From Circle Bastiat:
In this 1983 lecture, Ralph Raico teaches a Cato Summer Seminar group the history of World War I, the Great Depression, and World War II. He offers an in-depth look at the conditions which led to both wars and the ways in which governments throughout the 20th century have used war powers to justify and fuel their expansion.
Sunday, January 5, 2014
Want to Create Your Very Own E-Currency?
Coingen allows you to do so by filling out a simple form, here.
$100 Million NYC Homes a ‘New Market Reality’
The median sale price for new luxury homes in Manhattan jumped 72 percent — to $7.85 million — in the last year, up from a mere $4.564 million in the last quarter of 2012, reports NyPo.
Pam Liebman, CEO of Corcoran says Manhattan homes listed for $100 million are now a “new market reality.”
“That high-end buyer is still buying and the numbers will only get higher. Everyone is hot on housing,” said said Dottie Herman, president and CEO of Douglas Elliman. “In 2014 and 2015 we will see total price increases in that market because of all the new development — last year 12.5 percent of inventory was new construction — and new development is nothing cheap.”
How Large a Company is Koch Industries?
Fortune magazine informs:
[If it weren't a private company], its $115 billion in revenues would be enough for it to rank No. 17 on the Fortune 500, with sales larger than those of Google, Goldman Sachs, and Kraft Foods combined.---
[T]he brothers Charles and David Koch [...] are among the very wealthiest people in the world today. Each brother has a net worth estimated at $36 billion or more.The brothers are major behind the scenes players at the Cato Institute, the Foundation for Economic Education, George Mason University and the Mercatus Center. But they have not donated a penny to the Mises Institute. Think about that.
The Robert Wenzel Show: Wenzel on Bitcoin
Just before the holidays, I taped an interview about Bitcoin, with John Wesley Smith of DestinySurvival.com.
The interview is now online, here.
The full archive of Robert Wenzel Show broadcasts can be found here.
The interview is now online, here.
The full archive of Robert Wenzel Show broadcasts can be found here.
The Brooklyn Nets: How to Build a Disappointing NBA Team, Exhibit A
By David Berri
Once upon a time, there was a pro basketball team in New York called the Nets.
Led by the superlative Julius “Dr. J.” Erving, it consistently made the playoffs in the old American Basketball Association (the ABA), and even won championships, in 1974 and 1976. But then, the team joined the NBA and—reneging on a promise to give Dr. J a raise—instead sold him to the Philadelphia 76ers before the start of the 1976-77 season. Then the team moved to New Jersey in 1977. After those two events, the Nets stopped contending. The franchise—which had won more than 65 percent of its regular-season games in three straight seasons just prior to the ABA’s merger with the NBA—never again hit that mark in any of its 35 seasons in New Jersey.
Of the two moves, losing Dr. J. was clearly the more important. He immediately became the 76ers’ most productive player and eventually delivered them a championship. But long after Dr. J. had left the game, the Nets in New Jersey continued to struggle. Life was especially bad in 2009-10, when the team lost their first 18 games, on the way to a record of 12-70.
Here, the story seemed about to turn, for when this dreadful season ended, hope appeared on the horizon. After the 2009-10 season, the NBA approved the sale of the Nets to the Russian billionaire Mikhail Prokhorov. Prokhorov, it seemed clear, would not be selling off players to avoid raises.
Once upon a time, there was a pro basketball team in New York called the Nets.
Led by the superlative Julius “Dr. J.” Erving, it consistently made the playoffs in the old American Basketball Association (the ABA), and even won championships, in 1974 and 1976. But then, the team joined the NBA and—reneging on a promise to give Dr. J a raise—instead sold him to the Philadelphia 76ers before the start of the 1976-77 season. Then the team moved to New Jersey in 1977. After those two events, the Nets stopped contending. The franchise—which had won more than 65 percent of its regular-season games in three straight seasons just prior to the ABA’s merger with the NBA—never again hit that mark in any of its 35 seasons in New Jersey.
Of the two moves, losing Dr. J. was clearly the more important. He immediately became the 76ers’ most productive player and eventually delivered them a championship. But long after Dr. J. had left the game, the Nets in New Jersey continued to struggle. Life was especially bad in 2009-10, when the team lost their first 18 games, on the way to a record of 12-70.
Here, the story seemed about to turn, for when this dreadful season ended, hope appeared on the horizon. After the 2009-10 season, the NBA approved the sale of the Nets to the Russian billionaire Mikhail Prokhorov. Prokhorov, it seemed clear, would not be selling off players to avoid raises.
