DUDE, WHERE’S MY GOLD
Posted on 30th November 2012 by Administrator in Economy |Politics |Social Issues
Austrian Central Bank, GATA, Gold, London, Max Keiser
FALSE HOPES
Posted on 28th July 2012 by Administrator in Economy |Politics |Social Issues
Cleveland, corporate cronyism, London
Cleveland Rocks!!!
London Olympics and the False Promise of Sports-Led Redevelopment
Nick Gillespie | July 28, 2012
With the London Olympics now in full swing, all that’s left is to count up the number of medals awarded – and the debt accrued by city residents and taxpayers.
The total cost of staging the London games is around $15 billion and more than 100 percent over budget. Mega-activities such as staging the Olympics are often sold as economic development programs for dreary local economies, but they almost never deliver anything other than big bills and useless infrastructure.
Yet politicians love the idea of using big sporting events and stadiums and teams for economic development. As the games continue, take 10 minutes to watch this portion of Reason Saves Cleveland in which we lay out actual ways to help jumpstart local economies.
Here’s the original writeup of “Encourage Bottom-Up Development,” episode five of Reason Saves Cleveland with Drew Carey. Original release date was March 18, 2010.
Cleveland has spent billions on big-ticket urban redevelopment efforts including heavily subsidized sports stadiums and convention centers that have utterly failed to revitalize the citys economy. Should the city be pouring even more money into and pinning yet higher hopes on long-odds mega-projects? Or should they realize that bottom-up projects driven by the actual residents and private-sector investors are the best was to build a vibrant city for the long haul?
Reason Saves Cleveland with Drew Carey is written and produced by Paul Feine; camera and editing by Roger Richards and Alex Manning; narrated by Nick Gillespie; music by the Cleveland band Cats on Holiday. This is the fifth of six episodes that will air March 15-19, 2010.
Approximately 10 minutes long.
Go to http://reason.tv for iPod, HD, and audio versions of this video.
JP Morgan now largest shareholder of London’s Metal Exchange
Posted on 22nd November 2011 by PlatoPlubius in Economy
exchange, global, Gold, JP Morgan, lme, London, metal, mf, short, silver, suppression
More fallout from the MF Global fraud story! Now it appears that JP Morgan will soon announce it purchased a 4.7% stake of London’s Metal Exchange (LME) from MF GLOBAL. The 4.7%, in addition, to JP Morgan’s already 6.2% stake in the LME would thrust JPM to the top as the largest shareholder of the LME “implying a total value of around 530 million pounds for the operator” according to the article below.
The dominos seem to be falling in favor of, none other than, JP Morgan. What a coincidence? I wonder if this new position as majority shareholder will help JP Morgan cover its silver shorts and help out the silver and gold bulls. Time will tell.
JP Morgan to buy MF Global’s London Metals Exchange stake
LONDON (Reuters) – J.P. Morgan will soon announce it has bought a 4.7 percent stake in the London Metal Exchange (TSXV:LME.V) from defunct U.S. brokerage MF Global, two people familiar with the situation said on Tuesday, making it the exchange’s largest shareholder.
The U.S. investment bank would pay 25 million ($39.1 million) pounds for the stake in the world’s largest metal market, the sources said, implying a total value of around 530 million pounds for the operator.
An announcement could come as early as this week.
The sale to J.P. Morgan could shift the odds in the takeover battle for the LME, one of the few exchanges to still operate an open outcry ring, which has thrown its doors open to a potential 1 billion pound takeover.
J.P. Morgan, which already holds a 6.2 percent in the LME, declined to comment. The LME also declined to comment, as did KPMG, the administrators for MF Global’s UK unit.
J.P. Morgan would separately also buy the B-shares held by MF Global for 2 million pounds, one of the sources said.
Industry sources told Reuters last Wednesday that MF Global’s ring dealing seat on the LME will be bought by U.S.-based broker INTL FCStone.
Selling the stake would be a boost for creditors of the futures brokerage, which filed for bankruptcy protection last month, and for its clients, some of whom have seen their positions frozen ever since.
The shortfall of customer funds at MF Global may be around $1.2 billion, about double initial estimates from regulators, the trustee liquidating the company said on Monday.
Regulators are investigating what happened to the money and whether MF Global may have improperly mixed customer money with its own — a major violation of industry rules. No charges have been filed.
($1 = 0.6400 British pounds)
http://finance.yahoo.com/news/jp-morgan-buy-mf-global-144656247.html
RIOTS, MOBS & RACE – OH MY!!!
Posted on 17th August 2011 by Administrator in Economy |Politics |Social Issues
London, Mayor Nutter, Phila, Thomas Sowell
Another great article from Thomas Sowell. Here is the part that I found truly fascinating. I live in the Philadelphia area. Sowell quotes Mayor Nutter in this article as telling the black thugs they need to accept responsibility for their lives. Mayor Nutter’s words did not make the local news or the Phila newspapers. I never saw or heard anything about his excellent rant. I give him kudos, but the fact that his truthful words were not reported by the MSM proves Sowell’s point. The liberal MSM doesn’t want the truth to ruin their poverty storyline. Therefore, a black mayor putting black thugs in their place was not reported.
