Topless Feminist Tries To Steal Jesus From Vatican Nativity Scene, Gets Trounced By Guard

Authored by Will Racke via The Daily Caller,

A member of a radical feminist group attempted to steal a statue of the baby Jesus from the Vatican’s nativity scene on Christmas day but was intercepted by police as she grabbed it.

A Reuters photographer happened to witness the incident as the topless woman, shouting “God is woman,” climbed over a guard rail and scrambled up to the scene in a brazen attempt to take the statue of Jesus from its crib.

The photographer, Alessandro Bianchi, snapped a picture showing a Vatican gendarme closing in on the woman, who also had the slogan scrawled across her bare back.

A Vatican gendarme attempts to block a topless activist of women’s rights group Femen, who tries to reach the Nativity scene in Saint Peter’s square in the Vatican December 25, 2017. REUTERS/Alessandro Bianchi

On its website, the Ukranian-French radical feminist group FEMEN identified the would-be thief as Alisa Vinogradova and described her as a “sextremist.”

The group says its goal is “complete victory over patriarchy.”

In a statement released Monday, FEMEN said Vinogradova’s stunt was a protest against the Vatican’s stance on abortion and contraception.

“The FEMEN act was directed against the Vatican’s infringement of the rights of women to their own bodies,” the group stated.

 

“In particular, against the policy of the ‘Holy See’ associated with the promotion of the ban on abortion and ‘sacred condemnation’ of contraception.”

The incident occurred about two hours before Pope Francis delivered his Christmas message to 50,000 people gathered in St. Peter’s Square, reports Reuters.

FEMEN staged a similar protest in 2014, when a member successfully snatched the statue of Jesus from its crib.

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Chicago Police Union Trying To Stop New Use-of-Force Policies

The Chicago police union has filed a complaint with the Illinois Labor Relations Board, insisting that new use-of-force rules instituted by the police department should have been negotiated with the union.

New rules governing the use of stun guns were announced months after a broader set of use-of-force rules changes in May, and only after a Chicago Tribune exposé on the use of stun guns that pointed out the new rules did not prohibit cops from stunning fleeing individuals who posed no other threat.

The newest revision still doesn’t ban the practice outright, instead calling on police officers to “avoid” using stun guns on individuals who are fleeing or intoxicated or could otherwise be prone to injury.

It’s all still too much for the police union, which is worried the new rules open up its members to disciplinary action.

As Scott Shackford noted earlier today, “the circumstances by which the police are allowed to unleash violence on citizens should not be something subjected to collective bargaining.”

Chicago police have amassed quite a stockpile of stun guns. They had 745 in 2015 and have about 4,000 now. According to a department spokesperson, there are enough stun guns to ensure every cop responding to a call can have one. Nevertheless, the department wants to buy 3,000 more.

The Tribune investigation found Chicago police used stun guns at least 4,700 times in the last decade, or more than once a day, primarily on African-Americans, and with little oversight.

The police union, and the collective bargaining privileges granted it by state laws, are a large part of the reason for the lack of substantive oversight and transparency in Chicago policing.

The way the union fights even modest reforms tooth and nail ought to illustrate the pressing need for states like Illinois to review and limit the privileges they grant public unions, particularly the ones representing government employees with the power of life and death over the people they serve.

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This Cryptocurrency Mining Rig Can Also Heat Your Home

The intensifying energy consumption of the bitcoin network is becoming a concern for environmentalists who have begun to question whether digital currencies should be considered a socially responsible investment. As we pointed out last month, Digiconomist’s Bitcoin Energy Consumption Index stood at 29.05TWh.

That’s the equivalent of 0.13% of total global electricity consumption. While that may not sound like a lot, it means Bitcoin mining is now using more electricity than 159 individual countries, including Ireland and Nigeria.

As the share of the world’s electricity consumed by miners of bitcoin and other cryptocurrencies rises, miners will likely face pressure – both economic and social – to find efficiencies wherever they can.

In anticipation of this trend, a crypto startup called Comino is marketing a mining rig that also functions as a heater.

Back in October, the Next Web published a report about the company and their new product, the Comino N1. In launching the product – priced at an affordable $5,000 per rig – the company is hoping t make it easier for novices and those who have only a glancing familiarity with crypto technology to start mining coin.

A reporter from The Next Web tested out the miner – and found that it both the heating and mining functions worked well. He even used it to heat his room during the winter.

After running the crypto-heater for a little over a month now, we are finally ready to share our experience with the device…

 

Once we installed the mining rig in our office, which practically included connecting the crypto-heater to the internet via the web-based dashboard system developed by Comino, it automatically created a wallet and began mining Ethereum. As easy as this.

 

Of course, if you already have a wallet, you still have the option to connect it to the dashboard. You can also connect any other mining rig to the Comino dashboard, in case you want to follow all of your mining efforts in one place.

 

Among other things, the online dashboard shows a number of statistics the Comino developers had programmed to monitor, including the current and average hashrate at which the miner is solving cryptographic puzzles, the current and average temperature at which it operates, as well as the unpaid balance of Ethereum you’ve accumulated. It also shows stats for the temperature of each separate GPU.

Throughout this one-month trial, the only issue I experienced with the miner was that – for some reason – its ambient temperature sensor inaccurately picked up the temperature of the GPUs inside (which had just taken a break from mining); this prevented the device from booting up again, until it cooled down a little.

And in case you were wondering about how reliable the Comino was as a heater : it certainly kept the temperature high enough to save some energy on heating bills, but not enough to make you turn on the air conditioner. Which is exactly what you want from a a machine that was built to bank on crypto.

The Comino N1 maintains an average hashrate of about 200 MH/s, and an average temperature of approximately 60 Celcius – about 140 degrees Farenheight.

Since installing the miner on Nov. 16, TNW reported that it has so far transferred a total of 1.2 ether to the company’s designated wallet. Since Ethereum is currently trading around $700 a coin, the miner would pay for itself in eight months, assuming the value of Ethereum doesn’t crash, or that an influx of new mining capacity decreases the miner’s efficiency.

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The Endlessness Of A Temporary Tax

Authored by Jeff Thomas via InternationalMan.com,

Governments regularly claim that they favour tax reform. When this claim has been repeated so many times that virtually no one believes them anymore, they announce a tax reform, to show that they really mean it. They then reshuffle the existing taxes to give the appearance that taxation will actually be lowered.

When it becomes apparent that the reform is a sham, they often pull a rabbit out of a hat in the form of a “temporary” tax, that’s pre-legislated to end sometime in the future.

Sounds promising.

So, let’s have a look at one such temporary tax and see how things worked out.

The US government introduced the War Revenue Act of 1898—a tax on telephone use—under the claim that it was necessary to pay for the Spanish American War.

In what way does telephone use pertain to a government invading another country? Well, actually, one has nothing to do with the other. But, let’s leave that discussion for another day and see how this temporary tax played out.

The Act was repealed in 1902 but was reinstated, this time as the Emergency Internal Revenue Tax Act of 1914. The justification then given was that another war was on the way and increased taxation to pay for it couldn’t begin too soon. Telephone users needed to cough up.

It was decided by both parties to increase the tax on telephones and the War Revenue Act of 1917 was created. It hadn’t passed the debate stage until the war was over, but they decided that they’d implement it anyway, as the work had already been done. In the bargain, they introduced not only increased rates, but graduated rates.

This act was also repealed, in 1924, but was reinstated with the Revenue Act of 1932. Since that date, it has been reauthorised 29 times.

In 1941, an increase was put in place to pay for (you guessed it) another war—World War II. This was increased again in 1943, but people complained and the new law contained a provision that the increased rates would end six months after “the date of termination of hostilities in the present war.” However, the Excise Tax Act of 1947 was passed to assure that the tax would continue indefinitely.

Over the subsequent years, periodic changes were made. Although the rates went up and down like a bride’s nightie, most, not surprisingly, were upward.

As further (undeclared) wars came and went, taxation on telephone calls repeatedly needed to be increased and, regardless of the party in power, increases continued.

At long last, on 14 September, 2000, the House of Representatives took up legislation which included the repeal of the telephone excise tax. This measure passed both houses, but the fix was in. President Clinton vetoed the repeal. (The legislative branch and the executive branch have to take turns playing the bad cop, but the outcome is the same: increased taxation.)

Then, in 2006, a case was made (in the words of the Treasury Secretary), to amend the Internal Revenue Code “of an outdated, antiquated tax that has survived a century beyond its original purpose, and by now should have been ancient history.”

Finally, American citizens could wash their hands of a one-hundred-year theft of their earnings that, even at the start, was based upon a ludicrous concept.

Unfortunately… it didn’t happen.

The repeal was never enacted and Americans continue to pay for the Spanish American War today.

So, what’s the takeaway here?

Well, first off, this little history serves as a reminder that there’s nothing so permanent as a temporary government measure.

Second, although not a month goes by without one politician or another, from one party or the other, rising up in righteous indignation that a new tax or an expanded tax is absolutely necessary to continue the welfare of the American people, there is, in truth, no sincerity in their claim. They simply want more money.

Third, no amount of money is ever enough. Even if Washington, D.C., is the only part of the US that is enjoying prosperity, even if no congressman leaves office without more zeroes behind his net worth than when he went in, virtually every legislator will vote for increases in taxation.

And, fourth, there’s no such thing as tax reform. From time to time, legislators will need to trot out the idea of tax reform, and be seen to be arguing over the details, but will ultimately always do the same: the deck will be reshuffled, but somehow, taxes will rise once again.

