by Karl Denninger
Janet T sent me an interesting article recently and I think we should have a discussion on it.
In light of that, I referred to my own childhood to highlight the magical thinking of children:
“This is really about our projection of our issues as adults onto children, and we have to consider that. Look, when I was a child, I thought I was a cocker spaniel, and there’s a point where we have these fantasies, we think we are Superman, we can fly, we’re the cat. This is childhood … .”
Reverting to their own magical thinking, various gay-establishment bloggers and activists, likely adorned in their “NOH8” gear, apparently appalled at my argument that kids are, well, kids, posted desperate stories with headlines like “Tammy Bruce compares transgendered people to dogs!” and “Fox News pundit compares being transgender to thinking that you’re a cocker spaniel.”
Continue Reading at Market-Ticker.org…
by Alasdair Macleod
Gold and silver had a poor week, with no relief from drifting prices after the end of the second quarter.
The gold price opened on Monday morning in the Far East at $1,187 and fell to a low point at $1,158 yesterday. Silver mirrored gold’s move falling from $16.05 to $15.50. Both metals rallied yesterday afternoon with gold down slightly but silver up 14 cents. In early European trading this morning there were further small gains.
The news this week was dominated by Greece, which should have led to European demand for gold, and it was indeed reported that Greeks were buyers of British sovereigns and that European bullion demand picked up somewhat from low levels. Precious metals were otherwise side-lined and left to drift in markets dominated by central bank intervention in foreign exchanges, with the Swiss National Bank triggering a very strong rally in the euro on Monday, driving the rate from an overnight low below 1.1000 to the US dollar to 1.1270.
Continue Reading at GoldMoney.com…
by Philippe Gastonne
The Daily Bell
Officers at police academies have always been trained in de-escalation, but there has been less emphasis on such methods over the past 20 years. A recent Police Executive Research Forum survey of 281 police agencies found that the average young officer received 58 hours of firearms training and 49 hours of defensive tactical training, but only eight hours of de-escalation training.
The training regimens at nearly all of the nation’s police academies continue to emphasize military-style exercises, including significant hours spent practicing drill, formation and saluting, said Maria R. Haberfeld, a professor of police science at the John Jay College of Criminal Justice in New York.
Many police officials now say that even while these approaches might have helped reduce crime, they have also impeded officers’ ability to win the public’s cooperation and trust.
“If we ask people instead of telling them, and if we give them a reason for why we’re doing something, we get much less resistance,” said Gary T. Klugiewicz, a retired Milwaukee County Sheriff’s Office captain and former chairman of the now defunct American Society of Law Enforcement Trainers, who trains police in de-escalation techniques. “If we just started to treat people with dignity and respect, things would go much better.” – New York Times, June 27, 2015
The curriculum in most police academies is heavy on firearms and self-defense techniques. This is necessary but not sufficient. Police need public cooperation for one simple reason: They are usually outnumbered. Top marksmanship will not help one officer control a hostile crowd of 10, 50, or 100 people. His best weapon is the ability to get them on his side.
Continue Reading at TheDailyBell.com…
Cash in bank accounts will only be protected up to £75,000 if a bank collapses, down from £85,000 currently
by Tim Wallace
Cash in bank accounts will only be guaranteed up to a limit of £75,000 from January 1, 2016, the Bank of England has said, down from the current limit of £85,000.
The guarantee is used by savers when a bank or building society collapses. The level of deposits covered by the scheme was increased in several stages through the financial crisis to reassure savers their money was safe, in a bid to avoid bank runs. This is the first time the level of protection has been cut since the credit crunch.
The Treasury-backed but industry-funded Financial Services Compensation Scheme refunds those who lose money, and the cash is later recouped from the rest of the banking industry. Savers called on the protection when Bradford & Bingley failed, and when the Icelandic banks crashed.
Continue Reading at Telegraph.co.uk…
by Mike “Mish” Shedlock
MISH’S Global Economic Trend Analysis
- A “yes” vote in favor of servitude has now reached a slight majority according to some Greece referendum polls. How accurate the polls are is an issue.