The more entitled a class becomes, the more they demand. When anything is taken away, they will go berserk as witnessed in London. The flash mobs that keep popping up around the US are a foreshadowing of future much worse outbreaks to come.
Social Degeneration
by Thomas Sowell
Someone at long last has had the courage to tell the plain, honest truth about race.
After mobs of young blacks rampaged through Philadelphia committing violence – as similar mobs have rampaged through Chicago, Denver, Milwaukee and other places – Philadelphia’s black mayor, Michael A. Nutter, ordered a police crackdown and lashed out at the whole lifestyle of those who did such things.
“Pull up your pants and buy a belt ’cause no one wants to see your underwear or the crack of your butt,” he said. “If you walk into somebody’s office with your hair uncombed and a pick in the back, and your shoes untied, and your pants half down, tattoos up and down your arms and on your neck, and you wonder why somebody won’t hire you? They don’t hire you ’cause you look like you’re crazy,” the mayor said. He added: “You have damaged your own race.”
While this might seem like it is just plain common sense, what Mayor Nutter said undermines a whole vision of the world that has brought fame, fortune and power to race hustlers in politics, the media and academia. Any racial disparities in hiring can only be due to racism and discrimination, according to the prevailing vision, which reaches from street corner demagogues to the august chambers of the Supreme Court of the United States.
Just to identify the rioters and looters as black is a radical departure, when mayors, police chiefs and the media in other cities report on these outbreaks of violence without mentioning the race of those who are doing these things. The Chicago Tribune even made excuses for failing to mention race when reporting on violent attacks by blacks on whites in Chicago.
Such excuses might make sense if the same politicians and media talking heads were not constantly mentioning race when denouncing the fact that a disproportionate number of young black men are being sent to prison.
The prevailing social dogma is that disparities in outcomes between races can only be due to disparities in how these races are treated. In other words, there cannot possibly be any differences in behavior.
But if black and white Americans had exactly the same behavior patterns, they would be the only two groups on this planet that are the same.
The Chinese minority in Malaysia has long been more successful and more prosperous than the Malay majority, just as the Indians in Fiji have long been more successful and more prosperous than the indigenous Fijians. At various places and times throughout history, the same could be said of the Armenians in Turkey, the Lebanese in Sierra Leone, the Parsees in India, the Japanese in Brazil, and numerous others.
There are similar disparities within particular racial or ethnic groups. Even this late in history, I have had northern Italians explain to me why they are not like southern Italians. In Australia, Jewish leaders in both Sydney and Melbourne went to great lengths to tell me why and how the Jews are different in these two cities.
In the United States, despite the higher poverty level among blacks than among whites, the poverty rate among black married couples has been in single digits since 1994. The disparities within the black community are huge, both in behavior and in outcomes.
Nevertheless, the dogma persists that differences between groups can only be due to the way others treat them or to differences in the way others perceive them in “stereotypes.”
All around the country, people in politics and the media have been tip-toeing around the fact that violent attacks by blacks on whites in public places are racially motivated, even when the attackers themselves use anti-white invective and mock the victims they leave lying on the streets bleeding.
This is not something to ignore or excuse. It is something to be stopped. Mayor Michael Nutter of Philadelphia seems to be the first to openly recognize this.
This needs to be done for the sake of both black and white Americans – and even for the sake of the hoodlums. They have set out on a path that leads only downward for themselves.
Although much of the media have their antennae out to pick up anything that might be construed as racism against blacks, they resolutely ignore even the most blatant racism by blacks against others.
That includes a pattern of violent attacks on whites in public places in Chicago, Denver, New York, Milwaukee, Philadelphia, Los Angeles and Kansas City, as well as blacks in schools beating up Asian classmates – for years – in New York and Philadelphia.
These attacks have been accompanied by explicitly racist statements by the attackers, so it is not a question of having to figure out what the motivation is. There has also been rioting and looting by these young hoodlums.
Yet blacks have no monopoly on these ugly and malicious episodes. Remarkably similar things are being done by lower-class whites in England. Anybody reading “Life at the Bottom” by Theodore Dalrymple will recognize the same barbaric and self-destructive patterns among people with the same attitudes, even though their skin color is different.
Anyone reading today’s headline stories about young hoodlums turning the streets of London into scenes of shattered and burning chaos, complete with violence, will discover the down side of the brotherhood of man.
While the history and the races are different, what is the same in both countries are the social policies and social attitudes long promoted by the intelligentsia and welfare state politicians.
A recent study in England found 352,000 households in which nobody had ever worked. Moreover, two-thirds of the adults in those households said that they didn’t want to work. As in America, such people feel both “entitled” and aggrieved.
In both countries, those who have achieved less have been taught by the educational system, by the media and by politicians on the left that they have a grievance against those who have achieved more. As in the United States, they feel a fierce sense of resentment against strangers who have done nothing to them, and lash out violently against those strangers.
