Chart Of The Day: The Fed Now Owns One Third Of The Entire US Bond Market

The most important chart that nobody at the Fed seems to pay any attention to, and certainly none of the economists who urge the Fed to accelerate its monetization of Treasury paper, is shown below: it shows the Fed’s total holdings of the entire bond market expressed in 10 Year equivalents (because as a reminder to the Krugmans and Bullards of the world a 3 Year is not the same as a 30 Year). As we, and the TBAC, have been pounding the table over the past year (here, here and here as a sample), the amount of securities that the Fed can absorb without crushing the liquidity in the “deepest” bond market in the world is rapidly declining, and specifically now that the Fed has refused to taper, it is absorbing over 0.3% of all Ten Year Equivalents, also known as “High Quality Collateral”, from the private sector every week. The total number as per the most recent weekly update is now a whopping 33.18%, up from 32.85% the week before. Or, said otherwise, the Fed now owns a third of the entire US bond market.

At this pace, assuming Janet Yellen keeps delaying the taper again and again over fears of how “tighter” financial conditions would get, even as gross US bond issuance declines in line with the decline in deficit funding needs, the Fed will own just shy of half the entire bond market on December 31, 2014… and all of it some time in 2018.

Source: Stone McCarthy


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/bJwW33y_Tuw/story01.htm Tyler Durden

America’s Excuse Book: Take Your Choice, Victim Or Heartless Hypocrite

Submitted by Charles Hugh-Smith of OfTwoMinds blog,

Yes, there are injustices and imbalances of power and wealth that we collectively need to remedy. But the way to do that is to embrace fact, responsibility, choice, consequence and thrift rather than deny those realities in favor of a false dichotomy of victim and non-victim.

Are the “poor” really too poor to buy fresh ingredients? Let’s start with the fact that according to the U.S. Census Bureau, 49% of Americans Get Gov’t Benefits; 82 million in Households on Medicaid. That means roughly 156 million Americans out of 317 million total population are receiving cash benefits (i.e. direct transfers) from the Federal government. Approximately 57 million receive Social Security retirement or disability benefits.

Over 47.6 million people get SNAP food stamps, a non-cash benefit that acts just like cash at the grocery store. Clearly, the vast majority of those with low incomes receive government cash or equivalent benefits.

How many “poor” people routinely buy fast food meals that cost $3 or more? How many buy frozen waffles, chips, snacks, frozen pizzas, etc. with food stamps, purchases that add up to way more money than the ingredients of the Thanksgiving dinner that so enraged the reader? How many households would it take to pool some food stamps to spend $130 to make 40-50 servings of a great, healthy home-cooked meal?

The excusers, enablers and guilt-trippers seek to divide the populace into two (and only two) classes: victims and non-victims, who are by definition heartless hypocrites (or worse).

Luckily for the excusers, enablers and guilt-trippers, America’s Excuse Book runs into the thousands of pages. There are excuses for literally everyone and every situation; almost everyone can stake a claim to victimhood.

People have written me that the “poor” don’t have stoves/ovens, and this is why they are forced to eat junk food. Really? What percentage of people in America live in dwellings without stoves/ovens? People in residential single-occupancy (RSOs) flophouses, perhaps, but precisely how many people of the 317 million Americans have zero access to a single burner?

I suspect the number is quite small.

As I have noted before, 2 billion people in China and India prepare meals with one burner and a wok. If I didn’t have an oven, I can prepare a nice meal with a single-burner camp stove and a small wok. So can several billion other people.

This kind of refutation of victimhood enrages the excusers, enablers and guilt-trippers because it demolishes the primary claim of victimhood: that people have no other choices–in other words, denying that the vast majority of situations offer a range of choices, and that choices have consequences.

The basic assumption of excusers, enablers and guilt-trippers is that victimhood arises not from choices but from Fate or the heartlessness of those with “more.”

Let’s distinguish between Fate and consequences of choices. A person who discovers they have a brain tumor had no choice in the matter–the cancer was a matter of fate. A person who is obese due to poor dietary and fitness choices and presents their sleep apnea, diabetes, high blood pressure, etc. etc. as fate is avoiding the causal connection between their lifestyle and life choices and their health problems.

