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By Tyler Durden

Submitted by Kelly Wright via The Foundation for Economic Education,

Every year the number of regulations, dictates, rules, decrees, guidelines, statutes, laws, and bylaws in the United States grows by leaps and bounds. Just look at the growth in the number of final rules contained in the Federal Register:

Government Overreach

Now it seems we can’t go a week without hearing a new story about someone being punished, with fines or even jail time, for activities that would be encouraged in a free society. I’ve taken the liberty (pun intended) of compiling some of the more egregious examples of this trend for your reading pleasure (or displeasure).

1. Single mom faces possible jail time for selling $12 worth of ceviche to an undercover police officer.

Mariza Ruelas had her day in court in early November. Her crime? She sold a $12 plate of ceviche, an authentic Mexican dish, to an undercover cop on Facebook.

I know what you’re thinking: Why are police setting up stings to catch people selling food to willing customers over Facebook? Don’t they have actual crimes to investigate — like ones with actual victims? I wish I knew the answers to those questions.

2. Federal prosecutors threaten Aaron Swartz with a life-crushing sentence for downloading academic articles.

On January 11^th 2013, Aaron Swartz ended his own life, concluding one of the biggest miscarriages of justice in contemporary history.

In the months leading up to his suicide, Swartz had been embroiled in a legal battle with the federal government after prosecutors charged Swartz under the draconian Computer Fraud and Abuse Act. His crime? Downloading thousands of academic articles from the JSTOR database.

The CFAA is a particularly cruel piece of legislation, as it carries severe mandatory minimum sentencing requirements, resulting in Swartz facing up to 35 years in prison for a nonviolent crime.

Many legal observers at the time pointed out that had Swartz robbed a bank, aided al-Qaeda, or produced child pornography he would have faced a more lenient sentence.

Swartz’s story was detailed in great depth in the documentary The Internet’s Own Boy. The documentary was released under the Creative Commons — a nonprofit initiative Aaron Swartz himself was an early architect of — so you can watch it for free on YouTube.

3. Government claims ownership of all water, jails Oregon man for 30 days for collecting rainwater on his own property.

Way back in 2012 the libertarian blogosphere was abuzz over an egregious case of local government tyranny out of Oregon. Gary Harrington was sentenced to spend 30 days in jail for the crime of collecting rainwater using three reservoirs (that’s newspeak for “ponds”) on his property.

Oregon law states that all water is a public resource, to be owned communally by the collective population of Oregon, and as such any attempts to obtain or store water must first begin with applying for the proper permits to do so. Yes, really.

One of the reservoirs on his property had been there for 37 years, Harrington said. …read more

Source: 5 Blood-Boiling Cases Of Government Overreach

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By globalintelhub

2016 was a bad year for hedge funds, pension funds, and university endowments. In fact, the last several years have been horrible. But until now, there haven’t been many alternatives. Hedge Funds became popular for investors who wanted to achieve more than the 4% or 6% offered by traditional managed investments like mutual funds. Although their history evolved from the idea of ‘hedging’ the market (hedge funds could sell AND buy, can you imagine?) this quickly evolved into an asset class where managers employed strategies based on mathematics in order to achieve above than average and above than expected returns. And some private funds such as Renaissance do very well year in and year out – continued to this day. But the majority suffer from strategy fatigue, and failure to bring in a new generation of ‘quants’ that can do anything more than copy, paste, and cold call. If we skip all the Soros bashing about how he manipulates politics (which, on the surface, is not a bad investing strategy if you have the money to do it, and to control both sides – this is a Rothschild invention not a Soros invention) – the Soros family of funds outperformed their peers by a significant multiple. These funds were trading the markets, unlike what some may want us to believe. Some of their policies to ‘influence’ foreign markets (historically, from the 80s) may have been seen as unethical – and it may be. But the returns have always been spectacular. We’ll see soon if Robert can continue the family legacy of great returns – it looks like – yes he can!

But the few examples of extraordinary funds with consistent returns like Renaissance, they’re an anomaly. The industry in general has suffered from poor returns, which when combined with the standard 2/20 fee model – can be disastrous for investors’ confidence. Bloomberg ran a story recently with verbage such as “The year Big Money ditched Hedge Funds:

“There has been a massive blowback from public pension funds and private endowments,’’ said Craig Effron, who co-founded his Scoggin Capital Management nearly 30 years ago. An investor told him recently that many chief investment officers are so fed up that they would prefer to entrust their cash to a trader who charged no management fee, over one who did, even if they expected the latter to make them more money.

