All posts by Marcy

About Marcy

Advocate of Constitutional guarantees to individual liberty.

Challenge “Free Speech Zones!”

Kevin Shaw was not happy when he was told by a school administrator to stop distributing pocket Constitutions outside the campus free speech zone or risk being led out. So, he sued, and won.

On December 12, 2018, the Los Angeles Community College District Board agreed to open the main areas of Los Angeles Pierce College to student expression, revoke a district-wide policy that declared all property on its nine campuses to be “non-public forums,” and pay $225,000 in attorneys’ fees.

The LACCD’s actions did not come about as a result of their suddenly being “woke” to the fact that ensuring free exchange of ideas should be a principal function of an educational institution, judging by an announcement on the LACCD’s website,

In settling the lawsuit, the LACCD agreed to make the designated free speech zone at Pierce College much larger and to make sure all of the nine colleges have similar processes to allow student free speech activities.

No, the LACCD’s actions were the result of a lawsuit that Judge Otis Wright of the U.S. District Court for the Central District of California refused to dismiss. The lawsuit moving forward, media picking up the story, and Jeff Sessions (in the days he was still U.S. Attorney General) filing a Statement of Interest in the case put the LACCD in a precarious condition worthy of a fast retreat.

The Lawsuit

The lawsuit in question is Shaw v. Burke (the Burke party refers to Kathleen F. Burke, then president of Pierce College). In November 2016, Kevin Shaw, a member of Young Americans for Liberty (YAL) and student at Pierce College, was distributing copies of the U.S. Constitution outside of the college’s tiny free speech zone (the campus occupies 426 acres, and the free speech zone was 616 square feet). A college administrator warned him that he needed to file a “free-speech permit” and restrict his activities to the college’s free speech zone, or be asked to leave the campus.

In March 2017, Shaw filed the law suit with the sponsorship of the Foundation for Individual Rights in Education (FIRE). In January 2018, Judge Wright rejected a motion by Pierce College for dismissal of the case. On December 12, 2018, the Los Angeles Community College District settled.

In light of the District’s attitude towards free speech, the $225,000 in taxpayer money the LACCD paid as attorneys’ fees as part of the settlement was probably the best use of taxes the college made in a while.

The Victory in Shaw vs. Burke is Only a Beginning

Judge Otis Wright’s Order rejecting Pierce’s motion for dismissal of the case lists the strengths and weaknesses of Shaw’s complaint and of Pierce’s response based on prior cases. As a result, the Order denies Pierce’s motion to dismiss the case and grants an injunction in LACCD’s practice of approving (or denying) permits, but cites prior decisions that say exercising one’s First Amendment rights in areas where one is disrupting foot traffic or otherwise interfering with the activities of others is not permissible.

Therefore, the LACCD can say it has made the free speech zones on campuses “much larger,” as opposed to it has eliminated them. But who decides how large such zones need to be, and based on what criteria?

Maybe the next step is for liberty-leaning individuals and/or groups to file lawsuits in an attempt to overturn court decisions that allow for restraints by government agencies imposed prior to a free speech event.  Actually obstructing traffic, interfering with other people’s activities, disrupting the main purpose of education facilities – learning, or engaging in any kind of violence should be the reason for restrictive responses, not the prospect of someone stepping outside a designated zone!

The Bigger Picture

Shaw vs. Burke was filed in the state of California, where the populous coastal cities are epicenters of progressive politics, political correctness, safe spaces, and the “Resistance.” It would not be far-fetched, therefore, to surmise that folks living in these epicenters would prefer restrictive speech rater than open discussion that might disturb the accepted wisdom.

John Stuart Mill, in his epic tome On Freedom, goes beyond laws and formal bills of rights, and observes that government’s restriction of free exchange of ideas is unacceptable, even when done with the full consent and agreement of the populace.

