Monthly Archives: July 2014

German Gold Stays in New York in Rebuff to Euro Doubters

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“Surging mistrust of the euro during Europe’s debt crisis fed a campaign to bring Germany’s entire $141 billion gold reserve home from New York and London. Now, after the Free Democratic Party, which flirted with bringing the gold home, dropped out of  Chancellor Angela Merkel’s coalition and was replaced by the Social Democrats, the government has concluded that stashing half its bullion abroad is prudent after all.  Ending talk of repatriating the world’s second-biggest gold reserves is a rebuff to critics including the anti-euro Alternative for Germany party, which says all the gold should return to Frankfurt so it can’t be impounded to blackmail Germany.”

http://www.bloomberg.com/news/2014-06-23/german-gold-stays-in-new-york-in-rebuff-to-euro-doubters.html

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Japan Corporate Tax-Cut Plan Includes Enforcement Step-Up

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“With an underperforming stock market flagging a warning that investor interest in Abenomics is waning, Abe’s government is preparing for June a round of structural changes designed to boost potential growth in the world’s No. 3 economy.  Corporate-tax cuts are envisioned as a centerpiece of this year’s installment of Abe’s ‘third arrow’ of reform — monetary and fiscal stimulus formed the first two arrows.  But Prime Minister Shinzo Abe’s efforts to lower Japan’s corporate tax rate are increasingly set to include steps to ensure more businesses pay at least some levies, a move that endangers the survival of a swathe of smaller firms.”

http://www.bloomberg.com/news/2014-05-01/japan-corporate-tax-cut-plan-spells-pain-for-smaller-businesses.html

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Fed fears risks posed by exit tools; plan almost done

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“The sheer magnitude of the amounts of money used to combat the crisis – $2.6 trillion sitting at the Fed as bank reserves and $4.2 trillion held by the Fed in various securities – may complicate the U.S. central bank’s ability to control its target interest rate once the decision is made that it should be raised.  The Fed has neared consensus that its workhorse tool will be the interest it pays banks on excess reserves on deposit at the Fed.  Another tool would have a similar impact but apply more broadly, using overnight repurchase agreements that would let money market funds and other institutions as well as banks essentially make short-term deposits at the Fed.”

http://www.reuters.com/article/2014/07/11/usa-fed-idUSL2N0PM2IQ20140711

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Japan economics minister warns of premature QE exit

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“Japanese Economics Minister Akira Amari warned that it would be premature for the Bank of Japan to consider an exit strategy from its massive stimulus programme, voicing hope instead for further monetary easing if achievement of its inflation goal falls behind schedule.   The central bank has kept policy unchanged since deploying an intense burst of monetary stimulus in April last year, when it pledged to double base money via aggressive asset purchases to accelerate inflation to 2 percent in roughly two years.  With Japan only halfway to meeting that target, the BOJ is set to keep its stimulus plan intact well into next year.”

http://uk.reuters.com/article/2014/07/11/uk-japan-economy-amari-idUKKBN0FG06V20140711

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The Suicide of Communism: The Case for Patience

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portallogo3

“Through its satellite nations, it extended into Western Europe. It had been in operation for over 70 years. It had the most extensive system of control over thought and activities of any large society in the history of man. Yet, in one week, without any bloodshed, the leaders of the USSR simply abandoned it. Nothing like this had ever happened before.  Those of us who lived through it could barely appreciate the magnitude of it. That is because it was bloodless. There was almost no warning. The West had been involved in a great competition between the two systems from 1946 until 1991. Then, without warning, that competition ended. It caught Russians by surprise. It caught Westerners by surprise.”

http://www.garynorth.com/public/12642.cfm

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Withdrawing Political Legitimacy

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“The World Wide Web is the greatest idea-smuggling network in history. The question is: Which smuggling operations will put the Web to its most productive uses?  My statement of faith is this: not the state.  Smuggling can lead to secession. It can lead to a withdrawal of faith and hope in the messianic state. It can lead to institutional alternatives to the messianic state.  Example: online education as a substitute for tax-funded education. This is technically possible today. At some point, community by community, there will be a tipping point.  The mark of this tipping point will be this: the inability of local governments to get bond issues passed, despite the threatened loss of federal matching funds.”

http://www.garynorth.com/public/12641.cfm

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Khan Academy’s Challenge to State-Certified Educators

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portallogo3

“The whole system of automatic payments based on seniority and the number of semester hours earned in night school programs and summer vacation programs is about to come to an end.  The teachers’ union is by far the most powerful single union in the United States. It is the most powerful politically. It is the most powerful economically. It is based on an illusion. That illusion is being statistically undermined every day by the Khan Academy. The foundation of the entire public school system all over the world is being undermined free of charge every day. A man with no training as a teacher is clearly the best teacher in the world. This is demonstrated by the number of students he has.”

http://www.garynorth.com/public/12661.cfm

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California Family Stumped by Fired Live-In Nanny Who Won’t Leave

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“A California family is stumped about what to do with a live-in nanny they say refuses to work, refuses to be fired and refuses to leave.  In fact, Marcella Bracamonte claims that the nanny, Diane Stretton, has threatened to sue the family for wrongful firing and elder abuse.  Lt. John Moore of the Upland Police Department confirmed to ABC News that there is no immediate action that can be taken against Stretton, saying ‘generally, once somebody has established residency, you have to go through a formal eviction process.’  Stretton reportedly has been involved in 36 lawsuits, landing herself on California’s Vexatious Litigant Lists for repeatedly abusing the legal system.”

http://abcnews.go.com/US/family-stumped-fired-live-nanny-leave/story?id=24316229

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How Khan Academy (Free) Transformed an Inner-City School

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“Khan Academy has 10 million students. They pay nothing. They are located all over the world.  Oakland Unity School in Oakland, California, is an inner-city charter school. It is over 90% black and Hispanic. It was a low achiever. Then it adopted Khan Academy’s math program. This school is now in the top ten schools in the state in math — in the 99th percentile.  Khan Academy teaches with YouTube videos and exercises. It also teaches motivation — character. Character makes the difference. IQ scores don’t.”

http://teapartyeconomist.com/2014/07/02/video-khan-academy-free-transformed-inner-city-school/

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Law Prof Specializing In Poverty Makes $205K Teaching One Class

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“A controversial, outspoken law professor who frequently bashes Republicans and specializes in poverty issues as a self-proclaimed champion of the poor earns $205,400 per year – for teaching one class per semester.  The University of North Carolina School of Law pays Professor Gene Nichol $205,400 annually for his one class per semester workload. On top of his teaching salary, he receives a $7,500 stipend as director of the law school’s Center on Poverty, Work and Opportunity.  The Nichol family lives in a Chapel Hill home with a tax value of more than $1 million. They also own a bungalow on the beach at Emerald Isle, valued by Carteret County at more than $512,000.”

http://www.thecollegefix.com/post/18167/

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