U.S. Government To Lift Ban On Part-Human, Part-Animal Embryos

Submitted by Mike Krieger via Liberty Blitzkrieg blog,

Here’s your feel-good story of the day…

From an NPR article published this morning:

The federal government announced plans Thursday to lift a moratorium on funding of controversial experiments that use human stem cells to create animal embryos that are partly human.

 

The National Institutes of Health is proposing a new policy to permit scientists to get federal money to make embryos, known as chimeras, under certain carefully monitored conditions.

 

The NIH imposed a moratorium on funding these experiments in September because they could raise ethical concerns.

 

One issue is that scientists might inadvertently create animals that have partly human brains, endowing them with some semblance of human consciousness or human thinking abilities. Another is that they could develop into animals with human sperm and eggs and breed, producing human embryos or fetuses inside animals or hybrid creatures.

 

But scientists have argued that they could take steps to prevent those outcomes and that the embryos provide invaluable tools for medical research.

 

For example, scientists hope to use the embryos to create animal models of human diseases, which could lead to new ways to prevent and treat illnesses. Researchers also hope to produce sheep, pigs and cows with human hearts, kidneys, livers, pancreases and possibly other organs that could be used for transplants.

 

In addition, the NIH would even consider experiments that could create animals with human sperm and human eggs since they may be useful for studying human development and infertility. But in that case steps would have to be taken to prevent the animals from breeding.

 

Several scientists said they are thrilled by the new policy. “It’s very, very welcome news that NIH will consider funding this type of research,” says Pablo Ross, a developmental biologist at the University of California, Davis, trying to grow human organs in farm animals. “We need funding to be able to answer some very important questions.”

 

But critics denounced the decision. “Science fiction writers might have imagined worlds like this — like The Island of Dr. Moreau, Brave New World, Frankenstein,” says Stuart Newman, a biologist at New York Medical College. “They’ve been speculations. But now they’re becoming more real. And I think that we just can’t say that since it’s possible then let’s do it.”

 

The public has 30 days to comment on the proposed new policy. NIH could start funding projects as early as the start of 2017.

Probably nothing to worry about, right?

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Theranos’ Elizabeth Holmes Resigns As Advisor To President Obama

2016 has not been too kind to Elizabeth Holmes, the Steve-Jobs wannabe in charge of fraudulent Theranos. She has thus far been banned for 2 years from operating labs, removed from hosting fundraisers for Hillary and lost her entire net worth.

One area of Holmes’ life that has not been as prevalent in the MSM is how entrenched she was with the elite Democrats, including the Clinton Foundation and President Barack Obama. In fact, the President had nominated her to join a 9-person board to the Administration’s Presidential Ambassadors for Global Entrepreneurship in 2015. Other members included AOL CEO Steve Case, Airbnb founder Brian Chesky, Tory Burch and Stripe’s Patrick Collison.

When she first joined, Holmes said “Today I was honored and privileged to join President Barack Obama and Secretary of Commerce, Penny Pritzker, for an event announcing the next class of their Presidential Ambassadors for Global Entrepreneurship (PAGE) Initiative. As a new PAGE member, I will work to help develop the next generation of entrepreneurs and entrepreneurial impact around the world, with a special focus on women and healthcare. My PAGE initiative focuses on two central tenets core to my own life’s mission: empowering women in science, technology, mathematics and business, particularly healthcare, and working on breakthroughs in global health.”

As of this week, according to Fortune, Holmes resigned and both her name and photo were quietly removed from the Government website for the program. According to Theranos,  “Elizabeth Holmes is proud to have the opportunity to serve on PAGE, contributing to the development of the next generation of female entrepreneurs… She is stepping down from the program to spend all her time focused on one thing, and that is Theranos and its needs, especially as the company focuses on sharing its technologies with the scientific community.”

With her track record, one must question if indeed she empowered women in business/healthcare and if she is really needed at Theranos.

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There Were No Survivors: Libertarians Debate Donald Trump, Pro and Con, at FreedomFest.

