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Daily Archives: July 10, 2021
Events – Heartland Movie Night | A screening of Ayn Rand’s "Anthem: The Graphic Novel" – The Heartland Institute
Posted: July 10, 2021 at 3:40 am
The Atlas Societyis the leading nonprofit organizationengaging young people with Ayn Rands ideas.This 30-year-old think tank uses creative digital media to promote open Objectivism a philosophy of reason, achievement, individualism, and freedom.
The Atlas Society presents the empowering principles of Objectivism to a global audience, and offers those principles as a rational and moral alternative in the marketplace of philosophical ideas.
About the film:Mankind has entered a new Dark Age in this dystopian future imagined by Ayn Rand. The stark horror of a civilization destroyed by envy remains as relevant and arresting today as it did eight decades ago.
In this adaptation, award-winning artist Dan Parsons teams up with Jennifer Grossman, CEO of The Atlas Society to introduce the story to a new generation with a provocative, graphic presentation that captures the imagination and invites readers on a journey of self-discovery.
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Ayn Rand Think Tanker Says Florida Condo Collapse Happened Because People Made A Bad Decision and Now Suffer the Consequences of It – Mediaite
Posted: at 3:40 am
On Wednesdays edition of The Majority Report, the chairman of the board of the Ayn Rand Institute said that the condo association of the collapsed Champlain Towers South in Surfside, Florida made a bad decision and that it is rightly suffering the consequences of it.
Yaron Brook told an incredulous Sam Seder that in a truly free market, the company that insured the now collapsed building would have hired its own inspector to ensure the building was structurally sound. Now, in the world we live in today, they dont, said Brook, Because they rely on the government inspector.
Seder responded by saying government and private inspectors had expressed concerns about the structural integrity of the building. The private owners of that building made the decision not to fix it.
Then why are we worried about it? asked Brook. They made a decision and they suffered the consequences.
Because theres a hundred and fifty dead people, Seder replied.
People who made a decision, said Brook, Who made a bad decision and suffer the consequences of it. Im not justifying the building collapsing. Im saying that people make decisions. If I make a decision to walk into the street without looking, should the driver be limited in his capacity to drive because I made a stupid decision?
Brook concluded, What you want is for the people who make the decision to suffer [or] to benefit from the consequences of their actions.
A 2018 inspection report warned of major structural damage to Champlain Towers South, and it suggested that concrete damage would only worsen with time. Less than three months before the collapse, the condo association president said the condition of the building had gotten significantly worse since the inspection in 2018.
As of Wednesday afternoon, 46 bodies have been recovered from the rubble, and 94 people remain unaccounted for.
Watch above via The Majority Report.
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COVID-19: Sajid Javid’s approach has party support – but scientists are getting worried – Sky News
Posted: at 3:40 am
At a Westminster cinema club in 2015, Sajid Javid picked a film to be shown to fellow politicos that now seems instructive to the government's newfound approach to handling the pandemic.
The then culture secretary chose The Fountainhead; a 1949 adaptation of the novel by Ayn Rand - a doyenne of liberty-loving conservatives.
In a scene that Javid has said he reads multiple times a year, the novel's protagonist Howard Roark proclaims to a courtroom that "the 'common good' of a collective - a race, a class, a state - was the claim and justification of every tyranny ever established over men".
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After 18 months of state-sanctioned restrictions designed to safeguard the common good, it now appears the individualistic sentiment contained in the pages of The Fountainhead is in the ascendency in government.
This week the prime minister will flesh out a broad policy shift in how the pandemic is dealt with in England.
Laws will be replaced by guidance. Telling replaced by asking. Fines replaced by an appeal to personal responsibility.
"We are going to have to learn to accept the existence of COVID and find ways to cope with it - just as we already do with flu," writes the new health secretary.
While the approach is already winning plaudits with Conservative MPs, it has set alarm bells ringing among scientists.
Many have criticised the comparison with flu and questioned whether individual common sense is a solid enough safety belt to prevent substantial further suffering.
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"It's like having a government that thinks road safety should be completely up to 'individual responsibility': no traffic lights, no highway code, no law about driving on the left, no crash barriers," tweeted health psychologist Robert West.
In reality, this is not a "one or the other" choice.
The meat and drink of most policy making is deciding what level of intrusion into all our lives is acceptable because of the benefits it brings to society more widely.
Most of us accept speed limits and traffic lights because the individual impact is massively outweighed by the damage a reckless driver can do to other motorists.
But we also exercise a degree of personal responsibility.
Whilst we are generally allowed to drive at 70mph on a motorway in heavy rain, many of us would choose not to.
We decide to behave differently off our own back to protect ourselves and those around us.
Transplant this balancing act into the pandemic and the question becomes: what level of death and serious disease are we prepared to subject a minority of people to before we force the majority to start making compromises again?
On one level this is a moral question for ministers to wrestle with and - on this front - the answer may well be clear cut.
But there's also a practical aspect to this.
The point of lockdown restrictions was primarily to safeguard the NHS. On that basis, the government should be asking itself a number of questions.
What level of COVID hospitalisations is acceptable? At what point does the damage to the NHS caused by COVID pressures- such as delayed and missed appointments and operations and staff exhaustion - begin to outweigh the damage and inconvenience of asking people and businesses to live with restrictions again?
Given the effectiveness of the vaccines, many will argue this balance should never tip in the direction of restrictions ever again.
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After all, the severe NHS pressures caused by winter flu come and go without calls for mask wearing and social distancing.
COVID may change this equation. But as yet, we have no idea how much change it will have to usher in before ministers reach for restrictions.
