FBI Director Recommends Against Prosecuting Hillary Clinton Over Email Actions

FBI Director James Comey has just recommended that Hillary Clinton not be subject to criminal prosecution for using poorly secured private email servers while secretary of state.

This isn’t to say that Comey went easy of the presumptive Democratic Party nominee. He called here “extremely careless” in how she handled information (including more than a half-dozen “top secret” emails) and stressed that “this is not to suggest that an individual in similar circumstances would not face” charges.” Rather, the widely respected Comey said that in his view, it was unlikely that any sort of criminal case would win a conviction, as they need more proof of malicious motive.

From USA Today:

The FBI recommended Tuesday that Democratic presidential candidate Hillary Clinton should not face criminal charges over her use of private e-mail as secretary of state, even though she and aides were “extremely careless” in handling classified information.

Though there is evidence Clinton acted improperly—and may have been hacked—no prosecutor would bring a case because there is no evidence she acted intentionally, FBI Director James Comey said.

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“The Scandal of K-12 Education” – and How To Fix It

Writing in The Wall Street Journal, Fox News personality and author Juan Williams laments the sorry state of the nation’s K-12 education system. He’s right to do so. Every year, we spend more public money and more resources per student and, overall, we see no increase in test scores or outcomes.

“Millions of black and Hispanic students in U.S. schools simply aren’t taught to read well enough to flourish academically. For them, the end of the school year marks another lost opportunity, another step toward a life of blunted potential,” writes Williams. “According to a March report by Child Trends, based on 2015 data from the National Assessment of Educational Progress (NAEP), only 21% of Hispanic fourth-grade students were deemed ‘proficient’ in reading. This is bad news. A fourth-grader’s reading level is a key indicator of whether he or she will graduate from high school.”

The news isn’t good for white students, either. ‘Only 46% of white fourth-graders—and 35% of fourth-graders of all races—were judged ‘proficient’ in reading in 2015,” Williams notes. Despite spending more money on education and more time in the classroom, U.S. kids rate average compared to students from other industrialized nations.

So, what to do? The first thing to do is not to spend more money. We’ve been doing that for decades and it hasn’t helped to bump scores (and, one assumes, knowledge or skills) upwards. Check out the chart by the late Andrew Coulson of Cato. In the 40 years between 1970 and 2010, the total cost of educating a kid from kindergarten to senior year of high school more than doubled, while scores on the National Assessment of Educational Progress (NAEP) stayed flat. You can’t fill an busted bucket.

One answer that has been road-tested for going on 25 years now is the charter school, which are publicly funded schools that get a fraction of the typical per-pupil money given to traditional schools in exchange for the freedom to experiment with different sorts of programs and curricula. Charters are not in any way guaranteed revenue—they must draw students based on reputation and interest. Opponents of charters, which include teachers unions and a wide assortment of liberal groups such as People For The American Way (PFAW), point to studies which show that charters on average don’t outperform residential-assignment public schools. And just for fun, PFAW tries to throw in a scare about state-financed religion, accusing charters of “robbing our public education system of urgently needed funds, and sending taxpayer money to unaccountable private and religious schools.”

That’s a dodge, however. Charters aren’t private and they certainly aren’t unaccountable (they need to keep students coming back and all have internal and external oversight boards). But more importantly, they do produce better outcome for students. As University of Arkansas education professor Jay P. Greene argues, when you actually look at specific students via “randomized control trials” (RCTs), charters clearly help disadvantaged students do much better. RCTs allow researchers to isolate the effect of going to one school over another. In urban areas such as Chicago, Boston, and New York, RCTs found that charters decreased achievement gaps between minority and white students by as much as 86 percent. Go here for more specifics on the major RCTs that have been done, but here’s Greene’s conclusion:

When you have four RCTs – studies meeting the gold standard of research design – and all four of them agree that charters are of enormous benefit to urban students, you would think everyone would agree that charters should be expanded and supported, at least in urban areas.  If we found the equivalent of halving the black-white test score gap from RCTs from a new cancer drug, everyone would be jumping for joy – even if the benefits were found only for certain types of cancer.

