Thugs from the Service Employees International Union (SEIU) and Chicago’s National Political Action trespassed on a Bank of America Executive’s front lawn in a so-called “protest” over mortgage defaults.
SEIU Protests on private citizen's front lawn
This same group went after AIG executives in March of last year (see video). I commented on local television and to anyone who would listen then how misdirected their anger was, and I repeat that sentiment now.
Where is the President’s outrage at these mob tactics against a private U.S. citizen? I can only assume his silence is tacit approval. The recently-resigned President of SEIU, Andy Stern, is reportedly Obama’s most frequent visitor at the White House, after all. And Obama has made it abundantly clear that he has no respect for private industry and free enterprise.
But is Kim-Jong Il (leader of North Korea) insane or just clever?
Or of course both?
There is after all no rationale or logic to the NK gulag, merely the survival of its gruesome regime.
For this the brainwashed people’s attention needs to be constantly diverted away from the utterly-bleak moral, intellectual, spiritual and physical deprivation of their lives to some external enemy. And of course if no such enemy exists, then it is necessary to invent or – in this case – provoke one.
I would not be surprised if some sort of hostilities broke out, if not from calculation then from miscalculation, as NK is playing a dangerous game.
Could this at last be the turning point we who identify with the NK prisoners have long waited for? The sanctions will definitely hurt an already tottering NK economy (if you can call it that). Even the North Koreans, past-masters at brinkmanship, had one day to overplay their hand, as there are hints that they may have now done.
And should hostilities occur, while no doubt they could initially do a great deal of damage to Seoul I wonder if – like all such shoddy regimes – it could all fall apart like a pack of cards?
It is not only the NK people who are habitually starved – NK soldiers are also reported to be undernourished and low on morale. And what have the people to fight for? Merely to support the regime’s continued existence on a diet of fine foods, fast cars and other imported luxuries while they starve?
But as ever, all depends on China, which materially and politically supports NK, which is in effect no more than a vast prison camp led by a bloody, murderous gang of utter scum who must surely one day have their Nuremberg (or perhaps Mussolini/Ceausescu) moment.
This alone begs the question of why the free world so constantly sucks up to China and more importantly sustains its economy by buying its artificially-cheap products.
Yes, the land of the free and home of the brave is the major trading partner of a dictatorship that could put an end to the North Korean people’s suffering, but chooses not to. Not only that, any poor soul managing to escape from their NK prison is sent back by the Chinese. You couldn’t make it up …..
The total triumph of greed for cheaper washing-machines and thousands of tons of shoddy plastic artefacts versus support for an entire and utterly oppressed people?
As for the Chinese, one can imagine them inwardly seething at its ally’s (Christ, what a shameful fact) lunacy. For China can in this case no longer sit on the fence. The unprovoked murder of 46 innocent South Koreans has put them on the spot. Ban Ki Moon himself is making angry noises.
Can China REALLY afford a situation where it is NK & China against the entire rest of the world? The next few days will tell, but if – as one fears – China as usual delays and obfuscates, then where will Obama and Clinton sit? The fence is exceedingly uncomfortable, after all.
Some final points. It is often said (principally I believe by China itself) that it fears an NK collapse and mass immigration into China by its people. Surely this is silly? There might WELL be a big exodus in the case of all-out fighting, but I believe this would be brief and, of course, after it is all over the South would take over and – as in Germany – do whatever was necessary to reunite and help all the people. And the idea that NK refugees would feel they had better prospects in China rather than a reunified and free Korea is bizarre.
No, China is still trapped by its post-revolutionary insanity and inhumanity. Oh God, please free them from the chains of their past and from their obsession with not losing face ……
An optimist (are there any left?) might see these latest events as the death throes of the world’s most horrible regime. A pessimist will consider the latest posturings as just another scene in the longest-running political tragedy of our generation. I am in this case an optimist, but of course one who has usually been disappointed.
POSTSCRIPT: I notice that a NK football team just drew 2-2 in an international “friendly” with Greece. Can anyone explain why the West banned sport with South Africa over apartheid but seems to rejoice in allowing sport with North Korea?
The apartheid regime was nasty; no problems with the boycott for me. But there is no comparison in the awfulness of NK with the old SA regime, nasty though it was. Do the Greek footballers have ANY idea of the barbarity of the NK regime? How can Greece – home of democracy – PLAY with representatives of mass-murderers? A serious reality check is in order here.