Can we deny that most people have choices, even in poverty? Can we plausibly claim that poverty is all Fate and choice is inconsequential? If choice is inconsequential, then isn’t our entire system of government and all major religions completely false, because they are all based on human will and choice being consequential?

If a person with low income chooses to stop buying fast food, junk food, sodas, snacks, chips and convenience food and only buys and prepare real food low on the food chain, they will instantly become wealthier because real food that is prepared and not thrown out is significantly cheaper than fast food, junk food, snacks, etc.

If the low-income person also stops smoking, they will also instantly become wealthier.

Since all that’s needed to prepare the great cuisines of Asia is a single burner and single wok or equivalent, we don’t need much to prepare healthy, tasty real-food meals. (I’ve posted photos here many times of my one-wok meals.)

If low-income (i.e. poverty) is fated, or the result of institutional forces that cannot be overcome, then how do we explain the multitudes of immigrants from every continent who arrive in America essentially penniless and who somehow manage to improve their lives despite low income, unfamiliarity with English, a dearth of institutional or family connections, etc. etc. etc.?

How is a low-income immigrant family able to pay off the mortgage on the family home in a few years while others blame the system for their heavy debt loads?

Since wealth creation is increasingly based on human and social capital and learning on one’s own, the low-income person who stops watching TV and spending hours on social media will instantly be “wealthy” in terms of time that can be invested in building human and social capital–subjects I have written about extensively here, precisely because they require essentially no money other than an Internet connection. Building human and social capital is mostly a matter of effort and time. Anyone can improve their human and social capital and thus eventually their income and financial security.

Surveys routinely find that typical Americans spend 4-6 hours a day watching TV or other entertainment. The individual who chooses to take those 28-42 hours a week and invest them in mastering a new skill, seeking mentors, becoming a mentor–all the building blocks of human and social capital–will soon find that there are multiple returns on their investment of time and effort.

This kind of refutation of victimhood enrages the excusers, enablers and guilt-trippers for another reason: we know from psychology that two primary psychological defenses against accepting responsibility are transference and projection: if we can project our own ills onto others, we feel justified in our self-pitying victimhood.

If we can transfer the source of our problems (i.e. our own issues and failures) onto someone else, then we feel blameless for our own difficulties, i.e. being a victim.

This is why troubled families will often subconsciously select one child as the “cause” of the family’s difficulties. If everyone blames this one child, they are magically free of responsibility.

This is the root psychology of the permanently-enraged excusers, enablers and guilt-trippers, i.e. those who have memorized entire chapters of the Book of Excuses: people are victims not from their own choices or a combination of choice and the fate that everyone is exposed to just by being alive, but because the non-victims are heartless hypocrites clinging greedily to everything that victims don’t have access to, for example, a potluck Thanksgiving meal that costs $3.25 a serving.

Did the person who claims to be denied access to a $3/serving meal really do everything in their power to forego counterproductive or wasteful spending so they could spend their food stamps or cash on real food? Did they devote their spare time to building human and social capital, for example, learning how to cook, sharing meals with others, teaching others how to cook once they had learned, etc.?

Everyone who feels enraged by the previous paragraph has to ask themselves: what is the real root of your outrage and your need to make excuses for everyone with difficulties resulting from choices made in response to their circumstances?

The question is always: is there absolutely nothing that a person can do to improve their circumstances? Are there things that could be learned for free that would improve their life? Is there absolutely nothing they can do on their own behalf in terms of building human and scial capital, both of which require only effort and time? Are there absolutely no alternatives or choices, even in the smallest details of everyday life?

Stripped to its essence, the outrage of excusers, enablers and guilt-trippers is phony and self-righteous, a classic psychological defense against having to accept responsibility: blame the heartless who “should” be giving their own meal away (if you don’t, you’re a heartless hypocrite, you heartless hypocrite!), blame Fate or something/somebody, do anything but accept that there are choices and that choices have consequences, both short and long-term.

I have a number of disabilities that are “good enough” to claim membership in the victimhood class (one famously “owned” by a Steinbeck character) but they are none of anyone else’s business. I think it’s self-evident that victimhood and the sense of enraged, self-pitying entitlement it fosters is a dead-end, ethically, spiritually, psychologically, politically and financially.

