Edisto Escape

Sometimes high expectations are doomed by real life. Like watching your grown daughters become friends, and grandchildren become brothers, in the space of half a day.
And I became the queen of Sheba.

We met at “Hurricane House” in Edisto (or Edisto Beach or Edisto Island – we never were sure of the municipal parameters). Second floor, of course. It seems that everything in Edisto is built to allow freaky high tides and hurricanes the right of way.

read more

via The Citizen http://www.thecitizen.com/blogs/sallie-satterthwaite/11-19-2013/edisto-escape

Money does not exist

Yesterday the US Senate held hearings on “virtual currencies” (meaning Bitcoin).  Meanwhile the “virtual currency” ran up above $800/USD and it was reported it got above $900.  It pulled back but as of now, is hovering above $700.

It was interesting at the hearing, the so called Bitcoin ‘experts’ included FinCen and the Secret Service.  The focus seemed to be on potential criminal activities in the digital currency (not other benefits such as a replacement currency in the event of a US Dollar collapse, etc.).  

Using phrases such as “money laundering” and “criminal activity” and “child pornography” certainly did not paint a good picture of Bitcoin, for those watching with less knowledge about Finance and Bitcoin, and especially for those who had the hearings on in various bars, restaurants, airports, and other places where viewers were not focused on the hearings but could pickup the occasional keyword such as “drug trafficking.”  Silk Road and a newly discovered Assassination Market have been over reported in the news and used by anti-Bitcoin antagonists as a justification to shut down the use of Bitcoin as much as possible (or at least to make it look dirty, as if users of Bitcoin are all drug dealers and child smut peddlers).  To put things in perspective, it’s been reported that the largest holders of US Dollars next to central banks are drug cartels.  Oh, and banks such as HSBC and others have been involved in the laundering of their US Dollars, some knowingly.

It’s being described as the largest cartel money-laundering scheme in history, and today, HSBC Bank headquartered in London, with offices in the U.S. will forfeit $1.256 billion and enter into a deferred prosecution agreement with the Department of Justice (DOJ). HSBC Bank USA violated the BSA by failing to maintain an effective anti-money laundering program and failed to conduct appropriate due diligence on its foreign correspondent account holders, DOJ said.

But the DOJ is not suggesting we stop using the US Dollar because of it’s use in the drug trade, nor are they suggesting HSBC is shut down because it was laundering money for criminals.  They get fined, and we all move on.  

Virtual Currency?

What is exactly a “virtual currency” ?  Merriam-Webster defines “virtual” as:

very close to being something without actually being it

Ok so Bitcoin is not a virtual currency.  It could be a digital currency, as it’s purely electronic and not in physical form.  But of the Trillions created by the Fed during the QE program, still only $1.3 Trillion of M0 (physical cash & coin), as of July 2013, according to the New York Fed.

 

Note the green line, M2.  (M3 no longer being reported.)  But this chart will suffice to show the discrepancies between M0 and M3.  M0 is less than M1 (red line) by about $700 Billion.  The different between M2 and M1 is still about $8 Trillion.  That means at least $8 Trillion USD exist in digital form, electronically.  So does that imply the US Dollar is also a ‘digital’ or ‘virtual’ currency?  Or are the only ‘real’ US Dollars M0, physical notes?

Money does not exist

Mike Maloney has an excellent series about the differences between “money” and “currency.”  But let’s take things a step further, to divide our economy into 2 simple logical components, things that exist (real economy), and things that don’t (virtual economy).  

Things that DO exist:

  • Tools
  • Machines / Factories
  • Gold, Silver
  • People!
  • Buildings
  • Transportation systems

Things that DO NOT exist, except in our minds, as concepts:

  • Money or currency (it’s electronic entry in your bank account)
  • The markets (again, the markets themselves are virtual, although with commodity markets a virtual contract will result in the delivery of physical goods)
  • Derivatives
  • Law
  • Knowledge
  • Value, i.e. ‘asset prices’
  • Theories, concepts
  • Belief

Paper money exists, yes, but as they say it’s just paper.  If I write a $100 on a napkin even if I’m Ben Bernanke, it will not be accepted by anyone unless they believe they can take said napkin and use it for whatever they need to obtain in the real economy.  What makes physical notes accepted is the belief the US Dollar system, and the Fed, not the paper it’s printed on.

