Fight it with Funny

Is it just me, or are there a lot of protest rallies these days? Certainly the South has lit up with marches and displays of the Rebel Flag now that the Palmetto State has taken it down from the Statehouse. There seems to always be something going on somewhere and some of them are from groups or people pushing something that others may find offensive.

What to do about it? The one thing you can’t do is let ‘em get to you – the moment you are offended and act out in a way you might not otherwise is the moment they gain power over you. The key is to laugh, to deflate the moment and dissolve the tension in a roaring guffaw.

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Broken Social Contract

Are you better off now than you were so many years ago? It was a question first raised in the 1980 campaign, a motto used to defeat President Carter. The answer then was a rather sure “No!” and the voters responded, blaming the man in charge. But are you better off now than then? And was it fair to blame Carter or any President for the state of the economy?

A few graphs showing the state of workers in the Postwar Era (1947-today) shows how the problem persists. Sen Sanders has often said that the last 40 years have been a slow retreat for workers, and he has a point. But who is to blame?

Let’s leave blame aside for a moment and check out the numbers first.

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Chinese Meltdown, Latin America Next?

The long anticipated meltdown in Chinese stocks has accelerated this week, although it took a break today. Whether or not it has implications for the broader economy in China and around the world is unclear, given how little China relies on its stock market for financing and growth.

It’s all about the “carry trade”, or ability to borrow money in a foreign currency (usually US Dollars) at low interest rates and invest it at home in the hope that the local currency (Renminbi, or “people’s currency”) will become more valuable relative to the foreign currency later. It’s a two-fer if you can invest it in something that appears to be gaining in value, such as local stocks, and Chinese investors went for it bigtime.

Yes, it was all another bubble waiting to pop, which it appears to be doing now. But can this hurt us? Speculation has centered on trade with Latin America, which has its own uneven growth and a growing reliance on China. But this is silly for a lot of reasons. It’s worth looking at Latin America as a unit and seeing what effects we can really expect.

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“Oxi” Means …

Greece has voted “no”. The word is “oxi”, pronounced something like “ohee” in phonetic English, but with a little bit stuck in your throat on the “h” as if you are spitting on the European Central Bank (ECB).

It may well be that this deal had to be rejected and Greece has to essentially go over the cliff to be able to really stand on its feet one day. It may be that the ECB deserves to be spat on, and for that matter perhaps all banks have it coming to them.

But banks today are what we have to watch – in Greece and all around the world. The proud Hellenic people may be about to find out what a world without banks is like as theirs are at the very least going to remain closed for a while longer.  Life is going to become increasingly more difficult for everyone.

But this is hardly the first time Greece stood up and said “no” to the great powers of the world.
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Fly the Flag

For Independence Day, I can never do better than this old story I love to retell as often as I can.  Enjoy the holiday!

The misunderstandings and suspicions melted away, as they always do, after a few litres of liquid bread that the Germans call “Bier”. Harald was very honest in his German way, a kind of honesty that was spelled out in long, silent pauses as much as words. “With all of these different people and cultures, what is it that makes you Americans?”

I swallowed my beer to give me time, and the perfect answer came to me:

“We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.”

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Scalia Scowls – Take Notice

The Supreme Court has released a number of opinions, and it’s been a tough week for conservatives. Most of the focus has been on the big political fights – federal subsidy for state “Obamacare” exchanges was upheld and marriage equity is the law of the land in all fifty states. It was the latter that gave us the most blistering dissent from Justice Scalia:

“A system of government that makes the people subordinate to a committee of nine unelected lawyers does not deserve to be called a democracy,” he wrote in one of the more coherent statements in his dissent.

But another ruling, striking down part of the Federal “Three Strikes” law, illustrates judicial activism even more clearly. All of this begs the question as to where Scalia’s logic was in the “Citizens United” ruling in 2012 that declared corporations to be people, too. There is judicial activism, yes, but it’s more about filling in the gaps left by years of a completely dysfunctional Congress. Someone has to be the adults – even one branch of government has to endure Scalia’s sometimes childish ranting.

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