Poor Foreigners Shouldn't Be Political Reformers at Home, They Should Come Here Instead

George Mason University economics professor Bryan Caplan has
written an article for
EconLog
titled “I’m Too Busy Fighting Tyranny to Feed My
Family,” which does a good job of highlighting the absurdity of
opponents of increased immigration saying that foreigners in awful
conditions should stay where they are and fix their home country
rather than try to flee to a wealthy country like the U.S.

Caplan begins his article by describing John, an unemployed
political activist who spends much of his time posting and sharing
political news on social media and attending political events. John
is so dedicated to political activism that his kids are “hungry and
ragged.”

Caplan then makes a moral point which I hope is obvious to most
readers:

I think you’ll agree that John is a terrible human being.
 Why?  Because his priorities are demented.
 Political activism is a luxury.  Before you engage in
this luxury, you must satisfy your basic responsibilities to
provide for yourself and your family.  

Caplan goes on to rightly point out that some opponents of
increased immigration are asking those who live in regrettable
situations to do exactly what John is doing:

Why bring this up?  When I point out that would-be
immigrants are trying to save themselves and their families from
hellish Third World conditions, my critics often respond, “They
ought to stay home and try to fix their broken political systems!”
 In other words, my critics are admonishing the global poor to
heed the example of John the feckless activist.

Thus, suppose Jacques the desperate Haitian father has an
opportunity to escape to Miami, where he can shine shoes and send
money home to feed his kids.  Instead, he chooses to let his
kids go hungry so he stays in Port-au-Prince and fights tyranny
with political leaflets and soapbox speeches.  Noble?  No
more than John.  The righteous man knows that meeting his
family responsibilities is more important than playing Don
Quixote.

The article finishes by pointing out that people in poor
countries who try to escape to the developed world while trying to
provide for their families are doing their home country far more of
a service than most political junkies:

What should humble people born into Third World misery do?
 Stay the course.  Do your best to provide for your
family.  Keep trying to escape to the First World and get the
best job you can.  Remember that activism is a luxury if you
know what you’re talking about – and a pestilence if you don’t.
 The people who follow this advice aren’t just fulfilling
their basic responsibilities.  They’re doing far more to
improve their homelands than the vast majority of political junkies
ever will.

I’m glad that Caplan has highlighted the nonsense that is the
“stay home and fix your own country” rhetoric sometimes heard among
those who oppose increased immigration. Men, women, and children
die every year trying to leave their homes. Some
drown
, others
die of thirst
and
exposure
, and some are
tortured and killed
by traffickers. It’s immoral and ignorant
to suggest that people who risk such dangerous outcomes while
trying to improve their lives and the lives of their family members
would be better off back in their home countries being political
activists.

Watch Reason Foundation’s Shikha Dalmia outline five reasons why
low-skilled immigrants are good for the economy below:

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May The Farce Be With You – Janet Yellen Compares Bernanke to Obi-Wan Kenobi

Just in case you had any lingering doubt about how hopelessly screwed the world’s monetary and financial system really is, all you have to do is learn that in a series of ceremonies (because that is so appropriate with a record number Americans on food stamps) celebrating Ben Bernanke in recent days incoming Fed head Janet Yellen likened Bernanke to Obi-Wan Kenobi, the wise, experienced Jedi Knight mentor to his protégé Luke Skywalker in “Star Wars” movies.

There’s nothing that makes you feel more warm and fuzzy inside than the recognition that the soon to be most powerful person in the world thinks that printing trillions of dollars and giving it to criminals at zero interest qualifies as attributes of a intergalactic Jedi Master.

On the flip-side, this right here is what 95% of Americans think of Bernanke and his criminal cartel.

Not from The Onion, but from the Wall Street Journal we learn that:

Officials held a series of ceremonies honoring Mr. Bernanke in the past few days. At a dinner Tuesday evening among senior officials, Ms. Yellen likened Mr. Bernanke to Obi-Wan Kenobi, the wise, experienced Jedi Knight mentor to his protégé Luke Skywalker in “Star Wars” movies. She jokingly imagined Mr. Bernanke advising her to trust in the Fed’s statement of objectives, a document that lays out its goals for inflation and jobs, according to someone familiar with the event.

