Saturday, March 03, 2012

A most significant development: Central banks no longer trust money: Central banks begin to buy stocks instead

The article below sees it as a way of propping up the stockmarket but a student of history would see it as a belief that stocks will hold their value better than the Greenback, Euro or UK Pound will. That is certainly my belief and I have long ago put most of my money where my mouth is: Into blue chip shares

A small number of central banks around the world have begun investing their foreign exchange reserves in equities, according to Bloomberg News. These include the Swiss National Bank, the Bank of Israel, South Korea and others.

So far it’s not much, several billion in stock buys by central banks. But all over the world, there are about $10.2 trillion of foreign exchange reserves that could be tapped, according to the International Monetary Fund’s Currency Composition of Official Foreign Exchange Reserves (COFER) database.

Interestingly, the IMF notes that “COFER data for individual countries are strictly confidential.” So, when central banks flood equities markets with excess reserves, investors likely won’t know until after the fact, and then, only if such purchases are disclosed.

But why would central banks purchase stocks? Aren’t those… risky?

In 2000, none other than current Federal Reserve Chairman Ben Bernanke — then a professor — commenting on Japanese policies after their housing bubble popped in 1989, included corporate bond and equity purchases in his menu of options that might be pursued in an environment with near-zero interest rates.

Bernanke left no mistake that the reason to boost aggregate demand in this fashion is to raise prices: “The object of such purchases would be to raise asset prices, which in turn would stimulate spending”.

Vince Reinhart, then Fed Director of its Division of Monetary Affairs, at Federal Open Market Committee (FOMC) meeting in June 2004 described the circumstances under which a central bank might engage in such purchases: “if the policymakers believed that deflationary forces were severe.”

Reinhart also dismissed the possibility at the time, saying, “These options would change how we are viewed in financial markets, involve credit judgments of a form we are not used to, perhaps smack of desperation, and pull us into a tighter relationship with other parts of government.”

But let’s leave that aside. Consider carefully the circumstances Reinhart outlined when this might actually happen: “if the policymakers believed that deflationary forces were severe.” Uh-oh.

Now that central banks are actively buying stocks, this could be an extremely bearish signal for investors. Central banks may not believe that the current market rally is sustainable and that the means to propping it up is to step in and forcefully monetize the markets.

That alone would be outrageous enough, if the object is to socialize risks in the private sector, and to artificially bolster the capital gains of a select few. But let’s examine some numbers to see what the impact might be if central banks let loose their $10.2 trillion of foreign exchange reserves on the stock market.

According to the World Federation of Exchanges (WFE), the total value of equities worldwide fell from a high of $56.8 trillion in May 2008 to $42.9 trillion in Sept. 2008. By the end of 2008 it was $32.8 trillion. And in Feb. 2009, it had dropped to a low of $29.1 trillion.

In less than a year, over $27.7 trillion of wealth was erased.

Since that time, there has been a considerable recovery. The total value of equities rose to $54 trillion in 2010, and then came down slightly in 2011 to $47 trillion, with the WFE citing collateral damage from the sovereign debt crisis.

In Jan., it stood at about $50.8 trillion. So, global equity markets are currently about 74.5 percent off their lows and climbing. To look at it from the perspective of the Dow Jones Industrial Average, it hit a low of 6594 in March 2009, and has risen to about 13000 today. It’s nearly 100 percent off its low.

Does that mean it is time for a correction? Or even a cyclical recession?

For certain, central banks stepping into stocks now will be buying the market at or near a high. Why would they do that unless “policymakers believed that deflationary forces were severe”?

Perhaps that is just a pretext. One effect of central banks buying at a high would be to allow favored shareholders of companies to realize profits on their stock holdings (i.e. capital gains). It’s important to note that the high percentage gains in equity values over the past three years were actually a low-volume trade.

In other words, not too many people appear to be buying the Dow at 13000.

Are financial institutions sitting on a lot of overvalued assets and need to sell them to book the gains before the correction comes? Hmmm.

There’s over $20 trillion of gains at stake since the markets’ collective lows of 2009. But don’t expect a bailout in your personal portfolio solely from central banks’ foreign exchange reserves. There are not enough of those to buy all of the world’s stocks.

So, the privileged few will get a bailout — and a preemptive one at that. And the worst part is there will be no way to stop the intervention.

Outraged yet? You should be. But then, this is what happens when value is completely severed from currency. It is time to seriously reconsider this Monopoly money scheme.

SOURCE

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20 Obvious Truths That Will Shock Liberals

John Hawkins

1) The Founding Fathers were generally religious, gun-toting small government fanatics who were so far to the Right that they'd make Ann Coulter look like Jimmy Carter.

2) The greatest evil this country has ever committed isn't slavery; it's killing more than 50 million innocent children via abortion.

3) Conservatives are much more compassionate than liberals and all you have to do to prove it is look at all the studies showing that conservatives give more of their money to charity than liberals do.

4) When the Founding Fathers were actually around, there were official state religions and the Bible was used as a textbook in schools. The so-called "wall of separation between church and state" has absolutely nothing to do with the Constitution and everything to do with liberal hostility to Christianity.

5) The biggest problem with our economy today is Barack Obama. His demonization of successful people, his driving up gas prices, his regulatory overload and threats to increase taxes have terrified businesses into hunkering down, refusing to spend money, and declining to hire new people. Replacing him would do more than any government policy to spur economic growth.

6) Not only are conservatives more patriotic than liberals, but most American liberals "love" America in about the same way that a wife-beater loves his wife.

7) Out of every 100 cries of “Racism” you hear these days, 99 are motivated by nothing other than politics.

8) Anyone paying income taxes is certainly paying his “fair share" -- and then some -- compared to the people who pay nothing.

9) You don't have a "right" to anything that other people have to pay to provide for you.

10) If we can ask people to present an ID to buy alcohol, drive a car, or get on an airplane, then asking them to present identification to vote is a no-brainer.

11) There's absolutely nothing that the government does smarter, better, or more efficiently than the private market with roughly equivalent resources.

12) The biggest problem with education in this country is liberals. They fight vouchers, oppose merit pay, refuse to get rid of terrible teachers, and bend over backwards to keep poor kids trapped in failing schools.

13) Fascism, socialism, and communism are all left-wing movements that have considerably more in common with modern liberalism than modern conservatism.

14) The Democratic Party was behind slavery, the KKK, and Jim Crow laws. It was also the party of Margaret Sanger, George Wallace, and Bull Connor. It has ALWAYS been a racist party. Even today, white liberals support Affirmative Action and racial set-asides because they still believe black Americans are too inferior to go up against whites on an even playing field.

15) A man with good morals who falls short and becomes a hypocrite is still a far better man than a liberal who can never be called a hypocrite because he has no morals at all.

16) The most dire threat to America's future and prosperity in the last 150 years hasn't been the Nazis, the Soviets, or Al-Qaeda;, it's the spending and overreach of our own government.

17) Greed isn't someone wanting to keep more of what he earns; it's people demanding a greater share of money that someone else earns.

18) Most of the time in American politics, the liberal "victim" is really a bad guy who is absolutely delighted by the opportunity to pretend to be "offended."

19) Jesus Christ was not a conservative, a liberal, or a politician. He was also not a capitalist or a socialist. Still, you can say this: Jesus drew sharp lines about what's right and wrong, he wasn't tolerant of what the Bible categorizes as sinful behavior, and there's absolutely no question that he would adamantly oppose abortion and gay marriage.

20) When you demand that other people fund your sexual escapades by buying your contraception, your sex life becomes their business.

SOURCE

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Islamic Rages Aimed at Enslaving the West

Six U.S. military men have been murdered by Afghan security forces seized by what may be labeled Quran-Burning Rage.

Quran-Burning Rage follows Pastor Jones Rage, which, after a Florida pastor burned a Quran in 2011, seized Afghan Muslims and inspired rioting. Some rioters overran a United Nations outpost and murdered seven U.N. personnel.

Pastor Jones Rage followed "Fitna" Rage, which seized Muslims worldwide even before the release of Dutch parliamentarian Geert Wilders' short 2008 film "Fitna." That film sparked rioting, arson, boycotts, death threats and, as a bonus, charges that led to the protracted trial in the Netherlands of Wilders for "insulting Muslims." (He was acquitted in 2011.)

"Fitna" Rage followed Teddy Bear Rage, which, in 2007, seized Muslims in Sudan after a British teacher, whose class named a teddy bear "Muhammad," was sentenced to 15 days for "insulting religion." Ten thousand Sudanese turned out to call for the teacher's head instead.

Teddy Bear Rage followed Pope Rage, which seized Muslims after a 2006 address in which Pope Benedict XVI noted a historic reference to Islam's propensity to spread by violence. Muslim rioting, arson (including church burnings) and the murder of a 65-year-old Italian nun in Somalia ensued.

All of these rages followed or coincided with the most sustained rage of all, Danish Muhammad Cartoon Rage, which, since the 2005 publication of a dozen Muhammad cartoons in a Danish newspaper, has seized countless Muslims in recurring waves of rioting, boycotts and arson. More than 100 deaths have resulted.

I could continue, but I think the pattern is clear. Critical discussion or representation of Islam -- including stated facts; satirical, political or religious commentary; or acts deemed by Islam to be "blasphemy" or "desecration" -- spur Muslims to violence. This violence spurs Westerners to apology. But apology is always an act of dhimmitude: submitting to Islamic definitions of crime or grievance that only under Islamic law require contrition.

Today, the pattern intensifies. Muslim violence is more brazen with the murders of American troops, and Western apologies are more exaggerated. The United States hasn't even quashed Afghan demands for a trial of those who last month disposed of several Qurans.