The fact is the US Dollar is not backed by the Fed, although the Fed is the primary emission, the “Prime Mover.”  The US Dollar is backed only by a belief system (as are all other currencies today).  The belief system is backed by the US military (stop believing in USD and bombs will fall shortly after, yes the villagers were right).  So money doesn’t exist, it’s all an illusion.  That is not to cast aspersions on illusions, as a matter of fact, the higher up you go on the Maslow pyramid the more ‘virtual’ things become.  Intelligence i
s non-tangible, as are many of the ideas we hold dear, philosophy, morality, etc.  Our financial system is virtual, it’s all a big video game (to use analogy) with money being the method of accounting (not the store of wealth!).  Money is a means of exchange, not a store of value.

Many lose sight of the fact that money doesn’t exist, they say they ‘need’ money or they ‘have’ money – how can you have something that doesn’t exist?  It must be a boomer concept, too much experimentation in the 60’s.  For those of you who have trouble grasping this, checkout Eric Fromm, “To Have or to Be.”  He explains that when you own things, or have things, they end up owning you!  We won’t get into the legal reality that when you have money in a bank account it’s actually their asset (deposits are not bailment).  Also, anyone who bothered to read the new account opening contracts when they open a forex account would have seen the clauses that state you are basically handing your money over to the broker and should consider yourself lucky if you get any back.

Bitcoin has emerged at an interesting time, at a time when the Fed has declared there’s ‘no limit’ to the amount of USD he will create.  At a time when few other currencies offer stable alternatives. It gives us good perspective to stand back, objectively, and examine the financial system for what it is; a construct, based on concepts, backed by ‘the real economy’ which is dying.

Maybe the conclusion is that the system is just outdated, and we are in a long generational transformation process to a new system, based on technology, not on fiat decree of our central banking lords.

 


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/Zw86ET6tkao/story01.htm globalintelhub

Gold Manipulation Probed By U.K. Regulator

As everyone knows, and as we showed yesterday in our infographic du jour, Wall Street manipulates everything, EVERYTHING…. except gold. Which is why were absolutely floored by what just flashed on Bloomberg:

  • GOLD BENCHMARKS SAID TO BE UNDER REVIEW BY U.K. AS PROBE WIDENS

More from Bloomberg: “The FCA review is preliminary and hasn’t risen to the level of a formal investigation, said the person, who asked not to be identified because the matter isn’t public. The person declined to say which gold benchmarks were under scrutiny. One of the key benchmarks is the London gold fixing, which determines the spot price for physical gold and is set twice daily by a panel of five banks.”

No. That’s not true. That’s impossible.

Nobody has ever, ever manipulated gold in the history of St. Wall Street. After all, why else would the CFTC and Alexander Godunov repeat, year after year, that unlike every other product, gold has never been manipulated.

Then again, we aren’t holding our breath until this probe finds that the biggest manipulators in the gold market are central banks themselves nothing.

As for everything else….

Foreign Exchanges

Regulators are looking into whether currency traders have conspired through instant messages to manipulate foreign exchange rates. The currency rates are used to calculate the value of stock and bond indexes.

 

Energy Trading

Banks have been accused of manipulating energy markets in California and other states.

 

Libor

Since early 2008 banks have been caught up in investigations and litigation over alleged manipulations of Libor.

 

Mortgages

Banks have been accused of improper foreclosure practices, selling bonds backed by shoddy mortgages, and misleading investors about the quality of the loans.


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/HADxD-mGn1M/story01.htm Tyler Durden

White House Says Story About White House Misleading, Is Misleading

Anyone expecting Obama to come out with his hands up following last night’s story about the made up pre-election jobs numbers, and admit to everything… will be disappointed.

  • STORY ABOUT RIGGED JOBS NUMBERS WAS MISLEADING: WHITE HOUSE

Ok everyone, back to your 29.5 hours a week job, because as everyone knows the White House would never lie to anyone about anything.

More importantly, the Commerce Department, which was referred to investigate the allegations of BLS fraud, thanks White House spokesman Jay Carney for having done its investigative work for it in just a few short hours.