Among the many good times had at FreedomFest, the world’s largest gathering of libertarians and fellow travelers held in Las Vegas each July, was a debate over whether libertarians can or should support the presidential candidacy of Donald J. Trump.

Taking the pro side of the argument were 2008 Libertarian Vice Presidential nominee Wayne Allyn Root and investment advisor and commentator Dan Mangru. On the “no way, Jose” side were FEE’s Jeffrey Tucker and Reason’s own Matt Welch. I acted as the moderator of the “YUGE debate” (as it was advertised).

More than a few of the 2,000 attendees said it was the highlight of this year’s event or, same thing, that it was among the worst things they ever saw in their entire lives, partly because of my partisan moderating (I am and remain firmly anti-Trump as well as anti-Clinton).

The good folks at FreedomFest have made the whole spectacle available on YouTube, so take a look now and decide for yourselves.

And go here now to reserve a seat at next year’s FreedomFest, which will be the 10th edition and will feature William Shatner among many other special guests (including a day-long lineup of Reason journalists and policymakers). The discount rate ends soon, so don’t delay.

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What Do Inventories Suggest About Q3 GDP? Can Drones Cure The “Inventory Crisis”?

Submitted by Michael Shedlock via MishTalk.com,

In the second quarter inventory subtracted 1.2% from GDP. It was supposed to add to GDP.

When it didn’t, Bloomberg promptly noted that a rebound in inventory build-up will add to third quarter GDP.

It won’t, because inventory-to-sales numbers remain in the stratosphere. This is something I have commented on for months. Last week, someone else noticed.

As Good As It Gets?

Joseph Calhoun, at Alhambra Investment partners took a look at inventory and other factors and asked is this As Good As It Gets?

The last two years we have seen a pattern of a weak first quarter – for which economists have been searching frantically for an explanation – followed by a second and third quarter rebound. Fourth quarters have tended to the weak side. This cycle was a kind of mini inventory cycle within the larger business cycle. Businesses, told by the Fed and Wall Street economists – possibly redundant – to expect the ever elusive economic acceleration to finally arrive, built inventories in anticipation of what never came.

 

It appears now that US businesses may have finally reached their limit of credulity when it comes to Fed forecasting.

 

There was no inventory build in the second quarter; indeed inventory subtracted 1.2% from GDP in the quarter. As did almost every other investment category; intellectual property was the lone exception. That isn’t exactly comforting when one considers the nebulous nature of that category. The press almost universally reported the inventory GDP subtraction in positive terms, i.e. inventory contractions are followed by expansions of production to build them again. That is, I believe, the triumph of robotic article generation, algorithms copying what has been said in past articles, ignoring the context. It is often true that inventory contractions are followed by increases in production – but not when inventory/sales ratios remain elevated even after a contraction. And slowing of inventory accumulation has not yet reduced those ratios to levels associated with recovery and certainly not enough to warrant an increase in production.

 

And while everyone concentrated on the inventory numbers, the more important investment categories were mostly ignored. Gross private domestic investment contracted 9.7% from the first quarter which wasn’t exactly gangbusters either. Year over year GPDI is now down 2.5% a number not seen outside recession since the second quarter of 1967. In other words, it’s pretty darn rare. Even residential investment was down in the quarter – by a not insignificant 6.1%. Maybe last week’s new home sales report was good news – up 25% year over year – but starts and permits are down year over year and Case Shiller says prices have stopped rising. Last week’s durable goods report certainly didn’t offer any rays of sunshine for the goods side of the economy; that report was bad from top to bottom, overall down 6.4% year over year.

 

The US economy is not in recession – yet – but it is surely slouching slowly in that direction. The drop in investment is very concerning since it is investment that leads; consumption is a consequence of growth not a driver of it. From 2012 to 2015 the economy grew at a 2.2% pace. With this quarterly release and downward revisions to Q4 2015 and Q1 2016, we now have 3 consecutive quarters of 1% growth. And I don’t expect it to get better in the third quarter either. We have an election in November and with none of the above winning in a landslide right now I would not expect a surge in corporate investment. I have never bought into the secular stagnation theory but for now, this may be as good as it gets.