But the overall lesson to be learned is that Government is, and has always been, a shell game. Its purpose is not to serve the electorate; it is to separate them from the fruits of their labours.

Full stop.

As former US Chief Justice John Marshall stated,

The power to tax involves the power to destroy.

More recently, Ron Holland offered the following:

Since the beginning of recorded history, the business of government has been wealth confiscation.

However, both these individuals were conservatives, and it would only be fair to ask for commentary from the liberal side. One such liberal political leader is none other than Vladimir Lenin, who stated,

The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation.

Of course, the reader may wish to consider relocating to a jurisdiction where the taxation is far lower, but if he chooses to remain in the US, EU, Canada, or other jurisdiction where the tax level is already oppressive, his plans should include temporary taxes that are unlikely to end in his lifetime.

*  *  *

Few people realize this, but it is possible to escape the US government’s “power to destroy.” Find out how in The American Expatriation Guide: How to Divorce the US Government. Click here to download your free PDF copy now.

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A Record-Setting White Christmas in Erie, Putin Critic Barred from Running Against Him, Cities Sue over Pentagon’s Failure to Report Convictions to FBI: P.M. Links

  • Alexei NavalnyErie, Penn., had a whiter-than-thou Christmas with a two-day snowfall accumulation of 53 inches, a record for the state.
  • Frequent Vladimir Putin critic Alexei Navalny has been barred from running against Putin because of fraud charges he says are political retribution. He’s calling for a boycott of the election.
  • New York City, Philadelphia, and San Francisco have filed a federal lawsuit over the Pentagon’s lapses in reporting criminal convictions for people in the military to the FBI’s database used for background checks for gun purchases.
  • The Salt Lake Tribune named Sen. Orrin Hatch as its “Utahn of the Year.” Hatch tweeted out his appreciation for this “honor” possibly without reading it and realizing that this commentary was not actually praising him at all but is actually calling for his career as a senator to end in 2018.
  • A British woman has been sentenced to three years in prison in Egypt for “smuggling” in prescription painkillers that are legal in her home country but banned in Egypt.
  • A Utah police officer punched through the ice of a frozen pond to rescue an 8-year-old boy on Christmas Day.

Follow us on Facebook and Twitter, and don’t forget to sign up for Reason’s daily updates for more content.

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The Massive Higher-Ed Scam You’ve Never Heard About: Podcast

Historian and entrepreneur Thaddeus Russell has a bone to pick with American higher education. It’s not simply that maverick opinions that stray from a liberal-progressive orthodoxy get squashed in classroom discussions and tenure decisions. Russell says the federal Department of Education effectively manages an accreditation system that controls the number and character of elite institutions by insisting that “serious” colleges and universities have dorms, dining halls, and a whole host of things completely unrelated to higher learning.

As the founder and proprietor of the online Renegade University, the fight is both personal and practical for Russell, whose 2010 book, A Renegade History of the United States, offers up one of the most original and provocative readings of the American experience. “People who operate on the fringes of society,” says Russell, “who have operated against social norms…have opened spaces that were later occupied by the mainstream and established things that we now take for granted.” In his telling, it’s not august statesmen and high-minded citizens but the pushers, prostitutes, and outliers who have enabled the radical lifestyle, cultural, and political freedoms we take for granted.

In a wide-ranging conversation with Reason’s Nick Gillespie, Russell, who holds a Ph.D. in history from Columbia, talks about discovering the Austrian School of economics only long after he left the academy, why actual Marxists hate postmodernism and why libertarians should love it, the insidious nature of America’s Protestant work ethic, and how the Democrats are reviving the Cold War.

Audio production by Ian Keyser.

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This is a rush transcript. Check all quotes against the audio for accuracy.

Nick Gillespie: This is the Reason podcast. I’m your host, Nick Gillespie. Please subscribe to us at iTunes and rate and review us while you’re there. Today, we’re talking with Thaddeus Russell. He’s an academic, really kind of a post-academic, who runs an outfit called the Renegade University. We’re going to talk about academia. We’re going to talk about post-modernism, and we’re going to talk about Donald Trump and the larger canvas of American politics.

Thad, thanks for talking.

Thaddeus Russell: Always a pleasure, Nick.

Gillespie: Yeah, you know we have known each other for a few years here. When I first encountered you, it was shortly after the publication of your Renegade History of the United States, which is a kind of brilliant counter to Howard Zinn’s People’s History of the United States. Just, as a tee off, one of the funny things is when I got the book from the publisher, I was like, ‘Oh, this sounds like a shitty knockoff of Howard Zinn’, and I was about to throw it out. And instead, I started reading the first chapter, and a couple hours later, I was part-way through, and I was like, ‘We’ve got to talk to this guy. We’ve got to interview him. We’ve got to work with him.’

Why don’t you talk a bit about the Renegade History of the United States and how it’s reaction kind of encapsulates one of the issues that you have with higher education, which seems to be an unwillingness to actually engage with heterodox ideas?

Russell: Yeah, so, Reason magazine and Reason.com were the only mainstream media outlets that paid any attention to Renegade History, and academia has completely ignored it. It has not been reviewed in the academic journals, The American Historical Association’s journals have not reviewed it. I’ve seen no mention of it in any academic journals. I’ve seen no mentions of it in any book published by University Press. I have heard scattered reports of professors teaching pieces of it, but generally at sort of lower ranked schools, like state schools. And very small colleges.

Gillespie: Oh please. Now even you are bashing state schools? You’re playing into the old status game, when you’re … I’m in Ohio, which has a top, I don’t know, 50 state school. You’re in California for Christ’s sake, where the UC schools are all in the top 10 of great universities.

Russell: Damn right. Just to be clear, well first of all, I do think state schools are all inferior, but I meant the lower ranked state schools. State schools we’re looking at.

Gillespie: Okay. No, but, so I was watching one of the middle school, worst years of my life, or … No, I’m sorry. I was watching one of the Diary of a Wimpy Kid movies and the father in that is, you know, he’s supposed to be schlub, a completely nondescript, bourgeois, suburban put-upon dad, and he was carrying … He’s reading by the pool, at the community pool. Of course, he’s reading Howard Zinn’s People’s History… and I was like, “You know, I want to live in a world where people are reading Thad Russell’s Renegade History by the pool.’ That’s when the need for that book will no longer exist.

But, what’s the thesis of A Renegade History?

Russell: Oh. The thesis is … Do you think there are any listeners who don’t know it?

Gillespie: Yes, I think so. I think so. We’re reaching new people, and also people with short-term memory damage from smoking too much weed.

Russell: Yeah, I mean, the Reason audience knows me better than anybody. But, okay, the capsule summary is that the people who operate on the fringes of society, but also who have operated against social norms, dominant social norms, have in doing so opened spaces that were later occupied by the mainstream and established things that we now take for granted. Certain freedoms, certain liberties, certain pleasures that were once illicit are now standard and mainstream and respectable.

Gillespie: How is it … Why, and I think this goes to your larger critique of academia or of higher education, and I guess they’re more or less interchangeable, but how in hell’s name is that considered so challenging or off-putting that academics wouldn’t want to engage that? That seems to be a very clear … Not only is it true, you know, it’s objectively true and a great way of thinking about the past and the present and/or future, but it’s what everybody talks about.

Russell: Well, see, first of all, I don’t know what academics are thinking about it, since I told you they ignored it. I mean, I’ve gotten some little dribs and drabs from them. One very prominent, I could name her, Nancy Cott at Yale University, very prominent historian. I asked her – and she’s a hero of mine, I love her work. Her work is among the best, I think, and I cite her book extensively in my own book, and I asked her for a blurb and she said yes, and then she read the book and then she said no. She didn’t really specify, but she said she didn’t agree with my use of the term freedom, or how my conception freedom … She didn’t go into it. But then I sort of begged and pleased and groveled, and then she finally agreed to do it. So, she did write a nice blurb for me.

But, I can guess, knowing pretty well those people, there’s a few reasons. One is that the kinds of activities and behaviors that I am chronicling that I consider to be historically significant for especially lower class people were spontaneous and not explicitly political. So, you know, I look at slaves and instead of doing the typical thing, which is trying to find the slave or the five or ten slaves who wrote a book, though of course was actually written by abolitionists for them or, you know, maybe gave some oral history that says the right things. I did look at that at all. I looked very little at that. I was mostly looking at slave behavior, which some historians have done in the past.

Gillespie: Sure.

Russell: But, I just stayed there.

Gillespie: So, you’re not looking at Nat Turner …

Russell: Right.

Gillespie: Or, you know, the leaders of slave revolts in Cuba or Haiti. But rather you’re looking at guys and women who just kind of, like, said fuck you to it all and did their own thing.

Russell: Right. So, here’s the big difference. I mean, I’m not a collectivist and they are, right. So they’re looking for collectivist or pre or proto-collectivist activity or behaviors and I am not. First of all, you just don’t find much of it in American working class history. But, what you do find a lot of, and this the point of my book, is a lot of spontaneous – I wouldn’t say individualists, because that describes an ideology. Individual behavior, or small group spontaneous behavior. That was historically very, very significant in terms of change in the culture in ways that we all now consider to be fundamental in very good ways.

So that runs against the collectivist argument and narrative, whether social or liberal democrat or whatever. I mean, they’re always looking for the slaves who said we need a unified nation, and we as a people believe in this, and black people want this, and slaves desired this, you know? It’s all this sort of imposing of collective ideas on people who probably didn’t have them, or there simply is no evidence that they had them. But we have a ton of evidence about what slaves actually did and did not do.

Gillespie: Right.

