This problem with securities law is more serious than you think.
The New Zealand debt management office sends the Minister of Finance on a roadshow to all the bond rating agencies and major bond traders to show that he was respectable sort of fellow, showed up to the meeting sober and so forth. The economic forecasts in the government bond prospectuses issued on the New York Stock Exchange were prepared very carefully.
In Australia, when the Commonwealth Bank was privatised, Cabinet went through the legal fiction that the decision was made 2 hours before the budget speech was delivered so that it was not required to notify the stock exchange because of listing rules that required significant changes in the position of a listed company to be notified to the exchange within 2 hours.
A number of political entities from across the country have filed nuisance lawsuits against ExxonMobil and other petroleum companies in which Los Angeles may end up as the latest city to join in this legal extortion racket. The general complaint is that oil companies are causing climate change and all of the bad things that climate models forecast will happen.
Big Oil stands accused of failing to disclose the risks that climate change may pose to their investors. However, a fascinating article on Seeking Alpha suggests that plaintiffs from California may have undermined their case before the ink dried on their attorney’s legal brief.
Given the severity and specificity of the claimed harm and damages sought, it is peculiar that the disclosures in the plaintiff’s municipal and city bond issuance documents make very limited disclosures of any climate change risks. As a result, it appears these suits will either (A)…
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We’re making a tiny bit of progress in the battle against the welfare state. No, policy hasn’t changed yet, but at least there’s growing recognition that maybe, just maybe, it’s not a good idea to pay people not to work. Particularly when you trap them in lives of dependency and despair and undermine progress in the fight against poverty.
This chart shows that various handouts discourage low-income people from earning more money, and a recent blockbuster study from a couple of my colleagues at the Cato Institute revealed that welfare pays more than entry-level employment in dozens of states.
And a growing number of people are now aware that there’s been an explosion of food stamp dependency, so one hopes that all this knowledge eventually will translate into a new round of welfare reform.
Why am I optimistic? Well, because awareness already is leading to change in some…
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Source: Why Nations Fail.
In a Jan. 17th op-edat the Independent, Ben White tried but failed to refute ‘claims’ by “Israeli officials and pro-Israel groups” that the overwhelming majority (over 99%) of the 5.3 million Palestinians registered as refugees by UNRWA are “fake” refugees.
Here’s the argument by White, an anti-Israel activist who, we should note, opposes the continued existence of a Jewish state within any borders:
Some Israelis…suggest a distinction between the elderly survivors of the Nakba, and their descendants – the latter, so the argument goes, are not “real” refugees.
This just does not stand up to scrutiny. Return is an individual refugee’s right. As, for example, the UN Declaration of Human Rights put it: “Everyone has the right to leave any country, including his own, and to return to his country”. A right of return is not contingent on the existence of UNRWA (whose mandate, anyway, comes…
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This chapter focuses on the the political system that prevailed in throughout most of the Gilded Age in the United States. During this time period, there existed extremely tight races, high voter turnout, and a profound loyalness to the party. In particular, it pays close attention to extremely opposing forces that preoccupied the two major parties.
The Democrats were historically the party of individual liberty and laissez-faire. From Jefferson to Van Buren & Benton to Cleveland, there emerged a mostly consistent platform that advocated for personal and economic freedom (the issues of slavery and the indigenous tribes of America being the sole exceptions). The Whigs, and later the Republicans, by contrast were statists who believed firmly in a nation bound by the morals of the Puritans and the economic nationalism of Hamilton. They were also opposed to Masonry, Catholicism, and immigration due to the fact that they wanted to…
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Photo credit: by Zhaofeng Xue (薛兆丰) 2009
Yesterday, in our bilingual Google+ Hangout LIVE YouTube show Wallace and I talked about “Little Emperors: Behavioral Impacts of China’s One-Child Policy” (with LIVE recorded video).
Last night, I reached out to professor Ning Wang (co-author of “How China Became Capitalist” with professor Coase) to ask him about his take on China’s One-Child Policy. Ning mentioned that a 2013 Jan video had been filmed in part to promote the launch of the Chinese edition of their book where professor Coase shared his critique of China’s One-Child Policy. I was so excited and immediately watched it twice. Here is the China’s One-Child Policy segment. (full transcript of interview here and full unedited interview video here)