Is being Fed chair like ‘being God’?
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In a historic interview with CNN’s Fareed Zakaria, the four living Federal Reserve chairs dismiss the idea that the job is a power trip akin to ‘being god.’
Source: Is being Fed chair like ‘being God’?
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In a historic interview with CNN’s Fareed Zakaria, the four living Federal Reserve chairs dismiss the idea that the job is a power trip akin to ‘being god.’
Source: Is being Fed chair like ‘being God’?
We look at the Electricity Grid in Nigeria and contrast with India`s economic resurgence – illustrating potential growth opportunity for increasing productivity in Nigeria.
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Source: Nigeria – The Electricity Grid Exemplifies an Underachieving Nation (Video)
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By Tyler Durden
Several months ago, the US press and military
U.S. Air Forces Central Command said it last flew the long-range bombers operationally in the region in May 2006 as part of the war in Afghanistan, and during a U.S.-led military exercise in Jordan in May 2015.
“The B-52 demonstrates our continued resolve to apply persistent pressure on Daesh and defend the region in any future contingency,” said Air Force Lieutenant General Charles Brown, commander of U.S. Air Forces Central Command.
And, since the B-52’s core competency is bombing, usually with the “carpet” adverb before it, one may wonder if it wasn’t Trump’s suggestion to unleash hell on ISIS that prompted the US military to make this move.
Lieutenant Colonel Chris Karns, spokesman for the Central Command, said he could not provide the exact number of B-52 bombers to be based at Al Udeid Air Basein Qatar due to “operational security reasons.”
Washington’s decision to deploy its powerful B-52 bombers to Al Udeid Air Base in Qatar came as the U.S. military stepped up the fight against Islamic State in Iraq and Syria.
Brown said the bombers would be able to deliver precision weapons and carry out a range of missions, including strategic attack, close-air support, air interdiction, and maritime operations.
To be sure, it was important to make it seems that Trump is not who prompted the ideas, which is why Karns said the bombers would enable U.S. forces to drop one or two munitions in an area, rather than use carpet bombing.
And then the following disclaimer: “Accuracy is critically important in this war,” he said. “Carpet-bombing would not be effective for the operation we’re in because Daesh doesn’t mass as large groups. Often, they blend into population centers. We always look to minimize civilian casualties.”
Which probably does not explain why 90% of the people killed in recent US drone strikes were not the target.
As for the B-52s about to unleash carpet precision bombing in Syria, for the sake of any Doctors without Borders locations on the ground, our advice: run and hide.
Source: Let The Carpet Bombing Begin: U.S. Deploys B-52s In Fight Against ISIS
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By Tyler Durden
Submitted by Richard Ebeling via EpicTimes.com,
What does freedom mean? What is the purpose of government? And what should be the government's relationship to each of us as individuals and as members of society as a whole? These issues recently came up during a dinner conversation with a new acquaintance with whom I'd not previously had such a discussion.
The views that I expressed in the calm and friendly and enjoyable exchange are those usually labeled as classical liberal or libertarian. My dinner companion reasoned from what is the “modern” liberal or “progressive” point-of-view. Like myself, he has been a professor in higher education, and he is widely read and very knowledgeable.
What became clear to both during the conversation and from reflecting on it afterwards are some of the following conclusions.
As a classical liberal, freedom means that each individual possesses as a human being certain inviolable rights, those being rights to his life, liberty and honestly acquired property. And that human relationships should be based on voluntary consent and mutual agreement.
For my interlocutor, freedom means “empowerment” or the ability to do or achieve certain things, without which “freedom” is not complete. These include a minimum or “decent” standard of living and the ability to attain certain potentials in life, which are everyone's “right” as a member of society.
For my fellow conversationalist, society is a shared “community” of human beings each of whom owes certain things to the others, just as the others owe certain things to us. Society might be viewed as an extended family, from this perspective, all the members of which have certain required obligations to support and give assistance to their social “relatives.”
I suggested that society is a network of human relationships formed between individuals based upon opportunities for mutual betterment, including both the economic and the cultural in the widest sense, the fundamental foundation of which derives from those essential individual rights.
My dinner companion raised the issue of “the social contract,” to which we are all participants and benefactors. He referenced the famous French eighteenth century philosopher, Jean-Jacque Rousseau, who reasoned that man began as savages in the wild threatened by both beast and other men. Everyone entered into a social contract and formed society for mutual safety and betterment by giving up a portion of their complete and unrestrained “freedom” in that earlier setting of savagery for the order and security of shared community. The freedom given up is compensated by safety and the security of mutual aid, including the modern welfare state.
I suggested that if one was to refer to a “social contract” as a basis or rationale for organized society, the starting point should be the earlier British philosopher, John Locke, who argued that rights are not bestowed upon man by government or the community but belong to him by his nature as a human being. Government, in Locke's social contract, is to provide …read more
Source: The Arrogance And Abuse Of Power – The Progressive Push Toward "Soft" Tyranny
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By Tyler Durden
Did the Panama Papers just claim their second victim?