Public retirement plans from Kentucky to New York, New Jersey and Rhode Island have decided to pull money from hedge funds. So did a state university in Maryland and other endowments. MetLife Inc. and other insurers followed suit. Money-losing firms were forced to reduce their fees. Client withdrawals ($53 billion in the last four quarters) drove some managers out of business, including veteran Richard Perry, who until recently had managed one of the longest-standing and better-performing firms.

It’s not surprising that investors – especially institutional investors, are abandoning …read more

Source: Slow death of the hedge fund era

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By Tyler Durden

During a brief, informal exchange with reporters on New Year’s Eve at his Mar-a-Lago estate in Palm Beach, Donald Trump questioned the official version of the “Russians hacking the election”, saying it was possible “somebody else” compromised the Democratic campaign’s servers, adding that he will reveal some previously undisclosed facts in the coming days by hinting that “I also know things that other people don’t know, we they cannot be sure of the situation.”

Asked what that information included, the Republican President-elect said, “You will find out on Tuesday or Wednesday.” He did not elaborate.

Trump also reiterated his belief that others might be responsible for the cyberattacks: “I know a lot about hacking. And hacking is a very hard thing to prove. So it could be somebody else. And I also know things that other people don’t know, and so they cannot be sure of the situation.”

“I think it’s unfair if we don’t know. It could be somebody else,” Reuters cited Trump as telling the media.

He also added that computers are a risky form of communication. “It’s very important, if you have something really important, write it out and have it delivered by courier, the old fashioned way because I’ll tell you what, no computer is safe,” Mr. Trump added. “I don’t care what they say, no computer is safe. I have a boy who’s 10 years old, he can do anything with a computer. You want something to really go without detection, write it out and have it sent by courier.”

Trump was responding to questions about his position on the alleged Moscow-backed “hacking” of the Democratic National Committee that resulted in the emergence of leaks unfavorable to Hillary Clinton. While he has consistently shrugged off the accusations, which also claimed he was backed by Russia against Clinton, Trump on Thursday reacted to the new sanctions against Russia and the release of a report by the FBI and the DHS with a promise to attend intelligence briefings to be updated on the matter. Russia at first vowed to retaliate, but on Friday, President Vladimir Putin said his government wouldn’t expel U.S. diplomats in reprisal. That, in turn, prompted Trump to post on his Twitter account: “Great move on delay (by V. Putin). I always knew he was very smart!”

The President-elect said he wanted to press U.S. intelligence agencies to make sure they are correct in asserting that Russia was behind a cyberattack aimed at disrupting the 2016 presidential race, asserting that the US intelligence community has been wrong before. He made reference to a government assessment before the U.S. invasion of Iraq in 2003 that the country’s former leader, Saddam Hussein, possessed weapons of mass destruction.

“And if you look at the weapons of mass destruction, that was a disaster and they were wrong,” Mr. Trump said, according to the press pool report. “And so I want them to be sure. I think it’s unfair if they don’t know.”

As we reported last week, the latest joint report by the …read more

Source: Trump Hints At "Russian Hacking" Revelations In Coming Days: "I Know Things Other People Don’t"

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By Tyler Durden

A manhunt was underway for a gunman who opened fire on people at a packed nightclub on the shores of Istanbul’s Bosphorus waterway on New Year’s morning, killing at least 39 people, including 15 foreigners, then fled the scene.

The suspect escaped the scene by changing clothes at the club after the attack, according to reports on Turkish media. There have also been rumors that there was a second attacker, but officials are now just talking about one terrorist.

While Turkish authorities are starting to uncover evidence about a gun attack on an Istanbul nightclub which killed 39 people on Sunday but there is no clarity yet on who was responsible, Turkish Prime Minister Binali Yildirim said. “Some details have started emerging, but the authorities are working towards a concrete result,” Yildirim told reporters, when asked about who might have been behind the attack.

“Police and security officials will share information as it becomes available during the investigation,” he said.

While no group has yet claimed responsibility for the attack, Metin Gurcan, an Istanbul-based security analyst, told BBC “signs point to the Islamic State.”

Security camera footage obtained by AP from Haberturk newspaper, shows the male assailant dressed in black and carrying a backpack as he shoots down a police officer outside the Reina nightclub. Footage taken by a different camera shows him inside the venue wearing different clothes and a Santa Claus hat.

