Tuesday, October 24, 2017

Theresa May Described as 'Despondent' with 'Rings Under Her Eyes' in Leaked Account of Brexit Meeting



Jean-Claude Juncker claimed Theresa May “begged” him for help during a private Brexit dinner in which she appeared “tormented” with “rings under her eyes”, according to reports in the German press.

In the account of last Monday’s dinner, May was said to seem “anxious” and “discouraged”, as well as “despondent and discouraged” with progress so far. according to German newspaper Frankfurter Allgemeine Zeitung.

“She indicated that back home friend and foe are at her back plotting to bring her down. May said she had no room left to maneuver.

“The Europeans have to create it for her. May's face and appearance spoke volumes," Juncker is said to have later told his colleagues.

Juncker’s chief of staff Martin Selmayr has been accused of leaking the unflattering account.

 -RW

(via The Telegraph)

Monday, October 23, 2017

"WTF: An Economic History of the Weird"



Peter T. Leeson,WTF: An Economic History of the Weird, CA: Stanford University Press, 2017. xiv + 246 Pages. $27.95 (paperback).

Reviewed by Mark Koyama.

Pete Leeson is not your everyday economist. And WTF is not anordinary economics book. Leeson describes WTFas an economic tour of

Prince Alwaleed Says Bitcoin Will Implode: 'Enron in the Making'



Saudi billionaire investor Prince Alwaleed bin Talal told CNBC this morning that bitcoin will "implode" one day.

"I just don't believe in this bitcoin thing. I think it's just going to implode one day. I think this is Enron in the making," Alwaleed said.

Alwaleed runs Kingdom Holding, a massive conglomerate whose investments include Citigroup, Apple and Twitter. The company is based in Riyadh, Saudi Arabia.


 -RW

LOL, Trump Should Read the Book Written By Baghdad Hassett When He Predicted Dow 36,000


Tom Braithwaite writes at The Financial Times:
With hindsight, it is easy to mock Dow 36,000. But that’s no reason not to do it. Especially since co-author Kevin Hassett now sits in the White House, as chief economic adviser to a US president who loves to cheer stock market milestones.

Published in October 1999, the book argued that stocks should triple in about

‘Wolf of Wall Street’ Warns ICOs are ‘Biggest Scam Ever’



Jordan Belfort, the former penny-stock broker whose penny stock scamming was the focus of the film, The Wolf of Wall Street, has dismissed the current craze for initial coin offerings as “the biggest scam ever” that is bound to “blow up in . . . people’s faces,” reports The Financial Times.

So far this year, 202 ICOs have raised just over $3bn, according to Coinschedule.com

Belfort, who spent 22 months in prison after pleading guilty to securities fraud and money-laundering, drew parallels to the fashion for “blind pools” in the 1970s and 80s, when companies raised funds from investors without

Trump Says He May Have to Institute a New Higher Top Tax Rate for Wealthy




President  Trump on Sunday said in an interview with Maria Bartiromo of Fox News that he would prefer not to have what he referred to as a fifth tax bracket but said he wanted “to make sure the middle class gets taken care of” even if that required another category for the "rich."

"If I feel that the middle class is

PELOSI: Trump’s Tax Bill Is ‘Armageddon’



Sunday on MSNBC’s “AM Joy,” House Minority Leader Nancy Pelosi (D-CA) said President Donald Trump’s tax plan was “armageddon.”

Pelosi said, “This tax bill is armageddon. This is it. This hurts the middle class.”

Only Donald Trump could make Pelosi sound reasonable but she is correct Trump's tax "reform" bill will hurt many in the middle class.

Tax reform is almost always a scam. SEE: The Myth of Tax "Reform"

 -RW


Sunday, October 22, 2017

"One of the Most Dramatic Increases in the Standard of Living in the World, Ever"



My favorite economic policymaker is Ludwig Erhard, but not far behind is Sir John Cowperthwaite, who was the Financial Secretary of Hong Kong from 1961 to 1971.

He can be credited with managing Hong Kong as a free market colony, which allowed it to grow in spectacular fashion. The current Hong Kong Financial Secretary calls it,

The Horrific Bitcoin Trackability Factor



At the post, The Government Attack on Bitcoin Has Begun, The NAPster writes:
Robert, I don't follow your logic: "Governments can always require that merchants who accept Bitcoin (and other private e-currencies) record the name of the users. There goes the privacy value of Bitcoin. Under such circumstances, Bitcoin is much more trackable than cash---or gold." 
Why couldn't such governments also require merchants who accept cash to record the name of buyers? How is this a particular defect of Bitcoin compared with cash?
There is an old Swiss saying,

Zimbabwe's Madman Leader Mugabe Named WHO 'Goodwill Ambassador'



Zimbabwe's president, Robert Mugabe, has been named the World Health Organization's "goodwill ambassador."

 He is the first African to be named a WHO leader.

Mugabe through his crony dictatorship has ruined the country. It was once a prosperous country, especially when it was a self-governing British colony known as Southern Rhodesia.

 It has been something of a shock to the world community that Mugabe (93) was named the WHO ambassador.

Two dozen organizations — including the World Heart Federation and Cancer Research U.K. — released a

Wall Street Furious Over Tax Reform Proposal to Slash 401(k) Contributions



Did I mention tax reform is a shell game con?

The New York Post reports:
Wall Street pushed back hard on Friday against a report that