Russell: And a lot of this is known. Again, as I said, historians have written about this before, but they often wanted to make it into something that was basically proto-socialist, you know? And I said no, they simply just didn’t work a lot of the time. We know this, and they were ‘lazy’, and that was very, very important for a lot of reasons, but not because they wanted to establish some utopian republic of the people.

Gillespie: So, I mean, they’re kind of like Bartleby, the Scrivener in Melville as he was read by 60’s radicals. They were opting out of the system any way they could, even though they couldn’t really exit the system. But, they could gum up the works. It would be like Thoreau in a way, where they could throw their bodies across the machine of slavery. But without an ideology.

Russell: Right.

Gillespie: You know, they were just kind of acting.

Russell: Right, which is, of course, what most people do today, right? And whether they’re working in a cubicle for some big corporation or they are a GI grunt in the army, I mean they are constantly, almost every minute, doing stuff that what the lefty social historians would call resistance, you know? I can’t use that term again, either, because that’s conscious. And sometimes, it’s conscious. Sometimes it is.

Gillespie: But you would hear accounts of this with secretaries at like IBM or, you know, high-rise cubicle offices when they would get a new kind of dictaphone or something, they would break it, constantly break it, or screw around with it so it didn’t work. And I mean, it’s a form of resistance, and I just hope that no Reason staff or any of the people who help with Renegade University on the air are listening.

Russell: Yeah

Gillespie: But these are ways to kind of screw over The Man a little bit, right?

Russell: That’s right. Yeah, now I’m a capitalist, so I’ve thrown all that bullshit out. I don’t believe in any of it anymore. People need to work harder.

The thing I was going to say, just to be clear for people who don’t know my work and my argument about this thing we’re talking about in terms of work, is that I make an argument against the puritan ethic of work, not work itself, in itself. The slaves’ attitude toward work was that it was a necessary means to an end, right, and when they wanted to get something for themselves, like they would plant a garden to grow vegetables to eat for themselves, right? And they saw the work that was necessary for that as just that, that they had to do it. They didn’t see what most white Americans certainly saw at the time, and I think still do today, that work in itself is virtuous and godly, right? So, that’s this thing that’s infected American culture since the beginning.

Gillespie: This is, I have to … You know, Like all bad ideas it originate in Germany, it seems. Everybody has deep roots in Germany. But I actually … This is a real point of disagreement with you in the sense that I don’t think that … Let me put it this way. No Americans I know, or virtually none I know, and this might also having been raised kind of working class Catholic. But work is only a means to an end. It is never ennobling in itself.

For me, the images of the opening and closing credits for The Flintstones, where Fred … You know, the whistle blows and he’s at the rock quarry and he slides off the big brontosaurus, you know steam-shovel tail, gets in his car, he cashes out, gets his money, gets in his car, and then he goes and he takes his family out with the pet to a movie and to a show. Then they go out to the restaurant where they get a slab of ribs so big, it flips his car over, and then they go home. He’s not working because he loves to work, he’s working because it allows him to buy stuff and to have experiences and to keep his family happy. I mean, I think that is the American Dream and that, in a way, we don’t have to have a BS story about, you know, just work regardless of reward because work itself is good. It will get you into the Kingdom of Heaven. People are like, no freakin’ way. I’m going to work just as long as I have to get to cover all the crap that I want.

Russell: Okay. So, I think you’re kind of conflating two things, which is, you know …

Gillespie: You’re putting me down, but go ahead. I live in error.

Russell: There’s two different things. So, there’s people’s ideas about work, right? And then there’s people’s behavior vis a vis work. And so, those are two different things. So, Fred Flintstone running away from work down the brontosaurus is a behavior. We don’t know what Fred thinks about work. Now, what I’m saying in my book, and I say throughout it, is that people in America since the get-go have had two very different relationships with work. One is through ideas, which I still maintain is largely puritanical, their ideas about work. When asked, they’ll say, oh, yeah, work’s good, no matter what you get for it, and they valorize those who work. In fact, they valorize those who work for nothing more than anyone else, right? So, the people who volunteer, you know? Look at all the rich people who volunteer their labor.

But then in terms of behavior, what Americans actually do and have done, you’re completely right. They have been overwhelmingly like Fred Flintstone and way more interested in going to the movies than in staying in the cubicle. But I do think, I know it’s pretty undeniable I think, if you take just one glance at American culture now, especially in what I call formal American culture – what the politicians say and what the business leaders and teachers say – oh, it’s still Cotton Mather land, man. I mean, we still talk about the value and dignity of work all the time.

And unions. You know, labor unions. My God, they’re the biggest fount of this bullshit. They constantly talk about the dignity of labor and how it needs to be honored in our society. And watch a sports event on TV. I guarantee you, at some point, one of the commentators will talk about the work ethic of someone’s 18-year-old kid who’s not getting paid to play basketball for Miami University.

Gillespie: Yeah. Well, you know, if he’s at Miami University of Ohio, he doesn’t deserve to be paid.

Russell: That’s right.

Gillespie: But, yeah, it’s fascinating to think about that in the context of say people on the right and the left, and then I want to turn back to and hear you pillor higher education. But, Robert Putnam, the Harvard sociologist, and Charles Murray have put forth a similar kind of argument in recent books that they’ve done. They’re on opposite ends of most debates about social policy and about the meaning of America. But they essentially agree that what’s been happening over the past, say, 50 years or whatever you want to date the 60s. You know, that decade that destroyed everything, which I suspect that you and I have much more affinity for than certainly Putnam and Murray.

But they say, you know, yeah, there is a con going on among upper class people, well educated people, where in their lives, they actually work really hard and they play by the rules and they stay on the straight and narrow and they’re not sexually licentious. They’re not decadent in their eating habits and all of that. But then they actually say that poor people shouldn’t have to work. Poor people shouldn’t have to live on the narrow righteous path, and that as a result, we’ve created in that kind of formal America, we tell people who are on welfare it’s not your fault, it’s okay, you just don’t do much even as we refuse – you know, those of us who are educated and well above the poverty line – are living totally differently. Is there something going on there that’s worth talking about?

Russell: Yes. I mean it depends on whether … So you hear that kind of argument among what we call right libertarians all the time, right? And a lot of classical liberals and certainly conservatives. Now, the question is whether they are making a practical argument. So, are they saying that poor people who chose not to fill out applications for jobs because they think work sucks are doing themselves a disservice because they want more money and they’re not going to get more money by behaving in that way? Then of course, of course, right? Now, this is if the poor people want more money, right?

Gillespie: Right.

Russell: I mean, that’s unclear sometimes. If they actually … If a poor person says I want more money in my life, I want a better material life, that I will not work hard at the job that I can get or even apply for a job I can get, then I would say that’s not correct. That is not a good way to go. That’s just an empirical question. It’s sort of obvious, and often, I think usually Charles Murray makes that kind of argument, and so I don’t have any objection to that. It’s just that the language he uses and the fervor with which he makes that particular argument leads me to believe that he and other right libertarians like him do have inside of them, what’s driving them I think, is sort of a puritanical regard for work as virtuous in itself, I do think. I don’t know, I don’t know Murray. But, I’ve read him a lot and I’ve certainly been exposed to people like that a lot. It seems to me like they do think that it’s simply better to work regardless of what you get for it.

Now, here’s the real sort of intellectual basis for why I suspect that that’s how they think. Because their intellectual forefathers completely believed this. If you look at the great classical liberal theorists like John Locke … There’s been really a great work recently, by the way, on John Locke on this question, and in fact, I referenced some of this, and Locke has been ignored in Renegade History. Locke was a horrific puritanical moralist and talked constantly about how bad it was for kids to dance and he talked about sex being evil and leisure being terrible. So, the whole classical liberal economic political order he understood, and by the way, the founding fathers did too, all depended upon everyone being the self-regulating disciplined individual.

Gillespie: This is the ordered liberty argument thing.

Russell: Yeah.

Gillespie: You can have freedom, but only if you agree to punch the clock and work a lot of extra hours for free and never screw around.

Russell: Right. Yeah, so, the question is what was Locke most interested in accomplishing, and I think it’s pretty clear he was most interested in accomplishing order rather than liberty.

Gillespie: Yeah. And then also Locke … This is always fascinated. You know, when people persist in a kind of general popular imagination or even a fairly highly educated one, where Locke is … You know we talk about his Treatise on Government, but we talk less about that or his bizarre racial theories that he brought in, too. And you know, it’s the way that when I think of people like Gertrude Stein, you know, coming out of literary studies, I like a lot aspects of her, but people are only now getting around to looking at her collaboration with the Vichy government during the occupation of Vichy where she hung out, and despite the fact that she was an American, she was a capitalist, she was a modern art creator and collector, a lesbian and a Jew, she kind of liked the Vichy government and had some good things to say about Germany. It’s kind of like, wow, that really throws you for a loop, the way Virginia Woolf hated her and treated the help incredibly poorly, or that Walt Whitman really had a very … You know, he heard Americans singing and working, except for black people who he thought were really lazy and kind of useless, so … All of our idols have clay feet for sure.

Russell: Mm-hmm (affirmative).

Gillespie: So, what’s your beef with academia? Explain what Renegade University is, first off, and then why is it … What’s lacking in academia that you’ve got to go outside one of these hallowed halls of ivy education to teach people the way you want to teach them.

Russell: God, that’s not lacking.

Gillespie: The football teams are actually pretty good.

Russell: I was going to say.

Gillespie: Basketball is at an all time high.

