College Students Don’t Want to Learn: They Want to Teach You About Identity Politics

Brown University“We have spoken. We are speaking. Pay attention.” Nothing captures the attitude of the modern college activist as perfectly as this statement, made by Yale University students petitioning the English department for changes to the curriculum (they wanted to read fewer white male poets).

It’s the constant refrain of the far-left social justice student: Our minds are made up. The time for discussion is over. We aren’t here to be educated. We are here to educate you.

This sentiment was echoed by Jasmine Adams, a member of the Black Student Union at Oberlin College, who recently told a journalist: “As a person who plans on returning to my community, I don’t want to assimilate into middle-class values. I’m going home, back to the ‘hood of Chicago, to be exactly who I was before I came to Oberlin.”

Adams and her ilk reject the notion that the purpose of college is self-transformation. They haven’t come to campus to be changed—they see themselves as the only agents of change matter.

This has dire consequences for higher education. If a small but influential group of students on campus are there with the explicit goal of drowning out and shutting down other perspectives—often with the help of the administration—it’s going to make life miserable for students who do wish to learn, and professors who still think their job is to challenge young minds.

The dangers of this new campus reality are obvious in a new, short documentary released by Rob Montz, formerly of Reason TV. Returning to his alma mater, Brown University, Montz finds that campus has become a dangerous place for freethinkers. The film opens with footage from a confrontation between left-wing student activists and a pro-speech administrator. The admin tries to start a dialogue with the group, but the students shout him down, insisting that “heterosexual white males” have already done too much talking, historically speaking. When the administrator points out that he is gay, the student tells him “it don’t matter.”

I attended a screening of the film last week, and participated in a subsequent Q and A session about campus free speech issues with Montz and Ari Cohn of the Foundation for Individual Rights in Eduction. The Federalist wrote up my remarks:

This minority of far-left students hostile to free expression has always existed, said Robby Soave of Reason magazine. What’s changed is that in the last five years they’ve gained institutional power. 

“[Student activists] actually started getting guidance in 2011 from the Education Department that because of harassment law, because of the requirements of Title IX and aspects of the law that funds higher education, administrators have to take students’ demands seriously or the institution could lose its federal funding,” he noted.

I also elaborated on many of these themes during a recent appearance on the Free Thoughts podcast for Libertarianism.org. Listen here.

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Are Republicans or Democrats More Anti-Science? New at Reason.

It’s popular to portray the GOP as the anti-science party and Democrats as the sane, “party of science” alternative.  And only 6 percent of scientists identified as Republicans, according to a 2009 Pew Research poll, which seems to be the most recent one on the topic. But the truth is that when science and politics meet, the result often isn’t pretty, regardless of partisan affiliation.

Reason TV asked locals in Venice, California about their thoughts on various scientific policy questions and compared their answers to public opinion poll data. We found that many people favored mandatory labeling of food that contains DNA, the stuff of life contained in just about every morsel of fruit, vegetable, grain, or meat humans consume. Yet a recent survey out of the University of Florida found that 80 percent of respondents favor mandatory DNA labeling, only slightly below the 85 percent that favor labeling of genetically modified organisms (GMOs). While Republicans are divided evenly on the GMO question, Democrats rate them unsafe by a 26-point margin, despite almost 2,000 studies spanning a decade saying otherwise. 

Republicans are more skeptical of the theory of evolution, though by a surprisingly slim margin with 39 percent of them rejecting it as compared to 30 percent of Republicans. When it comes to other scientific matters, the waters are even muddier. For instance, Democrats and Republicans believe in the false link between vaccines and autism at roughly equal levels.

And it’s largely liberal Democratic politicians pushing anti-vaping laws, despite public health agencies estimating e-cigarettes to be around 95% safer than conventional tobacco cigarettes and early evidence they help smokers quit. And vaping products don’t contain any tobacco or its resultant tar, yet the FDA still wants to treat them as tobacco products.

The big science policy issue of the day, though, seems to be global warming. Sixty-four percent of Democrats believe in man-made global warming, while only 22 percent of Republicans do. But when it comes to realistic solutions to reduce greenhouse gas emissions, Democrats still aren’t always science-minded.

Only 45 percent of Democrats support expanding the use of nuclear energy, as compared to 62 percent of Republicans, despite the fact that except for Chernobyl, not a single person, including nuclear workers, has ever died due to a commercial nuclear reactor accident.

Burning natural gas extracted through fracking is cleaner than oil or gasoline, and far more economically viable than non-nuclear renewable sources. And it emits half as much carbon dioxide, less than one-third the nitrogen oxides, and 1 percent as much sulfur oxides as coal combustion.