Such government efficiency…


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/hL0j44ZHhg4/story01.htm Tyler Durden

Caption Contest: The Wait For The iBestbuy Begins

… Wait, wait, wait. What do you mean Best Buy isn’t releasing the next retinest, fingerprintscanniest, NSA-trackingest, 6-8 inchiest gizmo and instead these people are simply taking a 10 day break from their highly paid, quality jobs just to wait in line for a $98 TV?

From 19 Action News: Anxious Black Friday shoppers are already camping out at the Best Buy at Chapel Hill in Akron.


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/AHUSTH4UGck/story01.htm Tyler Durden

Rand Paul’s Office Accuses Reason of ‘editorial malpractice’ and ‘plagiarism-lite’

On November 12, Sen. Rand Paul (R-Ky.) gave his first major
public address since being criticized for plagiarism in his
speeches and writings. With a wink to his critics, it was heavily
footnoted
. On November 13, Reason’s Matthew Feeney wrote a

blog post
 titled “Rand Paul’s Latest Speech Did Contain
Footnotes, But That Doesn’t Mean it Was Accurate,” linking to and
excerpting from a
critical piece
by The Daily Beast‘s Josh Rogin. On
November 14, Paul staffer Doug Stafford sent the following reply,
which we now print in full. My response is below it:

RESPONSE TO REASON

DOUG STAFFORD

NOVEMBER 14, 2013

I am disappointed in Reason.com for acting as a platform from an
unreasonable and unreliable source.  First, Sen. Rand Paul was
criticized for not using enough footnotes and attribution for
political speeches and Op-Eds.  Now, he is being criticized
for using too many footnotes and these footnotes are under
unprecedented scrutiny.[1]

I was disappointed that Reason jumped on the “haters and hacks”
bandwagon by arguing that the Citadel speech had a few errors in
the 33 footnotes.  I have always held Reason to a high
standard and I am disappointed that author Matthew Fenney
(sic) failed to properly research and support his
claims.  Instead, Reason effectively borrowed an argument
from The
Daily Beast
’s Josh Rogin arguing that Sen. Paul made “at least
four factual errors” in his references to Egypt.  Had he done
proper due diligence and ten minutes of research, Feeney, might not
have copied pasted the ideas of the Daily Beast into an inaccurate
blog post. 

Let’s examine each alleged “error” one by one.

1.   On November 12, 2013 in a foreign policy
speech delivered to The Citadel, Sen. Paul stated: “In Egypt
recently, we saw a military coup that this Administration tells us
is not a military coup.”  This was an accurate
statement.  The Washington
Post
 reported on July 8 of this year that
“Carney was not ready to label Morsi’s Ouster a military
coup.”  Reasonable people can disagree on certain facts, but
it is clear to the unbiased reader that Sen. Paul’s assertion is
true.  Rogin argued that because the State Department refused
to by actually deem the coup in Egypt a “coup” pursuant to the law,
that somehow my footnote was incurred.  As opposed to
researching Rogin’s errors, Reason simply regurgitated Rogin’s
inaccurate report. This is editorial malpractice.

2.  Rogin makes a nuanced point that “following the
military takeover of the Egyptian government, the Administration
quietly halted all shipments of heavy weapons to Egypt, mostly
adhering to a law requiring a cutoff of military aid to any country
that has experienced a coup.”  So, the Administration acted
consistent with the spirit, not the letter, of the law with regard
to cutting off aid to countries that experienced a military
takeover of the government.  Reasonable people can disagree
with some arguments but this point is unreasonable and
nitpicking.

