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After spending a day ignoring the reality of moar money printing, it seems ‘natural’ non-algo forces released Gold and it is spiking after hours. The USD is fading further, stocks soaring moarer, and treasury yields tanking…
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via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/8gIwI0ravyc/story01.htm Tyler Durden
Members of the Chinese Communist party met this
weekend for the
Third Plenum, a session where the party broadly sets its
economic and political agenda for the coming years. This one was
the first held since Xi Jinping took office as president, and so
has been highly anticipated by China watchers. As usual for
political statements in the Communist country, the plenum’s report
was vague. The Global Post
suggested:
Even under ordinary circumstances, interpreting Chinese
politics is notoriously difficult. The system is opaque and
convoluted, with ritualized language, cookie-cutter leaders and
lots of befuddling slogans — see “The
Three Represents.”But the communiqué released Tuesday evening after a four-day
conclave of top Communist Party officials may be a high-water mark
of mind-numbing vagueness.
The Post went on to dismiss the report as a “Rorschach
test” (more about the word cloud from the BBC, pictured, here)
and interpreting it to an exercise in cloud watching. However,
as CNBC notes, third
plenums are often followed by major reforms. And so there could
be,maybe, some
good news for free markets as the document calls for a
“decisive role” for markets in China’s economy as a centerpiece of
the (centrally) planned reforms. The South China Morning
Post
explains:
For the first time, the party also said the private
sector should be treated on the same footing as state-owned
enterprises. It said: “Both the public and private sectors are the
same important components of a socialist market economy and the
important bases of our nation’s economic and social
development.”The party decided to set up a powerful organ to steer the reform
crusade. “The central leading group on comprehensively deepening
reforms will be responsible for the overall reform design … and the
implementation of reform policies,” it said.On other fronts, the party vowed to “promote the rule of law and
respect for the constitution”, which will be crucial for a
market-oriented economic system to flourish.
The only actual result of the plenary session so far has been
the establishment of two new committees, one to direct economic
reforms, the other national security strategy, in case anyone
thought to question the party’s dedication to central planning and
the politics of committees.
Previously:
Hayekians in China
from Hit & Run http://reason.com/blog/2013/11/13/chinas-third-plenum-report-vague-but-mar
via IFTTT
After weeks of refusing to reveal health plan
enrollment totals through the health insurance exchanges launched
in October, federal officials released Obamacare “enrollment”
numbers for the first time this afternoon. Except that they aren’t
real enrollment numbers.
According to the release, 106,185 people have “enrolled and
selected a Marketplace plan” from either a state-run exchange or
the federally facilitated exchange system operating in 36
states.
The important words to notice in that sentence are “and
selected.”
As a companion report on exchange activity by an office within
the Department of Health and Human Service explains, the 106,185
figure represents the number of “plan-eligible persons” who “have
already selected a plan by clicking a button on the website
page.”
That’s really just an awkward way of saying that the report
counts all the people who have done the equivalent of moving a plan
into their online shopping carts—regardless of whether or not they
have actually paid their first month’s premium yet. Given that
those who don’t pay won’t be covered, this means that the true
enrollment number so far is almost certainly significantly
lower.
The report does provide a sense of how much the federal exchange
network has struggled. Of the 106k plan selections, just 26,794, or
about 25 percent, came through the federal exchange system, which
includes Florida and Texas, two key large states where the
administration has
indicated that enrollment is critical to the law’s success.
The report’s state-by-state breakdown of plan-selection totals
also offers some hints about the difference between the number of
people who have taken the step of “clicking a button on the website
page” and the number of people who have fully enrolled. For
example, the HHS report lists 97 people as having selected a plan
in the state of Delaware, one of the 36 states relying on a federal
exchange, between October 1 and November 2. But the Associated
Press reported last week that Delaware’s federally funded
marketplace
guides have successfully managed just four total
enrollments in the state.
