Land Of The Flea

Demography is Destiny, Hold On To Your Wallet

"Already, the media drumbeat about 'America’s retirement crisis' — laying further groundwork for a mandatory savings plan — is becoming deafening. Into this void the academics and fund managers have stepped with what you might call 'the Australian Solution.' Fair warning: The politicians won’t be far behind. We won’t let our guard down on the 401(k) confiscation issue, but all the same, we find the Australian Solution comforting in its own awful way. Mandatory retirement savings are a terrible idea. But all else being equal, it’s a better idea than forcing you to convert some of your existing 401(k) account into U.S. Treasury debt." Continue reading →

Continue ReadingDemography is Destiny, Hold On To Your Wallet

Demography is Destiny, Hold On To Your Wallet

"Already, the media drumbeat about 'America’s retirement crisis' — laying further groundwork for a mandatory savings plan — is becoming deafening. Into this void the academics and fund managers have stepped with what you might call 'the Australian Solution.' Fair warning: The politicians won’t be far behind. We won’t let our guard down on the 401(k) confiscation issue, but all the same, we find the Australian Solution comforting in its own awful way. Mandatory retirement savings are a terrible idea. But all else being equal, it’s a better idea than forcing you to convert some of your existing 401(k) account into U.S. Treasury debt." Continue reading →

Continue ReadingDemography is Destiny, Hold On To Your Wallet

Michigan’s 4.375% Yield on School Notes Shows Detroit Stigma

"Michigan’s Finance Authority is offering an interest rate almost 14 times higher than that on top-rated bonds to sell $92 million of one-year notes for Detroit’s public schools. Today’s deal is the first tied to the Motor City since it sought bankruptcy protection July 18. The bonds are backed by state aid payments. The securities maturing in August 2014 are being offered with a preliminary yield of 4.375 percent, down from 4.5 percent earlier in the sale, according to three people familiar with the deal who requested anonymity because the pricing wasn’t final. That compares with a 0.32 percent interest rate on benchmark AAA munis due in one year." Continue reading →

Continue ReadingMichigan’s 4.375% Yield on School Notes Shows Detroit Stigma

Michigan’s 4.375% Yield on School Notes Shows Detroit Stigma

"Michigan’s Finance Authority is offering an interest rate almost 14 times higher than that on top-rated bonds to sell $92 million of one-year notes for Detroit’s public schools. Today’s deal is the first tied to the Motor City since it sought bankruptcy protection July 18. The bonds are backed by state aid payments. The securities maturing in August 2014 are being offered with a preliminary yield of 4.375 percent, down from 4.5 percent earlier in the sale, according to three people familiar with the deal who requested anonymity because the pricing wasn’t final. That compares with a 0.32 percent interest rate on benchmark AAA munis due in one year." Continue reading →

Continue ReadingMichigan’s 4.375% Yield on School Notes Shows Detroit Stigma

Decline and Fall: The Second Stage is Anger

"Not too long ago, I predicted that if I live to the average American male lifespan of 76 — I’m 46 now — I’ll have outlived the United States as we know it. At the time, I feared I was being over-optimistic, but lately I’m leaning the other way and thinking that my timetable may have been unduly timid. The recent temper tantrums of the American political class and its toadies abroad bring to mind an old saying (incorrectly attributed to Gandhi) — 'first they ignore you, then they laugh at you, then they fight you, then you win' — and the Kubler-Ross model of grief. Our would-be masters appear to have moved forward from 'denial' to 'anger' in a big way." Continue reading →

Continue ReadingDecline and Fall: The Second Stage is Anger

What NSA Transparency Looks Like

"That is the publicly released version of a semiannual report from the administration to Congress describing NSA violations of rules surrounding the FISA Amendments Act. The act is one of the key laws governing NSA surveillance, including now-famous programs like Prism. As an oversight measure, the law requires the attorney general to submit semiannual reports to the congressional intelligence and judiciary committees. The section with the redactions above is titled 'Statistical Data Relating to Compliance Incidents.' The document, dated May 2010, was released after the ACLU filed a freedom of information lawsuit." Continue reading →

Continue ReadingWhat NSA Transparency Looks Like

Judge: California can force-feed inmates on hunger strike

"U.S. District Court Judge Thelton E. Henderson, responding to a request by state authorities, ruled that California prison doctors may force-feed select inmates who are near death, even if they had signed orders asking not to be resuscitated. Some 136 inmates are currently taking part in a hunger strike that begun July 8 in prisons statewide to demand an end to a policy of housing inmates believed to be associated with gangs in near-isolation for years. Some 69 of the striking inmates have refused food continuously since the strike began." Continue reading →

Continue ReadingJudge: California can force-feed inmates on hunger strike

Outrageous Julian Assange Tweet By Time Reporter Michael Grunwald

"A TIME magazine reporter caused ire on Twitter Saturday night when he said that he 'can't wait to write a defense of the drone strike that takes out' Wikileaks founder Julian Assange. Michael Grunwald's tweet, since deleted, was quickly met with outrage and bewilderment. Glenn Greenwald, who recently broke several revelations about NSA surveillance programs based on documents provided to him by leaker Edward Snowden, was particularly vocal in expressing his disgust with Grunwald's statement. The Young Turks host Cenk Uygur breaks it down." Continue reading →

Continue ReadingOutrageous Julian Assange Tweet By Time Reporter Michael Grunwald

FATCA and the End of Bank Secrecy

"It seems that there is little understanding that it was banking secrecy that helped to resist twentieth-century dictatorships and that high tax rates — not money havens — are responsible for tax evasion, as Prince Hans-Adam of Lichtenstein has pinpointed. Clearly the amount of information collected for the purpose of future tax investigation is enormous, leaving little place for human privacy and dignity." Continue reading →

Continue ReadingFATCA and the End of Bank Secrecy

California Court Of Appeal Expands Warrantless Motorist Blood Draws

"California's second highest court on Thursday made it easier for police to forcibly draw blood from motorists suspected of driving under the influence of alcohol (DUI). In coming to this conclusion, the Court of Appeal overturned the decision in seven Alameda County cases brought before the Superior Court's Appellate Division where drivers had their blood taken at a jail facility. The Court of Appeal stepped in to set a precedent restoring the state's ability to perform warrantless blood draws in a wider variety of circumstances." Continue reading →

Continue ReadingCalifornia Court Of Appeal Expands Warrantless Motorist Blood Draws