Leave It to the Experts, or, Whaddya Mean She’s Having a Baby?

WhoahRecently, in a hospital to
remain nameless, a petite woman walked into the emergency room
complaining of abdominal pain. She was checked in with the usual
round of questioning, scrutiny, and paperwork. Then she cooled her
heels in the waiting room for two hours before being called back by
a nurse. The ER doc poked and prodded her, performing an abdominal
exam without finding a cause for her complaint. The woman was then
sent with a nurse to gather a urine sample, That’s when her water
broke and the baby causing the “abdominal pain” began to emerge
into a somewhat unprepared world.

That’s right—not only did mom not know she was pregnant, but
somehow a physician, nurses, and other hospital staff failed to
figure it out after an exam.

We’re often told that people are too stupid to make their own
decisions, and so difficult subjects that might tax our tiny little
minds should be left to the experts. President Obama infamously
justified his fib about Americans getting to keep their health
coverage by
smugly commenting
, “a lot of people thought they were buying
coverage, and it turned out not to be so good.” We should suck it
up over our cancellation letters and go buy the higher-priced
insurance that he and his buddies approved because they know better
than us what we need.

And it’s true that the general population can often seem to be
running a bit shy of brain cells and competence. But so do experts.
In that unnamed emergency room, mom may rate a few raised eyebrows
over a certain lack of body awareness, but what about those
well-trained and licensed medical experts who found themselves
stumped by the whole abdominal discomfort=labor pains equation?

And when individuals flaunt their stupid for the world to see,
the blast radius of their stupid is usually confined within certain
boundaries. Experts, given a chance to show their stuff, wield
Stupid of Mass Destruction.

Individuals may have “thought they were buying coverage, and it
turned out not to be so good,” but only experts, authorized to
inflict their wisdom on the unwashed masses, could give us tidal
waves of health insurance cancellation letters, a government-built
marketplace that
doesn’t work
, unless it’s
funneling people into the wrong coverage
,
losing their records
, and serving up the data it doesn’t

scramble
to
hackers
.

And that’s just the delivery system for health coverage with
newly
jacked up prices
, a
shortage of doctors
, and an assortment of other problems that
make it a train wreck.

And this is just one area of public policy inflicted on
us by experts. If you don’t give a damn about Obamacare, substitute
drug prohibition, gun control, federal spending, or any of a
variety of arenas in which we’ve told us that our own
decision-making isn’t good enough, so we’ll have to leave it to the
experts. Sure, any one of us might experience a surfeit of stupid
when it comes to guns, dope, and cash, but only experts empowered
by hubris and law could double-down on such decisions and inflict
them on everybody.

Yes, experts generally are better-informed than the rest of us
in their chosen specialties. But that doesn’t mean they’re immune
to jaw-dropping fumbles—or that we should empower them to make
their mistakes into our problems.

We make enough errors on our own; we don’t need more imposed on
us from above.

from Hit & Run http://reason.com/blog/2013/12/20/leave-it-to-the-experts-or-whaddya-mean
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BofAML Closes USDJPY, Warns "Bulls Beware"

“USDJPY bulls must use caution going forward,” is the ominous warning BofAML’s MacNeil Curry sends as the firm closes its long position on reaching their upside objective of 104.60. A closer look at the uptrend from early October says that this is a maturing advance and is growing increasingly prone to a reversal. From an Elliott Wave perspective, Triangle breakouts represent the terminal move of a trend, meaning that the potential for a top and medium-term reversal lower is growing quickly; one that could ultimately take prices back to the 97/96 area. While this is likely a story for 2014, Curry warns – USDJPY bulls should beware.

 

 

Of course, crucially, if USDJPY rolls over, so does the house of cards equity market with it at the margin… but fundamentals still matter right?


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/kSC40jQ8f04/story01.htm Tyler Durden

BofAML Closes USDJPY, Warns “Bulls Beware”

“USDJPY bulls must use caution going forward,” is the ominous warning BofAML’s MacNeil Curry sends as the firm closes its long position on reaching their upside objective of 104.60. A closer look at the uptrend from early October says that this is a maturing advance and is growing increasingly prone to a reversal. From an Elliott Wave perspective, Triangle breakouts represent the terminal move of a trend, meaning that the potential for a top and medium-term reversal lower is growing quickly; one that could ultimately take prices back to the 97/96 area. While this is likely a story for 2014, Curry warns – USDJPY bulls should beware.

 

 

Of course, crucially, if USDJPY rolls over, so does the house of cards equity market with it at the margin… but fundamentals still matter right?


