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Power & Market
Libra as a Competitor to Inflationary Central Banks
As an international private currency, Libra will be in competition with publicly issued currencies. It could have large and fruitful repercussions on the global monetary policy, especially with reference to those countries where central banks are still heavily subject to political influence and tend to pursue inflationary monetary policies.
The introduction of the Libra project to the public has generated a lot of fuss over the consequences this cryptocurrency may have for the stability of the global financial system.
At first, we need to clear the ground from the most common mistaken facts about Libra running over the news. As detailed in this white paper, Libra will be a fully backed cryptocurrency, it will be issued solely upon demand, and its value will be given by a basket of reserves whose composition will be diversified, privileging safe assets and stable international currencies (as thoroughly described in the technical part of the white paper dedicated to the functioning of the reserve mechanism).
Thus, despite the rumors, we know as a fact that Libra will not:
- run its own monetary policy, since it will not be in control of its money supply;
- create commercial-banks money, since it will not leverage on its costumers' deposits to create new units of Libra operating under a fractional-reserve scheme like regular commercial banks do;
- be pegged to any existing currency, since it will not take a specific commitment to fluctuate in a stringent range vis-a-vis any currency or basket of currencies.
Lastly, the fear that a sudden bank-run may cause the collapse of the Libra is either irrational or it confirms early critics have not yet understood the basic functioning of the project. In fact, the fully backed-ness of Libra would make it much safer than commercial-banks deposits we daily accept as means of payment, because Libra would be always redeemable—at least—into legal-tender currency; this redeemability would not be just theoretical (as it occurs with commercial-banks money and fractional-reserve banking) but also practical, because a unit of Libra could be created if, and only if, a unit of monetary base (i.e., legal-tender currency) or a claim on it (i.e., a unit of commercial-banks deposits) were conferred in exchange for that very unit of Libra.
In other words, while commercial-banks money (that is, deposits) can be created out of thin air—simply granting a loan—Libra would be instead created if, and only if, backed by a formerly existing unit of money—either of the central bank or of commercial ones (recall: money of commercial banks are deposits, which entitle the owner to claim a unit of monetary base, i.e., legal-tender currency).
For all these reasons — sticking to what we really know about Libra so far — Libra will have a value which will be stable in time with respect to the main reserve-currencies of the world. The relatively stable value of Libra, together with its worldwide accessibility, is what we believe may have positive and interesting repercussions. Libra may become a safe, accessible, cheaply storable reserve of value for those people living in countries that experience unbearable high levels of inflation to this day.
Moreover, the analogies between Libra and the first steps of the Hayekian proposal of "Denationalization of Money" (1976) are strikingly patent, insofar as Libra:
- is a privately issued medium of exchange;
- is subject to a 1:1 reserve system, in which money-creation out of thin air is not allowed;
- remains fully redeemable in terms of existing legal-tender currencies.
Therefore, Libra — if not impeded by governmental legislative power — would provide consumers with a medium of exchange whose inflation would be the weighted average of the safest legal-tender currencies of the globe, thus naturally displaying a potential standard deviation of its value — that is, deflation or (more likely) inflation — closer to them than to that of more volatile currencies. After a while, highly inflated legal-tender currencies (especially in those countries with relevant governmental interference and political influence over central bank's activity) would be gradually less demanded in exchange for goods and services and, were governments not to forbid payments denominated in terms of Libra-units (that is, were they to allow Libra to exist as a full-fledged means of payment), then Libra could (analogously to what is postulated by the Grisham's Law, but —somehow — in reverse) drive governmental money out of the payment-mechanism and prompt agents to hold to Libra for payment-purposes.
Thus, citizens would be induced to hoard governmental money only in order to pay taxes — since government would not, most likely, forego their privilege of imposing which unit of account taxes are to be paid in, that is, which unit of account is decreed to be legal-tender currency — and would be given the opportunity to access a slightly more competitive money-market.
For example, were Libra allowed to circulate alongside the publicly issued currencies in countries such as Turkey or Argentina, which at present experience high level of inflation, citizens of these countries will soon start to be interested in storing their wealth in Libra-coins, which is what has in part already happened with Bitcoin or major international currencies — like the dollar. The advantage Libra could have over Bitcoin is that it promises to deliver far better in price stability, while the advantage it could have over the dollar is that it has the potential to flow freely over the internet, overcoming the capital control barriers and all sort of government limitations.