In The Fountainhead, Howard Roark rails against the cause of the collective saying: "I am an architect. I know what is to come by the principle on which it is built."
The government has sketched out the principle on which it wants to build post-pandemic England.
The coming months will tell us whether practicality will bend to the will of this principle.
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COVID-19: Sajid Javid's approach has party support - but scientists are getting worried - Sky News
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The NHS bill is political dynamite and a gift to Labour – The Guardian
Posted: at 3:40 am
Its no surprise that the new health secretary has balked at a gigantic new reorganisation bill before he had even got his feet under the NHS operating table. Five million people waiting for treatment, a workforce crisis and another Covid-19 tide already cancelling treatments is trouble enough. Sajid Javids anxiety is shared by many, Theresa May just one of those warning of the bills perils. But No 10 blasted ahead with the bill this week, impervious to this political dynamite.
Whatever their merits or follies, all new re-disorganisations are risky for Tory governments, who are never trusted with the NHS. How easy it is for Labour, backed by influential NHS figures, to arouse public suspicion of Tory intentions. Even Margaret Thatcher had to back off from her radical privatising impulse, to swear between gritted teeth that the NHS was safe in my hands. Voters might ignore the fiendishly complex history of NHS restructuring, but they will grasp one simple, sinister point: the government is seizing control of the everyday running of the NHS, in what the Health Service Journal calls an audacious power grab. Any local decision can fall under populist political whim from the top.
Tory MPs should recall how Andrew Lansleys disastrous 2012 Health and Social Care Act almost shipwrecked the David Cameron-led coalition, so loud were the voices of experts rightly warning against it. The then NHS CEO, David Nicholson, himself called that upheaval so colossal it can be seen from space as it broke the NHS into fragments, putting every service out to tender to anyone, public or private, enforced by competition law. Every part of the NHS had to bid and compete against others for any service: co-operation was illegally anti-competitive. This costly bureaucratic nightmare failed on every front while its privatising intent let Virgin Care and others eat into profitable community services.
Simon Stevens has spent his eight years in charge of NHS England struggling to reintegrate the fragments. This bill, the sum of his efforts, revokes the cursed Section 75 that forces tendering out NHS services. Instead, it sets into law Englands 42 integrated caresystems (ICS) designed to unite hospital, community, GP and mental services with local authority care and public health, to cooperate under one board with one budget for its local population.
But No 10 has added a nuclear ingredient: NHS England or any ICS can have its decision-making seized from it by the secretary of state or the prime minister on any pretext, and they will control appointments to those 42 boards. Expect politically obedient cronies.
This shifts the localising, accountable flavour of this bill. Where Stevens has reigned supreme, cleverly manoeuvring against the Treasury over funding, his successor will have no such creative independence, and will be subservient to political masters. The word is that Dido Harding, she of the 37bn test-and-trace failure, is out of the running, now that her riding friend, Matt Hancock, has gone. The front-runner should be the well-respected Amanda Pritchard, effectively NHS Englands deputy CEO. From outside the NHS, Leeds city council chief executive Tom Riordan is an interesting candidate, but can the job be done without deep NHS knowledge?
Thats something a contentious third contender has: Mark Britnell spent 20 years in the NHS, reaching a director-generalship. But since 2009 he has been KPMGs senior partner for global healthcare, from where he sat on the board advising Cameron on those disastrous 2012 reforms. He surfaced in public in 2011 when caught out telling a conference of private US healthcare executives that: In future, the NHS will be a state insurance provider not a state deliverer, praising the competition element in the Lansley reforms that meant: The NHS will be shown no mercy and the best time to take advantage of this will be in the next couple of years.
He claimed those quotes did not properly reflect the discussion but has never denied the lethal words. Private consultants have been on a constant revolving door with the NHS: management consultant use trebled between 2016 and 2019, despite pledges to reduce the practice. To choose him would signal a defiant culture war confrontation, suggesting Sajid Javid really does lean toward the views of his favourite writer, Ayn Rand, from whose book The Fountainhead he reads the courtroom scene twice a year: the NHS is surely Rands perfect symbol of oppressive socialist statism.
The highly politicised selectors shortlisting applicants for the new head of the NHS are from No 10, the Treasury and the Cabinet Office. Bizarrely, candidates get a full days psychometric testing. While experts say basic competences need testing some high-fliers turn out to be innumerate a full day means personality testing, which in such a senior job is as much use as phrenology, and far less use than the Harry Potter sorting hat. Under this level of political control, heres hoping the winner has the cunning to appease their political masters in interviews, but once in post will spring out as a Tiggerishly independent NHS defender.
This bill is a gift to Labour: Javids leaked letter asking for delay warned of significant areas of contention to be resolved. You bet. How can the bill legislate for joining up with cash-starved local authorities, without a social care plan? The bill gives ICSs 70 stern performance measures to meet, but the previous 18-week waiting limit has vanished, only measuring 52-week waits. Numbers of patients needlessly blocking NHS beds will be counted against each ICS, but what can they do when theres too little social care to release patients? Choice will be enforced from on high, but with 5 million waiting, where are the spare beds to allow it?
Labour in power effectively abolished waiting beyond 18 weeks, often by using the same terror and targets methods but heres the crucial difference: that was in return for an NHS budget rising by 7% a year. In the last decade, the NHS budget per capita fell in a rapidly ageing population. Dont expect fiscally tough Javid to demand enough from the Treasury to make these new ICSs flourish. Hes right to fear this bill is contentious: its packed with ammunition for Labour.