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/kSC40jQ8f04/story01.htm Tyler Durden

The case for owning farmland in one simple statistic.

DSC 0075 copy 1 150x150 The case for owning farmland in one simple statistic.

December 20, 2013
Sovereign Valley Farm, Chile

In investing, it’s often said that nothing goes up or down in a straight line.

Stocks, bonds, commodities… they all go through periods of growth, correction, collapse, mania, etc.

We’re seeing this right now with respect to a substantial decline in the nominal gold price after more than 12 straight years of gains.

But I’ve just recently come across an investment trend that has posted the same results for more than 20-years straight. And it’s actually quite alarming.

Every human being on the planet requires sustenance… typically measured in Calories per day.

What’s interesting is that the global average of per-capita Calorie consumption has increased a whopping 24.6% since 1964.

So over the last fifty years, the data clearly show that human beings are eating more… now to an average of roughly 2,940 Calories per person per day.

As you can probably guess, most of the rise has taken place in East Asia just over the last two decades, owing to the increased wealth in that part of the world.

Roughly a billion people have been lifted out of poverty in Asia alone. And as people begin to generate income and accumulate savings, their dietary habits have invariably changed. They eat more, i.e. demand more Calories.

As we eat more, we require more resources from the world. And in the case of food, this means more arable land to grow crops.

But there’s another twist to this trend. As people become wealthier, they not only eat more, but they also begin to consume more resource consumptive foods– especially meat.

It takes a lot more land to grow a kilogram of beef than it does to grow a kilogram of tomatoes. The difference can often be an order of magnitude greater.

So when you look at the demand side of this equation, per capita food consumption is increasing… and we are also consuming a vastly greater amount of land-intensive foods.

In short, the global trend is that we are demanding a much greater amount of arable land per person.

Yet the data on the supply side show the precise opposite.

According to World Bank data, the global average of arable land per person has been on a one-way decline since 1992.

In fact, since 1964, there has only been one year that the global average of arable land per person has increased. In every other instance over the last five decades, arable land per person has declined.

This is an astounding trend.

Our modern ‘science’ is stepping in to address this trend. It’s why much of what we eat is now concocted in a laboratory rather than grown on a farm. It’s why McDonalds puts pink slime in its hamburgers instead of… you know… beef.

But even still, science only goes so far.

Yields for many staple crops (like wheat) essentially hit a wall about ten years ago. After decades of miraculous gains in the amount of tons, bushels, and kilograms per acre we have been able to extract from the Earth, productive capacity has largely plateaued.

In other words, we have maxed out what we can pull out of the soil for now. And the amount of soil per person that’s in production is in serious decline.

To me, this spells out an obvious case for investing in agriculture… and even more specifically, to own farmland.

from SOVErEIGN MAN http://www.sovereignman.com/correspondents/chile-correspondents/the-case-for-owning-farmland-in-one-simple-statistic-13321/
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Main Reasons For "Upward Revised" Q3 Personal Spending: Healthcare And Gasoline

Earlier today, the Bureau of Economic Analysis surprised everyone by announcing a final Q3 GDP growth of 4.1% compared to 3.6% in the first revision (and 2.8% originally), driven almost entirely by the bounce in Personal Consumption which rose 2.0% compared to estimates of 1.4%. As a result many are wondering just where this “revised” consumption came from. The answer is below: of the $15 billion revised increase in annualized spending, 60% was for healthcare, and another 27% was due to purchases of gasoline. The third largest upward revision: recreation services.

In other words, the BEA thought long and hard what it could revise and decided on the following: in Q3 the US economy was revised to the strongest since 2011 because Americans, it would appear, were gassing up more to visit (and pay) their doctor, and then going to the movies.


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/D5myD_lSDoE/story01.htm Tyler Durden

Main Reasons For “Upward Revised” Q3 Personal Spending: Healthcare And Gasoline

Earlier today, the Bureau of Economic Analysis surprised everyone by announcing a final Q3 GDP growth of 4.1% compared to 3.6% in the first revision (and 2.8% originally), driven almost entirely by the bounce in Personal Consumption which rose 2.0% compared to estimates of 1.4%. As a result many are wondering just where this “revised” consumption came from. The answer is below: of the $15 billion revised increase in annualized spending, 60% was for healthcare, and another 27% was due to purchases of gasoline. The third largest upward revision: recreation services.

In other words, the BEA thought long and hard what it could revise and decided on the following: in Q3 the US economy was revised to the strongest since 2011 because Americans, it would appear, were gassing up more to visit (and pay) their doctor, and then going to the movies.


