Nice work

It took two years of infrastructure building but on Sept. 16 the Wyoming Division of Banking finally landed a prominent pioneer.

That’s when Kraken Financial became the first entity to receive a special purpose depository institution (SPDI) charter in the Cowboy State, giving the cryptocurrency industry insight into roughly how long it takes to become a bank. It’s also the first newly chartered (de novo) bank the state has approved since 2006.

While Kraken Financial still has some hoops to jump through before it has a certificate of authority to operate, Wyoming is running to keep its lead in the digital asset space. And it’s a priority shared by the state’s top elected official, Wyoming Gov. Mark Gordon.

Now, compare this to the governor of South Dakota who plans to carve a stature of Trump into a mountain. 

‘A Good Idea To Me!’: Trump Denies Asking South Dakota Governor To Add Him To Mount Rushmore

This is Apples to Oranges. we can't have intelligent rule unless all small states get a clue. We intend to punish Wyoming for the bonehead governor in South Dakota. Collective punishment, we do not have a choice.

She thinks the Swamp has a steering wheel

Ocasio-Cortez: 'Plenty of people without college degrees could run this country better than Trump'

No one is expecting real brains from the gal. Her job is to keep the humor flowing.

Liker the Turks did to the Armenians, and are doing it again as a matter of fact.

Erdogan: Macron Needs A “Mental Check” For “Lynch[Ing]” Muslims Like Europe Did To Jews

The New Ottoman Empire is not very popular.

Yes, the Post Nixon Shock Syndrome, thanks for the confirmation

ABSTRACT We show that personal experiences of inflation strongly influence the hawkish or dovish leanings of central bankers. For all members of the Federal Open Market Committee (FOMC) since 1951, we estimate an adaptive learning rule based on their lifetime inflation data. The resulting experience-based forecasts have significant predictive power for members' FOMC voting decisions, the hawkishness of the tone of their speeches, as well as the heterogeneity in their semi-annual inflation projections. Averaging over all FOMC members present at a meeting, inflation experiences also help to explain the federal funds target rate, over and above conventional Taylor rule components.

Since 1951, yes. But we have standardized the units for this.

The standard American Devaluation cycle is called the Nixon. The standard mental disease from a Nixon is the Nixon Post Shock Syndrome. Powell and Bernanke suffer the disease. The hysteria results in a 'This Time is different' fantasy, characterized by boneheads at MIT in the 70s. For example, Bernanke's famous,'We won't make that mistake again'. Or Powell poutings because Congress will not devalue.

So indeed, here at the anarchist site we have already worked these issues out and have perfectly good units. The solution is part of the Nixon cycle. It is revenue sharing coordinated with intelligent default. But we think this is too difficult for simple minded economists and I expect a Full Nixon, perhaps the catastrophic Double Nixon.   We should be a little braver and do the Half Nixon.

Yes, you can change your vote with the Split Government Party

"Can I Change My Vote": Voter's Remorse Sets In As Searches For Do-Over Spike

As the political leader of Anarchism USA, may I promote the Split Government party. 

The spit government party will throw the presidential election to the party opposite the House controlled party.  We can do this because the electoral college happens after we know the outcome of House races. So, effectively the Anarchists can generate 1.5 votes per ballot cast. A remarkable feat.

The policy choice is earmarks vs reveneu sharing, Glen Hubbard

Recent decades have continued to witness gains for the American economy — from new ideas, openness to trade, and technological advance. As they have since the Industrial Revolution, these gains reflect the upside of disruption and change. But there are downsides, too. These downsides have transformed our politics in recent years, and the economic disaster that has accompanied the coronavirus pandemic has only magnified them. Yet economists and defenders of markets have too often sought to dismiss these downsides or failed to appreciate their scope and character.

Read the fist two paragraphs and figured this was another philosopher. 

We have been here many times before, Glen Hubbard. What did we try after the last Nixon devaluation? We tried revenue sharing. Read a little history.  That worked for a while, then Reagan, Hubbard and a bunch of other idiots went Godotist and screwed it all up for forty years.

It is provable, repeatable and a story as old as the founding; the Senate/House mismatch. The denialism  about this mismatch is Hubbard, all by himself. I suspect that if we invented the standard unit of denialism it would be Glen Hubbard.

Deflation week

 Oil in the $38 range. We have no inflation this week, instead we are looking at a 3% deflation.  It comes and goes, not a trend but asynchronous price adjustment such that we more deflation spikes than inflation spikes.

Other News:

Bond defaults deliver 99% losses in new era of U.S. bankruptcies

Bankruptcies.

Exercising a little free market

Three CalPERS health plans are in a ‘death spiral.’ Saving them could involve price hikes

Healthier CalPERS members are leaving the plans for cheaper options

The article is blocked for me, but I suspect the last reform added some individual payments. 

A mental issue with the Ghost and Goblin crew?

The Surprising Reason We’re Fighting Over the Supreme Court — and How to Fix It

This is mostly traditional National Review reader discovering the repub party is about small states getting earmarks and perpetual war declarations. Their readers have abandoned the conservatives leaving National Review with a philosophy based on Halloween every day.

 

The Fed taxes the regulated S/L industry

In the process, the Fed has indirectly provided support to house prices and to the vital home construction business by forcing down mortgage interest rates to all-time lows of about 3%. Given that home equity is a major asset for many middle-class Americans, supporting home prices is especially important. As is supporting the home construction industry, which is a major source of blue-collar jobs.

But if you dig deeper, you’ll see that the Fed is unintentionally worsening economic inequality by providing the most help to Americans who are least in need of it. And it’s also putting stress on the middle class’ most important asset: retirement benefits.

Higher stock prices are great for people (including me) who own a lot of stocks, but those people are primarily the top 10% of the country, in terms of wealth. According to Fed statistics, more than half of stocks — 52% — are owned by the wealthiest 1% of Americans, and 88% are owned by the top 10%.

To show you a different aspect of helping the upper class but not the working class, the Fed’s securities purchases include buying debt issued by firms that are laying off workers while paying substantial dividends to shareholders. And for some imprudent or troubled corporate borrowers, the Fed’s moves have been hugely helpful.

Intruding wealth distorted taxes under the power of coinage? 

I think this exceeds the power of taxation assigned to the legislature.  What we suffer is the traditional 'No taxation without representation' rebellion. Both Antificants and Alt-R are really rebelling against the same effect, in different ways.