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The NHS bill is political dynamite and a gift to Labour - The Guardian
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VIDEO: Inflation Hedges Are Gaining in Popularity – Investing Daily – Investing Daily
Posted: at 3:40 am
Welcome to my video presentation for Friday, July 9. My article below examines the videos themes in greater detail.
Inflation is the hot topic on Wall Street right now. For insights, lets ignore the loud, obnoxious hosts on financial television and turn instead to a genius I studied in college: British economist John Maynard Keynes.
Keynes is a giant in the field of economics. Simply put, Keynesianism is a demand side theory that calls for greater government expenditures to stimulate demand during times of economic distress. This stance is often referred to as priming the pump.
The Keynesian approach was considered mainstream thinking for decades, but its controversial nowadays (Ill probably get hate mail from the acolytes of Ayn Rand). However, during the coronavirus pandemic, weve seen how priming the pump can prevent an economic collapse.
Below, I look at another concept introduced by Keynes and apply it to current market conditions, particularly inflation.
In the meantime, worries that economic growth would sputter weighed on the stock market Thursday. The Dow Jones Industrial Average fell 259.86 points (-0.75%), the S&P 500 declined 37.31 points (-0.86%), and the tech-heavy NASDAQ slipped 105.28 points (-0.72%). Asian and European stocks swooned as well. The CBOE Volatility Index (VIX), aka fear index, jumped more than 17%. Bonds saw their prices rise and yields fall. For anxious investors, risk off was the order of the day.
Another factor spooking investors is the rise of the COVID delta variant, which suggests that the pandemic is far from behind us.
The VIX rises during periods of extreme uncertainty. Notably, the VIX spiked in the fall of 2008, near the height of the global financial crisis.
In pre-market futures trading Friday, the three main U.S. stock market indices were bouncing back. Bond yields were rising again. Overseas equities were recovering in early trading.
The post-election stock market rally remains intact. Stocks probably will get a shot in the arm next week, as second-quarter corporate earnings start to come in. Operating results for Q2 are expected to be robust.
But inflation worries wont go away anytime soon. If you havent already, you need to adjust your portfolio to this prevailing sentiment, pronto.
The beauty contest
Back in 1936, when he was advising FDR during the Great Depression, John Maynard Keynes evoked the metaphor of a beauty contest to describe the stock market. He described a newspaper contest in which 100 photographs of faces were displayed. The winner would be the reader whose list of six came closest to the most popular of the combined lists of all readers.
The shrewdest strategy, Keynes advised, isnt to pick the faces that are your personal favorites. Its to select those that you think others will think prettiest.
Accordingly, its a sophisticated understanding of crowd psychology that helps you pick stock market winners. Various 2021 outlook reports from some of the worlds biggest money managers tell us that inflation hedges will be the prettiest of all assets in the beauty contest for investing dollars.
Inflation also is the number one concern expressed in reader emails to me. You need to add inflation protection to your portfolio, while its still affordable.
Read This Story: Reader Forum: Is Inflation a Major Threat?
Higher inflation is indeed occurring, although I agree with the Federal Reserve that its transitory. Historically, inflation remains comparatively low and doesnt appear strong enough to compel the Fed to tighten the monetary spigot this year. The Feds Federal Open Market Committee currently forecasts that the U.S. inflation rate for 2021 will average at around 2.45% (see chart).
But remember our beauty contest metaphor. You should always remain aware of what large investment houses and asset managers are thinking, because they tend to set new trends given the sheer size of their trades. The major institutional investors are currently gobbling up inflation hedges, which means that independent investors who act too late may get crowded out of buying inflation-proof securities at reasonable values.
While each individual investment should always be evaluated using an objective method, such as price-to-earnings ratio, discounted cash flow and return on equity, its also wise to follow the macrotrends that are shaping the investment universe.
Higher energy costs, especially at the gasoline pump, are starting to worry investors that maybe the economic recovery is at risk. To be sure, soaring crude oil prices and a fast-mending economy are helping the energy sector post the stock markets biggest gains so far in 2021. An even stronger performance for energy equities probably lays ahead.
But it doesnt help market sentiment that in Bloombergs June inflation survey, the consensus of economists again called for higher inflation this year (see chart).
Burgeoning demand for Treasury Inflation-Protected Securities (TIPS) confirms that U.S. inflation expectations are rising, with central banks and investors seeking insurance against the prospect that a recovering American economy will stoke price pressures. The market for TIPS has grown to a whopping $1.6 trillion.
While the coupon rate attached to these securities is fixed, the principal is not. The principal is indexed to the consumer price index and appreciates in tandem with inflation. As the principal increases, so do your semi-annual interest payments.
At maturity, you receive either the original face value of the instrument or the inflation-adjusted principal, whichever is greater. Income and gains are exempt from state income taxes.
TIPS arent the only investment that is being targeted for inflation protection. Chief among these inflation hedges: commodities. Prices for commodities have been soaring this year and they probably have further to run.
To combat inflation, any given commodity should demonstrate two characteristics: 1) Its geared to global growth, and 2) demand exceeds supply.
Red metal rising
A vital commodity that fits these two criteria is copper.
The industrial world cant function without the red metal. Copper is vital for building construction, power generation and transmission, electronics, industrial machinery, and transportation vehicles. Copper wiring and plumbing are mainstays of heating and cooling systems, appliances, and telecommunications links. Renewable energy and electric vehicles consume vast amounts of copper.
This year and beyond, as the world economy speeds up and infrastructure spending explodes, so will demand for copper. For our favorite investment play on this crucial commodity, click here now.
John Persinos is the editorial director of Investing Daily. Send questions and comments to: mailbag@investingdaily.com. To subscribe to his video channel, follow this link.