Russell: I agree. So, I think in terms of Division 1 sports and the sciences, the hard sciences, I think they’re doing it right, actually, and I think we should just let universities be just that. We’ll just have football and basketball teams and chemistry, and that’s great. Because I think … I really do mean, I mean that, I have no beef with what’s going on in the science departments generally.

I think humanities and social sciences are done pretty much. I think it’s pretty much the last place you want to go if you’re intellectually curious. If you are intellectually curious, I think that is the last place you want to be, is in a department of the humanities or social sciences in a modern American college or university.

Gillespie: Why? You’re a person who … You have a PhD from Columbia, a once great football school. You know, it certainly hasn’t been a good football school for decades. But this is a place that, for God’s sake, gave Jack Kerouac a football scholarship, which he promptly lost because he did not believe in a puritan work ethic, among other things. So, it’s easy for you to say don’t go to college, don’t waste your time like me. What’s so bad about the humanities and social sciences?

Russell: Okay, qell, we all know, I mean this is established and there’s not even debate on this even among people who are in those departments, there is incredible intellectual conformity going on. I mean, there’s hardly any difference about big questions. I mean, sure, they fight about what I think are smaller issues. But, foundational questions? They all agree, you know? They are overwhelmingly either liberal democrats or Marxist socialists, I mean overwhelmingly. They believe in the concept of oppression. They believe that there are people they have never met and never will meet and know nothing about except as statistics who are ‘oppressed’ and they don’t interrogate that very category, that very word, which I think is a problem. I mean, you know. But they agree with this. This is not a question, okay? So, they say that’s fine and all that does is demonstrate that people on the left are smarter than people who have other politics and so that’s why they’re professors, that’s why they dominate the universities. To which I say, well, guess what? Before the 1970’s, the universities were dominated by people who were scientific racists. So, were they the smartest people at the time? And by the way, they dominated those universities for about 100 years, too.

So, the question is why is there this monopoly in which there’s no debate? I had never heard of Mises. I didn’t read any economics except for Karl Marx. Marx was the only economist I ever read in five years of undergraduate and eight years of graduate school. No one ever came to me, no one ever mentioned that I should read some economics and never mentioned the Austrians. I had never heard of the Austrian School. And this is not a plug for the Austrian School, it’s just sort of … I’m just saying that this whole very developed, very serious school of thought in the social sciences and humanities was just completely ignored if you were sort of on the track to be a good left academic, which I was.

And I was in the social sciences. I was doing history. I mean, we’re supposed to know about economics, aren’t we?

Gillespie: Is history considered a social science or a humanity?

Russell: They go back and forth on that. To me, it’s all arbitrary bullshit.

Gillespie: Yeah, yeah. No, I get that.

Russell: So, here’s the thing, Nick. Like why is this, right? And this is what I’ve hit upon this year. I’ve discovered why, and it’s actually structural and it’s actually guess what? It actually emanates from the federal government of the United States.

Gillespie: You know what? I just want people who are listening to recognize that this is not a requirement of being on the Reason podcast, that you ultimately blame the federal government for everything. But, I’m getting chills right now. So, it’s structural and it’s rooted in federal government policies somehow or attitudes.

Russell: Yeah.

Gillespie: Lay it on us.

Russell: And I did not know this until just this year. In fact, I’m sort of embarrassed that I didn’t know this. But again, this is sort of like, yeah, why would I know this? It’s the same reason I didn’t know about economics. It’s because people in academia don’t ever point this out for good reason, because there’s a thing that’s controlling their monopoly and basically allowing these people who are terrible teachers and who don’t engage in serious intellectual debate and who aren’t very rigorous in their own work to have jobs. To have not just jobs, but lifetime appointments. Why would they ever point to the fact that the Department of Education controls accreditation?

So, what is this? In this country, in the United States, for more than a hundred years, there have been these accreditation agencies. There are six regional accreditation agencies, and those are the ones, the regional accreditation agencies are the ones who control the so-called elite, prestigious, respected colleges and universities. There’s a few hundred of those, right? Those are the ones in the US News & World Report.

Gillespie: I mean, it’s amazing. There’s something like 4,600 community colleges, two year and four year institutions. There’s really only about 300 or 400 that essentially have any kind of competitive admissions policy. So that’s what we’re talking about here.

Russell: Yeah. So, we’re talking about the ones that count on resume. That’s all this boils down to is how much that thing matters, that word that you write on your resume, the college that you went to. Does that count as something, because employers are never going to sort of interrogate, like, what you studied at Penn or, which courses you took. They don’t care, they just want to know that you went to Penn, that you went to one of the good schools, and therefore you’re a good person or are going to be a good worker.

So, the regional accreditation agencies control those schools. They’re the ones who decide whether or not a school belongs in that category, and you have to meet many, many criteria including you have to have a certain number of faculty who have degrees from certain universities, graduate schools. You have to have a library with a certain number of volumes in it. You have to have residential dorms and residential students. You have to have a gymnasium with certain facilities. You have to have a physical plan to campus of certain size with certain facilities in it. Meaning that it is impossible to become accredited now unless you’re a billionaire.

Gillespie: What besides prestige does accreditation also give you a pipeline into? Federal financial aid?

Russell: So everyone right now should go to the Department of Education website, and they spell it out right there. It’s hiding in plain sight for years and years. No one’s known about this, including me until now. No institution is eligible for any federal funding of any kind, including the federally-backed student loans, unless one is accredited by one of those agencies. Okay, there you go. There’s the monopoly. So when I started Renegade University, a lot of people said, oh, can I get college credit for this. And I thought, oh, sure, I’d love to do that. Let me look into that. And so, I went to the accreditation agencies and was immediately informed that there was no way in hell unless I won the lottery that I could meet their criteria.

Now, there is a National Accreditation Agency which accredits the so-called for profit colleges, places like Phoenix and DeVry and Argosy and all those. But everyone knows there’s a signaling that goes on, right? If you’re accredited by the National Accreditation Agency and you’re one of those schools, that counts as nothing or much less on your resume. You know for employers, they just look at that and don’t think much of it unless it’s a very specific locational thing, right? So even there, it’s difficult to get accreditation, even with the National Accreditation Agency.

So, the Department of Education, and specifically the Secretary of Education, determines which accreditation agencies are licensed, meaning they’re the ones who determine which are the accreditation agencies that give this power to get federal funding and to have this credibility with employers.

So, yeah, it’s Betsy DeVos, and here’s the thing, right? This is the first Secretary of Education … I mean it’s preceded her, she inherited the system. She’s the first Secretary of Education, of course, who is at least sympathetic to what I’m saying. She’s taken meetings, I believe, with … There’s like one or two guys at the Cato Institute who have done the work on this, as far as I know. I think she’s taken meetings with them and she’s heard this. She knows. This would not be a strange concept for her. So I think we have a very small window because she could be fired tomorrow and her boss could be fired tomorrow, too.

We have a very small window where we might actually, if we do something, get this thing changed. It’s a goddamn outrage that I am not allowed to compete with Harvard. I mean, it’s just on what grounds? I mean, judge me on my teaching.

Gillespie: Would you have to allow your students to come over and use the swimming pool at your apartment complex? Could that count as a physical plan? Do you have a climbing wall or a lazy river? Come on.

Russell: I’m guessing those wouldn’t count, even if I had those things. I’m just guessing, yeah.

So this is the great untold scandal in higher education. Those fancy, fancy, ultra-wealthy universities and colleges have this federally-protected monopoly to keep people like me from competing with them.

Gillespie: So, why should they be scared of you? What does Renegade University … What are the offerings and what do you offer that people won’t get sitting … Well, you went to Antioch University school as an undergrad, right? In Ohio, that’s gone in and out of business lately. You’re already doing better than they are. But, what are the establishment schools worried about? What are you giving them that they can’t match?

Russell: I don’t know if they’re worried about me. It’s that … So, Tom Wood’s been doing this for about five years, by the way, and he was kind of my model, and then there’s Isaac Morehouse at Praxis sort of doing the same thing, but more on the for profit occasional side of it. But the three of us have alternative models of higher education out there already that are operating, that are already making a profit. I mean they’re making more than I am, but I just started. But I am making a profit.

So, I doubt that Harvard is concerned about us right now.

Gillespie: They should be, yeah. I hope so. What’s the value proposition to a student, or to a consumer, at Renegade University?

Russell: So, average tuition … If you count … For average tuition at one of those elite schools, hourly instruction sort of depends on how you count those. But, it’s roughly about 150 bucks an hour of instruction, in class, with the professor instruction. Now, that includes lectures with 1,500 kids, right? Which is a common thing at places like Harvard and Columbia and University of Michigan. But that’s what that is. It’s about 150 bucks an hour.

So for me, it’s about 10 bucks an hour. So that’s number one. Plus, you don’t have to buy the entire package. If you’re going to go to Harvard or Columbia or Occidental College or Miami in Ohio, you got to buy the whole package as an undergrad, right? You got to live there, which means you got to pay for the housing and the food, and you got to pay for the fees for the gym and the library, and all those faculty, right? So, it all adds up to a much bigger bill than 100 bucks an hour, of course, to get that hour in the classroom. So, that’s obvious and clear that it’s cheaper, much cheaper for what I do.

And secondly, and you just have to judge this for yourself, you know? You have to watch me, listen to me, take a course, whatever. But I just think I do better teaching, and I do it because I’m really interested in an exchange of ideas, of clashing ideas. I look for debate. I don’t shy from it. I want it. I always have in my own classroom teaching, and I think that’s one of the reasons that my sort of traditional college students really appreciate it about me. I am tough on people intellectually, but never personally, meaning I won’t let lazy ideas or arguments go by without a challenge. I insist that my students be better at making arguments.

