Saturday, March 24, 2012

Scotland’s Choice

The cold shower of economic reality might then unleash Scotland’s substantial creative abilities

Independence could arouse national pride; it might also force self-sufficiency.
By THEODORE DALRYMPLE
The electoral success of the Scottish Nationalist Party has enabled it to demand a referendum on national independence next year, raising the distinct possibility of a break-up of the United Kingdom. The decline of the U.K.’s status and power in the world means that belonging to it is no longer a source of pride, but rather of embarrassment. What better way to extricate yourself from the guilt of the British Empire—to the establishment of which the Scots contributed disproportionately—than to join the ranks of the aggrieved colonized by means of your own nationalism?

Liberal Dogmas and Painful Realities

Race and Rhetoric
By Thomas Sowell
One of the things that turned up, during a long-overdue cleanup of my office, was an old yellowed copy of the New York Times dated July 24, 1992. One of the front-page headlines said: “White-Black Disparity in Income Narrowed in 80’s, Census Shows.”
The 1980s? Weren’t those the years of the Reagan administration, the “decade of greed,” the era of “neglect” of the poor and minorities, if not “covert racism”?
More recently, during the administration of America’s first black president, a 2011 report from the Pew Research Center had the headline, “Wealth Gaps Rise to Record Highs Between Whites, Blacks and Hispanics.”
While the median net worth of whites was ten times the median net worth of blacks in 1988, the last year of the Reagan administration, the ratio was 19 to 1 in 2009, the first year of the Obama administration. With Hispanics, the ratio was 8 to 1 in 1988 and 15 to 1 in 2009.
Race is just one of the areas in which the rhetoric and the reality often go in opposite directions. Political rhetoric is intended to do one thing — win votes. Whether the policies that accompany that rhetoric make people better off or worse off is far less of a concern to politicians, if any concern at all.

The most predictable economic crisis in history

Roaring full throttle to the cliff edge 

Including the unfunded liabilities of Social Security and Medicare, the United States owes 911 percent of gross domestic product, more than even Greece.
By Mark Steyn
I was in Australia earlier this month, and there, as elsewhere on my recent travels, the consensus among the politicians I met (at least in private) was that Washington lacked the will for meaningful course correction, and that, therefore, the trick was to ensure that, when the behemoth goes over the cliff, you're not dragged down with it. It is faintly surreal to be sitting in paneled offices lined by formal portraits listening to eminent persons who assume the collapse of the dominant global power is a fait accompli. "I don't feel America is quite a First World country anymore," a robustly pro-American Aussie told me, with a sigh of regret.

Friday, March 23, 2012

Marx’s Tea Party

Prepare to be Betrayed
                      The populist right has forgotten an older form of class analysis
By Anthony Gregory
Last summer Angelo Codevilla’s American Spectator essay “America’s Ruling Class and the Perils of Revolution” made waves in conservative circles for its compelling treatment of the minority ruling class (the political elite and its partisans) versus the “country class” (the rest of us). It was a sophisticated exposition but also broke down the class conflict in simple terms: “The rulers want the ruled to shut up and obey. The ruled want self-governance.” Rush Limbaugh praised the article for helping to explain the struggle of the Tea Party’s populists against the political establishment.

Politics without morality could only end in tyranny.

The Prophetic C.S. Lewis
by Joseph Sobran
Deep political wisdom can be found in a writer who took very little interest in politics: C.S. Lewis, a scholar who achieved his greatest fame as a popular Christian writer.
Lewis was sometimes laughably ignorant of current events. His friends were once amused to discover that he was under the impression that Tito, the Communist dictator of Yugoslavia, was the king of Greece. But the very distance he kept from politics enabled him to see large outlines invisible to those preoccupied with the daily news.
During World War II, Lewis realized that both the Allies and the Axis were abandoning the traditional morality of the Christian West and indeed of all sane civilizations. The great principle of this morality is that certain acts are intrinsically right or wrong. In a gigantic war among gigantic states, Lewis saw that modern science was being used amorally on all sides to dehumanize and annihilate enemies. When peace came, the victorious states would feel released from moral restraints.