Let us suppose, therefore, that the government is entirely at one with the people, and never thinks of exerting any power of coercion unless in agreement with what it conceives to be their voice. But I deny the right of the people to exercise such coercion, either by themselves or by their government. The power itself is illegitimate. The best government has no more title to it than the worst.

[T]he peculiar evil of silencing the expression of an opinion is, that it is robbing the human race; posterity as well as the existing generation; those who dissent from the opinion, still more than those who hold it. If the opinion is right, they are deprived of the opportunity of exchanging error for truth: if wrong, they lose, what is almost as great a benefit, the clearer perception and livelier impression of truth, produced by its collision with error.  John Stuart Mill, On Freedom, Chapter II: Of the Liberty of Thought and Discussion.

A New World Order: What Could it Mean?

Former U.S. President George H.W. Bush died on November 30, 2018. May he rest in peace after a lifetime of public service. Among the kind eulogies, there have been unkind statements about Bush being an architect of the New World Order. Although mention of the New World Order adds intrigue, it does not seem to shed light on what the New World Order is supposed to be, and how President Bush Sr. is supposed to have built it.

Great Seal of the U.S.
Reverse Side of the Great Seal of the United States. Annuit Coeptis: “Providence has Favored Our Undertakings.” Novus Ordo Seclorum: “A New Order of the Ages.”

Positive views of a NWO include a venue where sovereign nations can discuss common challenges and find solutions instead of taking up arms. Unkind views range from claims of the existence of an international cabal intent on establishing global governance for the benefit of the 1%, to the belief that climate change and income inequality will kill us all unless the United Nations saves us. In between are skeptical views of institutions that call themselves facilitators of “free trade,” rather than supra-national associations mandating “managed trade.” Appointed, not elected power brokers and bureaucrats like those administering the European Union or the world’s central banks are often lumped into the NWO. The view of a NWO in which nations cooperate towards achieving peace and prosperity, some say, is the gateway drug towards full implementation of a Brave New World.

How Does President Bush Sr. Fit In?

News that mentions a New World Order in connection with President Bush Sr. often refers to one of three of his speeches.

* September 11, 1990, address before a joint session of Congress. In that long speech, the President spoke about many things, domestic and international.

On the domestic front, Bush encouraged Congress to stop its squabble and work on correcting the deficit, passing growth-oriented tax measures, increasing savings and investment, increasing productivity and competitiveness, enacting measures to boost domestic energy production (“without damage to wildlife”) and conservation to reduce dependence on foreign oil.

On the international front, Bush called for Congress to enact a long-term defense program that took into account both the end of the Cold War and challenges that emerged with Saddam Hussein’s invasion of Kuwait. He also mentioned the opportunity for countries of the world to establish a new world order, where cooperation could promote peace.

… Congress should, this month, enact a prudent multiyear defense program, one that reflects not only the improvement in East-West relations but our broader responsibilities to deal with the continuing risks of outlaw action and regional conflict.

The crisis in the Persian Gulf, as grave as it is, also offers a rare opportunity to move toward an historic period of cooperation. Out of these troubled times, our fifth objective—a new world order—can emerge: a new era—freer from the threat of terror, stronger in the pursuit of justice, and more secure in the quest for peace.

* January 16, 1991, television speech to the American people. Here, Bush announced the start on that day of the bombing of Iraq by coalition forces. Bush reiterated that Iraq’s invasion of Kuwait was an example of rogue behavior that should not be tolerated. Again he mentioned the opportunity to establish a new world order based on rule of law. This time Bush also mentioned the United Nations as a venue for the NWO.

This is an historic moment. We have in this past year made great progress in ending the long era of conflict and cold war. We have before us the opportunity to forge for ourselves and for future generations a new world order — a world where the rule of law, not the law of the jungle, governs the conduct of nations. When we are successful — and we will be — we have a real chance at this new world order, an order in which a credible United Nations can use its peacekeeping role to fulfill the promise and vision of the U.N.’s founders.