And yeah, I’m open to everything. I want to know what the competing arguments are. I want to ensteel, man, every competing argument, make them as strong as possible instead of straw …

Gillespie: What are the course offerings that you have? I mean, is it basically the world according to Thad? And you’re teaching, I guess, not just content, but also a method through the way in which you carry yourself and engage people?

Russell: Yeah, well, so far there have been two weekend events which was, sure, the world according to me. I mean, it was really the world according to me and the students who came because I actually ended up revising some of my own key concepts from them, especially in the first one.

But, I just hired my first outside faculty, Scott Horton of the Scott Horton Show and antiwar.com. He’s going to teach a history of the Afghanistan War in January, a webinar. And I’m going to do much more of that. I’m going to start posting. I can’t wait for this. I’m going to start posting job announcements on the academic website job guide. I’m going to start hiring the adjuncts and the unemployed PhD’s and the ABD’s who can’t get jobs, which is we’re talking about probably tens of thousands of people, by the way. In fact, we’re definitely talking about tens of thousands of people out there. And I’m going to be hiring. I’m going to be taking some of their workers, some of their PhD’s.

So, yeah, the sky’s the limit. I’m open to everything. I’ve had proposals from people who want to teach mathematics at Renegade University. I’ve had proposals from people who want to teach chemistry. And certainly the social sciences and humanities, we’re going to do. But, yes, I do … My fields of specialty in terms of teaching are US history and philosophy. So, we’re going to do the whole Great Books course, right, which was taught at Columbia, I taught at Columbia, which goes from Plato through Nietzsche to Hayek and all the rest of it. We’re going to go book by book through the centuries and study each one of those texts.

In a series, we’re doing a series on modern philosophy, in particular post-modernism. Had a really successful webinar, it was an introduction to post-modernism focusing on Michel Foucault and Jacques Derrida who, of course, in the news these days and being yelled in podcasts all over the place. And yeah, I’m doing a history of World War II this Saturday, a webinar you can sign up for which, it’s the second version of this. It’ll be bigger and better.

And yeah, I mean we’re just rolling out courses. We’re coming up with ideas for courses. I want to do a course on methodology called ‘How to Make a Good Argument’ because this is one of the things that’s really bothersome to me. And a lot of people, you just see a lot of bad argumentation out there. You don’t need to have …

Gillespie: Excuse me. It’s like the way that Pizza Hut can survive in places that don’t have good pizza, right? You don’t need a good argument if you’re not arguing with anyone.

Russell: Right. I mean, well of course, if you just use an epithet, like racists. That’s the end of it, you win. Or you find out that Nick Gillespie once talked to someone who might have been a member of the Confederacy … What was it, the Brothers of the Confederacy or something, and therefore, you’re dismissed and there’s no need to …

Gillespie: I’m not even sure what that is. I did once talk to the puppet, Alf. I interviewed him over the phone for a teen magazine I worked at. And I did find out after the fact that Richard Spencer of, what is his group called, yeah, the National Institute of Institutions or something. Yeah, he came to a Reason Christmas party because Christopher Hitchens was speaking at.

Russell: That’s right.

Gillespie: Oh, yeah, we’re just drawing all the lines. We’re connecting all the dots here, which brings me to one of the topics that I want to go a little bit deeper, and you brought it up just a couple of second ago. Post-modernism, because post-modernism is all about kind of forging different types of connections, taking parts and knitting them together in provisional holes. You mentioned Jacques Derrida and Michel Foucault. You are not a libertarian, per se, but you have many libertarian sympathies. I am a libertarian and I consider myself a post-modernist. I believe very much in Jean Francois Lyotard’s idea that if you have a brain, you have to have incredulity toward meta narratives, in his phrase, of any kind of grand theory about everything in the world. I think Hayek in particular and Mises in his own way are post-modern, and Foucault actually thought so as well.

What is post-modernism, and why does it incite so much anger in people, including people on the hard left and everybody on the conservative right?

Russell: So, you’re asking me to give away one of my products for free, first of all?

Gillespie: Like be a drug dealer, give a taste away and the first taste is free.

Russell: You libertarians and your intellectual property stuff, how it should all be just given away. Yeah, uh-huh.

What is post-modernism? Well, I mean, for me, and this is actually something I got from, I’m not kidding you, Renegade University students over the summer, the first event I did. They said to me, you know, you’ve been talking about this wrong in public. And I said, really? How do you know, buster? You work at Target. I went to Columbia University.

Gillespie: That’s right.

Russell: I have a PhD. Yeah, most of the people who attend Renegade University are people just like that, they’re just really smart, really curious, know a lot, but they have just completely ordinary jobs. They are not of universities, and a lot of them are dropouts, by the way. They said what you should do is talk about it as agnosticism toward everything rather than as atheism. So, I used to say as a lot of sort of dumb, vulgar post-modernists say, there is no truth, which is, of course, a truth claim, right? It’s a negative truth claim. So, what I say is simply I don’t know, and science doesn’t know and ask a scientist, you know? One of my guests on my podcast Unregistered, Conner Habib, who’s … He’s a gay porn star now, but he used to be a graduate student in biology at UMass Amherst, and he …

Gillespie: I’m just glad to see him putting that degree to work. Biology to porn, that kind of makes sense.

Russell: They are relevant, yeah. So, he said, you know any serious scientist is a post-modernist in this way. I mean, they’re all ask a serious scientist whether there is some truth that is settled, whether there is some science that is settled and meaning should never be studied again, right? If we’re done with gravity, well then we should just stop studying that. Well, in fact, they’ve never stopped studying gravity, the serious scientists, and in fact last year, they discovered that it operates differently than they believe. They have this new theory based on what they see in deep outer space about how things are moving, about Einstein and Newton.

So, yeah, and this goes to the history of science. You know, Thomas Kuhn’s great book, The Structure of Scientific Revolutions, which everyone should read, which simply shows … And you sort of just intuit because you don’t know the actual history, that obviously scientists and the scientific establishment has constantly changed its mind about every single thing in the world, right? So not very long ago, all scientists believed that the sun revolved around the earth, and then they completely changed their mind, and now to say that is the most absurd, ridiculous thing in the world. They thought the earth was flat. They though a whole bunch of stuff. They thought that Jews and not the Irish were of different races than whites because of their nose structure and their foreheads, and of course, we think that’s all ridiculous now.

Gillespie: But that’s because they weren’t using real science, right, and we live in an age after errors could possibly be made.

Russell: That’s right. So, there’s a deep arrogance inside this insistence that we are correct now. They were wrong then, but we are the first people in human history to discover what is really true. We know that … Our ideas about the physical world and the moral world, by the way, will be eternal and never overturned.

Gillespie: One of the quick comebacks at a post-modernist is, yeah, well, you fly in airplanes, right? And are you telling me that certain things aren’t settled and that the physics of flight … We know why planes crash, we know why they take off and land successfully. How does that complicate a vision of post-modernism as a world that is infinitely where truth and knowledge is never settled?

Russell: So first of all, my girlfriend and about a hundred of my fans told me to stop using the airplane example.

Gillespie: Okay.

Russell: This is the one I use all the time, but I’ll do it anyway. Just for you, Nick.

Gillespie: Thank you. I appreciate it. You know, I come for the big hits. I don’t want to hear the new material.

Russell: I’ll be your cover band for now.

Gillespie: I think of you as the Neil Diamond of radical historical revisionism. Just the hits.

Russell: Right. So, I operate in the world. Whenever I go take an airplane, I don’t ponder whether this is really an airplane, whether I’m really going to be taking into the air and delivered to New York City in a few hours. I don’t do that. I use heuristics, you know? I just operate within the world that we generally agree upon in our culture and society now, that this is an airplane, it goes up in the air, and that’s New York City and now you’re in New York City, that gravity’s somehow responsible for this and aerodynamics are responsible for lift and blah, blah, blah.

So, that fine. That’s of course how you live, you know, even if you have these crazy ideas that I do. It’s just that every piece of that actually is a word, a concept, the category, that were all inventions. So you don’t end up in New York City … What’s New York City? Good question. Is that some objectively determined thing? Is it a physical location? Is it the people who live here? If it’s a physical location, where does it end? What are the actual borders of New York City? Will there be a debate about that if we ask people who live there? Of course there will be. They constantly fight about that. But, it’s a concept, it’s a feeling, it’s a history, it’s infinite things that have been interpreted in infinite ways. Is it a place on the map? Sure. The map … The map was invented by whom? It was invented by people. It wasn’t invented by God. It didn’t sort of grow out of the ground from nature.

Gillespie: Right. It’s not something that’s discovered, and actually, this is one of the kind of touchstones of post-modernism is that you talk more about creation and invention rather than discovery because you’ve foreground the construction of meaning rather than kind of the discovery of it.

Russell: So, I’ll tell you right now, what’s happening is that lots of people are yelling at me, and probably at you, too, and this is really what happens. I have argued that slaves were more free than white people and that was less controversial than what I just said about New York City and airplanes. For some reason, this thing really sets people off. My father used to yell at me. I would give him this argument and then a year later, it would come back up again. He would just start yelling at me, he was so upset about it.

Gillespie: You do realize it wasn’t about that issue, it was about something deeper and how you had clearly, deeply disappointed him as he had disappointed his own father.

Russell: Well, I’ll tell you. Yes, but it was his attachment to scientism.

Gillespie: Yeah.