According to Social Security, I have earned $543,718 in 43 years of ceaseless toil (2013 is not yet included, of course, so I have been working for 44 years), generally working 50-60 hours a week in multiple endeavors. That is $12,644 per year. That was a decent wage in 1977, now, not so much. Inflation makes it difficult to adjust previous years’ income into “today’s dollars,” but however you figure it, it isn’t the lifetime earnings of a “wealthy” person. And no, I have never received an inheritance or made a fortune in capital gains or made a ton of unreported income in the black market, nor did my wife have any advantages or unearned wealth.

(In fact, she dropped out of college to spend three years working 60+ workweeks in low-paying jobs to save the money to buy her single-parent mother a modest home. In other words, clearly she too is a heartless hypocrite for daring to spend hours preparing a meal from scratch for family, friends and neighbors.)

Thank goodness some people are so saintly and godlike that they can discern heartless hypocrites without knowing a darn thing about the people they so assuredly toss into the heartless hypocrite class. Now I know how the Inquisition worked: the saintly sinless fingered the heartless without needing any facts.

In 14 of the past 20 years, my net taxable wages were less than $10,000 a year.

In other words, by official measures, I have been “poor” for much of my working life.

For the vast majority of those who choose to write for money (as opposed to pursuing an unpaid hobby), one consequence of that choice is a low income. Choices have consequences; there is nothing mysterious about this causal link. If you want another consequence, fire up your will and make another choice.

Changing one’s circumstances for the better generally requires not months of unceasing discipline, work and effort, but years or even decades of unceasing, dedicated toil, and daily sacrifices of present-day convenience for future benefits.

Improving one’s circumstances (health, mindset, spiritual attainment, financial security, networks of colleagues, circles of friends, etc. etc. etc.) is the same process as getting good enough at something that people will pay you to perform that service or make that good for them.

Sometimes it requires moving to a new locale, changing careers, studying hard, and distinguishing between conveniences that are assumed to be essentials but that are actually luxuries that can be sacrificed for thrift in service of long-term goals. In all cases, it requires accepting risks: risks of failure, risk that the study might not pay off, risk that some accident could derail your plans, and so on.

Victimhood is not just a rejection of choice and consequence, but of risk–yet risk is ever-present and cannot be disappeared. Risk can only be managed and hedged, and only imperfectly at best.

Another big chunk of my life was spent working for low-paying non-profit groups advancing causes I believe in. The low pay was a consequence that went with the choice of advancing causes one is devoted to furthering.

When I was a builder in my youth, I gave jobs to vets and guys with criminal records– marijuana dealing convictions, petty theft, that kind of thing. This choice opened the door to various risks and potential non-financial rewards. The reality is that “there is no security on this earth; there is only opportunity.” Some opportunities you take, others you give.

Alas, earning a modest income doesn’t preclude one from being tossed into the “heartless hypocrite” class if your ceaseless toil includes being extremely thrifty and making your own Thanksgiving meals with family, friends and neighbors. That you have have something others do not makes you a heartless hypocrite, regardless of your own frailties, disabilities, income or indeed, any other fact.

Here’s your Excuse Book, America. There’s something for almost everyone. Luckily, there is still an infinite abundance of excuses, guilt-tripping, victimhood, rage against those with “more” (never mind what they sacrificed to build it) and denial of choice, consequence, risk and fact.

Sadly, there are consequences to the pursuit of victimhood and the denial of will, choice, consequence, risk and fact, and they will be consequential indeed.

Yes, there are injustices and imbalances of power and wealth that we collectively need to remedy. But the way to do that is to embrace fact, responsibility, choice, consequence and thrift rather than deny those realities in favor of a false dichotomy of victim and heartless non-victim.

If those are the only “choices” left, America, count me out.


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/fQz0BDrOsuQ/story01.htm Tyler Durden

America's Excuse Book: Take Your Choice, Victim Or Heartless Hypocrite

Submitted by Charles Hugh-Smith of OfTwoMinds blog,

Yes, there are injustices and imbalances of power and wealth that we collectively need to remedy. But the way to do that is to embrace fact, responsibility, choice, consequence and thrift rather than deny those realities in favor of a false dichotomy of victim and non-victim.