Surely, critics point out that the currencies of said countries will not be accepted as a collateral for the issuing of Libra, hence these people will not be the early adopters of the currency. Nevertheless, Libra may eventually get to these countries from the international trade, via inflows of capital or (more likely) goods and services purchasing; and, since money transfers in Libra would be far cheaper and easier to handle, Libra could then start to be adopted as an alternative currency by more and more people inside the country. In such a scenario, people will express their preference for Libra instead of their local currency, and that will represent an incentive to the local central banks not to act inflationary so to restore the confidence in their own currency, displaying the fruits competition could bear also in a traditional public dominated market — as that of currencies currently is.
Abolish the Dept. of Homeland Security? Yes, Please.
Alexandria Ocasio-Cortez has suggested eliminating the Department of Homeland Security.
Her motivation seems to be reducing federal immigration enforcement powers, although it doesn't necessarily follow that abolishing the DHS would actually accomplish this.
Nevertheless, the DHS is just yet an other cabinet level agency pushed to facilitate even more government spending, and has never been necessary. Its abolition would be a step in the right direction.
The thing about raising government agencies to cabinet-level status is that the move makes it easier for the bureaucrats in charge of the agencies to politically agitate for more government spending in their favor, and to push bigger government in general. It's no coincidence that as the US government has grown ever larger and more intrusive, so has the number of cabinet-level agencies. So now, we have the EPA, the SBA, and the departments of HUD, Energy, and Education all provided with more direct access to the president and the media. Everything they do is deemed "essential." Everything they do, we're told, is a matter of national importance.
DHS is no different. When the 9/11 attacks occurred, they exposed the sheer incompetence, laziness, and inefficiency of government security and defense organizations. Year after year, hundreds of billions of dollars were poured into these organizations — in addition to the countless billions spent on the Pentagon. But when they were shown to be asleep at the switch, what happened? Rather than have their budgets cut, and senior officials fired in droves — as should have happened — George W. Bush and his cronies decided that what the federal government really needed was a new department into which billions more in taxpayer money could be poured.
The was politically important in the sense that making DHS a department made it easier to call for every more funding for its constituent agencies. But much of what the department does was already done before 9/11 — including immigration regulation.
What was new was the federalization of airport security, and new slush funds for domestic police departments.
In a 2017 article titled "Four Agencies to Abolish along with the Dept. of Education," I put DHS first on the list (followed by the EPA, Interior, and Agriculture):
One: The Department of Homeland Security, $51 Billion
Somehow, the United States managed to get along for more than 225 years before this Department was created by Congress and the Bush Administration in 2002.
The Department quickly became a way for the federal government to spread federal taxpayer dollars to state and local law enforcement agencies , thus gaining greater control at the local level. The DHS administers a number of grant programs that have helped to purchase a variety of new toys for law enforcement groups including new weapons, and new technologies. Also included in this is the infamous military surplus program which is supplies tanks and other military equipment to police forces everywhere from big cities to small rural towns. The crime-free town of Keene, New Hampshire made sure its police received a tank through this program as have many larger cities.
When the Orlando gunman opened fire in the Pulse nightclub in 2016, the police eventually rolled up in a tank — which did nothing to stem the bloodshed inside the club.
Police claim they need these half-million-dollar vehicles from the DHS to deal with civil unrest. Never mind, of course, that every state already has a National Guard force specifically for that purpose.
While the Department was created in response to the 9/11 attacks, the Department does nothing to address anything like a 9/11-style attack, and all the agencies that were supposed to provide intelligence on such attacks — the FBI for instance — already exist in other departments and continue to enjoy huge budgets.
DHS also includes agencies that already existed in other departments before, such as the Federal Emergency Management Agency, and the agencies that handle immigration and customs. Those agencies should either be returned to the departments they came from or be abolished.
And, few would miss the Transportation Security Administration — an agency that has never caught a single terrorist, but has smuggled at least $100 million worth of cocaine.
