"Supergravity theories are often said to be the only consistent theories of interacting massless spin 3/2 fields.
Discuss."
There. That should sort out those baaaaad teachers. Did you know only 17 were struck off for "professional incompetence" in 10 years? (Shame about the Lord Charles-like pic of Michael Gove in that article.)
Erm, how many bad teachers SHOULD there be, then?
Or is this really about the naughty larrikins not wanting a second scything of their pension rights, "at a time when the whole country is suffering"? In prosperous times, they could've switched to a different career, if they were any good, which by definition they're not; in bad times, we simply can't afford to treat them decently.
Much easier to make them keep their heads down with a steady fusillade of criticism, threats and insults. Serve them right, they forgot they were below stairs people.
Fred Goodwin is 53.
Pip pip!
Saturday, January 07, 2012
Friday, January 06, 2012
Tuesday, January 03, 2012
Steve Keen: Dow to drop 35%, housing 40%?
Australian economist Steve Keen has previously argued that it is far more beneficial to bail out consumers than the banks, and now has made it part of a manifesto for avoiding a worse-than-the-1930s economic depression.
As part of his analysis, he looks at the Dow:
... and the US housing market:
If his exponential trend lines are correct, stocks will have to fall by a further 35% and houses 40%, ignoring overshoot.
If that seems overly pessimistic, consider James Howard Kunstler, who revisits his "Dow 4,000" mantra and modifies it to 1,000 by 2014. Unbelievable? Only if you think tomorrow will be no worse than yesterday, and ignore how freakish the whole period from the mid-1980s has been. I had a go at reading the patterns back in February 2011 and the next Dow low looked around 4,500 - adjusted for CPI, in view of our inflation-happy leaders.
What would I know about it, you may say. Well, what does anybody know, and more pertinently, what do they know?
I have to say that I may soon need to modify my investment disclosure, as it may be prudent to begin buying physical gold in regular small quantities, against the possibility of a serious market breakdown and savaging of the value of cash. The gold price is still rather rich for my taste, but what's the alternative?
Do you really think our politicians, bankers and economists have a credible plan to sort out the problems? I like Keen's, but I'll give you long odds against it ever happening. Still, better noble failure than dishonourable compromise, I think the Japanese would agree: 判官贔屓.
INVESTMENT DISCLOSURE: None. Still in cash (and index-linked National Savings Certificates), and missing all those day-trading opportunities.
DISCLAIMER: Nothing here should be taken as personal advice, financial or otherwise. No liability is accepted for third-party content.
As part of his analysis, he looks at the Dow:
If his exponential trend lines are correct, stocks will have to fall by a further 35% and houses 40%, ignoring overshoot.
If that seems overly pessimistic, consider James Howard Kunstler, who revisits his "Dow 4,000" mantra and modifies it to 1,000 by 2014. Unbelievable? Only if you think tomorrow will be no worse than yesterday, and ignore how freakish the whole period from the mid-1980s has been. I had a go at reading the patterns back in February 2011 and the next Dow low looked around 4,500 - adjusted for CPI, in view of our inflation-happy leaders.
What would I know about it, you may say. Well, what does anybody know, and more pertinently, what do they know?
I have to say that I may soon need to modify my investment disclosure, as it may be prudent to begin buying physical gold in regular small quantities, against the possibility of a serious market breakdown and savaging of the value of cash. The gold price is still rather rich for my taste, but what's the alternative?
Do you really think our politicians, bankers and economists have a credible plan to sort out the problems? I like Keen's, but I'll give you long odds against it ever happening. Still, better noble failure than dishonourable compromise, I think the Japanese would agree: 判官贔屓.
INVESTMENT DISCLOSURE: None. Still in cash (and index-linked National Savings Certificates), and missing all those day-trading opportunities.
DISCLAIMER: Nothing here should be taken as personal advice, financial or otherwise. No liability is accepted for third-party content.
Steve Keen: Dow to drop 35%, housing 40%?
Australian economist Steve Keen has previously argued that it is far more beneficial to bail out consumers than the banks, and now has made it part of a manifesto for avoiding a worse-than-the-1930s economic depression.
As part of his analysis, he looks at the Dow:
... and the US housing market:
If his exponential trend lines are correct, stocks will have to fall by a further 35% and houses 40%, ignoring overshoot.
