"Restore(s) a little sanity into current political debate" - Kenneth Minogue, TLS "Projects a more expansive and optimistic future for Americans than (the analysis of) Huntington" - James R. Kurth, National Interest "One of (the) most important books I have read in recent years" - Lexington Green
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The Orlando killer was not alone. He was a true believer and other believers in the mission of Islam inspire him. Neither he nor any of his predecessors or future companions are to be explained by psychology, economics, or sociology. They are to be explained by taking their word for what they are doing. If the President of the United States or the British Prime Minister, the media, the professors, the clerics, cannot or will not understand this reality, we cannot blame ISIS and its friends. They are also realists who understand where ideas and reality meet, sometimes on a battlefield in Iraq, sometimes in a night club in Orlando.
Shortly before the Brexit vote, writer Frederick Forsyth wrote about the basic character of the EU: Government by deception:
You have repeatedly been told this issue is all about economics. That is the conman’s traditional distraction. This issue is about our governmental system, parliamentary. Democracy versus non-elective bureaucracy utterly dedicated to the eventual Superstate.
Our democracy was not presented last week on a plate. It took centuries of struggle to create and from 1940 to 1945 terrible sacrifices to defend and preserve.
It was bequeathed to us by giants, it has been signed away by midgets.
Now we have a chance, one last, foolishly offered chance to tell those fat cats who so look down upon the rest of us: yes, there will be some costs – but we want it back.
A former ‘big proponent’ of the EU has this to say:
To be fair, the EU’s main problem has always been its troubled relationship with democracy…This contempt for the will of the people might still be perceived as tolerable if the leaders otherwise seemed sensible – but now that someone as bad as Merkel calls the shots in EU, we’re reminded of just why having perpetual democratic safeguards is so important…the EU’s contempt for European voters and its current attempts to shut down dissenting voices bodes ill for its ability to course-correct on its own. If the EU is to be saved, it first needs to be humbled, nay, outright humiliated in such a manner that no-one can doubt that recent developments can’t be allowed to continue.
My impression is that the best way to understand the next stage of the current market cycle is to recognize the difference between observed conditions and latent risks. This distinction will be most helpful before, not after, the S&P 500 drops hundreds of points in a handful of sessions. That essentially describes how a coordinated attempt by trend-followers to exit this steeply overvalued market could unfold, since value-conscious investors may have little interest in absorbing those shares at nearby prices, and in equilibrium, every seller requires a buyer.
Imagine the error of skating on thin ice and plunging through. While we might examine the hole in the ice in hindsight, and find some particular fracture that contributed to the collapse, this is much like looking for the particular pebble of sand that triggers an avalanche, or the specific vibration that triggers an earthquake. In each case, the collapse actually reflects the expression of sub-surface conditions that were already in place long before the collapse – the realization of previously latent risks.
On Thursday British voters willfully walked off a cliff when they decided to leave the European Union. The “Brexit” victory is a defeat for Britain, Europe and the global economy.
Tens of millions of Britons voted for isolation — to go it alone — rather than for cooperation. The European Union just lost a sixth of its economy, roughly akin to Florida and California seceding from the United States. The impact on the British economy could be catastrophic. Europe’s unified stance against a reemerging and aggressive Russia will be splintered.
Who could imagine that people would not want a thousand bureaucrats in Brussels, or for that matter Washington DC, micromanaging their lives ? Well, I know someone.
The bookies, until the votes were being counted, were showing greater than 2:1 odds against Brexit in yesterday’s referendum. The subsequent Brexit victory appears to confirm the hypothesis that many Brits were lying to pollsters.
The bookies are showing odds of around 3:1 against a Trump victory in our presidential election. Arguing predictions is a fool’s game, but it may be that our election polls are wrong for the same reason as the Brexit polls apparently were. The Democrats and their media allies have demonized Trump as a racist and misogynist, and it seems likely that many people who intend to vote for him aren’t admitting it. We’ll know soon enough.
It should be obvious to the status quo that the crisis has arrived. Brexit, for all its drama, was a warning. The real collision is close ahead.
The basic demand is for a moderation, if not a reversal of the centralizing tendencies. It’s a brief for less immigration, less political correctness and less government.
Unfortunately conceding to these demands this is like reversing the Titanic. There’s so much momentum, it’s hard to stop. But they have to stop. The Iceberg looms ahead. All Brexit has done is give the warning.
From now on, the countdown begins. Can the elites turn the ship in time?
