Scenes From Last Night’s Vape-in

Dan Gluck, American hero. ||| ABC NewsLast evening, Reason co-sponsored an
event at New York’s great Museum of Sex titled “Thank
You for Vaping
,” in which foes of the nanny state lit up
electronic cigarettes (filled with all sorts of material!)
in defiance of the Big Apple’s new vaping ban. It was a swell time,
as perusal of the press coverage can attest.


ABC News
:

More than 300 e-smokers showed up for a “vape-in” at Manhattan’s
Museum of Sex Monday night to protest a New York City ban on indoor
e-cigarette smoking. They thumbed their noses at e-cigarette
prohibitionists by dancing and vaping the night away until well
past midnight, when the ban went into effect. […]

Tara Lober, a 21-year-old from Brooklyn who attended the event,
said she thinks the ban is silly.

“This is a health issue, yes, but I see it as closer to a civil
rights issue,” Lober said[.].


Newsweek
:

America's favorite asshole! ||| NewsweekThe scene might have been mistaken for a pickup
spot—there were more than 100 bodies loose with booze, many toking
on hookah-looking things. But those present consisted of vapers,
what users of e-cigarettes and higher-tech nicotine-vaporizing
devices call themselves, and they gathered to protest the city’s
indoor e-cig ban that took effect at midnight—by continuing to vape
after 12 a.m. […]

One such vaper is Will Gallagher, a 20-year-old photography
student who had a cigarette habit until he got into vaping.

“They make this out to be a bad thing when there really isn’t a
lot of information,” he said of anti-vaping efforts. “It’s really
been a shoot first, ask questions later situation.”

And, compared with smoking, “it’s a much healthier thing,” he
added. […]

Vice magazine co-founder Gavin McInnes helped lead
the countdown from five before midnight, which was followed by
shouts of “Illegal smoking, woo!” and “Outlaw!” as vapers breathed
deep.

When Newsweek asked McInnes what brought him
to the vape-in, he said he didn’t vape or smoke but was “always a
libertarian.”

Sessy! ||| The VergeVice:

If SoHo’s
swanky Henley Vaporium
 was a sign that the vape scene has
come out from underground and is penetrating the mainstream, last
night’s event seals the deal. (Henley founder Talia Eisenberg was
there donning a “Fuck Big Tobacco” shirt.) Attendees mingled with
glasses of wine and High Life, in a darkly lit venue strewn
with Playboy magazines and a DJ mixing next to
the cocktail bar.

It felt more like a fancy club than political protest, but the
message was clear: get your hands off our vapes. If not for the
benefit of the public health, than for the nascent industry
attempting to distance itself from the toxic habit that society has
been trying to kick for decades.


The Verge
:

Not so sessy. ||| The VergeInside, a diverse crowd of punks, 9-to-5-types,
white hairs, 20-somethings, Army veterans, and artists puffed on
nicotine vaporizers, the all-metallic devices that look like part
of a vacuum cleaner, and “cigalikes,” the smaller, cheaper sticks
that look like cigarettes and probably have glowing tips. The smell
of caramelized banana, Apple Jacks, and melon mixed in the air.
[…]

“This is the beginning. This is where this fight takes off,”
says Jenee Fowler, a thin woman with multicolored hair also known
as Vape
Girl
 on YouTube. Fowler’s boyfriend Russ Wishtart, a
vaping advocate who hosts a libertarian-themed podcast, recently
joined a smoker’s rights group in a lawsuit
against New York City
 over the vaping ban.

Fowler is a former smoker, like many of tonight’s attendees. She
quit after she started using an electronic inhaler that vaporizes a
nicotine solution in order to simulate the effects of smoking. Like
many of tonight’s attendees, she feels the e-cig ban is
counterproductive.

“We were forced to be smokers because we were addicted,” she
says, taking a hit of something called “freckle-faced dragonberry.”
“Now we finally have our lives back.”