The ongoing switch from coal to natural gas to generate electricity is a primary driver of the reduction in U.S. greenhouse gas emissions by half a billion tons over the last decade, according to the EPA, which also has found no systemic evidence that fracking contaminates water tables. The U.S. Geological Survey found that fracking can cause “extremely small earthquakes, but they are almost always too small to be a safety concern,” though larger earthquakes can result when operations dispose of wastewater by injecting it deep into the ground. 

So maybe it’s not that Republicans are dumber than Democrats when it comes to science, or the other way around, but that both sides have blind spots when data-based evidence contradicts their political preferences.

Watch the full video above, or click the link below for downloadable version. Subscribe to Reason TV for daily content like this.

Produced by Zach Weissmueller and Justin Monticello. Additional graphics by Josh Swain. Music by Adam Selzer and Chris Zabriskie. Approximately 8 minutes.

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“Western Civilization Is At War” Newt Gingrich Rages “If They Believe In Shariah, They Should Be Deported”

We suspect Newt Gingrich’s comments – while resonating with many – may have officially removed him from Trump VP consideration, as the former House Speaker exclaimed to Fox News’ Hannity that those who believe in Sharia Law in the United States should be “deported.”

“Let me start where I am coming from and let me be as blunt and direct as I can be — western civilization is in a war. We should frankly test every person here who is of a Muslim background, and if they believe in Sharia, they should be deported,” Gingrich said.

 

Sharia is incompatible with western civilization. Modern Muslims who have given up Sharia — glad to have them as citizens. Perfectly happy to have them next door. But we need to be fairly relentless about who our enemies are.”

Following the attack in Nice (and perhaps having already been told he will not be Trump’s VP), Gingrich went off on Fox’s Hannity show…

 

h/t Breitbart.com

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Is This The Critical Threshold For The Gold Rally To Continue?

Amid Gold's worst week (-2.3%) in the last seven weeks, Gavekal Capital's Eric Bush explains what he is looking at to confirm the precious metal rally's continuation

10-year TIPS yield briefly went negative last week and the current yield is just 3 bps. TIPS yields have fallen around 75 basis points since the beginning of the year. This decline in yield has been accompanied by a rally in gold from $1060 to $1342.

One of the more persistent relationships in the market place since 2003 has been this negative correlation between TIPS yields and gold prices.

1 - Copy - Copy - Copy

 

If history is any guide TIPS yields will probably be negative if gold rallies above $1400.

1 - Copy - Copy (2) - Copy

Source: Gavekal Capital blog

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World’s Top Investors “Ring Alarm” At All Time Market Highs

First it was bond gurus Bill Gross and Jeff Gundlach; then yesterday equity titan, Blackrock’s Larry Fink joined in; now add Oaktree’s Howard Marks. As Bloomberg puts it, the big rally in stocks and bonds has some of the world’s top money managers “ringing the alarm” just as the S&P hits all time highs day after day after day.

The aftermath of the global yield collapse sparked an unprecedented surge into all dividend paying stocks, the result of a scramble by investors to “put their money somewhere, anywhere, amid low interest rates.” That susbequently morphed into the biggest 10-day short squeeze in history, which has since unleashed a buying spree of all stocks, unlike anything seen in years, as BofA reported overnight:

Monday (7/11) saw the largest HY inflows on record ($2.1bn – Chart 1), the largest equity ETF inflows since Dec’15 ($6.4bn) and the largest bank loan inflows in almost 3 years ($0.4bn)…the day when bears capitulated into risk assets


 

But will it continue? “If we don’t see better than anticipated corporate earnings I think the rally will be short-lived,” Fink, 63, said in an interview Thursday.  “Our clients are facing unprecedented challenges as they attempt to navigate the current investment environment,” Fink said in the firm’s earnings statement.

To be sure, absolute market perfection has already been priced in. As David Rosenberg said yesterday, “when I look at valuations and I see PE multiples north of 20…I’m not going to say that the markets are in bubble territory but it’s just a little too expensive for me right now. When you really back it out, if you’re buying this market at this point you ipso facto have a view that earnings are going to rebound 25% from here in the next year. Well, we’ve seen earnings go up 25% in a year one-tenth of the time historically so that to me is not really a fair bet so…I’m looking at this rally I would have to say with a high dose of skepticism.”

Keep in mind that the biggest trigger for optimistic earnings expectations and a strong second half EPS rebound has been the consensus assumption that oil would rebound strongly in the second half, with most models forecasting crude well north of $60. However, with crude having stumbled at $50 and now repeating the pattern of late 2015, once again sliding lower, this appears once again improbable.  Meanwhile, after Q2, both earnings and revenues may see a 6th consecutive quarter of declines: something unprecedented since the financial crisis, yet something expected since the bulk of corporate (after debt) cash flow has gone not into growth investment but into dividends and buybacks.