Saving India from the Keynesians

Hitherto shalt thou come, but no further
By Shanmuganathan "Shan" Nagasundaram
In the murder mystery The Da Vinci Code, Silas the albino is in search of the keystone and, on confession by the four sénéchaux about the location, he visits the Saint Sulpice church in Paris to retrieve the same. However, upon digging at the specified spot, all that he finds is a stone with the inscription "Job 38:11." A nun explains the symbolism: "Hitherto shalt thou come, but no further," indicating that Silas has reached the end of the road in his attempts to find the keystone.
Much like Silas, members of the Indian economic think tank are lost in terms of what needs to be done.[1] While in The Da Vinci Code, the elaborate ruse was an explicit design by the four sénéchaux to safeguard the keystone, in the Indian scenario, the problem lies between the ears of the think-tank team and was put in place decades ago by John Maynard Keynes. Operating perhaps with the most altruistic of intentions, Keynesian economic thinking has been and will continue to be the stumbling block in our progress forward. Unless this team can unlearn the Keynesian "witchcraft" to understand capitalism (i.e., the free market as understood by Austrian economics), progress is going to be halting, if there is any at all.

John Maynard Potemkin

Keynesianism is a bubble machine
Many of the developments like this one in Ordos, China, have swathes
 of newly-created public space completely unused by anyone
By Robert Tracinski
For a while, there has been a strain of center-left American commentary that has viewed China's leaders as some kind of technocratic super-geniuses who have done a much better job of guiding their society than the loons and hacks who would actually, you know, be voted for. Call this the Tom Friedman school of thought.
In reality, China's leaders have a tendency to fall for a lot of the same economic fads that fascinate the Western center-left elites. Thus, the Chinese have been suckered into investing untold billions in high-speed rail and "green energy," endeavors that are not economically viable (even with higher population density and cheaper labor costs) and which are starting to come apart. And behind those boondoggles is one big idea China's leaders have accepted uncritically from the West: Keynesian stimulus.

Thursday, March 22, 2012

The R-word is almost illegal in the EU

The Nightmare of the European Auto Industry
By testosteronepit
Europe with its relatively affluent population of 500 million has turned into a nightmare for the auto industry. And the R-word—restructuring—unpalatable and almost illegal as it is in Europe, is being bandied about, this time by Fiat-Chrysler CEO Sergio Marchionne, who, as President of the European Automobile Manufacturers' Association, spoke for all EU automakers. It was a dire warning and a cry for help.
"Horrible" was how he described the plight of the auto industry when he spoke at the European Business Conference in Bruges, Belgium, on March 20. He predicted that auto sales would sag by 5% in 2012, the fifth down year in a row. He didn’t see a recovery before 2014. All-time-high gas prices are part of the reason. For that debacle, and for how it sends French consumers and presidential candidates reeling, read.... The $10-Per-Gallon Gas Has Arrived In Paris.

