Nature is a wet place where large numbers of ducks fly overhead uncooked.--Oscar Wilde
Chris still has some jet lag.
My PT yesterday was exhausting.
It's raining in Williamsburg.
A 21-year-old Pittsburgh resident is accused of planning an attack on a Christian church on the city's North Side and providing resources to ISIS has been arrested.
The Iranians have shot down an American drone over international waters. Arbitrarily causing life-threatening situations is a hallmark of the modern State and a prime reason for limiting its power. It is especially dangerous when a State believes it has the ability to see the future.
Marijuana use among pregnant women rose from 3.4% in 2002-2003 to 7% in 2016-2017, according to results from 467,100 respondents to the National Survey on Drug Use and Health between 2002 and 2017. First-trimester use increased from 5.7% to 12.1% over that period.
On this day in 1789, in Versailles, France, the deputies of the Third Estate, which represent commoners and the lower clergy, met on the Jeu de Paume, an indoor tennis court, in defiance of King Louis XVI’s order to disperse. They took, there, the historic Tennis Court Oath, with which they agreed not to disband until a new French constitution had been adopted. In 1789, in a desperate attempt to address France’s economic crisis, Louis XVI assembled the Estates-General, a national assembly that represented the three “estates” of the French people–the nobles, the clergy, and the commons. The Estates-General had not been assembled since 1614, and its deputies drew up long lists of grievances and called for sweeping political and social reforms. The Third Estate, which had the most representatives, declared itself the National Assembly and took an oath to force a new constitution on the king. This conflict led to the Bastille on July 14th.
Economic Decisions
Adam Smith explained how wealth develops. von Mises explained pricing.
Without the market forces of supply and demand (the trade that creates these forces; and private ownership of the means of production, which enables supply and demand to operate), all factories and industries will lose access to meaningful profit-and-loss accounting. Accounting signals relay information to owners about the success or failure of their enterprises. Without such accounting, there is no basis for managers of enterprises to make good decisions. You have no data on which to base your purchases, investments, production, hiring, wages, inventories, or anything else. You lose touch with the reality of the world around you. Such a system will be, quite literally, irrational and thereby subject to the whims of political elites. (Tucker)
Since pricing cannot guide purchasing, producers cannot anticipate demand or assign products. This creates shortages. And shortages substitute bribery for pricing and creates a culture of corruption.
It is not necessary to destroy an economy as in Venezuela to prove the point. There are all sorts of examples of "Socialism Lite" which disable pricing signals and create shortages and distortions. Rent control fixes the price of rental units, diminishes the surplus available for repair and enhancement. So rent control leads to disrepair and shortage. Price controls on gasoline in the 1970s led to gasoline shortages.
How can anyone be casual about such risks? And how can anyone supporting the agent of such danger and corruption present themselves as "moral?"
Chris still has some jet lag.
My PT yesterday was exhausting.
It's raining in Williamsburg.
A 21-year-old Pittsburgh resident is accused of planning an attack on a Christian church on the city's North Side and providing resources to ISIS has been arrested.
The Iranians have shot down an American drone over international waters. Arbitrarily causing life-threatening situations is a hallmark of the modern State and a prime reason for limiting its power. It is especially dangerous when a State believes it has the ability to see the future.
Federal officials in Philadelphia seized over 16 tons of cocaine from a cargo ship on Tuesday, calling it one of the largest drug seizures in U.S. history and the largest in the history of the eastern district of Pennsylvania. The street value is estimated at more than $1 billion.
Congress is debating "reparations" for a non-crime committed 150 years ago against people who no longer exist. Here is some of the heavy logic by Jackson Lee, congresswoman from Texas, who said of the concept of reparations: “Why not? And why not now? If not all of us, then who?”
The EPA is moving to overturn Obama-era climate rules for power plants, vastly limiting the agency’s ability to mandate tougher greenhouse-gas-emission rules that could force older coal- and gas-fired plants to close, according to a summary reviewed by The Wall Street Journal.
According to a genetic analysis by UCLA in 2010, what we call dogs today likely originated as gray wolves about 33,000 years ago in the Middle East, the same area where both domestic cats and many livestock animals originated.
