Nov

6

Nock's adage that if a teaspoonful of arsenic won't cure you then a tablespoon is required relative to the unemployment rate and measures to stimulate economic health comes to mind in view of the 10.2% rate. Amazingly no leaks were visible on Thursday during the day or on Friday before the number in fixed income or equities. Indeed German fixed income was down before the number. There's only one explanation. "Boys, old Hanover is looking very sickly in the stalls. Be sure that we don't work him out in the next mornings before the election."

Nock enthusiast Jeff Watson explains:

Much ado has been made about Albert Jay Nock on Daily Speculations. An original thinker, with an uncanny sense of reason, Nock is a founding father in conservative circles. Such luminaries as William F. Buckley Jr. have used Nock's ideas as the genesis of their political views. I have assembled a series of full downloads of his works from various sources for your reading pleasure.

Our Enemy the State

On Doing the Right Thing

Memoirs of a Superflous Man [his autobiography and perhaps his best known book]

Cogitations

Isaiah's Job

The Criminality of the State

The Jewish Problem in America


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2 Comments so far

  1. michael bonderer on November 6, 2009 1:14 pm

    with this administration, silence speaks volumes.

  2. douglas roberts dimick on November 6, 2009 2:07 pm

    The Second Coming

    Rather hyped lead in… Charlie Gasparino: Another Crash 'Has to Happen Again'…

    http://seekingalpha.com/article/171549-charlie-gasparino-another-crash-has-to-happen-again?source=email

    Representative excerpts… “Remember, after Robert Rubin fought to end Glass-Steagall’s separation of investment and commercial banking, he didn’t go back to his old firm, Goldman Sachs, he went to work for the firm that benefited the most from the law’s demise, Citigroup… The various heads of HUD, like Henry Cisneros, Andrew Cuomo and those in the Bush Administration who believed owning a home was a right, rather than something that should be earned, led to the disaster at Fannie Mae (FNM) and Freddie Mac (FRE), which spread its guarantees to subprime loans, a place it traditionally stayed away from. You also can’t excuse Alan Greenspan for handing out free money to Wall Street every time the big firms screwed up over the past thirty years. It gave them incentive to double down on their risky bets until of course they double-downed so much the system blew up.”
    Regardless, albeit Fed intervention and government bailouts, the ability of Americans to provide for themselves increasingly parallels that of The Great Depression. When then we may say it was the banking industry, now we may find it has been the culmination of corporate consumption with government policy.

    Granted, unlike 25% unemployment then, the jobless rate has increased to 10%. Consider, though, the percentage of jobs lost here (or transferred to be PC) during the past 10 years…

    My time in China continually presents human edification of a central political precept: government officials prefer silver (dollars) to lead (bullets) as a means for problem resolution.

    What is the difference between the PRC and the USA standards of governance with regards to corruption? The one-party system selectively enforces anti-corruption laws, whereas our two-party system selectively exempts it.

    In the US, recent bailouts constitute a form of corruption as designated parties are treated differently both in terms of due process of law and with entitlement based on political considerations. In the PRC, government funneling of its billions of dollars in stimulus via its four (illiquid) banking conglomerates to state owned enterprises (SOEs) buttresses if not rewards the one-party systematics that compounds the inefficiencies of its political economy. One that briefly (8 years) yet rapidly grew primarily due to Olympic Games (past) a la WTO fueled FDI.

    The comparison stops there, though, as Chinese citizens are not protected by a rule of law system predicated on prescribed (First Amendment) rights, whereby the government “shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.”

    There is none of that here in China. The Communist Government of the PRC has yet to sign the Hague Convention.

    Sure, there is constitutional face presented by this country’s social contract, but all is reduced to subsidiary constructs of the Communist Party of China. For instance, there is no independent judicial branch of government, as there no checks and balances structurally indoctrinated within this dictatorial system.

    So who on Wall Street cares? Probably few as apparently most are focusing on the bonus situation at present.

    Still, one may ask, how do you think China got all those US and EU jobs?

    By having a democracy?

    Both Republicans and Democrats in concert with Wall Street have rewarded the corporate bards for decadently strung songs of boardroom policy and political patronage, rhythmic with “free trade” scores – regardless of fiscal and social costs so long as costs were not realized by corporate directors and officers or elected and appointed officials of our federal executive and legislative branches of government.

    The growth and acclaim attributed to US markets is not due to Wall Street but to the rule of law, namely Glass-Steagall. The absence of the act (during these past ten years) evinces such a finding.

    That law was killed in the night (or closing days of the Clinton Administration) and thereafter buried without autopsy by the Bush Administration. History may show eventually these two presidencies to be two of the more corrupt administrations since our country’s founding – as measured in relative dollars of (corruptive) government spending.

    It comes to mind, a little, elderly lady was paid to televise a demand: “Where’s the beef?”

    Analogously, the question of the day is freely posed: Where’s the lead?

    In this regard, being applicable to money and votes, the collective (Communists, Republicans, Democrats, Greens, whomever) faces a zero-sum game. That is to say: someone has to pay… no matter how long governments attempt to moderate and central banks so manipulate, regular folks eventually get the bill, in one form or another.

    In China, this dynamic will result in systemic change, as people will want more say as to how their (tax) money is spent. In America, that same dynamic will cause reform and invention to produce a new legal construct… read Nouriel Roubini’s 'Too Big To Fail' Revisited (http://www.forbes.com/2009/11/04/too-big-to-fail-volcker-greenspan-mervyn-king-opinions-columnists-nouriel-roubini.html?feed=rss_popstories).

    Regardless of the ultimate resolve, in the meantime, we may recall that the second, lower bottom we realized in March 1933, almost four years after Back Tuesday.

    At that time, here in relation to now and only then, it is likely that more than one will have gotten it right between the eyes.

    dr

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