David Harsanyi Addresses Arne Duncan’s Attack on Common Core Critics

Secretary of Education Arne DuncanCommon Core, the initiative that claims to more
accurately measure K-12 student knowledge in English and math, also
encourages children to step up their “critical thinking.” That
didn’t stop Education Secretary Arne Duncan, one of Common Core’s
salesmen, from telling a group of school superintendents last week
that it is “fascinating” to see opposition to the initiative coming
from “white suburban moms who—all of a sudden, their child isn’t as
brilliant as they thought they were, and their school isn’t quite
as good as they thought they were.” Duncan’s comments, writes David
Harsanyi, overlook a very real achievement gap in American
education, and were part of a pattern of undermining innovation and
attacking choice.

View this article.

from Hit & Run http://reason.com/blog/2013/11/22/david-harsanyi-on-arne-duncans-attacks-o
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David Harsanyi Addresses Arne Duncan's Attack on Common Core Critics

Secretary of Education Arne DuncanCommon Core, the initiative that claims to more
accurately measure K-12 student knowledge in English and math, also
encourages children to step up their “critical thinking.” That
didn’t stop Education Secretary Arne Duncan, one of Common Core’s
salesmen, from telling a group of school superintendents last week
that it is “fascinating” to see opposition to the initiative coming
from “white suburban moms who—all of a sudden, their child isn’t as
brilliant as they thought they were, and their school isn’t quite
as good as they thought they were.” Duncan’s comments, writes David
Harsanyi, overlook a very real achievement gap in American
education, and were part of a pattern of undermining innovation and
attacking choice.

View this article.

from Hit & Run http://reason.com/blog/2013/11/22/david-harsanyi-on-arne-duncans-attacks-o
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Philadelphia Becomes First City To Ban 3D-Printed Gun Manufacturing

Yesterday, the Philadelphia City Council approved
a ban on the manufacturing of guns with a 3D printer.

Philadelphia magazine
reports
that councilman Kenyatta Johnson, who crafted the
legislation, is unaware of any actual 3D gun manufacturers in
the city, and in a surprisingly earnest statement Johnson’s office
explained that “It’s all pre-emptive. It’s just based upon internet
stuff out there.”

The
legislation
, which bans anyone without a federal firearms
manufacturing license from producing 3D-printed guns, was passed
unanimously by 10-member council. If the mayor approves the bill,
Philadelphia will be the first city to implement this kind of
ban.

Johnson, who is a longtime
advocate
of restrictions on gun ownership and use, previously
said “You can use certain types of plastics and certain types of
other material to replicate anything,” a power that if honed by 3D
gun enthusiasts could be “catastrophic.” He hopes that restricting
these firearms will be curtail violent crime in Philadelphia.

It’s an ambitious goal. The Department of Homeland Security, for
example, has suggested that stopping the production of 3D-printed
weapons is a
virtually impossible task
. And criminals may have little
incentive to buy or build plastic 3-D printed guns like the

Liberator
, which is likely to complete just a few shots before
breaking. The production of
metal
3-D printed guns may change that, but as
Philadelphia magazine notes, the equipment needed to
manufacture one of these firearms can set you back $8000, whereas a
good old-fashioned black market handgun may cost as little as $300.
If a criminal is looking to inflict the catastrophic damage that
Johnson fears, they would not need an expensive, futuristic gun,
but as Reason‘s J.D. Tuccille
highlights
, a coffee mug, few dollars worth hygienic
products, and a working knowledge of basic chemistry.

There also remains question as to how well the bill will hold
up, as Pennsylvania law states
that “no county, municipality or township may in any manner
regulate the lawful ownership, possession, transfer or
transportation of firearms, ammunition or ammunition components
when carried or transported for purposes not prohibited by the laws
of this Commonwealth.”

Johnson countered this,
telling
Phily.com that “the prohibition that city ordinances
can’t overcome as it relates to state legislation is primarily
ownership, transfer of a firearm. This goes to manufacturing.” He
assured that “We believe that if there is a challenge in the court
system, it will be something we’ll be able to defeat.”

from Hit & Run http://reason.com/blog/2013/11/22/philadelphia-becomes-first-city-to-ban-3
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The Time To Hike Rates Is Now According To The Beveridge Curve

In addition to being a sanity, and manipulation, check to the non-farm payrolls number where “drift” occasionally gets so profound even the BLS is forced to cower in shame for openly making up numbers, the monthly JOLTS survey also includes, as part of its graphs and highlights addendum, a very useful chart laying out the Beveridge Curve of the US labor force. It shows the relationship between unemployment and the job vacancy rate or the number of unfilled jobs expressed as a proportion of the labor force. Fewer openings imply a higher unemployment rate.