The battle over Britain’s national existence and parliamentary independence is a battle which will be fought through to the bitter end, however long it lasts. It is a battle in which no quarter will be asked and none will be given. It is a battle in the course of which all other political lines and links will continue to be overrun and broken, as it surges one way or the other. It is a battle in which the bitterest foes of the past will stand together and the closest of old alliances be destroyed. I say these things in no spirit of bravado. They are cold and sober deductions from fact, the fact that the fight is about the continued existence of the nation itself, an issue to which by definition all other political issues and causes whatsoever must be subordinated, as to the greater which subsumes the less.
Posted by Trent Telenko on 16th June 2016 (All posts by Trent Telenko)
In its public relations on Omar Mateen’s attack in the Pulse night club in Orlando, the federal government is engaged in a propaganda technique know as “The Big Lie”. That is, it’s stating an untruth often enough to get people to believe it.
It is four days after the Pulse attack. Omar Mateen spent 18 days in Saudi Arabia and the United Arab Emirates (UAE) in 2011 and 2012. There is no way that all the associates of Mateen in those two trips can be known in four days. Nor what if any training or Islamist materials Mateen might have received on small items like USB drives while on those trips.
See if you can spot all the weasel words from this Fox News story passage quoting the Saudi Ministry of the Interior —
A Saudi Ministry of Interior spokesman confirmed that Mateen twice performed the umrah Islamic pilgrimage and that travel records showed he also visited the United Arab Emirates on one of the trips. But he said Saudi officials, who closely surveil tourists deemed to be a terror threat, had no evidence Mateen traveled to Yemen of made contact with known extremists during his visits to the Kingdom.”
Weasel Phrase #1 & questions raised —
Mateen twice performed the umrah Islamic pilgrimage…
Did Mateen attend Mosques or other Islamic organizations in Saudi Arabia with ‘extremist’ connections?
Did people who became extremists after 2011 to 2012 attend Saudi Mosques or other Islamic organizations at the same time as Mateen or travel with Mateen?
Weasel Phrase #2 & questions raised —
…had no evidence Mateen traveled to Yemen or made contact with known extremists during his visits to the Kingdom.
1. Would the Saudis know if Mateen meet ‘known extremists’ in the UAE?
2. Did people who the UAE consider ‘extremists’ meet Mateen?
3. Did Mateen attend mosques or other Islamic organizations in the UAE with extremist connections, and at the same time as then-unknown ‘extremists’?
Given the simple questions raised above, there is absolutely no reasonable way that Pres. Obama and the FBI Director stating that Omar Mateen “self-radicalized” can be considered as anything but a deliberate lie after only four days of investigation.
Given the use of the Big Lie on Orlando by FBI Director James Comey, we now have to assume all the following about organizations, politics and near-future events.
FBI Director James Comey is President Obama’s partisan “good dog” in the same sense that Attorney General Loretta Lynch, Director of Homeland Security Jeh Johnson, and Director of National Intelligence James Clapper are.
The federal government’s top priority in dealing with Muslim terrorism in the USA will remain political correctness in surveillance before attacks and narrative damage control after attacks, rather than prevention of attacks.
There will be an increasing number of domestic Muslim terrorist attacks because of the Obama administration’s open-borders immigration policy and refusal to properly vet this immigrant stream for radical Islamic Terrorists.
Republicans now see DHS and FBI counterintelligence as an utterly Democratic partisan organization like the IRS.
The first Republican-majority government after the San Bernardino and Orlando terrorist attacks will see a new, independent, federal counterintelligence agency with an utterly partisan GOP senior leadership established.
And last, there will be no indictment of Hillary Clinton over her illegal e-mail server unless and until Donald Trump wins the presidency.
Make your preparations for the future accordingly.
Posted by Trent Telenko on 13th June 2016 (All posts by Trent Telenko)
It’s interesting watching the Main Stream and alternate media “world view bubbles” vie for the narrative following the ISIS Ramadan Massacre at Pulse Nightclub in Orlando. The Drudge Report, likely due to Drudge’s ties with the LGBT community in Florida, the UK Media, and blogs like THE LAST REFUGE (AKA The Conservative Treehouse), GATEWAYPUNDIT, AND DAILYPUNDIT drove American television media coverage in a way that effectively removed two days of official denial of Muslim terrorism in the previous San Bernadino ISIS attack time line. During this “vying for narrative” the Institutional Media and Official Government mask slipped and showed that this election is no longer about merely who will be President, but whether American political freedom will survive.