If we want less tragedy in our lives—or, more specifically, in the lives of minority kids—charters represent a proven way to make things better.

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The Dissident Dad – Tyranny Reigns on July 4th, 2016

“That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness.”

– Declaration of Independence, July 4th, 1776

Yesterday, the nation commemorated Independence Day. A celebration of freedom and the concept that all men are equal, with a right to life, liberty, and the pursuit of happiness.

Looking back at history, it’s clear that this was never really true in North America. Not while the colonies lived under Great Britain, and certainly not since the Americans won the Revolutionary War.

Slavery, taxes, and many other government-sponsored aggressions have hindered sovereign individuals from pursuing their unalienable rights since the founding of the nation. Government power continues to be a very real problem, and the larger governments grow, the more abusive they seem to become. In modern America, the tyranny is extremely efficient and subtle when compared to other governments in history.

continue reading

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“Here They Come Again!” – Precious Metals Traders See Third Smackdown

For the third time since Friday’s close, gold and silver prices are being vertically challenged by an urgent ‘seller’. In the latest round of monkey-hammering ‘someone’ decided to opportunistically sell over $1 billion notional gold in 5 minutes…

 

As one veteran PM trader exclaimed “here they come again,” – we presume meaning The BIS…

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Something Interesting From The Rumor Bag: The Next Big Risk For UK Stocks?

An interesting “tip” in our mailbox today in the aftermath of the “freezing” first of Standard Life and less than a day later, Aviva property funds, providing some intriguing perspectives on what UK asset managers are doing in light of the spike in post-Brexit confusion, the jump in volatility, and the drop in overall liquidity for all but a handful of instruments.

Had an interesting chat with a senior pm at brewin dolphin yesterday. Bd manages significant pool of uk pensions / charities / endowment funds. Their mandate is long only, real estate bonds shares.

 

Essentially they selling out all the real estate and piling up in iShares ftse etf. Minimum fees, simple transaction, they get 10% return in one week. Everyone going into Blackrock I Shares FTSE ETF. It pays a 4.45% yield, it is expected to pay even more yield (FTSE 100 companies pay dividend in $$, thus in GBP terms the yield is increasing. ) .. and it just goes up and up and up. The Safe heaven.

 

Until they will try to get out all at once from the ETF, and you guys know exactly well the type of crash this may bring.

 

They buy every dip of the ftse and have no interest whatsoever in hedges or anything . Ultimately they are paid to track the ftse and skim something at the very top

 

Similar at cheyne capital, U.K. Leading asset manager and property investors.

Volume shown below:

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The above may explain why the BOE is so concerned with preventing a wholesale selloff in UK stocks with not one but two precautionary appearances by Mark Carney in the past week: after all, if indeed everyone is on the same side of the boat, just the hint that central bank backstops are less than rock-solid may be the catalyst that launches the selling. Then again, markets always win in the end, as such a prudent reminder: “he, who panics first…”

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Task Force Offers Hints of What Legal Pot Will Look Like in Canada

Delivering on a campaign promise, Canadian Prime Minister Justin Trudeau plans to introduce legislation next spring that will legalize the production, distribution, and possession of marijuana for recreational purposes. In the meantime, a government-appointed Task Force on Marijuana Legalization and Regulation is supposed to hammer out the details, addressing the questions posed by a discussion paper it published last week. Although the paper gives no firm answers, it suggests that Canada’s regulatory regime could be stricter in some ways than the rules adopted by the four U.S. states that allow recreational use of marijuana but looser in others. Here are some of the major issues the paper covers:

Production. Based on Canada’s experience with licensed home cultivation and government-controlled production of medical marijuana, the task force concludes that “neither approach would be in the public interest in the context of the larger numbers of users expected in a legalized market.” In other words, “some form of private sector production with appropriate government licensing and oversight” will be necessary to supply recreational consumers.