Even the “selection” number doesn’t bode well for the law’s
success at getting people covered. Before the launch of the
exchanges, administration officials expected that
about 500,000 people would enroll in private coverage through
the exchanges during October.
So we learned something from this release. But we didn’t learn
how many people had actually enrolled.
from Hit & Run http://reason.com/blog/2013/11/13/obamacare-enrollment-totals-dont-tell-us
via IFTTT
After weeks of refusing to reveal health plan
enrollment totals through the health insurance exchanges launched
in October, federal officials released Obamacare “enrollment”
numbers for the first time this afternoon. Except that they aren’t
real enrollment numbers.
According to the release, 106,185 people have “enrolled and
selected a Marketplace plan” from either a state-run exchange or
the federally facilitated exchange system operating in 36
states.
The important words to notice in that sentence are “and
selected.”
As a companion report on exchange activity by an office within
the Department of Health and Human Service explains, the 106,185
figure represents the number of “plan-eligible persons” who “have
already selected a plan by clicking a button on the website
page.”
That’s really just an awkward way of saying that the report
counts all the people who have done the equivalent of moving a plan
into their online shopping carts—regardless of whether or not they
have actually paid their first month’s premium yet. Given that
those who don’t pay won’t be covered, this means that the true
enrollment number so far is almost certainly significantly
lower.
The report does provide a sense of how much the federal exchange
network has struggled. Of the 106k plan selections, just 26,794, or
about 25 percent, came through the federal exchange system, which
includes Florida and Texas, two key large states where the
administration has
indicated that enrollment is critical to the law’s success.
The report’s state-by-state breakdown of plan-selection totals
also offers some hints about the difference between the number of
people who have taken the step of “clicking a button on the website
page” and the number of people who have fully enrolled. For
example, the HHS report lists 97 people as having selected a plan
in the state of Delaware, one of the 36 states relying on a federal
exchange, between October 1 and November 2. But the Associated
Press reported last week that Delaware’s federally funded
marketplace
guides have successfully managed just four total
enrollments in the state.
Even the “selection” number doesn’t bode well for the law’s
success at getting people covered. Before the launch of the
exchanges, administration officials expected that
about 500,000 people would enroll in private coverage through
the exchanges during October.
So we learned something from this release. But we didn’t learn
how many people had actually enrolled.
from Hit & Run http://reason.com/blog/2013/11/13/obamacare-enrollment-totals-dont-tell-us
via IFTTT
Prosecutors are pushing for the
10 year maximum sentence for Jeremy Hammond, who is accused of
large-scale hacking crimes against a private intelligence firm.
Hammond will be sentenced this Friday.
Hammond pleaded guilty to a
conspiracy charge, one of three charges brought against him in
2012 in the U.S. District Court Court for the Southern District of
New York. He and four other members of the hacking network
Anonymous were
accused of hacking and leaking emails from the private
intelligence company Strategic Forecasting (Stratfor).
Hammond turned the documents over to Wikileaks for publication.
The emails contained information about the Stratfor itself,
including potential
insider trading and
domestic spying, as well as information about international
affairs and individuals, such as Julian Assange and Osama bin
Laden.
Although the judge overseeing the case initially suggested
that Hammond could face life imprisonment, the 28-year-old hacker
made a plea deal for a 10 year maximum. His co-defendants, who were
located and tried in the UK, received comparatively lenient
sentences. The harshest was roughly two and a half years in prison;
the lightest was 200 hours of community service.
Hammond, who created HackThisSite, which hosts hacking
simulations, and has committed numerous controversial hacking
campaigns, like his one against conservative pro-war group
Protest Warrior, has people divided. Some believe him to be a
serious criminal. Others consider him an anti-war hacktivist hero.
