You are browsing the archive for 2014 November 16.

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True Money Supply Decelerates

November 16, 2014 in Economics

By Mark Thornton

Michael Pullaro over at Forbes.com warns that the Austrian measure of the money supply is exhibiting a deceleration in its growth rate indicating potential trouble ahead in bubble related economic activity.

Joseph Salerno on the True “Austrian” Money Supply

The U.S. money supply as represented by TMS2 (True “Austrian” Money Supply), our broadest and preferred U.S. money supply aggregate, posted a year-over-year rate of growth of 7.7% in October, down from an 8.3% rate in September. Now down 880 basis points (53%) from the current boom-bust monetary inflation cycle high of 16.5% posted in November 2009, this is the lowest year-over-year rate of growth in TMS2 since the 6.9% rate seen in November 2008 (month 4 in this 75 month long and counting inflation cycle). As a result, although we are not yet ready to declare that the economy is staring at an imminent bust in the face, this decelerating trend in the rate of monetary inflation is bringing us ever so closer to one. To investors and speculators alike, we say time to be especially cautious.

Yes, at 7.7%, the year-over-year rate of growth in TMS2 is not sporting the same sub 5% year-over year rates that ushered in the last two busts. But consider this: The latest installment of the Federal Reserve’s QE asset purchase program is history with the last $15 billion in asset purchases now complete. Over the last 12 months, that program accounted for roughly three quarters of the growth in TMS2. And while the U.S. banking system, the other money creation engine in the economy, has of late been helping to offset the money creation void being vacated by the Federal Reserve, it is going to have to really step it up to ward of a continuing deceleration in the overall the rate of money creation. If not, we could be very well staring a bust directly in the face.

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Source: MISES INSTITUTE

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Bill Cosby Clams Up as Publicity over Multiple Sexual Abuse Allegations Expands

November 16, 2014 in Blogs

By Martin Pengelly, The Guardian

A lawyer for Cosby released a short statement today.


A lawyer for Bill Cosby said on Sunday the comedian would not make any comment on “decade-old, discredited” allegations of sexual abuse.

On Saturday, during an interview on National Public Radio, Cosby twice offered no comment to questions about the allegations, which resurfaced recently.

Last month, the comedian Hannibal Buress, onstage in Philadelphia, called Cosby a “rapist”. Video of the performance was widely shared on the web. This week, an attempt to make a social-media “meme” for Cosby backfired when many users responded with mentions of the allegations.

One of Cosby’s accusers, the actress Barbara Bowman, wrote a column for the Washington Post and gave an interview to CNN. An appearance on CBS’s Late Show with David Letterman was cancelled.

In 2006, Cosby settled a lawsuit for an undisclosed amount of money with a woman who alleged he had drugged and raped her in 2004. Several women who raised similar accusations had agreed to testify if the case went to trial. Cosby has always denied such allegations and has never been criminally charged.

Attorney John P Schmitt released the statement on billcosby.com, saying Cosby would not “dignify” the allegations with a comment.

Schmitt’s full statement read: “Over the last several weeks, decade-old, discredited allegations against Mr Cosby have resurfaced. The fact that they are being repeated does not make them true.

“Mr Cosby does not intend to dignify these allegations with any comment. He would like to thank all his fans for the outpouring of support and assure them that, at age 77, he is doing his best work. There will be no further statement from Mr Cosby or any of his representatives.”

Cosby was scheduled to perform on Sunday, at the Warner Theater in Eerie, Pennsylvania; a stand-up special is scheduled to be released by Netflix on 28 November. The star of the 1980s hit The Cosby …read more

Source: ALTERNET

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Pizza Hut’s “Mexican Flavor Fiesta” Is the Latest in Fast Food Atrocities

November 16, 2014 in Blogs

By Joanna Rothkopf, Salon.com

Shame, shame, shame.