These are the facts of the ISIS Ramadan Massacre in Orlando, as best I can gather.
THE FACTS OF THE ISIS RAMADAN MASSACRE
We know now from the 911 and a Bright House cable News 13 in Orlando call audio that some time before his 2:00 AM Sunday morning attack, OMAR MIR SEDDIQUE MATEEN announced he was pledging his allegiance to ISIS for the atrocity he was going to commit. Some time later (hours?!?) MATEEN began shooting his way past the police officer hired by Pulse Nightclub to guard the entrance to the club. This officer and two more who “rode to the sound of the gunfire” engaged MATEEN and were driven away by MATEEN’s superior weaponry, an AR-15 with “high capacity magazines” and apparently MATEEN’s superior marksmanship (more on this below).
You cannot tell with media and police sources this early, but this implies that MATEEN’s magazines were something more than the US Army standard 20 and 30-round box clips. Aftermarket AR-15 large capacity clips and drums can be had with up to 100 rounds of 5.56mm ammunition. MATEEN’s ability to drive away three trained police officers, two of which arrived in a squad car that very likely had an AR-15 in the trunk, per mass shooter protocols, argues MATEEN ran the three police first responders out of ammunition.
MATEEN then proceeded to kill 50 and wound 53 more people inside the crowded venue, and then, finally, to take hostages. It was unclear if the three police officers above engaged MATEEN inside PULSE or not. It is clear they were driven out of the Pulse, leaving those inside the venue to MATEEN’s mercy.
About December, he began to look like there was a real chance of winning.
Now, after months of whistling past the graveyard of Trump’s seemingly inexorable rise and assuring themselves that his candidacy will collapse as voters come to their senses, a CNN poll released Wednesday showing Trump now lapping the field has the GOP establishment in full meltdown mode. The survey shows Trump with nearly 40% of the primary vote, trailed by Ted Cruz at 18%, Ben Carson and Marco Rubio tied at 10%, and the also-rans (including great GOP hope Jeb Bush) limping along far behind.
I am not a Trump supporter but I am intrigued at the steady progress he is making toward success.
I am still not that enthusiastic but it seems that he has attracted a large following of people who might be motivated enough to elect him president. The Republican Party seems horrified by the prospect.
This talk of ousting Trump as the nominee seems more likely to be a big flashing public signal to Trump to get his act together right away. (The smart lefty writer John Judis thinks Trump’s scripted speech Tuesday night is a sign he got this message.) If you were really going to depose Trump from being the GOP nominee in Cleveland, I’m not sure you’d go big with lots of public chatter about it as you’re seeing right now.
One thing I have noticed over the years is when there is a crisis, it’s a really bad time to pass sweeping legislation. The momentum and justification for legislation comes from fear. “We don’t want that to happen again”, supporters say. For example, 9/11 happens and we get the Department of Homeland Security which is mostly a waste of money and allows the government to pry into all kinds of places it shouldn’t.
Dodd-Frank is a result of the financial crisis. There are so many bad actors in this crisis that it’s hard to list them all, but the root cause was the implicit backing government gave Fannie Mae and Freddie Mac-along with legislation and regulation that encouraged bad behavior. Sure, the ratings agencies were paid by the big banks and slanted the playing field. The big banks knew exactly what they were doing with the mortgages. But, without the implicit backing of government, the game never gets played.
Here are some data points:
Before Dodd-Frank 75% of banks offered free checking
After Dodd-Frank 25% of banks offered free checking
Small business costs are up 15% to comply with new regulation
15% less credit card accounts, and a 200 basis points more in cost
Remember, many small businesses get started by using credit cards. You might think they are stupid. But why should you import your financial/moral compass on them. Maybe they see the annual percentage rate credit card companies charge as cheap compared to the opportunity that lies ahead of them.
In the state of Missouri, there were 44 banks with less than $50M in assets. Prior to Dodd-Frank they were profitable. Post Dodd-Frank, 26/44 are losing money and will either go out of business or be consolidated. Your local community bank which is often the lifeblood of local capital is dead. How many other states are like Missouri? It’s no wonder small town rural America is having a tough go in the Obama epoch.