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Opinion: Your Say: Readers offer what books or writing influenced them – The San Diego Union-Tribune
Posted: at 3:40 am
Books opened doors to whole new worlds
When I was growing up our family had no TV and movies were a rarity. Entertainment came from the public library, where my mother took us every two weeks.
The first book that really made an impression was The Story of My Life by Helen Keller. I was 11 years old. A year later I read The Diary of a Young Girl by Anne Frank, a book to be reread over the years. These two books were like a door into a whole new world of human experience beyond our own little corner.
In ninth grade, I discovered The Good Earth and thereafter consumed most of Pearl S. Bucks stories about Chinese life in the 1800s and 1900s. Ernest Hemingway and John Steinbeck became favorites for their beautiful writing and intriguing dilemmas, then I was on to the convoluted tomes of Leo Tolstoy and Fyodor Dostoevsky as I delved into the Russian experience. Romance novels were never my thing except for the tragic story of Ramona by Helen Hunt Jackson, a timeless tale set in our own North County of 150 years ago.
In recent years, some historical novels such as The Pillars of the Earth by Ken Follett have been memorable, and Im awed by the many excellent stories that have come out of World War II, each capturing a different facet. I particularly loved Mark Sullivans Beneath a Scarlet Sky, revealing how devastating the war was to the Italians, and Heather Morris The Tattooist of Auschwitz.
An authentic movie can condense an era or event and serve it up to entertain for a couple of hours. But a good book draws you in so you are not just an observer but fully engaged in the narrative through your mind.
Incredible what these little black squiggles on paper can accomplish. Its a miracle.
Louise Birket, San Marcos
The news didnt look good. It was mid-March 2020 and the stock market had had its worst day since the 1980s with a downturn of over 7 percent due to the spread of COVID-19, now declared a pandemic.
Im going to get something for soup, I called out to my husband as I grabbed my Subaru keys and headed for my local grocery store during its 7 a.m. to 8 a.m. senior shopping hours, a list of ingredients for Minestrone Milanese stuffed into my jacket pocket and an unfamiliar mask covering my nose and mouth.
The minestrone recipe was from The Secrets of Jesuit Soupmaking: A Year of Our Soups, a large paperback with a color photo of its smiling author, Brother Rick Curry, S.J., on its cover. I had picked up the book years before at the National Cathedral in Washington, D.C., after a morning spent admiring its breathtaking rose window and the open-air workshop where sculptors were restoring fierce-looking gargoyles.
The Secrets of Jesuit Soupmaking is a collection of recipes prepared by Brother Curry during his life as a Jesuit religious. Curry, who died in 2015, transformed a birth defect into a vocation brimming over with projects for wounded veterans, everything from a theatrical performance workshop to a commercial bakery. Born without a right forearm, he joined the Jesuit order, the order of the current Pope Francis, when he was 19.
Throughout the pandemic months, I often turned to Brother Currys book for its combination of spiritual enlightenment and brilliant but uncomplicated soup recipes. I wrote dozens of comments alongside the lists of ingredients: use Siesels (a local meat market) smoked shanks to Very tasty! Make again!
Brother Currys book follows the outline of the church year:
Advent. Christmas. Lent. Easter. The recipes in each section reflect tastes that complement those feasts. A beef flank and root vegetable Hungarian goulash is perfect for an Advent winter. A mix of fresh greens in a frothy potage aux fines herbes is a joyous welcome to the Easter season.
Along with the recipes, Brother Currys good-natured narrative weaves in the philosophies of his religious life: The Jesuits believe that one best learns by repeating something over and over and over again. You can add a wonderful element to any of these [soup] stocks by throwing a handful of roughly torn basil into the finished broth.
Brother Curry often collected recipes on his travels. While in Madrid at the invitation of Queen Sofa of Spain, who called on him to attend a conference for arts and people with disabilities, he returned to the states with a recipe for potato and kale soup.
The characteristics of any good stock are flavor, body and clarity. Of the three, flavor is paramount, Irma S. Rombauer wrote in The Joy of Cooking. One could say the same about any good soup cookbook, including The Secrets of Jesuit Soupmaking. Its charming blend of flavor, body and clarity was just the right remedy for a COVID-19 cure.
Regina Morin, Ocean Beach
I am an author with stories published in America, Mexico and France. What compelled me into this pursuit when I had no intention of doing so? The Italian writer Alberto Moravia. His writing was fluid, his style unaffected, his personages so human.
The book I have now read the most and which influenced me is Ernest Hemingways A Moveable Feast, his classic memoir of Paris in the 1920s when he was a struggling, young, poor writer living in an apartment with his first wife, Hadley Richardson, and young son. After that I read writers from other countries, like Moravia: Gabriel Garca Mrquez from Mexico with his flowing style, the tightness of Georges Simenon and his Belgian detective series about Jules Maigret, Frances Marguerite Duras short The Lover, the long Lonesome Dove by Larry McMurtry, and even the disdain for punctuation of the Texan Cormac McCarthy. But it was Hemingway who finally hooked me and influenced my life. He was tough, but vulnerable, strong, but weak in areas of relationships, and at the end, tragic in spite of his macho image. He considered himself a storyteller, not a writer per se. He once said that a writer should write for people, not critics or other writers. He dismissed the New York intellectual establishment, probably due to the fact that his books were often criticized when reviewed by them.
Even though he was sensitive to criticism, he dismissed the intellectual establishment probably due to the fact that his books, although loved by many readers, rarely were taken seriously by those critics. But Hemingway also said that if you need to have a dictionary or thesaurus near you every time you sit down to write, or read a book, pick another occupation. There is a special beauty in the simplicity of the language of his stories. I savored them over the years, and let the story itself do its magic.
