To live is to bear the risk of death. This risk exists in every moment of human existence preceding death, and ends only with death itself. To live in society is to bear the risk of human-to-human infection by one or more pathogens. Such infection may lead to disease or death. Every human being living… Continue reading The pathogenic risk of life in human society
A manifesto for anarchic markets
A debate swirls among those with interests in our financial and commodities markets: “The markets are rigged!” “Nay, the markets are broken!” “High-frequency trading (HFT) is a cancer!” “No, HFT is an invaluable liquidity source.” “Exchanges have prostituted themselves to attract algorithmic traders!” “We need a consolidated audit trail! We need global entity identifiers!” “Regulators… Continue reading A manifesto for anarchic markets
Exchange trading of corporate bonds must wait
Entrepreneurs seeking structural change in the corporate bond market should focus first on creating alternatives to corporate bond mutual funds. I first learned of a supposed, Dodd-Frank-induced liquidity problem in the corporate bond market about two years ago. A friend from an inter-dealer-brokerage firm who knew of my prior work to bring an exchange to… Continue reading Exchange trading of corporate bonds must wait
Spiegel online comment nails grave threat of NSA spying
Commenting on the Spiegel Online report “NSA Snoops on 500 Million German Data Connections,” a writer identifying as “rightsreserved” puts NSA’s unlawful surveillance program in proper perspective: People don’t seem to be getting what this is all really about or the monumental implications of it. This information awareness system is the largest gold mine in… Continue reading Spiegel online comment nails grave threat of NSA spying
FBI concocted bomb plot against NYSE to mute NSA surveillance criticism
Federal Bureau of Investigation Deputy Director Sean M. Joyce mislead the American people last week when he testified before Congress that NSA’s various programs for warrantless surveillance of U.S. citizens had thwarted an Al Qaeda plot to bomb the New York Stock Exchange. Joyce cited this supposed plot and its interception by NSA as evidence… Continue reading FBI concocted bomb plot against NYSE to mute NSA surveillance criticism
How Ferdinand Pecora helped destroy our markets
As astounding as it is that anyone would accede to statutes criminalizing the raising of crops on one’s own land for personal consumption or invoking mythical creatures to justify the destruction of the free market, the brazen ease with which Leviathan’s handmaidens seduced the American people to acquiesce in such degradations is even more astonishing.… Continue reading How Ferdinand Pecora helped destroy our markets
The Exchange Act rests on a false premise
The U.S. Congress contrived a fraudulent device in order to usurp the rights of the people to conduct their own affairs in the trading of securities. The U.S. Supreme Court abetted this unlawful act and served as accessory, both before and after the fact. Through their wrongdoing, these supposed public servants harmed our market relations… Continue reading The Exchange Act rests on a false premise
Neglect of first principles leads to dysfunctional markets, and worse
Roscoe C. Filburn was a lawbreaker. His offense? He grew wheat on his own land, tended it by his own hand, and consumed it for his own satisfaction, rather than purchasing it from another, in violation of the Agricultural Adjustment Act of 1938 [PDF], as amended. Before Filburn’s death in 1987, he would play a… Continue reading Neglect of first principles leads to dysfunctional markets, and worse
NYPD evidence suggests new gun law’s seven-round limit a threat to innocent life
Allowing no hearings or public comment on a law that abrogates the natural rights of all New Yorkers to keep and bear arms suitable for their defense, New York Governor Andrew Cuomo – exploiting the December 14, 2012 murders at Sandy Hook Elementary – led passage of the New York Safe Act, yesterday. Among other… Continue reading NYPD evidence suggests new gun law’s seven-round limit a threat to innocent life
Anti-panhandling campaigns attack symptoms instead of disease
Businesses in my former home of Redding, California have launched a campaign to encourage people to deny money to panhandlers and others asking for help on the streets of their city. The publisher of the leading, local paper supports this initiative. This is my response to the publisher, which is applicable in principle to similar… Continue reading Anti-panhandling campaigns attack symptoms instead of disease