"It is dismaying that most of the binding law in Britain comes from the European Commission in Brussels. But why, with its primacy at stake, did Parliament punt one of the most momentous decisions in British history to a referendum? The bedrock principle of representative government is that "the people" do not decide issues, they decide who shall decide. And once a legislature sloughs off responsibility and resorts to a referendum on the dubious premise that the simple way to find out what people want is to ask them, it is difficult to avoid recurring episodes of plebiscitary democracy."--Will I am in the third week of the flu, but it seems to be declining. I am still sick and it is surprising how cloudy my thinking has been. Chris seems to have it full-bore now. Mom seems a bit better but is still sick. The meals were terrific at both the McGraws and Muellers. Some great efforts at gifts. A Minsky Moment is a sudden collapse of asset prices after a long period of growth, sparked by debt or currency pressures. The theory is named after economist Hyman Minsky.
Guggenheim Partners' Scott Minerd warned in a new market outlook titled "From the Desk of the Global CIO: Risk and Reward of Successful 'Mid-Cycle' Rate Cuts" that recent 75bps rate cuts by the Jerome Powell–run Federal Reserve had created a similar environment today to 1998 when central banks created a "liquidity-driven rally that caused the Nasdaq index to double within a year before the bubble finally burst."
The 1998-scenario has already been playing out through 2019, as shown in the chart below, with global central banks plowing liquidity into financial markets.
(Look at 2018.)
Lindsey Vonn proposed to P.K. Subban on Christmas Day. The Indian Mughal emperor Akbar was interested in and tolerant of many religions and in 1579 invited Portuguese Jesuits from Goa to his court. They brought with them paintings illustrating the European style, which influenced Indian artists of the day including in this piece from Bijapur circa 1600. From the V&A. Amidst all the populist talk about trump , one curiosity is overlooked: One of the great ironies is the so-called populist Trump election was made possible by one of the Constitution's most anti-populist rules, the Electoral College.
In 2004 on this day, a powerful earthquake off the coast of Sumatra, Indonesia set off a tsunami causing death and devastation across the Indian Ocean coastline. The quake was the second strongest ever recorded and the estimated 230,000 dead made this disaster one of the 10 worst of all time. A Christmas story about a Christmas icon: For its December 1963 issue, Esquire Magazine's managing editor Harold Hayes let his cover designer George Lois pick the cover. The cover became a close-up of boxer Sonny Liston in a Santa Claus hat. Esquire's advertising director would eventually estimate that the magazine lost $750,000 due to the cover. According to Vanity Fair, "Hayes lit the fuse, and Sonny Liston exploded a ragged hole in the country's Norman Rockwell preconceptions of Christmas." An art-history professor at Hunter College proclaimed the cover "one of the greatest social statements of the plastic arts since Picasso's Guernica." For Hayes, Liston-as-Santa was "the perfect magazine cover," he wrote in a 1981 article in Adweek magazine, "a single, textless image that measured our lives and the time we lived them in quite precisely to the moment." Published in a national climate "thick with racial fear," he explained, "Lois' angry icon insisted on several things: the split in our culture was showing; the notion of racial equality was a bad joke; the felicitations of this season—goodwill to all men, etc.—carried irony more than sentiment."
"Norman Rockwell preconceptions?" "one of the greatest social statements..?" ".. image that measured our lives..?" Wait a minute here. Race trumps everything in this culture but.....Liston was a criminal and was mob-connected. He knocked out the extremely popular, (and black), Floyd Patterson in 1962, a fight that was opposed by the NAACP because of damage they thought the fight would do to the Civil Rights Movement. And Liston threw a championship fight against Ali. Liston told a sportswriter later, “That guy [Ali] was crazy. I didn’t want anything to do with him. And the Muslims were coming up. Who needed that? So I went down. I wasn’t hit.”
Liston was terribly unpopular for a lot of good reasons.
Can this race monster ever get sedated? And is it possible these media types might be taking themselves a little too seriously?
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