Inventory-to-Sales

Unless sales pick up, and perhaps even if sales pick up, there will be no inventory build.

On July 12, I noted Inventory-to-Sales Ratios Extremely Elevated. Here are some charts.

Overall Inventory-to-Sales Ratio

Inventory-to-Sales 2016-07-12

Motor Vehicles Inventory-to-Sales Ratio

Inventory to Sales Ratio 2016-07-12A

Durable Goods Inventory-to-Sales Ratio

Inventory to Sales Ratio 2016-07-12B

Apparel Inventory-to-Sales Ratio

Inventory to Sales Ratio 2016-07-12C

What’s Behind the Inventory Crisis of 2016?

Kiss the idea goodbye that inventories need to be replenished. But why are they so high in the first place?

Please consider What’s Behind the Inventory Crisis of 2016?

The last time the inventory-to-sales ratio was this high was 2009, when we were in the throes of the Great Recession – people lost jobs, businesses closed, nobody was spending, nobody was growing.

 

What does it mean that inventory levels are this high in 2016? Are consumers not spending? Are we headed for another recession? Or are other forces at work?

 

One major culprit is the way consumers shop. Their expectations have changed. This is the age of Amazon Prime, Instacart, Uber and Lyft. Free shipping. In-store pick-up. 1-hour delivery. Easy exchanges and returns. Above all – convenience. If it isn’t convenient for a customer to buy something they want, they won’t buy it – or they’ll buy it somewhere else. Fulfillment has usurped the throne of customer satisfaction.

 

One common tactic has been to keep buffer inventory on hand. Out-of-stock inventory kills customer loyalty. Not being able to fulfill quickly kills customer loyalty. But having lots of inventory doesn’t equate to efficient fulfillment.

 

The Business Model

J.C.Penney recently announced its plan to test out a new business model with its supplier, Ashley Furniture. J.C.Penney won’t carry any Ashley Furniture inventory in stores or in its distribution centers. Instead, it’ll just hold floor samples and when customers choose to purchase an item, it will ship direct to consumer from Ashley Furniture. If successful, J.C.Penney hopes to extend this showroom strategy to other departments like appliances.

 

Execution

Wal-Mart Stores, Inc. recently announced that it is employing drones to manage its inventory. The drones would move through a distribution center, capture images, and flag misplaced items. The process would allow Wal-Mart to check inventory in a day, instead of in a month when it’s done manually. For Wal-Mart, using technology to enhance visibility is a big part of getting a handle on inventory.

Inventory Management by Drones

Walmart Drones

It’s unrealistic to blame the entire inventory buildup on Amazon and online shopping. We also have a saturation of stores, all duplicating inventory.

Drones can help manage inventory and so can a change in the business model such as J.C. Penny hopes to do with furniture. Both point to a drawdown in inventory, not an inventory revamping as has been widely touted in mainstream media.

If consumer spending falters, the inventory-to-sales ratio will stay elevated on top of it all.

Third quarter GDP is likely to be another disappointment.

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This Is Not What Non-Intervention Looks Like

“The claim that the U.S. is ‘withdrawing’ is a convenient and self-serving one for advocates of activist foreign policy,” Daniel Larison writes, “since it lets them pretend that the U.S. is following a radically different foreign policy from the one that it is actually conducting and frees them from the responsibility for the results of incessant meddling abroad.” So as a reminder to the people who peddle that narrative—he’s calling out Fred Hiatt specifically, but Hiatt is hardly alone—Larison offers some quick reminders:

[T]he last three years in particular have seen the U.S. become much more involved in the conflicts in several countries, and its involvement around the world has stayed the same or increased in every case.

The U.S. is in its second year of bombing ISIS in Iraq, and has been bombing targets in Syria for almost as long. The U.S. has been actively aiding the Saudi-led devastation of Yemen for over a year, and it has done so precisely because it wants to “reassure” its awful clients in the region that it isn’t going anywhere. At the same time, the U.S. has been increasing its military presence in Europe and leaving its other commitments unchanged. Earlier this summer, an exasperated John Kerry said, “The United States of America is more engaged in more places with greater impact today than at any time in American history. And that is simply documentable and undeniable.” Yet hawkish interventionists have to deny it, because it contradicts the fairy tale they’ve been peddling for years. The main problem with Kerry’s assessment is that he thinks the “impact” of all this engagement is desirable and constructive when much of it clearly is not.