Are the “poor” really too poor to buy fresh ingredients? Let’s start with the fact that according to the U.S. Census Bureau, 49% of Americans Get Gov’t Benefits; 82 million in Households on Medicaid. That means roughly 156 million Americans out of 317 million total population are receiving cash benefits (i.e. direct transfers) from the Federal government. Approximately 57 million receive Social Security retirement or disability benefits.

Over 47.6 million people get SNAP food stamps, a non-cash benefit that acts just like cash at the grocery store. Clearly, the vast majority of those with low incomes receive government cash or equivalent benefits.

How many “poor” people routinely buy fast food meals that cost $3 or more? How many buy frozen waffles, chips, snacks, frozen pizzas, etc. with food stamps, purchases that add up to way more money than the ingredients of the Thanksgiving dinner that so enraged the reader? How many households would it take to pool some food stamps to spend $130 to make 40-50 servings of a great, healthy home-cooked meal?

The excusers, enablers and guilt-trippers seek to divide the populace into two (and only two) classes: victims and non-victims, who are by definition heartless hypocrites (or worse).

Luckily for the excusers, enablers and guilt-trippers, America’s Excuse Book runs into the thousands of pages. There are excuses for literally everyone and every situation; almost everyone can stake a claim to victimhood.

People have written me that the “poor” don’t have stoves/ovens, and this is why they are forced to eat junk food. Really? What percentage of people in America live in dwellings without stoves/ovens? People in residential single-occupancy (RSOs) flophouses, perhaps, but precisely how many people of the 317 million Americans have zero access to a single burner?

I suspect the number is quite small.

As I have noted before, 2 billion people in China and India prepare meals with one burner and a wok. If I didn’t have an oven, I can prepare a nice meal with a single-burner camp stove and a small wok. So can several billion other people.

This kind of refutation of victimhood enrages the excusers, enablers and guilt-trippers because it demolishes the primary claim of victimhood: that people have no other choices–in other words, denying that the vast majority of situations offer a range of choices, and that choices have consequences.

The basic assumption of excusers, enablers and guilt-trippers is that victimhood arises not from choices but from Fate or the heartlessness of those with “more.”

Let’s distinguish between Fate and consequences of choices. A person who discovers they have a brain tumor had no choice in the matter–the cancer was a matter of fate. A person who is obese due to poor dietary and fitness choices and presents their sleep apnea, diabetes, high blood pressure, etc. etc. as fate is avoiding the causal connection between their lifestyle and life choices and their health problems.

Can we deny that most people have choices, even in poverty? Can we plausibly claim that poverty is all Fate and choice is inconsequential? If choice is inconsequential, then isn’t our entire system of government and all major religions completely false, because they are all based on human will and choice being consequential?

If a person with low income chooses to stop buying fast food, junk food, sodas, snacks, chips and convenience food and only buys and prepare real food low on the food chain, they will instantly become wealthier because real food that is prepared and not thrown out is significantly cheaper than fast food, junk food, snacks, etc.

If the low-income person also stops smoking, they will also instantly become wealthier.

Since all that’s needed to prepare the great cuisines of Asia is a single burner and single wok or equivalent, we don’t need much to prepare healthy, tasty real-food meals. (I’ve posted photos here many times of my one-wok meals.)

If low-income (i.e. poverty) is fated, or the result of institutional forces that cannot be overcome, then how do we explain the multitudes of immigrants from every continent who arrive in America essentially penniless and who somehow manage to improve their lives despite low income, unfamiliarity with English, a dearth of institutional or family connections, etc. etc. etc.?

How is a low-income immigrant family able to pay off the mortgage on the family home in a few years while others blame the system for their heavy debt loads?

Since wealth creation is increasingly based on human and social capital and learning on one’s own, the low-income person who stops watching TV and spending hours on social media will instantly be “wealthy” in terms of time that can be invested in building human and social capital–subjects I have written about extensively here, precisely because they require essentially no money other than an Internet connection. Building human and social capital is mostly a matter of effort and time. Anyone can improve their human and social capital and thus eventually their income and financial security.