Meanwhile, the chorus for punishment grows. "After the first step of a profound apology, there must be a second step ... of disciplinary action," Jan Kubis, the United Nations representative in Afghanistan, said this week. "Only after this, after such a disciplinary action, can the international forces say, 'Yes, we're sincere in our apology.'"

Or, rather, yes, we're sincere in our dhimmitude.

Demonstrating his own "sincerity," Kubis continued: "We deeply, deeply, profoundly respect Islam. ... We were very hurt that the international military allowed the desecration of the Quran. We rejected and condemned this act; it doesn't matter that it was a mistake."

Kubis' example is most instructive. Speaking for the United Nations, he mimics the aggrievement of Islam. Indeed, Islam's aggrievement becomes the United Nations' own as it draws power from the demonstrably more kinetic Islamic position.

The fact is, this whole affair, like those that preceded it, is a power play. Feigned victimhood becomes a trap for the "perpetrator" -- in this case, the U.S. military. Falling for the trap means submitting to violent Islamic dictates for exactly the same reason a co-dependent family member submits to dictates of a mentally ill relative -- to stop the outburst, to make it all "better," even if "better" is only a lull before the next power play.

Just as such actions bring a co-dependent family member more closely into the behavioral orbit of the sick family member, they bring the United States more closely into the behavioral orbit regulated by Islamic law. They force the "perpetrator" into accepting the sacredness of an inanimate object; they force the "perpetrator" into accepting the Islamic position that a?Christian or Jew is unfit (unclean) to dispose of the sacred thing without desecrating it. They force the "perpetrator" to accept the Islamic belief that such "desecration" constitutes a crime of literally capital proportions.

They force the "perpetrator" to act Islamic. This is the pattern of dhimmitude, and we must break it.

SOURCE

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Weak U.S. Economy Still the Leading Issue for Voters

President Obama may be getting great pleasure from the Republicans' lengthening battle over who can beat him in November. But he faces a much stronger opponent between now and then: a weakened U.S. economy.

The 3 percent fourth-quarter growth rate in the nation's gross domestic product was welcome news, but the fact is that the Obama economy grew at a sluggish 1.7 percent for all of 2011.

And it isn't expected to do a great deal better this year, either, according to the National Association for Business Economics. It is predicting only modest growth of 2.4 percent for the rest of this year.

Americans may not follow the economic growth rate that closely, but they do follow the unemployment rate, which has always been a lagging economic indicator. And that in the end may be Obama's political undoing this fall.

The government's unemployment rate, which has to be taken with a large grain of salt, is 8.3 percent. But the daily surveys conducted by the Gallup Poll put the jobless rate at 9 percent, and worse, the "underemployment rate," which includes people who can't find full-time work or who have dropped out of the work force, at 19 percent.

In another gloomy economic forecast, Fed Chairman Ben Bernanke told lawmakers Wednesday that the nation still faced major economic challenges before it was going to fully regain its health.

He reiterated that the unemployment rate isn't likely to drop much more than it has so far, and any further decline will "edge down only slowly" in coming years.

More HERE

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My Twitter.com identity: jonjayray. I have deleted my Facebook page as I rarely access it. For more blog postings from me, see TONGUE-TIED, EDUCATION WATCH INTERNATIONAL, GREENIE WATCH, POLITICAL CORRECTNESS WATCH, GUN WATCH, FOOD & HEALTH SKEPTIC, AUSTRALIAN POLITICS, IMMIGRATION WATCH INTERNATIONAL, EYE ON BRITAIN and Paralipomena

List of backup or "mirror" sites here or here -- for readers in China or for everyone when blogspot is "down" or failing to update. Email me here (Hotmail address). My Home Pages are here (Academic) or here (Pictorial) or here (Personal)

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Friday, March 02, 2012

More shackles for what was once the land of the free

I’ve got a new op-ed in the Daily Caller about one of the most significant employment-law initiatives out of Washington in years (also reported on by Melanie Trottman in today’s WSJ): the Obama administration is preparing to order federal contractors to comply with a quota (sorry, “required…hiring goal”) of disabled employees, perhaps as high as 7 percent. Businesses have flooded the Regulations.gov comments site with negative reactions to the idea, but to no seeming avail. As I explain, one of the scheme’s maddening aspects is that you’re supposed to achieve the quota even though you’re not allowed to ask employees whether or not they’re disabled:
So the rules contemplate a fan dance of “invited self-identification” in which workers are given repeated chances at successive stages of the hiring process to announce that they are disabled. Unfortunately for quota compliance, even after getting the job an employee may be too shy to offer such a self-identification, which means the employer may lose any “credit” for the hire. Perhaps equally frustrating, an employee hired with the quota in mind may turn out not to have any disability at all (“Dang it! And she looked so disabled!”).

The employment provisions of the Americans with Disabilities Act (ADA) and its associated Rehabilitation Act are already rife with absurd results. Last week, after a Colorado school bus driver who hit three middle school students turned out to have been hired though recently in rehab, a spokesman for the school district explained that the law was at work: “It is illegal under state and federal disability laws to deny employment solely on the basis of a history of treatment for alcohol or substance abuse.” Non-discrimination against school bus drivers with a taste for booze is bizarre enough, but not bizarre enough for Washington. Time for preference!

SOURCE

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Israeli oil and gas may be a game changer

In the first 25 years after Israel’s founding in 1948, it was repeatedly attacked by the large armies of its Arab neighbours. Each time, Israel prevailed on the battlefield, only to have its victories rolled back by Western powers who feared losing access to Arab oilfields.

The fear was and is legitimate – Arab nations have often threatened to use their “oil weapon” against countries that support Israel and twice made good their threat through crippling OPEC oil embargoes.

But that fear, which shackles Israel to this day, may soon end. The old energy order in the Middle East is crumbling with Iran and Syria having left the Western fold and others, including Saudi Arabia, the largest of them all, in danger of doing so.

Simultaneously, a new energy order is emerging to give the West some spine. In this new order, Israel is a major player. As well, apart from being an oil (from shale rock) and natural gas exporter in the near future, gas-fired power-stations using Israel's abundant offshore natural gas like the one near completion in the Israeli port of Ashdod (where the Turkish flotilla to Gaza was ordered to berth after misson was aborted). Ironically enough, in a strange twist of ever-changing shifting diplomatic relationships, the power-station at Ashdod was originally meant to use Egypt's rather limited gas export to transmit power via a short undersea cable to connect to the Cyprus-Greek-Europe grid.

The new energy order is founded on rock – the shale that traps vast stores of energy in deposits around the world. One of the largest deposits – 250 billion barrels of oil in Israel’s Shfela basin, comparable to Saudi Arabia’s entire reserves of 260 billion barrels of oil – has until now been unexploited, partly because the technology required has been expensive, mostly because the multinational oil companies that have the technology fear offending Muslims. “None of the major oil companies are willing to do business in Israel because they don’t want to be cut off from the Mideast supply of oil,” explains Howard Jonas, CEO of IDT, the U.S. company that owns the Shfela concession through its subsidiary, Israel Energy Initiatives. Jonas, an ardent Zionist, considers the Shfela deposit merely a beginning: “We believe that under Israel is more oil than under Saudi Arabia. There may be as much as half a trillion barrels.”

Because the oil multinationals have feared to develop Shfela, one of the world’s largest oil developments is being undertaken by an unlikely troop. Jonas’s IDT is a consumer-oriented telecom and media company that is a relative newcomer to the heavy industry world of energy development. Joining IDT in this latter-day Zionist Project is Lord Jacob Rothschild, a septuagenarian banker and philanthropist whose forefathers helped finance Zionist settlements in Palestine from the mid-1800s; Michael Steinhardt, a septuagenarian hedge fund investor and Zionist philanthropist; and Rupert Murdoch, the octogenarian chairman of News Corporation who uncompromisingly opposes, in his words, the “ongoing war against the Jews” by Muslim terrorists, by the Western left in general, and by Europe’s “most elite politicians” in particular.

Where others would have long ago retired, these businessmen-philanthropists have joined the battle on Israel’s side. While they’re in it for the money, they are also determined to free the world of Arab oil dependence by providing Israel with an oil weapon of its own. The company’s oil shale technology “could transform the future prospects of Israel, the Middle East and our allies around the world,” states Lord Rothschild.

To win this war, Israel Energy Initiatives has enlisted some of the energy industry’s savviest old soldiers – here a former president of Mobil Oil (Eugene Renna), there a former president of Occidental Oil Shale (Allan Sass), over there a former president of Halliburton (Dick Cheney). But the Field Commander for the operation, and the person who in their mind will lead them to ultimate victory, is Harold Vinegar, a veteran pulled out of retirement and sent into the fray. Vinegar, a legend in the field, had been Shell Oil’s chief scientist and, with some 240 patents to his name over his 32 years at Shell, revolutionized the shale oil industry.

Before oil met Vinegar, this was dirty business, a sprawling open mine operation that crushed and heated rock to yield a heavy tar amid mountains of spent shale. The low-value tar then needed to be processed and refined. The bottom line: low economic return, high environmental cost.

Vinegar boosted the bottom line by dropping the environmental damage. No open pit mining, no spent shale, no heavy tar to manage. In his pioneering approach, heated rods are inserted underground into the shale, releasing from it natural gas and light liquids. The natural gas provides the project’s need for heat; the light liquids are easily refined into high-value jet fuel, diesel and naphtha. The new bottom line: oil at a highly profitable cost of about $35-$40 a barrel and an exceedingly low environmental footprint. Vinegar’s process produces greenhouse gas emissions less than half that from conventional oil wells and, unlike open pit mining, does not consume water. The land area from which he will extract a volume of oil equivalent to that in Saudi Arabia? Approximately 25 square kilometers.