It is true that President Obama has not favored every intervention the Serious People have proposed over the last seven years—he hesitated to intervene in Syria and has refrained from going to war with Iran—and it is true that he, unlike his party’s presidential nominee, is willing to call the 2011 bombing of Libya a “mistake.” But that doesn’t make him a dove; it makes him a hawk who is capable of reluctance and regret. What’s depressing is the realization that in a year I may be nostalgic for even those small scruples.

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Chicago Would Be Even More of a Disaster if It Had Been Awarded the 2016 Olympics

Back in October 2009 there were plenty of reasons to think the Olympic torch would be lit in Chicago this summer. Instead, on Friday night, the flame will be lit in Rio de Janerio.

Chicago, and the rest of America, should breath a sigh of relief.

Chicago’s bid for the 2016 seemingly had everything. It had money, as the city promised to spend $4.8 billion for the Olympics, with a good chunk of that total going to build or upgrade sporting venues.

It had timing, as it would have been the first American city to host the Summer Games since Atlanta in 1996 and the first Olympics of any kind since Salt Lake City hosted the winter version in 2002 (since World War Two ended, America had never gone more than 20 years without hosting the Olympics).

It had star power, as three of the city’s most famous residents—President Barack Obama, basketball star Michael Jordan and talk show host turned business mogul Oprah Winfrey—lent their vocal support to the effort. Obama even traveled to Copenhagen, where the final vote took place, to lobby for his adopted hometown.

Up against Madrid, Rio, and Toyko in the final round of bidding, Chicago appeared to be a strong contender, if not the favorite.

Then, stunningly, Chicago was ousted in the first round of voting, getting just 18 of the 94 votes and finishing dead last in the four city field. Not even good enough for the bronze medal.

“This was the most frustrating defeat in Chicago’s recent sports history,” wrote Chicago Tribune columnist David Haugh, at the time.

This week, Haugh admits he was wrong about that assessment. That frustrating defeat was actually “the day the IOC saved Chicago from itself,” he says.

“As bad as things seem in a city already fighting violence and the financial collapse of its government and school system, consider how much worse things would be if officials were distracted by hosting an international event as gargantuan as the Games,” Haugh writes. “The Olympics likely would have added to the disrepair more than made it easier to fix.”

More cities should learn from Chicago’s experience. In fact, it seems like some are.

When city officials in Boston and the heads of the American Olympic Committee backed a bid for the Massachusetts capital to host the 2024 Olympics, it faced popular opposition unseen since residents of Denver voted to kill the city’s winning bid to host the 1976 Winter Games. Boston’s plan for the Olympics would have cost taxpayers a mere $2.7 billion, though independent analyses suggested the price tag would be north of $15 billion and maybe as much as $28 billion

Facing growing public opposition, Boston cancelled its bid last year.

Other cities haven’t learned yet. Los Angeles quickly swept in to replace Boston as the U.S. bidder for the 2024 games, where it is now seen as a favorite in a four-way contest that includes Budapest, Paris and Rome.

Los Angeles does have one thing going for it. Of the 17 Summer Olympics held since the end of the Second World War, only the 1984 event in Los Angeles turned a profit, The Economist reported this week, citing research by David Goldblatt, author of The Games: A Global History of the Olympics.

One could argue that the Olympic Games aren’t really meant to turn a profit, so that might be a flawed standard for measuring their success. But the Games have become staggering economic disasters for recent hosts. The 2004 Summer Olympics in Athens cost the Greek government $16 billion. As with Chicago’s lost bid, hindsight makes it clear that Greece never should have hosted the Olympics, history and tradition be damned.

Athens can take some small comfort in knowing that it’s hardly alone. Jim Pagels has a rundown of the ignominious fates that befell Olympic host cities—and the lavish stadiums built for the Games—in the most recent edition of Reason.