Russell: And the fact that I didn’t have the same attachment, therefore I was betraying him, I think. Yes.

Okay. So, here’s the thing I’m not saying and this is what needs to be on the billboards over my head wherever I go because I think this is what people hear when they hear me say this stuff. This does not mean that to me, Thad Russell, that any of those categories, any of those inventions, any of those social constructs are bad or meaningless or worthless, or should be overthrown or tossed out. People have gotten it into their minds, and I think this is in part because of the idiots on campuses these days who sort of sound slightly like post-modernists but actually are completely repudiating post-modernism as I know it. They sort of come across as nihilists and sort of anti-civilization and anti-everything. So that’s not actually what Foucault and Derrida said. It’s certainly not what Foucault said. They never said, yes, these are social constructions and therefore everything should be done away with.

Gillespie: Or that everything is equal.

Russell: Yeah, right. I love airplanes, and I love this thing … I have my own category of New York City, which I kind of love and kind of hate, but whatever, I used to love it, which is similar to other people’s conceptions of New York City. So when I talk about New York City with most people I know, we don’t have to go through a definitional process when we talk about it. What do you mean by New York City?

Gillespie: Is that because you immediately just agree that Staten Island really isn’t part of New York?

Russell: That’s obvious, yeah. That’s objectively true.

Gillespie: Yeah, nobody’s arguing that. I mean, it’s beyond …

Russell: Right.

Gillespie: So, why do … Here to put a finer point on it, I had asked … What’s interesting to me is when I was in grad school, and I think you know this was the very late 80’s through the mid 90’s. I think we kind of overlapped in a similar time period. It was the Marxists who really hated post-moderns. They saw post-moderns as kind of capitulating to capitalism and to, you know … I would meet people who said I’m a post-modern Marxist, and I was, like, you’re very confused. So there was that argument, and then there was also the conservatives who said this is moral relativism that has gone into nihilism and is disgusting. And you know, the next thing you’re saying, you know, that you could be male or female or that these categories are not exclusive. And the next thing you know, it’s dogs living with cats and the whole order is gone.

Why on the extremes does post-modernism seem to elicit such massive denial or outrage from people?

Russell: Marxists hate the guts of post-modernism and always have. The smart ones, the ones who are actually Marxists, because they should. They should, and Derrida and Foucault knew this. Foucault especially, he knew it was a direct challenge. I mean, not just a challenge. It is antithetical to Marxism.

So Marxism believes, first of all, in an objective reality, a material objective reality, which has to do with economics and class, that’s one economic class is what determines basically one’s place in society and one’s destiny and one’s ideas.

Gillespie: And one’s systemology, right? I mean, your consciousness is rooted in the economic class and the larger system in which you’re born.

Russell: To be fair. So, actually, I misstated that slightly. So, the Marxist’s claim is not, they don’t predict what an individual will think based on their class, but they do say that a society’s dominant ideas will be determined by the economic structure and the class system within that society. So, yes, just to be clear about there. Yes, it’s all rooted in objective facts. So, if you want to understand why, for instance, scientific racism was so important and dominant in the United States in the 19th century, they say, and this is not terribly stupid, it’s not the dumbest thing ever stated, look to the economic basis of the society and then, lo and behold, you look and see and you find slavery at the bottom and so that explains it.

And that’s not a bad argument at all. But I would say that slavery could have existed very easily and, in fact, it did a long, long time without that kind of scientific racism, without that kind of idea.

Gillespie: Or set of ideas.

Russell: And the other thing is they’re moral absolutists, too, of course. They think that capitalism is immoral and they think that socialism, and especially communism, is moral. It’s a moral good. And so, post-modernism calls all that into question. So, Foucault and Derrida didn’t say therefore we should all be fucking our mothers and raping children. It’s just that we should call into question any truth claims …

Gillespie: That’s the modern Republican Party, I think. They’re adding that platform plank to 2020.

Russell: It has been kind of fantastic watching that and pedophilia. Yeah, they have queer theory has infiltrated society. I think it was Orrin Hatch who was recently dispensing queer theory? Kind of was.

So, let me just finish that. So Foucault and Derrida, especially Foucault, you know the argument is, no, simply be skeptical of truth claims rooted in nature and God, right? So when someone makes a claim like, you have a dick, therefore you’re a man and that means x, y and z, ask them how they know that’s true. What’s the genealogy of that, and trace it.

But the brilliance of Foucault is he simply wrote the history of these claims, and you can look at the history. All of these claims, all of these ideas you can find, you can trace back to a particular time and place and set of people who invented those ideas, like that men are this and have these characteristics and therefore are going to be like this, this and this. Just do the history and do the genealogy and you’ll find it doesn’t grow out of the ground, these ideas, or from God. It was invented by human beings. Again, it doesn’t mean it’s bad and shouldn’t be used. But more often than not, Foucault found, and I think he’s right about this, it did serve purposes that you and I and most of the listeners would find not so congenial.

Gillespie: Right, and that helps explain why … I mean, do you believe that conservatives, broadly defined, they get upset when blurriness entered the picture, that they want to have very discreet categories. They want to have male, female. They want to have right, wrong. They want to have good, evil. I mean, what is it about conservatives who flip their wigs when post-modernism gets brooded about?

Russell: Yeah, I mean, I think that’s it. They love order. You know, Jordan Peterson, that’s his whole career now. I mean it’s basically. I kind of respect him because he knows what he’s doing.

Gillespie: And this is the Canadian psychologist who became a kind of folk hero on the right, and including many times when he refused to call people by kind of transgender pronoun names.

Russell: Yeah, and he’s actually very smart about this and quite sophisticated. He knows, from what I’ve seen and heard from him, he knows that these are not universal absolutes, gender categories. He just makes the argument, and again, this is not a stupid argument at all, that the particular ordering of society that came out of biblical teaching has simply proven to be the best of all the kinds of social order that human beings have created in history. So, that is not a bad argument that needs to be taken seriously.

Gillespie: That’s what Jim Morrison talked about in “Riders on the Storm”, that the West is the best theory.

Russell: Yeah, this is my friend Gavin McInnes’s thing, too, right? You know, be proud of Western Civilization, it’s just the best. And you know what I have to say to that. You got a point, guys. I mean, hey, I don’t think it’s perfect. But, shit, I love, you know … Sorry, I’m cursing a lot. But I love bridges and I used to love the World Series, and I love the UFC now, and yeah, those are all coming out of Western Civilization.

Yeah, so it’s order, and for Peterson, he thinks that these ideas, that there is no universal truth, have led to chaos and will lead to further chaos if allowed to continue.

Gillespie: Do you believe there is no universal truth, or do you believe that they are relatively rare? I’m thinking now in terms of, say, the theory of evolution because people like Peterson and other physical scientists as well as psychologists will say, look … And I always find this interesting because people on the left … You know, one of the ways that you point out how dumb people on the right are is that they don’t believe in evolution because they’re religious. But then, in the academic left, a lot of people don’t want to believe that evolution is real enough to actually influence individual and group behavior, and you really can’t kind of have it both ways. Like either genes either matter or they don’t, right?

Russell: Right, and I have it neither way.

Gillespie: Yeah.

Russell: I said this at the beginning of the interview. Yeah, I’m an agnostic on all of it. So it’s not that I think there is no truth, it’s just that I do not know, and I’ve never seen … Here’s the thing. I’ve never seen any truth clearly established as being eternal and absolute and universal. I’ve just not seen any. They even revised the Theory of Gravity recently, right?

Gillespie: Yeah.

You know what? Reason, which is about to turn 50, we’re working on getting rid of death and taxes equally. So, everything’s up for grabs.

So here, let me ask you. One of the hallmarks of post-modernism, and again, this is what when Hayek … And this Deirdre McCloskey, the great economic historian who started life as Donald McCloskey and is enacting a form of post-modernism of saying that my identity is in large part created by me, it is performed by me, it is not given to me by God or nature or genetics or whatever. There’s a lot of play in the system. She talks about how Hayek in his insistence on an epistemological humility, not knowing or pretending to know all truths for all time, is post-modern. I think that’s totally true and that obviously, that in the libertarian canon, that goes up against people like Milton Friedman, who talked about economics as a positive science, or even more Ayn Rand, whose philosophy was objectivism, that A is A, and go fuck yourself if you want to tell me that A can sometimes be B, or A is B until graduation and then goes back to being A.

You know, if it’s all about competing stories that help us kind of get through the night as well as get through an airplane flight, etc., where do you find your morals if not just relying on a kind of hackneyed version of the Golden Rule? You know, an inheritance from Christianity, say, or Abrahamic religions, but you don’t really want to call it that, because you say some systems aren’t good. I think they’re not moral. How do you know that? And I think this is something that kind of bedevils somebody like Foucault, who was not a moral relativist. But, you know, this is a guy who, upon the Iranian Revolution happening, he was all in favor of it because he saw it as destroying a power that was being exerted by Western influences on a part of the world that should be able to come up with its own unique way of dominating and oppressing people. He walked that back.

But where do your ethics come from in a world of agnosticism?

Russell: Yeah. So first of all, I want to say that you said to me several years ago that libertarians don’t know this, but post-modernists are their best friend, and you gave one example for why, Hayek’s knowledge problem basically, right?

Gillespie: Yeah.

Russell: And this is essential to libertarian thought no matter what brand of libertarian you are, that a centralized authority like a government simply cannot know enough about people out there in other parts of the world, even two blocks away, enough to govern them or manage them or have any claim to knowing how to manage them. That’s one way in which classical libertarianism is post-modernist. The other way is what the Austrians say about economic value, which is that it is what? Subjective.