Would she be observing the new rules that ban
vaping
 in restaurants, bars, schools, within 15 feet of a
hospital door, “public arenas where bingo is played,” and so
on?

No, she says. “I am going to vape everywhere.” […]

McInnes was wearing the “College” shirt from the
movie Animal House, which he said he had just
watched. “We don’t care if de Blasio puts us on double secret
probation,” he said. “We are going to release water vapors into the
sky, because that doesn’t hurt anybody.”

“Five, four, three, two, one,” the crowd counted down. “I’m
breaking the law!” one man yelled, holding his e-cig in the air.
“We’re all breaking the law!” someone else yelled.

The police never came.

The Verge has a photo essay of the event
here
. The
Independents
will have some video from the event tonight
at 9 p.m. ET on Fox Business Network.

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Japanese Manufacturing PMI Collapses At Fastest Pace On Record; Drops To 14 Month Lows

Not much to add to this total and utter disaster… Markit’s Japan Manufacturing PMI plunged from 53.9 to 49.4 – it’s first contractionary print since Feb 2013 and its biggest MoM drop on record. Under the surface the picture is just as bad with output falling at the fastest pace since December 2012 and New orders also down. The blame for all this – the tax hike… hhm (well, it’s better than the weather we guess). Both prices charged and input prices rose in April with some panellists attributing inflation to an increase in raw material prices (stunned?). And if you think this terrible news is great news (because more QQE), forget it – Kuroda already say no and inflation is near the BoJ’s target.

 

 

Chart: Bloomberg




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Ron Paul Redux: Warns Against Arming Land Management Officials In 1997

Via The Economic Noise blog,

Speaking on the House of Representatives floor on September 17, 1997, then-Rep. Ron Paul warned of the “massive buildup of a virtual army of armed regulators.”

Paul, the chairman and founder of The Ron Paul Institute, proceeded to comment in his speech that, with the number of armed federal employees approaching 60,000, the Secretary of the Interior was pushing for even the Bureau of Land Management to be armed.

With the continuing rise of SWAT over the following 16 years, the number of armed US government employees continued to grow.

According to the bulletin – Federal Law Enforcement Officers, 2008 of the Bureau of Justice Statistics – by September of 2008 “federal agencies employed approximately 120,000 full-time law enforcement officers who were authorized to make arrests and carry firearms in the United States,” with 255 of them working for BLM.

We saw the United States government’s armed agents in action recently at the Bundy ranch in Nevada. We also saw them back off, at least for now, when confronted by armed protestors. Paul’s concluding sentences of his 1997 speech seem apropos:

“The gun in the hands of law-abiding citizens serves to hold in check arrogant and aggressive government. Guns in the hands of the bureaucrats do the opposite. The founders of this country fully understood this fact.”




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SCOTUS Seems Inclined to Limit Police Access to Your Cellphone

During
oral arguments
today in
two cases
raising similar privacy issues, the Supreme Court
seemed inclined to impose a rule that would limit police access to
the cellphones of people they arrest. Under the
usual standard
for a “search incident to an arrest,” police may
seize and examine anything they find on an arrestee’s person
without a warrant. The question for the Court was whether that rule
should apply even when the item discovered by police is a portable
computer that contains a wealth of personal information, including
contacts, calendars, correspondence, journals, photographs, videos,
telephone messages, purchases, reading habits, musical tastes,
browsing histories, travels, and legal, financial, and medical
records. As Justice Elena Kagan
put it
during oral argument in Riley
v. California
,
 “people carry their entire lives on
cell phones.”