* March 6, 1991, address before a joint session of Congress, announcing the successful ouster of Saddam Hussein from Kuwait. Here Bush once again emphasized that Desert Storm was a coalition of many nations, and once again he mentioned the opportunity to establish collective action through a new world order. But here he expands collective action to include solving the problems of nations, and fostering economic freedom and prosperity.

Tonight, I come to this House to speak about the world–the world after war. The recent challenge could not have been clearer. Saddam Hussein was the villain; Kuwait, the victim. To the aid of this small country came nations from North America and Europe, from Asia and South America, from Africa and the Arab world, all united against aggression … Now, we can see a new world coming into view. A world in which there is the very real prospect of a new world order …

The war with Iraq is over. The quest for solutions to the problems in Lebanon, in the Arab-Israeli dispute, and in the Gulf must go forward with new vigor and determination … We are already addressing the immediate economic consequences of Iraq’s aggression. Now, the challenge is to reach higher, to foster economic freedom and prosperity for all the people of the region.

Perspectives

For the sake of perspective, the U.S. was involved in conflicts in the Middle East since the 1940s, when Great Britain started to reduce its hold of the area. State Departments of the U.S. and Great Britain first tried to divvy up the oil of the Middle East by attempting to implement in 1944 and again in 1945 the Anglo-American Petroleum Agreement, but the agreement was soundly rejected by the U.S. Congress both times.

Next during the 1960s came the U.S. buildup of naval forces just off the Persian Gulf. Subsequently, the U.S. exercised its influence by providing strategic and arms support to Middle East countries threatened by the Soviet Union.

During the 1980s President Jimmy Carter implemented the Carter Doctrine in a Middle East “containing more than two-thirds of the world’s exportable oil.” He warned that “an attempt by any outside force to gain control of the Persian Gulf region will be regarded as an assault on the vital interests of the United States of America,” and “Such an assault will be repelled by any means necessary, including military force.” The warning came with a proliferation of military bases.

Flawed Beginnings

After the trauma of the Vietnam War, the end of the Cold War, the euphoric reunification of Germany, and the success of a coalition of nations in ousting Saddam Hussein from Kuwait, the world was ready to embrace collective action to bring about a peaceful and prosperous world. And the United Nations stood at the ready on a New York City piece of land provided by the powerful Rockefeller family. One could call this clean slate, upon which nations could draw new directions, a new world order.

Unfortunately, peace has been elusive since President Bush Sr.’s hopes for order in the world – just as peace was elusive after “the war to end all wars” or the “war to make the world safe for democracy.”

Major wars raged in Bosnia (1992-1995), Kosovo (1998-1999), Afghanistan (2001-2014), Iraq (2003-2011). Numerous civil wars and rebellions abounded as always. The war on terror has been a fact of life for the last 15 years.

The NWO Tent Keeps Getting Bigger

Meanwhile the United Nations evolved beyond primarily being a venue where participating sovereign countries could search for ways to ensure peace and order in the world. The U.N. now emphasizes sustainable communities and the importance of regional governance in contributing to sustainability. Note in the description of sustainability below, “peace” is next to last.

The Sustainable Development Goals are the blueprint to achieve a better and more sustainable future for all. They address the global challenges we face, including those related to poverty, inequality, climate, environmental degradation, prosperity, and peace and justice.

Nrg4SD [Network of Regional Governments for Sustainable Development] promotes understanding, collaboration and partnerships in sustainable development and seeks greater international recognition of the importance of the contribution which regions make to sustainable development. Nrg4SD aims to be a voice for, and to represent, regional governments at the global level, promoting sustainable development at regional level around the world.

We note that as a rule, “regions” are not jurisdictions governed by elected officials, but usually are an association of elected or unelected entities. Therefore, such entities may or may not represent the will of their residents.

Whether President George H.W. Bush was promoting this wider form of a new world order or the more focused collaboration of sovereign nations is not for us to know, only to surmise.