Although the Israeli shale project is still at an early stage, its massive potential and Vinegar’s reputation have already begun to change attitudes toward Israel. “We have been approached by all the majors,” Vinegar recently told the press, and for good reason. “Israel is very well positioned for oil exporting” to both European and Asian markets.

The majors have other reasons, too, for casting their eyes afresh at Israel. Through its natural gas finds in the Mediterranean’s Levant Basin, and with no help from the oil majors, Israel is becoming a major natural gas exporter to Europe. According to the U.S. Geological Survey, the Levant Basin has vast natural gas supplies, most of it within Israel’s jurisdiction.

Attitudes to Israel in some European capitals – those in line to receive Israeli gas — have already warmed and the shift to Israel may in time become tectonic, in Europe and elsewhere, when oil is at stake – 38 countries have an estimated 4.8-trillion barrels of shale oil, many of which would benefit from the shale oil technology now being pioneered in Israel. Speeding that shift could be the Arab Spring, which many fear will flip pro-Western Arab states into hostile camps. Long time U.S. ally Saudi Arabia is reportedly so distrustful of the U.S. following its abandonment of long-time Egyptian ally, President Hosni Mubarak, that it has pulled back its relationship with the West in favour of China.

SOURCE

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More Anger over Obama's contraception mandate

Conservative talk show host Rush Limbaugh, already under fire from Democrats over his language in discussing a Georgetown University law student who testified about contraception, ratcheted up his rhetoric on Thursday, saying the student should post an online sex video if taxpayers are forced to pay for contraception.

Limbaugh on Wednesday had referred to student Sandra Fluke as a “slut” for supporting a requirement that health insurance cover contraception. On his radio show Thursday, Limbaugh went a little further:

"So Miss Fluke, and the rest of you Feminazis, here's the deal. If we are going to pay for your contraceptives, and thus pay for you to have sex. We want something for it. We want you post the videos online so we can all watch."

House Minority Leader Nancy Pelosi had called on Limbaugh to apologize Thursday about the “slut” comment, made after Fluke testified recently about contraception before an unofficial Democratic committee.

Here's what Limbaugh said on Wednesday’s edition of Premiere Radio Networks' The Rush Limbaugh Show:

"What does it say about the college coed Susan Fluke [sic], who goes before a congressional committee and essentially says that she must be paid to have sex? What does that make her? It makes her a slut, right? It makes her a prostitute. She wants to be paid to have sex.

"She's having so much sex she can't afford the contraception. She wants you and me and the taxpayers to pay her to have sex. What does that make us? We're the pimps.

"The johns, that's right. We would be the johns -- no! We're not the johns. Well -- yeah, that's right. Pimp's not the right word."

Fluke had been turned away in February from testifying before the Republican-controlled House Oversight and Government Reform Committee on the Obama administration's policy requiring that employees of religion-affiliated institutions have access to health insurance that covers birth control.

Radio host Rush Limbaugh, one of the loudest voices of the conservative movement, had strong words for women who want contraception coverage. NBC's Anne Thompson reports.

The Health and Human Services Department ruled earlier this year that, under the new health care law, religious-affiliated institutions such as hospitals and universities must include free birth control coverage in their employee health plans.

That mandate has raised a storm of criticism and protests from Catholic leaders and others who disapprove of contraception on religious grounds. The issue continues to divide the Congress. On Thursday, the Senate defeated a proposal that would have allowed employers and health plans to opt out of paying for medical services that are contrary to their religious beliefs or moral convictions.

Fluke later testified at an unofficial Democratic-sponsored hearing on Feb. 23, where her comments about the importance of reproductive health care to women drew applause from a small group in attendance, including Pelosi.

She said that contraception can cost a woman more than $3,000 during law school.

On Thursday, Pelosi denounced Limbaugh's comments about Fluke and called on GOP leaders and members to denounce the “slut” remark:

"When Sandra Fluke testified before the House Democratic Steering and Policy Committee after Republicans attempted to silence, she courageously spoke truth to power. As a result, today, she has been subject to attacks that are outside the circle of civilized discussion and that unmask the strong disrespect for women held by some in this country. We call upon the Republican leaders in the House to condemn these vicious attacks on Ms. Fluke, which are in response to her testimony to the Congress. Democrats will always stand up for women's health and women's voices."

SOURCE

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ELSEWHERE

A great loss: "Andrew Breitbart, a well-known conservative blogger, has died, his attorney said Thursday. He was 43. Joel Pollak, editor-in-chief and in-house counsel for Breitbart's website, Breitbart.com, confirmed his death."

Orgy of Leftist hate: "When an individual passes away, regardless of his of her ideological positions, one would expect he or she would receive respect. In the case of new media mogul Andrew Breitbart, who died early in the morning on Thursday, there has been a surge of vile commentary spewing across the Twitterverse. From comparisons to Hitler to individuals tweeting that they are content the pundit has passed, the messages are disturbing at best. Below, The Blaze has assembled some of the most disturbing messages we’ve seen on Twitter over the past few hours"

Senate Dems stop “conscience exemption” to Obama policy: "Senate Democrats have blocked an amendment that would have let insurers opt out of providing contraceptive coverage if employers had religious or moral objections. The Respect for Rights of Conscience Act, shorthanded as 'the conscience amendment' and authored by Sen. Roy Blunt, R-Mo., was 'tabled,' or set aside, on a 51-48 vote. Democrats needed 50 votes to prevail."

Arpaio: Obama’s birth certificate a “forgery”: "Arizona’s Maricopa County Sheriff Joe Arpaio announced on Thursday that his investigation into President Barack Obama’s birth certificate concluded the document was most likely a 'forgery.' ... 'President Barack Obama’s long-form birth certificate released by the White House on April 27, 2011, is suspected to be a computer-generated forgery, not a scan of an original 1961 paper document as represented by the White House when the long-form birth certificate was made public,' the sheriff said at a press conference."

Eurozone unemployment hits record high: "Unemployment in the 17-member eurozone jumped to an all-time high of 10.7 per cent in January, underlining the challenges facing European leaders as they gather in Brussels for a summit dedicated to finding ways to restart the continent’s economy. The figures represented the loss of an additional 185,000 jobs from December, according to Eurostat, the European Union’s statistics arm, and were slightly worse than the 10.4 per cent many economists had forecast."

Why not completely eliminate corporate income tax?: "Corporate tax reform as it's most often discussed these days sounds great in theory: Lower the overall tax rate and offset the budget impact by eliminating various special provisions. Who isn't in favor of that? ... Not surprisingly but largely overlooked in the reports on the plan announced by the White House several weeks ago, the biggest opponents ... to any substantial corporate tax overhaul come from the corporate world itself: They are the companies, industries, and sectors that currently benefit from the current system at the expense of the corporations, businesses, industries, and sectors that don't get the same special treatment."

Taxi regulations crush immigrant dreams: "A group of Ethiopian immigrants here in Nashville wants to start a taxicab collective in which the drivers operate independently, instead of being required to fork over thousands of dollars to one of the city’s cab cartels. The problem is that the Nashville Metro Board doesn’t trust that dastardly free market to determine how many cabs Nashville residents need. Instead, city planners determine this, after months of careful numbers-crunching and meticulous research, I’m sure."

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My Twitter.com identity: jonjayray. I have deleted my Facebook page as I rarely access it. For more blog postings from me, see TONGUE-TIED, EDUCATION WATCH INTERNATIONAL, GREENIE WATCH, POLITICAL CORRECTNESS WATCH, GUN WATCH, FOOD & HEALTH SKEPTIC, AUSTRALIAN POLITICS, IMMIGRATION WATCH INTERNATIONAL, EYE ON BRITAIN and Paralipomena

List of backup or "mirror" sites here or here -- for readers in China or for everyone when blogspot is "down" or failing to update. Email me here (Hotmail address). My Home Pages are here (Academic) or here (Pictorial) or here (Personal)

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Thursday, March 01, 2012

Another ill effect of US government meddling with corn

This is a bit overstated but it does have a point

Dr. Seth M. Holmes, a professor of Health and Social Behavior at the University of California -- Berkeley, identified the source of the problem in his watershed 2006 paper, “An Ethnographic Study of the Social Context of Migrant Health in the United States.” In the study we learn that 95 percent of agricultural workers in the United States were born in Mexico and 52 percent are undocumented. Most researchers agree that inequalities in the global market make up the primary driving force of labor migration patterns. Mexico’s current minimum wage is US$4.60 per day. In contrast, the US federal minimum wage is $7.25 per hour, while it is $7.65 in Arizona, $8 in California, $7.50 in New Mexico, and $7.25 in Texas.

The 2003 North American Free Trade Agreement (NAFTA) deregulated all agricultural trade, except for corn and dairy products. The Mexican government complains that since NAFTA’s initial implementation in 1994, the United States has raised farm subsidies by 300 percent. As a result, Mexican corn farmers, who comprise the majority of the country’s agricultural sector, experienced drastic declines in the domestic price of their product. It should come as no surprise, then, that the United States began to experience an influx of Mexicans looking for employment in the latter half of the 1990s. Mexican farmers are now rightly protesting because they cannot compete against prices that are artificially deflated for the sake of protecting Americans from necessary market corrections.

Holmes explains that migrant and seasonal farm workers suffer the poorest health status within the agriculture industry. For example, migrant workers have increased rates of many chronic conditions, such as HIV infection, malnutrition, anemia, hypertension, diabetes, anxiety, sterility, blood disorders, and abnormalities in liver and kidney function. This population has an increased incidence of acute sicknesses such as urinary tract and kidney infections, lung infections, heat stroke, anthrax, encephalitis, rabies, and tetanus. Tuberculosis prevalence is six times greater in this population than in the general United States population. Finally, Holmes reports, children of migrant farm workers show high rates of malnutrition, vision problems, dental problems, anemia, and excess blood lead levels.