Dodd-Frank tried to make central party clearing mandatory for all transactions in the OTC market. Professor Craig Pirrong has blogged brilliantly about this and other aspects of Dodd-Frank. It works for a few, but not for all. This makes it more expensive to hedge risks. Businesses pass along the cost to consumers. In many cases, clearinghouses have to become the actual counterparty to the hedge. This stops commerce and more importantly has created more too big to fail institutions. Those too big to fail clearinghouses are now backed by the full faith and credit of the American taxpayer, you.
These are great points and Jeff’s post is worth reading in full.
As a Trump supporter, I was there, in San Jose, attending the Trump event on June 2.
The Trump event attendees were forced to walk past the protesters afterward, after the event was over, to get to their cars. Broad areas of sidewalks and streets, that were not blockaded before the event started, were blockaded by barriers after the event ended, and standing in front of those barriers were lines of individual police officers telling Trump event attendees what route to follow to get to their vehicles.
I had parked in a parking garage right next door to the event. Before the event, an easy walk to the event, after event over, had to square 4 blocks of sidewalk lined with protesters who somehow knew the exact route that Trump supporters/event attendees had to walk, and were waiting for them.
Frankly, it was pretty obvious that either law enforcement personnel or the mayors office, someone in the know, had told the protesters where the Trump supporters would be forced to walk after the event. Attendees only went where law enforcement officers told them to go in order to get to our cars. We followed their instructions. The protesters knew, seemed well informed, of the direction where Trump supporters were going to be heading even before we exited the event, and protesters lined that walking route as a result, literally laying in wait where no law enforcement was present.
There was an intent to force the supporters and protesters together. There was no intent to keep them apart.
Trump supporters exiting the event were literally set up like rats in a maze, forced to follow a prescribed set of boundaries, which led directly to the protesters and not away from them.
The press got their story but the clash was completely avoidable. It was created by intention and by design.
Let’s be really clear about the implications of this report. These rioters were acting as an official arm of the Democratic Party controlled San Jose city government in suppressing the civil rights of Americans. The presidential election in November 2016 is no longer about “Trump” or “Hillary”.
It is about whether we will retain American political freedom.
The Pacific Legal Foundation, who last year at the Supreme Court won the right of citizens to challenge EPA rulings, has now won the right of citizens to challenge the determinations of the US Army Corps of Engineers.
It is not enough that agencies pass rulings and regulations that amount to law without their ever going through Congress or being voted on. Increasingly, the Administrative State takes the approach that you will do whatever they say without recourse, under penalty of egregious fines or imprisonment. Your tax dollars at work.
He was an army officer and had previously attempted to overthrow the government, a coup that failed.
in the early 1980s. Chávez led the MBR-200 in an unsuccessful coup d’état against the Democratic Action government of President Carlos Andrés Pérez in 1992, for which he was imprisoned. Released from prison after two years, he founded a political party known as the Fifth Republic Movement and was elected president of Venezuela in 1998.
The idea that resources might be more of an economic curse than a blessing began to emerge in debates in the 1950s and 1960s about the economic problems of low and middle-income countries. The term resource curse was first used by Richard Auty in 1993 to describe how countries rich in mineral resources were unable to use that wealth to boost their economies and how, counter-intuitively, these countries had lower economic growth than countries without an abundance of natural resources. An influential study by Jeffrey Sachs and Andrew Warner found a strong correlation between natural resource abundance and poor economic growth.
Venezuela is only the latest and worst example. The history is depressingly familiar.
Ah, the stupidities come so thick and fast of late. It’s like the rain here in Texas, which has been pouring down with such intensity over the last few days that all the usual low-water flood-danger locations have been – as any fool could easily predict – flooded and closed to vehicle traffic. It rained so hard on Thursday morning that for the first time in ages, we skipped walking the dogs. Looked out at the flooded street, the flooded front walkway, rain coming down sideways, and the sky so dark that it looked like twilight already; nope – not even the dogs were keen, especially Nemo the Terrier-God-Knows-What, who loathes and despises water with a wholly undoglike passion.