The Gandhi Nobody Knows

Not the Gandhi who called for seas of innocent blood, you understand, but the movie-Gandhi, the nice one.
by Richard Greiner
I had the singular honor of attending an early private screening of 'Gandhi' with an audience of invited guests from the National Council of Churches. At the end of the three-hour movie there was hardly, as they say, a dry eye in the house. When the lights came up I fell into conversation with a young woman who observed, reverently, that Gandhi’s last words were “Oh, God,” causing me to remark regretfully that the real Gandhi had not spoken in English, but had cried, Hai Rama! (“Oh, Rama”). Well, Rama was just Indian for God, she replied, at which I felt compelled to explain that, alas, Rama, collectively with his three half-brothers, represented the seventh reincarnation of Vishnu. The young woman, who seemed to have been under the impression that Hinduism was Christianity under another name, sensed somehow that she had fallen on an uncongenial spirit, and the conversation ended.
At a dinner party shortly afterward, a friend of mine, who had visited India many times and even gone to the trouble of learning Hindi, objected strenuously that the picture of Gandhi that emerges in the movie is grossly inaccurate, omitting, as one of many examples, that when Gandhi’s wife lay dying of pneumonia and British doctors insisted that a shot of penicillin would save her, Gandhi refused to have this alien medicine injected in her body and simply let her die. (It must be noted that when Gandhi contracted malaria shortly afterward he accepted for himself the alien medicine quinine, and that when he had appendicitis he allowed British doctors to perform on him the alien outrage of an appendectomy.) All of this produced a wistful mooing from an editor of a major newspaper and a recalcitrant, “But still. . . .” I would prefer to explicate things more substantial than a wistful mooing, but there is little doubt it meant the editor in question felt that even if the real Mohandas K. Gandhi had been different from the Gandhi of the movie it would have been nice if he had been like the movie-Gandhi, and that presenting him in this admittedly false manner was beautiful, stirring, and perhaps socially beneficial.
An important step in the canonization of this movie-Gandhi was taken by the New York Film Critics Circle, which not only awarded the picture its prize as best film of 1982, but awarded Ben Kingsley, who played Gandhi (a remarkably good performance), its prize as best actor of the year. But I cannot believe for one second that these awards were made independently of the film’s content—which, not to put too fine a point on it, is an all-out appeal for pacifism—or in anything but the most shameful ignorance of the historical Gandhi.

The Ascendence of Sociopaths

In today's world, just keeping quiet won't be enough 
By Doug Casey
I'm going to argue that the US government, in particular, is being overrun by the wrong kind of person. It's a trend that's been in motion for many years but has now reached a point of no return. In other words, a type of moral rot has become so prevalent that it's institutional in nature. There is not going to be, therefore, any serious change in the direction in which the US is headed until a genuine crisis topples the existing order. Until then, the trend will accelerate.
The reason is that a certain class of people – sociopaths – are now fully in control of major American institutions. Their beliefs and attitudes are insinuated throughout the economic, political, intellectual and psychological/spiritual fabric of the US.

Wednesday, March 21, 2012

Muppets 1 - Gollums 0

Εveryone with pitchforks is missing the wider point 

By Tim Price
It was just past 7:00 a.m. on the morning of Saturday, September 13, 2008. Jamie Dimon, CEO of JP Morgan, went into his home library and dialed into a conference call with two dozen members of his management team.
“You are about to experience the most unbelievable week in America ever, and we have to prepare for the absolutely worst case,” Dimon told his staff…
Here‘s the drill, he continued. “We need to prepare right now for Lehman Brothers filing [for bankruptcy].” Then he paused. “And for Merrill Lynch filing.” He paused again. “And for AIG filing. “ Another pause. “And for Morgan Stanley filing.” And after a final, even longer pause, he added: “And potentially for Goldman Sachs filing.”
There was a collective gasp on the phone.
                     ―From. Too Big To Fail by Andrew Ross Sorkin.

A Lesson in Republican Math

Throwing Money at the Warfare State
Mitt Romney Proposes $8 Trillion Welfare Program for Defense Contractors
by WILLIAM D. HARTUNG
If you’ve been fretting about faltering math education and falling test scores here in the United States, you should be worried based on this campaign season of Republican math.  When it comes to the American military, the leading Republican presidential candidates evidently only learned to add and multiply, never subtract or divide.
Advocates of Pentagon reform have criticized President Obama for his timid approach to reducing military spending.  Despite current Pentagon budgets that have hovered at the highest levels since World War II and 13 years of steady growth, the administration’s latest plans would only reduce spending at the Department of Defense by 1.6% in inflation-adjusted dollars over the next five years.

Have you hit your breaking point yet?

What is Obama so afraid of?
By The Sovereign Man
Quietly, and with little fanfare, President Obama signed a "National Defense Resources Preparedness" Executive Order on Friday. As the name suggests, the order intends to shore up the country's national defense resources in advance of a national emergency.

