Why Isn't There a Demonstrably Correct Economic Theory?

By Charles Hugh Smith: Although economics doesn't recognize it, the operative phrase here is systemic injustice.

Correspondent C.G.D. recently asked what I consider a very profound question: why isn't there demonstrably correct economic theory?

"My wife has asked me a 'simple' question that I can not answer. After 2000 years, why do we not know which economic theory is correct: Keynesian or Hayek-Friedman? Surely, there is a demonstrably, statistically correct answer."

Let's add Marxism to the short list of contenders, and then consider why we have cargo-cult faiths (Keynesianism) instead of demonstrably correct models of economic behavior. 

Many others have noted the obvious, that economics is a pseudo-science rather than a real science: beneath the fancy quantification and math, economics is fundamentally the study of human behavior, and that complex mix of dynamics cannot be reduced to a tidy model that spits out accurate predictions.

The beautiful defenders of Balcombe called a "mob" by Ian Austin MP - BBC Sucks O Cocks News

The artist taxi driver

  "Labour MP Ian Austin is a disgusting git!"

Friday Humor: The New Normal Miranda Rights

Submitted by Tyler Durden: We can waste readers' time with the latest revelations about the NSA's espionage activities against Americans, highlighted fully in the following WaPo article "NSA broke privacy rules thousands of times per year, audit finds" whose title is sufficiently self-explanatory about how seriously the administration takes individual privacy, or we can just showcase the following cartoon which shows how the Miranda rights have been 'adjusted' for the New Normal...

Silver up 12% for the week

SilverFuturist

Einstein's Circle of Compassion | Brainwash Update

Abby Martin gives a heartfelt remark about Einstein's 'Circle of Compassion' by reflecting on how to balance personal stability with the plight of humanity by establishing a sense of global empathy.

REAL FRACKING THREAT TO UK WATER SUPPLY ANALYSED IN FULL

How the Government is endangering British water supply by pushing exploration that is giving even its proponents serious second thoughts.

The average human being is roughly 65% water. Our species can survive for a maximum of three days without water – longer in very cool conditions, but for only 3 hours without shelter in very hot conditions. It is by far the most important resource on the planet for sustaining human life, and it is already in short supply. In this analysis, The Slog demonstrates that not only is fracking a massive threat to our water sustainability in the UK, the essentially dead-end nature of the technology means that, if it goes ahead, we will pay a heavy price for going precisely nowhere in energy terms.

My position on fracking (until I see objective information to the contrary) is simple: I’m against it here in the UK. But not on any one dimension. My objections remain:

Bradley Manning Nobel Peace Prize‏ + Marin activist lobbies in Norway

We (SGW and friends) helped tell the world that Bradley Manning deserves the Nobel Peace Prize.

RootsAction’s Norman Solomon just delivered our petition with over 100,000 signers to the Nobel Committee in Oslo -- and major news coverage went around the world.

This week, thousands of newspapers published stories about our petition from Reuters, AFP, and the Associated Press. TV and radio coverage also reached many millions of people across the globe.

Bradley Manning has been convicted for bravely exposing serious crimes by the U.S. government. With sentencing imminent, this would be a very good time to inform people in your community about why you signed our historic petition.

Please contact your local media outlets to urge them to get the story right while reporting on a “local angle” including your own involvement in the ManningNobel.org petition.

Letter from Egypt - In Search Of A Lost Arab Identity

Morris: A thoughtful person's anguish ....

"As an Egyptian I can tell you that people here are totally blinded by the Egyptian media that drives egypt to a bloody civil war. Egyptians are very emotional and can be easily angered. I think the Mossad and the CIA are doing a great job here.

Welcome to the Silk Road: A Mind-Blowing Interview with Dread Pirate Roberts

By Michael Krieger: An entrepreneur as professionally careful as the Dread Pirate Roberts doesn’t trust instant messaging services. Forget phones or Skype. At one point during our eight-month preinterview courtship, I offer to meet him at an undisclosed location outside the United States. “Meeting in person is out of the question,” he says. “I don’t meet in person even with my closest advisors.” When I ask for his name and nationality, he’s so spooked that he refuses to answer any other questions and we lose contact for a month.
All my communications with Roberts are routed exclusively through the messaging system and forums of the website he owns and manages, the Silk Road… “The highest levels of government are hunting me,” says Roberts. “I can’t take any chances.”

If This Guy Is What The Future Of America Looks Like, We Are In BIG Trouble

By Michael Snyder: Should taxpayer dollars be used to buy sushi and lobster for a young man whose future plans consist entirely of surfing and partying as much as he possibly can?  When I first saw the video that I am about to share with you, I was absolutely floored.  Recently, Fox News interviewed a self-described beach bum named Jason Greenslate who was very open about the fact that he has no problem sponging off of all the rest of us.  When he was asked if he ever had any interest in actually getting a job, his response was "not whatsoever".  Instead, he says that his job is to "make sure the sun's up and the girls are out" and he would rather spend his days partying.  Of course every American should be free to live their own lives as they see fit, but the problem is that Jason Greenslate is using food stamps to help support his lifestyle.  In fact, he took Fox News into the gourmet section of a local supermarket where he purchased sushi and lobster with his EBT card.  Sadly, he is just like millions of other young men in America today that seemingly have had the drive to succeed and to be independent totally sucked out of them.  But what is the future of America going to look like if we continue to produce millions upon millions of young men that have absolutely no desire to make a living, get married and start a family?
Posted below is video from the Fox News interview with Jason Greenslate.  If you are a US taxpayer, the following video should upset you greatly...

Gold Gone? Germany baffled as Fed bars access to bullion!

RT: The world is losing trust in the dollar as a safe haven. A major blow came after Germany's Bundesbank demanded the repatriation of a big chunk of its gold being held in the US. Because as RT's Gayane Chichakyan reports, some are concerned the assets of foreign nations in the Federal Reserve are not secure or even there. The Germans were infuriated when the US Federal reserve didn't even let them examine their own assets properly.

Death toll in Egypt rises to 525 as Obama cancels military exercise, ‘strongly condemns’ violence + Coptic Christians in Egypt killed, targeted by Islamists as violent conflict continues around the country

By Madison Ruppert: As the death toll in Egypt rises to 525, according to the health ministry, and Christians face more danger than ever, Obama (the baby bomber) has canceled a military exercise scheduled for next month while saying that the U.S. “strongly condemns” the violence currently plaguing Egypt. Perhaps most troubling of all is that there are no signs of the violence ending in the near future with the Muslim Brotherhood pledging to march in Cairo and bring down the interim government.
One of the most notable aspects of Obama’s reaction is that he avoided actually describing the situation in Egypt as “a coup.”
If such language was used, it would require the U.S. to cut the $1.3-1.5 billion in yearly aid to Egypt, as USA Today notes.
Gehad El-Haddad, spokesman for the Muslim Brotherhood, has been especially vocal as of late.
“We will rise and rise again until we push the military back into the barracks and restore democracy,” El-Haddad said via Twitter.
El-Haddad also claimed that the Minister of Health “has privately disclosed that he is under extreme pressure” to withhold the real numbers of injured and dead Egyptians.
“Almost 8 times of what they announced,”