You don’t even need to wait a decade to reassess the wisdom of Rio de Janerio’s bid for the Games. The city planned to spend $18 billion for the Olympics, but already needed an $850 million federal bailout just to get everything ready in time. There are concerns about rising crime, unfinished facilities, unclean water and Zika. Brazil’s president has been impeached after allegedly manipulating the country’s budget to hide bad news (don’t forget: Brazil spent an estimated $13 billion to host the World Cup just two years ago).

Still, if Rio survives the next two weeks without a major security incident and without too many athletes getting sick from the fetid water, we’ll be told the Games were a success. But if Rio hadn’t staged the Olympics, those $18 billion could have been used to improve the lives of the people who live there, rather than paying for the world’s most expensive sporting event.

Even without winning its bid, Chicago is still paying for the 2016 Olympics. Chicago’s ABC affiliate reported this week that the city has paid $91 million over the past 10 years for the site of a former hospital which was bought as part of the bidding process and was supposed to serve as the athletes’ living quarters.

The city will be paying off that purchase until 2024.

“I hope we can learn from these mega-projects and, regardless of what happens to the Olympic movement, stop throwing money into all these concrete-driven mega projects that rob the poor and give money to the rich,” Tom Tresser, organizer of “No Games Chicago,” told ABC-7.

That’s unlikely, though skepticism about hosting the Olympics is growing.

Still, in Chicago’s case, it could have been much worse.

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How Moving Gasoline Tankers From New York To Florida Fooled Oil-Trading Algos

One month ago, before the commodity trading world’s attention turned to the unprecedented glut in gasoline stocks, we wrote “PADD 1 Is A Holy Mess” – Is This What Finally Drags Crude Oil Lower, in which we showed the historic excess of gasoline stocks on the US East Coast, known as the PADD 1 region. A week later, in a follow up article we explained that as a deluge of Chinese gasoline exports had flooded the world, the PADD1 glut was only getting worse, leading to a pile up of tankers in New York harbor. It got so bad, that gasoline stockpiles in PADD 1 rose to a record 72.5 million barrels in the week ended July 22.

Meanwhile, as crack spreads collapsed, concerns about both gasoline and oil demand emerged, leading to a sharp selloff in oil, and the recent bear market in WTI. After all, the key bullish narrative for the oil long case was that with a strong summer driving season, gasoline was not going to be a production bottleneck, and yet this is precisely what happened. 

However, over the past week, gasoline inventories finally drew down, and as we reported yesterday, commercial gasoline stocks decline by 3.3 million barrels according to the DOE (if a far smaller 450K according to API).

 

 

The hope that gasoline demand was finally picking up (and/or supplies were declining) is what prompted the substantial short covering rally in crude over the past 2 days, from a low of just over $39 hit on Monday. But it the much needed decline in stocks really an indication of rebalancing?

To be sure, on one hand, some refiners have indeed curbed or even shut down production. As Bloomberg reports, “facing the region’s worst-ever glut of gasoline, suppliers are beginning to turn off the taps in response to low margins. Profits are gradually starting to rebound, though they remain at a five-year seasonal low.”

In the biggest reduction to date, Delta Air Lines Inc.’s Trainer, Pennsylvania, refinery was said Tuesday to cut total production by about 23 percent, or 43,000 barrels a day. Trainer plans to focus on making jet fuel rather than gasoline while margins of the motor fuel are weak, according to a person familiar with the refinery’s operations who couldn’t be named since the matter is private.

 

PBF Energy, which has more than 340,000 barrels a day of refining capacity on the East Coast, is also “taking steps” to reduce production into the third quarter, Chief Executive Officer Tom Nimbley said Friday on the company’s second-quarter earnings call. “The bottom line is we know we’ve got too much product, and that’s having pressure points on the margins.”

 

Philadelphia Energy Solutions Inc. also reduced output by 10 percent in early July at its two-refinery Philadelphia complex which supplies the New York Harbor market, according to a person familiar with operations who declined to be named.

The market’s reaction has been prompt, and the WTI crack spread quickly rebounded from what was a near record low for this time of the year.