- Yanis Varoufakis, Greece’s finance minister, said he would resign if Greeks voted Yes in Sunday’s referendum on the country’s bailout. “I will not?sign another extend and pretend agreement”, said Varoufakis.
- Greece to run out of essential food and medicine within days and banks down to last €500 million.
- Daily allowance of cash from ATMs has dropped from €60 to €50.
- Three quarters of business leaders think Greece will be forced to leave the eurozone in the next 12 months.
Vote for Servitude Takes Slight Lead
Reuters reports ‘Yes’ Camp Takes Slim Lead in Greek Bailout Referendum Poll
Continue Reading at GlobalEconomicAnalysis.Blogspot.ca…
by Patrick Barron
Greece cannot pay its debts … ever. Nor can several other members of the European Union. That’s why Europe’s elite are loath to place Greece in default. If Greece is allowed to abrogate its debts, why should any of the other debtor members of the EU pay up? The financial consequences of massive default by most of the EU members is hard to predict, but it won’t be pretty. Europe has built a financial house of cards, and the slightest loss of confidence will bring it crashing down.
The tragedy of Europe has socialism at its core. Europe has flirted with socialism since the late nineteenth century. Nineteenth century Bismarckian socialism produced two world wars. Leninist socialism slaughtered and enslaved hundreds of millions until it collapsed, mercifully without a third world war. Yet, not to be deterred, in the ashes of World War II, Europe’s socialists embarked on a new socialist dream. If socialism fails in one country, perhaps it will succeed if all of Europe joined a supra-national socialist organization. Oh, they don’t call what has evolved from this dream “socialism,” but it is socialism nonetheless.
Continue Reading at Mises.org…
by Gary North
Thirty years ago today marked the release date of Back to the Future.
I mention this to call attention to a life marker. When it came out in 1985, it inspired a wave of nostalgia about 1955. I was in high school in 1955. A lot of that movie looked familiar.
Now comes the double whammy. It has been as long since the movie was released as it was between 1955 and 1985.
Younger people notice a single marker. They perceive that things are speeding up. Older people notice the double markers. “It has been as long from Y to today as it was from X to Y. But X just can’t have been that long ago.” Sadly, it is.
Continue Reading at LewRockwell.com…
from Zero Hedge
The Greece impasse set to culminate on Sunday continues to have a massive impact on at least one stock market, unfortunately it is the wrong one, located on a continent which is mostly irrelevant to the future of the Greek people (unless that whole AIIB bailout does take place of course). We are, of course, talking about China which as noted earlier, started off horribly, plunging over 7% with over 1000 stocks hitting 10% limit down, then in the afternoon session mysteriously recovering all losses and even trading slightly higher on the day, before the late selling returned once more, and the Shanghai Composite plunged to close down 5.8%: a ridiculous 20% total roundtrip move!
Continue Reading at ZeroHedge.com…
by Wolf Richter
It’s a deafening drumbeat of mergers and acquisitions, involving enormous amounts of money, dazzling premiums, blinding hype, and some consternation too, as the competitors are coagulating into oligopolies.
On Wednesday, property-and-casualty insurance giant ACE, after gobbling up a number of smaller insurers around the world, announced that it would buy its competitor Chubb for $28.3 billion. ACE shares initially jumped over 7% on the announcement, rather than getting hammered for overpaying, though the market later lost some of its early enthusiasm. Chubb initially soared 36% then too gave up some of it. Fun times!
Continue Reading at WolfStreet.com…
by Steve St. Angelo
The World’s largest silver producer saw its production decline significantly in April. According to Mexico’s INEGI – National Institute of Statistics and Geography, Mexico’s silver production dropped a stunning 12% in April compared to the same month last year.
Looking at the chart below, we can see Mexico’s silver production declined 58 metric tons (mt), from 484 in April last year down to 426 metric tons in 2015:
Continue Reading at SRSRoccoReport.com…