Economically speaking, Mexico's central bank recently announced that the $22.7 billion in remittances that Mexican migrant workers sent home from the United States in 2011 increased by 6.86 percent over the previous year. Remittances are Mexico's second-largest source of foreign income following oil exports. Nearly all of that the money comes from the United States, with a Mexican citizen population of 12 million.

Can you imagine what would happen if the United States had no farm subsidies, Mexican farms were flourishing, and $22.7 billion was generated within Mexico’s economy to catalyze more wealth creating opportunities? We can only dream at present, but one thing is for certain: Mexican migrant workers would be far better off. As such, through federal corn farm subsidies, America’s government is morally culpable for the oppression, dehumanization, and poor health of Mexican migrant workers.

SOURCE

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Some inequalities are inevitable

Rick Santorum's speech at the Detroit Economic Club stirred a bit of controversy when he said: "I'm not about equality of result when it comes to income inequality. There is income inequality in America. There always has been, and hopefully – and I do say that – there always will be." That kind of statement, though having merit, should not be made to people who have little or no understanding. Let's look at inequality.

Kay S. Hymowitz's article "Why the Gender Gap Won't Go Away. Ever," in City Journal (Summer 2011), shows that female doctors earn only 64 percent of the income that male doctors earn. What should be done about that? It turns out that only 16 percent of surgeons are women but 50 percent of pediatricians are women. Even though surgeons have many more years of education and training than do pediatricians, should Congress equalize their salaries or make pediatricians become surgeons?

Wage inequality is everywhere. According to the Bureau of Labor Statistics, Asian men and women earn more than white men and women. Female cafeteria attendants earn more than their male counterparts. Females who are younger than 30 and have never been married earn salaries 8 percent higher than males of the same description. Among women who graduated from college during 1992-93, by 2003 more than one-fifth were no longer in the workforce, and another 17 percent were working part time. That's to be compared with only 2 percent of men in either category. Hymowitz cites several studies showing significant career choice and lifestyle differences between men and women that result in income inequality.

There are other inequalities that ought to be addressed. With all of the excitement about New York Knick Jeremy Lin's rising stardom, nobody questions league domination by blacks, who are a mere 13 percent of our population but constitute 80 percent of NBA players and are the highest-paid ones. It's not much better in the NFL, with blacks being 65 percent of its players. Colleges have made diversity their primary calling, but watch any basketball game and you'd be hard-put to find white players in roles other than bench warming. Worse than that, Japanese, Chinese and American Indian players aren't even recruited for bench warming.

There's inequality in most jobs. According to 2010 BLS data, the following jobs contain 1 percent female workers or less: boilermaking, brickmasonry, stonemasonry, septic tank servicing, sewer pipe cleaning and working with reinforcing iron and rebar. Maybe the reason female workers aren't in these occupations is that too many are in other occupations. Females are 97 percent of preschool and kindergarten teachers, 80 percent of social workers, 82 percent of librarians and 92 percent of dietitians and nutritionists and registered nurses.

Anyone with one ounce of brains can see the problem and solution. Congress has permitted – and even fostered – a misallocation of people by race, sex and ethnicity. Courts have consistently concluded that "gross" disparities are probative of a pattern and practice of discrimination. So what to do? One remedy that Congress might consider is to require females, who are overrepresented in fields such as preschool and kindergarten teaching, to become boilermakers and brickmasons and mandate that male boilermakers and brickmasons become preschool and kindergarten teachers until both of their percentages are equal to their percentages in the population. You say, "Williams, that would be totalitarianism!" But if Americans accept that Congress can make us buy health insurance whether we want to or not, how much more totalitarian would it be for Congress to allocate jobs in the name of social equality and the good of our nation?

Nobel laureate Milton Friedman said: "A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both." Equality before the general rules of law is the only kind of equality conducive to liberty that can be secured without destroying liberty.

SOURCE

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Leftists have got a lot of hating to do

One good example is Mariellen Jewers offering 5 Tips to Being a Responsible Consumer to her fellow progressives. Here's a quick snapshot.

1. Don't shop Walmart. They won't unionize. But progressives never quite tell us whether the majority of Walmart employees are covered by their working spouse's benefits or how many use their Walmart training to move up to better jobs.

Walmart's first union-negotiated contract (in China) "resulted in an 8% pay increase for workers," yet progressives never consider if this means an 8% markup on prices for everyone, including Walmart employees themselves, and for the poor for whom they express so much unending angst.

2. Buying Brawny paper towels generates profits for the libertarian Koch brothers who lobby against climate change and its government-imposed regulations, but Seventh Generation paper towels are recycled and "has environmentally friendly practices." So progressives must mindlessly accept climate change? Has Al Gore been officially canonized?

3. Tom’s of Maine is part of Colgate-Palmolive who isn't environmentally pure but Arm & Hammer is, so always buy environmentally good products, including, apparently, those mercury-filled light bulbs.

4. "Shoppers who get a latte with anti-minimum wage rhetoric" (whatever that means) pay the salary of Whole Foods' CEO John Mackey, "an unabashed libertarian." So libertarians are definitely evil in Jewers' personal catechism. (Note to libertarians: Don't try to explain how a minimum wage harms the poor that progressives say they're concerned about. They neither comprehend nor care about the simple logic of it, they believe in it because it "feels right" to them.)

5. AT&T lobbying funnels millions into John Boehner's pockets but Credo Mobile’s lobbying funnels millions into "progressive organizations," thereby making lobbying okay.

So all non-progressive corporations are evil if they lobby for special laws or support wrong politicians, but progressives don't think the same way about "their" corporatist cronies.

Libertarians hold that all crony corporatism is evil because they and their political cronies seek power over all of society.

The only solution is the complete separation of government and the marketplace, thereby creating a true free market, not crony corporatism, not Marxist-defined capitalism, not progressive master-planned technocratic authoritarianism, not socialism, not fascism.

SOURCE

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What Is the Male Marriage Premium?

Married men make a lot more money than single men. In the NLSY [National Longitudinal Survey of Youth], married men make 44% extra, even after controlling for education, experience, IQ, race, and number of children. How is this possible?

There are three competing economic explanations. Each of the three may be partly true.

Explanation #1: Ability bias. The causal effect of marriage on male income is smaller than it seems. Even after adjusting for all the previously listed control variables, men with higher income are simply more likely to be married. Maybe income makes it easier to attract a spouse; maybe Puritan attitudes lead to both income and marriage. In a pure ability bias story, marriage has zero causal effect on earnings.

Explanation #2: Human capital. Marriage causally increases male income by making men more productive workers. Maybe marriage makes men work more hours; maybe it makes them work harder per hour; maybe it makes them control their tempers better; maybe all of these and more. In a pure human capital story, marriage actually causes men to become 44% more productive.

Explanation #3: Signaling. Marriage causally increases male income by changing employers' beliefs about worker productivity. As long as married men happen to be more productive, and employers can't costlessly see their productivity, employers will rationally (and profitably!) pay married men more. In a pure signaling story, marriage makes employers expect you to be 44% more productive, but has zero causal effect on productivity.

Economists who study the male marriage premium usually conclude that much of it is causal. This paper, for example uses shotgun weddings to isolate the causal effect of marriage on income, and finds:

"Using the statistical experiment of premarital conception as a potentially exogenous cause of marriage, about 90% of the marriage premium remains after controlling for selection."

So what is the male marriage premium? I'm still deciding, but here's my tentative opinion.

1. The shotgun wedding paper notwithstanding, I think that about half of the marriage premium stems from ability bias. Men who marry are just more conscientious, ambitious, and cooperative, and the NLSY lacks good measures of these traits. This remains true even when men have a shotgun wedding; the stand-up guys go through with the wedding, while the slackers skulk away.

2. At least in the modern American economy, the signaling channel explains no more than 10% (not 10 percentage-points) of the male marriage premium. My reasoning: When employers make hiring decisions, they heavily scrutinize educational credentials, but barely notice marital status. I can easily believe that the signaling channel was far more important in the past; when almost every man marries, the failure to marry raises a red flag. But nowadays?

My main doubt is that I know little about hiring in more traditional occupations and regions of the country. Do employers in Kansas still raise their eyebrows when they see that a 35-year-old male applicant is single? What about CBN?

3. If the male marriage premium is 50% ability bias, and less than 10% signaling, then human capital explains the rest: 40-50%. Much of this effect probably reflects longer work hours and lower unemployment. But it's quite plausible that marriage causally increases hourly productivity by 10%.

SOURCE

***********************

ELSEWHERE

CO: Polis mocks state’s new DEA chief: "Democratic Rep. Jared Polis of Colorado on Wednesday poked fun at his state’s new head drug enforcement agent, joking that the Drug Enforcement Agency’s new motto was 'protecting America from mold and water damage.' Barbra Roach, the chief of Denver’s Drug Enforcement Administration, recently told the Denver Post that medical marijuana was dangerous because it caused 'mold and water damage' in the homes of people who grew it."

Study: Upper classes “more likely to lie and cheat”: "Members of the upper classes are more likely to lie, cheat and even break the law than people from less privileged backgrounds, a study has found. In contrast, members of the 'lower' classes appeared more likely to display the traditional attributes of a gentleman. It suggests that the traditional notion of the upper class 'cad' or 'bounder' could have a scientific basis."

The insanity of health insurance: "It is insane that we get our health care from our employers. That happens because we have given a tax advantage to in-kind compensation such as health care. It’s a horrible idea and it leads people to complain about our employers deciding what health care we can receive. Our employers are just a conduit for government mandates, rent-seeking and inefficiency related to health care."

The price of employment “fairness”: "If you receive an application for a position requiring a lot of driving or operating heavy machinery, and the applicant has a known history of alcohol or substance abuse, you’d probably be justified in turning the applicant down for the job, right? You probably already know the answer to this, but: wrong."