To be fair, this is not the first time that such an order has been written. Presidents Bush (II), Clinton, Reagan, and even Eisenhower provided directives in the same spirit as President Obama's order-- providing some level of government commandeering in times of national emergency.


The Great American Bubble Machine

Maybe we can't stop it, but we should at least know where it's all going 
From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression -- and they're about to do it again
by Matt Taibbi
 The first thing you need to know about Goldman Sachs is that it's everywhere. The world's most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. In fact, the history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled dry American empire, reads like a Who's Who of Goldman Sachs graduates.

How To Cripple the Real Estate Market in Five Easy Steps

How I destroyed the Real Estate Market
Central Planning has crippled the real estate market to “save” their core constituency, the banks. 
by Charles Hugh Smith
If you were head of Central Planning and were tasked with crippling the real estate market, here’s what you would recommend.
1. Choke the market and banking sector with zombie banks.Central Planning creates zombie banks in one easy step: it allows insolvent banks to mark their impaired “real estate owned” to fantasy rather than to market. This enables the banks to survive in a deathless state, propped up by free money from the Federal Reserve and lax regulations that enable fantasy accounting and all sorts of off-balance sheet trickery.
Zombie banks have no incentive to auction off their holdings of real estate with defaulted, underwater or otherwise impaired mortgages, for having the market discover the price of these properties would immediately reveal the insolvency of the bank as properties it held on its books at (say) $400,000 were actually only worth $200,000. Since the mortgage is (say) $350,000, then the bank would be forced to recognize a $150,000 loss (actually more with transaction fees, repair of the derelict property, etc.).

Tuesday, March 20, 2012

Weeks When Decades Happen

Understanding the new emerging market place will prove essential to understanding the world of tomorrow 
By Louis Gave 
Talking about the Russian Revolution, Lenin once said that there are decades when nothing happens and there are weeks when decades happen.” The last quarter of 2001 looks in retrospect like one of those exciting periods: three events occurred which set in motion the main economic trends of the ensuing decade. Successful investors latched on to at least one of these trends. The problem is, all three trends are now over. The investment strategies that worked over the past decade will not continue to work in the next. What comes next?
The three big events of 2001 were:
• The terrorist attacks of 9/11. This unleashed a decade of bi-partisan “guns and butter”policies in the US and produced a structurally weaker dollar.

China's Great Leap Backward

Τhe Cultural Revolution isn’t over
“To understand China you have to think in generations,” my Chinese friend explained. “And the key is that after 2012 the Cultural Revolution generation will be in charge.”
While antiwar protesters clashed with the National Guard on American campuses and Czechs defied the Red Army in the streets of Prague, China had the Cultural Revolution. In some ways it was the ultimate ’60s teen rebellion. In other ways it was totalitarianism at its worst: a bloody revolution from above unleashed by one of the 20th century’s most ruthless despots.
That it disrupted the lives of a generation is clear. Only consider its effects on the two men poised to inherit the top two positions of president and premier. Xi Jinping was a “princeling,” the son of one of Mao Zedong’s loyal lieutenants. He was just 15 when his father was arrested on Mao’s order. Xi spent the next six years toiling in the countryside of Yanchuan county in central China. Li Keqiang had a similar experience. No sooner had he graduated from high school than he was sent to labor in the fields of impoverished Anhui province.

