Video: Slight Problem with the Cypriot Banking System Explained

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The Australian humorists Clarke & Dawe offer a brief summary of the "slight" problem in the Cypriot banking system. The European Union's response has not yet fixed the problem, though it has resulted in a massive exodus of deposits held by foreigners. (Note to kleptocrats everywhere: if you put an entire nation's banking system on a bank holiday, it's best to make sure that bank holiday applies to the nation's foreign bank branches, too!) As of today, Cypriots are allowed to withdraw up to €300 a day of their own money.

In the Fight: Episode 68

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Episode 68 of In The Fight produced by the Defense Video & Imagery Distribution System. Here's their description of this half-hour show:
On this episode, service members head home after their final deployment to Afghanistan, a new Afghan organization looks to rid corruption from within its ranks, we meet a team tasked with responding to crises at American embassies, a group of combat engineers find themselves between a rock and a hard place, and an annual event aims to assist local veterans in need.

Can You Trust Barack Obama for 4 More Years?

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Barack Obama came to office promising to heal the planet (I didn’t know it was sick), lower the waters, and end war as we knew it “whilst waking on water squirting wine out his ass,” to borrow William S. Burroughs’s anti-Christian blasphemy in Naked Lunch. (Funny. I don’t recall reading about Christians blowing up embassies over that book’s publication.)

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Four years later, The One might want to let the waters rise. Maybe they’ll put out the fires in the Middle East.

When Obama took office, the only international hotspots were Afghanistan and Iraq, where allied forces, led by the USA, had Iraq all but tamed. Afghanistan was ready for a surge to bring that conflict into its waning days.

Four years later, The One sees Chinese demonstrators threatening nuclear annihilation of Japan, Iran warming up its nuclear arsenal, Israel preparing to forcibly demilitarize Iran, and American embassies under deadly attack around the world.

When Obama took office, he promised that Muslim hostility would ease.

Four years later, Muslims around the world feel free to rape and murder ambassadors from the USA.

The most common mistake made by man in looking forward is believing that the future will be a linear progression of the recent past. Nassim Nicholas Taleb wrote a book about this fallacy. So did William Strauss and Neil Howe.

History does not move in a linear progression for long. Events interrupt the best laid plans.  This is why I don’t really care much about a candidate’s position on  issues of the day, except as guideposts to understanding the candidate’s world view and mindset. The issues that weigh on an office holder are usually very different from the ones he campaigned on. Instead, I want to know why the candidate takes a position. What’s his moral and philosophical reasoning for arriving at a conclusion.

More importantly, we should ask if a candidate has the temperament to deal with crises and the humility to realize that his grand strategy might fall victim to Black Swans.

Barack Obama has proven he lacks the temperament required of the American President. We always knew he was born without humility.

Barack Obama’s presidency has made the world, not just the USA, a worse place to live.

It’s time for him to go.



Internet Freedom: We Can All Agree on This

Stock Photo of the Consitution of the United States and Feather Quill
Back when Congressman Akin and I served in the Missouri State House together, he was not known for being the biggest tech guy, but he definitely is a lover of the Constitution and the Bill of Rights specifically, even teaching in depth seminars on America's founding. So the patriot adapted, in the true meaning of the "living breathing Constitution. Internet Freedom is a Constitutionally proetected right, no matter what a leftist wants to tell you. disclaimer:I am certain the other two Senate candidates, Sarah Steelman and John Brunner would agree. Akin leads letter to Sec. Clinton opposing U.N. regulation of...

In the Fight: Episode 64

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The Defense Video & Imagery Distribution System produced Episode 63 of In The Fight. Here's their description of this half-hour show:
On this episode, we see what it takes to execute a combat operation in Afghanistan, Soldiers are put through their paces to become members of the Afghan Special Forces, nineteen countries prepare for a multi-national exercise known as Eager Lion, progressive steps are being taken to change discrimination in Afghanistan, and an Afghan athlete prepares for the summer Olympics.

Economic indicator for state inches lower

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While still in growth territory, the economy across Missouri may be slowing down a touch.

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Creighton University on Twitter

The business conditions index for the state slipped to 59.1 in May, down from 60.2 in April, according to the latest economic survey by Ernie Goss, a Creighton University economist.

The index, ranging between zero and 100, averages various components from a survey of supply managers. 50 is considered neutral.

Not every component saw a drop in Missouri.

“Durable goods producers in the state, particularly those tied to international markets, experienced very healthy growth,” Goss said in a statement released along with the survey. “On the other hand, non-durable goods producers, such as food producers, are experiencing less favorable economic conditions.”