Mr. Bernanke received a standing ovation from Fed officials at the FOMC meeting in its boardroom earlier Tuesday. And he was toasted Thursday by hundreds of Fed staff packed into an atrium at the Fed’s Eccles Building, where they were served peanuts, popcorn and crackerjacks in honor of Mr. Bernanke’s love of baseball.

Kill. Me.

Full article here.

In Liberty,
Michael Krieger

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May The Farce Be With You – Janet Yellen Compares Bernanke to Obi-Wan Kenobi originally appeared on A Lightning War for Liberty on January 31, 2014.

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Spain’s Banco Popular Bad Loans Surge 20% QoQ (Most Ever) To Record High

As we draw ever closer to Europe’s date with disaster and the inevitable lifting of the kimono that Draghi’s supervision-driven stress tests appear to be, European banks are being forced to finally ‘fess up to the real state of their balance sheets. Confused at how bad macro data can be in Spain and yet banks have been ‘surviving’ or ‘thriving’ – simply put, they lied (and are now being forced to un-lie) 

Spain’s Banco Popular just released earnings showing a 19.6% rise in non-performing loans at EUR21.2 billion driven by a surge in “doubtful loans for subjective reasons” that almost tripled QoQ. This is the highest bad loan ratio on record at 14.27% – but have no fear, their CEO says “loan defaults are nearing their peak,” because he would know…

 

From the Banco Popular earnings report…

 

and in context!!

 

It seems we have reached the point where some “honesty” is the best policy as if they want to raise capital and be “saved” by the ECB, they need to show just how bad it all is – together. Expect more of the same from Spanish (and Italian) banks…

 

The European bank ETF EUFN is down over 7% from its Jan highs in the last few days and while somewhat illiquid remains the cleanest way for US retail to trade any follow-through from European banking system exuberance fading.

 

Charts: Bloomberg


    



via Zero Hedge http://ift.tt/1iUdOYc Tyler Durden

Spain's Banco Popular Bad Loans Surge 20% QoQ (Most Ever) To Record High

As we draw ever closer to Europe’s date with disaster and the inevitable lifting of the kimono that Draghi’s supervision-driven stress tests appear to be, European banks are being forced to finally ‘fess up to the real state of their balance sheets. Confused at how bad macro data can be in Spain and yet banks have been ‘surviving’ or ‘thriving’ – simply put, they lied (and are now being forced to un-lie) 

Spain’s Banco Popular just released earnings showing a 19.6% rise in non-performing loans at EUR21.2 billion driven by a surge in “doubtful loans for subjective reasons” that almost tripled QoQ. This is the highest bad loan ratio on record at 14.27% – but have no fear, their CEO says “loan defaults are nearing their peak,” because he would know…

 

From the Banco Popular earnings report…

 

and in context!!

 

It seems we have reached the point where some “honesty” is the best policy as if they want to raise capital and be “saved” by the ECB, they need to show just how bad it all is – together. Expect more of the same from Spanish (and Italian) banks…

 

The European bank ETF EUFN is down over 7% from its Jan highs in the last few days and while somewhat illiquid remains the cleanest way for US retail to trade any follow-through from European banking system exuberance fading.

 

Charts: Bloomberg


    



via Zero Hedge http://ift.tt/1iUdOYc Tyler Durden

USDJPY 102.00 Is The Line In The Sand

As Rick Santelli just noted, the JPY carry trade is the only thing that matters. It is the only fun-durr-mental factor that matters (implicitly or explicitly encouraged by the varying velocities of BoJ and Fed balance sheet flows). To that end, this morning has seen the crucial Abenomics make-it-or-break-it 102 level for USDJPY tested once again… and then instantly ramped (by Nomura we suspect by all market chatter accounts). We will wait for Europe’s close to see reality.