The first two seasons of Prokhorov’s ownership were not especially inspiring; the team continued to lose with regularity. But in 2012, the Nets finally returned to New York. Not only did the team change its address, the Nets also changed its roster.
Not surprisingly, the 2009-10 team did not have a single player who had ever appeared in an All-Star game. But in February of 2011, the Nets traded for All-Star point guard Deron Williams, and in July of 2012 the Nets traded for All-Star shooting guard Joe Johnson. With Williams and Johnson on board, the Nets managed to win 49 games in 2012-13. And if two All-Stars gets you to 49 wins, Prokhorov might have thought, what will you get if you add three more?
This past summer the Nets traded for Kevin Garnett and Paul Pierce, future Hall of Famers who had previously led the Boston Celtics to a championship. The team also signed Prokhorov’s countryman, the forward Andrei Kirilenko. The resulting quintet entered the 2013-14 season with 34 All-Star game appearances between them, and Prokhorov spoke of victory parades.
All these All-Stars, though, came at a cost. Back in 2009-10, the New Jersey Nets spent less on payroll than all but four of the NBA’s 30 teams. This year, the Brooklyn Nets—with a payroll beyond $100 million—are spending more than anyone. Indeed, once you figure in the penalties for going above the league’s salary cap, the Nets are the most expensive basketball team ever (and by a very large margin).
All this spending on all these All-Stars led Brooklyn fans to expect something wonderful to happen—a storybook ending, if you will. But with more than 35 percent of the season now in the books, the Nets are not even in playoff contention, despite playing in the Eastern Conference, which is woefully bad. With all this spending, the Brooklyn fans expected a return to the glory days of Dr. J. What they got was a typical team from New Jersey.
So what happened?
Saturday, January 4, 2014
Bonus Entertainment: Is This How Paul Krugman Will React When the Austrians Takeover?
NyPo reports:
Alabama football fans haven’t had much practice coping with losses in recent years. Still, this is a bit much.In the final stages of Alabama’s 45-31 Sugar Bowl loss to Oklahoma on Thursday night, a crazed female Crimson Tide fan was caught on video throwing down with a group of smug Sooners rooters.As in, the houndstooth-clad mother literally threw herself down into the next row to unleash a tide of punches and vicious kicks before being restrained. Her favorite Alabama cheer: Rammer Jammer Bodyslammer.The unapologetic brawler, identified as Michelle Pritchett of Sweet Water, Ala., told the Alabama-based news website Yellowhammer she was defending her teenage son against taunts from the rowdy Oklahoma contingent and “I’d had a couple drinks, but I was not intoxicated.”
Smartphones Set to Become Even Smarter
FT says:
Crucial to many devices this year will be intelligent sensors that monitor the user, allowing smartphones to automatically react to their needs – even before they are aware of them.
Sensors used so far in smartphones have been relatively crude, even if already numerous. The latest iPhone model, for example, includes a pedometer, compass, accelerometer, GPS and fingerprint scanner.
Improved sensors will allow phones to act and react in a similar manner to Microsoft’s Kinect games console, which can understand hand gestures and recognise faces. Indeed, Nokia, which is soon to be owned by Microsoft, will make a much greater play of sensors this year in a revamped range of devices expected in the spring, according to people familiar with the company.
Crucial to many devices this year will be intelligent sensors that monitor the user, allowing smartphones to automatically react to their needs – even before they are aware of them.
Sensors used so far in smartphones have been relatively crude, even if already numerous. The latest iPhone model, for example, includes a pedometer, compass, accelerometer, GPS and fingerprint scanner.
Improved sensors will allow phones to act and react in a similar manner to Microsoft’s Kinect games console, which can understand hand gestures and recognise faces. Indeed, Nokia, which is soon to be owned by Microsoft, will make a much greater play of sensors this year in a revamped range of devices expected in the spring, according to people familiar with the company.
Sensors will be able to detect temperature, pressure, eye movement and gestures, location and magnetic fields. In effect, the screens of premium phones will look back at the user and know when they are sleeping, walking, running or taking the bus; whether or not they are holding up one, two or three fingers or swiping away.
Accenture, the consultancy group, credits advancements in microelectromechanical systems for the coming wave of smaller, more accurate, and more durable sensors.