In the beginning I did sometimes copy a writers style that I admired tremendously. But with time, I gave my own writing the freedom it deserves. Even if, like Cormac McCarthy, I do disdain punctuation all together. I remember one thing about Hemingway, he won the Pulitzer Prize and the Nobel Prize for literature, by writing stories about human beings in a very clear and simple language.
And I single out A Moveable Feast, which was published posthumously but remains one of his most beloved works, for inspiring me to write with unbridled creativity and exuberant mood, my own novels and short stories.
Ariel Morales, El Cajon
This summer I started reading Nobuko Miyamotos Not Yo Butterfly: My Long Song of Relocation, Race, Love, and Revolution. Im not a big reader. However, this book hit home and made me cry. It was a rare moment when I felt, She understands.
Miyamoto, a Japanese American like me, also fell in love with a Black man in the 1970s. She consulted with Rev. Mas Kodani, a Buddhist, for guidance when she was pregnant. He told her Dont go against your feelings. I cried. I also followed my heart, only without guidance. The book brought out how alone I felt during that time period. There was no one who said, Follow your heart.
After almost 50 years, it was nice to read a fellow Japanese American traveler on the journey of life who understood love with no borders on a personal level, and going through the Asian Movement, and having a love of the arts. Thank you to Nobuko Miyamoto.
Shirley Omori, Normal Heights
As a youngster, I was taught to put others first, including their beliefs and their feelings. Anything else was being selfish. I grew up introverted and remained that way into my 30s or later. Ive always enjoyed reading, and I discovered books written by Ayn Rand. I first read The Fountainhead, then Atlas Shrugged, and then The Virtue of Selfishness.
My thought at seeing the title was, Virtue in being selfish? Thats not what my parents taught me. I loved the book, and over the years have read it several times. However, when reading it as a young adult, the theory still puzzled me.
Then I had the occasion to attend a sermon by a rabbi at a Friday night service. His topic? The virtue of selfishness. I perked up. He used the following as an example of unselfish selfishness.
Suppose your child and your neighbors child were swimming in a stream and they were both having trouble getting back to shore. They were both in danger of drowning. Would you feel obligated to save the neighbors child first and let your own child drown so you wouldnt be considered selfish, or would you save your own child and then do everything you could to save the neighbors child? Is saving your own child first considered selfish? No, said the rabbi. Thats where the virtue in selfishness comes in. Im now an older adult, but the moral of that book has remained with me.
Iris Price, Ramona
Folks in my Boomer generation, and others since, have studied history from the perspective of the great presidents, generals and heroes of years past. So my choice for most influential book is Boston Universitys Howard Zinns 2003 posthumous 20th anniversary edition of A Peoples History of the United States. It is a multi-million-copy bestseller that was nominated for the American Book Award. It authoritatively focused on the rest of the story that many history books have overlooked.
News icon Paul Harvey vividly captured our collective imagination via his news segments entitled The Rest of the Story. Each griping vignette was presented as little-known or forgotten facts, with some key element of the story usually the name of some well-known person held back until the end. Borrowing from that construct: A major contemporary figure has described Peoples History as evil and wicked, while undermining the virtues of Americas heroes and the nobility of the American character. The speaker was then President Donald Trump.
I embraced the power of Zinns narration of the rest of the story in his telling version of U.S. history. Per his definitive viewpoint: We must not accept the memory of states as our own. Nations are not communities and never have been. The [written] history of any country conceals fierce conflicts of interest between conquerors and conquered, masters and slaves, capitalists and workers, dominators and dominated in race and sex.
Peoples History presents a powerful alternative to the traditional historical narrative. That latter approach views history from the perspective of the great men (but little about great women), and the rote memory events we chanced upon in our educational years. Zinn, indeed, spanned the nations history from inception through 2000. But he reviewed our nation via a bottom-up approach. He did not shy away from presidents, generals and major events. He addressed those stories and countless others from the perspective of Americas women, factory workers, working poor, African Americans and immigrant laborers. Zinn therein focused, for example, on the other civil war, spanning generations of class warfare between labor and management.
One must acknowledge the riposte from the right to protagonist Howard Zinns leftist history that many of us read (or were assigned) in high school or college. The antagonist is Emory University instructor Mary Grabars 2019 Debunking Howard Zinn: Exposing the Fake History that Turned a Generation against America.
Grabars perspective quarterbacks a controversy that has not diminished, but instead has increased the popularity of Zinns seminal work. Reading this Zinn-Grabar dueling banjo couplet will illuminate a discrete rivalry that eclipses mere reliance on media simplifications about either tome.
Bill Slomanson, Hillcrest
When I was 22 or 23, I saw the word ubiquitous in the newspaper. It was part of an ad for the telephone company and its ubiquitous telephone. I had to look that thing up. Chalk up one more timber in the frame of my learning to the newspaper. A lifetime of reading the daily paper seems as good a route to education, entertainment and contentment you could ask.
Contentment? That part comes from settling in with the morning newspaper and a cup of coffee to see who won and whats the buzz. I admit it. The sports page is where it all starts. It really started in the 1940s at the dinner table. My brother and I would listen to the different opinions flowing from my Irish mom and my businessman dad. The paper, plus columnists like David Lawrence, the Alsops, Westbrook Pegler and Walter Winchell provided the spark.
