Financial markets are surprised by the most surprising things

Financial markets may have rules of their own, but even there it has to be that the value of financial products can only rise if the real value of the assets beneath them are also rising. In an economy in which the actual quantum of productive assets has deteriorated, nothing can make the real value of financial assets increase. Why is this a puzzle to anyone?

The idea behind asset allocation is simple: when one market struggles, it’s OK because an investor can jump into another that is thriving. Not so in 2015.

In fact, if you judge the past year by which U.S. investment class generated the largest return, a case can be made it was the worst for asset-allocating bulls in almost 80 years, according to data compiled by Bianco Research LLC and Bloomberg. With three days left, the Standard & Poor’s 500 Index has gained 2.2 percent with dividends, cash is up less, while bonds and commodities are showing losses.

If green energy is your idea of economic growth, to take just one example, the world of finance is going to be a very disappointing experience. It fits in perfectly with this: Debt distress level at highest since recession.

Media again fanning the winds of political change

Are we looking at more media meddling in politics? These are both from today’s Oz.

First we have Shorten in a parlous state as Turnbull turns Victoria against Labor. Which we may contrast with this article by Anthony Albanese which may be found on the editorial page: Let’s return to rational infrastructure spending.

Turnbull was always going to be easier to beat than Abbott since if you like Malcolm you are really going to love Albanese.

And who should succeed that empty presidential chair?

An empty chair has been an apt metaphor for Obama although I do think he began and continues with an agenda that in his own eyes has been quite successful. But Clint Eastwood got it right where others supposedly more knowledgeable did not and now we have this: Clint Eastwood Reveals Which Two Candidates ‘Would Be Better Than What We Got’ with Obama Now.

You’ll never guess. Well actually, you might guess at least one. And in fact in the video at the link he seems to mention three. In fact, I’m not even sure he has ruled out any of the leading Republican candidates.

As for Obama, every day we are reminded how dangerously hopeless he has has been in defending America’s interests which really means our interests. Today’s instalment.

WASH POST: Resurgent Taliban has officials increasingly grim…
Boots on the Ground: Special Forces Sent to Tackle Global Threats…
ISIS leader threatens West in audio message…
Israel attacks imminent…
European Capitals Warned of Bomb Plot Before NYE…
IRAN ACCUSES SAUDI OF PROMOTING TERRORISM…
Russia releases dramatic video of air strikes ‘on Islamic State oil empire’…

The war on hypocrisy

https://youtu.be/MRBoXk01yL8

There are swamps in the American political system so fetid that no one will even try to clear them out, with the one exception being Donald Trump. The article is naturally pro-Hillary but with Trump the way he is, they cannot avoid bringing the issue into the light. Trump campaign: Hillary bullied women to hide Bill’s ‘sexist secrets’. No doubt there is more to come.

Via Instapundit

Donald Trump may already be a conservative

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The picture of Donald Trump was taken by me at his very first public presentation that has taken him to the edge of the Republican nomination for president. This was at Freedomfest in Las Vegas last July. And what was notable about this presentation was that he sought out the invitation to speak. He was not on the program until he asked that he be included. And he perfectly well knew that Freedomfest is the most important annual meeting of conservatives and libertarians in the United States. What’s more, he gave one of his free wheeling speeches off the top of his head that had half the audience on its feet at the end. My feeling at the time was that in speaking to that audience he was in home territory among people who understood what he was about and about whom he understood what they were about. I live blogged his presentation and in re-reading it now, I can again see his vast appeal.

There is a post at Instapundit by Roger Simon, IT’S A CHRISTMAS MIRACLE! Roger Simon: How I Stopped Worrying and Learned to Love The Donald for Xmas. This is the passage quoted:

All the Republican candidates have their flaws, as does, in spades, the woman far at the front of the Democratic pack, described almost twenty years ago by William Safire in one of the most prescient op-eds ever as a “congenital liar.”

But my interest here is not in detailing everyone’s weaknesses – I like to remain friends with people – but, as a Christmas present to the angst-ridden, to try to explain how Trump’s flaws can be turned to the advantage of Republicans and conservatives. This is particularly important if, as appears highly possible, he wins the nomination. What do we do about it?

The answer is obvious. The solution to conservative angst over Trump is simple: stop criticizing him, co-opt him.

You don’t have to co-opt him. He is with us. Nobody understands all of the issues and everyone needs input to find their way. But what seems apparent on the evidence so far is that Trump is already onside with most of what we conservatives believe and would like to achieve. Marco Rubio had spoken the day before and left no impression other than he was too callow for the job. Given that it was Freedomfest, the libertarians there were largely ready to support Rand Paul. But it was only Trump who actually made fixing things seem possible. It may be a mirage. He may in the end not have what it takes. But unless he is the greatest charlatan in political history – putting even Obama into the shade – what you see is what you get, and what you get is possibly the most conservative candidate we have seen since Ronald Reagan. What constitutes a conservative in the era of Obama and Clinton is something different from what it was in 1980. Donald Trump may be as conservative as it is possible to be at the present time and still get elected in the United States.