Alexandria Ocasio-Cortez is usually wrong about pretty much everything. But on this she's accidentally correct: abolishing the DHS would be a net good for America. It was never necessary, and is mostly a channel for violating the rights of Americans through a de facto standing army of federal agencies and local cops pumped up on federal dollars and military equipment. Politicians in Washington DC would hate to see it go. But the taxpayers would likely benefit were it to disappear forever.
Rothbard on Slavery Reparations
Free Trade, Not Foreign Aid, Will Reduce the Incentive to Flee Central America
Former Secretary of State George Schultz has an idea for dealing with increased immigration from the Northern Triangle region of Central America, which includes of El Salvador, Guatemala and Honduras: he wants to spend more money on foreign aid.
In yesterday's Wall Street Journal, Schultz writes that the countries of the Northern Triangle could "increase the 'supply' of good governance by us[ing] foreign aid to fund better policing, transparency and higher-quality services—and apply international pressure to root out corruption and encourage political reform."
And who could supply this foreign aid? According top Schultz, "the U.S. is the only nation with the economic, technological and political authority to lead," and "[t]he Inter-American Development Bank could do so by redirecting existing funds without new U.S. expenditures, and could get started with a phone call in Washington."
Schultz wisely doesn't mention any dollar amounts. How could he? His proposal is clearly meant to be a sort of trial balloon: demand more government spending now, and work out all the details in the back rooms later.
But we know how this sort of thing works. There is no real expectation that foreign aid would actually remake the economies of the Northern Triangle.
In reality, it will be yet another foreign aid boondoggle: friends of the US regime will receive funds. There will be little follow-up as to how the money is spent. The money may even go to fund despots who will use the funds to murder their enemies. George Schultz's personal friends and colleagues will no doubt get their cut. This is how the US foreign aid game is played.
It is interesting that Schultz doesn't mention something that does have the potential for revolutionizing the region's access to capital and its standard of living. It will do this while greatly lessening the incentive to emigrate from the region to the US: unrestricted trade with the United States.
To accomplish this, the US need not collect any new taxes. It need not impose any new regulations. It need not form any international "coalitions."
Instead, it only has to make the Northern Triangle a true Free Trade Zone with full access to US markets.
At this point, some observers may claims "the US already has a free trade agreement with Central America! In fact, the region is largely duty free!" But this objection helps to illustrate just how much the term "free trade" has been corrupted in the phrase "free trade agreement." In practice, only qualifying goods can be imported to the US from Central America duty free. In order to qualify, goods must meet a variety of bureaucratic requirements stemming from "rule of origin" requirements. These rules exist to prevent "trade diversion" and other types of trade in which a Central American country might import parts from outside the free trade zone, add only small amounts of value, and then export the finished product to the US. Thus, trade between Central America and the US is not really free, and the trade agreements specifically prevent Central American countries from becoming trade and shipping centers where goods and services can be freely imported and exported globally.1
If Central America had a true free trade agreement with the US, however, both US and foreign manufacturers would have an enormous incentive to set up shop in the region and produce goods there for the US market.
Over time, capital would flood into the region, greatly increasing the standard of living for Central Americans while providing new sources of goods and services for American entrepreneurs and consumers.
The success of such a plan, of course, is not guaranteed. The regimes of El Salvador, Guatemala, and Honduras could squander the opportunity. They could insist on high domestic taxes or an insecure legal environment in which private business owners would have reason to fear expropriation by the regime.
But when facing the possibility of true free trade with the US, the stakes would become very high indeed, and the regime could choose between guaranteed moderate levels of tax revenue, or the disastrous policies of expropriation.
But no matter how it turns out, the US taxpayer is not on the hook for anything. There is no risk of foreign aid flushed down the toilet. Instead, the upside is substantial: access to low-cost goods and services from American, Asian, and European firms all hungry to take advantage of this new "free trade zone" in the western hemisphere. American entrepreneurs would be able to provides goods and services at lower prices. They could hire more workers. They could invest more of their profits.
Moreover, the geo-political benefits would be substantial. The regimes of the Northern Triangle would become committed to maintaining friendly relations with the US, and the pressures of high levels of migration from the region would be lessened.