One lesson of the twentieth century is that the comprehensive politics of the integrated state promises fulfillment but delivers suffocation.--Will
The process of bitcoin mining is akin to millions of computers expending ever-increasing amounts of energy buying quintillions of lottery tickets with one winner every ten minutes. The amount of power wasted on useless duplication of effort is staggering. At times, power demand for bitcoin alone has surpassed that of nations the size of Ireland or the Netherlands. Despite the utopian claims of its proponents, Bitcoin is a nightmare which facilitates tax evasion, money laundering and in addition to environmental degradation.
Stephen Schwarzman, the billionaire co-founder of the Blackstone Group, is giving $188 million to the University of Oxford to create a center for the humanities that he hopes will help steer the ethical adoption of artificial intelligence.
Men pay higher premiums for car insurance than women. Is that discrimination? For that matter, are insurance algorithms discrimination?
Congress is debating "reparations" for a non-crime committed 150 years ago against people who no longer exist. Here is some of the heavy logic by Jackson Lee, congresswoman from Texas, who said of the concept of reparations: “Why not? And why not now? If not all of us, then who?”
The EPA is moving to overturn Obama-era climate rules for power plants, vastly limiting the agency’s ability to mandate tougher greenhouse-gas-emission rules that could force older coal- and gas-fired plants to close, according to a summary reviewed by The Wall Street Journal.
According to a genetic analysis by UCLA in 2010, what we call dogs today likely originated as gray wolves about 33,000 years ago in the Middle East, the same area where both domestic cats and many livestock animals originated.
One lesson of the twentieth century is that the comprehensive politics of the integrated state promises fulfillment but delivers suffocation.--Will
The process of bitcoin mining is akin to millions of computers expending ever-increasing amounts of energy buying quintillions of lottery tickets with one winner every ten minutes. The amount of power wasted on useless duplication of effort is staggering. At times, power demand for bitcoin alone has surpassed that of nations the size of Ireland or the Netherlands. Despite the utopian claims of its proponents, Bitcoin is a nightmare which facilitates tax evasion, money laundering and in addition to environmental degradation.
Stephen Schwarzman, the billionaire co-founder of the Blackstone Group, is giving $188 million to the University of Oxford to create a center for the humanities that he hopes will help steer the ethical adoption of artificial intelligence.
Men pay higher premiums for car insurance than women. Is that discrimination? For that matter, are insurance algorithms discrimination?
Marijuana use among pregnant women rose from 3.4% in 2002-2003 to 7% in 2016-2017, according to results from 467,100 respondents to the National Survey on Drug Use and Health between 2002 and 2017. First-trimester use increased from 5.7% to 12.1% over that period.
On this day in 1789, in Versailles, France, the deputies of the Third Estate, which represent commoners and the lower clergy, met on the Jeu de Paume, an indoor tennis court, in defiance of King Louis XVI’s order to disperse. They took, there, the historic Tennis Court Oath, with which they agreed not to disband until a new French constitution had been adopted. In 1789, in a desperate attempt to address France’s economic crisis, Louis XVI assembled the Estates-General, a national assembly that represented the three “estates” of the French people–the nobles, the clergy, and the commons. The Estates-General had not been assembled since 1614, and its deputies drew up long lists of grievances and called for sweeping political and social reforms. The Third Estate, which had the most representatives, declared itself the National Assembly and took an oath to force a new constitution on the king. This conflict led to the Bastille on July 14th.
Economic Decisions
Adam Smith explained how wealth develops. von Mises explained pricing.
Without the market forces of supply and demand (the trade that creates these forces; and private ownership of the means of production, which enables supply and demand to operate), all factories and industries will lose access to meaningful profit-and-loss accounting. Accounting signals relay information to owners about the success or failure of their enterprises. Without such accounting, there is no basis for managers of enterprises to make good decisions. You have no data on which to base your purchases, investments, production, hiring, wages, inventories, or anything else. You lose touch with the reality of the world around you. Such a system will be, quite literally, irrational and thereby subject to the whims of political elites. (Tucker)
Since pricing cannot guide purchasing, producers cannot anticipate demand or assign products. This creates shortages. And shortages substitute bribery for pricing and creates a culture of corruption.
It is not necessary to destroy an economy as in Venezuela to prove the point. There are all sorts of examples of "Socialism Lite" which disable pricing signals and create shortages and distortions. Rent control fixes the price of rental units, diminishes the surplus available for repair and enhancement. So rent control leads to disrepair and shortage. Price controls on gasoline in the 1970s led to gasoline shortages.
How can anyone be casual about such risks? And how can anyone supporting the agent of such danger and corruption present themselves as "moral?"
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