Pizza Hut New Zealand’s latest creation is clearly the brainchild of a marketing exec gone very, very rogue. The chain’s “Mexican Flavor Fiesta” menu features items that is ostensibly fast food Mexican on crust.

Three items deserve note. The Burrito Pizza is a crust topped with beans, burrito sauce (I do not want to know), bell peppers and mozzarella. The Ultimate Mexican Pizza is exactly the same… but with tortilla chips. Finally, the Quesadilla Pizza, the most repulsive of the bunch, is two pizza crusts sandwiched together, stuffed with beef, onions, mozzarella, chili flakes and burrito sauce.

As you enter the weekend exhausted from five days of work, feeling like you want to live a little dangerously, I’ll leave you with the words of Bustle’s Catie Keck: “Remember: when fawning over the idea of combining all your favorite foods, please visualize the physical repercussions of burrito sauce.”

For more gastronomical experiments gone awry, click here.

 

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Source: ALTERNET

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Bill Maher Bashes Mormon Religion: It’s ‘Based on a 19th Century Sex Cult!’

November 16, 2014 in Blogs

By David Ferguson, Raw Story

Mormonism’s founder, Joseph Smith, had at least 30 wives.


 

Bill Maher laid into the Mormon faith with his panel on Friday night, saying that the religion was founded as a “19th century sex cult.”

Earlier this week, Mormon church officials revealed that Mormonism’s founder, Joseph Smith, had at least 30 wives, some of whom were young girls.

“What I love is he said he had a revelation in 1831 from an angel who said, ‘Marry plurally, get as many bitches as you can up there,’” Maher said. Smith purportedly refused the angel three times, until the divine messenger returned with a sword and threatened him.

“And you can’t argue with an armed angel,” Maher quipped.

“This religion is based on a sex cult!” he said. “It is plainly based on a 19th century sex cult. And if we didn’t have Mormonism, we’d have to invent it for all the religious people who need something to look down on because they believe in something crazy, this would be it.”

Watch video of this segment, embedded below via YouTube:

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Source: ALTERNET

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Wake Up and Oppose Theocracy: Bill Maher, Rula Jebreal and the Urgent Islam Debate

November 16, 2014 in Blogs

By Jeffrey Tayler, Salon

There is a pressing need for frank talk about Islam and Christianity. Liberals should be on the side of real debate.


 

Since he delivered his “Real Time” monologue against liberals who treat Islam with excessive deference a month ago, the comedian Bill Maher has suffered all sorts of ill-informed censure aiming to set him on the Straight and Narrow about the faith of 1.6 billion Muslims the world over. Reza Aslan, a frequent guest on “Real Time,” chided him for coming from “a place of complete amateurness on religion” and using “facile” arguments against it. In an emotional confrontation on the show, Ben Affleck pronounced Maher’s (factual, poll-based) statements about Islam “gross” and “racist.” Yet another “Real Time” invitee, New York Times columnist Nicholas Kristof, declared in print that those (including Maher) who “generalize” about Islam are tantamount to bigots and racial profilers.

Pundits are paid to opine, of course, and at times err, and few expect that actors will think straight about issues such as politics and faith as well as they perform on screen. But one might imagine that at least university students would always come down on the side of the Enlightenment and seek to keep their minds open. One would, however, be wrong. In one of the most stupendously incoherent betrayals of the progressive cause in recent decades, more than 5,000 people signed an Internet petition demanding that the University of California, Berkeley — long a beacon in the history of the American free-speech movement — rescind the invitation to Maher to deliver the fall 2014 commencement ceremony address because of his “blatantly bigoted and racist” comments about Islam. The university administration has declined to cede to this babyish online tantrum, at least for now, and Maher is still scheduled to speak.

Yet Maher’s fiercest rhetorical assailant spoke out only last week, and, as has become the custom, did so on his show. After Maher had delivered his monologue denouncing the petition against his upcoming appearance at Berkeley, one of his guests, Rula Jebreal, a hard-hitting Palestinian-Italian journalist, took …read more

Source: ALTERNET