Bullshit Artists

Historical Opportunity for 21st Century Economics

"Who are people turning to nowadays for business advice? Celebrity economists. Big-name experts on the economy like Paul Krugman, Joseph Stiglitz, Michael Porter, Robert Reich and Muhammad Yunus feature prominently in a new ranking of influential business thinkers compiled for The Wall Street Journal. The findings – based on Google hits, media mentions and academic citations – show just how much the business-guru landscape has changed since 2008, when a previous ranking was conducted using similar methodology. Author and consultant Gary Hamel ranked No. 1 at the time, a spot now occupied by Krugman." Continue reading →

Continue ReadingHistorical Opportunity for 21st Century Economics

France and Germany eat their words on US trade talks

"France and Germany have backed down on threats to suspend US trade talks, after the US offered to set up more 'working groups' on data protection. EU leaders meeting in Berlin on Wednesday (3 July) for a summit on youth unemployment said the US trade negotiations will start next week as planned. French President Francois Hollande's spokesman had said on Wednesday morning the talks should be put on hold until the US fully clarifies if it is snooping on EU citizens and bugging EU offices in Brussels, New York and Washington. But on Wednesday evening Hollande said the US offer on extra working groups is good enough." Continue reading →

Continue ReadingFrance and Germany eat their words on US trade talks

George Clooney Arrives at the Bank of England

"We wrote just yesterday about Mark Carney, the central banker from Canada who has arrived on the scene in Britain to take over the reins of England's central bank. The adulatory press coverage has been just what we expected, and even more so. We've already been treated to reports of how Carney took the 'tube' to work and in this video we learn that he arrived a full hour early to work. We are reminded once more that central banking is as much a public spectacle as an exercise of monetary power. Carney has obviously been picked because he is a man who seems relaxed even under the glare of publicity and comes across as confident but levelheaded." Continue reading →

Continue ReadingGeorge Clooney Arrives at the Bank of England

Text of the June 27 Letter of 26 U.S. Senators to the Director of National Intelligence

"Twenty-six Senators on June 27 sent a letter to James Clapper, the Director of National Intelligence. The letter begins with an admission that the information about this domestic snooping came from 'an unauthorized disclosure.' This means Edward Snowden. Only because Snowden had the courage to release the documents supporting this practice were 26 Senators willing to confront the domestic spying network. We will now get to see Mr. Clapper stonewall the 26 Senators. We will get to see if he gets fired for stonewalling them. We will get to see if the officially admitted budget of the NSA is reduced for Clapper to comply with the requests of the 26 Senators." Continue reading →

Continue ReadingText of the June 27 Letter of 26 U.S. Senators to the Director of National Intelligence

Peter Schiff: Tapering the Taper Talk

"In truth, I believe that the Fed's next big announcement will be to increase, not diminish QE. After all, Bernanke made clear in his press conference that if the economy does not perform up to his expectations, he will simply do more of what has already failed. Of course, when the Fed is forced to make this concession, it should be obvious to a critical mass that the recovery is a sham. Investors will realize that years of QE have only exacerbated the problems it was meant to solve. When the grim reality of QE infinity sets in, the dollar will drop, gold will climb, and the real crash will finally be upon us. Buckle up." Continue reading →

Continue ReadingPeter Schiff: Tapering the Taper Talk

Peter Schiff: The Golden Cycle

"This analysis provides a good representation of the current conventional wisdom. The only twist here is that the article from which this summary is derived appeared in the August 29, 1976 edition of The New York Times. When the gold price approached $100 per ounce, a nearly 50% decline, the obituaries came fast and furious. Everyone assumed that the gold mania would never return. Although the writer of The Times piece did not yet know it, the bottom for gold had been established four days before his article was published. Few realized at the time that the real economic pain of the 1970's had (to paraphrase The Carpenters 1970's hit) 'Only Just Begun'." Continue reading →

Continue ReadingPeter Schiff: The Golden Cycle

Lying To Congress Is Legal, If You’re Intelligence Chief James Clapper — Now Apologizing

"The US director of national intelligence, James Clapper, has attempted to head off criticism that he lied to Congress over the extent of government surveillance on American citizens, with a letter to senators in which he apologised for giving 'erroneous' information. Two weeks after telling NBC news that he gave the 'least untruthful answer possible' at a hearing in March, Clapper wrote to the Senate intelligence committee to correct his response to a question about whether the National Security Agency 'collected data on millions of Americans'." Continue reading →

Continue ReadingLying To Congress Is Legal, If You’re Intelligence Chief James Clapper — Now Apologizing

Bush says ‘civil liberties were guaranteed’ under his NSA Internet surveillance

"Former President George W. Bush is insisting that a NSA Internet surveillance program started during his administration 'guaranteed' civil liberties, and that Edward Snowden 'damaged the country' by leaking details about it. In an interview with CNN, Bush was confident that 'the Obama administration will deal' with Snowden and the fallout from his leaks. 'I think he damaged the security of the country,' he explained. 'I put the program in place to protect the country, and one of the certainties is civil liberties were guaranteed.' The former president added that his program had found 'the proper balance' between privacy and security." Continue reading →

Continue ReadingBush says ‘civil liberties were guaranteed’ under his NSA Internet surveillance

Bush says ‘civil liberties were guaranteed’ under his NSA Internet surveillance

"Former President George W. Bush is insisting that a NSA Internet surveillance program started during his administration 'guaranteed' civil liberties, and that Edward Snowden 'damaged the country' by leaking details about it. In an interview with CNN, Bush was confident that 'the Obama administration will deal' with Snowden and the fallout from his leaks. 'I think he damaged the security of the country,' he explained. 'I put the program in place to protect the country, and one of the certainties is civil liberties were guaranteed.' The former president added that his program had found 'the proper balance' between privacy and security." Continue reading →

Continue ReadingBush says ‘civil liberties were guaranteed’ under his NSA Internet surveillance

Audit Findings: State Lab Lies About Blood Alcohol Levels

"A recent audit of the state lab that conducts alcohol blood tests found that the laboratory skews test results in favor of prosecutors. So while drunk-driving laws are already utterly arbitrary and damaging for people don't even damage any person or property, it turns out that being sober by the state's standards won't even save you. The state will simply fudge the science or outright lie to favor itself." Continue reading →

Continue ReadingAudit Findings: State Lab Lies About Blood Alcohol Levels