However, the market is not worried: the run-up in global stocks has added more than $4 trillion to the value of equities worldwide since June 27 on speculation central banks in major economies will boost stimulus after Brexit, and coupled with . It’s been a swift turnaround from the doom-and-gloom surrounding global equities on June 24, the day after the British vote, when stocks lost $2.5 trillion in market value.

 

It does, however, have the “top investors” worried. The global market rally, underpinned by low interest rates around the world, carries dangers, Marks, co-chairman of Oaktree Capital Group LLC, said in a telephone interview with Bloomberg.

“We are living in a difficult, low-return world that has been ignoring risk incidents,” Marks said. “When the market shrugs off its problems, it is not a plus, as that permits problems to accumulate. Up-cycles don’t go on forever.” Marks said investors who insist on jumping into less-liquid assets need to be willing to ride out the rough times.

“When you go into risk assets and they go through a tough period, there will be heartburn and price declines,” he said. “If you are going to need the money in the short term, you shouldn’t put it into potentially illiquid assets.”

Janus Capital’s Gross and DoubleLine’s Gundlach said sovereign bonds, with yields at record lows, were too risky. Gundlach said in a webcast earlier this week that there’s a “mass psychosis” among investors seeking yield. “Call me old-fashioned, but I don’t like investments where if you’re right you don’t make any money,” Gundlach said.

* * *

Still, while the world’s biggest – and wealthiest – investors are pulling out, the usual suspects find nothing but blue skies. Case in point, everyone’s favorite “ruler chartist”, Laszlo Birinyi, who said this type of investor skepticism is “exactly why the S&P 500 Index’s seven-year rally has further to run.”

Only it is no longer skepticism, following the biggest inflow into equity ETFs since 2015, and a “stampede into equities

If sentiment was more euphoric, we might be more in danger of forming a market top,” he said in a phone interview from Westport, Connecticut, Wednesday.

More euphoric that CNN’s mostly Greed (what Fear?) index at 90?

“The characteristics of the end of a bull market are not evident. Our stance continues to be that the market will go higher.”

And why not: central banks are now openly willing to sacrifice social stability and threaten the collapse of globalization just to keep the music playing for a few more months.

World’s worst investors choose to ignore world’s top investors and buy record highs because Bob Pisani said it was ok

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Mike Pence Is a Conservative Statist: Judge Andrew Napolitano on Trump’s VP Pick [New at Reason]

Donald Trump announced this morning that he has tapped Mike Pence as his vice presidential running mate. Reason TV’s Nick Gillespie asked Andrew Napolitano, senior judicial analyst for Fox News, his thoughts on the VP pick.

Watch above or click the link below for full text and more.

View this article.

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How to legally steal $35,000 from Vladimir Putin

Jim Rogers told me to come here.

We were having dinner a few weeks ago in Singapore, and Jim had just returned that morning from Russia full of optimism for the improving economy.

I had been meaning to come back here anyhow to scout out private equity deals.

But after hearing Jim’s take on Russia having just met with a lot of the country’s business elite, it really lit a fire.

As I’ve written so many times in this letter, I’m really a pathetic tourist. I’ve been to Paris countless times and have never bothered to visit the Eiffel Tower.

When I travel, it’s to either build and maintain relationships, or to put boots on the ground and seek out risks and opportunities first hand.

On my return to Russia, the country has not disappointed.

You’ve probably heard about how the Russian economy has been depressed over the last few years.

Much of this was due to international sanctions imposed after Russia annexed Crimea in 2014 against the wishes of Ukraine, Europe, and pretty much the whole world.

Russia’s credit rating was downgraded, and foreign businesses and investors started pulling their money out en masse.

The capital flight was extreme. Between 2014 and 2015, $210 billion fled Russia, more than 10% of the country’s GDP. That’s an enormous figure.

Then the price of oil collapsed– from $115 in June 2014 to less than $30 just over a year later. Natural gas and other major commodities also fell.

Bear in mind that oil and gas exports are a major component of the Russian economy, so the effects were devastating to both GDP and financial markets.

Russia’s economy didn’t just contract. It shriveled. And the stock market crashed.

On top of everything else, the Russian ruble went into freefall, losing 35% of its value in a matter of months.

This made imports a LOT more expensive, dramatically pushing up the rate of inflation.

Russia has essentially been suffering the worst combination imaginable– consumer price inflation, economic contraction, capital flight, credit downgrades, international sanctions, stock market crash, currency crisis– all simultaneously.

Frankly it’s pretty miraculous this place didn’t descend into Venezuela-style chaos.

But it didn’t. In fact the situation has stabilized and a lot of data shows the economy is turning around. The worst seems to be over.

And yet opportunities still abound.