During the riots, looting and violence in England, a young woman was quoted as saying that this showed “the rich” and the police that “we can do whatever we want.” Among the things done during these riots was forcing apparently prosperous looking people to strip naked in the streets.
The need to bring people down in humiliation that marked the mass violence against the Armenians in Turkey nearly a century ago, and that later marked the Nazi persecutions of the Jews in Germany, is still alive and well in people who resent those who have achieved more than they have.
A milder but revealing episode in England some time back involved burglars who were not content to simply steal things but also vented their hostility by scrawling on the wall: “RICH BASTARDS.”
In the United States, young black thugs attacked whites with baseball bats and took their belongings in Denver, while voicing their hatred of whites. But it is all a very similar attitude to what has been found in other countries and other times.
Today’s politically correct intelligentsia will tell you that the reason for this alienation and lashing out is that there are great disparities and inequities that need to be addressed.
But such barbarism was not nearly as widespread two generations ago, in the middle of the 20th century. Were there no disparities or inequities then? Actually there were more.
What is different today is that there has been – for decades – a steady drumbeat of media and political hype about differences in income, education and other outcomes, blaming these differences on oppression against those with fewer achievements or lesser prosperity.
Moreover, there has been a growing tolerance of lawlessness and a growing intolerance toward the idea that people who are lagging need to take steps to raise themselves up, instead of trying to pull others down.
All this exalts those who talk such lofty talk. But others pay the price – and ultimately that includes even those who take the road toward barbarism.
The orgies of violent attacks against strangers on the streets – in both England and the United States – are not necessarily just passing episodes. They should be wake-up calls, warning of the continuing degeneration of Western society.
As British doctor and author Theodore Dalrymple said, long before these riots broke out, “the good are afraid of the bad and the bad are afraid of nothing.”
Not only the trends over the years leading up to these riots but also the squeamish responses to them by officials – on both sides of the Atlantic – reveal the moral dry rot that has spread deep into Western societies.
Even when black youth gangs target white strangers on the streets and spew out racial hatred as they batter them and rob them, mayors, police chiefs and the media tiptoe around their racism and many in the media either don’t cover these stories or leave out the race and racism involved.
In England, the government did not call out the troops to squash their riots at the outset. The net result was that young hoodlums got to rampage and loot for hours, while the police struggled to try to contain the violence. Hoodlums returned home with loot from stores with impunity, as well as bringing home with them a contempt for the law and for the rights of other people.
With all the damage that was done by these rioters, both to cities and to the whole fabric of British society, it is very unlikely that most of the people who were arrested will be sentenced to jail. Only 7 percent of people convicted of crime in England are actually put behind bars.
“Alternatives to incarceration” are in vogue among the politically correct elites in England, just as in the United States. But in Britain those elites have had much more clout for a much longer time. And they have done much more damage.
Nevertheless, our own politically correct elites are pointing us in the same direction. A headline in the New York Times shows the same politically correct mindset in the United States: “London Riots Put Spotlight on Troubled, Unemployed Youths in Britain.” There is not a speck of evidence that the rioters and looters are troubled – unless you engage in circular reasoning and say that they must have been troubled to do the things they did.
In reality, like other rioters on both sides of the Atlantic they are often exultant in their violence and happy to be returning home with stolen designer clothes and upscale electronic devices.
In both England and in the United States, whole generations have been fed a steady diet of grievances and resentment against society, and especially against others who are more prosperous than they are. They get this in their schools, on television, on campuses and in the movies. Nothing is their own fault. It is all “society’s” fault.
One of the young Britons interviewed in the New York Times reported that he had learned to read only three years ago. He is not unique. In Theodore Dalrymple’s book, Life at the Bottom, he referred to many British youths who are unashamedly illiterate. The lyrics of a popular song in Britain said, “We don’t need no education” and another song was titled “Poor, White and Stupid.”
Dr. Dalrymple says, “I cannot recall meeting a sixteen-year-old white from the public housing estates that are near my hospital who could multiple nine by seven.”
In the United States, the color may be different but the attitudes among the hoodlum element are very similar. In both countries, classmates who try to learn can find themselves targeted by bullies.
Here those who want to study in ghetto schools are often accused of “acting white.” But whites in Britain show the same pattern. Some conscientious students are beaten up badly enough to end up at Dr. Dalrymple’s hospital.
Our elites often advise us to learn from other countries. They usually mean that we should imitate other countries. But it may be far more important to learn from their mistakes – the biggest of which may be listening to fashionable nonsense from the smug intelligentsia.
These countries show us where that smug nonsense leads. It may be a sneak preview of our own future.
“Send not to know for whom the bell tolls. It tolls for thee.”
August 17, 2011
Thomas Sowell is a senior fellow at the Hoover Institution at Stanford University. His Web site is www.tsowell.com. To find out more about Thomas Sowell and read features by other Creators Syndicate columnists and cartoonists, visit the Creators Syndicate web page.
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