Wired reports on the prosecution’s
stance:
Contrary to the picture he paints of himself … Hammond is a
computer hacking recidivist who, following a federal conviction for
computer hacking, went on to engage in a massive hacking spree
during which he caused harm to numerous businesses, individuals,
and governments, resulting in losses of between $1 million and $2.5
million, and threatened the safety of the public at large,
especially law enforcement officers and their families
On the other hand, organizations like the Electronic Frontier
Foundation suggest that Hammond’s actions “benefit the public
good.” They are among
265 groups and individuals that have written to the judge in
defense of Hammond. EFF contends that the punishment Hammond
faces outweighs the crime, and that the hacker’s motivation should
be considered. It “is a crucial fact,” EFF explains
“actions were not done out of malice or intent to gain financially,
but with an eye towards revealing uncomfortable truths about the
private intelligence industry.”
from Hit & Run http://reason.com/blog/2013/11/13/wikileaks-and-anonymous-affiliated-hacke
via IFTTT
Just as the market was expecting, and may have been leaked once again, Janet didn’t let anyone down. Today’s exuberance in stocks matched only by confirmation that Janet Yellen has gained her helicopter pilot’s license and is ready to take over the reigns of printer-in-chief from Bernanke.
The word cloud of the 914 words in her prepared remarks.
Key extracts, including Credit Suisse’s take:
In short: Get to work Mr. Chairwoman, and allow Congress to keep doing more of what they have been doing under the Fed’s central planning: nothing.
* * *
Full testimony:
Chairman Johnson, Senator Crapo, and members of the Committee, thank you for this opportunity to appear before you today. It has been a privilege for me to serve the Federal Reserve at different times and in different roles over the past 36 years, and an honor to be nominated by the President to lead the Fed as Chair of the Board of Governors.
I approach this task with a clear understanding that the Congress has entrusted the Federal Reserve with great responsibilities. Its decisions affect the well-being of every American and the strength and prosperity of our nation. That prosperity depends most, of course, on the productiveness and enterprise of the American people, but the Federal Reserve plays a role too, promoting conditions that foster maximum employment, low and stable inflation, and a safe and sound financial system.
The past six years have been challenging for our nation and difficult for many Americans. We endured the worst financial crisis and deepest recession since the Great Depression. The effects were severe, but they could have been far worse. Working together, government leaders confronted these challenges and successfully contained the crisis. Under the wise and skillful leadership of Chairman Bernanke, the Fed helped stabilize the financial system, arrest the steep fall in the economy, and restart growth.
Today the economy is significantly stronger and continues to improve. The private sector has created 7.8 million jobs since the post-crisis low for employment in 2010. Housing, which was at the center of the crisis, seems to have turned a corner–construction, home prices, and sales are up significantly. The auto industry has made an impressive comeback, with domestic production and sales back to near their pre-crisis levels.
We have made good progress, but we have farther to go to regain the ground lost in the crisis and the recession. Unemployment is down from a peak of 10 percent, but at 7.3 percent in October, it is still too high, reflecting a labor market and economy performing far short of their potential. At the same time, inflation has been running below the Federal Reserve’s goal of 2 percent and is expected to continue to do so for some time.
For these reasons, the Federal Reserve is using its monetary policy tools to promote a more robust recovery. A strong recovery will ultimately enable the Fed to reduce its monetary accommodation and reliance on unconventional policy tools such as asset purchases. I believe that supporting the recovery today is the surest path to returning to a more normal approach to monetary policy.
In the past two decades, and especially under Chairman Bernanke, the Federal Reserve has provided more and clearer information about its goals. Like the Chairman, I strongly believe that monetary policy is most effective when the public understands what the Fed is trying to do and how it plans to do it. At the request of Chairman Bernanke, I led the effort to adopt a statement of the Federal Open Market Committee’s (FOMC) longer-run objectives, including a 2 percent goal for inflation. I believe this statement has sent a clear and powerful message about the FOMC’s commitment to its goals and has helped anchor the public’s expectations that inflation will remain low and stable in the future. In this and many other ways, the Federal Reserve has become a more open and transparent institution. I have strongly supported this commitment to openness and transparency, and will continue to do so if I am confirmed and serve as Chair.