A Migrant Caravan and U.S. Crossroads

As a “migrant caravan” of 5,000 – 7,000 souls approaches the U.S. border, rhetoric reaches fever pitch. Depending on political bent, they are invaders, illegals, immigrants, migrants, or asylum seekers. To the folks who are into conspiracy theories, they are provocateurs bankrolled by Soros, or surplus people who the corrupt administrators of their country of origin think better gone. So, why not add to the rhetoric with this article?

First, a Glossary of Terms

Invaders enter by force with the intention to do damage or to take possession. Illegals (short for illegal alien) enter usually peacefully but without permission. Immigrants, migrants, and asylum seekers all need permission to enter before they can be referred by those names.

Immigrants are people who intend to live and work in a country of their choice. Migrants enter a country to work, but not necessarily to stay permanently. Asylum seekers, according to U.S. and international law must fall into very specific categories: they must prove to authorities in the receiving country that they need protection because they have suffered persecution or fear that they will suffer persecution due to their race, religion, nationality, membership in a particular social group, or political opinion.

It would seem difficult to state that all 5,000 – 7,000 members of the caravan could be describe by any one of the above terms.

Some Statistics

* There were 11 million unauthorized immigrants in the U.S. in 2015 … Six states account for 59% of unauthorized immigrants: California, Texas, Florida, New York, New Jersey and Illinois.

*  There were 303,916 apprehensions in the Southwest border of persons attempting to cross into the U.S. without permission during fiscal year 2017 (October 1 – September 30), and 408,870 in FY 2016.

*  Border Patrol estimates “just under 100,000” aliens crossed into the U.S. between ports of entry each year since 2006.

Here is a random thought for rumination only: 303,916 plus 100,000 divided by 52 equals 7,768. That’s at least 7,768 persons that attempt to cross into the U.S. without permission each week. The current caravan is estimated at 5,000 – 7,000.

So Is There a Crisis?

Are President Trump’s concerns justified? Is Congress acting irresponsibly by ignoring the caravan? Here are some thoughts to ponder:

* The Migration Policy Institute estimates that 25% of unauthorized immigrants have achieved a high school diploma or GED [vs. 87% U.S. population as a whole], and 44% speak English not well or not at all. These numbers can often place unauthorized immigrants below the U.S. poverty line.

* The U.S. Citizenship and Immigration Services is responsible for overseeing the nation’s legal immigration system, which includes adjudicating asylum claims. USCIS says that as of January 2018, the agency faces “a crisis-level backlog of 311,000 pending asylum cases.”

* On a typical day in 2017, agents of the U.S. Customs and Border Protection processed the following: 1,088,300 passengers and pedestrians, 340,444 incoming international air passengers and crew, 55,709 passengers and crew on arriving ship/boat, 691,549 incoming land travelers, 283,664 incoming privately owned vehicles, 78,137 truck, rail, and sea containers, $6.5 billion worth of imported products, 90,959 entries of merchandise at our air, land, and sea ports of entry, $120.5 million in duties, taxes and other fees.

* The volume of commercial and private legal traffic listed above generates considerable income for the U.S. Disruptions, apprehensions and interdiction do not.

A Nation of Immigrants

Advocates for a lenient and compassionate immigration system often express the sentiment that the U.S. is a “nation of immigrants.” Indeed it is. Settlers arrived in the 17th century before this was a nation. Slaves were forcefully brought to America against their will during the 17th through the 19th centuries. In the 19th and early 20th centuries great waves of immigrants mostly from European countries arrived at various ports of entry in the U.S., the most famous of which was New York.

Ellis Island

For the immigrants who came through New York harbor in the late 19th and early 20th centuries, the Statue of Liberty no doubt dazzled their senses, but Ellis Island determined their fate. Opened on Jan. 1, 1892, Ellis Island’s vast inspection center served as the entry point for more than 10 million men, women and children, mostly European Catholics and Jews. In the busiest years, between 1898 and 1915, its overburdened staff processed 5,000 people a day with cold, stunning efficiency.  The New York Times, When Ellis Island Was the Only Port, August 2000

Those deemed medically suspect, politically subversive, or unlikely to find a job were weeded out. But at least they were given a chance. The Chinese Exclusion Act of 1882 gave Chinese laborers no chance at all by prohibiting their entry into the U.S.