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/D5myD_lSDoE/story01.htm Tyler Durden

Books for Christmas


One of my picks. Click 'n' buy.
Every year The American Spectator
invites a long list of writers from across the political spectrum
to recommend some books for the holidays. It has been serializing
the results all week — see
here
,
here
, and
here
— and today it got to the W’s, which means my
contribution is now online. Go here
to see my picks, and those of everyone else at the end of the
alphabet.

from Hit & Run http://reason.com/blog/2013/12/20/books-for-christmas
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Why Social Media is the End of Celebrity as We Know It (R Kelly, Barack Obama Edition)

I’ve got a
new column up
at Time that brushes past the Duck Dynasty flap
and argues that something far more important (and fun) is
happening: Fans and citizens are finally able to talk back to their
idols and leaders in ways that just weren’t possible even a few
years back.

Earlier this month, for instance, the controversial and quite
possibly criminal singer R Kelly released a new album (Black
Panties
) and went on Twitter to get real with his immense
audience. Almost immediately he was pelted with questions about his
revealed preference for jailbait:

To celebrate Black Panties, Kelly hosted a chat on
Twitter for his fans and followers. “Getting ready to answer some
of my favorite #AskRKelly questions!!” he
wrote
, “Start tweeting!” Almost immediately, the singer was
deluged with snarky comments related to his past indiscretions and
scandals. “My lil cousin jus bout to finish 10th grade … Seems like
she ready?,” wrote
one correspondent
. “What’s your favorite bedtime story to read
a date?” read another. “So @rkelly only answered 16
questions,the perv really cannot do anything over 18,” summarized
one commenter while another asked, “Were you high off something
when you started this hashtag? Where tf is your PR team?”

Being able to
mock singers in open view is one thing but the same dynamic is at
work in political discourse too, such as when President Obama
tweeted out the pic of “pajama boy” sipping some cocoa and girding
his flannel-clad loins to #GetTalking about health insurance over
the holidays:

Almost immediately, the image went
viral
, though not in the way Obama meant. “PajamaBoy” became
its own hashtag and countless parodies and reappropriations
spread across
the Internet
. “Mommy Said I Could Stay Up Late,” read one,
while another attested, “Why Yes I Am a Thought Leader,” and a
third asked, “How did you know I went to Oberlin?”…

Power is shifting from the top of the pyramid down to its lower
reaches, where anyone with an opinion and an Internet connection
can at least speak her mind and circulate that opinion to an
audience that is potentially in the millions.


Read the whole thing here
.

from Hit & Run http://reason.com/blog/2013/12/20/why-social-media-is-the-end-of-celebrity
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Meet Wall Street. Your New Landlord

Blackstone Group appears to be trying to oligopolize the business of renting single-family homes in the U.S.. As Bloomberg reports, after the housing crash left more than 7 million foreclosed homes in its wake, the investment firm has spent more than $7.8 billion purchasing about 41,000 single-family homes for rental conversion. The world’s largest private equity firm has quickly become the largest landlord (of rental homes) in the U.S. and in October, Blackstone offered the first-ever “rental-home-backed” security on Wall Street. One has to wonder if this was the plan all along?

 


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/54kv7nP43EU/story01.htm Tyler Durden

A.M. Links: Obamacare "Hardship Exemptions" for Cancelled Plans, Former CIA Director: Hang Edward Snowden, "Duck Dynasty" Family: Not Coming Back Without Phil Robertson

  • The Obama administration will give a
    “hardship exemption” from Obamacare
     to millions of
    Americans who received health-insurance plan cancellation notices
    this year.
  • Edward Snowden
    should be hanged
    , said former CIA director James Woolsey when
    asked whether Snowden should be granted amnesty. What a
    charmer.
  • The “Duck Dynasty” family issued
    a statement Thursday evening
    supporting patriarch Phil Robertson
    , stating that not one of
    them would return to the show without him.
  • California legislators will consider a bill that would require

    kill-switch technology
    be a mandatory component of smartphones
    in order to help law enforcement retrieve lost and stolen phones.
    What could go wrong?
  • Senate Majority Leader Harry Reid (D-NV) has joined several of
    his congressional colleagues who have
    denounced the Washington “Redskins”
    and called on the team’s
    owner to change the name. A bit late to the game, Harry, we’re all
    indignant about ducks these days.
  • The United Nations sent four helicopters to evacuate staff from
    a base in South Sudan’s Jonglei state where three peacekeepers were
    killed yesterday in
    violence gripping the world’s newest nation
    .

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from Hit & Run http://reason.com/blog/2013/12/20/am-links-obamacare-hardship-exemptions-f
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