Potential Gas Conflict in East Mediterranean

A mixed Blessing
By Nizar Abdel-Kader
In January 2009, Israeli oil company Delek and US Noble Energy Company discovered (some 55 miles off the coast of Haifa) a large natural reservoir known as "Tamar", which holds an estimated eight trillion cubic feet of gas. Early in 2010, another offshore gas field called "Leviathan" with a potential of 16 trillion cubic feet was discovered. Once exploited, these two fields could provide Israel with more than its domestic demand and turn Israel into a major exporter of natural gas.
Subsequently, in 2012, Cyprus, with the help of an Israeli company and Noble Energy, discovered a gas reservoir that could make the small island energy independent for 200 years. This gas find of eight trillion cubic feet was called "historic" by the Cyprus government. According to a press announcement by Charles D. Davidson, Noble Energy's president, this was the fifth natural gas field discovered by Noble Energy in the Levant Basin. A US geological survey published in 2009 claimed that there were 122 trillion cubic feet of recoverable gas off the coasts of Syria, Lebanon, Cyprus, Israel and Gaza, in addition to 1.7 billion cubic meters of oil.

Manufacturing, an Economic Myth

Neither Santorum nor Obama seems to grasp the realities of manufacturing in 21st-century America
Barack Obama and Rick Santorum probably couldn't agree that August falls in summer, but on one important issue they are closer than the Winklevoss twins. Both regard manufacturing as precious beyond words, and both think the federal government should be making special efforts to promote it.
Obama favors an array of tax breaks to induce manufacturers to keep jobs in the United States, and Santorum wants to completely scrap the corporate income tax on companies in this particular sector.
"Everybody benefits when manufacturing is going strong," said the president. Santorum recently lamented, "We have the manufacturing sector of the economy when I was growing up that was 21 percent of the workforce. It's now nine."
These are not exactly new sentiments. Walter Mondale, the 1984 Democratic presidential nominee, demanded, "What do we want our kids to do? Sweep up around the Japanese computers?"

In the meantime, the debasement of paper money continues

What gives money value, and is fractional-reserve banking fraud?
by DETLEV SCHLICHTER
I thought I should address a couple of points that I consider to be misconceptions and that frequently come up in discussions with the audience or other speakers when I present my views on the fundamental problems with fiat money. I am not always in a position to correct these misconceptions right then. They are often woven into questions on other points and I have to leave them uncommented as not to disrupt the flow of the debate. My book is, I believe, quite clear on these points, so I could simply refer people to Paper Money Collapse. But, for whatever reason, it is still the case that many in my audience make inferences from similar arguments to my arguments, and I fear that some of the differences between these positions might get overlooked. These differences are not unimportant, and I think it is worthwhile to highlight and clarify them.
The first point is related to the question what gives money its value? The second point is, is fractional-reserve banking fraudulent and should it be banned on the basis of property rights?

Monday, March 19, 2012

Why Nations Fail

Poverty is the norm. Prosperity is the exception.
If you start in the city center of Nogales Santa Cruz and walk south for a while, at some point you see houses become much more run down, streets turn decrepit. You have crossed the Mexican border into Nogales, Sonora. Though the two cities are made of the same cloth and were once united, now there are sharp differences between the two. Those in the north are about three times as rich, have access to much better health care, stay in school much longer and of course take part in a much more democratic political process than their cousins in the south. The differences between the two halves of Nogales are a micro, tiny version of huge differences in prosperity and living standards we see around the world. Take Mexico as a whole, for example: it has less than one quarter of the GDP per capita of the United States. Take Peru; it has about one seventh of the GDP per capita of the United States. Or take Ethiopia, Haiti, Somalia or the Congo, each of has less than one thirtieth of the GDP per capita of the United States. 

The Pope's Cuba Gamble

The visit may turn out to be a gross miscalculation 
By MARY ANASTASIA O'GRADY
With only a week to go until Pope Benedict XVI is scheduled to make the second papal visit to Cuba in 14 years, joyful anticipation ought to be buoying the island's Christians. But for those brave soldiers of Christ who have stood up against political repression, the prevailing mood is deep frustration.
For 53 years, Cuba's totalitarian regime has made life hell for the population. But Castro also has spared no expense in running a clever international propaganda campaign. Regime survival has depended on East German-style repression covered over by a smiley face for international consumption. It has worked, and Cuban human-rights defenders have suffered their indignities with little moral support from the outside world.