We have been tracking the Beveridge Curve for years: one of the first times which showed the peculiarity of the New Normal was in early 2011 when we observed that it had entered the “twilight zone.” Back then few, and certainly not the Fed, had even considered the implications of the plunging labor force and the soaring number of Americans who have exited the labor pool entirely.

This is what we said…

Thanks to the Department of Central Planning, the Beveridge Curve has recently entered the twilight zone. According to the latest job opening rate, the unemployment rate should be around 6.5%. In reality, when accounting for the record 6.6 million persons not in the labor force who want a job now, not to mention the millions of others who are not even counted in the labor force, the true jobless rate (U-3) is somewhere around 12%! In fact, if one were to represent the data in a fashion that captures reality, the curve would start resembling that of a volatility smile, which is odd now that the only Put in the market is that of one Rudolf von Bernankestein. But such are the vagaries of data reporting in a regime whose only purpose is to represent the positive side effects of 1,000% RDA consumption of hopium.

… And showed this chart:

Today’s update merely confirms that the rabbit has never been deeper in the New Normal unemployment Twilight Zone than now:

The assessment on the above chart is very simple: as Stone McCarrthy puts it “this is an indication of an increase in structural unemployment.”

That statement is obvious to the millions of Americans who have been out of a job for years since the Lehman collapse, and have been unable to find a new job despite the plethora of “job openings.”

However, that’s not all.

That the New Normal labor market is broken beyond repair is obvious. But what the implied unemployment rate based on the current level of Job Openings is, is even worse – because it is precisely at the 5.5% level where the Fed would not only taper, not only end QE but begin tightening!

Which begs the question: courtesy of the record 91 million Americans out of the labor force, is the structural unemployment level now esentially curve shifted by some 2%? Because if indeed so, this is prima facie evidence that the Fed is now openly blowing the biggest bubble in pursuit of a futile cause since the effective unemployment rate target, which has now been lowered to 5.5% according to Yellen’s “Optimal Control” goalseeking, will never be reached due to the now structural unemployment and the Fed will be stuck inflating the stock market, the only tangible it can now manipulate, in perpetuity.

Alternatively, if it is the vacancy rate component of the Beveridge curve that is accurate, and there is a structural excess slack in the economy, then the implied unemployment rate now is 5.5%. Which just happens to be the Fed’s signal to begin tightening.

Incidentally it is a good bet that something that not even the Fed expects will happen shortly before perpetuity is hit.


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/i9YCZ7sTPA0/story01.htm Tyler Durden

S&P Closes Above 1800, Posts 7th Consecutive Weekly Increase: Longest Streak Since 2007

The S&P 500 has now managed the longest weekly winning streak (7 weeks) since May 2007 (when it managed a 9% gain). Off the recent lows, the current run is an impressive 9.6% (for the S&P) with Trannies up 12.5% in the same period. (we hesitate to mention that May 2007's run-up was halted by the first of the structured credit funds imploding) On the week, Trannies and NASDAQ ended back practically unch, Russell 2000 outperformed but the afternoon melt-up in stocks (on the back of more shorts being squeezed) held the S&P above 1,800 close for the first time ever. Bonds rallied (recovering a lot of their mid-week losses), the USD was offered in general (led by EUR strength) but AUD's 2% loss was notable. VIX was manhandled to 12.25% into the close to maintain the headline-grabbing 1,800 as gold and silver clung to their lows.

 

The 7-week winning streak of the S&P 500 in 2007 marked the top…

 

A glance at the lower pane in the following week of data for the S&P 500 says all you need to know… the selling days are heavy volume and the buy days are thin, low volume illiquid meltups…

 

The NASDAQ crept back to unch on the week, Trannies underperformed but the small cap Russell went on another high beta trip to infinity… Just look at the dip-buying frenzy in small caps (blue) after the FOMC minutes were digested…!!

 

As "most shorted" names were tossed around like rag dolls… with the afternoon meltup in broad indices driven by yet further squeezes…

 

 

Led by the all-important EURJPY carry trade… come the fuck on!!!!

