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Hans-Hermann Hoppe: "Put Your Hope In Radical Decentralization"

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By Tyler Durden

Via The Mises Institute,

[An interview with Hans-Herman Hoppe in the Polish weekly Najwy?szy Czas!]

What is your assessment of contemporary Western Europe, and in particular the EU?

All major political parties in Western Europe, regardless of their different names and party programs, are nowadays committed to the same fundamental idea of democratic socialism. They use democratic elections to legitimize the taxing of productive people for the benefit of unproductive people. They tax people, who have earned their income and accumulated their wealth by producing goods or services purchased voluntarily by consumers (and of course especially the “rich” among those), and they then re-distribute the confiscated loot to themselves, i.e., the democratic State that they control or hope to control, and their various political friends, supporters, and potential voters.

They do not call this policy by its right name: punishing the productive and rewarding the unproductive, of course. That doesn’t sound particularly attractive. Instead, they tap into the always popular sentiment of envy and claim to tax the few “rich” to support the many “poor.” In truth, however, with their policy they make more and more productive people poor and a steadily increasing number of unproductive people rich.

But what about the EU?

Looking at the EU, the picture becomes even worse. The EU is the first step on the way toward the creation of a European Super-State, and ultimately of a one-world government, dominated by the USA and its central bank, the FED. From its very beginnings, and despite all high-sounding political proclamations to the contrary, the EU was never about free trade and free competition. For that, you don’t need tens of thousands of pages of rules and regulations! Rather, the central purpose of the EU, supported all-along by the USA, was always the weakening in particular of Germany as Europe’s economic powerhouse. To facilitate this, Germany was sent on a seemingly never-ending “guilt trip” and thus pressured to transfer increasingly larger parts of its already limited (vis-à-vis the USA) sovereignty to the EU in Brussels. Especially noteworthy in this regard: Germany’s giving up its monetary sovereignty and abandoning its traditionally “strong” currency, the DM, in favor of a “weak” Euro, issued by a European Central Bank (ECB) composed overwhelmingly of politically connected central bankers from traditionally “weak” currency countries.

The EU, then, is characterized by three main features:

Iron Ore Rally "Getting Carried Away Again" As China Inventories Soar To 20-Month Highs

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By Tyler Durden

Following the crash after March/April's 'mania', Iron ore prices have resurged to 2-month highs on the heels of stimulus-hype and rampant speculation. However, this echo-bubble appears to be bursting as Macquarie sounds the alarm that prices are “getting carried away again” with fundamental support entirely lacking as China inventories soar 30% year-over-year to 20-month highs.

As Bloomberg reports, iron ore was caught up in a speculative rally in China earlier this year as prices soared in April, prompting a host of banks to warn that the surge wouldn’t last, after which rates cratered. Last week, Australia cut its price outlook for 2017 by 20 percent, citing prospects for increased supply just as steel output in China shrinks further. Goldman said recent stimulus in China hadn’t brought a meaningful increase in steel demand, according to a report received on Wednesday.

While speculation about stimulus in China has helped to lift prices, Macquarie said it’s skeptical about fundamental support for the recent move higher, analysts including Ian Roper wrote in a report received on Wednesday. The note asked whether iron ore was “getting carried away again?”

Iron ore holdings at China’s ports just posted the longest run of gains this year, expanding for five straight weeks to 105.4 million metric tons, according to Shanghai Steelhome Information Technology Co. The swelling pile signals robust supplies, and banks including Macquarie warned this month that prices may be set to weaken after rallying 34 percent in 2016.

“The rising port inventory is definitely a dark cloud looming over prices,” said Zhao Chaoyue, an analyst at China Merchants Futures Co.

Furthermore, steel demand in China is shrinking for the first time in a generation as growth slows and the government steers a transition away from a metal-intensive economy reliant on investment to one where services play a bigger role. That’s resulted in the declining sensitivity of steel consumption to credit flows in China, according to Goldman.

“We would need to see ever-accelerating credit growth just to maintain the same level of steel consumption, which is unsustainable and unlikely,” the New York-based bank said in the July 12 report, referring to the country that makes half the world’s steel. “This is at the core of why we expect Chinese steel demand to fall in coming years.”

Still as long as the dream of stimulus is still alive, then why question the recent resurgence.