3. Rogin quotes another sentence in the Citadel speech to
support his unreasonable attack.  “In a highly unstable
situation, our government continued to send F-16s, Abrams tanks and
American-made tear gas.”  Rogin argues that “following the
military takeover of the Egyptian government, the
Administration quietly
halted
 all shipments of heavy weapons to Egypt, mostly
adhering to a law requiring a cutoff of military aid to any country
that has experienced a coup, while maintaining a
position of ambiguity
 over whether a coup had taken
place.”  Rogin might have taken a moment to look at his own
article from August 19, 2013 where he wrote, “The U.S. government
has decided privately to act as if the military takeover of Egypt
was a coup, temporarily suspending most forms of military aid,
despite deciding not
to announce publicly a coup determination
 one way or the
other, according to a leading U.S. Senator.”  That Senator,
Patrick Leahy (D-VT) was contradicted by Administration officials.
Later in the article, Rogin quoted State Department Spokeswoman,
Jen Psaki, as saying that no final policy decision had been made on
any of the Egypt aid.  Rogin also quoted Defense Secretary
Chuck Hagel as saying that no final decisions had been made. 
Furthermore, the coup happened on July 3, 2013 well before the
information was leaked to Rogin onAugust 19.  Were “F-16s,
Abrams tanks and American-made tear gas” delivered or obligated to
Egypt in that month time period between the actual coup and the
unconfirmed leak of the ceasing of this military aid?  Again,
reasonable people can disagree, but for Rogin to declare that the
statement by Senator Paul is “inaccurate” is again, a false, biased
assessment and its regurgitation is editorial malpractice on the
part of Reason.

4. Finally, Rogin contests the argument that American-made
tear gas was used against the Egyptian people during the
coup. He states, “In addition, the ABC News report Paul
cites in his footnotes for this information is from 2011 and only
mentions that U.S. made tear gas was used in the Egyptian
revolution that occurred two years ago, well before Morsi’s
election or his overthrow.”  So, there is a footnote
documenting that American-made tear gas was used against the
Egyptian people in 2011, yet it is not reasonable to deduce that it
was also used in 2013.  Until Rogin can prove that it was not
used, I think Sen. Paul’s interpretation is reasonable.

Rogin titled his piece “For Rand Paul, Footnotes Do Not Equal
Accuracy.”  This headline is false and a poorly substantiated
assertion by The Daily Beast.  For Reason to cut and paste
those same arguments, with little—if any—independent verification
of the assertions is plagiarism-lite. 

The Rogin piece was re-published in many publications, yet I
have always held Reason to a higher standard. I am
disappointed in this piece and hope that this esteemed publication
will do better diligence when using other unreliable sources to
attack a heavily footnoted and well-researched speech.



[1]
 Me, November 14, 2013, at my desk.

My response:

Most of Doug Stafford’s beef is with The Daily Beast’s
Josh Rogin, who can answer for himself. For Reason, there
are four basic charges here, two of which are not particularly
serious: No, we have not “jumped on the ‘haters and hacks’
bandwagon,” as any visit
to our archives
 will attest (side note: to conflate
thoughtful engagement and criticism of a politician with
reactionary dismissal is not becoming). And no, using the
blockquote indentation function to quote from linked, attributed
texts does not amount to even the “litest” of plagiarisms.

But was Feeney’s blog post “inaccurate”? There aren’t many
outright claims in the thing; here is the basic contestable
gist:

Josh Rogin points out that…the speech included factual errors
relating to claims about the situations in Egypt and Syria as well
the attack on the American consulate in Benghazi

On Egypt (see Stafford’s #1), the main issue is the width of the
gap between “this Administration tells us [it] is not a military
coup,” and “The law does not require us to make a formal
determination as to whether a coup took place, and it is not in our
national interest to make such a determination.” (The latter is an
anonymous Obama administration official in a
July 25 Reuters report
that was widely duplicated
elsewhere.)

Stafford effectively says that there’s no daylight between the
two comments; that Rand Paul’s “was an accurate statement,” as is
“clear to the unbiased reader.” But there’s a difference between
saying “You’re not ugly,” and “I’d rather not say whether you’re
ugly or not” (for one thing, if the subject wasn’t ugly,
the speaker would probably want to scream it from the
mountaintops). It’s pretty clear that the administration thinks
what happened in Egypt was a coup, but just doesn’t want
to deal with the
legal ramifications of that official determination
(since it
would require blocking aid), and so instead is torturing the
language. It’s a minor rhetorical point in the scheme of things,
but I’d say Paul got it wrong.

What about Syria? Feeney quotes Rogin quoting Paul:

“As we continue to aid and arm despotic regimes in Egypt, we are
also now sending weapons to the rebels in Syria,” Paul
said. 