Distribution. The task force suggests that recreational marijuana, like medical marijuana, might initially be distributed exclusively through the mail (an option that is not allowed in Colorado, Washington, Oregon, or Alaska) but concedes that “allowing for some ability for the sale of marijuana to occur in a legal, regulated retail environment may be required in order to provide an alternative to the current illegal sellers that exist in certain Canadian cities.”

Minimum purchase age. The paper says “the science indicates that risks from marijuana usage are elevated until the brain fully matures (i.e., when someone reaches about age 25).” But it also notes that Colorado et al. all picked a minimum purchase age of 21 (as did the backers of legalization initiatives that are expected to be on the ballot in five other states this year), which corresponds to the alcohol purchase age that prevails throughout the U.S. In Canada, by contrast, the drinking age ranges rom 18 to 19.   

Marketing. The task force says “the early experiences of Colorado and Washington State suggest very strongly that the Government should take steps to avoid the commercialization of legalized marijuana, including the active promoting and marketing of marijuana, leading to widespread use.” Those steps include “advertising and marketing restrictions to minimize the profile and attractiveness of products.” It’s not clear that the limits would go further than the rules adopted by Colorado et al., although Canadian regulators have more legal leeway to restrict speech in the name of child protection and public health.

Taxes. The task force warns that “the use of taxation and pricing measures to discourage consumption must be properly balanced against the need to minimize the attractiveness of the black market and dissuade illegal production and trafficking.”

Edibles. “It is understood that individuals may choose to create marijuana products, such as baked goods, for personal consumption,” the paper says. “However, consideration should be given to how edibles are treated in the new regime in light of the significant health risks, particularly to children and to youth.” No U.S. state where marijuana is legal has banned edibles, although Colorado recently imposed limits on the shapes of THC-infused treats, a symbolic measure that soothes the sensibilities of legislators without reducing the likelihood of accidental consumption.

Potency limits. “Higher concentration products have added risks and unknown long term impacts, and those risks are exacerbated for young people, including children,” the task force says. “Given the significant health risks, maximum THC limits could be set and high-potency products strictly prohibited.” No U.S. state has imposed such a limit so far.

Consumption locations. The task force says “consumption of marijuana could be restricted to private residences.” Then again, “the system may need to be pragmatic to respond to the demand for venues to consume marijuana outside the home in order to avoid proliferation of consumption in all public spaces.” To address that concern, “consideration could be given to identifying—and strictly limiting and controlling—allowable sites for use by adults.” No U.S. state explicitly allows marijuana consumption outside the home, although some Colorado jurisdictions tolerate it and regulators in Alaska have left the door open to cannabis clubs.

Marijuana-impaired driving. The paper says “the government could establish an offence of driving while having a specified concentration of THC in the blood, similar to the offence of driving with a blood alcohol level.” It does not mention that the science supporting such a standard, which Colorado and Washington have adopted, is much weaker than the science linking blood alcohol concentration to impairment.

Summing up the discussion paper, which carries the cautious title “Toward the Legalization, Regulation and Restriction of Access to Marijuana,” National Post columnist Kelly McParland writes:

If anyone thought the breezy support for recreational pot offered by Prime Minister Justin Trudeau on the campaign trail would translate into neighbourhood “dispensaries” peddling a rich and varied assortment of products to passing clients, they will be deeply disappointed. The plan looks much more likely to be about control, policing and regulation. Fun has nothing to do with it. 

The nine-member task force, which is chaired by a former health minister and includes five doctors, takes a “public health” approach, which in theory should consider the pleasure that people get from consuming intoxicants but in practice almost never does. Still, regulation aimed at minimizing morbidity and mortality is an improvement on uniform criminalization (which remains in place, even for possession of small amounts, until the new legislation is enacted), and it may ultimately prove more friendly to consumers than McParland expects—not because public health busybodies care about fun per se but because consumers do, and their demands must be taken into account by anyone hoping to replace the black market with something better.