We were climbing after take off in a Cessna 152, and I was applying significant control inputs to keep the aircraft level. Before the flight, there had been some conversation among other pilots on the ground about there being some turbulence at low level today, and I had just remarked that this seemed to be true.
In response to this gentle instruction, I took one hand off the control column, but continued to concentrate on maintaining the attitude of the aircraft in the bumpy conditions. Then the instruction was repeated, still gently, but with a little more emphasis:
“Take your hands OFF the controls”!
Now, whether one follows instructions like this does depend to some extent on who is issuing them! On this occasion, I was honoured to be flying with the most capable pilot and flying instructor I have ever met, or am ever likely to meet.
As it happens, I was not formally under instruction, being qualified to fly and my “passenger” having lost that privilege on medical grounds. Nevertheless, when flying with other people there is always something to learn and, when flying with someone as experienced and knowledgeable as Dickie Dougan, one is learning all the time! Dickie had a very long flying career during which very many people learnt a tremendous amount from him. Sadly, he passed away in 2007, at the age of 89.
So, in this case, the instruction was being issued by someone for whom I had the utmost respect and trust. Nevertheless, it was contrary to my instincts and seemed to me to be decidedly risky.
Very gingerly, I let go of the controls which, now free from my grasp, moved more violently and over a much wider range than I had been moving them. My instinct was to grab them again, but my trust in the instruction that I’d been given was just sufficient to hold that instinct at bay for a short while.
The aircraft seemed to be rolling more than it had under my control, but it was returning to level flight fairly consistently. It was, at least, stable and seemed to be flying satisfactorily without any input from me (to be accurate, I was continuing to apply some right rudder to compensate for the yaw effects of the single propellor in the climb, but it seemed to me that I was not controlling anything!)
After I had realised that the world was not turning upside down and my level of anxiety lowered slightly, Dickie then said quietly, in his soft Irish tones:
“There you are; you’re working too hard! The aircraft can fly itself!”
Incidents like that teach us something quite profound. The world functions without us.
We are not the centre of the universe!
Background:
This post was inspired by Trey Pennington’s description of his conversation with his daughter about Copernicus, as described in his interview of C.C.Chapman.
Further information about the legendary Dickie Dougan can be found in this document in an obituary for him written by Chris Martin who was the Chief Flying Instructor at Exeter Flying Club during the time that I was trained there.
The Basel Committee on Banking Supervision provides a forum for regular cooperation on banking supervisory matters. Its objective is to enhance understanding of key supervisory issues and improve the quality of banking supervision worldwide. It seeks to do so by exchanging information on national supervisory issues, approaches and techniques, with a view to promoting common understanding. At times, the Committee uses this common understanding to develop guidelines and supervisory standards in areas where they are considered desirable. In this regard, the Committee is best known for its international standards on capital adequacy; the Core Principles for Effective Banking Supervision; and the Concordat on cross-border banking supervision.
The Committee’s members come from Argentina, Australia, Belgium, Brazil, Canada, China, France, Germany, Hong Kong SAR, India, Indonesia, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, Russia, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States. The present Chairman of the Committee is Mr Nout Wellink, President of the Netherlands Bank.
OK, that’s clear then!
Pers Kurowski
Well, according to a good supporter of and Guest contributor to Learning from Dogs, Pers Kurowski, we really ought to know much, much more about this ‘committee’.
Pers has a Blog called Tea with FT (as in the Financial Times) and there is much to read there that helps us understand why we are in so big a mess with the banks. Here’s his piece from the 4th May.
Basel Committee, why don´t you just shut up!
Sir who do these Basel Committee regulators really think they are bullying us around with an arrogant “the banks should be sensible and realise that it might backfire if they protest too much”? as reported by Brooke Masters, May 4.
They themselves are the ones who thought everything would be fine and dandy if they just had some few credit rating agencies determine default risks and then gave the banks great incentives, by means of different capital requirements, to follow those credit risk opinions. They themselves are the ones who believing in the abundance of safe triple-A rated lending and investments, caused the world to stampede and fall over the subprime mortgages. They themselves should shut up, because rarely has the world seen such a gullible naive and outright stupid bunch of regulators.