In his essay " The Case for Free Trade and Restricted Immigration ," Hans-Hermann Hoppe recognized the benefits of free trade in immigration policy:
The relationship between trade and migration is one of elastic substitutibility (rather than rigid exclusivity): the more (or less) you have of one, the less (or more) you need of the other . [Emphasis added.] Other things being equal, businesses move to low wage areas, and labor moves to high wage areas, thus effecting a tendency toward the equalization of wage rates (for the same kind of labor) as well as the optimal localization of capital. With political borders separating high- from low-wage areas, and with national (nation-wide) trade and immigration policies in effect, these normal tendencies—of immigration and capital export—are weakened with free trade and strengthened with protectionism. As long as Mexican products—the products of a low-wage area—can freely enter a high-wage area such as the U.S., the incentive for Mexican people to move to the U.S. is reduced. In contrast, if Mexican products are prevented from entering the American market, the attraction for Mexican workers to move to the U.S. is increased. Similarly, when U.S. producers are free to buy from and sell to Mexican producers and consumers, capital exports from the U.S. to Mexico will be reduced; however, when U.S. producers are prevented from doing so, the attraction of moving production from the U.S. to Mexico is increased.
Bizarrely, protectionists take the opposite self-defeating approach: they want to cut off trade with other nations, thus reducing the standard of living. This then increases the incentive for foreigners to emigrate to the United States. The protectionists then complain there's too much immigration and the government must intervene even more to control both trade and migration.
Not surprisingly, Ludwig von Mises saw the ridiculouslness of this position. As I noted in my article " If You Don't Like Immigration, You Should Love Free Trade ":
Opponents and proponents of immigration may argue endlessly about the potential downsides and upsides of immigration. (For an especially nuanced and insightful view of the downsides, see Ludwig von Mises's work on nationalism and immigration .)
With free trade, though, there is no downside, which is why Mises, who allowed for a number of caveats on immigration, made no exceptions for free trade.
For many modern protectionists, though, the desire to close off trade stems not just from economic ignorance, but from an emotional desire to actually harm other countries on nationalistic grounds. The economic implications of these policies then become secondary to other ideological agendas. Mises understood this well, and in Human Action concluded :
We may, for the sake of argument, disregard the fact that protectionism also hurts the interests of the nations which resort to it. But there can be no doubt that protectionism aims at damaging the interests of foreign peoples and really does damage them. ... The philosophy of protectionism is a philosophy of war.
George Schultz is correct in the sense that a prosperous Central America is a Central America with less incentive to send its workers and families to North America. But the real solution does not lie in throwing a few extra bucks at the central American regimes in hope they might build a couple of new highways. The real solution lies in expansion of trade, capital investment, and . Only then can a sustainable solution to the region's poverty be found.
- 1. It should also be noted that the burden of gaining "certification" for qualification under the free trade agreements place small companies at a relative disadvantage compared to larger companies. For more on how these rules affect trade flows, see: "Preferential Rules of Origin in Regional Trade Agreements." https://www.wto.org/english/res_e/reser_e/ersd201305_e.pdf
Murray Rothbard: "Pioneer of Praxeological Analysis"
In the last decade or so there has been a concerted attempt by some economists associated more or less closely with the Austrian school to deny Rothbard's central role in the modern revival of Austrian economics and to downplay his status as a leading proponent of the Misesian paradigm. In response, I have provided what I believe to be compelling textual evidence that Mises himself, as well as some of his closest followers, regarded Rothbard as Mises's foremost intellectual heir (here, here, and here). Now from the Rothbard archives comes a small treasure that corroborates the evidence I adduced in my earlier posts. This is in the form of Mises's charming and pithy inscription in Rothbard's copy of the third edition of Human Action, which reads:
To Murray N. Rothbard, pioneer of praxeological analysis with all good wishes. March 2nd, 1967.