 

Treasuries were bid back in the last 2 days recovering most ofthe FOMC minutes losses…

 

The more hedged and saturated credit guys finally threw in the towel and capitulated the last 2 days…

 

Precious metals had a tough week – as oil and copper rose (Fed off, growth on? – not in the data but whatever)…

 

Charts: Bloomberg

Bonus Chart: The Only chart that counts

 

Bonus Bonus Chart: A glimpse of the future for the US perhaps? Or are we witnessing the birth of the CaracasCoin (Venezuela's stock index surged 56% in 21 days, then collapsed 20.2% in 10 days and has now spiked 9.75% in the last 2 days…)

 

Is there a CNBC Venezuela?

 


    



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

S&P Closes Above 1800, Posts 7th Consecutive Weekly Increase: Longest Streak Since 2007

The S&P 500 has now managed the longest weekly winning streak (7 weeks) since May 2007 (when it managed a 9% gain). Off the recent lows, the current run is an impressive 9.6% (for the S&P) with Trannies up 12.5% in the same period. (we hesitate to mention that May 2007's run-up was halted by the first of the structured credit funds imploding) On the week, Trannies and NASDAQ ended back practically unch, Russell 2000 outperformed but the afternoon melt-up in stocks (on the back of more shorts being squeezed) held the S&P above 1,800 close for the first time ever. Bonds rallied (recovering a lot of their mid-week losses), the USD was offered in general (led by EUR strength) but AUD's 2% loss was notable. VIX was manhandled to 12.25% into the close to maintain the headline-grabbing 1,800 as gold and silver clung to their lows.

 

The 7-week winning streak of the S&P 500 in 2007 marked the top…

 

A glance at the lower pane in the following week of data for the S&P 500 says all you need to know… the selling days are heavy volume and the buy days are thin, low volume illiquid meltups…

 

The NASDAQ crept back to unch on the week, Trannies underperformed but the small cap Russell went on another high beta trip to infinity… Just look at the dip-buying frenzy in small caps (blue) after the FOMC minutes were digested…!!

 

As "most shorted" names were tossed around like rag dolls… with the afternoon meltup in broad indices driven by yet further squeezes…

 

 

Led by the all-important EURJPY carry trade… come the fuck on!!!!

 

Treasuries were bid back in the last 2 days recovering most ofthe FOMC minutes losses…

 

The more hedged and saturated credit guys finally threw in the towel and capitulated the last 2 days…

 

Precious metals had a tough week – as oil and copper rose (Fed off, growth on? – not in the data but whatever)…

 

Charts: Bloomberg

Bonus Chart: The Only chart that counts

 

Bonus Bonus Chart: A glimpse of the future for the US perhaps? Or are we witnessing the birth of the CaracasCoin (Venezuela's stock index surged 56% in 21 days, then collapsed 20.2% in 10 days and has now spiked 9.75% in the last 2 days…)

 

Is there a CNBC Venezuela?

 


    



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

More signs we’re living in a Philip K. Dick novel: Jose Canseco pulled over for having diapered goats in his car.

This story is mostly for Matt Welch, who likes baseball, goats,
and diapers (in that order, according to his Wikipedia page).

Former baseball slugger, Madonna boy toy, and steroid enthusiast
Jose Canseco recently bought some goats, put diapers on them, and
then…things got weird:

A couple hours after acquiring his new goats, Canseco was pulled
over. 

Apparently, the officer got a kick out of Canseco’s new animals
in the backseat.


Read more here.

And if you care about the power of teh Interweb
and the radical, non-filtered speech acts it enables, follow
Canseco (the more admirable half of the Bash Brothers!) on
Twitter
.

Past episodes of “more signs we’re living in a Philip K. Dick
novel” include the strange case of
Fetus-Free Pepsi
, the creation of an online dating
service
built around Atlas Shrugged, the al Qaeda plot to
kidnap the
star of Cinderella Man
, and of course the entire career of
Arnold Schwarzenegger.

Mandatory reading (unless you’re already tripping balls on CAN-D
and Perky Pat layouts): “Which
Philip K. Dick Story Are We in Today?”

from Hit & Run http://reason.com/blog/2013/11/22/more-signs-were-living-in-a-philip-k-dic
via IFTTT

More signs we're living in a Philip K. Dick novel: Jose Canseco pulled over for having diapered goats in his car.