Is the U.S. at a Crossroads?

Indeed this is a nation of immigrants. However, is there a comparison between, say, those that arrived at Ellis Island, and members of the migrant caravan apparently demanding – not seeking – asylum in the U.S.? If the answer is yes, then the U.S. has chosen the humane share-and-share-alike policy of open borders. If the answer is no, then the choice is that of national sovereignty and adherence to U.S. law.

caravan

It is irrelevant whether the caravan is one of Soros’ ploys to destabilize the U.S., or a result of bad choices that ruined the caravan’s countries of origin, or proof that inhabitants can be left without the ability to affect their countries’ destiny. What matters is that the world is watching to see what the U.S. – that is, its residents through their elected representatives – chooses to do.

How the U.S. Debt Affects You

$20 Gold Coin
Real Money: 1907 $20 gold coin

Fiat money, that is money without intrinsic value, is a fascinating topic. Only money backed by a commodity that has intrinsic value, such as gold and silver, can be said to be of value. Such money is redeemable in gold or silver, and its quantity in circulation is limited by the amount of gold of silver available.

The money we use today has only government’s say so that it is of “value.” It is not redeemable in anything. Its quantity is at the will of the Federal Reserve, who has control of the money supply via its power to create credit with interest rates and reserve requirements.

Pictured above on the left is a $20 United States Bank Note, which was redeemable in gold until 1971; that can be considered real money.  On the right is a $20 Federal Reserve Note, backed by the “full faith and credit” of the federal government.  Good luck hoping it will maintain any “value.”

An associate of the Just Vote No Blog editor considers the topic of fiat money the most important one of our day, and provided some insights used by JVN in this article.

Money 101

The U.S. Constitution has two authorities on “money” (Article 1, Section 8):

* To coin money and regulate the value thereof.

During Colonial days gold and silver were considered “money”.  Money was a commodity. “Setting the value thereof” is like making sure a pound is a pound so people can buy the same pound of coffee, for example. A dollar is a dollar is a dollar. This is not the case today. As Consumer Price Index fluctuations show, a dollar today may not buy the same amount of goods as a dollar tomorrow.

* To borrow money on the credit of the United States.

This is the arrangement under which we operate today. There is no actual “money” with intrinsic value in circulation. We are operating under a credit/debit system which is a system of accounts. Under this system, money and debt can be created at will to finance government operations, provide for public assistance, maintain the armed forces, and pay for any other function government decides to undertake. Near-zero interest rates allow for servicing the debt.

Outcomes

All actions, including implementation of government policies, have outcomes or consequences – good and bad. The U.S. monetary/financial model characterized by liberal use of borrowing and the existence of a central bank (the Federal Reserve Bank) is no different. Let’s pick some outcomes at random:

* The Federal Reserve System through debt-issued currency, manipulation of interest rates and steady inflation allows our wealth to be eroded without us even realizing. When government increases money in circulation, consumers will likely use it to purchase additional items they would not have normally bought. Often the supply of goods does not keep up with the increased demand, resulting in a rise in prices. So, if you needed $20 to buy your lunch, now you need $25 or $30. If you were confident your bank savings would help you through a financial setback, you might not be now.

* A central bank’s control of interest rates and bank reserve requirements allow for manipulation of people’s behavior. Near-zero interest rates form the habit of living on credit – why worry about saving or having any cash to pay one’s living expenses or obligations? Cash is anonymous, but credit is not. When you buy with credit, businesses inventory and catalog you, not only so they can stay in touch and collect the debt, but also so that they can try to sell you even more stuff.