Other justices expressed similar misgivings. “We’re living in a
­­ in a new world,”
said
Justice Anthony Kennedy during oral argument in

U.S. v. Wurie
. “Justice Kagan’s questions point out the
fact that someone arrested for a minor crime has their whole
existence exposed on this little device.” Alluding to the fact that
the Court has
upheld
custodial arrests (and
strip searches
!) for crimes as minor as failing to buckle your
seat belt, Justice Antonin Scalia
said
“it seems absurd that you should be able to search that
person’s iPhone.” Justice Ruth Bader Ginsburg took up the same
theme. “Take an offense like failing to buckle up, even driving
under the influence,” she
told
California Solicitor General Edward Dumont. “It’s your
rule…that the cell phone is fair game no matter what the crime,
no matter how relatively unimportant the crime….That opens the
world to the police.”

Justice Sonia Sotomayor
emphasized
the difference in kind and quantity between the
information stored in a cellphone and the information that can be
gleaned from items such as wallets and cigarette packages:

Practically speaking, a person can only carry so much on their
person. That is different, because…a billfold of photographs
is…anywhere from one to five, generally, and not much more. But
now we’re talking about potentially thousands, because with digital
cameras people take endless photos and it spans their entire
life….A GPS can follow people in a way that prior following by
police officers in cars didn’t permit.

Assuming that the rule for a cellphone should be different from
the rule for a wallet, what should the rule be? Scalia
suggested
a warrantless search might be allowed when police
reasonably believe the cellphone contains information related to
the crime for which the owner has been arrested. “That will cover
the bad cases,” he said, “but it won’t cover the …seat belt
arrest.” Dumont, speaking for the state of California, said “that
could be a perfectly reasonable ruling.” Jeffrey Fisher, speaking
for a defendant who was convicted based partly on information from
his cellphone, disagreed:

[With] lots of minor crimes, like speeding…DUI, littering,
[police] can make a fairly convincing argument sometimes that
evidence on the phone would be relevant to that crime of
arrest….Take the suspended license. You may have an e­mail from
the DMV telling you you better come in and renew. If that opens up
every American’s entire life to the police department, not just at
the scene but later at the station house and downloaded into their
computer forever, I think you will fundamentally have changed the
nature of privacy that Americans fought for at the founding of the
Republic and that we’ve enjoyed ever since.

Justice Stephen Breyer
proposed
a different rule, allowing warrantless searches of
cellphones only in “exigent circumstances,” which would include
scenarios involving remotely detonated bombs as well as situations
where police reasonably worry that the data on a phone will be
erased or become inaccessible if they wait for a warrant. The
latter possibility relates to one of the original rationales for
warrantless searches of arrestees and their possessions: preventing
the destruction of evidence. The government in both cases therefore
emphasized the risks of remote data wiping and automatic
encryption, although several justices were skeptical that such
fears justified proceeding without a warrant. Simple safeguards,
such as turning off the phone’s wireless functions or putting it in
signal-blocking bag, can guard against remote wiping. Encryption is
relevant only if police seize the phone while it is on and
unlocked, in which case they can keep it that way until they get a
warrant by disabling the auto lock feature. And if police have the
time to take a phone back to the precinct house and examine it at
their leisure—as they did in Riley, where the search was
not conducted until two hours after the arrest—the fear of imminent
evidence destruction hardly seems plausible.

The truth is that Court’s rules for arrest-related searches have
been needlessly deferential for decades. Preserving evidence and
protecting officers from hidden weapons were the two original
justifications for making an exception to the warrant requirement.
But neither of those goals requires reading detailed information
about an arrestee, whether it is stored on a cellphone or in a
notebook. Barring far-fetched emergencies, there is no legitimate
reason why police, having secured such evidence, cannot go to the
trouble of getting a court order authorizing them to examine it.
That point is especially clear in the case of cellphones and other
portable electronic devices, which routinely contain just the sort
of private information the Framers meant to protect when they
banned unreasonable searches of people’s “papers” and
“effects.”