Surveys routinely find that typical Americans spend 4-6 hours a day watching TV or other entertainment. The individual who chooses to take those 28-42 hours a week and invest them in mastering a new skill, seeking mentors, becoming a mentor–all the building blocks of human and social capital–will soon find that there are multiple returns on their investment of time and effort.

This kind of refutation of victimhood enrages the excusers, enablers and guilt-trippers for another reason: we know from psychology that two primary psychological defenses against accepting responsibility are transference and projection: if we can project our own ills onto others, we feel justified in our self-pitying victimhood.

If we can transfer the source of our problems (i.e. our own issues and failures) onto someone else, then we feel blameless for our own difficulties, i.e. being a victim.

This is why troubled families will often subconsciously select one child as the “cause” of the family’s difficulties. If everyone blames this one child, they are magically free of responsibility.

This is the root psychology of the permanently-enraged excusers, enablers and guilt-trippers, i.e. those who have memorized entire chapters of the Book of Excuses: people are victims not from their own choices or a combination of choice and the fate that everyone is exposed to just by being alive, but because the non-victims are heartless hypocrites clinging greedily to everything that victims don’t have access to, for example, a potluck Thanksgiving meal that costs $3.25 a serving.

Did the person who claims to be denied access to a $3/serving meal really do everything in their power to forego counterproductive or wasteful spending so they could spend their food stamps or cash on real food? Di
d they devote their spare time to building human and social capital, for example, learning how to cook, sharing meals with others, teaching others how to cook once they had learned, etc.?

Everyone who feels enraged by the previous paragraph has to ask themselves: what is the real root of your outrage and your need to make excuses for everyone with difficulties resulting from choices made in response to their circumstances?

The question is always: is there absolutely nothing that a person can do to improve their circumstances? Are there things that could be learned for free that would improve their life? Is there absolutely nothing they can do on their own behalf in terms of building human and scial capital, both of which require only effort and time? Are there absolutely no alternatives or choices, even in the smallest details of everyday life?

Stripped to its essence, the outrage of excusers, enablers and guilt-trippers is phony and self-righteous, a classic psychological defense against having to accept responsibility: blame the heartless who “should” be giving their own meal away (if you don’t, you’re a heartless hypocrite, you heartless hypocrite!), blame Fate or something/somebody, do anything but accept that there are choices and that choices have consequences, both short and long-term.

I have a number of disabilities that are “good enough” to claim membership in the victimhood class (one famously “owned” by a Steinbeck character) but they are none of anyone else’s business. I think it’s self-evident that victimhood and the sense of enraged, self-pitying entitlement it fosters is a dead-end, ethically, spiritually, psychologically, politically and financially.

According to Social Security, I have earned $543,718 in 43 years of ceaseless toil (2013 is not yet included, of course, so I have been working for 44 years), generally working 50-60 hours a week in multiple endeavors. That is $12,644 per year. That was a decent wage in 1977, now, not so much. Inflation makes it difficult to adjust previous years’ income into “today’s dollars,” but however you figure it, it isn’t the lifetime earnings of a “wealthy” person. And no, I have never received an inheritance or made a fortune in capital gains or made a ton of unreported income in the black market, nor did my wife have any advantages or unearned wealth.

(In fact, she dropped out of college to spend three years working 60+ workweeks in low-paying jobs to save the money to buy her single-parent mother a modest home. In other words, clearly she too is a heartless hypocrite for daring to spend hours preparing a meal from scratch for family, friends and neighbors.)

Thank goodness some people are so saintly and godlike that they can discern heartless hypocrites without knowing a darn thing about the people they so assuredly toss into the heartless hypocrite class. Now I know how the Inquisition worked: the saintly sinless fingered the heartless without needing any facts.

In 14 of the past 20 years, my net taxable wages were less than $10,000 a year.

In other words, by official measures, I have been “poor” for much of my working life.

For the vast majority of those who choose to write for money (as opposed to pursuing an unpaid hobby), one consequence of that choice is a low income. Choices have consequences; there is nothing mysterious about this causal link. If you want another consequence, fire up your will and make another choice.