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My Twitter.com identity: jonjayray. I have deleted my Facebook page as I rarely access it. For more blog postings from me, see TONGUE-TIED, EDUCATION WATCH INTERNATIONAL, GREENIE WATCH, POLITICAL CORRECTNESS WATCH, GUN WATCH, FOOD & HEALTH SKEPTIC, AUSTRALIAN POLITICS, IMMIGRATION WATCH INTERNATIONAL, EYE ON BRITAIN and Paralipomena

List of backup or "mirror" sites here or here -- for readers in China or for everyone when blogspot is "down" or failing to update. Email me here (Hotmail address). My Home Pages are here (Academic) or here (Pictorial) or here (Personal)

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Wednesday, February 29, 2012

America has gone insane: Church Ordered to Stop Giving Away Free Water‏.

The land of the free has become the land of the Fascists. I don't think even Hitler and Mussolini were this keen on regulation

A Louisiana church was ordered to stop giving away free water along Mardi Gras parade routes because they did not have the proper permits. “We were given a cease and desist order,” said Matt Tipton, pastor of Hope Church in Metairie, LA. “We had no idea we were breaking the law.”

Tipton said volunteers from his church were handing out free coffee and free bottles of water at two locations along a Mardi Gras parade route when they were stopped by Jefferson Parish officials. The church volunteers were cited for failing to secure an occupational license and for failure to register for a sales tax.

“It kind of threw me for a loop because they weren’t in uniform,” he said. “But once they pulled the ticket out, I was conviniced.” “We apologized,” Tipton said. “We didn’t know the rules.”

The church had purchased about five thousand bottles of water labeled with the church’s name and website address. They gave the remaining bottles to a local drug rehab center.

A spokesman for the Jefferson Parish Sheriff’s Office confirmed to Fox News that the church had violated the law. The spokesman said the church was initially given a verbal warning – and then a written warning. He said it was not a citation – even though the warning clearly stated it was a “vendor warning citation.”

The sheriff’s department said there was “no validity to their complaint whatever their complaint may be.”

Ken Klukowski, a senior legal fellow at the Family Research Council, said the citation was absurd. “This is a perfect example of why so many people have a problem with big government,” Klukowski said. “The idea that a church needs a permit to hand out water to thirsty people is unfortunate.”

He said it’s hard to believe that the government would get in the way of citizens helping each other out – “especially a church which was just doing its duty to be good Samaritans and help those in need.”

Pastor Tipton said he sent an email to city leaders explaining that they were just trying to show their love to the city “and to serve the city.”

He offered to provide volunteers to clean up trash or even clean portable toilets. However, city leaders did not initially respond and Tipton said he was given the runaround – told to go through three different department heads.

Klukowski said the incident is outrageous. “The idea that you need an additional level of bureaucracy stopping a church from showing kindness to members of the community is a perfect example of a waste of taxpayer money and resources,” he said.

SOURCE

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Pettiness and Mud

Thomas Sowell

The only good news for the Republicans coming out of the seemingly endless presidential candidate "debates" is that some Republican leaders are now belatedly thinking about how they can avoid a repetition of this debacle in future elections.

What could they possibly have been thinking about, in the first place, when they agreed to a format based on short sound bites for dealing with major complex issues, and with media journalists -- 90 percent of them Democrats -- picking the topics?

The conduct of the candidates made things worse. In a world with a record-breaking national debt and Iran moving toward creating nuclear weapons, they bickered over earmarks and condoms. I am against earmarks, but earmarks don't rank among the first hundred most serious problems facing this country.

Mud-slinging has replaced rational discussions of differences on serious issues -- not only during the debates themselves, where the moderators sic the candidates on each other, but even more so in the massive television character assassination ads in which Romney supporters seem to specialize.

Groups supporting Mitt Romney have turned character assassination almost into a science. You take something that most people, outside of politics, do not understand and twist it to sound terrible to those who are unaware of the facts.

Blanketing Florida with misleading ads attacking Newt Gingrich won that state for Romney, after Gingrich scored an upset victory in South Carolina. The ads made a big deal out of charges that the former Speaker broke tax laws -- charges that the Internal Revenue Service exonerated him of, after a long investigation.

When Rick Santorum suddenly surged after his upset victories in Minnesota, Missouri and Colorado, the Romney character assassination machine attacked him for having voted in the Senate for various things that conservatives don't like.

But, when it comes to voting in Congress, seldom do you get a pure bill that you can agree with in all its parts. If you never voted for bills containing anything you didn't like, you might get very little voting done.

But, if it is a bill to provide American soldiers with the equipment they need to fight a war, and somebody has put into it an earmark for a federal boondoggle in his district, are you going to vote against that bill and let American soldiers go into battle without all the equipment and supplies they need?

Taking advantage of the public's lack of knowledge is something that Barack Obama already does very effectively in his political propaganda. But is that something the Republicans want to imitate?

It has worked during the primary season, when the media are perfectly happy to see Republicans destroying each other. But it will not work in the general election campaign, when even truthful criticisms of the president will have a hard time getting out through the media, which hear no evil, see no evil and speak no evil when it comes to Obama.

The pettiness and mud-slinging during the Republican primary campaigns is especially irresponsible during a time when there are very serious problems, at home and abroad, that need to be addressed in a serious way.

Discussions of particular issues, one by one, often miss the larger point that goes beyond the issue at hand -- namely, this administration's steady movement toward arbitrary government that circumvents the restrictions of the Constitution.

Nothing demonstrates this more starkly than the president's arbitrary power to waive the requirement that employers have to provide ObamaCare coverage for their workers. That can be the difference between paying, or not paying, millions of dollars. What does that mean for anybody's other rights?

What does freedom of speech mean if criticizing the administration can mean you get no exemption, while your competitor who keeps quiet, or who praises the administration, gets a waiver? The Constitution requires "equal protection of the laws" for a reason.

And what about nuclear weapons in the hands of Iran, the world's leading sponsor of international terrorism? Is that not worth discussing in something other than sound bites?

SOURCE

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Christian Conservatives Guard Religious Liberty

The First Amendment to the United States Constitution contains two clauses addressing religious liberty: "Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof."

It's a shame that in their modern misguided zeal to read the first clause as mandating a complete separation of church and state, liberals do great damage to the second clause and defeat the overarching purpose of both: ensuring religious liberty.

Ever since the so-called Christian right began its organized activism during the 1980s, liberals (and some others) have become increasingly nervous about (and critical of) Christian influence in politics, let alone the public square.

This issue has reared its controversial head during the Republican presidential primary because of candidate Rick Santorum's unashamed and outspoken commitment to his Catholic faith and Christian values. It's not just leftists who are complaining; many on the right are, as well.

For years, there has been an uneasy alliance inside the Republican "big tent," between those who embrace social conservatism and those who would just as soon see it deleted from the party platform. With our anxiety about the national debt, economic issues are naturally at the forefront of people's concerns. Some believe that those who are still articulating social issues in this period of crisis are at least annoying and possibly detrimental to the cause of electing a Republican who can build a wide enough coalition to defeat the primary culprit in America's race to bankruptcy: President Barack Obama.

I think it's a false choice to say that we conservatives must pick between economic issues and social ones. It's also a mistake to believe there is a clear dichotomy between economic conservatives and social conservatives. As I've written before, Reagan conservatism is a three-legged stool -- economic, social and national defense issues -- and the three are compatible and probably embraced by most Republicans.

Our center-right tent is big enough to include libertarians, economic conservatives who either are indifferent to social issues or consider themselves socially liberal, and so-called neoconservatives, who tend to emphasize national defense issues over the other two -- although they might reject that characterization. We all must unite to defeat President Obama.

But with Santorum's rise in the polls, many are expressing their anxiety about his perceived religiosity and are depicting him as a threat to religious liberty.

Some are abuzz about his interview this past weekend with George Stephanopoulos on ABC's "This Week," in which Santorum stated that he does not believe separation of church and state is absolute. He stated that the First Amendment's free exercise clause guarantees that the church and its members have as much right to try to influence policy as anyone else. And he's absolutely correct.

Not only are the words "separation of church and state" not contained in the Constitution but this phrase from Thomas Jefferson's letter to the Danbury Baptists does not mean what many people say it does.

The First Amendment's establishment clause says that Congress shall not establish a national church, because the Framers didn't want the government telling us whom or how to worship. Their overarching concern, then, was protecting religious liberty. The free exercise clause also strengthens the religious freedom guarantee.

The point is that both clauses are dedicated to religious liberty, and neither purports to ban religious expression from the public square or from the mouths of public officials.

No matter how expansively one reads the First Amendment's establishment clause, no one, including Jefferson, would have made the ludicrous argument that presidents (or other public officials) must leave their worldview at the door of the White House and govern apart from it, as if that would be possible. Advocating policy positions based on one's worldview is light-years away from establishing -- or even supporting -- a national religion.

Christian conservatives are not the ones demonstrating intolerance and threatening the freedoms of religion and religious expression. They would never consider being so presumptuous and tyrannical as to try to silence those who disagree with them, ban them from the public square, or advance the spurious argument that they are not entitled to advocate policies based on their worldview.

Ironically, it is probably the secular left that is most responsible for the dramatic rise and persistent influence of the Christian political right in politics, with their gross judicial activism in abortion jurisprudence and their judicial tyranny coercing states to accept same-sex marriage against the will of the people. They are the ones who demonize as "homophobes" and "bigots" those seeking to preserve traditional marriage. Christian conservatives don't try to shut them up, but many are now trying to shut us up -- through the specious application of the First Amendment, no less.

The last people anyone needs to fear on religious liberty are Christian conservatives, who are its strongest guardians. Above all others, they will fight to preserve everyone's right to express and practice his religion or non-religion as he pleases.