* The current U.S. debt was about $21 trillion in March 2018 — the largest sovereign debt in the world for a single country. Debt is necessary to run a country when revenues such as taxes and fees are not sufficient to cover expenses. As debt approaches unsustainable limits, it is logical for government to ensure that every citizen pays his/her “fair share” of taxes. That includes encouraging traceable payments systems. So, it is not only businesses that want you to move towards a “cashless society” so you can be watched. 

The Fading Free Society

We cannot preserve our liberty if we cannot maintain our purchasing power and stay solvent as people, as a state and as a nation. We need to focus on the issue of fiat money, and the associated issues of central planning and debt. The Founding Fathers were forced to do so when faced with enormous war debts and worthless currency. Their solution was to include in the U.S. Constitution Article I Section 10, which prevents states from making “any Thing but gold and silver Coin a Tender in Payment of Debts.” But the U.S. Congress was granted power the “to borrow money on credit.” We the People need to be more mindful of that credit card.

Poverty in the Land of Plenty

The U.S. is a rich country judging by its massive economy as measured by GDP, standard of living and availability of goods and services. Yet, the U.S. has one of the highest poverty rates in the world. Among OECD (Organization for Economic Co-operation and Development) member countries, mostly developed countries, the U.S. ranks third highest in poverty.

Poverty is not evenly distributed among the U.S.’s 50 states, but is concentrated in a few, with California leading the way as having the highest poverty rate in the nation and contributing the most to the U.S.’s lamentable rank among developed countries. Even more disturbing is the fact that California’s GDP in current U.S. dollars ranks No. 1 among all other states.   Read More

Supplemental Poverty Measure

 

 

If You Are Poor, You Are Not Alone.

The Big Picture

The U.S. is a rich country judging by its massive economy as measured by GDP, standard of living and availability of goods and services. Yet, the U.S. has one of the highest poverty rates in the world. Among OECD (Organization for Economic Co-operation and Development) member countries, mostly developed countries, the U.S. ranks third highest in poverty.

When viewed as percentage of a population, poverty rates usually understate the misery. The OECD’s as well as many other measures of poverty count individuals living below a certain poverty income line. Therefore, individuals need to be countable and receiving some form of income, which leaves out people participating in underground economies and other invisible endeavors.

Income is defined as household disposable income in a particular year. It consists of earnings, self employment and capital income and public cash transfers; income taxes and social security contributions paid by households are deducted. OECD: Household Income and Wealth

The Smaller Picture:  U.S. States

The big picture shows the U.S. as having a significant GDP in relation to other countries, as well as a noteworthy poverty level. What drives such unfortunate poverty numbers? For example, what U.S. states contribute the most to the bleak figures?

Poverty rates

The above figures show the number and percentage of people living in poverty by state, using a 3-year average over 2015, 2016, and 2017. Additionally, these figures, provided by the U.S. Census Bureau on September 2018, are the Supplemental Poverty Measure, which factor in cost of living in each state. One state stands out: California.

The Golden State, Not So Golden

California has 7.5 million people living in poverty, the nation’s highest rate.  The next worse is Florida with 3.7 million — a little less than half of California’s numbers.  And remember these are the people that are counted, not living in invisible settings.

State legislators throw up their hands, blame the “housing crisis” in the state for the lamentable poverty numbers, and return to their business as usual: creating more poverty by insisting on restrictive land use, irresponsible fiscal policies, curbing mobility of residents (think rent control; think high property taxes and Proposition 13), and just plain brain washing folks against the idea of striking out in search of better opportunities. In California everybody is supposed to stay put, stay progressive, stay PC, and stay either very poor or very rich.  The strategy may not be working all that well considering the state’s net out migration, but California has mighty persistent politicians.

Were California less effusive in bragging about its economy – never mentioning its poverty rate as a self-inflicted wound, and seldom mentioning its unsustainable unfunded pension liabilities; and were California more focused on making efficient use of its enormous tax revenues instead of “resisting” change, it would have been mean spirited to pick on California as the lead contributor to the regrettable U.S. poverty rate. But, given the circumstances, it is not wrong to randomly throw the blame on the Golden State.