Gillespie: Yeah.

Russell: When I heard that, I thought, why are these guys so mad at me? I mean, that is exactly it.

So, my ethics, where do I get them from? I don’t get them from anywhere. I don’t have ethics. I don’t believe in that. I don’t don’t believe in it. I don’t use that category or concept. And people are like, well, how does that work?

Gillespie: So, race-based slavery isn’t wrong?

Russell: No, obviously not because most of human beings in history have thought it was good.

Gillespie: Well, race-based slavery really, I mean if you want to get strict about it, is really an invention of the enlightenment. Slavery certainly is coincidental with humanity.

Russell: Yes. Slavery, yes. Slavery has been a good for most of human history, according to human beings. So, and then you can then say, well, all those other people were wrong and I’m right and the few people who now live today are right. How else can you ground that claim? You can look at the Bible. Well, that’s not going to help you. You can look at nature. Where’s it say anything about slavery through a microscope or a telescope? I don’t, you know …

Gillespie: I think, you know, there’s a … It isn’t in most American editions, but in the original English, British Winnie the Pooh books, I think there’s a whole thing about slavery.

Russell: Yeah, you can go the young adult lit-fiction route to find that morals are rooted … In fact, that’s not even a joke. But, yeah, so I actually find it just sort of … I am constantly baffled, bemused, astonished that very, very smart, very educated people constantly rely on moral claims to make their arguments.

Gillespie: So, well, but how do you … I’m not asking that, I’m asking then like how do you live your life, like why do you not loot, rape and pillage when you can?

Russell: So, this is actually where Ayn Rand, I think even though I haven’t really read her, but I’ve talked to enough human beings that I think I’m right about this, comes in as useful, and I think I’m sort of randy in this way. It’s self-interest, my own self-interest. I try to make decisions based on what I consider my own self-interest, all of which I consider to be a social construct, it’s just I like certain social constructs and I don’t like other social constructs and that’s all. So, slavery – is it bad or good? What’s the point of having an argument? Do I want to be enslaved? No. So, would I therefore oppose the bill in the state legislature to impose slavery in the state of California? Yes, I would. Yes, I would. So it ends up not being much of an issue, right, in cases like that. You could even make …

Gillespie: I am looking forward to a series of videos of you always taking a penny at a convenience store checkout cashier register and never giving a penny. So, I guess this is part of the Protestant work ethic, and certainly is Catholicism and Judaism, like what governs you when you can get away with something?

Russell: I live according to the Golden Rule as much as I can because it’s just simply for the reasons that many Christians have said, because of God and what God thinks of us. Because what other people think of me really matters in my own life and according to my own self-interests, so if I’m constantly stealing from local businesses, I’m not going to be allowed to shop there, and so that’s why I don’t steal. . . anymore.

Gillespie: So you did go through a shoplifting phase that I hope ended in your teen years, or did it pick back up again at that response?

Russell: I’m just going to leave that there, and we’ll move onto the next topic.

Gillespie: Yeah, well then, and actually, let’s for a final topic if we can briefly … About a year ago on the Reason podcast, I talked to you about … And actually, I guess it was right before the election. I can’t remember now, but we were talking about foreign policy and Donald Trump’s probable foreign policy versus Hillary Clinton’s. If I can summarize you quickly but incorrectly, I’m sure, was that Hillary had a global theory, a kind of modern theory, an over-arching theory that you predicted would have led her into more kind of large scale interventional war. Yeah, basically more of the same of a kind of Wilsonian interventionism. Trump, you said, doesn’t have a coherent or over-arching world view, but that he would probably would have been worse to the people in the Middle East because, for a variety of reasons, he was really interested in bombing Arabs no matter what.

Here we are, about a year later. Trump – what do you think of his foreign policy so far? Is he better, worse, or the same as you anticipated?

Russell: Well, the important thing is that I’m right.

Gillespie: Of course.

Russell: Yeah, you know, it’s funny. For a while there, I thought, well, okay, he’s not going the route I thought he would. But that’s because the generals took over, and I think that’s still sort of true. But, all you have to do is look at the facts on the ground, what’s actually been happening. And yeah, there’s been less intervention.

There have been fewer new interventions in the first year of Trump’s presidency than there was in Obama’s. He has basically maintained the status quo in the Middle East. He has supported the Yemen war by Saudi Arabia, but that started with Obama and Samantha Power, by the way, and John Kerry, whose idea it was, and everyone should go look at the great New York Times article from 2015, which I referenced in my podcast about this where it’s John Kerry and Samantha Power convince the boss that, yeah, we need to get in there with the Saudis and kick those Houthis’ ass, otherwise the Iranians will gain a foothold right there next to Saudi Arabia. So, what Trump’s doing, which is murderous and genocidal in Yemen, through the Saudis was started by Obama. He has increased it, he’s just sort of maintained it.

Same with the war against ISIS and the conquest of the Syrian and Iraqi cities. That was all begun, which led to we don’t know, but probably many civilian deaths. That was all, of course, started by Obama. That entire campaign, that was all Obama’s idea, initiated by Obama. So, he’s done nothing new there.

With Israel, who cares? I mean, it’s all been the same. There’s really no … And people freak out about the Jerusalem thing, but that’s all symbolic, basically.

Gillespie: But, it’s also …

Russell: There’s no disparity.

Gillespie: Every president has made some gesture and in exactly the same direction, so. . .

Do you worry that somebody like Trump, who really comes across as unhinged often, is he more of a threat when you have somebody like Kim Jong-il in North Korea, or is that just kind of the bluster of, you know, whatever Trump’s in … The generals. They’ve said okay already transgender people are going to be able to sign up, and they’re going to make sure that he’s not launching nuclear weapons without a real provocation.

Russell: Right. I mean, that was my great fear on election night and was my great fear for many months after the election, and still, I’m still worried about that, but less so now. I think that what they’re doing is playing some stupid bad cop/good cop game with the North Koreans where Trump tweets or says something ridiculous and inflammatory and threatening to the North Koreans, Meanwhile, you have people from the Pentagon and State Department actually talking to them in different ways to reassure them. Again, who knows? No one knows because no one’s inside those rooms.

But, yeah, in terms of what’s actually happened, it’s what I said. And the other thing that’s been positive, not as positive as I thought it would be, but he’s continued, especially recently, to call into question the existence of NATO, the funding of European states’ national security, the funding of American allies’ national security in general, including Japan and even South Korea, and that’s what I thought was the most promising thing. And also, there’s been no embrace of regime change and permanent occupations. I mean, who knows? He may end up going there. Certainly could. But, I don’t think the generals who are controlling the game now are regime change-types, either. I think they’re just sort of knucklehead Marines, basically, who hate the Iranians because their brothers got killed in Lebanon in 1983.

But, so, I don’t see the intellectual basis for a globalist American empire there, which is good, but you do see it in the Democratic Party. By the way, they almost certainly are going to replace Trump with someone who’s going to be Hillary-squared. I think you’re going to see a further expansion of NATO, when the Democrats get back in there, all the way around Russia. They’re going to encircle Russia with NATO. I think you’re going to see a ramping up of basically the Cold War with Russia. That seems obvious. And I think what’s going on in the Middle East ain’t going to change with the Democrats, that’s for sure. Why would it? They started it.

Gillespie: We are going to end it there. I want to thank Thaddeus Russell. Are you the provost, the president, and the teacher of the year at Renegade University?

Russell: I prefer king, but yeah.

Gillespie: Okay.

Russell: I’ll take that.

Gillespie: But, where’s the best place to find Renegade University materials?

Russell: Thaddeusrussell.com’s got everything. It’s got my podcasts. It’s got all the courses for Renegade University and all the information you need.

Gillespie: All right. Well, thank you so much for talking.

This has been the Reason podcast. I’m Nick Gillespie, your host. Thanks for listening, and please, subscribe to us at iTunes, and rate and review us while you’re there.

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Bad Santa Buys Bonds, Bullion, & Bitcoin; Rotten Apple Spoils Promised Stock Rally

This was not teh Santa Claus rally that everyone was promised…

 

All thanks to 'rotten' Apple… as analysts lowered iPhone X shipment projections for the first quarter of next year, citing signs of lackluster demand at the end of the holiday shopping season, and the company’s shares fell Tuesday along with those of some suppliers.

 

Nasdaq ended Boxing Day deep in the red…Small Caps managed to close green…

 

Futures show when the move started in Apple impacting Nasdaq…

 

The yield curve was mixed today with the short-end higher in yield and long-end lower…

 

Pushing the yield curve lower once again…

 

The Dollar ended the day unchanged as yesterday's flash-crash in EURUSD stands out like a sore fat finger…

 

Gold gained once again – rallying to its highest since Dec 1st…

 

WTI Crude touched $60 intraday for the first time since June 2015…

 

Bitcoin surged back above $16,000…

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China To Overtake US As World’s Largest Economy By 2032

Even as China’s credit-fueled boom – which helped it surpass Japan in 2011 to become the world’s second-largest economy – is losing its efficacy as new credit creation is now failing to drive economic growth as we pointed out last week (and many times before that), many economists believe it will eventually surpass its western rivals and become the world’s largest economy.

Case in point: A report published by a UK think tank posits that China will surpass the US to become the world’s largest economy by 2032. Meanwhile, Asian countries will comprise four of the world’s five largest economies, according to Bloomberg.

The report, published by the London-based Center for Economics and Business Research, also sees India leapfrogging the U.K. and France next year to become the world’s fifth-biggest economy.