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In North Carolina, United Church of Christ Sues to Demand Right to Solemnize Gay Marriages

Do people throw tiny pieces of gum instead of rice or confetti at gay weddings?Did you know North Carolina has
a law on the books that that makes it a misdemeanor for a minister
to solemnize the wedding of any couple who doesn’t have a valid
marriage license from the state? That it is illegal in the state to
even perform this ceremony of words and hymns and vows that isn’t
even recognized as a valid contract without the state’s stamp of
approval anyway?

Perhaps its origins are from some sort of attempt to prevent
fraud by some reprobate phony trying to make money off the naïve
who didn’t realize how many hoops they had to jump through to truly
make a marriage legal.

In any event, North Carolina was the last state to pass a
constitutional ban on same-sex recognition in 2012, before the bans
started falling apart in other states. The United Church of Christ
is now suing,
arguing that the amendment, combined with the state’s existing
statutes criminalizing unlicensed weddings, is a violation of the
church’s First Amendment rights.
From the Associated Press
:

“North Carolina’s marriage laws are a direct affront to freedom
of religion,” said the Rev. J. Bennett Guess, executive minister
with the Cleveland-based United Church of Christ, which is a
plaintiff in the lawsuit. “We feel that it is important that any
person that comes into community life of a United Church of Christ
congregation be afforded equal pastoral care and equal opportunity
to religious services that clergy provide.”

But in North Carolina, clergy are often faced with a troubling
decision — “whether to provide those services or break the law,”
Guess said. “That’s something no clergy member should be faced
with.”

Along with the United Church of Christ, which has more than 1
million parishioners, a dozen clergy members and same-sex couples
who want to marry were listed as plaintiffs. The defendants
included North Carolina Attorney General Roy Cooper and several
county district attorneys as well as five registers of deeds.

Some of the reporting is a bit ambiguous and suggests the
constitutional
amendment
passed in 2012 is what turned the solemnization into
a crime. That’s not exactly the case. There’s no criminal element
to the ban on same-sex marriage. It just says the state won’t
recognize them. The problem comes from two
already

existing
statutes:

No minister, officer, or any other person authorized to
solemnize a marriage under the laws of this State shall perform a
ceremony of marriage between a man and woman, or shall declare them
to be husband and wife, until there is delivered to that person a
license for the marriage of the said persons, signed by the
register of deeds of the county in which the marriage license was
issued or by a lawful deputy or assistant. There must be at least
two witnesses to the marriage ceremony.

And:

Every minister, officer, or any other person authorized to
solemnize a marriage under the laws of this State, who marries any
couple without a license being first delivered to that person, as
required by law, or after the expiration of such license, or who
fails to return such license to the register of deeds within 10
days after any marriage celebrated by virtue thereof, with the
certificate appended thereto duly filled up and signed, shall
forfeit and pay two hundred dollars ($200.00) to any person who
sues therefore, and shall also be guilty of a Class 1
misdemeanor.

It would seem like these two statutes were always a violation of
a church’s or minister’s freedom of speech, regardless of the sexes
of the participants. I could easily see the courts striking down
the two statutes while leaving the ban on gay marriage recognition
intact, meaning that it would no longer be a crime for a church to
perform a gay marriage (or any other type of marriage); the state
just wouldn’t recognize it as a legal contract.

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Coiling, Complacency, And The “Three” Coupon Treasury Markets

Via Guy Haselmann of Scotiabank,

On the Cusp of Breaking the Ranges!?

On a closing price basis, the trading range for the US 10 year note since January 24th has been 22 basis points which is the narrowest in that length of time in over 30 years.

The FT reported today that the 7% range in the dollar over the past two years is the narrowest over that length of time since late 1977.

Despite huge intraday volatility in Q1 in various single name equities and sectors, the FT also says the trading ranges for broad market equity indices this year have been the narrowest in over a decade.

Often times, narrow trading ranges act like coiled springs.  The longer markets stay in those ranges the greater the pressure builds.  Tight ranges over longer time periods cause ever-more-powerful movements once the ranges break.

Over the next two weeks, there are multitudes of events and economic data which could set the tone of trading for the next several months and potentially provide the catalyst necessary for markets to break out of ranges.