Christmas in Australia

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Part of what I love about Australia is that we are the least PC country in the English speaking world. The picture is of Flinders Street Station in the middle of Melbourne and the same words are found all over our trams and buses. In the idiot parts of the Anglosphere there is a “War on Christmas” where such public displays of our Christian heritage are virtually impossible to imagine. Discussed here by Ed Driscoll at Instapundit who quotes Jonah Goldberg.

The war on Christmas represents a special kind of passive-aggressive jackassery because the aggressors deny they have declared a war. They simply take offense at Christmas cheer. They cancel Christmas pageants. They leave baby Jesus in a cardboard box in the church basement, but see nothing wrong with celebrating the Winter Solstice as if that’s a more rational thing to do. And then, when people complain about this undeclared war on Christmas, the aggressors mock and ridicule them for paranoia and hyperbole.

Much of what drives the left is their war on our Christian heritage and values. These latter-day Voltaires think they are free thinkers, standing up for truth and rationality when they are in reality our most deadly enemies since they have been willing to make common cause with Marxists and Islamists who also war against Christianity. Australia remains relatively unaffected by this, at least for now, but is far from unaffected. The hatred for Tony Abbott, for example, was in no small part driven by a widespread disdain on the left for his Christian beliefs.

Sanitising the past

This is the sub-title which explains more closely than the actual title what the article is about: How and why Hollywood distorts history by filming it with a leftist lens. History in a post-modern world is what you want it to be, not an actual account of what happened. The featured distortion of the article is the film Bridge of Spies of which we find:

Bridge of Spies is typical Hollywood myth-making in that it is false on two levels. The lesser level is that of incident, of juicing the details to make a more riveting tale and to create a role more attractive for Hanks, who is so wary of playing any characteristic other than likeable, principled, and trustworthy that he is gradually becoming a sort of Madame Tussaud’s wax figure of himself. So: Donovan’s house wasn’t attacked by gunfire, he didn’t witness East Germans getting gunned down at the Berlin Wall, didn’t get mugged for his overcoat by a gang of East German youths, wasn’t harassed by the East German police, and didn’t have to overcome the hostility of the CIA up to and including the moments at the Glienicke Bridge where Donovan secured the release of both the downed U-2 pilot Francis Gary Powers and a young American economics graduate student named Frederic Pryor, who was being held by East Berlin police. In the film, the CIA is so uninterested in Pryor’s release that the agency effectively works at cross-purposes to Donovan, who insists that both men must be freed. “That was the biggest error,” Pryor said this fall. “It didn’t happen like it did in the movie at all.”

Nor did Pryor dramatically get caught in East Berlin while momentarily venturing from West to East to help a woman at the exact moment when the cement and barbed wire of the Wall were hastily being thrown across that section of Berlin. Pryor didn’t even know until last summer that a movie that dramatized events in his life was in the works (Bridge of Spies had already been filmed by then). He hadn’t been allowed to see, much less comment on, the script.

The higher level of its distortion is to create some kind of moral equivalence between the Soviet Union and the United States during the Cold War. What caught my eye particularly was this, which reminded me of our Malcolm.

The Constitution is “what makes us Americans. It’s all that makes us Americans,” Donovan declares. A nice thought, but that still doesn’t obligate Donovan to work for a Soviet agent any more than it obligates any individual lawyer to defend, say, Dylann Roof. If anything, the question of which clients to accept is an issue for ethicists of the Bar, but “I’m defending a spy because the Bar Association asked me to” isn’t quite so resonant a declaration as one that invokes the Constitution.

Among the strongest evidence that Turnbull is a man of the left in everything he stands for is his role in defending Peter Wright, the MI5 agent who wrote his book Spycatcher outlining everything he could find to discredit and reveal the counter-espionage efforts of the West. Both Wright and Turnbull are heroes of the left because they found against Margaret Thatcher who tried to prevent the book from being published. People tell me that this is what barristers do, they defend their clients whatever their personal views may be. You believe that and you can believe anything. No one who has ever briefed counsel in an important case briefs someone who is not absolutely onside. That is Malcolm’s side. It remains an unmitigated disgrace that he now leads the party of the right in Australia. No one should trust a thing he does.

Not your typical Disneyland visitor group

Here’s the front story:

US BLOCKS UK MUSLIM FAMILY FROM BOARDING PLANE TO DISNEYLAND…
London Imam Claims More Than 20 Denied Entry…

Now here’s the backstory. This is from the Daily Mail in the UK: Just because Britain’s border security is a Mickey Mouse operation you can’t blame America for not letting this lot travel to Disneyland – I wouldn’t either. This is part of what she writes.

This lovely big British family aren’t exactly conventional. They are two brothers – and 9 children… between 8 and 19 years old.

I’m sorry? Two brothers and nine children. All called Mahmood.

When was the last time two grown men, took nine ‘kids’ abroad on their own?

And since when was a 19 year old a child? . . .

I have worked in Disneyland as a Security Guard. You don’t sound like our typical visitor group.

There’s quite a bit more as well at the link.