Just days after Rothschild was forced to defend Ukraine’s billionaire president Petro Poroshenko from his involvement in with the Panamanian tax haven law firm Mossack Fonseca, when it said that “as a matter of principle, we never comment on individuals or client relationships, but on this occasion we have been authorized by our client to confirm that Rothschild Trust has been appointed by Mr Poroshenko as trustee of a blind trust to hold his shares in Roshen”, moments ago Ukraine’s embattled prime minister Arseniy Yatsenyuk announced that he had resigned, according to local media reports.
“I decided to resign from the post of Ukraine’s prime minister. On Tuesday, April 12, the decision will be submitted to the Verkhovna Rada [Ukrainian parliament]”, Yatsenyuk said as quoted by Ukrainian TV channels Sunday.
Yatsenyuk said that destabilization in Ukraine is “inevitable” if a new government is not formed, which is a dramatic change from his position just several weeks ago when he decided to dig in to his post, created by the active US intervention in early 2014 when “Yats” was preappointed to run the local government by none other than the Assistant Secretary of State for European and Eurasian Affairs at the United States Department of State, Victoria Nuland.
“We cannot allow one thing [to happen] — the destabilization of the executive power during the war [in the southeastern region of Donbass]. This prospect is inevitable, if after the resignation, a new government is not formed” the now former Prime Minister said.
“Since now, I see my goals broader than the powers of the government head.”
Yatseniuk added that his party, the Popular Front, will remain a part of the coalition in the parliament. Earlier, Ukrainian Prime Minister Arseniy Yatsenyuk’s government survived a no-confidence vote, which provoked various factions to leave the ruling parliamentary coalition.
Recently, Ukrainian President Petro Poroshenko nominated Chairman of the Verkhovna Rada and his party fellow Volodymir Groisman for the new country’s prime minister. The news about Groisman’s candidacy came a few days after Ukrainian Finance Minister Natalia Yaresko announced her willingness to become Prime Minister herself and lead a “government of technocrats.”
The resignation comes at a very sensitive time for Ukraine, just days after a historic Dutch referendum rejected closer ties with Ukraine in a blow to EU unity and a major success for Euroskeptics.
Meanwhile, not too far away…
Source: Ukraine Prime Minister Resigns, Says "Destabilization Inevitable" Without New Government
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Guest Post – Path to the Great Reset
By Joe Withrow
Author of 'The Individual is Rising'
The financial, political and economic powers wish you and I to remain confused about what constitutes money because this promotes apathy and the desire to let the 'experts' remain in control. And while the subject can be complex, it can also be summarized rather elegantly when the author wishes to clarify rather than confuse. We welcome Joe back for another lesson in simplification.
Cognitive Dissonance
Gold has been money for most of recorded human history. Industrial capitalism operated on a global gold standard up until the world wars shredded Europe’s economy. In 1933, President Roosevelt criminalized private gold ownership using an executive order, and the U.S. government forced citizens to sell their gold at a below-market valuation. This gold was melted down into bricks and shipped to Fort Knox where KPMG says it still sits to this day.
The Bretton Woods Agreement was executed in 1944, which pegged the U.S. dollar to gold at $35 per ounce, and installed the dollar as the world’s reserve currency. Under Bretton Woods, all other national currencies were pegged to the dollar, and foreign central banks could exchange dollars for gold at the fixed rate.
The Bretton Woods Agreement required the U.S. government to maintain the dollar-to-gold exchange ratio, but that didn’t happen. The U.S. government instead ramped up the printing presses to power its “Guns and Butter” campaigns in the fifties and sixties. Eventually foreign central banks caught on and began to exchange their dollar reserves for gold through the gold window. Gold steadily flowed out of the U.S. Treasury until August 15, 1971 when President Nixon unilaterally closed the gold window and ended the U.S. dollar’s direct convertibility to gold.
This action thrust the entire world onto a fiat monetary standard where all currencies floated in value against one another. The word “fiat” is defined as: an arbitrary order or decree, and the word very literally means “let it be done” in Latin. Fiat money is simply money that comes into existence and derives its value exclusively from government decree.
Free market economists, specifically those of the Austrian school, decried this move immediately. Fiat money had been used on a national level on numerous occasions throughout history, they said, and each time it led to economic disaster. Now you want to try it on a global scale? You are asking for a catastrophe!
Many of the Austrians didn’t think the fiat system would even survive the decade.
The reason being is really just common sense: if you give a select group of people the ability to create money out of thin air then they are going to do just that. And they are going to keep on doing just that in greater quantities, especially when they discover that they can funnel the new money to their own friends and business partners. Here’s …read more
Source: Guest Post – Path to the Great Reset
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By Tyler Durden
Submitted by Jim Quinn via The Burning Platform blog,
It appears a few children were left behind.
The Department of Education was created in 1979 and now has an annual budget of $73 billion, with 5,000 government bureaucrats roaming its hallways. When you include all Federal, State and Local spending on public education it totals about $700 billion per year, or $13,000 per student. The Department of Education was created to improve the education of our children.