For example, the Russian stock market is still incredibly cheap.

The average Russian company is selling for just 7.5 times earnings and 20% less than its book value. Plus it pays more than a 4% dividend.

This is like buying a dollar for 80 cents and receiving 3.3 cents on top of that each year.

(US stocks sell for 25 times earnings and 200% MORE than book value, meaning they are historically overvalued and very expensive compared to Russia.)

In addition to stocks, the Russian currency is still far below its historic average.

Aside from making the country dirt cheap for anyone with foreign currency, I discovered something very interesting today:

Some of Russia’s coins are now worth less than their metal values.

I’ll explain– all coins are made of some metal, usually some combination of nickel, copper, etc. And that metal has a certain cost.

A dime coin in the US, for example, has about 1.2 cents worth of metal, mainly copper (91%) and nickel.

So if you melted down a US dime, which has a 10 cent face value, and sold off the metal for 1.2 cents, you’d lose 8.8 cents in the process.

The Russian ruble has become so cheap, however, that some of its coins are basically worthless.

The 1 kopek coin, for example, is the smallest denomination Russian coin that’s worth 1/100th of a ruble.

At current exchange rates that’s $0.00015, or about 0.015 cents! It’s nothing.

And yet each kopek coin is comprised of 1.5 grams worth of copper, nickel, and steel; and the melt value of these metals is worth a hell of a lot more than 0.015 cents.

In fact Russian coin dealers have estimated that the metal value of this coin is worth more than THIRTY FIVE TIMES its face value.

That’s quite a return on investment.

So theoretically $1,000 worth of these coins could be worth more than $35,000 in profit because of the metal value.

Now, I’m not suggesting you book a flight to Russia to scoop up and melt down all the coins you can find.

But it’s worth pointing out that these sorts of anomalies don’t come around too often. And when they do, it’s important to pay attention.

Jim Rogers is one of many legendary investors who has been buying in Russia. Templeton’s Mark Mobius has called Russia the “bargain of the century.”

He may be right. Russia is incredibly cheap.

That’s not to say it can’t get cheaper. Or that it can’t stay cheap for a while.

There has to be a catalyst in order for all the pent-up value to be realized.

But that seems to be happening now. Slowly. Russia is mending fences with Europe. Oil prices have climbed 40% from their lows. Capital is returning. It’s getting better.

18th century British banking mogul Baron Rothschild is often quoted as saying “Buy when there’s blood in the streets [even when that blood is your own].”

That may be too hardcore for most investors.

I prefer to buy when assets are still ultra-cheap, but there are obvious signs that things have turned around.

That time seems to be now.

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It’s Official! Indiana Gov. Mike Pence Will Be Donald Trump’s Running Mate

Donald Trump confirmed a week’s worth of speculation this morning by announcing that he had chosen Indiana Gov. Mike Pence as his vice presidential candidate. He made the announcement on Twitter, of course. 

The announcement came less than a day after Trump said that he would delay the announcement until the weekend following the attack in Nice, France last night.

The decision to delay the move was widely criticized, which makes this morning’s announcement look like a response to that criticism.

The drama surrounding Vice Presidential selection process offers a window into Trump’s management and decision-making style: For weeks, he’s built up the reality show intrigue surrounding the pick, appearing with a number of different potential candidates, teasing a 60 Minutes special where he was set to first appear with his running mate, saying even as late as last night that he had not made his “final, final decision.” Trump, as always, is highly attuned to the drama of politics, but also comes across as flightly, indecisive, and thin-skinned.

Trump’s eventual selection, meanwhile, couldn’t be more underwhelming. Pence is a longtime Republican politician driven by a religiously inflected social conservatism. He’s sometimes described as a staunch fiscal conservative, but he’s also the sort of governor who counts shady deals with local industry as “free-market” policymaking, as he did when he expanded Medicaid under Obamacare in Indiana.

As Nick Gillespie wrote earlier this week, “Pence is not the worst of the Republican bunch but he’s not the best, especially from a libertarian perspective.” Instead, he’s essentially of generic Midwestern GOP politician whose defining quality is his embrace of party orthodoxy. He is remarkably unremarkable.

That’s probably why Trump picked Pence. Pence’s function on the GOP ticket will be to reassure anxious Republicans that Trump maintains some connection to the traditional party apparatus and its political class. Pence’s purpose, in other words, is to serve as an ornamental reminder of the party as it existed before Trump’s run. He’s there to give Trump cover for what amounts to a takeover of the GOP. Even with Pence on the ticket, it’s Trump’s party now. 

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Trump Confirms Michael Pence As His Vice Presidential Running Mate

And so, in lieu of a press conference, which Trump cancelled following the French terrorist attack, Trump has had no choice but to Tweet what everyone already knew.

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