By 2027, it will have moved to third place, moving ahead of Germany.

In 2032, three of the four largest economies will be Asian – China, India and Japan. Interestingly, India’s advance won’t stop there: According to the CEBR, the South Asian country will steal the No. 1 spot from China by mid-century. Also by 2032, South Korea and Indonesia will have entered the top 10, supplanting Italy and Canada – two members of the Group of Seven.

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US Spy Satellites Catch Chinese Ships Illegally Selling Oil To North Korea

According to South Korea's Chosun Ilbo, U.S. recon satellites have photographed around 30 illegal transactions involving Chinese vessels selling oil to North Korea on the West Sea in October. The images allegedly showed large Chinese and North Korean ships transacting in oil in a part of the West Sea closer to China than South Korea. The satellite pictures even showed the names of the ships.

A government source said, “We need to focus on the fact that the illicit trade started after a UN Security Council resolution in September drastically capped North Korea’s imports of refined petroleum products.”  Meanwhile, on paper, China’s trade with North has recently collapsed after U.S. President Donald Trump unleashed a barrage of sanctions in September targeting North Korea’s imports of refined petroleum products.

Back in November, the US. Treasury Department sanctioned an additional six North Korean shipping and trading companies and 20 of their ships after the satellite pictures surfaced. In the above picture, the North Korean ship named Ryesonggang 1, was easily identified and connected to the illegal sale of oil from China.

According to Chosun Media, "the department noted that the two ships appeared to be illegally trading in oil from ship to ship to bypass sanctions."

Ship-to-ship trade with North Korea on the high seas is forbidden in UNSC Resolution 2375 adopted in September, but such violations are nearly impossible to detect unless China aggressively cracks down on smuggling.   

Last month, the Communist Party spokespeople slammed new US sanctions targeting Chinese traders doing business with North Koreans, calling them “wrong”. At this point, it’s still unknown if the Chinese government is turning a blind eye to the illegal open sea transactions with North Korea, but as of today it seems as a blatant snub to the Trump administration.

Meanwhile, as President Trump and the US celebrate last week’s latest round of new sanctions for North Korea at the UN, the likelihood of illegal smuggling routes between the two countries will surely expand. The question then is with all diplomatic avenues exhausted and China violating a UNSC resolution, what happens next?

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“Are Central Bankers About To Lose Control?” The WSJ Asks And Citi Answers

In an article published by the WSJ today, which was originally titled “Are Central Bankers About to Lose Control?” but after some shoulder taps was renamed to the far more neutral “Can Central Banks Keep Control of Interest Rates?” author Jon Sindreu looks at the current Goldilocks state of the market, in which global growth is “coordinated and widespread” yet inflation remains absent preventing central banks from hiking rates rapidly, resulting in “elated investors” who nonetheless are haunted by a question “will interest rates develop a mind of their own?”

The response to this question will also answer the overarching question posed by the WSJ: are central bankers about to lose control after nearly a decade of artificial vol suppression and asset inflation on the back of $15 trillion in excess liquidity. The goalseeked response that the WSJ is looking for, is also the result of a Blackrock report released last week titled “The real story behind low interest rates.”

For those who are too busy to bother with the semantic definitions of interest rates and their technical components, whether breakevens or term premia, ultimately the cost of money boils down to one thing: the inflation-adjusted opportunity cost of holding one asset relative to another. This is why the world’s central banks have been scrambling over each other to push rates as low as possible for the better part of the past decade to force investors into risky assets, or, as the WSJ puts it, “low inflation-indexed—or “real”—rates push money into risky assets, because investors get little extra purchasing power for holding safer securities.” Here the WSJ references the BlackRock report which claims that “subdued real rates have been 2017’s main driver of returns in global infrastructure debt and investment-grade corporate debt. They also boost gold and real estate, analysts say, which don’t pay coupons but don’t lose value when inflation rises.”

Here a problem emerges: real rates have often move in lockstep with central-bank policy—but not always. In the 1970s, runaway inflation pushed real rates down even as the Fed and other central banks increased nominal rates.

Such non-parallel moves also explain why the yield curve always inevitably inverts when central banks commence hiking rates. Still, at least for the short-term central banks end up having a disproportionate distorting effect on real yields.  For some perspective, yields on 10-year inflation-linked Treasurys are currently near 0.5%. Before the 2008 financial crisis, they hovered at around 2%. After the Fed unleashed unseen amounts of monetary stimulus, they hit a record-low of minus 0.87% in 2013. Many analysts and investors see it as a sign of either “policy makers having strong control over real rates” according to the WSJ, or simply flooding the system with so much cash that one central bank’s actions has an impact on other central banks and what securities they end up purchasing.

“We are overweight global indexed bonds,” said Paul Rayner, head of government bonds at Royal London Asset Management. “We’ve done a lot of analysis on this, and ultimately the biggest driver of government bond yields still remains central bank activity, even for [inflation-linked bonds].”

Another problem: eventually even the most manipulated markets learn to price out central bank stimuli and intervention:

“classic economic theory says that central banks can only influence rates at first, as people ultimately see through their meddling. So unless officials set policy to reflect the economy’s long-term economic trends—which is how the Fed’s Janet Yellen and Mark Carney at the Bank of England have justified keeping rates low in recent years—inflation or deflation will follow.

 

According to this view, rates are so low because people are saving a lot and these saved funds can be lent out and used to invest, a copious supply that pulls down the cost of borrowing.”

Ah yes, Greenspan’s “great conundrum” aka the global savings glut – wrong then, wrong now and wrong always – but it makes for an entertaining editorial detour.

Here is Sinderu channeling Blackrock which last week decided that enough of today’s 20-year-old algo programmers and asset managers had never heard of the “savings glut” fabrication, that it could recycle it as credible economic theory once more.

Some money managers and analysts now warn that the tide is about to shift, whether central banks keep policy easy or not. By looking at the share of  the population aged between 35 and 64—when people save the most—research firm Gavekal predicts real rates will soon rise as people retire and spend their life savings, eroding gains in stock markets. It “could happen tomorrow or 10 years from now, but I’m not counting on the latter,” said Gavekal analyst Will Denyer.  J.P. Morgan Asset Management argues that aging is already starting to push rates higher, meaning that 10-year real yields will be 0.75 percentage point higher over the next 10 years.

Well, if this theory is right, it better hurry: as we showed last week, the personal savings rate in the US dropped below 3% for the first time since 2008, and is rapidly approaching the lowest prints in US history, as consumers finally tap out to buy that must-have CIA Amazon microphone that listens in to their every conversation courtesy of Jeff Bezos…

… and are forced to rely almost entirely on their credit cards.

Other investors have a different worry: as the WSJ notes, “they fear that yields will stay low even if central banks try to tighten policy because they are concerned a recession may be coming. This year, the Fed has nudged up rates three times and yields on long-term government bonds—both nominal and inflation-linked debt—have stayed unchanged or declined, echoing similar issues that then Fed Chairman Alan Greenspan had in 2005.”

It is this worry that is the bogeyman every time the pancaking yield curve is mentioned: the yield curve is now at its flattest since 2007, and many investors underscore that, in the past, this has always preceded an economic slowdown in the U.S. “Unless the evidence is very compelling that’s a false signal, I think the market’s going to be nervous,” said David Riley, head of credit strategy at BlueBay Asset Management, who is now investing more cautiously.

Yet others such as the BIS have a different theory altogether. “In research looking at 18 countries since 1870, the BIS found no clear link between rates and factors like demographics and productivity—it is mostly central-bank policy that matters.” It is here that things get especially hair.

Does this mean investors can rest easy because rates won’t creep up on them? Not so fast, said Claudio Borio, head of the monetary and economic department at the BIS, because officials may still raise them to contain market optimism. Central banks in Canada, Sweden, Norway and Thailand are thinking along these lines, analysts said.

 

If central banks control real rates, then it is inflation that has a life of its own—it isn’t just a reaction to officials deviating from economic trends—and it could explain why central bankers have failed to stoke it for years. So officials might as well raise rates to quash bubbles instead of “fine-tuning inflation so much,” Mr. Borio said.

Still, Isabelle Mateos y Lago, global macro strategist at BlackRock, thinks investors don’t have to worry about this yet. “The conversation is moving this way, but I don’t think central bankers have a fully articulated view,” she said.

Which, of course, goes back to the original question: central banks may or may not have a view, but have they lost control? And while it is obvious why the WSJ, Blackrock and various finance professionals – whose earnings and advertising dollars depend on perpetuating the myth that central banks are in control – would deny the rhetorical question, it is what Citi’s credit team admitted last month that is especially troubling. Recall What Citi’s Hans Lorenzen said in late November:

In the context of a self-reinforcing, herding market, the pivot point where the marginal investor is indifferent between putting more money back into risk assets and holding cash instead is fluid. But when the herd suddenly changes direction, the result is a sharp non-linear shift in asset prices. That is a problem not only for us trying to call the market, but also for central bankers trying to remove policy accommodation at the right pace without setting off a chain reaction – especially because the longer current market dynamics run, the more energy will eventually be released. That seems to be a growing fear among a number of central bankers that we have spoken to recently. In our experience, they too are somewhat baffled by the lack of volatility and concerned about the lack of response to negative headlines.

Translation: when asked if they have lost control, “a number” of central bankers – at least in private – will say that yes, they have. Which is bad news for those hoping that the great reflation experiment will be tame and controlled, because if it was all nothing more than a giant con game to which the markets were voluntary participants as long as everything went up, then all hell is about to break loose now that the process is officially in reverse.

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