But social and political stupidities – what a rich buffet was laid before us this week, even apart from the gross stupidity of deciding that the ostensible civil rights and good-will of what may be .03% of the general population – that miniscule transgender portion of it – supersedes the rights of women and girls in a public restroom/locker/changing room to be certain they are not being letched on by a perv who has twigged to the fact that if he only declares that he feels female on that particular day that no one will want to firmly escort his perverted ass out of said safe space. Yes, the Kennedy Administration vowed to put a man on the moon, the Obama Administration has put a man in the Ladies’ Room and damned if the pervy wretch isn’t insisting that he has a perfect right to be there. Progress, y’all. While the perv element may have witless friends in the form of various celebrities ostentatiously declaring that they won’t be performing in *insert the location here* because hate/failure-to-socially-advance/toleration-eleventy!! I am brought to wonder if their concerts were significantly less than sold-out, and this is a handy means of cancelling an event and putting a convenient cover over the economic failure of it all. And I am also reminded of the way that mobs came out to eat at Chick-fil-A, in response to an announced boycott because the gaystapo getting all (you should pardon the expression) butt-hurt over the Chick-Fil-A CEO mildly expressing personal support for traditional marriage. Read the rest of this entry »
Dr. Pippa Malmgren, founder of DRPM Group, former US Presidential Adviser and alumna of the London School of Economics, makes some very insightful connections between the breakdown of responsible economic policy in the USA and the increase of global warfare, from China and the South China Sea to Russia in the Ukraine.
She also explains that things like inflation don’t just happen like bad weather or something, they’re choices made by policy makers as a method of defaulting on debt.
If you people in emerging markets are experiencing knock-on effects from our (inflationary) policy, that’s your problem…It’s our dollar, and your problem! …They’re view is, I’m taking enough pain, you can’t expect me to ask my people to take even more pain by dealing with a global financial crisis and now demand has collapsed..you can’t ask me to inflict more pain. What is the end result? When central banks are trying to create inflation, a normal side effect is that hard asset prices go up…we’ve seen record all time prices for stock markets, for property, we actually seen record all time prices for things like proteins, which are particularly important in an emerging market context. Emerging market workers are spending 40%-70% of their income for food and energy, so price movements in this area matter.
Suddenly, all these pressures, all these problems are bearing down on these few smart people sitting in the West Wing who we think can solve this. And they’re speaking in a language that is highly technical, highly mathematical, it makes it very difficult for the general public to engage in the question. They’re told, Don’t worry about quantitative easing, it’s all in your interest! And they’re going, Yeah but my Cadbury Creme Egg, I’m getting less of those, and my rent is going up, and I can’t get a job still. But there’s a mismatch between the language the public wants to speak to engage in these issues and the language in which the policy discussion is conducted. And that a gap exists in understanding, What are the consequences of the choices that being made on our behalf?
A highly worthwhile use of an hour or so of your time.
Posted by Trent Telenko on 15th May 2016 (All posts by Trent Telenko)
It isn’t often you see the death of a major worldwide industry. Last week I saw the death of the “Big Oil” economic model. It just died at the hands of Texas oil frackers who have developed a new “disruptive technology” that has made obsolete all the pillars of technology underpinning large, vertically integrated oil companies. More importantly, the same is true of all the petro-states that nationalized Big Oil’s assets in the 1960s to make all the state oil companies around the world today.
I found this out doing my day job last week as a Defense Department quality auditor visiting a mid-sized oil service company diversifying into federal contracts. The meeting was about issues with the contract they won and touched on others they have bid on. As a side bar at lunch the following points about their main business came up:
1. Oil field spending has died. Rig count in the USA is the lowest it has been since 1940.
2. One oil rig controller company these folks worked with saw a year over year drop of 72% in its business.
3. Another company they supplied had their “Cap-X” budget drop from ~$400 million for 2015-2016 to little over $30 million for 2016-2017.
4. One drilling company they supplied went from 120(+) new wells last year to _12_ this year.
5. This supplier sold a lot of copper tubing for “frack-log” drilling. That is the drilling of holes in good oil-bearing rock without fracking rock for oil immediately — and here is the new part — to take advantage of a new long-flow fracking technique.
While most of the points above are due to the Saudis’ oil price war on Texas frackers. An ex-Big Oil geologist I know put it this way —
The entire reason for the price drop was because the Saudis wanted to destroy fracking in the United States in order to keep us dependent upon them in order to keep them getting a free defense. The Saudis will have to diversify and start spending money on defense before the price goes back up, or they will be in serious trouble.
The technique in Point #5 above marks another “fracking revolution” that is of growing importance to the USA. This new fracking energy revolution will upend the world order as we know it. Political winds willing, America may well be a net hydrocarbon exporter in five to eight years.
Explaining why that is requires some background in Texas oil fracking.