A vast amount of important US economic data burdens the calendar the balance of the week.

 

There are also month end influences;

 

an FOMC meeting and Bernanke speech tomorrow;

 

and, ECB, BoE, and RBA meetings next week.

 

Holidays in Europe and Asia this week could further exacerbate poor market liquidity and serve to magnify price movements.

There are several factors contributing to market complacency:

Share buybacks help fuel a relentless stock market bid (buybacks totaled 6% of 2013 market cap).  Higher stock prices create the perception that all is well.

 

The VIX (measurement of future volatility) is historically low, but reasons for its low level have turned it into a misleading fear gauge.  Fed policy now implicitly provides the market protective puts.  Furthermore, the Fed’s ZIRP (zero interest rate policy) makes investors so starved for any yield enhancement strategies that they are incentivized to sell options (a decaying asset).

 

The ECB’s LTRO plan (long-term refinancing operations) offered ‘free money’ to banks which was used to buy the higher-yielding debt of their own countries.  The program helped to collapse sovereign debt spreads and create the illusion that all was well in Europe.  (Basel assigns a zero risk weighting to a bank that owns the debt of its own country).

We should know soon which direction the coiling markets intend to breakout. I have offered over the past several weeks a litany of reasons why now is the correct moment (timing) for equities to have a sizable correction (down), and the long end of the Treasury market to break out (lower yields and big curve flattener).   I maintain that viewpoint.  I will not go into those reasons again, but rather offer one new insight.

The strength in the S&P 500 – which is only 1% off of all-time high levels and up 1.7% YTD – may not be as strong below the surface as it appears.  It seems to me that defensive stocks have powered the overall market forward.  Utilities (UTY) and consumer staples (XLP) are breaking out and leading broader averages higher.  These sectors, however, are considered bond-like stocks, so maybe it should be considered a bond (not stock) breakout.  I consider this defensive-type of sector rotation to be a warning signal and an indication of investor desire to de-risk. (After all, QE encourages risk, while the end of QE should do the opposite).

The Three Coupon Treasury Markets

It could be wise to begin thinking of the Treasury curve as three separate markets.  The long end has commodity characteristics.  (In my March 28th note, I outlined the reasoning why there could be supply shortages in long-dated Treasuries due to demand from Corporate Pension plans.)  The front end is driven by changing expectations on the timing and magnitude of future FOMC interest rate increases.  The ‘belly’ of the curve is caught in the crossfire, being pushed and pulled by the wings.




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Border Patrol Threatens Mother, Slashes Her Tire, as Kids Watch

Clarisa ChristiansenThe
situation in Arivaca, Arizona, where residents face off with Border
Patrol in front of neighbors and cameras, is tense enough. Federal
agents have told locals, “you
have no rights here
,” even as they run them through a daily
gauntlet and harass them when they protest the situation.

But imagine running into Border Patrol agents conducting a
roving patrol on an isolated road, with only your children for
company. That happened to Clarisa Christiansen, who lives outside
of Tucson about 40 miles from the border. She says the agents
threatened her with a Taser, forced her from her car as her kids
watched—and slashed her tire for good measure.

The American Civil Liberties Union described several cases of
abuse, including Christiansen’s in a
complaint filed with the Department of Homeland Security
(PDF).
They’ve since
posted videos
abut the incidents, in which the victims describe
their experiences, to raise the pressure and overcome a little
bureaucratic inertia (see below). A lawsuit
filed yesterday
seeks to raise the pressure still further,
since federal officials are stonewalling efforts to get information
about just how they’re conducting those patrols—though the
experiences of those on the receiving end are not encouraging.

The description below is from the complaint.

