Steve Chapman on John F. Kennedy and Overambitious Government

John F. KennedyExtravagance can be intoxicating, and those who
grow accustomed to extravagance, only to be deprived of it, can
miss it terribly. That accounts for much of the powerful hold John
F. Kennedy has on a generation of Americans even today. He led
people to imagine that their government had the boundless capacity
to improve the world, and on the day he died, they could still
believe that. His administration and that of his vice president and
successor Lyndon B. Johnson are significant in the same way: They
represent the pinnacle of ambitious, visionary government. But what
each president lacked, writes Steve Chapman, was a sober sense of
the limits of what it could do, at home or abroad.

View this article.

from Hit & Run http://reason.com/blog/2013/11/21/steve-chapman-on-john-f-kennedy-and-over
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Colorado Awards the World’s First Recreational Pot License

Westword
reports
that Annie’s, a medical marijuana center in Central
City, Colorado, recently received the state’s very first
recreational pot license. It is also, as far as I know, the world’s
very first recreational pot license, since Colorado is the first
jurisdiction in history to officially and explicitly allow the sale
of cannabis for general consumption. It is ahead of Washington,
which
started
accepting license applications on Monday. And although
the sale of marijuana by “coffee shops” has been tolerated in the
Netherlands since the 1970s, such transactions remain illegal
there. Prior to prohibition, cannabis was an ingredient in various
over-the-counter remedies, but they were ostensibly for medical
use, and there would have been no reason for a business selling
them to hold a marijuana-specific license. So unless
pre-prohibition China or India issued licenses to recreational pot
shops, I’d say this is the first. 

Central City,
the seat of Gilpin County, is a Rocky Mountain town with a
population of about 700 (per the Census Bureau) located 35 miles
west of Denver.
Annie’s
 started as a convenience store and began selling
marijuana to patients with doctor’s recommendations a few years
ago. It is currently owned by Strainwise, a chain that includes
seven other dispensaries in Denver, Idaho Springs, and Wheat Ridge.
Three of the company’s five outlets in Denver also have been
approved to sell marijuana for recreational use, but Annie’s got
its license first. 

All of the new pot shops will initially be medical marijuana
centers crossing over into the recreational market. State law gives
them a three-month head start in the licensing process, and local
ordinances give them additional protection from competition. For
example, Denver, home to more dispensaries than the rest of the
state combined, is
blocking
new entrants until February 1, 2016. The dispensaries
would have had an advantage in any case, since their grow
operations are already up and running. They are required to grow at
least 70 percent of what they sell, a rule the state legislature
has extended until next fall. Although growing marijuana for
recreational sales will not be officially allowed until January 1,
there should be enough leeway in the medical system for pot stores
to start serving the general public at that point, without having
to wait several months for a new harvest. A dispensary is allowed
to grow up to six plants for each patient who designates it as his
primary provider, meaning dispensaries can grow substantially more
than their current customers are buying, as demonstrated by the
fact that they are allowed to sell up to 30 percent of their
marijuana to other outlets. That surplus will have to tide the new
stores over until next spring.

Addendum: A reader
wonders
: Will Annie’s, given its history as a grocery store,
sell snacks along with marijuana products? That sounds like a
natural combination, but it is forbidden
by Colorado’s pot shop regulations.

from Hit & Run http://reason.com/blog/2013/11/21/colorado-awards-the-worlds-first-recreat
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Colorado Awards the World's First Recreational Pot License

Westword
reports
that Annie’s, a medical marijuana center in Central
City, Colorado, recently received the state’s very first
recreational pot license. It is also, as far as I know, the world’s
very first recreational pot license, since Colorado is the first
jurisdiction in history to officially and explicitly allow the sale
of cannabis for general consumption. It is ahead of Washington,
which
started
accepting license applications on Monday. And although
the sale of marijuana by “coffee shops” has been tolerated in the
Netherlands since the 1970s, such transactions remain illegal
there. Prior to prohibition, cannabis was an ingredient in various
over-the-counter remedies, but they were ostensibly for medical
use, and there would have been no reason for a business selling
them to hold a marijuana-specific license. So unless
pre-prohibition China or India issued licenses to recreational pot
shops, I’d say this is the first. 