‘Who controls the past,’ ran the Party slogan, ‘controls the future: who controls the present controls the past.’ ~George Orwell, 1984
Controlling our view of the past – even our view of the present – is an obsession with the Progressive Left. Our understanding of history deeply influences our thinking and philosophy. Among other things, it shapes our view of both the morality and social-economic effects of free market capitalism versus socialism.
To that end, a group of enormously successful people from the 19th century were demonized by turn of the century Progressives and have continued to be demonized as The Robber Barons by Leftist historians in primary school and college texts ever since. More subtly, through dark Orwellian references in Leftist entertainment programs and media, they have been thoroughly maligned in the popular imagination as well. Yet few people know who these people actually were and what, for better or worse, they actually did in their lives and how their works affected our lives even today. In his book, Robert Folsom sets out to take fresh look at people we would today call entrepreneurs.
Our own country is caught by all this, as it was in the first half of the 19th Century and in the middle decades of the 20th. We were able to adapt to survive: in the 19th by extending the franchise and in the 20th by expanding public services and mass prosperity. As a result British governments regained the authority to govern. They did so by reforming the institutions of representative government the country already had, thereby responding to the demands of an electorate emboldened and liberated by technological change.
Today, governments are once again losing the authority to govern, and for similar reasons. Another major financial crisis might lose them it completely; but a new crisis might not even be needed. Whitehall’s failure to control immigration, its puny efforts to tackle the housing question, the feebleness of our defences, the incompetence of our transport and energy policies might, whether jointly or severally, tip us over.
In the past, the country has been sustained in times of crisis by a solid body of electors who felt they had an interest in the existing structures which kept them, on the whole, safe and relatively prosperous. That body’s support is no longer so solid. The IT revolution is largely responsible. The speed of communications make governments and Parliamentary procedures look flat-footed. Increasingly the public is at least as well-informed as the Whitehall departments who are telling them what to do. It is virtually impossible to keep anything secret and anyone who betrays a confidence is regarded as heroic. The more rules we have, the more the public feels they are used as a means of flouting their spirit.
Worst of all, social media stimulate one issue politics and make the simple solution credible. You and I know that competent administration is boring and usually demands compromises. We also know that effective legislation needs careful preparation, much internal and external debate, a mind-numbing command of detail and a lively warning mechanism against the law of unintended consequences. The same applies to parliamentary scrutiny.
Any sensible electorate would be only too pleased to delegate this necessary day-to-day grunt to a Whitehall and Westminster it trusted and, although interested and argumentative, get on with the rest of its life.
Sadly, that is not where we are.
The candidacies of Trump and Sanders are in large part responses to public concerns about the problems Salisbury describes. They are inadequate responses, likely to fail politically and on their own terms and eventually to be superseded by other responses. The pot will continue to boil at greater or lesser intensity depending on who gets elected and what follows. It seems unlikely that the underlying problems will begin to be solved unless the voters develop a realistic understanding of what needs to be done, and start electing politicians who are both willing and competent to do it. It may be a while.
Nearly three-quarters of doctors struck off the medical register in Britain are foreign, according to shocking figures uncovered in a Mail on Sunday investigation.
Medics who trained overseas have been banned from practising for a series of shocking blunders and misdemeanours.
Cases include an Indian GP who ran an immigration scam from his surgery, a Ghanaian neurosurgeon who pretended he had removed a patient’s brain tumour, and a Malaysian doctor who used 007-style watches to secretly film intimate examinations with his female patients.
First of all, foreign medical schools are often limited in real experience and students often graduate with nothing beyond classroom lectures.
Often people focus on the “loud” items and miss the subtle, important events that really change the world. On the positive side, the 401(k) plan has that obscure name because a financial expert basically “invented” it out of a line in the tax code which enabled tax-deferred savings. And Jack Bogle of Vanguard did the same thing with “passive” investing, which reduced fees and for practical purposes has taken over the investing world (along with ETFs).
One very subtle item that is about to occur is the nationalization of state debt (and likely debts of individual cities) by the federal government. At the highest level, states and cities have made promises (mainly pensions) to their employees that are un-payable without raising taxes to extortionate rates. Detroit cracked first but since it was a city and there was some state framework they were able to use bankruptcy, but many more are to follow, including Puerto Rico (right now) and soon thereafter likely the City of Chicago or its teachers’ pensions as well as the state of Illinois.