Then there is the “other” issue we discussed a few weeks ago, namely the early shift from summer to winter blend, as refiners give up on the summer 2016 driving season in hopes next year’s will be stronger. Here is Bloomberg catching up on this:

A complicating factor in reducing supplies is that refiners make different grades of gasoline for use in the summer and winter because of environmental regulations. Summer-grade fuel typically must be used up before the market begins transitioning to winter-grade gasoline in mid-September. But it may now be possible to profit from buying summer-grade gasoline and storing it until April because prices are so depressed by the record-high stockpiles along the East Coast, Philip Verleger, president of the economic-consulting company PKVerleger LLC, said in a note Monday.

But as it turns out, the biggest reason why there was a very “bullish” – for oil – gasoline draw is also the simplest: the excess gasoline was simply moved from one, massively overstocked place, to another.

Remember that pile up of tankers in NY harbor we wrote about a month ago? Well, they’re gone. But not because there is demand for their product – they simply found a different place where to store their excess inventory. From Bloomberg:

Gasoline has also shifted south amid cargo diversions and deviations. A 330,000-barrel tanker usually on the Houston-to-Jacksonville, Florida, run last month moved two products cargoes to Florida from New York Harbor, according to vessel tracking data compiled by Bloomberg. Since June, at least eight foreign import cargoes originally booked to supply
New York were sent instead to the U.S. Gulf Coast and Mexican West Coast
.

And just like that, the DOE gets to report a gasoline draw, even though neither supply, nor demand has changed, but was merely a cargo that disappeared from the books as it moved from point A to point B.

Sadly, the problem remains as there is no excess demand for gasoline at either Point A or Point B.  Which means that the bullish catalyst that sent oil surging this week on a modest decline in gasoline, will promptly reverse itself as the tanker glut returns, at either of America’s numerous ports.

As PKVerleger summarized, “The situation is extraordinary,” and indeed it is, as industry players resort to every last trick in the book to feign incremental demand for either gasoline or oil, when none exists.

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Clint Eastwood Tears into “Kiss-Ass Generation…P*ssy Generation,” Hillary Clinton

Esquire magazine has published a wide-ranging interview with movie icon and director Clint Eastwood and his son, actor Scott Eastwood. Over the years, Eastwood pere has identified as a small-L libertarian and he infamously appeared at the 2012 Republican National Convention to carry on a dialogue with an empty chair meant to represent Barack Obama.

This time around, the 86-year-old Eastwood says he has yet to endorse anyone but…he knows he really dislikes Hillary Clinton and is somewhat empathetic toward Donald Trump.

I mean, [Hillary would be] a tough voice to listen to for four years. It could be a tough one. If she’s just gonna follow what we’ve been doing, then I wouldn’t be for her….

What Trump is onto is he’s just saying what’s on his mind. And sometimes it’s not so good. And sometimes it’s … I mean, I can understand where he’s coming from, but I don’t always agree with it….

[If it’s a choice between Clinton and Trump,] I’d have to go for Trump…you know, ’cause she’s declared that she’s gonna follow in Obama’s footsteps. There’s been just too much funny business on both sides of the aisle. She’s made a lot of dough out of being a politician. I gave up dough to be a politician. I’m sure that Ronald Reagan gave up dough to be a politician.

The Esquire interviewer, Michael Hainey, didn’t bring up third-party candidates Gary Johnson and Jill Stein and The Squint didn’t go there on his own. Yet just a year ago, Scott Eastwood volunteered that his father was “a total Libertarian—everyone leave everyone alone. Everyone live their own private life.” In fact, Clint’s politics certainly seem to lean that way rather than standard-issue Republican or socially conservative (he’s declared, “I don’t give a fuck about who wants to get married to anybody else!”) and he opposed the Iraq War from its inception.

Regardless of his likely vote in November, Eastwood seemed more annoyed by larger social trends than any particular election.