Central City,
the seat of Gilpin County, is a Rocky Mountain town with a
population of about 700 (per the Census Bureau) located 35 miles
west of Denver.
Annie’s
 started as a convenience store and began selling
marijuana to patients with doctor’s recommendations a few years
ago. It is currently owned by Strainwise, a chain that includes
seven other dispensaries in Denver, Idaho Springs, and Wheat Ridge.
Three of the company’s five outlets in Denver also have been
approved to sell marijuana for recreational use, but Annie’s got
its license first. 

All of the new pot shops will initially be medical marijuana
centers crossing over into the recreational market. State law gives
them a three-month head start in the licensing process, and local
ordinances give them additional protection from competition. For
example, Denver, home to more dispensaries than the rest of the
state combined, is
blocking
new entrants until February 1, 2016. The dispensaries
would have had an advantage in any case, since their grow
operations are already up and running. They are required to grow at
least 70 percent of what they sell, a rule the state legislature
has extended until next fall. Although growing marijuana for
recreational sales will not be officially allowed until January 1,
there should be enough leeway in the medical system for pot stores
to start serving the general public at that point, without having
to wait several months for a new harvest. A dispensary is allowed
to grow up to six plants for each patient who designates it as his
primary provider, meaning dispensaries can grow substantially more
than their current customers are buying, as demonstrated by the
fact that they are allowed to sell up to 30 percent of their
marijuana to other outlets. That surplus will have to tide the new
stores over until next spring.

Addendum: A reader
wonders
: Will Annie’s, given its history as a grocery store,
sell snacks along with marijuana products? That sounds like a
natural combination, but it is forbidden
by Colorado’s pot shop regulations.

from Hit & Run http://reason.com/blog/2013/11/21/colorado-awards-the-worlds-first-recreat
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Is Venezuela Selling Gold to Goldman Sachs?

With gold once again getting the slamdown treatment this morning (even as stocks shrug off any taper tantrum fears) the following article from Venezuelan newspaper El Nacional seems quite prescient. As Liberty Blitzkrieg's Mike Krieger notes, it appears to imply that the struggling South American nation has agreed to sell or swap the gold it still holds overseas at the Bank of England to Goldman Sachs. Perhaps that helps explain where Maduro got the money for the Samsung deal…

Via Liberty Blitzkrieg blog,

This is one of the major problems with gold. Despite what some may say, it is probably the most manipulated asset on the planet. Given the fact that so much of the gold is in the hands of sovereign nations and Central Banks that can be pressured by the U.S. empire, this is what happens. In fact, as I have said on many occasions, many of the Central Bank purchases we hear about do not consist of countries actually moving gold to within their borders, but rather just paper purchases. This does nothing to tighten supply/demand for gold. The main countries whose Central Banks actually appear to buy and deliver gold within their borders are China, Russia, Iran, and well, Venezuela. Until that changes, gold will be relatively easily manipulated, which is exactly why I support Bitcoin and why is taking off as it has.

From a sentiment perspective I think gold is buy, but personally I am waiting to see if we get one more major flush.

Here are excepts from the article courtesy of GATA. I believe it is a google translation and the actual sourced article in Spanish can be found here.

Venezuela’s Central Bank and Goldman Sachs are ready to sign an agreement to swap or exchange international gold reserves, with a start date in October, as stated in the contract, and until October 2020.

 

The negotiated amount, equivalent to 1.45 million ounces of gold, are deposited in the Bank of England and the transfers are made directly to Goldman Sachs once delivery times are stipulated.

