The Red White and Blue Pill
I am the very model of a Stable Genius Liberal.
Rand Paul would’ve been OK with using drones to hunt Boston suspect
Rand Paul has gone from wanting guarantees that we wouldn’t use drones against American citizens on US soil to advocating the use of drones against American citizens on US soil in record time.
Bitcoin represents what ought to be the final refutation of the efficient-markets hypothesis
But in the case of Bitcoin, there is no source of value whatsoever. The computing power used to mine the Bitcoin is gone once the run has finished and cannot be reused for a more productive purpose. If Bitcoins cease to be accepted in payment for goods and services, their value will be precisely zero.
According to the efficient-markets hypothesis (EMH), which still dominates the analysis of financial markets, this should be impossible. The EMH states that the market value of an asset is equal to the best available estimate of the value of the services or income flows it will generate. In the case of a company stock, this is the discounted value of future earnings. Since Bitcoins do not generate any actual earnings, they must appreciate in value to ensure that people are willing to hold them. But an endless appreciation, with no flow of earnings or liquidation value, is precisely the kind of bubble the EMH says can’t happen.
Quiggin hits the nail on the head with this one. Bitcoin should be called bubblecoin.
turtles on Flickr.
“Democracy Has Descended Into Institutionalized Bribery”: An Interview with David Graeber
We’re taught that democracy was like a scientific breakthrough. People discovered democracy, as if people didn’t know how to count beforehand. But what you see when you look at the anthropological record, are countless examples of egalitarian decision making.
Anheuser-Busch heir resigns life-long NRA membership
The NRA I see today has undermined the values upon which it was established. Your current strategic focus clearly places priority on the needs of gun and ammunition manufacturers while disregarding the opinions of your 4 million individual members.
They get more money from manufacturers. Dues from individual hunters and sportsmen are meaningless to the bottom line of the NRA.
Refuse to pay for regulations and safety inspections and then demand others pay for your irresponsibility. Its the GOP way.
Pirate Democracy? – Why Nations Fail
In his fascinating book The Invisible Hook, Peter Leeson shows that such democracy was the norm amongst pirate crews who ravaged the Caribbean and other parts of the world in the 18th century. Pirate crews not only elected their captains on the basis of universal pirate suffrage, but they also regularly deposed them by democratic elections if they were not satisfied with their performance.
And all them who agree say Arrrghhhh!
CISPA Vote Results, GOP for, Dems against.
The GOP voted for Big Gubmit and private industry to spy on you without consent. The Dems voted against.
When interest rates are close to the rate of economic growth, Gagnon continues, you can run a budget deficit forever as long as the primary deficit is balanced. The debt load as a share of the economy won’t increase over time. And if interest rates are lower than the pace of growth — as they… Continue reading Untitled