statism

Bill Bonner: Has gold bottomed out?

"Is there any reason to doubt? Any reason for worries? Any reason to stash a gold coin in your safe, just in case this reprise of credit-based money doesn’t pan out? It took the Soviets 70 years to realise that their experiment with primitive communism wouldn’t work. They tried to run a huge, modern nation as though it were a paleolithic tribe. It took Zimbabwe nearly 30 years to discover that it couldn’t cover its expenses by printing up its own credit-based money (though it didn’t begin running the presses at full speed until near the end). And how long did it take the Thousand-Year Reich to discover that ignoring the laws of civilised nations would be fatal? Only 12 years!" Continue reading →

Continue ReadingBill Bonner: Has gold bottomed out?

Larry Summers’s Billion-Dollar Bad Bet at Harvard

"Matthew Klein at WaPo reminds us of the reckless bet that Larry Summers made on interest rates when he was president of Harvard. The Harvard endowment suffered serious losses. These were the risky investments that Iris Mack warned Summers about in an email and which resulted in her getting fired. Summers is now being considered for chairmanship of the Federal Reserve, where he would be in charge of interest rate policy." Continue reading →

Continue ReadingLarry Summers’s Billion-Dollar Bad Bet at Harvard

Jim Rogers: Why Gold Broke Its Bull Run

"As Rogers notes, India is the largest buyer of gold in the world, giving them a fair amount of influence over the price of the metal. As gold continued to skyrocket in price, so too did India’s trade deficit, the largest drivers of which are gold and oil. As Rogers states, the nation can’t do much about oil prices, so that leaves gold to take the fall. As such, India has taken a number of measures to slow the import of gold including a ban on installment credit card purchases. The first half of May saw India purchase $135 million in the first two weeks of the month, but only $36 million the latter two weeks of the month." Continue reading →

Continue ReadingJim Rogers: Why Gold Broke Its Bull Run

Ex-Goldman Sachs director Rajat Gupta fined $13.9 million for insider trading

"A federal judge Wednesday ordered former Goldman Sachs board member Rajat Gupta to pay a $13.9 million penalty related to insider trading. The SEC’s case against Gupta concerns alleged civil violations stemming from his communications with former Galleon hedge fund tycoon Raj Rajaratnam. In a parallel criminal case, a New York jury in June 2012 convicted Gupta of spilling boardroom secrets to Rajaratnam. In addition to his spot on the Goldman Sachs board, Gupta had been head of the renowned consultancy McKinsey & Co and a director of Procter & Gamble, making him one of the most successful Indian immigrants in the United States." Continue reading →

Continue ReadingEx-Goldman Sachs director Rajat Gupta fined $13.9 million for insider trading

Indian government again urges Indians not to buy gold

"India's Finance Minister P Chidambaram has appealed to the people, once again, to moderate their demand for gold. While insisting that the government would not rule out a complete ban on gold imports, as has been discussed in some quarters, he pointed out the precious metal has cost the nation $50 billion in foreign exchange. Stating that there is a long time attachment to gold in India, the minister asked, '... can we for sometime moderate the demand for gold?' Asking investors to cut down on their purchases as a starting point, Chidambaram suggested buying 10 grams of gold if one was inclined to buy 20 grams of gold." Continue reading →

Continue ReadingIndian government again urges Indians not to buy gold

Bill Bonner: The war on the young

"Rules, regulations, restrictions - he doesn't recall voting for a single one. Instead, they were imposed upon him. So were the costs of today's omni-eternal state with claims - in the US alone -- on (according to Niall Ferguson) some $238 trillion of future output. Dear reader, between the time when we grew up and today the world has changed. It has been taken over by zombies, desperate to drain the future so they can enjoy it now. Old people get their benefits. Their laws. Their privileges. They get to have things more or less as they want them. And the young? Take it or leave it. No wonder so many are trying to leave." Continue reading →

Continue ReadingBill Bonner: The war on the young

Fearful Indian schoolchildren refuse free school meals after 22 die, dozens sickened

"India’s state governments run the world’s largest school feeding programme involving 120 million children. Bihar is one of India’s most populated and poorest states. Educators see the scheme as a way to increase school attendance, in a country where almost half of all young children are undernourished. But children often suffer from food poisoning due to poor hygiene in kitchens and occasionally sub-standard food. Authorities have instructed all teachers and cooks in the state to first taste the free lunch before serving to the children. 'We will have to make parents believe that mid-day meals provide nutrition and are not meant to kill students,' said Lakshmanan." Continue reading →

Continue ReadingFearful Indian schoolchildren refuse free school meals after 22 die, dozens sickened

Colbert: If poor people want food stamps, they should become massive corporations

"'The Farm Bill is a routine piece of legislation that provides subsidies for farmers while setting aside money for food stamps. It’s a win-win, help for the folks who grow the corn and help for folks who live on nothing but corn syrup.' 'But, last week, House Republicans agreed to an historic compromise on food stamps,' said Colbert, 'by eliminating the food stamps.' 'It is a principled conservative message based on the old adage, ‘Give a man a fish and he’ll eat for a day. Take away his food stamps, and he’ll found FishCo, a multinational food conglomerate that gets a massive subsidy in the next Farm Bill.’'" Continue reading →

Continue ReadingColbert: If poor people want food stamps, they should become massive corporations

Utah Spent $26K to Ferret Out Welfare Drug Users, Found Nine

"Of 4,425 people screened for drug use after seeking aid, only 813 were deemed to be at high risk of drug use, only 394 were actually subjected to drug testing, and of those, only nine were denied benefits because they tested positive and five are undergoing treatment. The state spent more than $26,000 to achieve these results. It spent more than $5,000 to administer the Substance Abuse Subtle Screening Inventory (SASSI) test to applicants and more than $20,000 to pay for drug testing. Those figures do not include staff costs to administer the SASSI test or the costs of drug treatment." Continue reading →

Continue ReadingUtah Spent $26K to Ferret Out Welfare Drug Users, Found Nine

Hey, kids – let’s talk about heroin!

"In Switzerland, they took a different approach — give it away for free. Yes, they gave away free, controlled, safe doses of heroin to addicts in a clean clinic with doctors and social workers. They did a study in conjunction with this program and found a 94% reduction in criminal activity by those in the program; addicts were living longer; once stabilized they had an easier time kicking the drug; and… they made it unprofitable to be a criminal heroin dealer, so fewer young people were starting! Changing our drug laws will save lives." Continue reading →

Continue ReadingHey, kids – let’s talk about heroin!