The crisis revealed weaknesses in our financial system. I believe that financial institutions, the Federal Reserve, and our fellow regulators have made considerable progress in addressing those weaknesses. Banks are stronger today, regulatory gaps are being closed, and the financial system is more stable and more resilient. Safeguarding the United States in a global financial system requires higher standards both here and abroad, so the Federal Reserve and other regulators have worked with our counterparts around the globe to secure improved capital requirements and other reforms internationally. Today, banks hold more and higher-quality capital and liquid assets that leave them much better prepared to withstand financial turmoil. Large banks are now subject to annual “stress tests” designed to ensure that they will have enough capital to continue the vital role they play in the economy, even under highly adverse circumstances.
We have made progress in promoting a strong and stable financial system, but here, too, important work lies ahead. I am committed to using the Fed’s supervisory and regulatory role to reduce the threat of another financial crisis. I believe that capital and liquidity rules and strong supervision are important tools for addressing the problem of financial institutions that are regarded as “too big to fail.” In writing new rules, however, the Fed should continue to limit the regulatory burden for community banks and smaller institutions, taking into account their distinct role and contributions. Overall, the Federal Reserve has sharpened its focus on financial stability and is taking that goal into consideration when carrying out its responsibilities for monetary policy. I support these developments and pledge, if confirmed, to continue them.
Our country has come a long way since the dark days of the financial crisis, but we have farther to go. Likewise, I believe the Federal Reserve has made significant progress toward its goals but has more work to do.
Thank you for the opportunity to appear before you today. I would be happy to respond to your questions.
| |
via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/Oe663GLPcJY/story01.htm Tyler Durden
Just as the market was expecting, and may have been leaked once again, Janet didn’t let anyone down. Today’s exuberance in stocks matched only by confirmation that Janet Yellen has gained her helicopter pilot’s license and is ready to take over the reigns of printer-in-chief from Bernanke.
The word cloud of the 914 words in her prepared remarks.
Key extracts, including Credit Suisse’s take:
In short: Get to work Mr. Chairwoman, and allow Congress to keep doing more of what they have been doing under the Fed’s central planning: nothing.
* * *
Full testimony:
Chairman Johnson, Senator Crapo, and members of the Committee, thank you for this opportunity to appear before you today. It has been a privilege for me to serve the Federal Reserve at different times and in different roles over the past 36 years, and an honor to be nominated by the President to lead the Fed as Chair of the Board of Governors.
I approach this task with a clear understanding that the Congress has entrusted the Federal Reserve with great responsibilities. Its decisions affect the well-being of every American and the strength and prosperity of our nation. That prosperity depends most, of course, on the productiveness and enterprise of the American people, but the Federal Reserve plays a role too, promoting conditions that foster maximum employment, low and stable inflation, and a safe and sound financial system.
The past six years have been challenging for our nation and difficult for many Americans. We endured the worst financial crisis and deepest recession since the Great Depression. The effects were severe, but they could have been far worse. Working together, government leaders confronted these challenges and successfully contained the crisis. Under the wise and skillful leadership of Chairman Bernanke, the Fed helped stabilize the financial system, arrest the steep fall in the economy, and restart growth.
Today the economy is significantly stronger and continues to improve. The private sector has created 7.8 million jobs since the post-crisis low for employment in 2010. Housing, which was at the center of the crisis, seems to have turned a corner–construction, home prices, and sales are up significantly. The auto industry has made an impressive comeback, with domestic production and sales back to near their pre-crisis levels.
We have made good progress, but we have farther to go to regain the ground lost in the crisis and the recession. Unemployment is down from a peak of 10 percent, but at 7.3 percent in October, it is still too high, reflecting a labor market and economy performing far short of their potential. At the same time, inflation has been running below the Federal Reserve’s goal of 2 percent and is expected to continue to do so for some time.