A very similar event occurred in Europe when the ECB basically put the debts of Greece and Portugal onto the backs of taxpayers in Germany and Holland. The ECB had a moment (several moments, actually) when they could have fundamentally changed how Greece ran their economy, shutting down statist laws and heavy governmental interference in the economy to open up competition and growth, but they blinked and instead just “wired them money in exchange for promises”. The Greeks, of course, haven’t kept their promises, and why should they, given that the ECB continually blinks when the showdown occurs.
The reason that these states and territories like Puerto Rico are in dire straits is because they
1. Spend more money than they make every year,
2. Rely on borrowing to pay for operating expenses,
3. Have giant, unfunded liabilities on top of this that can never be repaid (pensions, medical bills, etc…).
This situation is enabled by a governing class that views funds as an opportunity to redistribute wealth to favored constituents and relies on “fairness” as a bedrock of their planning. The apex of this sort of planning can be seen in crony capitalist states like Brazil, where large enterprises like the National Oil Company (partially on the stock market, partially owned by the state) are used to fund politicians and social programs and are systematically diverted away from their core mission (to make money) until the enterprises are bled almost totally dry. Then, ironically, the state has to bail out the very companies that were supposed to provide for the socialistic wealth in the first place.
The CORE issue is – if you give these sorts of entities money (bailout) without a “root and branch” cleaning of the issues – you will just get more of the same, indefinitely, as their individually painful debts become part of the larger national (or pan-European) debt, which continues the little game of overspending and wasting money on favored political groups for a little longer (maybe a couple years, maybe longer).
The slippery slope – the trigger – is occurring right now in Puerto Rico. That entire economy is corrupt and ridden with subsidies from electricity to taxes to everything else. For Puerto Rico to thrive, it would need to break down barriers to private enterprise, reduce taxes, levies and bureaucracy, and find some way to bring logical industry into their jurisdiction. However, the more likely course is as follows:
1. Point out the current individuals suffering from a lack of funding (the poor, kids in school, the elderly),
2. Note that the debt which was once owned by individuals was bought up by hedge funds for a fraction of its original value – these funds are in a position to fight (legally and politically) for repayment and although they may be termed “vultures” or something else, they really are the last man standing for individuals who lack the means to fight legally for their rights,
3. Use the political system to “promise” reforms that will never be carried out (because why would you if you can use funds to enable the current system to thrive),
4. Talk about the retirees, and “promises” made to them over the years that cannot be paid, and how they can’t go back to the work force and earn more money so that they have to be made whole,
5. Use political or class warfare to point out the groups that run Washington don’t look like the groups that are broke and make it a fairness issue or tied to some century plus grievance.
It is very likely that these tactics will “work” and that the debts of Puerto Rico will be backstopped by the US government. While this technically isn’t a “bailout”, it absolutely is, because Puerto Rico can’t borrow one dollar on their own anymore (who would lend money to someone who says they won’t pay you back?), and we know that without major reform (which won’t happen) Puerto Rico will just continue to bleed money indefinitely (and fall back on fairness arguments and the above listed tactics to ensure that this keeps happening).
Then soon after this subtle bailout (and likely before Puerto Rico fails AGAIN, which will happen again as it will with Detroit), entities of Illinois or the state itself will drive straight through this loophole and federalize their debt, too. The state and entities will make lavish promises about change that will never occur, because this is the lifeblood of the Democratic Party (patronage workers and the public sector) and all of the clout / featherbedding / etc… will continue on indefinitely, without any of the sorts of laws that enable competition.
Watch the headlines… see this occur… it will be seismic in its long-term nature, because it will fundamentally change the nature of the US government, since the debts of the states and cities will become everyone’s debt and we don’t have any “real” tools to govern their behavior or fix the long-term promises that destroy competitiveness and economic growth.
This is the real story, it is happening under our noses, and instead of paying attention we are following these idiotic presidential campaigns of pure vapor.
(originally published in 2010 and now an April perennial)
Chevy Chase, MD, is an affluent suburb of Washington DC. Median household income is over $200K, and a significant percentage of households have incomes that are much, much higher. Stores located in Chevy Chase include Tiffany & Co, Ralph Lauren, Christian Dior, Versace, Jimmy Choo, Nieman Marcus, Saks Fifth Avenue, and Saks-Jandel.
PowerLine observed that during the 2008 election season, yards in Chevy Chase were thick with Obama signs–and wondered (in 2009) how these people were now feeling about the prospect of sharp tax increases for people in their income brackets.