Are we sending weapons to Syrian rebels? Here’s a Wall
Street Journal
headline from Sept. 2: “U.S.
Still Hasn’t Armed Syrian Rebels
.” Story begins like this:

In June, the White House authorized the Central Intelligence
Agency to help arm moderate fighters battling the Assad regime, a
signal to Syrian rebels that the cavalry was coming. Three months
later, they are still waiting.

The history of not-quite-arming the Syrian rebels is laid out in
this
Oct. 22 New York Times piece
, which reported that
President Obama told senators in September that (in the paper’s
paraphrase), “the first group of 50 Syrian rebels — trained by the
C.I.A. in Jordan — would soon cross into Syria.” So, as far as we
know, the U.S. has sent weapons to Jordan to train a very
small number of rebels who are now indeed in
Syria. Paul’s statement may have given off the wrong
impression, but the claims were technically accurate.

The opposite is true of another Syria-related Paul sentence
Rogin critiques and Feeney quotes. Paul said, “According to a
recent poll from Pew Research, over 70 percent of Americans are
against arming the Islamic rebels in Syria,” which is broadly right
but specifically wrong, since the
poll
mentioned not “Islamic rebels” but “anti-government
groups,” whose ranks include non-Islamics.
I have no doubt that if Pew had the Paulite wording, that the
results would be higher than 70 percent, but Pew
didn’t.

Finally, there is Benghazi, about which Paul said “When Hillary
Clinton was asked for more security, she turned the Ambassador
down,” footnoting the claim with a
May 8 article from The Hill
, whose most direct
treatment of the turning-the-ambassador-down charge is this
passage:  

the [House Oversight committee] report may have overreached when
it said it had evidence that Clinton had personally signed an April
2012 cable turning down then-Ambassador Gene Cretz’s request for
more security. All State Department cables from Washington bear the
secretary’s automatic signature, the State Department said.

I don’t know enough about what Hillary Clinton did or did not
personally do with respect to security in Benghazi to make anything
like a definitive claim. But it seems clear The Hill
footnote does not support Paul’s characterization.

Stafford’s final charge is of “editorial malpractice,” which,
like ophthalmological bias, is in ultimately in the eye of the
beholder, and up to readers to determine. Reason publishes
a wide range of opinions within a broad libertarian framework,
which means various writers will be on various sides of various
issues and politicians. For what it’s worth, I hold the opinion
both that Rand Paul—whom I profiled for a recent
Newsmax cover story
—is being unfairly nitpicked for
rhetorical sloppiness that pales in comparison to the practical
mendacity of those wielding power (including in regards to every
issue mentioned above), and that the best response for a
truly presidential aspirant is to run a tighter ship, instead of
retreating into defensiveness. Informed criticism makes public
actors better, whether in politics or journalism.

from Hit & Run http://reason.com/blog/2013/11/19/rand-pauls-office-accuses-reason-of-edit
via IFTTT

Rand Paul’s Office Accuses Reason of 'editorial malpractice’ and ‘plagiarism-lite’

On November 12, Sen. Rand Paul (R-Ky.) gave his first major
public address since being criticized for plagiarism in his
speeches and writings. With a wink to his critics, it was heavily
footnoted
. On November 13, Reason’s Matthew Feeney wrote a

blog post
 titled “Rand Paul’s Latest Speech Did Contain
Footnotes, But That Doesn’t Mean it Was Accurate,” linking to and
excerpting from a
critical piece
by The Daily Beast‘s Josh Rogin. On
November 14, Paul staffer Doug Stafford sent the following reply,
which we now print in full. My response is below it:

RESPONSE TO REASON

DOUG STAFFORD

NOVEMBER 14, 2013

I am disappointed in Reason.com for acting as a platform from an
unreasonable and unreliable source.  First, Sen. Rand Paul was
criticized for not using enough footnotes and attribution for
political speeches and Op-Eds.  Now, he is being criticized
for using too many footnotes and these footnotes are under
unprecedented scrutiny.[1]

I was disappointed that Reason jumped on the “haters and hacks”
bandwagon by arguing that the Citadel speech had a few errors in
the 33 footnotes.  I have always held Reason to a high
standard and I am disappointed that author Matthew Fenney
(sic) failed to properly research and support his
claims.  Instead, Reason effectively borrowed an argument
from The
Daily Beast
’s Josh Rogin arguing that Sen. Paul made “at least
four factual errors” in his references to Egypt.  Had he done
proper due diligence and ten minutes of research, Feeney, might not
have copied pasted the ideas of the Daily Beast into an inaccurate
blog post. 