Changing one’s circumstances for the better generally requires not months of unceasing discipline, work and effort, but years or even decades of unceasing, dedicated toil, and daily sacrifices of present-day convenience for future benefits.

Improving one’s circumstances (health, mindset, spiritual attainment, financial security, networks of colleagues, circles of friends, etc. etc. etc.) is the same process as getting good enough at something that people will pay you to perform that service or make that good for them.

Sometimes it requires moving to a new locale, changing careers, studying hard, and distinguishing between conveniences that are assumed to be essentials but that are actually luxuries that can be sacrificed for thrift in service of long-term goals. In all cases, it requires accepting risks: risks of failure, risk that the study might not pay off, risk that some accident could derail your plans, and so on.

Victimhood is not just a rejection of choice and consequence, but of risk–yet risk is ever-present and cannot be disappeared. Risk can only be managed and hedged, and only imperfectly at best.

Another big chunk of my life was spent working for low-paying non-profit groups advancing causes I believe in. The low pay was a consequence that went with the choice of advancing causes one is devoted to furthering.

When I was a builder in my youth, I gave jobs to vets and guys with criminal records– marijuana dealing convictions, petty theft, that kind of thing. This choice opened the door to various risks and potential non-financial rewards. The reality is that “there is no security on this earth; there is only opportunity.” Some opportunities you take, others you give.

Alas, earning a modest income doesn’t preclude one from being tossed into the “heartless hypocrite” class if your ceaseless toil includes being extremely thrifty and making your own Thanksgiving meals with family, friends and neighbors. That you have have something others do not makes you a heartless hypocrite, regardless of your own frailties, disabilities, income or indeed, any other fact.

Here’s your Excuse Book, America. There’s something for almost everyone. Luckily, there is still an infinite abundance of excuses, guilt-tripping, victimhood, rage against those with “more” (never mind what they sacrificed to build it) and denial of choice, consequence, risk and fact.

Sadly, there are consequences to the pursuit of victimhood and the denial of will, choice, consequence, risk and fact, and they will be consequential indeed.

Yes, there are injustices and imbalances of power and wealth that we collectively need to remedy. But the way to do that is to embrace fact, responsibility, choice, consequence and thrift rather than deny those realities in favor of a false dichotomy of victim and heartless non-victim.

If those are the only “choices” left, America, count me out.


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/fQz0BDrOsuQ/story01.htm Tyler Durden

Watch As Luxury Passenger Ship Burns In Greek Shipyard

If the unfortunate, yet hilarious, sinking of the Costa Concordia cruise liner in January 2012 off the Tuscan cost was the best symbol of the foundering Eurozone, then we are unsure just what the symbolic value is of the fire that raged over the weekend on the Majestic International’s Ocean Countess cruise ship while laid up at a shipyard in Greece.

As Gcaptain reported, the Ocean Countess caught fire Saturday at the Chalkis Shipyard near Chalkis (or Khalkis), Greece, north of Athens. All five crewmembers were evacuated safely, but as of Sunday firefighting crews were still trying to contain the blaze, reports say. The Ocean Countess was launched as the Cunard Countess in 1976 and has been laid up at the shipyard for over a year since its last charter to UK-based Cruise & Maritime Voyages ended.

Supposedly, the vessel was scheduled to re-enter service next year. It won’t.

Unlike the Costa Concordia, this tale has a somewhat happy ending:  Vernicos Salvage and Tug reports that the fire onboard the Ocean Countess has been brought under control through firefighting efforts by the crew of their Alexander 3 tug.

 

20131201_085712_resized_1

 

20131201_074432_resized


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/1o0djxmhB4E/story01.htm Tyler Durden

Researcher Falsely States That Energy Drinks Contain More Caffeine Than Coffee

Research by radiologists at the University of
Bonn
finds
that caffeine in energy drinks has cardiovascular effects
similar to those
of caffeine in other beverages. That’s not terribly surprising, but
it is bound to be seen in a sinister light given the media-driven
scare
 about these products, especially because one of the
researchers incorrectly states that energy drinks contain more
caffeine than coffee does. “The amount of caffeine is up to three
times higher than in other caffeinated beverages like coffee or
cola,”
said
 Jonas Dorner, who together with his collaborators
presented the findings of a heart imaging study at a meeting of the
Radiological Society of North America. “There are many side effects
known to be associated with a high intake of caffeine, including
rapid heart rate, palpitations, rise in blood pressure and, in
the most severe cases, seizures or sudden death.”