For these reasons, the Federal Reserve is using its monetary policy tools to promote a more robust recovery. A strong recovery will ultimately enable the Fed to reduce its monetary accommodation and reliance on unconventional policy tools such as asset purchases. I believe that supporting the recovery today is the surest path to returning to a more normal approach to monetary policy.
In the past two decades, and especially under Chairman Bernanke, the Federal Reserve has provided more and clearer information about its goals. Like the Chairman, I strongly believe that monetary policy is most effective when the public understands what the Fed is trying to do and how it plans to do it. At the request of Chairman Bernanke, I led the effort to adopt a statement of the Federal Open Market Committee’s (FOMC) longer-run objectives, including a 2 percent goal for inflation. I believe this statement has sent a clear and powerful message about the FOMC’s commitment to its goals and has helped anchor the public’s expectations that inflation will remain low and stable in the future. In this and many other ways, the Federal Reserve has become a more open and transparent institution. I have strongly supported this commitment to openness and transparency, and will continue to do so if I am confirmed and serve as Chair.
The crisis revealed weaknesses in our financial system. I believe that financial institutions, the Federal Reserve, and our fellow regulators have made considerable progress in addressing those weaknesses. Banks are stronger today, regulatory gaps are being closed, and the financial system is more stable and more resilient. Safeguarding the United States in a global financial system requires higher standards both here and abroad, so the Federal Reserve and other regulators have worked with our counterparts around the globe to secure improved capital requirements and other reforms internationally. Today, banks hold more and higher-quality capital and liquid assets that leave them much better prepared to withstand financial turmoil. Large banks are now subject to annual “stress tests” designed to ensure that they will have enough capital to continue the vital role they play in the economy, even under highly adverse circumstances.
We have made progress in promoting a strong and stable financial system, but here, too, important work lies ahead. I am committed to using the Fed’s supervisory and regulatory role to reduce the threat of another financial crisis. I believe that capital and liquidity rules and strong supervision are important tools for addressing the problem of financial institutions that are regarded as “too big to fail.” In writing new rules, however, the Fed should continue to limit the regulatory burden for community banks and smaller institutions, taking into account their distinct role and contributions. Overall, the Federal Reserve has sharpened its focus on financial stability and is taking that goal into consideration when carrying out its responsibilities for monetary policy. I support these developments and pledge, if confirmed, to continue them.
Our country has come a long way since the dark days of the financial crisis, but we have farther to go. Likewise, I believe the Federal Reserve has made significant progress toward its goals but has more work to do.
Thank you for the opportunity to appear before you today. I would be happy to respond to your questions.
via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/Oe663GLPcJY/story01.htm Tyler Durden
HealthCare.gov is mostGet Reason.com and Reason 24/7
content widgets for your
websites.
Follow Reason and Reason
24/7 on Twitter, and like us on Facebook. You
can also get the top stories mailed to you—sign up
here. Have a news tip? Send it to us!
from Hit & Run http://reason.com/blog/2013/11/13/healthcaregov-fixes-wont-meet-deadline-j
via IFTTT
HealthCare.gov is mostGet Reason.com and Reason 24/7
content widgets for your
websites.
Follow Reason and Reason
24/7 on Twitter, and like us on Facebook. You
can also get the top stories mailed to you—sign up
here. Have a news tip? Send it to us!
from Hit & Run http://reason.com/blog/2013/11/13/healthcaregov-fixes-wont-meet-deadline-j
via IFTTT
Secretary of State John Kerry came before the
Senate Banking Committee to argue against a line of thinking in the
Senate that the U.S. should respond to continuing negotiations over
Iran’s nuclear program by renewing sanctions.
Kerry acknowledges he voted for sanctions against Iran
several times, but considers any vote now “a vote for or against
diplomacy.” Kerry was wrong to have voted for sanctions then,
writes Ed Krayewski, but is right to call them a mistake now.
from Hit & Run http://reason.com/blog/2013/11/13/ed-krayewski-on-the-case-against-new-ira
via IFTTT