[Trump is] onto something, because secretly everybody’s getting tired of political correctness, kissing up. That’s the kiss-ass generation we’re in right now. We’re really in a pussy generation. Everybody’s walking on eggshells. We see people accusing people of being racist and all kinds of stuff. When I grew up, those things weren’t called racist. And then when I did Gran Torino, even my associate said, “This is a really good script, but it’s politically incorrect.” And I said, “Good. Let me read it tonight.” The next morning, I came in and I threw it on his desk and I said, “We’re starting this immediately.”…

Cineastes will recall that Eastwood’s character in 2008’s Gran Torino, Walt Kowalski, is a grouchy, racist Korean war vet who comes to bond with two teenaged Hmong siblings (that the sister gets brutally raped by gang members and the brother gets Walt’s prized car in the end is a sign of cinematic sexism, in my opinion). If the Esquire interview is any indication, Eastwood may still be having trouble snapping out of the reactionary character fully:

All these people out there rattling around the streets and stuff, shit. They’re boring everybody. Chesty Puller, a great Marine general, once said, “You can run me, and you can starve me, and you can beat me, and you can kill me, but don’t bore me.” And that’s exactly what’s happening now: Everybody is boring everybody. It’s boring to listen to all this shit. It’s boring to listen to these candidates….

I’d say get to work and start being more understanding of everybody—instead of calling everybody names, start being more understanding. But get in there and get it done. Kick ass and take names. And this may be my dad talking, but don’t spend what you don’t have. That’s why we’re in the position we are in right now. That’s why people are saying, “Why should I work? I’ll get something for nothing, maybe.” And going around and talking about going to college for free. I didn’t go to college for free. I mean, it was cheap, because I went to L. A. City College—it wasn’t like going to a major university. But it was okay.

Writing off an entire generation—I assume he means millennials, more or less—is an odd way to begin a dialogue, especially if the cure to the current “sad time in history” is to “start being more understanding of everybody.” Certainly Donald Trump is nobody’s idea of a good listener (or even a bad one). I’ll add that essentially every generation berates the ones that follow as soft and weak—as kiss-asses and pussies, if you will. Is political correctness a thing? For sure, but as even the curmudgeonly P.J. O’Rourke has noted, it’s also “a nicer, kinder, more decent society we live in today then the society when I was a kid.” Plus, we’ve got South Park, which has given younger generations the ability to read through P.C. pretty effectively.

We rely on celebrities and artists, even ones as accomplished as Eastwood, for guidance to life at our own peril. Yes, political correctness is a thing that needs to be beaten back, especially when it gets in the way of free expression. Yes, the students who benefit from going to college should pay all, most, or certainly some of the cost. Yes, working hard is better than being a slouch and Hillary Clinton and Donald Trump are fundamentally boring in how they talk about politics.

But to quote Edward Snowden, the subject of a September release featuring Scott Eastwood in the title role, “The individual is more powerful today than they have ever been in the past.” That is no small advance during the span of Clint Eastwood’s career, which began in the 1950s under the old studio system. While you can forgive an 86-year-old movie star for glossing over how much things have improved since his early days, that doesn’t mean we need to join in his downbeat assessment of the current moment.

Whole Q&A here.

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‘Movement for Black Lives’ Releases Agenda in Attempt to Hijack Black Lives Matter/Police Reform Movement

Two years after efforts to reduce police violence began to be grouped under the “Black Lives Matter” banner, organizations that have also attached themselves to the banner are appropriating it for their own sectarian agendas. More than 50 political groups operating under the “Movement for Black Lives” (MBL) banner (which outlets like Vox.com appear to be trying to imply is another way to say ‘Black Lives Matter’ and not a new grouping) have released an “agenda” that’s only tangentially related to the issue of police violence. The agenda consists of standard left to far-left policy planks—things like re-instating Glass-Steagal, reparations, getting rid of body cameras, and even supporting boycotts of Israel.