"Pioneer of praxeological analysis"—given Mises's well-known restraint in meting out compliments to fellow economists, this is high praise indeed and fits nicely with Mises's remarks about Rothbard's work in his letter defending praxeology to the French positivist Louis Rougier, which I cited in an earlier post:
The proof of the cake is in the eating. I can only refer to the systematic exposition of the whole doctrine of praxeology in my book Human Action and nowadays in the brilliant book of a younger man, Murray N. Rothbard, Man, Economy and State. . . .But, please, first of all read the book of Rothbard. It is very interesting also from the epistemological point of view.
St. George Tucker: Distinguishing Laws from Dictates, and Freedom from Servitude
While many of America's founders are justifiably famous, others have received too little attention. St. George Tucker is one.
Born in Bermuda on July 10, 1752, Tucker was a militia colonel in the American Revolution, who even wrote Liberty: a Poem, on the Independence of America (my favorite line being "Freedom! thy joys alone are riches to the brave!"), that George Washington said "was equal to a reinforcement of 10,000 disciplined troops." Afterward, his service included his appointment, with James Madison and Edmund Randolph, to the 1786 Annapolis Convention that led to the Constitutional Convention, and his opposition, with Patrick Henry and George Mason, to adopting the Constitution in the absence of a bill of rights.
Tucker's greatest service to posterity, however, involved the law. Not only was he a law professor and judge on three different Virginia courts, historian Clyde Wilson noted that,
St. George Tucker's View of the Constitution of the United States was the first extended, systematic commentary on the Constitution after it had been ratified by the people of the several states and amended by the Bill of Rights. Published in 1803 by a distinguished patriot and jurist, it was for much of the first half of the nineteenth century an important handbook for American law students, lawyers, judges, and statesmen.
David Kopel wrote, "St. George Tucker is perhaps the preeminent source of the original public meaning of the Constitution. His 5-volume American edition of Blackstone's Commentaries was by far the leading legal treatise in the Early Republic." Tom DiLorenzo summarized it as laying out "the Jeffersonian interpretation of the Constitution, which was replaced by the centralizing, big government … interpretation after 1865." The fact that the Supreme Court has cited Tucker 40 times illustrates the importance of his work.
Today, with St. George Tucker's commitment to limited government, states' rights, and the judiciary's role of preventing government oppression a too-dim memory, his insights into liberty and the original understanding of government under our Constitution are worth re-visiting.
In this country … the blessings of liberty have been … dearly purchased.
In a government founded on the basis of equal liberty among all its citizens, to be ignorant of the law and the constitution is to be ignorant of the rights of the citizen.
What can be more absurd than that a person wholly ignorant of the constitution should presume to make laws pursuant thereto?
A distinction … does exist between the indefinite and unlimited power of the people … and the definite powers of the congress and state legislatures, which are severally limited to certain and determinate objects.
All men being by nature equal, in respect to their rights, no man nor set of men, can have any natural, or inherent right, to rule over the rest.
Legitimate government can … be derived only from the voluntary grant of the people, and exercised for their benefit.
Every extension of the administrative authority beyond its just constitutional limits is absolutely an act of usurpation in the government.
Government originally founded upon consent, and compact, may by gradual usurpations on the part of the public functionaries … become a government of force. In this case, the people are as completely enslaved as if the original foundations of the government had been laid by conquest.
No people can ever be free, whose government is founded upon the usurpation of their sovereign rights.
If in a limited government the public functionaries exceed the limits which the constitution prescribes to their powers, every such act is … treason against the sovereignty of the people.
A constitution is a thing antecedent to a government. … Hence every attempt in any government to change the constitution (otherwise than in that mode which the constitution may prescribe) is in fact a subversion of the foundations of its own authority.
A written constitution … [is] a beacon to apprise the people when their rights and liberties are invaded, or in danger.
Abuse of power is despotism … the right of one man is at the mercy of another, and freedom in such a government, has no existence.
It is indispensably necessary … that there be a perfect equality of rights among the citizens. … Equality of rights necessarily produces inequality of possessions; because, by the laws of nature and of equality, every man has a right to use his faculties in an honest way, and the fruits of his labor, thus acquired, are his own.
The rights of property must be sacred.
A thousand … pretexts and arguments … form the ladder by which the agents of the people mount over the heads of their constituents … from whence they behold those who have raised them with contempt.