David Sovie, managing director with Accenture’s communications group, said: “Sensors will step into the spotlight in 2014 like never before, enabling the digital transformation of people and companies and feeding increasingly interconnected networks with insightful data.”[...]
The proliferation of sensors will help wearable technology make the next step into mainstream use, with almost every major manufacturer lining up forms of mobile technology that can be worn on the wrist or elsewhere that will monitor activities and wellbeing on the move.
Most devices will be companion accessories to a smartphone rather than standalone products, although at least two smart watches will come with SIM cards installed that will allow them to connect independently to the mobile internet.
Most Android-based smartphone makers are planning to launch a smart watch, with Chinese makers such as ZTE already promising to bring down the prices with lower end alternatives. Apple, meanwhile, continues to work on the iWatch.
Why the Generally Incorrect Analysis of Paul Krugman Must Be Consistently Challenged
He is read by very many and is very popular. NYT readers seek him out. Here is an NYT ranking of keywords most frequently searched by NYTimes.com readers over the last 24 hours (My highlight)
1. weather
2. modern love
3. snowden
4. krugman
5. crossword
6. new york times
7. david brooks
8. 36 hours
9. de blasio
10. china
1. weather
2. modern love
3. snowden
4. krugman
5. crossword
6. new york times
7. david brooks
8. 36 hours
9. de blasio
10. china
There Is No Price Inflation If You Don't Eat...
But if you do, things are going to be more expensive for you in 2014. WSJ reports:
U.S. cattle prices jumped to a record Friday, setting up a fresh hit of sticker shock for consumers at the grocer's meat counter.
Meatpackers this past week paid the highest cash prices on record for live, slaughter-ready cattle in the major producing states of Kansas, Nebraska and Texas. That led traders to bid up futures prices, which already had been rising as retailers increased beef purchases for the holidays and the meat industry grappled with tight cattle supplies after prolonged drought in parts of the U.S. Great Plains.
Analysts said the higher cattle prices likely will be passed along to U.S. consumers in the next few months. That would boost fresh-beef prices at retail that surged to a record $5.014 a pound in November, according to the U.S. Department of Agriculture, a 26% increase over five years ago.
Some Libertarian: Rand Paul Calls for the Jailing of Edward Snowden
On FOX news, Rand Paul said it would be “enlightening” for NSA whistleblower Edward Snowden and intelligence director James Clapper to “share a prison cell,” noting “the law has to be applied equally.”
Video here.
Video here.
Split Views About Bitcoin Among NYC Real Estate Brokers
NyPo reports:
The bitcoin has gained a foothold in one of the hottest business sectors in the country: Manhattan real estate.
Bond New York, a Manhattan-based real estate broker, has started accepting the digital currency for real estate transactions, The Post has learned.
Bond New York believes it is the first real estate brokerage firm to accept bitcoin.
“Real estate brokerage is a service industry,” said Noah Freedman, a co-founder of Bond New York. “Our job is to make real estate transactions easy for our customers. Bitcoins are just another mechanism to help people facilitate transactions.”
Several larger real estate brokers are not sold on the idea and have no plans to set up bitcoin accounts any time soon.
“We don’t accept them, and we have no plans to accept them,” Pam Liebman, CEO of the Corcoran Group, said Friday. “We prefer the American dollar.”
“Bitcoins could be here today and gone tomorrow,” Liebman explained. “How do you trade them? Can you walk into Barneys and pay in bitcoins? What happens if people decide not to accept them anymore?”
Howard Lorber, President and CEO of Vector Group and chairman of Douglas Elliman, a Vector subsidiary that is the largest real estate brokerage in the New York area, agreed.Further, I imagine that Bond New York is immediately converting bitcoins it receive into dollars, which means it considers Bitcoin something along the lines of an American Express travelers check, rather than a separate money. I guarantee you that Bond New York is not pricing properties at a fixed Bitcoin rate. No one is thinking in terms of Bitcoin. Those who are accepting Bitcoin are doing a conversion in their head to dollars.
“We’ve never had anyone ask to use them, and we wouldn’t accept them,” Lorber said.[...]"What happens if people decide not to use [bitcoin] anymore? I don’t know why anyone would use them,” Lorber said.
Gov. Jerry Brown Even Gives Orders at the Gym
California Governor Jerry Brown works out at the same gym that I do. I have seen him around a few times.
His behavior at the gym is so different from most gym goers that it is worthy of comment.