SOURCE

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The God Gap

There have been many "gaps" in modern politics. There is the gender gap, the generation gap and now the God gap, which is the gulf between people who take God's instructions seriously and those who don't. Which side of the gap you're on could influence your vote. The God gap is growing wider.

I asked Republican presidential candidate Rick Santorum about this. In a telephone interview with me, Santorum, whose rhetoric is loaded with religious and cultural language, said, "While (such language) may be upsetting to some, there's a hunger out there for talking about what's true."

How, then, would he explain a recent New York Times story that reported for the first time in our history, that "more than half of births to American women under 30 occur outside marriage." Santorum acknowledged, "I'm probably talking to Republican audiences, so it's a little different. I'm not talking to the general audience at this point. Marriage is on the decline. The culture is changing."

The problem for presidential candidates -- and for President Obama, who occasionally appeals to Scripture to justify his policies -- is that fewer people are listening to the voice of God, or to voices claiming to speak for Him.

Not too long ago, a report about growing numbers of out-of-wedlock births would have produced sermons calling for repentance and set revival fires burning in churches across the land. Today, there's only the sound of silence.

The Times story, citing government data compiled by Child Trends, a Washington research group, noted that the shift in the makeup of American families was likely to produce children who face "...elevated risks of falling into poverty, failing in school or suffering emotional and behavioral problems." Yawn.

How is this social virus to be cured when older religious people speak a language and advocate a belief system that either many younger people don't understand, or do not wish to hear?

The failure to communicate across the God gap brings to mind something former president George H.W. Bush said about broccoli. Bush said his mother made him eat broccoli, but he never liked it. When he became president, he said it meant he no longer had to eat it.

So people who might have been taken to religious services as children are now grown up and many feel they no longer have to "stomach" faith, or conform to a standard outside themselves. Some who grew up in a secular household are spiritually deaf, if not biblically illiterate. A general cultural morality is fast disappearing.

The God gap will not be shrunk by politicians, though to rally "the base" they often talk as if it can. The goal of cultural transformation has historically been the work of clergy, whose "hellfire" messages scared people awake from their comfortable and what used to be called "sinful" lives. But this was before having a baby without a husband became an acceptable thing to do.

Too many of today's clergy seem preoccupied with building personal empires and monstrous buildings. They go on costly TV instead of investing in the less visible "work of the church," which is people, not brick and mortar. The first Christians met in homes, not megachurches. They took care of each other and did not rely on government to sustain them. Many pastors today dislike sermons about sin and repentance because it makes people uncomfortable. And so we get instead the discomfort of social decay and an ever-widening God gap.

Materialism and pleasure contribute to social rot. Social rot precedes national decline. These have become our twin false gods; contemporary "golden calves," as unable to produce satisfaction as the idols of biblical times. Most politicians won't urge restraint or personal sacrifice and too many ministers allow the secular world to set their agenda.

And so the God gap widens and the wisdom and understanding of the older generation goes unheard and unheeded.

SOURCE

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My Twitter.com identity: jonjayray. I have deleted my Facebook page as I rarely access it. For more blog postings from me, see TONGUE-TIED, EDUCATION WATCH INTERNATIONAL, GREENIE WATCH, POLITICAL CORRECTNESS WATCH, GUN WATCH, FOOD & HEALTH SKEPTIC, AUSTRALIAN POLITICS, IMMIGRATION WATCH INTERNATIONAL, EYE ON BRITAIN and Paralipomena

List of backup or "mirror" sites here or here -- for readers in China or for everyone when blogspot is "down" or failing to update. Email me here (Hotmail address). My Home Pages are here (Academic) or here (Pictorial) or here (Personal)

****************************
America has gone insane: Church Ordered to Stop Giving Away Free Water‏.

The land of the free has become the land of the Fascists. I don't think even Hitler and Mussolini were this keen on regulation

A Louisiana church was ordered to stop giving away free water along Mardi Gras parade routes because they did not have the proper permits. “We were given a cease and desist order,” said Matt Tipton, pastor of Hope Church in Metairie, LA. “We had no idea we were breaking the law.”

Tipton said volunteers from his church were handing out free coffee and free bottles of water at two locations along a Mardi Gras parade route when they were stopped by Jefferson Parish officials. The church volunteers were cited for failing to secure an occupational license and for failure to register for a sales tax.

“It kind of threw me for a loop because they weren’t in uniform,” he said. “But once they pulled the ticket out, I was conviniced.” “We apologized,” Tipton said. “We didn’t know the rules.”

The church had purchased about five thousand bottles of water labeled with the church’s name and website address. They gave the remaining bottles to a local drug rehab center.

A spokesman for the Jefferson Parish Sheriff’s Office confirmed to Fox News that the church had violated the law. The spokesman said the church was initially given a verbal warning – and then a written warning. He said it was not a citation – even though the warning clearly stated it was a “vendor warning citation.”

The sheriff’s department said there was “no validity to their complaint whatever their complaint may be.”

Ken Klukowski, a senior legal fellow at the Family Research Council, said the citation was absurd. “This is a perfect example of why so many people have a problem with big government,” Klukowski said. “The idea that a church needs a permit to hand out water to thirsty people is unfortunate.”

He said it’s hard to believe that the government would get in the way of citizens helping each other out – “especially a church which was just doing its duty to be good Samaritans and help those in need.”

Pastor Tipton said he sent an email to city leaders explaining that they were just trying to show their love to the city “and to serve the city.”

He offered to provide volunteers to clean up trash or even clean portable toilets. However, city leaders did not initially respond and Tipton said he was given the runaround – told to go through three different department heads.

Klukowski said the incident is outrageous. “The idea that you need an additional level of bureaucracy stopping a church from showing kindness to members of the community is a perfect example of a waste of taxpayer money and resources,” he said.

SOURCE

***********************

Pettiness and Mud

Thomas Sowell

The only good news for the Republicans coming out of the seemingly endless presidential candidate "debates" is that some Republican leaders are now belatedly thinking about how they can avoid a repetition of this debacle in future elections.

What could they possibly have been thinking about, in the first place, when they agreed to a format based on short sound bites for dealing with major complex issues, and with media journalists -- 90 percent of them Democrats -- picking the topics?

The conduct of the candidates made things worse. In a world with a record-breaking national debt and Iran moving toward creating nuclear weapons, they bickered over earmarks and condoms. I am against earmarks, but earmarks don't rank among the first hundred most serious problems facing this country.

Mud-slinging has replaced rational discussions of differences on serious issues -- not only during the debates themselves, where the moderators sic the candidates on each other, but even more so in the massive television character assassination ads in which Romney supporters seem to specialize.

Groups supporting Mitt Romney have turned character assassination almost into a science. You take something that most people, outside of politics, do not understand and twist it to sound terrible to those who are unaware of the facts.

Blanketing Florida with misleading ads attacking Newt Gingrich won that state for Romney, after Gingrich scored an upset victory in South Carolina. The ads made a big deal out of charges that the former Speaker broke tax laws -- charges that the Internal Revenue Service exonerated him of, after a long investigation.

When Rick Santorum suddenly surged after his upset victories in Minnesota, Missouri and Colorado, the Romney character assassination machine attacked him for having voted in the Senate for various things that conservatives don't like.

But, when it comes to voting in Congress, seldom do you get a pure bill that you can agree with in all its parts. If you never voted for bills containing anything you didn't like, you might get very little voting done.

But, if it is a bill to provide American soldiers with the equipment they need to fight a war, and somebody has put into it an earmark for a federal boondoggle in his district, are you going to vote against that bill and let American soldiers go into battle without all the equipment and supplies they need?

Taking advantage of the public's lack of knowledge is something that Barack Obama already does very effectively in his political propaganda. But is that something the Republicans want to imitate?

It has worked during the primary season, when the media are perfectly happy to see Republicans destroying each other. But it will not work in the general election campaign, when even truthful criticisms of the president will have a hard time getting out through the media, which hear no evil, see no evil and speak no evil when it comes to Obama.

The pettiness and mud-slinging during the Republican primary campaigns is especially irresponsible during a time when there are very serious problems, at home and abroad, that need to be addressed in a serious way.

Discussions of particular issues, one by one, often miss the larger point that goes beyond the issue at hand -- namely, this administration's steady movement toward arbitrary government that circumvents the restrictions of the Constitution.

Nothing demonstrates this more starkly than the president's arbitrary power to waive the requirement that employers have to provide ObamaCare coverage for their workers. That can be the difference between paying, or not paying, millions of dollars. What does that mean for anybody's other rights?

What does freedom of speech mean if criticizing the administration can mean you get no exemption, while your competitor who keeps quiet, or who praises the administration, gets a waiver? The Constitution requires "equal protection of the laws" for a reason.

And what about nuclear weapons in the hands of Iran, the world's leading sponsor of international terrorism? Is that not worth discussing in something other than sound bites?

SOURCE

***********************

Christian Conservatives Guard Religious Liberty

The First Amendment to the United States Constitution contains two clauses addressing religious liberty: "Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof."

It's a shame that in their modern misguided zeal to read the first clause as mandating a complete separation of church and state, liberals do great damage to the second clause and defeat the overarching purpose of both: ensuring religious liberty.

Ever since the so-called Christian right began its organized activism during the 1980s, liberals (and some others) have become increasingly nervous about (and critical of) Christian influence in politics, let alone the public square.

This issue has reared its controversial head during the Republican presidential primary because of candidate Rick Santorum's unashamed and outspoken commitment to his Catholic faith and Christian values. It's not just leftists who are complaining; many on the right are, as well.