…read more

Source: Iron Ore Rally "Getting Carried Away Again" As China Inventories Soar To 20-Month Highs

    

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Investors hate Softbank’s record $32 billion deal

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Softbank shares tumbled Tuesday as investors reacted to the company’s $32 billion purchase of ARM Holdings, one of the U.K.’s most successful tech companies. …read more

Source: Investors hate Softbank’s record $32 billion deal

    

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Investors hate Softbank’s record $32 billion deal

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Softbank shares tumbled Tuesday as investors reacted to the company’s $32 billion purchase of ARM Holdings, one of the U.K.’s most successful tech companies. …read more

Source: Investors hate Softbank’s record $32 billion deal

    

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‘Late Show’ brings back host’s ‘Colbert Report’ persona

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Jon Stewart helped bring back Stephen Colbert’s “Colbert Report” persona to “The Late Show” on Monday night. …read more

Source: ‘Late Show’ brings back host’s ‘Colbert Report’ persona

    

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Uber hits 2 billion rides

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Uber has completed two billion rides on its platform. …read more

Source: Uber hits 2 billion rides

    

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There Will Be No Second American Revolution: The Futility Of An Armed Revolt

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By Tyler Durden

Submitted by John Whitehead via The Rutherford Institute,

“A standing military force, with an overgrown Executive will not long be safe companions to liberty.” – James Madison

America is a ticking time bomb.

All that remains to be seen is who – or what – will set fire to the fuse.

We are poised at what seems to be the pinnacle of a manufactured breakdown, with police shooting unarmed citizens, snipers shooting police, global and domestic violence rising, and a political showdown between two presidential candidates equally matched in unpopularity.

The preparations for the Republican and Democratic national conventions taking place in Cleveland and Philadelphia—augmented by a $50 million federal security grant for each city—provide a foretaste of how the government plans to deal with any individual or group that steps out of line: they will be censored, silenced, spied on, caged, intimidated, interrogated, investigated, recorded, tracked, labeled, held at gunpoint, detained, restrained, arrested, tried and found guilty.

For instance, anticipating civil unrest and mass demonstrations in connection with the Republican Party convention, Cleveland officials set up makeshift prisons, extra courtrooms to handle protesters, and shut down a local university in order to house 1,700 riot police and their weapons. The city’s courts are preparing to process up to 1,000 people a day. Additionally, the FBI has also been conducting “interviews” with activists in advance of the conventions to discourage them from engaging in protests.

Make no mistake, the government is ready for a civil uprising.

Indeed, the government has been preparing for this moment for years.

A 2008 Army War College report revealed that “widespread civil violence inside the United States would force the defense establishment to reorient priorities in extremis to defend basic domestic order and human security.” The 44-page report goes on to warn that potential causes for such civil unrest could include another terrorist attack, “unforeseen economic collapse, loss of functioning political and legal order, purposeful domestic resistance or insurgency, pervasive public health emergencies, and catastrophic natural and human disasters.”

Subsequent reports by the Department of Homeland Security to identify, monitor and label right-wing and left-wing activists and military veterans as extremists (a.k.a. terrorists) have manifested into full-fledged pre-crime surveillance programs. Almost a decade later, after locking down the nation and spending billions to fight terrorism, the DHS has concluded that the greater threat is not ISIS but domestic right-wing extremism.

Meanwhile, the government has been amassing an arsenal of military weapons for use domestically and equipping and training their “troops” for war. Even government agencies with largely administrative functions such as the Food and Drug Administration, Department of Veterans Affairs, and the Smithsonian have been acquiring body armor, riot helmets and shields, cannon launchers and police firearms and ammunition. In fact, there are now at least 120,000 armed federal agents carrying such weapons who possess the power to arrest.

Rounding out this profit-driven campaign to turn American citizens into enemy combatants (and America into a battlefield) is a technology sector that is colluding with the …read more

Source: There Will Be No Second American Revolution: The Futility Of An Armed Revolt

    

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On Fox News, Trump pre-empts Benghazi speeches

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Donald Trump phoned into Fox News on Monday night, interrupting the network’s coverage of the first night of the Republican National Convention. …read more

Source: On Fox News, Trump pre-empts Benghazi speeches

    

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How Aristocracies Benefit Both From Racism And From Anti-Racism

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By Tyler Durden

Submitted by Eric Zuesse via Strategic-Culture.org,

A good example of the way in which aristocracies benefit both from racism and from anti-racism, is Hillary Clinton’s campaign for the US Presidency, which is heavily backed by America’s aristocracy, and which is fueled not only by their money but also by the widespread racism in American culture, and especially by the equally widespread repudiation by many Americans against racism.

Her opponent in the Democratic Party primaries, Bernie Sanders, was loathed by America’s aristocracy, because he was accusing them of destroying the country and was proposing policies to restore democracy to America, by means of various governmental interventions to reverse the existing undemocratic government’s wealth-transfers “from the masses to the classes?. Sanders was publicly acknowledging that any government is a societal-prioritizing instrument, and that it therefore transfers wealth from some to others, via taxes and other essential policies, and so the wealth-distribution needs to be an independent focus of governmental policies – not simply ignored by government and subsumed within the “economic growth? concern.