The American states have reserved to themselves … the administration of justice … in all cases whatsoever, in which they have not specifically consented to the jurisdiction of the United States.
[Federal] jurisdiction extends to certain enumerated objects, only, and leaves to the several states a residuary and inviolable sovereignty over all other objects.
This original compact … is to be construed strictly, in all cases where the antecedent rights of a state may be drawn in question … it ought likewise to receive the same strict construction, wherever the right of personal liberty, of personal security, or of private property may become the subject of dispute.
The authority of the federal government … ought therefore to receive the strictest construction. Otherwise the gradual and sometimes imperceptible usurpations of power, will end in the total disregard of all its intended limitations.
The federal government. … Having no existence but under the constitution, nor any rights, but such as that instrument confers … can possess no legitimate power, but such as is absolutely necessary for the performance of a duty prescribed and enjoined by the constitution.
Until, therefore, the people of the United States … shall think it necessary to alter, or revoke the present constitution of the United States, it must be received, respected, and obeyed among us, as the great and unequivocal declaration of the will of the people, and the supreme law of the land.
The powers delegated to the federal government … have no relation to the domestic economy of the state. The right of property, with all its train of incidents … and the rights of persons appear to be no further subject to the control of the federal government, than may be necessary to support the dignity and faith of the nation in its federal or foreign engagements, and obligations.
Since the citizen is on no other account obliged to pay taxes, or undergo any other public burden, but as they are necessary to defray the expenses of the state, it ought to be the singular care of the government to draw no further supplies than the exigencies of the public require.
The first question is whether the power be expressed in the constitution.
All governments have a natural tendency towards an increase and assumption of power; and the administration of the federal government, has too frequently demonstrated, that the people of America are not exempt from this vice ... parchment chains are not sufficient.
A representative democracy ceases to exist the moment that the public functionaries are by any means absolved from their responsibility to their constituents.
The right of self-defense is the first law of nature.
Every power which concerns the right of the citizen, must be construed strictly, where it may operate to infringe or impair his liberty.
In the United States, the great and essential rights of the people are secured against legislative as well as executive ambition … by constitutions, paramount to all laws: defining and limiting the powers of the legislature itself, and opposing barriers against encroachments.
The congress of the United States possesses no power to regulate, or interfere with the domestic concerns, or police of any state.
Absolute independence of the judiciary … [is] necessary to the liberty and security of the citizen, and his property.
The judiciary … is that department of the government to whom the protection of the rights of the individual is by the constitution especially confided, interposing its shield between him and the sword of usurped authority.
A law limited to such objects as may be authorized by the constitution, would … be the supreme law of the land; but a law not limited to those objects, or not made pursuant to the constitution, would not be the supreme law of the land, but an act of usurpation, and consequently void.
The object of the several states … was not the establishment of a general consolidated government … but a federal government, with powers limited to certain determinate objects.
Acts of congress to be binding, must be made pursuant to the constitution; otherwise they are not laws.
As the subjects upon which congress have the power to legislate are all specially enumerated, so the judicial authority … is limited to the same subjects as congress have power to legislate upon.
People of America have not thought proper to suffer the freedom of speech and of the press to rest upon such an uncertain foundation as the will and pleasure of the government.
Whenever [civil] liberty is, by the laws of the state, further restrained than is necessary … a state of civil slavery commences. ... This species of slavery also exists whenever there is an inequality of rights, or privileges, between the subjects or citizens … for the pre-eminence of one class of men must be founded and erected upon the depression of another; and the measure of exaltation in the former, is that of the slavery of the latter.
St. George Tucker searched for "the criterion that distinguishes laws from dictates, freedom from servitude, rightful government from usurpation." And Clyde Wilson suggests that his answer is best summarized in his statement that, "It is the due [external] restraint and not the moderation of rulers that constitutes a state of liberty." Given that today, the federal power to oppress has clearly increased at the expense of Constitutional restraints, we should give Tucker's understanding as much serious thought now as our forefathers did when our great experiment in liberty began.
Art Laffer Isn't Crazy For Questioning Fed Independence
Arthur Laffer, the recent Presidential Medal of Freedom winner and occasional Peter Schiff gambling partner, made headlines yesterday for questioning the value of an independent Federal Reserve.
