A society that is given the option to protect itself is not a fearful society, it is a prudent one. The victims of Paris were never allowed the option to protect their lives, nor were they fortunate to have armed defenders present or trained combatants to stop the attack before it reached them. People need the opportunity to secure their own safety since, as the past twelve years has shown, the State will fail them.
According to The Times, EU leaders are holding "secret" meetings to discuss the future of Europe's cherished Schengen Agreement which allows for passport-free travel within the bloc. As one unnamed diplomat put it, "the current system is simply not working."
For once, the overnight session was not dominated by weak Chinese economic data (which probably explains why the Shanghai Composite dropped for the second day in a row, declining 1.4%, and ending an impressive run since the beginning of November) and instead Europe took the spotlight with its own poor data in the form of Q3 GDP which printed below expectations at 0.3% Q/Q, down also from the 0.4% increase in Q2, with several key economies rolling over including Germany, Italy, and Spain while Europe's poster child of "successful austerity" saw Q3 GDP stagnate, far worse than the 0.5% growth consensus expected.
Free speech is not something that people would normally see as a realm of economics, but in many ways, an economic understanding of the support and opposition to free speech can shed a lot of light on what’s happening now in the West.
Sick from being overweight, tired of bombing brown people to steal their oil, and want something you can do about it, today, that will also improve your personal financial situation?
"Yesterday we held five funerals, but there are still 55 bodies at the morgue," exclaims Lesbos' mayor Spyros Galinos, adding "Who could have anticipated such a carnage in the Aegean?"
While redistributive social spending in the US is indeed different from many other countries, the overall magnitude is actually greater (both proportionally and in absolute terms) in the US than in almost all other countries measured. One can argue that the way that the wealth is redistributed through public policy in the US is "wrong" or "suboptimal." But, to argue that there is less redistribution as a result of public policy in the US than elsewhere is simply wrong.
In September, the total physical gold held in custody at the NY Fed dropped another 19.9 tons in September, down to 5,919.5 tons. This was a doubling in gold withdrawals from 10 tons in August, and is the highest withdrawal since January. At just under 5,920 total tons in NY Fed inventory, this is the lowest amount of gold held in NY Fed custody in decades.
After decades of berating Americans for their Constitutionally protected right to bear arms, Europeans are finally starting to wake up. It took over a million Islamic immigrants and violence across their union to convince them, but it appears that they finally get it. Despite how hard it is to attain these weapons in countries like Austria, firearms are currently being sold there in record numbers much like they are in the United States. But instead of the threat of confiscation, this trend is being fueled by the refugee crisis, which as one jounalist warned "something is very wrong here" if Austrians are buying guns to protect themselves against migrants.
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In the event of a systemic European banking crisis, however, laws could be changed at the stroke of a pen and “bail-in” mechanisms could become fully operational. Also, the comforting guarantee of €100,000 ($100,000 or £80,000) would likely be reduced in such a crisis.
European leaders talk about two things these days; preserving European values by taking in Muslim migrants and integrating Muslim migrants into Europe by getting them to adopt European values. It does not occur to them that their plan to save European values depends on killing European values.
- ECB Haunted by Paradox as Draghi Weighs Risk of QE Signaling (BBG)
- At odds with Republicans, Hillary Clinton to testify on Benghazi (Reuters)
- House tees up conservative plans to raise debt limit (Hill)
- U.S., Russia to Meet at Syria Conference to Discuss Crisis (WSJ)
- Putin Gains Record Support Among Russians Over Syria, Poll Shows (BBG)
- China Plans 2020 Deadline for Dismantling Capital Controls (BBG)
- Nyrstar Drops the Most on Record as Mining Hit by Metal Rout (BBG)
"[Putin] hopes that when its ally Iran re-enters the global oil and gas market, Russia will somehow share in the profits, perhaps through new pipelines across Syria. He also wants to stop the Saudis from establishing export routes in Syria. Now that Russian energy supremacy in Europe also is at stake, Putin's determination to resolve the Syrian conflict on his terms can only grow."