 

 

It is all about generating momentum ignition in S&P futures – as we have discussed numerous times. Yesterday we saw a similar disconnect which collapsed back to JPY reality into the close – will today be the same…

 

Charts: Bloomberg


    



via Zero Hedge http://ift.tt/1iUdOY3 Tyler Durden

Google Hits All Time High As Apple Sinks Towards 2 yr Lows, plus 1.5 Hours of PURE Bitcoin analysis

At roughly 1:45pm today I’ll be appearing on CNBC Streetsigns to take a victory lap with my team as #Google hits #ALLTIMEHIGH repeating last years win, see Reggie Middleton Goes For 2nd Win On CNBC Stock Challenge & Causes TROUBLE!!!

On a seperate note, below is one of the most informative shows for the layperson I’ve every heard on the topic of Bitcoin and UltraCoin. 

picsay-1391158820 picsay-1391158820

This is a very educational show put on by Kin Greenhouse of “It’s Rainmaking Time”. She is one of the very few who eschew the soundbite driven media economy and chooses the long format, deep dive approach. While it may be too long for ADD crowd, it digs deep into a not so simple subject to foster understanding and comprehension. This was a pretty good show with an interesting cast of guests:

  • Reggie Middleton – brash blogger, entrepenurial investor and founder of UltraCoin ZeroTrust financial contracts
  • RootEleven founder, visionary, and Bitcoin programmer Andreas Antonopolous, who will explain why Bitcoin is like “the internet for money”.
  • Bitcoin trader and programmer Dave Scotese will provide deep thinking about what makes Bitcoin so important, and why the public should be involved in its development.
  • Sam Guzik, one of the most sophisticated and knowledgeable SEC lawyers regarding crowdfunding and investment, will cut through the hype, misinformation, and wrong perceptions surrounding equity crowdfunding to highlight current SEC conditions and real opportunities in the crowdfunding arena.

This show is over an hour and a half long and I don’t want the contet to be avoided simply because of its length, so I have included a hyperlinked menu below to assist in navigating to the topcis of your individual interests.

 


    



via Zero Hedge http://ift.tt/1iUdQze Reggie Middleton

Greece Is Back: Germany, France, Creditors Hold Secret Meeting Due To Greek Bailout “Mounting Concerns”

There was a time – roughly between May 2010 and the spring fall of 2011 – when all the world had to worry about was Greece. Then the realization finally dawned that since a Grexit from the Eurozone would kill the EUR and the European integration dream with so much “political capital” invested, crush Deutsche Bank, and bring back the much dreaded (by German exporters) Deutsche Mark, it became clear that there is no fear that Greece, which is now a decrepit shell of a country with a collapsed economy and society in shambles, has now become a slave state to European bureaucrats, business and banks (in Nigel Farage’s words), will never be formally kicked out of Europe and only an internal coup would allow it to finally break free from the clutches of unelected European tyrants. And then the world moved on to more important things: like Japan, China Emerging Markets and how they are all enjoying the Fed’s taper. Sadly, we have to report, that Greece is once again baaaaack.

According to the WSJ, “top officials peeled away from colleagues after a euro-zone finance ministers meeting in Brussels Monday evening for a secret meeting to discuss mounting concerns over Greece’s bailout.

WSJ adds:

High-level officials from the International Monetary Fund, the European Commission, the European Central Bank, senior euro-zone officials and the German and French finance ministers were present, according to people with direct knowledge of the situation. They spoke on condition of anonymity because they aren’t authorized to talk to the press.

 

They were trying to figure out how to tackle two issues threatening to unsettle the fragile economic recovery in Greece and the broader euro zone.

 

They discussed how to press the Greek government to forge ahead with unpopular structural reforms; and second, how to scramble together extra cash to cover a shortfall in the country’s financing for the second half of the year, estimated at €5 billion-€6 billion ($6.81 billion-$8.17 billion).

Of course, this being Europe, nothing was decided: “The meeting was inconclusive, the people familiar with the situation said. Talks with the Greek authorities continue remotely—though representatives of the three institutions, known as the troika, have put on hold their plans to travel to Athens. Concerns are growing because Greece faces a large maturity of government bonds in May of €11 billion. The IMF hasn’t disbursed any aid to Greece since July and is €3.8 billion behind in scheduled aid payments. The IMF insists on having a clear view of the country’s finances 12 months ahead, and this condition hasn’t been met.”