The implication is pretty clear: Energy drinks pose a
potentially deadly threat because they contain so much caffeine.
Yet the drinks that Dorner and his colleagues gave their 18
subjects contained 32 milligrams of caffeine per 100 milliliters,
compared to 76 milligrams per 100 milliliters for
Starbucks coffee
. So Starbucks coffee contains more than twice
as much caffeine per milliliter as energy drinks, as opposed to
one-third as much, as Dorner suggests. That’s a pretty big
mistake—and one that is likely to be repeated in future coverage of
this issue because it jibes with the attention-grabbing claim that
energy drinks are more dangerous than other caffeinated
beverages.

In any event, the effects observed by Dorner and his colleagues
are not very alarming:

Compared to the baseline images, results of cardiac MRI
performed one hour after the study participants consumed the energy
drink revealed significantly increased peak strain and peak
systolic strain rates (measurements for contractility) in the left
ventricle of the heart. The heart’s left ventricle receives
oxygenated blood from the lungs and pumps it to the aorta, which
distributes it throughout the rest of the body.

“We don’t know exactly how or if this greater contractility of
the heart impacts daily activities or athletic performance,” Dr.
Dorner said. “We need additional studies to understand this
mechanism and to determine how long the effect of the energy drink
lasts.”

The researchers found no significant differences in heart
rate, blood pressure or the amount of blood ejected from the left
ventricle of the heart between the volunteers’ baseline and second
MRI exams.

“We’ve shown that energy drink consumption has a short-term
impact on cardiac contractility,” Dr. Dorner said. “Further studies
are needed to evaluate the impact of long-term energy drink
consumption and the effect of such drinks on individuals with heart
disease.”

In other words, this study does not document any harmful or
lasting effects from consuming energy drinks. And if caffeine poses
a risk to people with heart disease, that risk presumably would be
greater in the case of coffee, which supplies a bigger dose. If the
caffeine in coffee does not scare you, there is no reason, aside
from alarmist press coverage, why the caffeine in energy drinks
should.

from Hit & Run http://reason.com/blog/2013/12/02/researcher-falsely-states-that-energy-dr
via IFTTT

Jerry Brito on Cellphones in Airplanes

AirplaneWhen it was announced last
month that the Federal Aviation Administration was relaxing the
rules on personal electronic devices during take-off and landing on
commercial passenger flights, Americans rejoiced. No longer would
we have to suffer the indignity of staring blankly at the tray
table before us for the 15 minutes it takes a flight to reach
cruising altitude, or worse, touch ink-stained dead tree bits to
occupy ourselves. Yet, notes Jerry Brito, when the Federal
Communications Commission soon thereafter similarly announced that
it to was reconsidering its prohibitions on in-flight cell phone
use, all hell broke loose. Let’s give it a try before freaking out,
he suggests.

View this article.

from Hit & Run http://reason.com/blog/2013/12/02/jerry-brito-on-cellphones-in-airplanes
via IFTTT

Cops in Iceland Fatally Shoot First Person Ever in Their History

ísland?From the island that was once the location,
a
millennium ago,
of maybe the closest a society’s come to pure
libertarianism comes news that Iceland’s had its
first police shooting
in history.
Via euronews
:

According to an Icelandic news agency, an armed man in
his fifties had been making threats to his neighbours, prompting
police to evacuate the apartment building where he lived.

Shortly after 05:00 am local time the man started to fire shots
from a window. Police returned fire. According to eyewitnesses,
some sort of smoke bomb was thrown into the apartment through a
broken window. Armed police entered the apartment of the gunman at
around 06:00 am and the man was shot in the process. He was taken
out in a stretcher and taken to hospital before being pronounced
dead.