This story is mostly for Matt Welch, who likes baseball, goats,
and diapers (in that order, according to his Wikipedia page).

Former baseball slugger, Madonna boy toy, and steroid enthusiast
Jose Canseco recently bought some goats, put diapers on them, and
then…things got weird:

A couple hours after acquiring his new goats, Canseco was pulled
over. 

Apparently, the officer got a kick out of Canseco’s new animals
in the backseat.


Read more here.

And if you care about the power of teh Interweb
and the radical, non-filtered speech acts it enables, follow
Canseco (the more admirable half of the Bash Brothers!) on
Twitter
.

Past episodes of “more signs we’re living in a Philip K. Dick
novel” include the strange case of
Fetus-Free Pepsi
, the creation of an online dating
service
built around Atlas Shrugged, the al Qaeda plot to
kidnap the
star of Cinderella Man
, and of course the entire career of
Arnold Schwarzenegger.

Mandatory reading (unless you’re already tripping balls on CAN-D
and Perky Pat layouts): “Which
Philip K. Dick Story Are We in Today?”

from Hit & Run http://reason.com/blog/2013/11/22/more-signs-were-living-in-a-philip-k-dic
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Warsaw Climate Change Conference Goes Into Overtime

Warsaw HallwayWARSAW-“This COP is already
locked in failure,” declared Anjali Appadurai at a press briefing
as the 19th Conference of the Parties (COP-19) of the U.N. Climate
Change Convention (UNFCCC) slouched toward its close on Friday
night. She added, “This COP has delivered nothing.” As it happens,
Appadurai was one of the activists who participated in the
“massive” walkout of self-styled civil society at the conference on
Thursday, but there she was on the podium at as representative of
the
Third World Network
. Never mind. The environmental ministers
and diplomats are still at it trying shape some kind of deal.

So what would “success” look like to Appadurai and other climate
change activists here at the Warsaw conference? First, the rich
countries would have to admit their
historical responsibility
for damaging the climate and commit
to cutting their greenhouse emissions by 40 percent below what they
emitted in 1990. Currently, developed nations have committed to
cuts amounting to about 18 percent by 2020.

Second, it is not enough that the rich countries promised in
2009 at the Copenhagen climate change conference to “mobilize” $100
billion per year in climate change funding for poor countries
beginning in 2020. Meena Raman, another representative of the Third
World Network, cited the demands from the Like-Minded Developing
Countries for $70 billion in climate change funding by 2015. The
poor countries are also adamant that the billions “mobilized” by
rich countries should not come from the private sector: that’s just
way too uncertain. Poor country governments will accept only public
funds in the form of grants.

Citing the awful devastation wreaked on the Philippines by
Typhoon Haiyan, the poor country negotiators claim is that it’s far
too late to mitigate or adapt to climate change. It’s now time to
pay for the effects of climate change. So the third demand from
poor countries is that the rich countries set up a separate funding
mechanism in addition to the annual $100 billion already promised
to compensate poor countries for the
loss and damage
caused by climate change.

The rich countries have been resisting all three of these
demands. Instead, they are focusing on how to reach some kind of
binding global treaty at the COP in Paris in 2015.
Under that agreement all countries, rich and poor, are supposed to
make nationally determined mitigation commitments. That is, each
country is supposed tell the rest of the world how and by how much
they plan to reduce their greenhouse gas emissions after the new
treaty comes into force in 2020. Poor countries counter that they
will not make any such commitments until the rich countries make
firm climate change funding commitments.

The rich countries led by U.S. climate negotiator Todd Stern
would count the conference a “success” if it achieved two things.
First, negotiators would establish uniform greenhouse gas
mitigation performance standards that could be compared directly
across all countries. Second, the conference would adopt a
timetable in which each country is expected to make its initial
mitigation pledges public and available for criticism, preferably
by late 2014 or early 2015. The rich countries also do not want to
create a new loss and damage bureaucracy, but have those issues
handled under the already existing adaptation provisions of the
UNFCCC.

The COP was supposed to close at 6 pm (CET) but the negotiations
continue and are expected to run well into the night. My final
dispatch from the Warsaw climate conference, reporting on what it
delivered, if anything, will appear on Monday

from Hit & Run http://reason.com/blog/2013/11/22/warsaw-climate-change-conference-goes-in
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