The Parable of the Broken Traffic Lights

Bad signals
By Steven Horwitz
Suppose on some sunny afternoon in a large city somewhere in the western world, a man discovers on awaking from a two-hour nap that several hundred car accidents had occurred in the city while he slept.  He wonders why.  First he considers the possibility that the weather was the cause, but the gorgeous afternoon sun pushes that thought aside.  The odds of many hundreds of cars having simultaneous mechanical problems seems infinitesimally small, so he rules that out as well.  He ponders the question further and eventually asks himself whether the drivers in that fair city just had a bout of group psychosis or mass delusion.  The odds of that also seem pretty low.

A Coriolanus in Our Future?

A side of Shakespeare the classroom never prepared us for 

By Joe Sobran
A little tired of politics? Of course you are. We all are. Well, I have a treat for you: Shakespeare’s least-known great play, Coriolanus, the story of a brave and honest (though not always amiable) man who hates politics with all his heart. It’s a tragedy fraught with magnetic eloquence and unexpected lessons for our own time.
I discovered it in 1962, when I was 16, through Richard Burton’s thrilling recording of it. Long before he became famous for, well, other stuff, Burton had made the role his own on the stage, and this recording is still the gem of my large collection. Vocally, nobody, not even the great Olivier, could have topped Burton’s astoundingly resonant performance (which Olivier himself saluted as “definitive”). Listen to it once, and I guarantee you’ll never forget it. The play reveals a side of Shakespeare the classroom never prepared us for. Sweetest Shakespeare, fancy’s child? Warbling his native woodnotes wild? Not hardly.

In Praise of Hedging

The global economy slides into a "hard landing." 

Hedging against catastrophic loss is common-sense, and becomes more so as risk rises.
By Charles Smith
As a general observation, those with less wealth tend to be unhedged and those with more wealth tend to be hedged. In other words, hedging matters. Hedging has a clubby investment-speculation sound, but it basically means "insurance."

Since there is a risk your vehicle could be damaged in an accident or stolen, you buy auto insurance to limit your loss should either of those unfortunate but not uncommon "bad things" occur.

Sunday, March 18, 2012

Human Sacrifice in Modern Religions

Drug Humans, Give Them Cat Eyes, Murder Infants
BY R. CORT KIRKWOOD     
If the proposal that murdering infants with so-called “after-birth abortion” isn’t enough to ring the alarm bells about the state of higher learning, perhaps this one is: An alleged philosopher at New York University wants to combat “climate change” by drugging or genetically engineering humans.
In the world S. Matthew Liao envisions, we would be repulsed by eating meat, begat miniature children, and see in the dark through cat eyes.
The professor’s theory is that by changing human beings at the genetic level, or giving them drugs, he can alter them to combat climate change and help the environment. He even believes he can alter a man to make him more charitable.
Liao’s describes his Brave New World in a paper for Ethics, Policy & Environment, which he detailed in an interview with The Atlantic, a leftist magazine.

Α grease-stain on the carpet

The One Way Ticket from "Tokyo Story" to Manga
By Spengler 

A Japanese government study that should have shaken the psychology profession to its shoelaces went through the news media with a mild degree of titillation last month. Almost a third of Japanese boys aged 16-19 and three-fifths of girls say that they have no interest in sex. That is daunting, for all the world's cultures have believed that women enjoy sex more than men, as the Greek seer Tiresias told the gods according to Ovid. 

The hormones of late adolescence evidently rage in vain against some cultural barrier that makes young Japanese "despise" sexual relations, according to the Japan Family Planning Association's report [1]. The whole edifice of liberal social policy should have tumbled upon the news, which refutes Freud's premise that libido is the driving force in human character. For 60 years, the sexual revolution insisted that repressed desire is the root of all evil. It turns out that the ultimate victim of sexual revolution is sex itself. 