After 37 years and trillions of dollars “invested” in our children, see below what they have achieved. The public school teachers who have been on the front lines for the last 37 years work 9 months per year, earn above average salaries, get awesome benefits, and have gold plated pension plans – all at the expense of taxpayers. And look what they have accomplished.
The tens of millions of illiterate drones think they deserve $15 per hour because it’s fair, even though they can’t count to fifteen or spell fifteen.
Source: Department Of Education – Our Work Here Is Done
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By Tyler Durden
The yen’s strength may be tripping up U.S. stocks as the collape of the BoJ-inspired carry trade pressures leverage and risk-taking around the world. As Bloomberg notes, in the last 10 instances the yen rallied at least 1 percent against the dollar, the Standard & Poor’s 500 Index lost 0.8 percent on average, the most since at least 2008.
Andrew Brenner, National Alliance Capital Markets' head of international fixed income, confirms the weakness in US equities could be due to a breakdown in what's known as a carry trade, in which investors borrow money in a low interest-rate environment such as Japan’s to fund investments in higher-yielding assets.
And as Acting-Man.com's Pater Tenebrarum details, a stronger yen usually doesn’t bode well for stocks. We once again should warn that such correlations are never valid “forever”. The only thing one can always expect to happen in financial markets and the economy is constant change.
Still, given recent experience, we are wary that yen strength could be a sign that the recent party in “risk” will soon be derailed. On the other hand, we have to acknowledge that market internals have greatly improved due to the recent strong bounce in the commodity and industrial sub-sectors. At the same time, defensive sectors have only surrendered very little of their previous gains.
Options markets are largely in “neutral” mode – there is neither a great deal of enthusiasm in evidence, nor is there much fear. A similarly meaningless backdrop in options could however be observed in the July-August period as well, so this doesn’t necessarily mean much.
SPX daily: the SPX has returned into the area of congestion that contained it prior to the January sell-off. Put-call ratios look largely neutral at present, which is quite similar though to what they looked like shortly before the late August break – click to enlarge.
As we noted at the time of the interim lows in early to mid February, there was elevated crash risk due to the market’s proximity to important medium term support levels. However, once this risk had passed, we expected the SPX to rally back close to one of the previously established resistance areas.
It has in fact gone quite far in the meantime, by moving right back into the congestion zone it inhabited prior to the January breakdown. This continues to be in keeping with the 1962 and Nikkei 1990 analogs, which we have previously discussed (both examples for “unseasonal” market weakness in early January).
These analogs call for the next interim peak to be established sometime in the March to May period. If these models remains applicable (which is of course far from certain), then we are now in the phase designated “standard rebound from initial sell-off” on the chart below:
DJIA, 1961 – 1962: after a bout of weakness in early January, a …read more
Source: Why USDJPY Matters (Or The Carry Collapse Cometh)
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By Tyler Durden
The yen’s strength may be tripping up U.S. stocks as the collape of the BoJ-inspired carry trade pressures leverage and risk-taking around the world. As Bloomberg notes, in the last 10 instances the yen rallied at least 1 percent against the dollar, the Standard & Poor’s 500 Index lost 0.8 percent on average, the most since at least 2008.
Andrew Brenner, National Alliance Capital Markets' head of international fixed income, confirms the weakness in US equities could be due to a breakdown in what's known as a carry trade, in which investors borrow money in a low interest-rate environment such as Japan’s to fund investments in higher-yielding assets.
And as Acting-Man.com's Pater Tenebrarum details, a stronger yen usually doesn’t bode well for stocks. We once again should warn that such correlations are never valid “forever”. The only thing one can always expect to happen in financial markets and the economy is constant change.
Still, given recent experience, we are wary that yen strength could be a sign that the recent party in “risk” will soon be derailed. On the other hand, we have to acknowledge that market internals have greatly improved due to the recent strong bounce in the commodity and industrial sub-sectors. At the same time, defensive sectors have only surrendered very little of their previous gains.
Options markets are largely in “neutral” mode – there is neither a great deal of enthusiasm in evidence, nor is there much fear. A similarly meaningless backdrop in options could however be observed in the July-August period as well, so this doesn’t necessarily mean much.
SPX daily: the SPX has returned into the area of congestion that contained it prior to the January sell-off. Put-call ratios look largely neutral at present, which is quite similar though to what they looked like shortly before the late August break – click to enlarge.
As we noted at the time of the interim lows in early to mid February, there was elevated crash risk due to the market’s proximity to important medium term support levels. However, once this risk had passed, we expected the SPX to rally back close to one of the previously established resistance areas.
It has in fact gone quite far in the meantime, by moving right back into the congestion zone it inhabited prior to the January breakdown. This continues to be in keeping with the 1962 and Nikkei 1990 analogs, which we have previously discussed (both examples for “unseasonal” market weakness in early January).
These analogs call for the next interim peak to be established sometime in the March to May period. If these models remains applicable (which is of course far from certain), then we are now in the phase designated “standard rebound from initial sell-off” on the chart below:
DJIA, 1961 – 1962: after a bout of weakness in early January, a …read more
Source: Why USDJPY Matters (Or The Carry Collapse Cometh)
