The Freedom Watch

Paris Pickpockets Are Profiling Chinese Tourists

"Chinese visitors are descending on Paris in record numbers and their lavish spending on luxury brands has made them an irresistible target for thieves. Petty crime between January and the end of June in one of the world’s most-visited cities jumped 7.8 per cent compared with the same period in 2012 – but it was up by more than 24 per cent when it came to Chinese tourists. Jean-Francois Zhou, a tour operator based on the Champs-Elyseés, says that thieves see the hordes of Chinese as prime targets because they carry far more cash than visitors from other countries." Continue reading →

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Detroit’s Anarcho-Progressive Homesteaded Community

"They live off the grid for the most part, with only minimal services. They homestead abandoned buildings, applying their love and labor to make the structures functional and livable. They do accept donations to help them rebuild the abandoned structures. They also run a neighborhood bicycle collective and use vacant lots for urban farming. They appear to communicate that there has been no bureaucratic resistance to their homesteaded community. That is what makes Detroit so special right now – a lack of political officialdom in these areas of blight, allowing a spontaneous order to root and thrive." Continue reading →

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The Real Reason College Costs So Much

"In 1964, federal student aid was a mere $231 million. By 1981, the feds were spending $7 billion on loans alone, an amount that doubled during the 1980s and nearly tripled in each of the following two decades, and is about $105 billion today. Taxpayers now stand behind nearly $1 trillion in student loans. Meanwhile, grants have increased to $49 billion from $6.4 billion in 1981. By expanding eligibility and boosting the maximum Pell Grant by $500 to $5,350, the 2009 stimulus bill accelerated higher ed's evolution into a middle-class entitlement. Fewer than 2% of Pell Grant recipients came from families making between $60,000 and $80,000 a year in 2007. Now roughly 18% do." Continue reading →

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As Long As You Don’t Eat, Price Inflation Is Under Control

"USDA reports: Food prices have also been rising faster than in earlier years, and food price inflation has easily outpaced price inflation for many other types of goods. Among major consumer spending categories, only prices for transportation, which include a number of energy price measures, and medical care have risen faster than food prices[...] Since 2006, when commodity prices began their rollercoaster ride, the all-items CPI has risen 14 percent while the all-food CPI is up close to 20 percent. Here's the real concern: Americans are having to spend a larger portion of their disposable income on food; something that is a reversal of decades long trend." Continue reading →

Continue ReadingAs Long As You Don’t Eat, Price Inflation Is Under Control

Fargo man charged with coin theft from UPS hub

"A Fargo man has been charged in the theft from the UPS shipping center here of more than $65,000 worth of gold and silver coins being shipped by Treasure Island Coins to a customer. The first theft, which was of 20 American Eagle gold coins worth $33,797, was on April 15. The second, of 100 American Eagle silver coins worth $2,570, was on June 6. The third was six days after that. Twenty Canadian Maple Leaf gold coins worth $28,840 were stolen. Keller told police that Pulicicchio was best friends with someone who worked at UPS." Continue reading →

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Henry Hazlitt at The New York Times

"Hazlitt was the top man in economics at the most influential newspaper in the world during the most important period of revolution in the history of the United States. This is not a story that the American Left is aware of. Hazlitt was the most prominent disciple of Ludwig von Mises in the United States during these years. He was by far the most effective voice of liberty in the country, both in his ability to write and the influence of his position. The American Right forgets this. In an era of neoconservative dominance, Hazlitt’s libertarianism is not part of an intellectual legacy that the leadership of the conservative political movement chooses to highlight." Continue reading →

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Diamonds, Advertising, DeBeers and Sex

"Starting in 1935 in Indiana, U.S. states started altering their laws to abolish the action for breach of promise. Women responded, by Brinig's account, by requiring a down payment from their fiancees in the form of an expensive ring—which forfeited if the fiancee terminated the engagement. Think of it as a performance bond. Brinig looked at data on diamond imports and concluded that the demand for diamonds started to rise about 1935, four years before the Ayer marketing campaign that is usually given credit for creating the demand for engagement rings. The evidence also suggested that the custom began declining once premarital sex became widely accepted." Continue reading →

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IMF’s Lagarde Pleads: Fed Tapering Will Be ‘Arduous’ on Global Economy

"The head of the International Monetary Fund cautioned the world's major central banks Friday not to withdraw their unconventional support for weak economies too soon, according to numerous wire service reports. IMF Managing Director Christine Lagarde said stimulative policies are still needed in key regions, especially Europe and Japan, which have struggled with prolonged weakness. 'Even if managed well,' Lagarde said of a central bank’s exit from easy-money policies, that could still present an 'arduous obstacle course' for other countries. Lagarde said what’s needed is greater policy coordination and cooperation for the sake of the entire globe." Continue reading →

Continue ReadingIMF’s Lagarde Pleads: Fed Tapering Will Be ‘Arduous’ on Global Economy

Moody’s considers downgrading top US banks

"Moody's has warned that it could cut the credit ratings of the six biggest US banks, saying the federal government may be less likely to bail them out if they got into trouble in the future. Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo could be downgraded, the rating agency said on Thursday. The review by the second-largest rating agency in terms of market share follows a similar statement from rival Standard & Poor's in June, and comes as governments are reshaping the regulation of banking and trying to prevent a repeat of the bailouts of the credit crisis era. Lower credit ratings could raise the cost of capital for bank holding companies." Continue reading →

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Gold’s rebound: Why it’s believable this time

"Kelly Teoh, market strategist at IG Markets who believes the upside in gold has legs, said investors are moving into the precious metal because Asian currencies are under tremendous pressure. 'If you look at all the various asset classes, the U.S. equities are at all-time highs, Asian ex-Japan equities are lagging, commodities is the only asset class that's underperformed so I see value in that,' she added. Barclays' chief technical strategist Dhiren Sarin says gold has either already formed, or is in the process, of establishing a 'very strong base.'" Continue reading →

Continue ReadingGold’s rebound: Why it’s believable this time