Let’s examine each alleged “error” one by one.

1.   On November 12, 2013 in a foreign policy
speech delivered to The Citadel, Sen. Paul stated: “In Egypt
recently, we saw a military coup that this Administration tells us
is not a military coup.”  This was an accurate
statement.  The Washington
Post
 reported on July 8 of this year that
“Carney was not ready to label Morsi’s Ouster a military
coup.”  Reasonable people can disagree on certain facts, but
it is clear to the unbiased reader that Sen. Paul’s assertion is
true.  Rogin argued that because the State Department refused
to by actually deem the coup in Egypt a “coup” pursuant to the law,
that somehow my footnote was incurred.  As opposed to
researching Rogin’s errors, Reason simply regurgitated Rogin’s
inaccurate report. This is editorial malpractice.

2.  Rogin makes a nuanced point that “following the
military takeover of the Egyptian government, the Administration
quietly halted all shipments of heavy weapons to Egypt, mostly
adhering to a law requiring a cutoff of military aid to any country
that has experienced a coup.”  So, the Administration acted
consistent with the spirit, not the letter, of the law with regard
to cutting off aid to countries that experienced a military
takeover of the government.  Reasonable people can disagree
with some arguments but this point is unreasonable and
nitpicking.

3. Rogin quotes another sentence in the Citadel speech to
support his unreasonable attack.  “In a highly unstable
situation, our government continued to send F-16s, Abrams tanks and
American-made tear gas.”  Rogin argues that “following the
military takeover of the Egyptian government, the
Administration quietly
halted
 all shipments of heavy weapons to Egypt, mostly
adhering to a law requiring a cutoff of military aid to any country
that has experienced a coup, while maintaining a
position of ambiguity
 over whether a coup had taken
place.”  Rogin might have taken a moment to look at his own
article from August 19, 2013 where he wrote, “The U.S. government
has decided privately to act as if the military takeover of Egypt
was a coup, temporarily suspending most forms of military aid,
despite deciding not
to announce publicly a coup determination
 one way or the
other, according to a leading U.S. Senator.”  That Senator,
Patrick Leahy (D-VT) was contradicted by Administration officials.
Later in the article, Rogin quoted State Department Spokeswoman,
Jen Psaki, as saying that no final policy decision had been made on
any of the Egypt aid.  Rogin also quoted Defense Secretary
Chuck Hagel as saying that no final decisions had been made. 
Furthermore, the coup happened on July 3, 2013 well before the
information was leaked to Rogin onAugust 19.  Were “F-16s,
Abrams tanks and American-made tear gas” delivered or obligated to
Egypt in that month time period between the actual coup and the
unconfirmed leak of the ceasing of this military aid?  Again,
reasonable people can disagree, but for Rogin to declare that the
statement by Senator Paul is “inaccurate” is again, a false, biased
assessment and its regurgitation is editorial malpractice on the
part of Reason.

4. Finally, Rogin contests the argument that American-made
tear gas was used against the Egyptian people during the
coup. He states, “In addition, the ABC News report Paul
cites in his footnotes for this information is from 2011 and only
mentions that U.S. made tear gas was used in the Egyptian
revolution that occurred two years ago, well before Morsi’s
election or his overthrow.”  So, there is a footnote
documenting that American-made tear gas was used against the
Egyptian people in 2011, yet it is not reasonable to deduce that it
was also used in 2013.  Until Rogin can prove that it was not
used, I think Sen. Paul’s interpretation is reasonable.

Rogin titled his piece “For Rand Paul, Footnotes Do Not Equal
Accuracy.”  This headline is false and a poorly substantiated
assertion by The Daily Beast.  For Reason to cut and paste
those same arguments, with little—if any—independent verification
of the assertions is plagiarism-lite. 