For years, there has been an uneasy alliance inside the Republican "big tent," between those who embrace social conservatism and those who would just as soon see it deleted from the party platform. With our anxiety about the national debt, economic issues are naturally at the forefront of people's concerns. Some believe that those who are still articulating social issues in this period of crisis are at least annoying and possibly detrimental to the cause of electing a Republican who can build a wide enough coalition to defeat the primary culprit in America's race to bankruptcy: President Barack Obama.

I think it's a false choice to say that we conservatives must pick between economic issues and social ones. It's also a mistake to believe there is a clear dichotomy between economic conservatives and social conservatives. As I've written before, Reagan conservatism is a three-legged stool -- economic, social and national defense issues -- and the three are compatible and probably embraced by most Republicans.

Our center-right tent is big enough to include libertarians, economic conservatives who either are indifferent to social issues or consider themselves socially liberal, and so-called neoconservatives, who tend to emphasize national defense issues over the other two -- although they might reject that characterization. We all must unite to defeat President Obama.

But with Santorum's rise in the polls, many are expressing their anxiety about his perceived religiosity and are depicting him as a threat to religious liberty.

Some are abuzz about his interview this past weekend with George Stephanopoulos on ABC's "This Week," in which Santorum stated that he does not believe separation of church and state is absolute. He stated that the First Amendment's free exercise clause guarantees that the church and its members have as much right to try to influence policy as anyone else. And he's absolutely correct.

Not only are the words "separation of church and state" not contained in the Constitution but this phrase from Thomas Jefferson's letter to the Danbury Baptists does not mean what many people say it does.

The First Amendment's establishment clause says that Congress shall not establish a national church, because the Framers didn't want the government telling us whom or how to worship. Their overarching concern, then, was protecting religious liberty. The free exercise clause also strengthens the religious freedom guarantee.

The point is that both clauses are dedicated to religious liberty, and neither purports to ban religious expression from the public square or from the mouths of public officials.

No matter how expansively one reads the First Amendment's establishment clause, no one, including Jefferson, would have made the ludicrous argument that presidents (or other public officials) must leave their worldview at the door of the White House and govern apart from it, as if that would be possible. Advocating policy positions based on one's worldview is light-years away from establishing -- or even supporting -- a national religion.

Christian conservatives are not the ones demonstrating intolerance and threatening the freedoms of religion and religious expression. They would never consider being so presumptuous and tyrannical as to try to silence those who disagree with them, ban them from the public square, or advance the spurious argument that they are not entitled to advocate policies based on their worldview.

Ironically, it is probably the secular left that is most responsible for the dramatic rise and persistent influence of the Christian political right in politics, with their gross judicial activism in abortion jurisprudence and their judicial tyranny coercing states to accept same-sex marriage against the will of the people. They are the ones who demonize as "homophobes" and "bigots" those seeking to preserve traditional marriage. Christian conservatives don't try to shut them up, but many are now trying to shut us up -- through the specious application of the First Amendment, no less.

The last people anyone needs to fear on religious liberty are Christian conservatives, who are its strongest guardians. Above all others, they will fight to preserve everyone's right to express and practice his religion or non-religion as he pleases.

SOURCE

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The God Gap

There have been many "gaps" in modern politics. There is the gender gap, the generation gap and now the God gap, which is the gulf between people who take God's instructions seriously and those who don't. Which side of the gap you're on could influence your vote. The God gap is growing wider.

I asked Republican presidential candidate Rick Santorum about this. In a telephone interview with me, Santorum, whose rhetoric is loaded with religious and cultural language, said, "While (such language) may be upsetting to some, there's a hunger out there for talking about what's true."

How, then, would he explain a recent New York Times story that reported for the first time in our history, that "more than half of births to American women under 30 occur outside marriage." Santorum acknowledged, "I'm probably talking to Republican audiences, so it's a little different. I'm not talking to the general audience at this point. Marriage is on the decline. The culture is changing."

The problem for presidential candidates -- and for President Obama, who occasionally appeals to Scripture to justify his policies -- is that fewer people are listening to the voice of God, or to voices claiming to speak for Him.

Not too long ago, a report about growing numbers of out-of-wedlock births would have produced sermons calling for repentance and set revival fires burning in churches across the land. Today, there's only the sound of silence.

The Times story, citing government data compiled by Child Trends, a Washington research group, noted that the shift in the makeup of American families was likely to produce children who face "...elevated risks of falling into poverty, failing in school or suffering emotional and behavioral problems." Yawn.

How is this social virus to be cured when older religious people speak a language and advocate a belief system that either many younger people don't understand, or do not wish to hear?

The failure to communicate across the God gap brings to mind something former president George H.W. Bush said about broccoli. Bush said his mother made him eat broccoli, but he never liked it. When he became president, he said it meant he no longer had to eat it.

So people who might have been taken to religious services as children are now grown up and many feel they no longer have to "stomach" faith, or conform to a standard outside themselves. Some who grew up in a secular household are spiritually deaf, if not biblically illiterate. A general cultural morality is fast disappearing.

The God gap will not be shrunk by politicians, though to rally "the base" they often talk as if it can. The goal of cultural transformation has historically been the work of clergy, whose "hellfire" messages scared people awake from their comfortable and what used to be called "sinful" lives. But this was before having a baby without a husband became an acceptable thing to do.

Too many of today's clergy seem preoccupied with building personal empires and monstrous buildings. They go on costly TV instead of investing in the less visible "work of the church," which is people, not brick and mortar. The first Christians met in homes, not megachurches. They took care of each other and did not rely on government to sustain them. Many pastors today dislike sermons about sin and repentance because it makes people uncomfortable. And so we get instead the discomfort of social decay and an ever-widening God gap.

Materialism and pleasure contribute to social rot. Social rot precedes national decline. These have become our twin false gods; contemporary "golden calves," as unable to produce satisfaction as the idols of biblical times. Most politicians won't urge restraint or personal sacrifice and too many ministers allow the secular world to set their agenda.

And so the God gap widens and the wisdom and understanding of the older generation goes unheard and unheeded.

SOURCE

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My Twitter.com identity: jonjayray. I have deleted my Facebook page as I rarely access it. For more blog postings from me, see TONGUE-TIED, EDUCATION WATCH INTERNATIONAL, GREENIE WATCH, POLITICAL CORRECTNESS WATCH, GUN WATCH, FOOD & HEALTH SKEPTIC, AUSTRALIAN POLITICS, IMMIGRATION WATCH INTERNATIONAL, EYE ON BRITAIN and Paralipomena

List of backup or "mirror" sites here or here -- for readers in China or for everyone when blogspot is "down" or failing to update. Email me here (Hotmail address). My Home Pages are here (Academic) or here (Pictorial) or here (Personal)

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Tuesday, February 28, 2012

A wonderful story and an evocative picture


Once upon a time everybody understood the bonds that could form between people and their horses and this picture brings that back to us.

Can someone who knows horses well read anything in the expression of the horse?


It was a race against the tide that pulled at the heartstrings.

For three hours, show horse Astro was stuck neck deep in thick mud at Avalon Beach on Corio Bay in Victoria [Australia] as the tide inched closer.

Rescue crews first tried to pull the 18-year-old, 500kg horse free with fire hoses, and then a winch before a vet turned up to sedate Astro and pull him clear with a tractor.

The crews knew by 5pm the tide would have come all the way in. But within minutes of the waters rising around him, Astro was being dragged up on to solid ground slowly but surely, the team filthy but ecstatic.

Owner Nicole Graham said she and daughter Paris, 7, set off at noon when without warning she sunk up to her waist in thick, smelly muck.

She wouldn't leave Astro's side until he was free. "It was terrifying," Ms Graham said. "Every time I moved it sucked me back down."

Source

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Highest-earning 1% in Britain pay £47billion a year... almost a third of all income tax

Similar to the USA

The highest-earning 1 per cent of Britons pay almost 30 per cent of all income taxes, according to research. The 308,000 on the 50p top rate – who earn more than £150,000 – pay £47billion a year to the Treasury.

Since 2000, the share of tax paid by the highest earners has risen from 22.2 to 27.7 per cent.

Research by Oriel Securities shows the 3.7million who earned more than £35,000 and pay 40 per cent tax, hand over £57billion in tax, 34 per cent of the total.

The lower-earning 50 per cent pay £17bn – less than the housing benefit bill.

Overall, 90 per cent of all income tax is paid by half the working population.

About 3.7m people earn between £35,000 and £150,000, placing them in the bracket that pays the 40 per cent income tax rate. Collectively they pay £57bn in income tax, about 34 per cent of the total.

Michael Spencer, chief executive of the City broker Icap and former treasurer of the Conservative party, said: ‘The debate about tax in this country has sadly become more and more about politics and less and less about what is good for the economy and for growth.

‘All we hear about is “the rich must pay more; soak the rich”. Well the facts are clear; the rich are paying much more. 'Once you factor in national insurance, for each £1m paid as a bonus the employee receives £480,000 and the Exchequer gets £658,000.

‘The top marginal rate of income tax is actually 58 per cent, the highest in the developed world. No wonder we are losing mobile high earners with rates like that. ‘This is becoming a great and increasing loss to our country and we need to realise quickly that we cannot tax our way back to growth.’

SOURCE

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FDR and his Soviet friends in WWII

FDR was as bad for Europe as he was for America. But, like Obama, he was a smooth talker

The anniversary of the Allied bombing of Dresden on February 13 and 14, 1945 has become an increasingly contentious memory for thousands of Germans. Historians have debated the military value of the old and crowded city, some saying it had little significance, with others pointing out that until the bombing it was still active with war production. What few doubt is that the war was already lost for Germany before the bombing of Dresden, and that the unconditional surrender demanded by President Roosevelt was inevitable in a few weeks no matter what.