Saturday, March 17, 2012

Watch What You Say

NSA's Library of Babel
                                            1984 was used as an instruction manual
The spring air in the small, sand-dusted town has a soft haze to it, and clumps of green-gray sagebrush rustle in the breeze. Bluffdale sits in a bowl-shaped valley in the shadow of Utah’s Wasatch Range to the east and the Oquirrh Mountains to the west. It’s the heart of Mormon country, where religious pioneers first arrived more than 160 years ago. They came to escape the rest of the world, to understand the mysterious words sent down from their god as revealed on buried golden plates, and to practice what has become known as “the principle,” marriage to multiple wives.
Today Bluffdale is home to one of the nation’s largest sects of polygamists, the Apostolic United Brethren, with upwards of 9,000 members. The brethren’s complex includes a chapel, a school, a sports field, and an archive. Membership has doubled since 1978—and the number of plural marriages has tripled—so the sect has recently been looking for ways to purchase more land and expand throughout the town.
But new pioneers have quietly begun moving into the area, secretive outsiders who say little and keep to themselves. Like the pious polygamists, they are focused on deciphering cryptic messages that only they have the power to understand. Just off Beef Hollow Road, less than a mile from brethren headquarters, thousands of hard-hatted construction workers in sweat-soaked T-shirts are laying the groundwork for the newcomers’ own temple and archive, a massive complex so large that it necessitated expanding the town’s boundaries. Once built, it will be more than five times the size of the US Capitol.

Printing Money and Prosperity

The Perils of Money Printing's Unintended Consequences
Marc Faber does not mince words. He believes the money printing policies of the Federal Reserve and its sister central banks around the globe have put the world's currencies on an inexorable, accelerating inflationary down slope.
The dangers of money printing are many in his eyes. But in particular, he worries about the unintended consequences it subjects the populace to. Beyond currency devaluation, it creates malinvestment that leads to asset bubbles that wreak havoc when they burst. And even more nefarious, money printing disproportionately punishes the lower classes, resulting in volatile social and political tensions. 

Not Solving the Greek Debt Crisis Might Just Solve the Greek Debt Crisis

Greece and Germany should keep kicking that can! 
Everybody assumed that when Greece defaulted, Europe would fall apart. Last weekend, Greece defaulted. And Europe's still around. What if extend-and-pretend actually works?
By Matthew O'Brien
Greece and the euro zone are the Sid and Nancy of currency unions. We know these crazy kids are going to break up eventually -- so why not go ahead and get it over with already? The answer is that neither side is prepared for their inevitable divorce. The Germans have roughly a 
trillion reasons to keep Greece around for now. And the Greeks, for their part, still want to stay in the euro zone. The prospect of bringing back the drachma simply terrifies many of them. It shouldn't. Greece's recent managed default shows that leaving the euro, though ignominious, wouldn't need to be the end of the world.

A Greek exit from the euro zone seems a fait accompli. It has little to do with Greece's genuinely profligate government spending, and everything to do with Greece's labor costs. Greece's wages are simply 
too high to compete with the rest of Europe, particularly Germany. There's usually a simple remedy for this: devalue the currency. But euro membership precludes Greece from doing that. Instead, Greece is being forced to go through an "internal devaluation" -- econospeak for cutting wages. The resulting sky-high unemployment is socially unsustainable. And, as Meg Greene points out, it's unlikely to improve much within the next decade.


The Frozen Future

Freedom and compulsion are mutually exclusive social resources 
The Power of One
By Dr Zero
The Liberty movement is a rising tide of resistance to the all-consuming State.  It has captured the attention of independent voters made nervous by the fabulously expensive failure of Obama-style socialism.  But what can it say to those who already depend on the State for their provenance, including a growing payroll of government employees, and those who depend on welfare entitlements?
I would invite those dependents to think about the future.
Freedom and compulsion are mutually exclusive social resources.  Greater compulsion comes at the expense of freedom, and vice versa.  Every society employs a mixture of these resources.  Even the most classically liberal nation would still have laws, which the government must enforce.  The use of compulsion to prevent murder is not tyranny.