And so the posturing resumes, with the Troika pretending it won’t hand over the funds unless Greece “reforms”, and Greece promising the “reform” as soon as it gets the funds. Nothing new here. What is new, is that finally the facade of Greek sovereignty and independence was stripped away as decisions regarding Greece took place… without
Greece: “Greek Finance Minister Yiannis Stournaras, who was briefing the
press in the same building at the time, wasn’t invited.”

Which is right – after all when a nation is enslaved and has no sovereignty, it doesn’t deserve to have a voice in its future.


    



via Zero Hedge http://ift.tt/1hXVkT3 Tyler Durden

Greece Is Back: Germany, France, Creditors Hold Secret Meeting Due To Greek Bailout "Mounting Concerns"

There was a time – roughly between May 2010 and the spring fall of 2011 – when all the world had to worry about was Greece. Then the realization finally dawned that since a Grexit from the Eurozone would kill the EUR and the European integration dream with so much “political capital” invested, crush Deutsche Bank, and bring back the much dreaded (by German exporters) Deutsche Mark, it became clear that there is no fear that Greece, which is now a decrepit shell of a country with a collapsed economy and society in shambles, has now become a slave state to European bureaucrats, business and banks (in Nigel Farage’s words), will never be formally kicked out of Europe and only an internal coup would allow it to finally break free from the clutches of unelected European tyrants. And then the world moved on to more important things: like Japan, China Emerging Markets and how they are all enjoying the Fed’s taper. Sadly, we have to report, that Greece is once again baaaaack.

According to the WSJ, “top officials peeled away from colleagues after a euro-zone finance ministers meeting in Brussels Monday evening for a secret meeting to discuss mounting concerns over Greece’s bailout.

WSJ adds:

High-level officials from the International Monetary Fund, the European Commission, the European Central Bank, senior euro-zone officials and the German and French finance ministers were present, according to people with direct knowledge of the situation. They spoke on condition of anonymity because they aren’t authorized to talk to the press.

 

They were trying to figure out how to tackle two issues threatening to unsettle the fragile economic recovery in Greece and the broader euro zone.

 

They discussed how to press the Greek government to forge ahead with unpopular structural reforms; and second, how to scramble together extra cash to cover a shortfall in the country’s financing for the second half of the year, estimated at €5 billion-€6 billion ($6.81 billion-$8.17 billion).

Of course, this being Europe, nothing was decided: “The meeting was inconclusive, the people familiar with the situation said. Talks with the Greek authorities continue remotely—though representatives of the three institutions, known as the troika, have put on hold their plans to travel to Athens. Concerns are growing because Greece faces a large maturity of government bonds in May of €11 billion. The IMF hasn’t disbursed any aid to Greece since July and is €3.8 billion behind in scheduled aid payments. The IMF insists on having a clear view of the country’s finances 12 months ahead, and this condition hasn’t been met.”

And so the posturing resumes, with the Troika pretending it won’t hand over the funds unless Greece “reforms”, and Greece promising the “reform” as soon as it gets the funds. Nothing new here. What is new, is that finally the facade of Greek sovereignty and independence was stripped away as decisions regarding Greece took place… without
Greece: “Greek Finance Minister Yiannis Stournaras, who was briefing the
press in the same building at the time, wasn’t invited.”

Which is right – after all when a nation is enslaved and has no sovereignty, it doesn’t deserve to have a voice in its future.


    



via Zero Hedge http://ift.tt/1hXVkT3 Tyler Durden

Third Banker, Former Fed Member, “Found Dead” Inside A Week

If the stock market were already crashing then it would be simple to blame the dismally sad rash of dead bankers in the last week on that – certainly that was reflected in 1929. However, for the third time in the last week, a senior financial executive has died in what appears to be a suicide. As Bloomberg reports, following the deaths of a JPMorgan senior manager (Tuesday) and a Deutsche Bank executive (Sunday), Russell Investments’ Chief Economist (and former Fed economist) Mike Dueker was found dead at the side of a highway in Washington State. Police said the death appeared to be a suicide.

