12 Apr 2012
"if things are not fixed and quick : "The cities are going to look like Dodge City. They're going to be uncontrollable. You're going to have gangs in control, motorcycle marauders. You're not going to have enough police or federalis, just like Mexico, to control the situation. New York City looks like Mexico City. If you have money or they think you're going to have money, you're going to be a target for a kidnapping.
Submitted by Tyler Durden:
Back in August 2009 we asked a very simple question: "Is Goldman's Selective Trading Disclosure A Legal Way For Preferred Clients To Front Run The Market?" Today, nearly three years later, the SEC answers our question. The answer - a resounding yes.
As a reminder, "Zero Hedge has long been discussing the impact of selective informational disclosure, be it in the context of trading or research asymmetries, which promote a two-tiered market, where privileged accounts of major broker dealers receive "tips" ahead of "everyone else." The quid's pro quo is that these "privileged" few end up executing the bulk of their trades with the broker-dealer, thus ramping up riskless agency revenues. In essence the clients' capital risk is mitigated, while the return to the "perpetrator" is augmented by collecting a disproportionate share of the bid/offer spread in the given security. Whether this tiering mechanism occurs via Flash orders, SLP provisioning, actionable IOIs, advance selective notice of a large flow order, a phone call, a limited Bloomberg blast, or an Instant Message, the ethics of the practice are undoubtedly shady, and potentially borderline criminal. But no one is the wiser, as both sender and receiver of information know to keep their mouth shut. Until today, when the WSJ blows one aspect of this practice out of the water, by focusing on Goldman's selective informational disclosure to preferred clients, and is likely to create much more headache for Goldman's PR department and its staunchest CNBC-based prosecutor-turned-supporter and soon to be Sellout author."
For BBC Radio 4's Analysis programme, Paul Mason interviews Professor Steve Keen about his diagnosis and proposed treatment for our current economic problems.
A follower of the late Hyman Minsky, Professor Keen has an unconventional proposal for dealing with the financial crisis: a "Modern Debt Jubilee" that reduces private debt without disadvantaging savers, but which drastically reduces the income and power of the financial sector.
Professor Keen has also argued that though it professes to praise capitalism, mainstream "Neoclassical" economics poses a greater danger to capitalism than any number of left-wing revolutionaries. "Its naive, money-less, equilibrium theory of capitalism provided the unwitting cover for the greatest Ponzi Schemes in human history," claims Professor Keen. He argues that it's in the interests not just of "Occupy LSX" to overthrow this theory, but the business sector as well.
Uncompromising Photos Expose Juvenile Detention of 60,500 in America Every Night. Six times rate of all other developed nations
On any given night in the U.S., there are approximately 60,500 youth confined in juvenile correctional facilities or other residential programs. Photographer Richard Ross has spent the past five years criss-crossing the country photographing the architecture, cells, classrooms and inhabitants of these detention sites. The resulting photo-survey, Juvenile-In-Justice, documents 350 facilities in over 30 states. It’s more than a peek into unseen worlds — it is a call to action and care.
“I grew up in a world where you solve problems, you don’t destroy a population,” says Ross. “To me it is an affront when I see the way some of these kids are dealt with.”
The U.S. locks up children at more than six times the rate of all other developed nations. The over 60,000 average daily juvenile lockups, a figure estimated by the Annie E. Casey Foundation (AECF), are also disproportionately young people of color. With an average cost of $80,000 per year to lock up a child, the U.S. spends more than $5 billion annually on youth detention. On top of the cost, in its recent report No Place for Kids, the AECF presents evidence to show that youth incarceration does not reduce recidivism rates, does not benefit public safety and exposes those imprisoned to further abuse and violence.
Wildlife Thriving After Nuclear Disaster? Radiation from Chernobyl and Fukushima Nuclear Accidents Not as Harmful to Wildlife as Feared
Radiation from the Chernobyl and Fukushima nuclear accidents may not have been as harmful to wildlife as previously thought.
New research by Professor Jim Smith, of the University of Portsmouth, and colleagues from the University of the West of England has cast doubt on earlier studies on the impact on birds of the catastrophic nuclear accident at Chernobyl in April 1986.
Their findings, published in the Royal Society journal Biology Letters, are likely to also apply to wildlife at Fukushima in Japan following its nuclear disaster in 2011 and represent an important step forward in clarifying the debate on the biological effects of radiation.
Professor Smith, an environmental physicist at the School of Earth and Environmental Sciences, said: "I wasn't really surprised by these findings -- there have been many high profile findings on the radiation damage to wildlife at Chernobyl but it's very difficult to see significant damage and we are not convinced by some of the claims.
"We can't rule out some effect on wildlife of the radiation, but wildlife populations in the exclusion zone around Chernobyl have recovered and are actually doing well and even better than before because the human population has been removed."