As anyone who has spent time in a gym knows, workouts are pretty much a solitary thing. There is very little conversation, every one is pretty much doing their own thing, most while listening to music on their cell phones. Others having some conversation, if they are working with a trainer.
For Brown, he spends about half his time talking to gym staff. Nobody else does this. These aren't staffers that are coming up to him, but gym staff he seeks out in a corner of the gym. Most fascinating is his interaction with a gal trainer he sometimes uses. He gives more orders to the trainer than the other way around. It is not unusual to hear him tell the trainer something along the lines of, "No, lets do this next."
Politicos apparently can't stop giving orders.
To his credit, he doesn't take any bodyguards into the gym. He is in there solo, but he has a team waiting for him outside.
This morning at the gym, he acknowledged a guy working out on a weight machine near me. He said to the man, "You know it's the 100th year, we'll see what happens." Could he have been talking about the Fed? This is it's 100th year.
His behavior at the gym is so different from most gym goers that it is worthy of comment.
As anyone who has spent time in a gym knows, workouts are pretty much a solitary thing. There is very little conversation, every one is pretty much doing their own thing, most while listening to music on their cell phones. Others having some conversation, if they are working with a trainer.
For Brown, he spends about half his time talking to gym staff. Nobody else does this. These aren't staffers that are coming up to him, but gym staff he seeks out in a corner of the gym. Most fascinating is his interaction with a gal trainer he sometimes uses. He gives more orders to the trainer than the other way around. It is not unusual to hear him tell the trainer something along the lines of, "No, lets do this next."
Politicos apparently can't stop giving orders.
To his credit, he doesn't take any bodyguards into the gym. He is in there solo, but he has a team waiting for him outside.
This morning at the gym, he acknowledged a guy working out on a weight machine near me. He said to the man, "You know it's the 100th year, we'll see what happens." Could he have been talking about the Fed? This is it's 100th year.
George Goodman, aka Adam Smith, Has Died
NYT reports that he died from complications of leukemia at the age of 83.
His first book written under the pseudonym Adam Smith was “The Money Game,” published in the spring of 1968, became an immediate best seller. The book told tales about Wall Street's "Go-Go" years.
According to NYT:
Goodman followed up "The Money Game," with "Supermoney," in 1972. In that book, among other stories,Goodman introduced Warren Buffett to the general public.
He wrote in that book that Benjamin Graham wanted Goodman to help him come out with a new edition of "The Intelligent Investor":
In “Paper Money,” he is the one who made the joke that hinted at the problems with bad modeling in mainstream economics: Stuck without tools on a desert island, an economist theorizes, “Assume a can opener.”
His first book written under the pseudonym Adam Smith was “The Money Game,” published in the spring of 1968, became an immediate best seller. The book told tales about Wall Street's "Go-Go" years.
According to NYT:
Mr. Goodman did not choose the pseudonym Adam Smith, after the 18th-century philosopher who shaped the discipline of economics with his concept of an “invisible hand” that governed markets. Rather, it was given to him as a young journalist for New York magazine in the 1960s, to hide his identity from sensitive Wall Street sources.
He hated the name at first and tried to change it, but he could not find out who had bestowed it, although many sources said it was Clay Felker, New York magazine’s founding editor.
“Of course, after my books became successful, three people owned up,” Mr. Goodman said in an interview with The New York Times in 1981.
Goodman followed up "The Money Game," with "Supermoney," in 1972. In that book, among other stories,Goodman introduced Warren Buffett to the general public.
He wrote in that book that Benjamin Graham wanted Goodman to help him come out with a new edition of "The Intelligent Investor":
"There are really only two people I would want to work on this," Graham said. ""You're one, ad the other is Warren Buffett.
"Who's Warren Buffett?" I asked.
In “Paper Money,” he is the one who made the joke that hinted at the problems with bad modeling in mainstream economics: Stuck without tools on a desert island, an economist theorizes, “Assume a can opener.”
Ron Paul on ObamaCare: People Are Going to Opt Out on Their Own
As usual, a great analysis from Ron Paul. He says that Obamacare could crash from its own internal contradictions.
Video here.
Video here.
Math Scores
15 year olds
S Korea 554
Japan 536
Canada 518
Germany 514
Vietnam 511
France 495
UK 494
Russia 482
US 481
Mexico 413
(Via Ian Bremmer)
S Korea 554
Japan 536
Canada 518
Germany 514
Vietnam 511
France 495
UK 494
Russia 482
US 481
Mexico 413
(Via Ian Bremmer)
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