Now the banks, in the midst of a crisis, need to build up the equity they do not have precisely because the Basel Committee did not require them to have; precisely when we need the most the banks to lend. The regulators, instead of bullying banks, should busy themselves day and night finding ways for severely capital stretched banks to be able to lend to those small businesses and entrepreneurs who have had to pay the cost of higher capital requirements but who had absolutely nothing to do in generating this crisis.
And just in case, for the record, I am no banker, only a citizen, very upset with the fact that in the 347 pages of the regulations known as Basel II, there is not one single word that describes the purpose of those regulations. Basel Committee why do you not start defining a purpose for what you are doing? Is that too much to ask?
Recently we rented the film, Pirate Radio, a somewhat ‘true’ story about the days of broadcasting rock and roll from a ship moored just outside British waters. Here’s the official trailer of the film (somewhat glitzy as is the manner of Hollywood):
Anyone of my sort of vintage living in England during the 1960s will recall the fun and excitement of Radio Caroline, the name of the radio station that started up in 1964.
Radio Caroline is an English radio station founded in 1964 by Ronan O’Rahilly, to circumvent the tight hold the record companies had on the broadcast of popular music in the UK. It originally commenced transmissions as an offshore radio station broadcasting from a ship anchored in international waters off the coast of South East England. Originally unlicensed by any government, for the majority of its early life, it was labelled as a pirate radio station.
Radio Caroline
Amazingly, at its peak Radio Caroline had an audience of 23 million listeners. In a very real way Radio Caroline was another symbol of what became known as the Swinging Sixties, a transformation period for post-war Britain.
Tony Blackburn was just one of many famous disk jockeys who started life out on Radio Caroline, with Tony being the first presenter of the BBC’s Radio 1 station, broadcasting popular music, when it came on air on the 30th September, 1967.
Tony Blackburn, some while ago!
Anyway, if you are nostalgic towards the ‘good’ old days of the sixties, do watch the film.
Wonderful short film of the P-38 Lightning (thanks to Steve).
The Lockheed P-38 Lightning was a WWII American fighter aircraft. Equipped with droppable fuel tanks under its wings, the P-38 was used as a long-range escort fighter and saw action in every major combat area of the world.
A very versatile aircraft, the Lightning was also used for dive bombing, level bombing, ground strafing and photo reconnaissance missions.
The Lockheed team chose twin booms to accommodate the tail assembly, engines, and turbo superchargers, with a central nacelle for the pilot and armament. The nose was designed to carry two Browning .50 machine guns, two .30″ Brownings and an Oldsmobile 37 mm cannon.
The P-38 was the only American fighter aircraft in active production throughout the duration of American involvement in the war, from Pearl Harbor to VJ Day.
Music: Benny Goodman with Helen Forrest – ‘It’s Always You’.
I’m sure you’ve heard about the steady rise in gold prices over the last several months. You may have also seen the advertisements from gold investment companies pushing the purchase of gold, or heard predictions about even higher gold prices as world currencies struggle.
We have to take a step back and ask ourselves about the true underlying value of gold.
Why is it valuable? Because people demand it, and there is a relatively limited world supply. Why do people demand gold?
It’s not like gold will sustain you: you can’t eat or drink it, nor does it have utility in and of itself.
No, the reason gold has value is because it can be exchanged for money which, in turn, can be exchanged for goods or services. So the value of gold is derived from the very same place as is the value of money: access to underlying goods and services.
The actual value of gold, however, is entirely dependent on other people’s demand for gold, given limited supply, much like fine art. Unlike money, you cannot actually use gold for transactions: have you tried to use a bar of gold at your local restaurant or car dealer, for example?
Think about it: if for some reason gold fell out of favor — let’s say someone discovered it was toxic — then gold would no longer be desired as an indirect means of exchange — having to first be exchanged for currency — and its price would drop to nothing, quite independently of the value of money itself.
The value of money it also dependent on its demand, which in turn depends on the acceptability of the currency on the world stage as a unit of exchange.
Dollars are accepted as currency and retain their value as long as the underlying real U.S. economy continues to be productive, and as long as the world supply of dollars does not outstrip the world demand for dollars.
Gold bars
Dollars are suffering at the moment for two primary reasons: the attack on private industry by Obama’s policies, and the excessive world supply of dollars. Both of these factors drive down the value of a dollar, and drive up the number of dollars that a bar of gold commands.
Learning from Dogs 