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19-year old paralyzed cancer patient brutalized by TSA

19-year old Hannah Cohen should have been partying.

Living with multiple disabilities like paralysis, partial deafness, and blindness in one eye, Hannah also suffers from a brain tumor.

And five days ago, she and her mother were traveling home via Memphis International Airport to celebrate the end of her cancer treatment with the rest of her family.

That’s when Hannah found out how free she really is.

After her wheelchair set off the metal detector at the airport’s security lane, Hannah couldn’t hear or understand the orders that TSA officers barked at her.

Confused and disoriented from the alarm, she tried to move away from what was clearly a stressful situation, at which point she was tackled, thrown to the ground, and arrested, her face bloodied and bruised.

On June 16th, a class of third graders at William P. Tatem Elementary School in Collingswood, New Jersey also got a nice taste of freedom.

After one of the students used the word ‘brownies’ (they were serving dessert at an end-of-year party), another student exclaimed that the word was racist.

School authorities called the police, who arrived with their firearms to interrogate the 9-year old about his comments.

As we discuss so frequently in this daily letter, these events are not isolated aberrations… but rather have become a sad reflection of normalcy in the Land of the Free.

Two hundred and forty years ago the Founding Fathers of America explained to the world their motives for divorcing the United Kingdom in the Declaration of Independence.

Their reasoning was eloquent, and simple.

People have inalienable, natural rights to life, liberty, and the pursuit of happiness.

Governments exist specifically to secure these rights for the people, and in doing so, they are awarded certain powers from the citizens they govern.

Whenever a government forgets this purpose and becomes destructive to these rights, the people may replace it with a new system that achieves its goal.

Look, it’s not like the US is some horrible place where citizens are constantly facing danger and peril at every possible turn like some third world African dictatorship.

That’s an absurd notion.

The US is a wonderful, safe place where people can achieve a high standard of living and have access to an abundance of opportunities.

But it would be intellectually dishonest to ignore these extraordinary trends.

The reality is that each year the United States becomes less prosperous and less free.

Every year the government produces 70,000+ pages of rules and regulations, on top of the countless pages of new and proposed legislation.

Many of these carry severe criminal penalties, regardless of whether you know about them or not.

As I often say, you can’t even apply for a passport in the Land of the Free anymore without being threatened with fines and imprisonment.

And while life may ‘feel’ normal, the strong arm of the police state can change that in an instant, just like it did for Hannah Cohen.

One day everything’s fine.

The next you’ve been thrust bloodied and face down by some government thug, or had your bank account frozen, or had your private property confiscated through Civil Asset Forfeiture, all for some innocent misunderstanding.

There are hundreds upon hundreds of state, local, and federal agencies with police-like powers. Even the Fish and Wildlife Service has its own gun-toting police force.

They can take your children away from you. They can deprive you of your savings and private property. They can regulate what you can/cannot put in your own body.

When the US Constitution came into force in 1789, there were only a handful of federal crimes including murder, counterfeit, and piracy of the high seas.

Today there are thousands, plus countless rules and regulations that carry criminal penalties.

If you find yourself serving time in the Land of the Free for illegally collecting rainwater on your own property, your cellmate might be in for letting her children walk to the playground by themselves.

That’s not freedom.

In 1819, the administration of US President James Monroe negotiated the Transcontinental Treaty in which the United States purchased Florida from Spain for the sum of $5 million.

That’s about $90 million in 2016 money.

Today the US government blows $2 billion on a website… and hundreds of billions more on pointless wars, sticking taxpayers with the bill, and unborn generations with debts.

That’s not freedom.

When America was in its infancy, the government passed the Coinage Act of 1792 and established the US dollar as precisely 24.1 grams of pure silver.