Unfortunately, this agenda appears to be getting more play than Campaign Zero, an initiative launched by several leaders of Black Lives Matter a year ago that offered a number of policy proposals meant specifically to address the issue of police violence. Outlets like Time magazine incorrectly describe the MBL’s agenda as the “first time” Black Lives Matter has released an agenda—Reuters similarly incorrectly called the BML agenda a “first” Outlets like Fusion called it “unprecedented” when it wasn’t. The coverage of the MBL agenda suggests many reporters who cover Black Lives Matter were unaware of Campaign Zero. The MBL agenda has the effect of making black lives “matter less” by marginalizing the issue of police violence which has captured the attention of the nation in favor of a pre-existing sectarian, far-left agenda that was not created specifically to reduce police violence and which, through its demand for more government power, could actually increase it.

I spoke with one member of the Congressional Black Caucus at the DNC last week who told me he’d never heard of Campaign Zero and was surprised that a movement defined largely on street action had a serious policy agenda. They do, but it’s not the one released by the MBL. Campaign Zero’s policy platforms include ending broken windows policing, more community oversight, limiting the use of force, independent investigations and prosecutions, community representation, body cameras, new training, an end to asset forfeiture and for-profit policing, demilitarization, and fair police union contracts—policies that can variously be implemented at the local, state, or federal levels and that address specific issues that contribute directly to the problem of police violence. But Campaign Zero will only be effective if more people push more politicians to take it seriously. The far-left agenda of the MBL, instead, discourages coalition-building and works against the idea that a Black Lives Matter agenda can find broad support. Campaign Zero has a candidate tracker for the presidential election. It’s a shame more of the candidates don’t support more of the platform, and that Gary Johnson doesn’t appear at all, but a big part of that falls on the activists themselves too. When Black Lives Matter protesters were asked by Hillary Clinton what they wanted, they did not articulate the proposals of Campaign Zero. Now MBL has offered an agenda that will make it easy for politicians to dismiss.

The MBL’s attempt to attach their agenda to the police reform movement would be the equivalent of offering up the idea of dismantling government, and the policy proposals to make it happen, as a solution. There’s, of course, a powerful argument to be made that government is the greatest oppressor and does the most damage to marginalized people. But it would be unhelpful to attach it to a movement focused specifically on police violence because such broader arguments are largely preaching to the choir. And that’s what the “Movement for Black Lives” agenda does. It’s worse than suggesting ending government in order to end police violence and improve the lives of black people, because many of the ideas require vesting power in government or, in other words, permitting government to use even more violence.

The MBL agenda also pollutes an important conversation about police reform, one that went national with Ferguson in 2014 but did not star there. The 2011 killing of the homeless Kelly Thomas by police officers in Fullerton, California, led to a “citizen’s revolt” and bipartisan reforms. Residents in Albuquerque were protesting police—even trying to arrest the police chief—before Ferguson was put on the map and without ever receiving the same kind of attention. Such efforts will continue even if the Black Lives Matter banner is hijacked completely by a far-left interested in advancing its own agenda more than reducing police violence. While the Obama administration has tried to advance some police reforms (although it appears to be rolling back demilitarization already), because police departments are local institutions many of the most significant reforms will have to happen at the state and local level. So the good news is a lot of the noise generated at the national level, like the MBL agenda, is irrelevant to the important work of advancing reforms that would reduce police violence. The bad news is that in our current news cycle culture, an agenda like MBL’s can still go a long way in poisoning the well and making real reforms easier to dismiss by defenders of the status quo.

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SRSrocco Precious Metals Webinar: Big Events Coming & 1 Oz Silver Buys 6 Months Of Food In Venezuela

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By the SRSrocco Report,

During the Precious Metals Webinar, Tom Cloud discussed how one ounce of silver will now buy six months of food in Venezuela.  This is a perfect example how precious metals become the best stores of wealth during a currency collapse and hyperinflation.

Precious Metals Expert Tom Cloud also shared three big upcoming events in the precious metals market and their impact on gold and silver. 

Tom discusses how he has seen more Financial Advisors buying precious metals for the clients in the past six months than he has ever seen in his 40 years experience.  He explains why many more Financial Advisors are now realizing the importance of precious metals ownership for their clients.

 

Lastly, if you haven’t checked out our new PRECIOUS METALS INVESTING section or our new LOWEST COST PRECIOUS METALS STORAGE page, I highly recommend you do.

Check back for new articles and updates at the SRSrocco Report

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