 

The operation involves the delivery of gold from the central bank, which will receive dollars from the U.S. firm. The transactions are made through the creation of a financial instrument that is traded in the international market.

 

During the term of the instrument is an account called “margin,” in which the central bank agrees to deposit a larger amount of gold in the event that the price of gold falls or in which Goldman Sachs deposits a larger amount when gold increases. “At the expiration of the transaction the contributions are returned to their owners,” the document says.

 

There will be an adjustment to the asset value of 10 percent, to be used as a hedge in case the international market price falls, indicating that the U.S. bank takes care that if it produces a depreciation it will be covered and Venezuela would assume risk. The annual interest rate will be a combination of dollars with the call BBA Libor equivalent to 8 percent.


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/6cva35nCVw0/story01.htm Tyler Durden

Crude Oil Spikes Most In 7 Weeks As Iran Nuclear Deal Hopes Fade

With the WTI-Brent spread at 8-month wides, RINs having collapsed, and US investors buoyed by gas prices at the pump near recent lows, the surge in crude oil prices today – by their most since October 2nd – may take some of the ‘tax-cut’ punch from the party (remember gas prices are still 11.4% above recent seasonal norms). The 2% jump in WTI (and 1.85% rise in Brent over the last 2 days) may have only pushed it back to one-week highs but breaks a trend of lower prices that many have hoped would persist. Desk chatter is that much of this move is a re-up of middle-east premia as Iran’s nuclear negotiator says no deal today.

 

 

Bear in mind that despite the euphoria over lower gas prices, they are still 11.4% above seasonal norms of the last 5 years…


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/26aylzOQv6c/story01.htm Tyler Durden

Peter Suderman on Why American Politics Doesn’t Do Big Things

In January 2011, when President Obama closed out
his State of the Union address with a double invocation of the
phrase, “we do big things,” it seemed more than plausible. It
seemed obviously true. During the previous two years, Congress had
passed, and Obama had signed, the biggest fiscal stimulus in
history, a far-reaching overhaul of financial sector regulation
that included the creation of a new federal agency, and a health
care law intended to reform the insurance market and bring the
nation closer than ever to universal coverage. Obama’s declaration
wasn’t so much a promise as a boast of progress already made; under
his watch, the federal government wasn’t merely going to do big
things—it had already done them. But nearly three years later,
writes Reason Senior Editor Peter Suderman, the federal
government’s capacity for expansive action looks far more in
doubt.

View this article.

from Hit & Run http://reason.com/blog/2013/11/21/peter-suderman-on-why-american-politics
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Peter Suderman on Why American Politics Doesn't Do Big Things

In January 2011, when President Obama closed out
his State of the Union address with a double invocation of the
phrase, “we do big things,” it seemed more than plausible. It
seemed obviously true. During the previous two years, Congress had
passed, and Obama had signed, the biggest fiscal stimulus in
history, a far-reaching overhaul of financial sector regulation
that included the creation of a new federal agency, and a health
care law intended to reform the insurance market and bring the
nation closer than ever to universal coverage. Obama’s declaration
wasn’t so much a promise as a boast of progress already made; under
his watch, the federal government wasn’t merely going to do big
things—it had already done them. But nearly three years later,
writes Reason Senior Editor Peter Suderman, the federal
government’s capacity for expansive action looks far more in
doubt.

View this article.

from Hit & Run http://reason.com/blog/2013/11/21/peter-suderman-on-why-american-politics
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Driver Arrested in Ohio for Secret Car Compartment Full of Nothing

What's in that cylindrical container? Is it full of drugs? IS IT?Norman Gurley, 30, is facing
drug-related charges in Lorian County, Ohio, despite the fact that
state troopers did not actually find any drugs in his
possession.

Ohio passed
a law
in 2012 making it a felony to alter a vehicle to add a
secret compartment with the “intent” of using it to conceal drugs
for trafficking.