A newspaper delivered to the home then, and ever since, of course presented a chance to be aware of the issues of the day. Just like a book, continually reading different stories in different styles helped one do the same. This is not to say that reading a newspaper is better than summer reading of a book. You can only snuggle up in bed with a handy book to see if the butler did it. But dont go to some cocktail party offering opinions on some authors work because youll be a bore. Better to stay with the current stuff from the paper and be careful with certain inflammable subjects, like Donald Trump. Just say you admire a guy who doesnt drink or smoke, but wish he would stay out of Washington, D.C.
Newspapers offer a more complete reading experience. Bookies may be able to name thousands of great authors, but dont forget William Buckley, Jr., Art Buchwald, Jimmy Breslin, Herb Caen, Mike Royko, Helen Gurley Brown, Ring Lardner, Drew Pearson and H.L. Mencken.
True, its only a handful of famous writers who make the big bucks. In a field that pays little (ransom notes excepted), there are thousands of dedicated journalists working in a newspaper industry that seems to be fading fast. Good luck to them, and thanks much.
Tom Dresselhuys, Carmel Valley
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Top Developer Submits Bid for Second Phase of Offshore Wind Project in Maryland Maryland Matters – Josh Kurtz
Posted: at 3:40 am
The Danish offshore wind developer rsted announced Wednesday that it has submitted a bid to generate up to 760 megawatts of power with a proposed second offshore wind project off the coast of Maryland.
The project, called Skipjack Wind 2, is in response to the Maryland Public Service Commissions call for proposals for a second round of offshore wind projects in federal waters off the Maryland coast.
The Clean Energy Jobs Act of 2019 expanded Marylands renewable portfolio standard to require that utilities get 50% of the electricity they sell to consumers from renewable sources by 2030. More specifically, it directed the Public Service Commission which regulates the states energy utilities to find Round 2 offshore wind projects that could provide at least 1,200 megawatts of power by 2030.
The application period for this round closed on June 21, and the PSCs consultant, ICF, has 30 days to review applications. The bids are confidential until then, according to Tori Leonard, spokeswoman for the PSC. It is unclear if any other companies besides rsted have submitted a bid for this round of offshore wind projects.
After the consultant reports to the PSC, the commission will review all applications and award offshore renewable energy credits to a project or projects for this round by Dec. 18, Leonard said.
rsteds new project proposal would power over 250,000 homes in the Delmarva Peninsula, according to the companys announcement.
rsted is privileged to already be a long-term partner to the state of Maryland as it works to meet its offshore wind goals, David Hardy, CEO of rsted Offshore North America, said in a statement.
We are proud to build, own, and operate wind farms across the world and will bring that same approach to Maryland. As such, these at least 30-year commitments we are making to the state are designed to provide long-term benefits to all of the communities that will be home to our facilities. In continuing to deliver on our commitments now, and well into the future, we will ensure that Marylands offshore wind industry will thrive for decades to come, he continued.
In 2013, the General Assembly passed legislation enabling offshore wind development and the Maryland PSC was designated by the federal government to award leases for offshore wind developments in federal waters. The commission finally approved two projects off the coast of Ocean City in 2017.
rsted is in the middle of developing one of these projects, called Skipjack Wind 1, which is to the north of Ocean City and about 19 miles off the coast. It could power 40,000 homes in the Delmarva Peninsula and is slated to start operating by 2026, company officials have said.
This project is currently under review for final approval by the federal government, as is the MarWin project by US Wind, which would generate 240 megawatts of power enough to power almost 80,000 for a year. It is 17 miles off the coast of Maryland and tentatively slated to start operating in 2024.
These projects would run cables under the ocean, connect to the electric grid on land and provide electricity to Maryland utilities, helping the state depend less on fossil fuels and reach its goal of net-zero emissions by 2045.
Both projects have generated controversyin Ocean City, particularly among political and business leaders who believe views of wind turbines from the beach could hurt tourism and the real estate industry. But many other leaders in Delmarva believe the wind industry could be a powerful economic driver for the region.
rsted said it would host a virtual open house on its proposal to build a second phase of the offshore wind project on the evening of July 19.
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Maine Prohibits Offshore Wind Projects In State Waters – WBUR
Posted: at 3:40 am
Maine Gov. Janet Mills has signed compromise legislation to permanently bar future development of offshore wind projects in state waters. At the same time, momentum is building behind her plan to develop, for research purposes, a 16-square mile wind farm in federal waters.
A previously approved, single-turbine wind project off Monhegan Island is moving forward. But otherwise, the new law will bar any other wind-energy development within state waters - about three miles of the coast.
Mills had initially proposed only a 10-year moratorium, but agreed to make it permanent after lawmakers negotiated a deal that aimed to strengthen the position of Maine lobstermen who are watching the emerging offshore wind industry muscle into their territory.
"The prohibition preserves state waters for recreation and other fishing where the majority of Maine's lobster harvesting occurs," says Dan Burgess, who directs the Governor's Energy Office. He says that within a week the administration will announce its preferred location for a 16-square mile area in federal waters where the state and private wind developers want to construct a wind farm of up to 12 turbines.
That project will research the commercial viability of novel floating-platform technology developed at the University of Maine, and its potential effects on ecosystems and fisheries. As part of the legislative deal, the administration agreed to allow at least two representatives of the lobster industry to be included on a panel that will guide the research.
"The research array allows us to conduct further research and answer those critical questions about floating platforms, and doing so in this way prior to any commercial development of considerations is important, and kind of puts Maine in the driver's seat as we think about floating offshore wind," Burgess says.
The project will be developed by major international energy companies and funded by Maine electricity consumers. The legislative package allows for state regulators to accept above-market prices, but at the "lowest reasonable cost" needed to make sure the project can get financing needed for construction and operation.
