The great American philosopher @iowahawk on the degraded state of cable news programming:
November 2, 2018
Austria-Hungary Disintegrates – The Ottoman Empire Leaves the War I THE GREAT WAR Week 223
The Great War
Published on 1 Nov 2018The Ottoman Empire has been on the retreat in the Middle East since the renewed British offensive in September and now, as the allies are threatening the Turkish heartland and also Constantinople, the Ottoman Empire calls for an armistice. The Armistice of Mudros is signed as the remaining Central Powers also struggle to keep their Empires together.
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Operation Choke Point
In Forbes, John Berlau details how expansive regulatory powers and vindictive bureaucrats make doing business in the United States less “free enterprise” and more “shame if something were to happen to it”:
Every Halloween, there exists the temptation for bloggers, pundits, and commentators to describe routine events in the news with adjectives like “scary” and “frightening.” Sensitive to sounding clichéd or inflammatory, I try usually to avoid using such terminology in my descriptions of the policy process.
Yet after reading through new documents introduced into a lawsuit stemming from the Obama administration’s “Operation Choke Point,” I find that “scary” and “frightening” actually fit. These documents show that powerful bank regulatory agencies engaged in an effort of intimidation and threats to put legal industries they dislike out of business by denying them access to the banking system.
While I am often outraged about things the government does, now I am truly scared and frightened about the ability of government bureaucrats to shut down arbitrarily whole classes of businesses they deem to be “politically incorrect.” As one who champions the FinTech sector and the benefits it can bring, I also worry that such powers may be uses to shut down innovative new industries, such as cryptocurrency, that carry some perceived or real risks.
Choke Point was a multi-agency operation in which several entities engaged in a campaign of threats and intimidation to get the banks that they regulate cut off financial services – from providing credit to maintaining deposit accounts — to certain industries regulators deemed harmful a bank’s “reputation management.” The newly released documents – introduced in two court filings in a lawsuit against Choke Point — show that the genesis of Choke Point actually predated Barack Obama’s presidency, and began when President George W. Bush was in power.
[…]
When the Obama administration came into power, the FDIC would expand the definition of “reputation risk” even further, and other federal agencies, bureaus, and departments would soon jump on the proverbial bandwagon. Much of Operation Choke point would again be accomplished by “guidance documents,” which my Competitive Enterprise Institute colleague Wayne Crews refers to as “regulatory dark matter,” since they have legal force but allow regulators to bypass the sunlight of the notice-and-comment process of a formal rule.
In 2011, an FDIC guidance document featured a chart of business categories engaged in what it called “high-risk activity.” These included “dating services,” “escort services,” “drug paraphernalia,” “Ponzi schemes,” “racist materials,” “coin dealers,” “firearm sales,” and “payday loans.” The FDIC would post this and similar lists in other guidance documents and on its web site.
A staff report of the House Government Reform and Oversight Committee puzzled over many of these categories. “FDIC provided no explanation or warrant for the designation of particular merchants as ‘high-risk,’” the report observed. “Furthermore, there is no explanation for the implicit equation of legitimate activities such as coin dealers and firearm sales with such patently illegal or offensive activities as Ponzi schemes, racist materials, and drug paraphernalia.”
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Intro to Business Fluctuations
Marginal Revolution University
Published on 11 Apr 2017This wk: Get acquainted with the basics of business fluctuations as we dive back into the final videos of our Macro course.
Next wk: Learn the basics of the aggregate demand-aggregate supply model.
Economic growth doesn’t happen at a steady pace; there are ebbs and flows. Prosperity on the national level depends on a country having good institutions in place. The factors of production – human capital, physical capital, and ideas – are also critical. And these variables often change, sometimes drastically.
In the United States, economic growth has averaged at about 3.2% for the past sixty years. But if you Google “US economic growth FRED,” you’ll quickly see that it’s not a smooth trend up. Instead, there are plenty of peaks and valleys, even though the U.S. has a relatively stable economy. Economists refer to these ups and downs around a country’s long-term GDP growth trend as “business fluctuations.”
“Recessions” are significant and widespread declines in employment and real income. But not only do people become unemployed during a recession, but capital and land often go un- or underused. This suggests that an economy is operating below its potential because resources are being wasted.
Recessions, large or small, are less than ideal states for an economy. We want people and resources well employed to produce more prosperity.
Over the next few videos, we’ll explore the basics of a model of business fluctuations called the aggregate demand-aggregate supply (AD-AS) model. We’ll put the model to use to look at how shocks affect an economy, and what policy can do to minimize the damage. Finally, we’ll apply the model to explain some of the largest economic catastrophes in United States’ history.
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QotD: Modern men are “the sorriest cohort of masculine Homo sapiens to ever walk the planet”
A new book claims even modern athletes could not run as fast, jump as high, or have been nearly as strong as our predecessors.
The book, Manthropology: The Science of the Inadequate Modern Male, by Australian anthropologist Peter McAllister, describes many examples of the inadequacy of the modern male, calling them as a class, “the sorriest cohort of masculine Homo sapiens to ever walk the planet.”
Given spiked running shoes, Indigenous Australians of 20,000 years ago could have beaten today’s world record for running 100 and 200 meters. As recently as last century, some Tutsi males in Rwanda could have easily beaten the current high jump world record, and bodybuilders such as Arnold Schwarzenegger would have been no match in an arm wrestle with a Neanderthal woman.
Twenty thousand years ago six male Australian Aborigines chasing prey left footprints in a muddy lake shore that became fossilized. Analysis of the footprints shows one of them was running at 37 kph (23 mph), only 5 kph slower than Usain Bolt was traveling at when he ran the 100 meters in world record time of 9.69 seconds in Beijing last year. But Bolt had been the recipient of modern training, and had the benefits of spiked running shoes and a rubberized track, whereas the Aboriginal man was running barefoot in soft mud. Given the modern conditions, the man, dubbed T8, could have reached speeds of 45 kph, according to McAllister.
McAllister also presents as evidence of his thesis photographs taken by a German anthropologist early in the twentieth century. The photographs showed Tutsi initiation ceremonies in which young men had to jump their own height in order to be accepted as men. Some of them jumped as high as 2.52 meters, which is higher than the current world record of 2.45 meters.
Lin Edwards, “Modern men are wimps, according to new book”, Phys.org, 2009-10-21.
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