If that seems overly pessimistic, consider James Howard Kunstler, who revisits his "Dow 4,000" mantra and modifies it to 1,000 by 2014. Unbelievable? Only if you think tomorrow will be no worse than yesterday, and ignore how freakish the whole period from the mid-1980s has been. I had a go at reading the patterns back in February 2011 and the next Dow low looked around 4,500 - adjusted for CPI, in view of our inflation-happy leaders.
What would I know about it, you may say. Well, what does anybody know, and more pertinently, what do they know?
I have to say that I may soon need to modify my investment disclosure, as it may be prudent to begin buying physical gold in regular small quantities, against the possibility of a serious market breakdown and savaging of the value of cash. The gold price is still rather rich for my taste, but what's the alternative?
Do you really think our politicians, bankers and economists have a credible plan to sort out the problems? I like Keen's, but I'll give you long odds against it ever happening. Still, better noble failure than dishonourable compromise, I think the Japanese would agree: 判官贔屓.
INVESTMENT DISCLOSURE: None. Still in cash (and index-linked National Savings Certificates), and missing all those day-trading opportunities.
DISCLAIMER: Nothing here should be taken as personal advice, financial or otherwise. No liability is accepted for third-party content.
As part of his analysis, he looks at the Dow:
If his exponential trend lines are correct, stocks will have to fall by a further 35% and houses 40%, ignoring overshoot.
If that seems overly pessimistic, consider James Howard Kunstler, who revisits his "Dow 4,000" mantra and modifies it to 1,000 by 2014. Unbelievable? Only if you think tomorrow will be no worse than yesterday, and ignore how freakish the whole period from the mid-1980s has been. I had a go at reading the patterns back in February 2011 and the next Dow low looked around 4,500 - adjusted for CPI, in view of our inflation-happy leaders.
What would I know about it, you may say. Well, what does anybody know, and more pertinently, what do they know?
I have to say that I may soon need to modify my investment disclosure, as it may be prudent to begin buying physical gold in regular small quantities, against the possibility of a serious market breakdown and savaging of the value of cash. The gold price is still rather rich for my taste, but what's the alternative?
Do you really think our politicians, bankers and economists have a credible plan to sort out the problems? I like Keen's, but I'll give you long odds against it ever happening. Still, better noble failure than dishonourable compromise, I think the Japanese would agree: 判官贔屓.
INVESTMENT DISCLOSURE: None. Still in cash (and index-linked National Savings Certificates), and missing all those day-trading opportunities.
DISCLAIMER: Nothing here should be taken as personal advice, financial or otherwise. No liability is accepted for third-party content.
The poisoned environment, the EU and the need for a more radical revision of democracy
"Endocrine disruptors can accentuate or inhibit the response to hormonal signals. They have been
implicated as one of the potential causes of the significant drop in male fertility observed in Europe over the last 50 years and as having negative impacts on the environment."
I'm not fond of being bossed-about, but clearly there are some matters that have to be addressed at a collective level and it seems that the EU has added this to the 2012 agenda (htp: Ian Parker-Joseph). If the science is right, then yes, I support action.
And while I also support those (especially UKIP) who resist our regional tryout of the New World Order, has anyone considered that if we did successfully disconnect from the EU political machine, we'd be left with the domestic dictators of Westminster and Whitehall, freshly energized and unshackled?
The democracy project has a lot more to do than tweak Rompuy's nose.
UPDATE: Coincidentally, Alastair Smith has just published an article in The Economist, explaining why those in power are never acting in our best interest. After an amusingly cynical analysis, he concludes:
It’s not possible to reform a system by imploring people to do the right thing. You have to know how it works. Dictators already know how to be dictators—they are very good at it. We want to point out how they do it so that it’s possible to think about reforms that can actually have meaningful consequences.
implicated as one of the potential causes of the significant drop in male fertility observed in Europe over the last 50 years and as having negative impacts on the environment."
I'm not fond of being bossed-about, but clearly there are some matters that have to be addressed at a collective level and it seems that the EU has added this to the 2012 agenda (htp: Ian Parker-Joseph). If the science is right, then yes, I support action.
And while I also support those (especially UKIP) who resist our regional tryout of the New World Order, has anyone considered that if we did successfully disconnect from the EU political machine, we'd be left with the domestic dictators of Westminster and Whitehall, freshly energized and unshackled?
The democracy project has a lot more to do than tweak Rompuy's nose.