Meanwhile, the state is also formally launching a multi-year process to create a "Roadmap" for large-scale commercial wind development off Maine. Critics say that should have been done before moving the research project forward.
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Offshore Fracking Report Finds Toxic Pollution in Gulf of Mexico – Center for Biological Diversity
Posted: at 3:40 am
NEW ORLEANS A report released today by the Center for Biological Diversity details how pervasive and damaging offshore fracking and other extreme oil and gas extraction methods have become in the Gulf of Mexico since 2010.
Based on an analysis of federal records obtained through the Freedom of Information Act and published scientific studies, the report documents more than 3,000 instances of offshore fracking, 700 cases of acidizing offshore wells, and at least 66.3 million gallons of fracking waste dumped into the Gulf over a decade.
Chemicals used in offshore fracking and acidizing pose significant health risks to both humans and wildlife, including cancer, reproductive harm, neurotoxicity and even death. The increasing use of fracking could threaten the tourism and fishing industries, which account for about 2.85 million jobs on the Gulf Coast or about 10 times the number of jobs in the regions federal offshore fossil fuel industry.
Offshore fracking threatens Gulf communities and wildlife far more than our government has acknowledged. To protect life and our climate, we should ban these extreme extraction techniques, said Miyoko Sakashita, oceans program director at the Center. A decade into the offshore fracking boom, officials still havent properly studied its public health impacts. The failure to curb this major source of pollution is astounding and unacceptable.
Offshore fracking has become a near daily occurrence over the past decade. Fracking, or hydraulic fracturing, blasts water and chemicals into the seafloor to fracture rock and release oil and gas. Acidizing injects hydrofluoric or hydrochloric acid to etch pathways in rock walls and release the fossil fuels.
The U.S. Environmental Protection Agency allows companies to discharge unlimited amounts of fracking wastewater into the Gulf. An industry report to the EPA found that each frack releases about 21,480 gallons of fracking waste, including biocides, polymers and solvents, into the Gulf of Mexico.
These chemicals kill aquatic species in laboratory tests that simulate concentrations of the substances found near offshore platforms. Many chemicals used in fracking are known to harm reproduction and development, yet about 76% of the chemicals used in fracks havent even been studied for their impacts on human and wildlife health.
Despite the known health risks of many fracking chemicals and the lack of knowledge about many others, the federal government approves extreme well-stimulation methods at a rapid rate.
Todays report, titled Toxic Waters: How Offshore Fracking Pollutes the Gulf of Mexico, is available at https://www.biologicaldiversity.org/campaigns/fracking/pdfs/Toxic-Waters-offshore-fracking-report-Center-for-Biological-Diversity.pdf.
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Balancing open justice and confidentiality in offshore trust proceedings – Reuters
Posted: at 3:40 am
July 8, 2021 - United States lawyers may need to litigate trust proceedings involving businesses or family assets in offshore jurisdictions if the trust in question is domiciled in one of those jurisdictions. Disputes occur in a number of situations through the life of the trust.
This article addresses disputes that may arise in territories of the UK. These jurisdictions include the British Virgin Islands, the Cayman Islands, Bermuda, Jersey, Guernsey and the Isle of Man. Each jurisdiction has a separate jurisprudence but to a large extent it is based on the English common law especially in the British Virgin Islands, the Cayman Islands and Bermuda. As such each jurisdiction is not bound by, but will take into consideration, judicial decisions in the other jurisdictions.
As trusts often concern private family assets there is generally a strong desire for trust litigation to be conducted in private. This desire for discretion can be seen, however, to be in conflict with the well-established two dimensional principle of open justice, that the (a) public is entitled to attend court proceedings and (b) media should not be discouraged from publishing fair and accurate reports of court proceedings. (UK High Court 2014 case of V v T).
The principle of open justice is clearly 'fundamental to the dispensation of justice in a modern democratic society' (UK Supreme Court 2013 case of Bank Mellat v HM Treasury(No2). As a matter of public policy open justice deters inappropriate behavior by the court, maintains public confidence in the administration of justice, fosters the perception of judicial impartiality and reduces the likelihood of misinformation about court proceedings. Courts therefore exercise great caution when 'asked to make incremental incursions into the general principle of open justice' (UK Supreme Court 2019 decision of MN v OP).
Trust proceedings are, however, of a slightly different nature and one may ask in many cases whether there is really such a need for open justice in proceedings that very often concern private family matters. The essential question in sensitive trust proceedings will therefore always be whether the need for a private hearing outweighs the need for open justice. This decision can, however, be considered against the backdrop of whether open justice is quite so necessary in this context.
This does not mean that it is still not an important principle but the balance may tip in a different direction in the trust context rather than, for example, the criminal context where it would be very difficult to argue that open justice should not be paramount.
As noted above, offshore jurisdictions look for precedent in other offshore jurisdictions as well as from the English courts. For example, while there is no published judgment on the issue of confidentiality in trust proceedings in the BVI, the BVI court is generally willing to hear sensitive trusts cases in private especially blessing applications where the court is asked to sanction momentous decisions made by trustees.
The BVI court will also be guided by the jurisprudence in both the UK and in other offshore jurisdictions between which there has been a difference in emphasis when it comes to the approach to privacy in trusts cases. As will be discussed further below, in the jurisprudence of the offshore jurisdictions there appears to be greater acceptance that in appropriate cases it may be necessary and in the interests of justice for the matter to be heard in private although having regard to the competing fundamental rights of the parties and the interest of the public (V v T case; The Bermudan High Court 2017 case of Re G Trusts; the Cayman High Court 2018 case of Julius Baer Trust Company Ltd; and the Jersey Royal Court 2018 case of HSBC Trustees v Kwong).