On May  21,  2013,  Clarisa Christiansen was
driving home with her seven-year-old  daughter and
five-year-old son after picking her daughter up from elementary
school. Ms. Christiansen and her children a re U.S. citizens and
resident s of Three Points, Arizona, located west of Tucson and
approximately 40 miles north of the U.S.-Mexico border. On their
way  home, at approximately 2:15 pm, the family was pulled
over by a Border Patrol vehicle. The stop occurred  on a
stretch of  dirt road about two miles from their home, which
is approximately fifteen miles from the elementary  school.

Ms. Christiansen stopped her vehicle and was approached by a
Border Patrol agent. The agent asked her if she was a U.S. citizen;
she answered affirmatively. The agent then  demanded 
that Ms. Christ iansen exit her vehicle so  it could be
searched. Ms. Christiansen stated that she  did not consent to
a search and asked the agent why she had been stopped. The agent
responded  that he would not provide an explanation until Ms.
Christiansen exited her vehicle. Ms. Christiansen stated that she
would not exit her vehicle until she was provided with an 
explanation for the stop. The agent refused and was clearly
agitated that Ms. Christiansen had  requested an explanation.
At that point, two additional Border Patrol agents approached Ms.
Christiansen’s vehicle.

Slashed tireMs.
Christiansen then stated that if there was no reason for stopping
her that she would  be on her way, and wished the agent a good
day. The agent told her, “You’re not going  anywhere.” That
agent then said to the other agents, “This one is being difficult,
get the Taser.”  The agent opened the driver’s side door
and  demanded that she exit.  Ms. Christiansen, now 
fearing for her safety and that of her children, refused. Ms.
Christiansen’s children became upset; her daughter asked, “Mommy
what’s going on?” Ms. Christiansen told the children to stay calm
and sit still, but she could see they were confused and afraid.

The agent then approached Ms. Christiansen with a retractable
knife and threatened to cut her out of her seatbelt if she didn’t
exit the vehicle. Ms. Christiansen repeated her demand for an 
explanation, which the agents still refused to give her. Instead,
the agent forcibly reached inside Ms. Christiansen’s vehicle
without her consent and removed the keys from the ignition.

Ms. Christiansen had no choice but to exit the vehicle. She
presented her  identification. The agents ran a background
check, gave her back her driver’s license, returned  to their
vehicle without  saying anything, and drove away. The entire
stop lasted approximately  35 minutes.  At that point,
Ms. Christiansen noticed that her rear tire had been punctured and
was flat. There was a large incision along the side of the tire,
consistent with a knife puncture and not a routine or accidental
flat. It was a very hot day and there was no one for miles
around.  Fortunately, Ms. Christiansen was able to contact her
brother to bring her a car jack to change the flat tire.

When Christiansen complained to the Department of Homeland
Security about the incident and demanded compensation for the tire,
she was initially put off. Only after the ACLU became involved did
an official—Richard Hill—respond. He told her he thought the tire
had been torn and not intentionally slashed (see the photo above
and judge for yourself). He also told her he would interview one of
the agents involved and follow up with her.

Shockingly, she hadn’t heard from him again by the time the ACLU
filed its own complaint.

For the record, speaking as an Arizona resident, stranding
people in the Sonoran desert—especially children, as temperatures
start to climb during late spring—is a very effective way to kill
them. 

Last year, the
ACLU reached a settlement with Customs and Border Protection

regarding its controversial roving patrols along the Canadian
border, on Washington’s Olympic Peninsula.The feds didn’t admit any
wrongdoing, but agreed to provide agents with Fourth Amendment
training and to share data from the stops with the ACLU for 18
months.

The lawsuit filed yesterday seeks similar data about internal
stops in Arizona, since the feds have ignored all polite requests
for such information.

Given what they’ve apparently been up to, the reticence may be
understandable.

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Ukraine Flashpoint

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Whoever is looking for the flashpoint, that lethal moment when the war of words and diplomatic lies turns into full-blown physical conflict between the East and the West, they will find it relatively soon if we are to believe the markets and how they are reacting this morning.