The Rogin piece was re-published in many publications, yet I
have always held Reason to a higher standard. I am
disappointed in this piece and hope that this esteemed publication
will do better diligence when using other unreliable sources to
attack a heavily footnoted and well-researched speech.



[1]
 Me, November 14, 2013, at my desk.

My response:

Most of Doug Stafford’s beef is with The Daily Beast’s
Josh Rogin, who can answer for himself. For Reason, there
are four basic charges here, two of which are not particularly
serious: No, we have not “jumped on the ‘haters and hacks’
bandwagon,” as any visit
to our archives
 will attest (side note: to conflate
thoughtful engagement and criticism of a politician with
reactionary dismissal is not becoming). And no, using the
blockquote indentation function to quote from linked, attributed
texts does not amount to even the “litest” of plagiarisms.

But was Feeney’s blog post “inaccurate”? There aren’t many
outright claims in the thing; here is the basic contestable
gist:

Josh Rogin points out that…the speech included factual errors
relating to claims about the situations in Egypt and Syria as well
the attack on the American consulate in Benghazi

On Egypt (see Stafford’s #1), the main issue is the width of the
gap between “this Administration tells us [it] is not a military
coup,” and “The law does not require us to make a formal
determination as to whether a coup took place, and it is not in our
national interest to make such a determination.” (The latter is an
anonymous Obama administration official in a
July 25 Reuters report
that was widely duplicated
elsewhere.)

Stafford effectively says that there’s no daylight between the
two comments; that Rand Paul’s “was an accurate statement,” as is
“clear to the unbiased reader.” But there’s a difference between
saying “You’re not ugly,” and “I’d rather not say whether you’re
ugly or not” (for one thing, if the subject wasn’t ugly,
the speaker would probably want to scream it from the
mountaintops). It’s pretty clear that the administration thinks
what happened in Egypt was a coup, but just doesn’t want
to deal with the
legal ramifications of that official determination
(since it
would require blocking aid), and so instead is torturing the
language. It’s a minor rhetorical point in the scheme of things,
but I’d say Paul got it wrong.

What about Syria? Feeney quotes Rogin quoting Paul:

“As we continue to aid and arm despotic regimes in Egypt, we are
also now sending weapons to the rebels in Syria,” Paul
said. 

Are we sending weapons to Syrian rebels? Here’s a Wall
Street Journal
headline from Sept. 2: “U.S.
Still Hasn’t Armed Syrian Rebels
.” Story begins like this:

In June, the White House authorized the Central Intelligence
Agency to help arm moderate fighters battling the Assad regime, a
signal to Syrian rebels that the cavalry was coming. Three months
later, they are still waiting.

The history of not-quite-arming the Syrian rebels is laid out in
this
Oct. 22 New York Times piece
, which reported that
President Obama told senators in September that (in the paper’s
paraphrase), “the first group of 50 Syrian rebels — trained by the
C.I.A. in Jordan — would soon cross into Syria.” So, as far as we
know, the U.S. has sent weapons to Jordan to train a very
small number of rebels who are now indeed in
Syria. Paul’s statement may have given off the wrong
impression, but the claims were technically accurate.

The opposite is true of another Syria-related Paul sentence
Rogin critiques and Feeney quotes. Paul said, “According to a
recent poll from Pew Research, over 70 percent of Americans are
against arming the Islamic rebels in Syria,” which is broadly right
but specifically wrong, since the
poll
mentioned not “Islamic rebels” but “anti-government
groups,” whose ranks include non-Islamics.
I have no doubt that if Pew had the Paulite wording, that the
results would be higher than 70 percent, but Pew
didn’t.

Finally, there is Benghazi, about which Paul said “When Hillary
Clinton was asked for more security, she turned the Ambassador
down,” footnoting the claim with a
May 8 article from The Hill
, whose most direct
treatment of the turning-the-ambassador-down charge is this
passage:  

the [House Oversight committee] report may have overreached when
it said it had evidence that Clinton had personally signed an April
2012 cable turning down then-Ambassador Gene Cretz’s request for
more security. All State Department cables from Washington bear the
secretary’s automatic signature, the State Department said.

I don’t know enough about what Hillary Clinton did or did not
personally do with respect to security in Benghazi to make anything
like a definitive claim. But it seems clear The Hill
footnote does not support Paul’s characterization.