The threshold for obtaining a private hearing in the UK is governed by Rule 39.2 of the Civil Procedure Rules. That threshold is a high one, as demonstrated by the restrictive approach adopted in the leading decision of V v T, which concerned an application for the variation of a trust under section 1 of the UK 1958 Trust Variation Act. In that case, the parties consented to a private hearing, submitting that an open hearing would risk the value of the trust's assets and the personal security of the beneficiaries. Mr. Justice Morgan, however, found that it was settled practice under the Act for applications to ordinarily be heard in open court, and that the concerns of the parties in that case did not constitute 'clear and cogent evidence' that a private hearing was necessary in the circumstances.
Nevertheless, Morgan J recognized the special position of minor beneficiaries under the trust and therefore agreed to implement partial privacy through anonymizing the judgment. The English Court of Appeal, the UK's intermediate appellate court, recently reiterated this approach, but was quick to reject the proposition that anonymity in trust cases should be considered a default position or the norm (2019 decision in MN v OP and others). The court stressed that there was no general exception to open justice in trusts matters and that the issue of whether or not the matter should be determined in private should be decided on a case by case basis.
The Court of Appeal's decision further underscored that where any anonymity was being granted, it would only be the minimum strictly necessary and to the extent needed to ensure justice in the case. This was the rationale used to support an order that references to minor beneficiaries should be anonymized (but this will expire when they turn 18). But all references to adult beneficiaries were to remain public along with identification of the settlement and the general nature of the trust and its provisions. Recognizing that such a limited order may still expose the identity of the minor beneficiaries, an additional prohibition on the publication of their identities (including on the Internet and social media) was added.
In general, the offshore jurisdictions appear to follow a less restrictive approach to applications for matters to be heard in private than in the UK. This does not mean, however, that these jurisdictions do not consider the principle of open justice. They are simply more willing to also consider whether or not this is necessarily of paramount importance in all cases when balanced against competing privacy considerations.
In this regard many of the offshore courts have considered the administrative nature of many trust applications. In this sense applications for variation, directions to trustees and blessings can be viewed as merely legal mechanisms of trust law to rearrange the basis on which the trust is administered. Accordingly, these can be seen as procedures of a more transactional nature and sometimes akin to, for example, the restructuring of a will where no public hearing would be required and the affairs would be regarded as confidential and subject to legal privilege (Bermuda High Court 2018 case of Re E Trust, the Royal Court of Jersey 2004 case of Jersey Evening Post v Al-Thani, Isle of Man case of Re Delphi and Re G Trusts).
These 'administrative' trust proceedings have been said to cast a 'quasi-paternal' role upon the courts which must be considered when striking a balance between open justice and the confidential business arrangements of settlors, trustees, and beneficiaries (Al-Thani). In Re G Trusts it was, for example, considered that there should be a presumption of privacy, as the public has no right to pry into the personal affairs of the trust.
Private hearings also provide certain practical benefits in trust proceedings, including encouraging interested parties to be more candid with the court. In this regard it has been recognized that if a party were to be concerned that sensitive information they were about to divulge could be seen by those with 'hostile eyes', they would be less likely to be candid and this would frustrate the underlying purpose of the court's paternal jurisdiction (Al-Thani). The additional anonymization of trust proceedings may also be necessary as full information about a case without names may be more helpful than publications of names with no details. (HSBC Trustees).
Following from the above the accepted practice in Jersey, the Isle of Man and Guernsey appears to be that applications for directions by trustees are often heard in private with the judgment then being published but in anonymized form. This too is the position in the Cayman Islands and Bermuda, with the courts in these jurisdictions additionally being willing to seal the file from the public's view. (Re G Trusts, Julius Bear Trust, Re E Trust).
To date the BVI court appears to have followed the position in the Cayman Islands and Bermuda with regard to hearing directions applications in private and sealing the court file. In the case of directions applications, these are usually filed alongside an application to seal the file and the sealing application will generally be dealt with on paper.
From the above one can see that the offshore jurisdictions tend to approach the question of privacy in trust proceedings with more flexibility than the UK courts. The balancing exercise is still relevant but these courts are perhaps more likely to accord heavier weight to the need for confidentiality in certain proceedings relating to trusts.
It is, however, important to recognize that even following this approach there are still important safeguards in place. Kawaley J, who sat as a judge in both Cayman and Bermuda, makes a strong argument in favor of privacy, opining that since offshore jurisdictions promote the establishments of trusts for the legitimate conservation and protection of wealth, courts in offshore jurisdictions should be at least sympathetic to the need for confidentiality in trust proceedings (Julius Bear Trust).
Confidentiality orders will, however, only be made upon the understanding that the trust is genuine on its face, the interested parties are compliant with applicable tax and anti-money laundering obligations and none of them are or become subject to public investigations. There is therefore still a clear recognition in the offshore jurisdictions that whereas there may be some legitimate reasons for privacy in trusts cases this must still be balanced against the need for open proceedings.
Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. Westlaw Today is owned by Thomson Reuters.
Peter Ferrer is Co-Head of the Litigation, Insolvency and Restructuring practice of Harneys. He can be reached at peter.ferrer@harneys.com. He is located in the British Virgin Islands office.
Claire Goldstein is a partner at the firm, specializing in trusts litigation, and can be reached at claire.goldstein@harneys.com. She is located in the British Virgin Islands office.
Tyrone Bailey is an associate at the firm and can be reached at tyrone.bailey@harneys.com. He is located in the British Virgin Islands office.
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