Gurley is the first actual person arrested under the law. WKYC
in Northeast Ohio covered the arrest, with no notable journalistic
skepticism
whatsoever
:

They pulled over the driver for speeding, but then troopers
noticed several wires running to the back of the car.

Those wires then led them directly to a hidden compartment.

Around 5 p.m. on Tuesday state troopers made the arrest under
the law, which is meant to combat criminals who modify the inside
of their car, allowing them to store drugs or weapons inside secret
compartments, which can often only be accessed electronically.

They just noticed some wires, did they? Just while in the
process of handing Gurley a speeding ticket, they noticed the
wires?

They did not, however, find any drugs, which means they’re
arresting Gurley for the crime of an empty space:

Troopers arrested 30-year-old Norman Gurley, who didn’t even
have any drugs on him, but it didn’t matter, because in Ohio, just
driving a “trap” car is now a felony.

“Without the hidden compartment law, we would not have had any
charges on the suspect,” says Combs.

But because of this law, one more “trap car” is now off
Northeast Ohio roads.

“We apparently caught them between runs, so to speak, so this
takes away one tool they have in their illegal trade. The law does
help us and is on our side,” says Combs.

Combs’ claim is not challenged by the news station at all.

The law says it’s only a crime if the hidden compartment is
added with the “intent” to conceal drugs, but it also outlaws
anybody who has been convicted of felony aggravated drug
trafficking laws from operating any vehicle with hidden
compartments. The ACLU of Ohio warned
against the new legislation:

The ACLU of Ohio believes SB 305 is an unnecessary and
unproductive expansion of law. Drug trafficking is already
prohibited under Ohio law, so there is no use for shifting the
focus to the container. Further by focusing on the container
itself, this bill criminalizes a person with prior felony drug
trafficking convictions simply for driving a car with a hidden
compartment, regardless of whether or not drugs or even drug
residue are present.

Given this is the first arrest, you have to wonder how the
courts might view a law making it a felony to alter a person’s own
property for reasons that have nothing to do with actual public
safety. Maybe we’ll see.

As for the car itself, the Institute for Justice’s 2010
“Policing for Profit” report
calculated that law enforcement officials in the state have
collected more than $80 million in shared proceeds from asset
forfeiture funds. Oh, and the hidden compartment law exempts
vehicles being operated by law enforcement officers, so if state
troopers can come up with an excuse to use the ride they just
grabbed, they may be able to keep it for themselves.

(Hat tip to Reason commenter Warty)

from Hit & Run http://reason.com/blog/2013/11/21/driver-arrested-in-ohio-for-secret-car-c
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Reid Prepares To Go “Nuclear”, End Nomination Filibusters

Frustrated by constant republican opposition to pass Obama candidate nominations, Harry Reid may finally invoke the “nuclear option” and end the GOP’s ability to filibuster nominees. Politico reports that this may take place as soon as today. Politico reports: “Senate Majority Leader Harry Reid may move toward a historic change in the Senate rules to eliminate the filibuster on most nominations as soon as Thursday, according to senior Democratic aides. Reid is strongly considering calling up one in a group of blocked nominees to the D.C. Circuit Court of Appeals for another round of votes, furious that Republicans have thwarted the nominations of Robert Wilkins, Nina Pillard and Patricia Millette. If a second go-round fails on that judicial pick, Reid would likely unilaterally move to change the rules of the Senate by a majority vote — the “nuclear option,” Senate sources said.” This is not the first time Reid has threatened to go nuclear: “Privately, Senate Democratic leaders insist they prefer confirmation of Obama’s nominees rather than a rules change. And lawmakers have been at this point before.” However, it appears that this time he means business.