Pick one: Tyler Durden or Paul Krugman

The news media is having its problems these days. If the media is not being called fake news, it’s being called conspiratorial. Fact checkers have sprouted like crabgrass, and legislators – state, federal, you name it – have rushed to protect consumers from being stripped of all their personal information or being exposed to deviations from the status quo.

So what to do? The macro approach suggests that you read a variety of news sources – established, alternative, left-leaning, right-leaning, and even libertarian if you are really brave. The micro approach is to pick your favorite echo chamber and stick with it. The latter approach might be advisable if you need/want to do things other than look at the news. If you really need/want to narrow your choices even further, pick either Paul Krugman or Tyler Durden. Why those two? Why not.

Helping You to Pick

Fifht Club - CopyAs everybody knows, Paul Krugman is the Nobel Prize winning economist that explains our present and predicts our future on the New York Times. Tyler Durden is a fictional character in the book and movie The Fight Club, but he also lends his name to the writers and editors of the political/financial/life-experience website Zero Hedge. Although Professor Krugman is predictably and consistently left-leaning, “Tyler Durden” of Zero Hedge is, according to reviewers, alt-right, anarchical, doom and gloom, and “extremely influential in the New York, London and global hedge fund community.”  (Pictured:  Tyler Durden, i.e. Brad Pitt, in The Fight Club)

Their track record? Let’s pick what each said on November 9, 2016.

* Paul Krugman on November 9, 2016, regarding the U.S. stock market:

I guess people want an answer: If the question is when markets will recover, a first-pass answer is never.

Under any circumstances, putting an irresponsible, ignorant man who takes his advice from all the wrong people in charge of the nation with the world’s most important economy would be very bad news. What makes it especially bad right now, however, is the fundamentally fragile state much of the world is still in, eight years after the great financial crisis.

Now comes the mother of all adverse effects — and what it brings with it is a regime that will be ignorant of economic policy and hostile to any effort to make it work. Effective fiscal support for the Fed? Not a chance. In fact, you can bet that the Fed will lose its independence, and be bullied by cranks.

…So we are very probably looking at a global recession, with no end in sight. I suppose we could get lucky somehow. But on economics, as on everything else, a terrible thing has just happened.

* Tyler Durden on November 9, 2016, regarding the U.S. stock market:

Just like with Brexit, the so-called Wall Street experts scrambled to paint a picture of doom and gloom, warning traders, and markets, that the end of the world is imminent should Trump win, and that stocks could drop by 5%, 10% or more should Donald Trump get elected president. And again, just like in the case of Brexit, they convinced the algos and the momentum chasing traders. Briefly. Because after futures hit the 5% down limit shortly after the market realized it was dead wrong about the presidential election, they have since soared nearly 80 points of the overnight lows and are well above the Friday, pre-Comey close, level.

How come?

Simple: as we have repeatedly said, a Trump victory, coupled with lower taxes, a spike in infrastructure spending, and a surge in debt is precisely what the economy – and a normalized market, one not manipulated daily by central banks – wanted and needed, as it not only will prompt yields to rise, but it will assure even more QE in the near future as foreign buyers of US debt disappear (assuming Trump does not do away with the Fed entirely, which for a man running a real estate empire, he won’t do as he ultimately needs lower rate.)

It’s the Fundamentals

RationalWiki describes Zero Hedge colorfully, and as several other reviewers mentions that ZH follows the Austrian School of Economics — you, know, the non-Keynesian guys.

Zero Hedge is a batshit insane Austrian school finance blog run by two pseudonymous founders who post articles under the name “Tyler Durden..”

Bill Clinton’s rousing campaign slogan “It’s the economy, stupid,” was instrumental in his winning the presidency against incumbent George H.W. Bush. Tyler Durden should adopt a similar slogan about the stock market, “It’s the fundamentals, stupid.”

However, there are plenty of people who prefer ideology over fundamentals, so Just Vote No suggests Paul Krugman.