Today, an unelected committee of economists and ex-Goldman Sachs bankers wields total control over the money supply, with the power to manipulate asset prices and the value of your savings, for the benefit of a tiny banking elite.

That’s not freedom.

July 4th is the traditional day to celebrate the free and independent republic that America used to be.

But as millions of people wake up to the hangover of reality, perhaps July 5th may be the day to acknowledge what America has become… and where it’s going.

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Governments Change; The Corporatocracy Endures

Submitted by Charles Hugh-Smith via OfTwoMinds blog,

Ultimately, the dominance of global capital (the Corporatocracy) is not financial – it's political.

One little-remarked consequence of the central banks' policies of near-zero interest rates and quantitative easing is the unrivaled dominance of mobile global capital, i.e. the Corporatocracy. The source of corporate political power is the ability to borrow essentially unlimited sums for next to nothing: what I have long termed free money for financiers.

Armed with central-bank supplied unlimited credit, global capital can outbid local residents and businesses. Over time, profitable enterprises and assets end up in corporate hands.

Consider the typical family farm, not just in America but in Germany, Australia, etc. It's hard work squeezing a livelihood from the land in a market dominated by a handful of global corporate giants and their state handmaidens, and so unsurprisingly many in the next generation have opted for corporate-state jobs in urban areas rather than shoulder the financial risks of continuing the family farm.

A neighboring farmer might be interested in buying, be he/she will have to borrow the money at (say) 4%.

The global corporation can sell bonds (i.e. borrow money) at less than 1%. The lower cost of capital enables the corporation to outbid local farmers for the land, and this low cost of borrowing also enables the corporation to fund capital-intensive economies of scale that are beyond the reach of family farms.

The net result is the nation's farmland, its core productive asset, slides inevitably into corporate ownership. Anyone who resists selling out is crushed by low prices (corporate farms can over-produce and survive low prices, family farms cannot), or they are crushed by the disadvantages of being an "outsider" selling to the corporate supply chain, which favors in-house suppliers or large corporate producers.

The same dynamic–the unparalleled power of cheap credit–leads to corporate ownership which then funds corporate dominance of the political process. Consider building a house for your family. You'll need construction financing, and since that's riskier than a conventional mortgage to buy an existing home, that will cost you between 4% and 5%, and requires thousands of dollars in fees.

The corporate homebuilder can borrow at 1%. Guess who's construction costs are cheaper?

As corporations buy up productive assets, they consolidate these assets into cartels and quasi-monopolies that can be protected from competition by lobbying and campaign contributions. Once you can buy up productive assets with cheap borrowed money, the profits start piling up, and you can use a thin sliver of these profits to hire lobbyists and buy political favors/protection from politicos desperate to cling onto their power.

The net result of unlimited credit for corporations is a Corporatocracy that constantly expands its financial and political power. And the net result of this corporate control of governance is: governments come and go, candidates come and go, and political movements come and go, but the Corporatocracy remains in charge.

If interest rates were 10% for everyone and every entity, individuals and small enterprises that had saved up cash could outbid corporations, which habitually get crushed in downturns by high interest payments. At zero interest rates, corporations can outbid savers, households and small businesses, who don't get to borrow billions of dollars at near-zero rates from central banks.

Loan me $10 billion at 0.25% annual interest and I'll assemble some profitable assets, too. Any of us can get obscenely wealthy if we have an unlimited credit line at .25% annual interest (i.e. essentially free money).

Ultimately, the dominance of global capital (the Corporatocracy) is not financial– it's political. The populace and their elected leadership either allow corporations to dominate (via central bank policies) or they strip the central banks of the power to create a dominant Corporatocracy.

The choice is ours–or it used to be. No wonder voting fraud is the tool-du-jour of the Corporatocracy's political toadies in the U.S.. It's far too dangerous to actually let the Great Unwashed taxpayers make political decisions; they might oust the central bankers, and if they did that, the corporatocracy and their political toadies would suffer an inevitable decline as their free-money spigots were turned off.

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