Bloomberg adds some additional quotes from the Nevada Senator for color:

  • REID SAYS `AMERICAN PEOPLE BELIEVE CONGRESS IS BROKEN’
  • REID SAYS HE AGREES THAT SENATE IS BROKEN
  • REID SAYS OBSTRUCTION OF NOMINEES `UNPRECEDENTED’
  • REID SAYS CONFIRMATION OF NOMINEES IS `UNWORKABLE’

What happens next:

The rules change being discussed among top Democrats would eliminate filibusters on all executive nominees as well as all judicial nominees, except those to the Supreme Court. Such a rules change would pave the path toward smoother confirmation for two more key Obama nominees: Janet Yellen to lead the Federal Reserve and Jeh Johnson to helm the Department of Homeland Security.

Still, Reid’s strategy may backfire if and when the republicans regain majority of the Senate:

Republicans are publicly warning that the change would simply be a path to eliminating the filibuster on everything, even on legislation — which would mean when the GOP takes the majority, Democrats will regret pushing the nuke button.

 

“You always have to take it seriously. I just think it would be incredibly short-sighted,” said Sen. John Cornyn of Texas, the Republican whip. “It just seems to be something they keep coming back to when [Democrats] don’t get their way.”

Then again, since Congress long lost control of a nation whose entire future hangs in the balance of the daily S&P closing print, what Reid or his peers do, is largely irrelevant, especially since Mr. Chairwoman just got the green light to get to work and make Congress even more irrelevant.


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/ct5lk0W22jQ/story01.htm Tyler Durden

Reid Prepares To Go "Nuclear", End Nomination Filibusters

Frustrated by constant republican opposition to pass Obama candidate nominations, Harry Reid may finally invoke the “nuclear option” and end the GOP’s ability to filibuster nominees. Politico reports that this may take place as soon as today. Politico reports: “Senate Majority Leader Harry Reid may move toward a historic change in the Senate rules to eliminate the filibuster on most nominations as soon as Thursday, according to senior Democratic aides. Reid is strongly considering calling up one in a group of blocked nominees to the D.C. Circuit Court of Appeals for another round of votes, furious that Republicans have thwarted the nominations of Robert Wilkins, Nina Pillard and Patricia Millette. If a second go-round fails on that judicial pick, Reid would likely unilaterally move to change the rules of the Senate by a majority vote — the “nuclear option,” Senate sources said.” This is not the first time Reid has threatened to go nuclear: “Privately, Senate Democratic leaders insist they prefer confirmation of Obama’s nominees rather than a rules change. And lawmakers have been at this point before.” However, it appears that this time he means business.

Bloomberg adds some additional quotes from the Nevada Senator for color:

  • REID SAYS `AMERICAN PEOPLE BELIEVE CONGRESS IS BROKEN’
  • REID SAYS HE AGREES THAT SENATE IS BROKEN
  • REID SAYS OBSTRUCTION OF NOMINEES `UNPRECEDENTED’
  • REID SAYS CONFIRMATION OF NOMINEES IS `UNWORKABLE’

What happens next:

The rules change being discussed among top Democrats would eliminate filibusters on all executive nominees as well as all judicial nominees, except those to the Supreme Court. Such a rules change would pave the path toward smoother confirmation for two more key Obama nominees: Janet Yellen to lead the Federal Reserve and Jeh Johnson to helm the Department of Homeland Security.

Still, Reid’s strategy may backfire if and when the republicans regain majority of the Senate:

Republicans are publicly warning that the change would simply be a path to eliminating the filibuster on everything, even on legislation — which would mean when the GOP takes the majority, Democrats will regret pushing the nuke button.

 

“You always have to take it seriously. I just think it would be incredibly short-sighted,” said Sen. John Cornyn of Texas, the Republican whip. “It just seems to be something they keep coming back to when [Democrats] don’t get their way.”

Then again, since Congress long lost control of a nation whose entire future hangs in the balance of the daily S&P closing print, what Reid or his peers do, is largely irrelevant, especially since Mr. Chairwoman just got the green light to get to work and make Congress even more irrelevant.


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/ct5lk0W22jQ/story01.htm Tyler Durden