Stafford’s final charge is of “editorial malpractice,” which,
like ophthalmological bias, is in ultimately in the eye of the
beholder, and up to readers to determine. Reason publishes
a wide range of opinions within a broad libertarian framework,
which means various writers will be on various sides of various
issues and politicians. For what it’s worth, I hold the opinion
both that Rand Paul—whom I profiled for a recent
Newsmax cover story
—is being unfairly nitpicked for
rhetorical sloppiness that pales in comparison to the practical
mendacity of those wielding power (including in regards to every
issue mentioned above), and that the best response for a
truly presidential aspirant is to run a tighter ship, instead of
retreating into defensiveness. Informed criticism makes public
actors better, whether in politics or journalism.

from Hit & Run http://reason.com/blog/2013/11/19/rand-pauls-office-accuses-reason-of-edit
via IFTTT

Tim Geithner, January 2013: “Extremely Unlikely Will Take A Job In The World Of Finance”

Submitted by Michael Krieger of Liberty Blitzkrieg blog,

So over the weekend, the world learned that Tiny Turbo Tax Timmy Geithner had accepted a job with private equity giant firm Warburg Pincus. The news was about as much of a surprise as a lie popping out of Barack Obama’s mouth every time he opens it. Nevertheless, the move is particularly hilarious in light of a profile article of Geithner in New York magazine from January of this year, in which the king of cronyism tried to distance himself from Wall Street. Here’s the money-shot paragraph from the piece:

Another fiction that has plagued Geithner is the idea that he is a creature of Wall Street, specifically that he worked for Goldman Sachs. He isn’t sure where it came from—probably just confusion with his predecessor, Hank Paulson, who was the former CEO—but “once it hardened, it was very hard to overcome.” Indeed, he has not really overcome it at all. I can write, right here, in all caps, TIM GEITHNER HAS NEVER WORKED ON WALL STREET, and still someone will comment on our website that he is a bankster who should just go back to Goldman Sachs.

 

Geithner says it’s “extremely unlikely” he will take a job in the world of finance, but the idea that he is somehow, secretly, working hand in hand with that community persists, and every once in a while someone pulls out records of his phone calls and meetings with CEOs as evidence. Geithner is not really sure what to say about that. “I’m the secretary of the Treasury.” He laughs. “How am I supposed to run a financial rescue if I don’t take phone calls from people?”

At least he is making up for lost time. Those conspiracy theorists making stuff up again…

Full article here.


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/09nv9dG8tsI/story01.htm Tyler Durden

Tim Geithner, January 2013: "Extremely Unlikely Will Take A Job In The World Of Finance"

Submitted by Michael Krieger of Liberty Blitzkrieg blog,

So over the weekend, the world learned that Tiny Turbo Tax Timmy Geithner had accepted a job with private equity giant firm Warburg Pincus. The news was about as much of a surprise as a lie popping out of Barack Obama’s mouth every time he opens it. Nevertheless, the move is particularly hilarious in light of a profile article of Geithner in New York magazine from January of this year, in which the king of cronyism tried to distance himself from Wall Street. Here’s the money-shot paragraph from the piece:

Another fiction that has plagued Geithner is the idea that he is a creature of Wall Street, specifically that he worked for Goldman Sachs. He isn’t sure where it came from—probably just confusion with his predecessor, Hank Paulson, who was the former CEO—but “once it hardened, it was very hard to overcome.” Indeed, he has not really overcome it at all. I can write, right here, in all caps, TIM GEITHNER HAS NEVER WORKED ON WALL STREET, and still someone will comment on our website that he is a bankster who should just go back to Goldman Sachs.

 

Geithner says it’s “extremely unlikely” he will take a job in the world of finance, but the idea that he is somehow, secretly, working hand in hand with that community persists, and every once in a while someone pulls out records of his phone calls and meetings with CEOs as evidence. Geithner is not really sure what to say about that. “I’m the secretary of the Treasury.” He laughs. “How am I supposed to run a financial rescue if I don’t take phone calls from people?”

At least he is making up for lost time. Those conspiracy theorists making stuff up again…

Full article here.


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/09nv9dG8tsI/story01.htm Tyler Durden