The PowerLine guys are very astute, but I think they missed a key point on this one. There are substantial groups of people who stand to benefit financially from the policies of the Obama and company, and these benefits can greatly outweigh the costs of any additional taxes that these policies require them to pay. Many of the residents of Chevy Chase–a very high percentage of whom get their income directly or indirectly from government activities–fall into this category. Read the rest of this entry »
Barack Obama is fond of describing government this way.
As President Obama said the other day, those who start businesses succeed because of their individual initiative – their drive, hard work, and creativity. But there are critical actions we must take to support businesses and encourage new ones – that means we need the best infrastructure, a good education system, and affordable, domestic sources of clean energy. Those are investments we make not as individuals, but as Americans, and our nation benefits from them.
That was a reaction to Romney’s criticism of his silly comment.
The Department of Labor says its so-called fiduciary rule will make financial advisers act in the best interests of clients. What Labor doesn’t say is that the rule carries such enormous potential legal liability and demands such a high standard of care that many advisers will shun non-affluent accounts. Middle-income investors may be forced to look elsewhere for financial advice even as Team Obama is enabling a raft of new government-run competitors for retirement savings. This is no coincidence.
Labor’s new rule will start biting in January as the President is leaving office. Under the rule, financial firms advising workers moving money out of company 401(k) plans into Individual Retirement Accounts will have to follow the new higher standards. But Labor has already proposed waivers from the federal Erisa law so new state-run retirement plans don’t have the same regulatory burden as private employers do.
Please go give Jim Hoft’s site some “linkie love” while checking out the full post, but before you go, this portion of that post bears immediate and close reading —
It is thus obvious that the Belgian government is in a shambolic state at every level, from the local to the federal, and from the executive branch to the judiciary.
Of course none of this would have been possible without the policy, in place now for 30 years, to open Belgian citizenship — and the borders — to hundreds of thousands of people from around the world. This open invitation has been extended mainly to Muslim countries, instigating the creation, ex nihilo, of huge Muslim communities in the cities of Brussels, Antwerp and every other Belgian city. Radicalized or not, fundamentalist of not, peaceful or not, these communities tend, in Belgium as anywhere else, to impose their political-religious credo.
A study by the WZB Social Science Center (Berlin), published last year in the “Journal of Ethnic and Migration Studies”, indicates that half the Muslims in Belgium, France and Austria are fundamentalists, i.e. they think that Muslims should return to the roots of their faith; that there is only one interpretation of the Koran; and that Muslim law should supercede civil (or common) law, (“Religious Fundamentalism and Hostility against Out-groups. A Comparison of Muslims and Christians in Western Europe”, Journal of Ethnic and Migration Studies, Vol. 41, N°1, 33-57). This Weltanschauung (or concept of the world) is irreconcilable with the rudiments of our Western civilization, or for that matter any society which is not strictly Islamic. To assert that Islam—which is much more than simply a religion—has nothing to do with the current spate of terrorist attacks in Europe is a psychotic denial of reality.
Denial of reality is at the heart of the “European Union” project, which has Brussels as its capital.
They assume that primary care will be delivered by nurse practitioners and physician assistants. They are probably correct as we see with the new Wal Mart primary care clinics.
The company has opened five primary care locations in South Carolina and Texas, and plans to open a sixth clinic in Palestine, Tex., on Friday and another six by the end of the year. The clinics, it says, can offer a broader range of services, like chronic disease management, than the 100 or so acute care clinics leased by hospital operators at Walmarts across the country. Unlike CVS or Walgreens, which also offer some similar services, or Costco, which offers eye care, Walmart is marketing itself as a primary medical provider.
This is all well and good. What happens when a patient comes in with a serious condition ?
The health policy “experts” have been concerned to train “lesser licensed practitioners” and have pretty much ignored primary care MDs except to burden them with clumsy electronic medical record systems that take up time and make life miserable.
I repeatedly ask medical students if they would choose a career in primary care if it would completely erase their student loan debt. A few hands go up, but not many. In fact, for a while now, the federal government has dedicated millions of dollars to repaying loans for students who choose primary care. Yet residency match numbers show that the percentage of students choosing primary care is not increasing. Though loan forgiveness is a step in the right direction, medical students realize that by choosing a more lucrative specialty, they can pay off their loans just fine.
I proposed years ago, a health reform that resembled that of France where medical school is free. It could be arranged that service in primary care, low income clinics would give credit against student loans. Nothing happened. Except physician income has declined. And tuition has increased.