What is even more certain is that the intractable decision of FDR to settle for nothing less than unconditional surrender by the Axis Powers cost tens of millions of lives, lengthened the war, and extended the reach of Soviet power dramatically. Such an outcome is what traitors deep within the U.S. government wanted. In Europe, the demand for unconditional surrender meant that the brave Germans who worked to end the evil of national socialism worked without hope. The Anglo-American nations threw back every overture from these anti-Nazi Germans, some of whom held positions of influence in the military and government (though not in the Nazi Party).

The impact upon other Axis Powers created a horrific muddle which prolonged the war. Italy, for example, was willing not only to quit the Axis but to actively enter the war on the side of the Allied Powers. If its overture had been cleanly and quietly accepted by the Allies, then the whole bloody battle up the Italian peninsula might have been avoided and German military units in Italy in 1943 could have been disarmed and interned.

Nations such as Finland, perversely listed on the Military Channel’s program on Nazi collaborators as a helper of Hitler, wanted simply the return of territory taken from it by Stalin, the most important “Nazi collaborator” in the world. Interestingly, the Military Channel is not including in the series this biggest collaborator — the Soviet Union — the facilitator of the division of Poland, the Marxist regime which turned over German Jews to the Gestapo, as the chilling personal accounts of Margarete Buber-Neumann demonstrate in her Between Two Dictators. Nations such as Hungary — which loathed Nazi anti-Semitism (Jews continued to serve in the Hungarian national legislature deep into the war) — likewise had no way out.

Strategic bombing, rather than negotiated surrenders, was not something that naturally appealed to Americans, most of whom wanted the concentration camps and death camps shut down as soon as possible. It is a horrific historical truth that half of those who died in those camps did so in the last six months of the war, long after most European Axis powers and a large percentage of the German army leaders saw that the war was lost.

Even if bombing had been the only way to defeat the Nazis, the immolation of Dresden was disastrously ineffective (however, in no way diminishing the courage and nobility of American airmen who fought and died in large numbers for their country). Two years before Dresden, in “Operation Gomorrah,” British night bombers and American daylight bombers pounded Hamburg around the clock until fire services were overwhelmed, streets quite literally melted, and Germans of all ages were sucked by hundred-mile-an-hour winds into firestorms which killed in a few nights as many as would die in Dresden.

What happened in Europe was mirrored in the Pacific. As Professor Anthony Kubek recounted in his magisterial work, How the Far East was Lost: American Foreign Policy and the Creation of Communist China, 1941–1941 (Regnery: 1963), there need never have been a decision about whether to drop a fission bomb on Hiroshima or later on Nagasaki. Most historians say the decision to bomb Japanese cities was the natural consequence of Japanese imperialism, which made them unwilling to surrender under any conceivable circumstances; additionally, they assert that factored into the decision was the number of American soldiers who would likely die in the initial assault on the Home Islands of Japan.

But, unlike the need for an unconditional surrender by Nazi Germany, there was no need to demand unconditional surrender of Japan. More than a year before Hiroshima, General Douglas MacArthur received surrender proposals from Japan and transmitted them, along with his own advice to accept these terms, prior to the Yalta Conference.

What did these terms provide?

1. Full surrender of the Japanese forces on the sea, in the air, at home, and in occupied countries

2. Surrender of all arms and munitions

3. Occupation of the Japanese homeland and island possessions by Allied troops under American direction

4. Japanese relinquishment of Manchuria, Korea, Formosa, as well as all territory seized during the war

5. Regulation of Japanese industry to halt present and future production of implements of war

6. Surrender of all designated war criminals

7. Release of all prisoners of war and interns in Japan proper and in areas under Japanese control

These seven terms were Japan’s initial bargaining position for peace. The proposals were made on no less than seven occasions through American and British channels. However, FDR preferred to continue the war and, critically, to seek the “help” of Stalin against Japan — this despite the fact that Stalin had scrupulously adhered to his 1941 non-aggression pact with Japan until late 1945.

MacArthur urged FDR to begin immediate negotiations and pleaded with the President not to invite Stalin to enter the war against Japan. FDR observed tersely, “MacArthur is our greatest general and our poorest politician.” But MacArthur considered that the lives of America's bravest — the Marines and infantrymen who need not have died on Okinawa and Iwo Jima in horrific campaigns if these surrender terms had been accepted — were worth something.

The grotesque failure of rational American statecraft in the last year of WWII was sadly not an accident. American and British military leaders, to say nothing of the Commonwealth Dominion democracies who had joined in the war, simply wanted what most commanders wanted: for the fighting to cease as quickly as was consistent with the objects of war.

By 1944, however, the Roosevelt administration was honeycombed with Soviet agents; Britain, also, had been infiltrated at different levels. The firebombing of German and Japanese cities by the Allies would insure bitterness lasting for many generations. The invitation of the Soviet Union to occupy half of Europe and half of Asia — despite Stalin’s de facto alliance with Hitler and his faithful four-year allegiance to his wartime non-aggression pact with Japan — guaranteed that that Marxist power could enslave and impoverish hundreds of millions of souls.

As Sherman said, war is hell. It is also an unnatural condition for a nation whose principal objects are liberty, faith, and peaceful relations with all other countries who wish it. The legacy of Dresden and of Hiroshima lingers because America was not guided by those who loved her, but by those who used her.

SOURCE

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Sneaky State Dept. bureaucrats giving away American territory without a shot being fired!

Obama’s State Department is giving away seven strategic, resource-laden Alaskan islands to the Russians. Yes, to the Putin regime in the Kremlin.

The seven endangered islands in the Arctic Ocean and Bering Sea include one the size of Rhode Island and Delaware combined. The Russians are also to get the tens of thousands of square miles of oil-rich seabeds surrounding the islands. The Department of Interior estimates billions of barrels of oil are at stake.

The State Department has undertaken the giveaway in the guise of a maritime boundary agreement between Alaska and Siberia. Astoundingly, our federal government itself drew the line to put these seven Alaskan islands on the Russian side. But as an executive agreement, it could be reversed with the stroke of a pen by President Obama or Secretary Clinton.

The agreement was negotiated in total secrecy. The state of Alaska was not allowed to participate in the negotiations, nor was the public given any opportunity for comment. This is despite the fact the Alaska Legislature has passed resolutions of opposition – but the State Department doesn’t seem to care.

The imperiled Arctic Ocean islands include Wrangel, Bennett, Jeannette and Henrietta. Wrangel became American in 1881 with the landing of the U.S. Revenue Marine ship Thomas Corwin. The landing party included the famed naturalist John Muir. It is 3,000 square miles in size.

Northwest of Wrangel are the DeLong Islands, named for George Washington DeLong, the captain of USS Jeannette. Also in 1881, he discovered and claimed these three islands for the United States. He named them for the voyage co-sponsor, New York City newspaper publisher James Gordon Bennett. The ship’s crew received a hero’s welcome back in Washington, and Congress awarded them gold medals.

In the Bering Sea at the far west end of the Aleutian chain are Copper Island, Sea Lion Rock and Sea Otter Rock. They were ceded to the U.S. in Seward’s 1867 treaty with Russia.

Now is the time for the Obama administration to stand up for U.S. and Alaskan rights and invaluable resources. The State Department’s maritime agreement is a loser – it gives us nothing in return for giving up Alaska’s sovereign territory and invaluable resources. We won the Cold War and should start acting like it.

The Obama administration must stop the giveaway immediately.

SOURCE

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ELSEWHERE

California: Bankruptcy Upon the Union Altar: "Bondholders of Stockton, California debt are about to be punished as City Manager Takes Steps Toward Bankruptcy. Stockton, California, may take the first steps toward becoming the most populous U.S. city to file for bankruptcy next week because of burdensome employee costs, excessive debt and bookkeeping errors that misrepresented accounts, city officials said today. “Somebody has to suffer and in this case the city manager has decided it should be the bondholders who suffer,” Marc Levinson of the Sacramento-based law firm Orrick, Herrington & Sutcliffe LLP, which represents the city, said at a news briefing at Stockton’s City Hall today. To keep the city solvent through the end of the fiscal year June 30, the City Council will be asked to default on $2 million of debt payments owned to bond holders." [And you thought government bonds were a safe investment!]

British far-Leftist dodges tax: "Ken Livingstone used a loophole to avoid £50,000 in tax, despite having attacked tax avoiders in the past as ‘rich b******s.’ Companies House documents show that Labour’s London mayoral candidate earned £232,000 in 2009, the first year after his defeat to Boris Johnson. The money was earned from personal appearances, speech making and hosting a radio show. It was paid into a personal company set up by Mr Livingstone and Emma Beal, his then partner who is now his wife. The pair are sole shareholders in the company, Silveta Ltd. Accountants told the Sunday Telegraph that the move appears designed to ensure that Mr Livingstone paid corporation tax at 20 or 21 per cent, rather than income tax at up to 40 per cent. Three years ago, Mr Livingstone criticised tax avoiders, saying: ‘These rich b******s just don’t get it. No one should be allowed to vote in a British election, let alone sit in Parliament, unless they pay their full share of tax.’"

There is a new lot of postings by Chris Brand just up -- on his usual vastly "incorrect" themes of race, genes, IQ etc.

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My Twitter.com identity: jonjayray. I have deleted my Facebook page as I rarely access it. For more blog postings from me, see TONGUE-TIED, EDUCATION WATCH INTERNATIONAL, GREENIE WATCH, POLITICAL CORRECTNESS WATCH, GUN WATCH, FOOD & HEALTH SKEPTIC, AUSTRALIAN POLITICS, IMMIGRATION WATCH INTERNATIONAL, EYE ON BRITAIN and Paralipomena

List of backup or "mirror" sites here or here -- for readers in China or for everyone when blogspot is "down" or failing to update. Email me here (Hotmail address). My Home Pages are here (Academic) or here (Pictorial) or here (Personal)

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