UPDATE: Coincidentally, Alastair Smith has just published an article in The Economist, explaining why those in power are never acting in our best interest. After an amusingly cynical analysis, he concludes:
It’s not possible to reform a system by imploring people to do the right thing. You have to know how it works. Dictators already know how to be dictators—they are very good at it. We want to point out how they do it so that it’s possible to think about reforms that can actually have meaningful consequences.
A mild defense of Dawkins
This is in response to Sackerson’s piece on Richard Dawkins. It is probably not my best work, given my lack of sleep.
I have read ‘The God Delusion’, and Anthony Flew’s review of it. Most of the former is concerned with the science of why religion appears to exist, based on the scientific evidence available. In his first major point, Flew chooses to focus on Dawkins’ discussion of Einstein, in which he says:
“But (I find it hard to write with restraint about this obscurantist refusal on the part of Dawkins) he makes no mention of Einstein’s most relevant report: namely, that the integrated complexity of the world of physics has led him to believe that there must be a Divine Intelligence behind it.”
The problem for Flew is that I have read Einstein’s writings and comments on the subject. The latter explicitly said that he did not believe in a deity, and that the most that could be said is to deify the structure of the Universe itself. This is not quite what Flew implies. The rest of his review does not address the science presented.
That being dealt with, I have far more interest in the reasons for the outspoken anti-religious tactics of Richard Dawkins, Sam Harris, P.Z. Myers and Christopher Hitchens.
It is my claim that they are a product of the current social forces.
Since I moved to the US in 1978, I have seen a rise in the loudness and power of the Religious Right, who have supplanted the fiscal conservatives as the core of the Republican Party. These people are not the pleasant vicars and church-goers of my youth. For my UK readers, I note that Ian Paisley was educated at Bob Jones University, a font of wisdom for the fundamentalist community. His style is representative of many in the movement.
This rise in power can be explained in part by the political and economic uncertainty from the gradual decline in the power of the US, and from the many scientific discoveries which show that emotionally-charged deeply-held beliefs (especially ‘no evolution’) are simply not supported by reality. As any psychologist will tell you, this conflict between the frontal lobe and amygdala results in anger, directed firmly at anyone who rejects their ‘correct’ beliefs. Some have coined this the Ameritaliban.
A few people, such as Pope John Paul II and Stephen Jay Gould, tried to make peace, by showing that religion and science could live in harmony. This has also been tried by the Templeton Foundation. These efforts were roundly rejected by the anti-science crowd, who continue to vilify the former two after death, and use every tactic possible to neuter science education and research.
Faced with a call of ‘no quarter’, is it any wonder that voices like these arose on the pro-science side?
I have read ‘The God Delusion’, and Anthony Flew’s review of it. Most of the former is concerned with the science of why religion appears to exist, based on the scientific evidence available. In his first major point, Flew chooses to focus on Dawkins’ discussion of Einstein, in which he says:
“But (I find it hard to write with restraint about this obscurantist refusal on the part of Dawkins) he makes no mention of Einstein’s most relevant report: namely, that the integrated complexity of the world of physics has led him to believe that there must be a Divine Intelligence behind it.”
The problem for Flew is that I have read Einstein’s writings and comments on the subject. The latter explicitly said that he did not believe in a deity, and that the most that could be said is to deify the structure of the Universe itself. This is not quite what Flew implies. The rest of his review does not address the science presented.
That being dealt with, I have far more interest in the reasons for the outspoken anti-religious tactics of Richard Dawkins, Sam Harris, P.Z. Myers and Christopher Hitchens.
It is my claim that they are a product of the current social forces.
Since I moved to the US in 1978, I have seen a rise in the loudness and power of the Religious Right, who have supplanted the fiscal conservatives as the core of the Republican Party. These people are not the pleasant vicars and church-goers of my youth. For my UK readers, I note that Ian Paisley was educated at Bob Jones University, a font of wisdom for the fundamentalist community. His style is representative of many in the movement.
This rise in power can be explained in part by the political and economic uncertainty from the gradual decline in the power of the US, and from the many scientific discoveries which show that emotionally-charged deeply-held beliefs (especially ‘no evolution’) are simply not supported by reality. As any psychologist will tell you, this conflict between the frontal lobe and amygdala results in anger, directed firmly at anyone who rejects their ‘correct’ beliefs. Some have coined this the Ameritaliban.