Military inspectors were taken hostage Sunday 27th April by pro-Russian supporters. They also seized regional-television headquarters in Donestsk. Last week five pro-Russian supporters were killed and Russia stated that Kiev would be called to justice (the Russian definition of justice being rather different perhaps). A Ukrainian military helicopter was also hit last Friday in gunfire. That’s called escalation; little by little until the flashpoint appears. Sanctions are expected from the USA and from the EU today.

But, war never let anybody come out of it a financial winner, even if you are the one that stands towering over the prostrate soldier on the floor at your feet. Whoever wins the Ukraine-Crimea tug-of-war between Russia and the West will still come out of it suffering.

Nobody ever wins a war and we only have to look back in history at that. But, since when did we ever learn from our mistakes?

Let’s take the United Kingdom for example in World War I:

• The country spent 20% on average of its accumulated wealth.
• Russia owed the UK money but when the Russian Revolution occurred that stated that it as a Tsarist debt rather than a Soviet one and so they refused to pay it back. The UK was owed more money by other nations than it owed the USA itself for loans.
• Many countries that Britain sold its goods to before the war seized the opportunity to set up their own industries to manufacture while the UK was busy fighting their war. When the war ended, it was too late for Britain to get back its markets. 
• The US had advanced European countries a loan of $10 billion in both goods and credit.
• Paying back the debt was a hindrance to economic growth, since the indebted countries spent money on the repayments rather than actually buying goods from the USA. 
• It was the UK and France that owed the most to the US, but they in turn found it impossible to get the money back from those that were in debt to them. It was a vicious circle of money spent and never paid back. 
• Britain ‘made’ a payment of $95.5 million in 1932, but it was based on gold in the vaults of the Bank of England that they never shipped to the USA. The USA never asked for it since it would have caused the collapse of the UK and the UK made veiled threats that they would liquidate the dollar. Virtual money transfers had just been invented. The money never got paid, the gold stayed in the UK.
• There was a moratorium on all war debts in 1931 and no repayments have been made since 1934 to any nation.

World War II was hardly any better.

• The UK paid of its final instalment of a loan to the USA and to Canada in 2006! The loan had been taken out in 1945 and totaled $4.34 billion since the UK was on the verge of bankruptcy.
• After 61 years the UK made the final repayment of that loan to the US (£43 million) and to Canada (£12million). 
• The UK had to defer repayment (it should have been paid off in 50 annual instalments) in 1956, 1957, 1964, 1965, 1968 and 1976.

That all being said, we know that nobody will come out of the Ukraine conflict with the champagne corks popping and war doesn’t relaunch an economy; it just makes it worse. Adam Smith was wrong about needing a good famine or a war to decimate the population. It may get better a generation down the line (just, maybe) but in the meantime for those of us around at the time, it will be a hard blow to the economy and yet more struggle at a time when we don’t need it. But, can we complacently sit back and let a dictatorial leader do exactly what he wants just because he feels like taking over another country. That smacks of history too. Putin used to try to pull the wool over the eyes of his electorate and the rest of the world. His thuggish attitude and his recreation of Tsarist Russia is not befitting of the times.

If the West doesn’t act, he will continue. Then, when we look back in time we shall see President Obama and the European Union just as we remember Neville Chamberlain, Prime Minister of Britain: fooled into thinking that there would be no war in Europe, stupidly waving his paper in the air with his ‘peace for our time’ speech that nobody else believed. Chamberlain’s final words that day in 1938, just before World War II erupted were ‘go home and get a nice quiet sleep’.

Originally posted: Ukraine Flashpoint

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The Truth Behind IBM’s Revenues

When times are tough – for example when this quarter’s revenue is the lowest for IBM since the first quarter of… 2009, it seems Big Blue has decided no job is too small and no job unworthy of utilizing the brain… presenting – with little comment – the key to IBM’s Q2 revenues…

 

When this happens…

 

This happens…




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