Durable goods manufacturers in the state are adding workers and increasing work hours, he said.

Goss predicted that the regional economy will continue to expand, but at a somewhat slower pace.

By Michelle Boyer[email protected]

For news updates, sign up for a newsletter and follow Missouri Journal on Twitter and Facebook.

Copyright 2012 Missouri Journal. All rights reserved.

The Serfdom of Iceland

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Financial Post: Iceland needs our loonie:
In a globalized world, it is difficult to uphold international living standards when you are cut off from the rest of the globe. This is the situation facing Iceland following the collapse of the krona in 2008 and the resulting strict enforcement of capital controls. 
Icelanders can no longer travel freely; we are restricted to roughly €2,000 ($2,570) for travel expenses on each trip. We are restricted in terms of how much support we can give relatives studying abroad and we are completely banned from investing internationally. With the exception of those over 40 who were born on the eastern side of the Iron Curtain, no European has ever experienced such a situation.
That reminded me of an interesting post at Zerohedge about ancient Rome's nanny state:
Rome had its socialist interlude under Diocletian. Faced with increasing poverty and restlessness among the masses, and with the imminent danger of barbarian invasion, he issued... an edictum de pretiis, which denounced monopolists for keeping goods from the market to raise prices, and set maximum prices and wages for all important articles and services. Extensive public works were undertaken to put the unemployed to work, and food was distributed gratis, or at reduced prices, to the poor. The government – which already owned most mines, quarries, and salt deposits – brought nearly all major industries and guilds under detailed control. “In every large town,” we are told, “the state became a powerful employer, standing head and shoulders above the private industrialists, who were in any case crushed by taxation.” When businessmen predicted ruin, Diocletian explained that the barbarians were at the gate, and that individual liberty had to be shelved until collective liberty could be made secure. The socialism of Diocletian was a war economy, made possible by fear of foreign attack. Other factors equal, internal liberty varies inversely with external danger. 
The task of controlling men in economic detail proved too much for Diocletian's expanding, expensive, and corrupt bureaucracy. To support this officialdom – the army, the courts, public works, and the dole – taxation rose to such heights that people lost the incentive to work or earn, and an erosive contest began between lawyers finding devices to evade taxes and lawyers formulating laws to prevent evasion. Thousands of Romans, to escape the tax gatherer, fled over the frontiers to seek refuge among the barbarians. Seeking to check this elusive mobility and to facilitate regulation and taxation, the government issued decrees binding the peasant to his field and the worker to his shop until all their debts and taxes had been paid. In this and other ways medieval serfdom began.
Iceland is on the Road to Serfdom. Greece will soon join them as they exit the European Union. And, if we don't address our looming debt, we will too.

Exports from Missouri increase 9.5 percent

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The state boosted international exports by $1.2 billion between 2010 and 2011.

Bureau of Economic Analysis on Twitter

U.S. Department of Commerce on Twitter

Exports from Missouri increased 9.5 percent from $12.9 billion in 2010 to $14.1 billion last year, according to new research released by the U.S. Bureau of Economic Analysis on Friday.

Exports of manufactured commodities from the state increased 6.4 percent to to $11.7 billion last year, according to the economic statistical agency in the U.S. Department of Commerce.

Non-manufactured commodities exported from Missouri increased 34.6 percent to $1.9 billion.

By Brian R. Hook[email protected], (314) 482-7944

For news updates, sign up for a newsletter and follow Missouri Journal on Twitter and Facebook.

Copyright 2012 Missouri Journal. All rights reserved.

In the Fight: Episode 59

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The Defense Video & Imagery Distribution System produced Episode 59 of In The Fight. Here's their description of this half-hour show:
On this episode, a personal security detachment team transports high level personnel throughout Afghanistan, Afghan forces prepare for a transition of authority on the Afghan/Pakistan border, troops continue to help improve the lives of Afghan families, Airmen deliver more than just supplies to troops outside the wire, and sports returns to Libya in time for the 2012 Olympic Games.

The China Hub is back

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Repackaged as the “Freight Forwarders Incentive Act,” HB 1476 is the reincarnation of the failed China Hub bill that cost the 24th State hundreds of thousands of dollars in a protracted and futile special session last year. This year's “Freight Forwarders Incentive Act” is the portion of the Aerotropolis Bill SB 8 that gave $60M in tax credits to exporters who send goods out through Lambert Airport to an international destination, presumably to China. HB 1476 - heard in the Economic Development Committee today - gives the same $60M to State approved Freight Forwarders. The questions about the China Hub...