“A manhunt for the terrorist is underway. Police have launched operations. We hope the attacker will be captured soon,” said Interior Minister Suleyman Soylu adding that 15 or 16 of those killed at Reina were foreigners but only 21 bodies had so far been identified. He told reporters 69 people were in hospital, four of them in critical condition.

Nationals of Saudi Arabia, Morocco, Lebanon, Libya, Israel and Belgium were among those killed, officials said. France said three of its citizens were wounded.

The attacker, armed with a long-barreled weapon, killed a policeman and a civilian outside Istanbul’s popular Reina club at around 1:15 a.m. before entering and firing on people partying inside, Istanbul governor Vasip Sahin said.

“Unfortunately (he) rained bullets in a very cruel and merciless way on innocent people who were there to celebrate New Year’s and have fun,” Sahin told reporters.

A Turkish coast guard boat patrols in front of the Reina nightclub by the Bosphorus

As Reuters notes, the attack shook NATO member Turkey as it tries to recover from a failed July coup and a series of deadly bombings in cities including Istanbul and the capital Ankara, some blamed on Islamic State and others claimed by Kurdish militants. What makes the deadly terrorist attack even worse is that across Europe security services had been on alert for new year celebrations following the mid-December attack on a Christmas market in Berlin that killed 12 people. Only days ago, an online message from a pro-Islamic State group called for attacks …read more

Source: Manhunt Underway For Gunman Who Killed 39 At Istanbul Nightclub

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The U.K. Treasury said Sunday that it will begin circulating its new £1 coin on March 28. …read more

Source: UK starts countdown to new £1 coin

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By Tyler Durden

Authored by Eric Zuesse via Strategic-Culture.org,

I’m a former lifelong Democrat, stating here a clear and incontestable fact: Barack Obama is a failed President.

It’s true not just because of the sad realities such as that “Top Ex-White House Economist Admits 94 % Of All New Jobs Under Obama Were Part-Time? — or, as the economists Alan Krueger and Lawrence Katz wrote in the original of that study: “94 percent of the net employment growth in the U.S. economy from 2005 to 2015 appears to have occurred in alternative work arrangements?. (“Alternative work arrangements? referred there to Americans who were involuntarily working only part-time jobs — they simply couldn’t find full-time, though that’s what they wanted.) In other words: Obama’s failure isn’t just because of America’s increasingly sales-clerk, and burger-flipping, workforce.

And Obama’s failure is also not just because “Poverty Rose In 96 % Of U.S. House Districts, During Obama’s Presidency?. (However, that reality turned out to be decisive in Hillary Clinton’s loss to Donald Trump on November 8^th, as Nate Cohn pointed out in The New York Times on December 23rd, headlining, “How the Obama Coalition Crumbled, Leaving an Opening for Trump?. Hillary was running on Obama’s poor record.)

Obama’s failure is also because of other important reasons. Among them is the uncounted thousands of people who were killed in, and the uncounted millions of people who became refugees from, the places where Obama (or else his installed regimes) bombed and caused the residents to either die or flee. George W. Bush’s destructions of Iraq and even Afghanistan were now being followed by the destructions of Libya by Obama and Sarkozy, and of Syria by Obama and Saud and Thani and Erdogan, who armed the tens of thousands of jihadists and sent them into Syria to overthrow and replace Assad — and Bush’s destructions were followed also by Obama’s keeping in power the barbaric junta-regime that replaced the democratically elected Honduran Presiden Manuel Zelaya on 28 June 2009 shortly after Obama entered the White House (and this junta-regime, in turn, caused Honduras’s murder-rate to soar 50% to become the world’s highest, which then caused hundreds of thousands of Hondurans to flee and become undocumented U.S. immigrants, against which Donald Trump campaigned).

The Obama regime has thus created far more misery outside America, than inside it. Failures such as those didn’t cost Hillary Clinton many (if any) votes (because most voters didn’t even know about these foreign-affairs matters), but those failures were actually even bigger than Obama’s failures in purely domestic U.S. policy matters (which voters do know about). Trump campaigned against ‘illegal immigrants’, but he never even called attention to those people’s fleeing the hells that the U.S. regime had created in not only Honduras but earlier in Guatemala and El Salvador — coups and U.S.-trained death squads.

In noting Obama’s failures, I’m not a Republican; I’m no one who is condemning Obama for his allegedly being a ‘Marxist' ‘Muslim’, …read more

Source: Former Lifelong Democrat Admits "Obama Is A Failed President"

    

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