Other European countries have similar track records. Police in
Germany
shot 85 rounds
in all of 2011. Iceland, though, is different.
Unlike much of Western Europe, the country is “awash with guns.”
It also has one of the lowest violent crime rates in the world. But
strict gun laws aren’t useful in preventing police shootings
anyway—witness
Chicago
, the number of puppycides
that enter the news cycle, and the
various

police

shooting

stories

that

involve

no

firearms
, except the police’s.

from Hit & Run http://reason.com/blog/2013/12/02/cops-in-iceland-fatally-shoot-first-pers
via IFTTT

Goldman Slashes Q4 2013 GDP Growth To 1.3%

Of the 92 firms that offer their guesses at the GDP data, Goldman is now 6th lowest as today’s construction spending disappointment pressured their estimate for Q4 2013 GDP to a mere 1.3%. Deutsche Bank’s Joe Lavorgna still tops the list at 3.5% – so quite a dispersion.

 

 


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/HEVoRlKJqRs/story01.htm Tyler Durden

Same-Sex Marriage Now Legal in Hawaii, Dozens of Couples Marry

Dozens of
same-sex couples got married in Hawaii today after a law legalizing
gay marriage came into effect at midnight.

Hawaii is the fifteenth state to legalize gay marriage.

From
Reuters
:

(Reuters) – Dozens of same-sex couples tied the knot in Hawaii
early Monday as a new law allowing gay couples to marry went into
effect at midnight.

Between 30 and 40 couples were being married at the Sheraton
Waikiki Hotel in Honolulu starting just after midnight local time
(0500 ET), a hotel employee, who asked not to be named, told
Reuters.

Three hours later, the ceremonies were still being performed and
no protesters had shown up, the employee said. Photos posted on
social media sites depicted flowers and chandeliers, wedding
dresses and Hawaiian shirts, and leis on celebrating guests.

Follow these stories and more at Reason 24/7 and don’t forget you
can e-mail stories to us at 24_7@reason.com and tweet us
at @reason247.

from Hit & Run http://reason.com/blog/2013/12/02/same-sex-marriage-now-legal-in-hawaii-d
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Putin Announces Russia Not Involved In Ukraine Unrest, Says Local Events Are Not A “Revolution” – Live Stream

While events in the Ukraine continue down a very slippery path, and just a few short minutes ago the Prime Minister Azarov fired the Kiev chief of Police who got into hot water over the weekend for various clips showing Police brutality in dealing with demonstrators, one specific party that is keeping a very close eye on the ongoing developments is Russian leader Vladimir Putin who scored a major victory over Europe when he managed to realign the Ukraine away from the EU and sign a trade pact with the “European bread basket” nation, an event which according to the prevailing narrative the main reason for the surge in civil discontent as hundreds of thousands took to the streets over the weekend. As such, it is important to keep track of news not only from Kiev but also from Moscow. One such update which came moments ago was the following:

  • President Vladimir Putin has said Russia respects any choice made by Ukraine, Dmitry Peskov tells Bloomberg in Yerevan, Armenia.
  • Russia not in talks with Ukraine on loans, bailout
  • Russia not involved in current unrest in Ukraine: Peskov

This came just hours after Putin stated that events unfolding in Ukraine should not be described as a revolution, but were rather more reminiscent of a “pogrom.

In other words, Russia is most certainly in talks with the Ukraine on loans, and one can bet any amount ok kopeks that Russia is involved in the current unrest, if not formally then certainly informally. Furthermore, since a grand geopolitical realignment appears to be taking shape in Eastern Europe, it was inevitable that some promptly suggested that the CIA’s involvement in local events, with an eye toward destabilizing the government, is tangible. To be sure this would be right out of the CIA playbook (see Libya and Egypt).

Which also means keep an eye on Brent, which has finally awoken to the instability in the Ukraine.

Also keep track of what president Yanukovich is doing: Reuters reported that he will travel to China as planned on a state visit, a television anchorman said, summarising the interview. A visit, or a potential asylum bid if things spiral out of control?

Finally, for those who enjoy keeping tabs on current events, below is a live streaming link from Kiev.

Live streaming video by Ustream


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/9Sg_9k57Drg/story01.htm Tyler Durden