With the increased airport security inconvenience this past holiday weekend and the potential for further summer delays, many travelers want an understanding of the rationale for all this government pomp as they attempt to catch their flights. For those who request it, the TSA provides a Q&A pamphlet entitled: "Your infrequently asked Questions and Answers about the TSA." As one can imagine, it is quite difficult to obtain the pamphlet given the small printing run, however through my sources I am able to reprint its contents here:
Q: Why has there not been a terrorist attack on a commercial aircraft since 9/11/01?
A: Lack of desire
Q: Why would a terrorist group bother to go through airport security in order to attempt to blow up an aircraft when they could simply board an Amtrak train, crowded subway or enter a shopping mall with no security whatsoever in order to kill and injure people?
A: Good question. Next question.
Q: Has airport security ever prevented a terrorist attack?
A: When an aircraft does not explode or crash it fails to do so in spite of the existence of the U.S. Transportation Safety Administration, not because of it. However since this is not provable, the TSA can take credit for achieving this safety record.
Q: Why doesn't the TSA reallocate its significant resources to targeting suspects as opposed to traveler water bottles and footwear? For that matter, tarmac security has been shown to be a joke. Why not concentrate resources there?
A: There's no point in putting on a show without an audience.
Q: What then is the purpose of the TSA's presence at airports?
A: Its purpose is multi-fold: a) To provide the illusion of safety b) To create an increased government presence and public sector jobs c) To create an inventory of toothpaste, shampoo, tweezers and other personal hygiene products to be offered to TSA employees, and d) To deliver these hygiene products to people in underdeveloped countries after TSA employees decline to use them
"The US has actually been cooling since the Thirties, the hottest decade on record...When I first began examining the global-warming scare, I found nothing more puzzling than the way officially approved scientists kept on being shown to have finagled their data...[A]ny theory needing to rely so consistently on fudging the evidence, I concluded, must be looked on not as science at all, but as simply a rather alarming case study in the aberrations of group psychology."
"How indifferent is she to the lure of filthy lucre? Clinton is currently pulling down $600,000 per year for [a] no-show job...is so unconcerned with money that she shelled out $10.3 million of the worthless stuff just last spring to buy a swanky pad near Manhattan’s Flatiron Building....Her 2010 wedding to Marc Mezvinsky cost an estimated $3.3 million...And how does someone who doesn’t care about money spend twice as much on a wedding as the average American earns in a lifetime?"
Not talking about one's money is admirable. Openly condemning it is not. A 20th-century French philosopher once commented upon the character of those who live a lavish lifestyle while at the same time degrading the means that provides it:
"It is a kind of spiritual snobbery that makes people think they can be happy without money." -- Albert Camus
'The report, to be published this week by the Official Monetary and Financial Institutions Forum (OMFIF), confirms $29.1tn in market investments, held by 400 public sector institutions in 162 countries, which "could potentially contribute to overheated asset prices."
"To summarize, the global equity market is now one massive Ponzi scheme in which the dumb money are central banks themselves, the same banks who inject the liquidity to begin with."
A new financial television channel will shortly be launching as an alternative to the nauseating and useless drivel delivered by CNBC and the like. RealVision promises to be an antidote to financial Romper Room.
While the U.S. is antagonizing the entire planet, a new order is taking shape:
Silver and gold...
Here's the scorecard for the first half of 2014:
S&P 500 + 6 %
Dow Jones Ind Avg + 2 %
Russel 2000 + 2 %
Silver + 7 %
Gold + 10 %
GDX large cap gold mining ETF + 25 %
GDXJ junior gold mining ETF + 36 %
Notwithstanding this stealth outperformance -- precious metal prices and pm equities remain artificially suppressed coiled springs. There is simply no asset class as despised and as cheap. Price always reverts to its mean value. Always. The outsized returns that are coming will be dizzying.