Here is how Hillary Clinton won the Democratic nomination in the primaries: She won 84% of the Black vote in the crucial South Carolina primary, where 61% of the voters, in that Democratic primary, were Blacks. Sanders won 58% of Whites voting there. Clinton won, of the total SC primary vote, 73% to Sanders’s 26%, a crushing 47% margin of victory. And then in the later southern primaries, her margins of victory among the overwhelmingly high proportion of Blacks in the Democratic Parties those states, were similar, which fact (her numerous primaries crushing him, especially on Super Tuesday) cemented Sanders’s loss, and her win, of the Democratic nomination.

Whereas both of the primaries that preceded South Carolina (the caucus in Iowa, and the election in New Hampshire) were in overwhelmingly White northern states, which had been little shaped by the legacy of slavery, the racial situation was much more tense in SC, and also in the other southern states, where the culture of slavery still persists, more than a century after the Civil War that was fought over slavery.

Sanders’s message, that economic inequality is the linchpin of America’s increasing inequality of economic opportunity, was a colossal flop among southern Blacks, for whom the pervasive anti-Black racism amongst their local non-Blacks, seemed to be far more the cause of Blacks’ suppressed economic opportunities than did the existing economic inequality itself. To them, Sanders’s argument (that economic inequality is self-perpetuating, and thus needs specific governmental policies to address) seemed false (because the racism there is so intense). They couldn’t understand rich-versus-poor, because what they saw around them every day was Black-versus-White. As Hillary and Bill Clinton’s, and Barack Obama’s, friend and chief economic advisor, Lawrence Summers, taught to his students at Harvard, “I think we can accept, I think we should accept inequality of results, recognizing that those who earn more are in a better position to contribute more to support society?.

It’s standard …read more

Source: How Aristocracies Benefit Both From Racism And From Anti-Racism

    

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It Is A Smoking Gun – Prince Bandar And Other Saudis Financed The 9/11 Terrorists

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By Tyler Durden

Submitted by Justin Raimondo via Anti-War.com,

News reports about the recently released 28 pages of the Joint Inquiry into the 9/11 attacks are typically dismissive: this is nothing new, it’s just circumstantial evidence, and there’s no “smoking gun.” Yet given what the report actually says – and these news accounts are remarkably sparse when it comes to verbatim quotes – it’s hard to fathom what would constitute a smoking gun.

To begin with, let’s start with what’s not in these pages: there are numerous redactions. And they are rather odd. When one expects to read the words “CIA” or “FBI,” instead we get a blacked-out word. Entire paragraphs are redacted – often at crucial points. So it’s reasonable to assume that, if there is a smoking gun, it’s contained in the portions we’re not allowed to see. Presumably the members of Congress with access to the document prior to its release who have been telling us that it changes their entire conception of the 9/11 attacks – and our relationship with the Saudis – read the unredacted version. Which points to the conclusion that the omissions left out crucial information – perhaps including the vaunted smoking gun.

In any case, what we have access to makes more than just a substantial case: it shows that the Saudi government – including top officials, such as then Saudi ambassador to the US, Prince Bandar bin Sultan, and other members of the royal family – financed and actively aided the hijackers prior to September 11, 2001.

Support for at least two of the hijackers when they arrived in the US was extended by three key individuals:

  • Omar al-Bayoumi – Bayoumi was clearly a Saudi intelligence agent: the FBI all but identifies him as such. His salary was paid for by companies directly owned and operated by the Saudi government, although he apparently rarely showed up for “work.” He was directly subsidized by the wife of then Saudi ambassador Prince Bandar, and these subsidies were substantially increased when the hijackers arrived in the US. It was Bayoumi who hovered over two of the hijackers – Nawaf al-Hamzi and Khalid al-Midhar – as soon as they arrived in the United States. He got them an apartment, co-signed the rental agreement, chauffeured them around – and helped them obtain information on flight schools.

  • Osama Bassnan – This individual, who, according to the report, has “many ties to the Saudi government,” boasted to an informant that he did more for the two hijackers than Bayoumi. He was certainly in a position to do so, since he lived directly across the street from them in San Diego. The FBI characterized him as “an extremist and supporter of Osama bin Laden”: like Bayoumi, his longtime associate – with whom he was in constant communication at the time of the hijackers’ American sojourn – Bassnan was subsidized by the Saudi royal family, and specifically Prince Bandar and his wife. A search of Basnan’s apartment turned up indications that he had cashiers checks amounting to …read more

    Source: It Is A Smoking Gun – Prince Bandar And Other Saudis Financed The 9/11 Terrorists

        

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