 

Via Bloomberg,

Mike Dueker, the chief economist at Russell Investments, was found dead at the side of a highway that leads to the Tacoma Narrows Bridge in Washington state, according to the Pierce County Sheriff’s Department. He was 50.

 

He may have jumped over a 4-foot (1.2-meter) fence before falling down a 40- to 50-foot embankment, Pierce County Detective Ed Troyer said yesterday. He said the death appeared to be a suicide.

 

Dueker was reported missing on Jan. 29, and a group of friends had been searching for him along with law enforcement. Troyer said Dueker was having problems at work, without elaborating.

 

Dueker was in good standing at Russell, said Jennifer Tice, a company spokeswoman. She declined to comment on Troyer’s statement about Dueker’s work issues.

But as Michael Snyder noted recently, if the stock market was already crashing, it would be easy to blame the suicides on that.  The world certainly remembers what happened during the crash of 1929

Historically, bankers have been stereotyped as the most likely to commit suicide. This has a lot to do with the famous 1929 stock market crash, which resulted in 1,616 banks failing and more than 20,000 businesses going bankrupt.

 

The number of bankers committing suicide directly after the crash is thought to have been only around 20, with another 100 people connected to the financial industry dying at their own hand within the year.

Dueker had also been a research economist at the St. Louis Fed:

He published dozens of research papers over the past two decades, many on monetary policy, according to the St. Louis Fed’s website, which ranks him among the top 5 percent of economists by number of works published. His most-cited work was a 1997 paper titled “Strengthening the case for the yield curve as a predictor of U.S. recessions,” published by the reserve bank while he was a researcher there.

So, with stocks a mere 4% off their highs, are so many high ranking and well respected bankers committing suicide?


    



via Zero Hedge http://ift.tt/1cCSjHI Tyler Durden

Third Banker, Former Fed Member, "Found Dead" Inside A Week

If the stock market were already crashing then it would be simple to blame the dismally sad rash of dead bankers in the last week on that – certainly that was reflected in 1929. However, for the third time in the last week, a senior financial executive has died in what appears to be a suicide. As Bloomberg reports, following the deaths of a JPMorgan senior manager (Tuesday) and a Deutsche Bank executive (Sunday), Russell Investments’ Chief Economist (and former Fed economist) Mike Dueker was found dead at the side of a highway in Washington State. Police said the death appeared to be a suicide.

 

Via Bloomberg,

Mike Dueker, the chief economist at Russell Investments, was found dead at the side of a highway that leads to the Tacoma Narrows Bridge in Washington state, according to the Pierce County Sheriff’s Department. He was 50.

 

He may have jumped over a 4-foot (1.2-meter) fence before falling down a 40- to 50-foot embankment, Pierce County Detective Ed Troyer said yesterday. He said the death appeared to be a suicide.

 

Dueker was reported missing on Jan. 29, and a group of friends had been searching for him along with law enforcement. Troyer said Dueker was having problems at work, without elaborating.

 

Dueker was in good standing at Russell, said Jennifer Tice, a company spokeswoman. She declined to comment on Troyer’s statement about Dueker’s work issues.

But as Michael Snyder noted recently, if the stock market was already crashing, it would be easy to blame the suicides on that.  The world certainly remembers what happened during the crash of 1929

Historically, bankers have been stereotyped as the most likely to commit suicide. This has a lot to do with the famous 1929 stock market crash, which resulted in 1,616 banks failing and more than 20,000 businesses going bankrupt.

 

The number of bankers committing suicide directly after the crash is thought to have been only around 20, with another 100 people connected to the financial industry dying at their own hand within the year.

Dueker had also been a research economist at the St. Louis Fed:

He published dozens of research papers over the past two decades, many on monetary policy, according to the St. Louis Fed’s website, which ranks him among the top 5 percent of economists by number of works published. His most-cited work was a 1997 paper titled “Strengthening the case for the yield curve as a predictor of U.S. recessions,” published by the reserve bank while he was a researcher there.

So, with stocks a mere 4% off their highs, are so many high ranking and well respected bankers committing suicide?


    



via Zero Hedge http://ift.tt/1cCSjHI Tyler Durden