Filed under: Bureaucracy, Capitalism, Economics, Economy, Free Markets, Freedom, Heartwarming, History, Politics, Regulation | Tags: The Money in the World, Wealth and Debt, Where Is It? Who Owns It?
That’s all impressive, but the derivatives market takes the cake. Derivatives are contracts between parties that derive value from the performance of underlying assets, indices, or entities. On the low end, the notional value of the derivatives market is estimated to be a whopping $630 trillion according to the Bank of International Settlements.
However, that only accounts for OTC (over-the-counter) derivatives, and the truth is that no one actually knows the size of the derivatives market. It’s been estimated by some that it could be as high as $1.2 quadrillion, and others estimate it could be even higher.
There are many financial critics who worry about the risk that these contracts pile onto the global financial system. With the sheer size of the derivative market dwarfing all others, it’s understandable why business mogul Warren Buffett has called derivatives “financial weapons of mass destruction”.
Filed under: Entertainment, Heartwarming, Music, Pop Culture | Tags: "Telegraph Road", Dire Straits, Mark Knopfler
(h/t: Maggie’s Farm)
Filed under: Capitalism, Cool Site of the Day, Education, Foreign Policy, Free Markets, Freedom, Heartwarming, History, Immigration, Media Bias, Politics, The Constitution, The United States | Tags: Constitution Day, Independence Hall, September 17 - 1787
Today is Constitution Day, September 17, celebrating the ratification of the United States Constitution on September 17, 1787. If you are unfamiliar with the day of celebration, you may be forgiven, for it was only established in 2004, and to further confuse matters, if it occurs on a weekend it is celebrated in schools and government offices on the closest weekday, so they supposedly celebrated yesterday. Check with your child if you have one in school.
The law establishing the American federal observance was created with an amendment by Senator Robert Byrd to the Omnibus spending bill of 2004, and mandates that all publicly funded educational institutions, and all federal agencies provide educational programming on the history of the American Constitution on September 17, 1787. It is also Citizenship Day, commemorating the coming of age or by naturalization, of those who have become citizens. (What? You’re not a citizen until you turn 18?)
Iowa schools started celebrating in 1911, and there’s a long history of attempts to make it a national celebration, which aren’t really important anyway. What is important is that a recent survey determined that most college students had no idea who James Madison was, or why he was important. And were astonished to learn that slavery was not practiced only in the United States. No idea of Muslim raids on the British Isles to capture British slaves, or of Muslim slave traders caravans up from ‘darkest Africa’, nor of American Indian slaves. Schools across the country have become very lax in the teaching of American History. And our college students have no idea why the Constitution is a big deal. Oddly enough, the institution that makes the most of American history and the study of the Constitution is Hillsdale College, which receives no federal funding at all. Here is Dr. Larry P. Arn, President of Hillsdale College explaining why they study the Constitution.
Filed under: Bureaucracy, Domestic Policy, Environment, Global Warming, Heartwarming, History, Humor, Junk Science | Tags: Al Gore Cllimate Scientist, Climate Loons, US Fish and Wildlife
(From Mark J. Perry at AEI)
Filed under: Bureaucracy, Capitalism, Economics, Economy, Education, Freedom, Heartwarming, Taxes, Unemployment | Tags: Graduation Speech, Making a Living, Mike Rowe's Dirty Jobs
Filed under: Capitalism, Economics, Economy, Free Markets, Freedom, Heartwarming | Tags: A Remarkable Achievement, AEI's Carpe Diem Blog, Economist Mark Perry
Economic charts may not get framed and put on the wall, but some of them deserve a little celebration. This one represents “the Greatest and Single Most Remarkable Achievement in Human History — the significant reduction of the share of the world’s population living in extreme poverty over the last two hundred years, especially the 84% reduction in just the last 40 years from 60% of the world’s population in 1970 to less than 10% last year. ”
“We can thank the free enterprise system for the remarkable reduction in world poverty. It is America’s gift to the world. “