A few people, such as Pope John Paul II and Stephen Jay Gould, tried to make peace, by showing that religion and science could live in harmony. This has also been tried by the Templeton Foundation. These efforts were roundly rejected by the anti-science crowd, who continue to vilify the former two after death, and use every tactic possible to neuter science education and research.
Faced with a call of ‘no quarter’, is it any wonder that voices like these arose on the pro-science side?
Sunday, January 01, 2012
Foreign demand to support the price of gold?
I start with an entertaining and informative investor newsletter: David Collum's annual personal investment report, which is worth reading in full. The prose is very sparky and the scorn and indignation laid on good and thick.
For the impatient, I can report that he begins by describing his own asset allocation:
With rebalancing achieved only by directing my savings, I changed nothing in my portfolio year over year. The total portfolio as of 12/31/11 is as follows:
Precious Metals et al.: 53%
Energy: 14%
Cash Equiv (short duration): 30%
Other: 3%
... which tells you where he stands in the bull/bear debate.
Now, here's a sweet little piece of possible future villainy:
[The Chinese] are rumored to have 1,000 tons of gold with a target of 8,000 tons. How do they buy 7,000 tons? They bid for it like everybody else. Chinese citizens have been encouraged to save using gold (a defacto gold standard and covert accumulation). Although the gold bugs in the US occasionally discuss confiscation, I think the Chinese proletariat are the ones being set up.
That is so nasty and cynical that it seems almost inevitable.
And easy:
7,000 metric tonnes of gold at current prices ($50,290.84 per kilo at time of writing) is worth a shade over $352 billion.
This IMF report from 2010 (fig. 3, p. 27) estimates Chinese household net savings at some 15% of GDP, and World Bank data estimates GDP in 2010 to be the equivalent of US $5.88 trillion. So the dollar equivalent of Chinese net household savings is around $882 billion.
So if Chinese convert merely 40% of their personal cash to gold (which David Collum seems to have done already), the target will be met. Theoretically, it's doable today. Meanwhile I still see not just one, but a number of shops offering to buy gold in my neighbourhood. Perhaps the gold is heading East, like the copper wiring from our railway signals and the wrought iron manhole covers from our streets.
It's not just China that's importing gold, of course; Indians (for example) save a third of their income in gold.
So it seems to me that the gold price won't crash back to the levels of some years ago.
INVESTMENT DISCLOSURE: None. Still in cash (and index-linked National Savings Certificates), and missing all those day-trading opportunities.
DISCLAIMER: Nothing here should be taken as personal advice, financial or otherwise. No liability is accepted for third-party content.
For the impatient, I can report that he begins by describing his own asset allocation:
With rebalancing achieved only by directing my savings, I changed nothing in my portfolio year over year. The total portfolio as of 12/31/11 is as follows:
Precious Metals et al.: 53%
Energy: 14%
Cash Equiv (short duration): 30%
Other: 3%
... which tells you where he stands in the bull/bear debate.
Now, here's a sweet little piece of possible future villainy:
[The Chinese] are rumored to have 1,000 tons of gold with a target of 8,000 tons. How do they buy 7,000 tons? They bid for it like everybody else. Chinese citizens have been encouraged to save using gold (a defacto gold standard and covert accumulation). Although the gold bugs in the US occasionally discuss confiscation, I think the Chinese proletariat are the ones being set up.
That is so nasty and cynical that it seems almost inevitable.
And easy:
7,000 metric tonnes of gold at current prices ($50,290.84 per kilo at time of writing) is worth a shade over $352 billion.
This IMF report from 2010 (fig. 3, p. 27) estimates Chinese household net savings at some 15% of GDP, and World Bank data estimates GDP in 2010 to be the equivalent of US $5.88 trillion. So the dollar equivalent of Chinese net household savings is around $882 billion.
So if Chinese convert merely 40% of their personal cash to gold (which David Collum seems to have done already), the target will be met. Theoretically, it's doable today. Meanwhile I still see not just one, but a number of shops offering to buy gold in my neighbourhood. Perhaps the gold is heading East, like the copper wiring from our railway signals and the wrought iron manhole covers from our streets.
It's not just China that's importing gold, of course; Indians (for example) save a third of their income in gold.
So it seems to me that the gold price won't crash back to the levels of some years ago.
INVESTMENT DISCLOSURE: None. Still in cash (and index-linked National Savings Certificates), and missing all those day-trading opportunities.
DISCLAIMER: Nothing here should be taken as personal advice, financial or otherwise. No liability is accepted for third-party content.
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