The only difference was that instead of handing over a tenner or your VISA card, you have to stop sexting or Instagramming the crisps or whatever, and scan a QR code using the Bitcoin wallet app on your smartphone. Yup, not only has Stephen Early found a good use for Bitcoin, he has also managed to do the same for QR codes — formerly a technology with literally no practical applications whatsoever. I can’t be bothered googling who is in charge of the UK’s digital infrastructure but whoever it is, they need to snap this guy up and give him the keys." Continue reading →

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For Bitcoin VCs, There’s No Sexier Word Than “Compliance”

"'There are few things scarier than the threat of the government turning off your [portfolio] business and that possibility 100 percent exists with bitcoin,' said Matthew Witheiler, principal at Flybridge Capital Partners, and one of the four investor panelists at the pitch event. 'The bitcoin companies that win will be the ones that play by the rules.' Andrew Chang, a partner at Liberty City Ventures, a VC firm that has created a dedicated bitcoin startup fund, said he is looking for startups that approach their business 'not necessarily as tech startups would approach it, but as financial institutions would.'" Continue reading →

Continue ReadingFor Bitcoin VCs, There’s No Sexier Word Than “Compliance”

US Supreme Court Rules Against DMV Disclosing Driver Info

"The US Supreme Court issued a ruling Monday confirming federal privacy protections for the personal information stored by state motor vehicle departments. The justices considered the issue in a case where one group of lawyers found a way to file a $200 million class action lawsuit against another group of lawyers that also files class action lawsuits. Ordinarily, the federal Driver's Privacy Protection Act (DPPA) prohibits the disclosure of personal information from motor vehicle records, unless it is for law enforcement or public safety purposes. The law does have an additional exemption for 'investigation in anticipation of litigation.'" Continue reading →

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Final Score: Dwight Howard 8,000,000 – Jerry Brown 0

"A state nurse getting $331,000 of annual compensation; A county administrator getting $423,000 pensions; A state psychiatrist getting $822,000 of annual compensation; Cops that get $188,000 of annual compensation; A city manager getting $800,000 of annual compensation. But overpaid bureaucrats are not the only problem. California politicians are experts at wasting money in other ways, such as the supposedly high-speed rail boondoggle that was supposed to cost $33 billion and now has a price tag of $100 billion." Continue reading →

Continue ReadingFinal Score: Dwight Howard 8,000,000 – Jerry Brown 0

The European Parliament’s Pro-Tax Politicians Should Go After their Own Tax-Protected Salaries

"What’s the most noxious example of hypocrisy from the political class? Our old friend Dan Hannan from the European Parliament has another contestant. His tax-hungry colleagues (like their American counterparts) are bashing Apple, Google, and other multinationals for legally minimizing their tax burdens. Yet as Dan explains, parliamentarians from 24 out of 27 nations get a sweetheart deal and pay a very low flat tax. But I must say none of these examples of hypocrisy can compete with the bureaucrats from the OECD and IMF, both of whom get completely tax-free salaries while pushing for higher taxes on the rest of us." Continue reading →

Continue ReadingThe European Parliament’s Pro-Tax Politicians Should Go After their Own Tax-Protected Salaries

Congress OKs General Atomics deal to sell Reaper drones to France

"The NATO-led air war in Libya in 2011 and the French military intervention in Mali this year have underscored France’s shortage of surveillance drones, which have transformed warfare in the past decade since being introduced on a large-scale in the US wars in Iraq and Afghanistan. In justifying the sale, the agency said it is 'vital to the US national interest to assist France to develop and maintain a strong and ready self-defense capability' and that the drones would bolster the intelligence and surveillance capability of France while also ensuring American and French forces can operate jointly." Continue reading →

Continue ReadingCongress OKs General Atomics deal to sell Reaper drones to France