As he told CNBC's Squawk Box:
I don't understand why the Fed is independent, to be honest," said Laffer, a former economic advisor to President Donald Trump and former President Ronald Reagan. "Fiscal policy is not independent. Military policy is not independent. Social policy is not. Why should monetary policy, this very powerful tool to control the economy not be subjected to democracy just like every other instrument of government?"
As expected, this quickly came under attack by Fed romanticists who believe that an independence should never be questioned (a faith they grasp on to in spite of the record of both Fed failures and its history of being politically influenced.)
In fact, as Dr. Joseph Salerno has written about over the years, there may be real value in getting rid of the illusion of an independent central bank.
As he wrote in The Austrian:
The desideratum of the Austrian political economist with classical-liberal or libertarian leanings involves the complete separation of government and money through the establishment of a commodity money like gold (or silver), the supply of which is determined exclusively by market forces. Nonetheless, there is great merit in replacing the opaque and pseudo-scientific control of "the money supply process" by entrenched Fed employees and officials with overtly political control of money by elected officials and partisan administration appointees. There are a number of benefits of stripping the Fed of its quasi-independent status and transforming it into a handmaiden of the Treasury, as the American Monetary Institute (AMI) and early Friedmanite reform programs call for.
Of course, a better approach would be to open the Fed up to competition by repealing legal tender laws and exempting parallel currencies from taxes. But, considering other Fed reforms that have been discussed in recent years, Laffer's suggestion is hardly that outlandish.
Keynesian Fake News in the Wall Street Journal
Given the repeated failures of Keynesian economic policy, both in America and around the world, you would think the theory would be discredited.
Or at least be treated with considerable skepticism by anyone with a rudimentary knowledge of economic affairs.
Apparently financial journalists aren't very familiar with real-world evidence.
Here are some excerpts from a news report in the Wall Street Journal.
The economy was supposed to get a lift this year from higher government spending enacted in 2018, but so far much of that stimulus hasn't shown up, puzzling economists. Federal dollars contributed significantly less to gross domestic product in early 2019 than what economic forecasters had predicted after Congress reached a two-year budget deal to boost government spending. …Spending by consumers and businesses are the most important drivers of economic growth, but in recent years, government outlays have played a bigger role in supporting the economy.
The lack of "stimulus" wasn't puzzling to all economists, just the ones who still believe in the perpetual motion machine of Keynesian economics.
Maybe the reporter, Kate Davidson, should have made a few more phone calls. Especially, for instance, to the people who correctly analyzed the failure of Obama's so-called stimulus.
With any luck, she would have learned not to put the cart before the horse. Spending by consumers and businesses is a consequence of a strong economy, not a "driver."
Another problem with the article is that she also falls for the fallacy of GDP statistics.
Economists are now wondering whether government spending will catch up to boost the economy later in the year… If government spending were to catch up in the second quarter, it would add 1.6 percentage points to GDP growth that quarter. …The 2018 bipartisan budget deal provided nearly $300 billion more for federal spending in fiscal years 2018 and 2019 above spending limits set in 2011.
The government's numbers for gross domestic product are a measure of how national income is allocated.
If more of our income is diverted to Washington, that doesn't mean there's more of it. It simply means that less of our income is available for private uses.
That's why gross domestic income is a preferable number. It shows the ways – wages and salaries, small business income, corporate profits, etc – that we earn our national income.
Last but not least, I can't resist commenting on these two additional sentences, both of which cry out for correction.
Most economists expect separate stimulus provided by the 2017 tax cuts to continue fading this year. …And they must raise the federal borrowing limit this fall to avoid defaulting on the government's debt.
Ms. Davidson applied misguided Keynesian analysis to the 2017 tax cut.
The accurate way to analyze changes in tax policy is to measure changes in marginal tax rates on productive behavior. Using that correct approach, the pro-growth impact grows over time rather than dissipating.
And she also applied misguided analysis to the upcoming vote over the debt limit.
If the limit isn't increased, the government is forced to immediately operate on a money-in/money-out basis (i.e. a balanced budget requirement). But since revenues are far greater than interest payments on the debt, there would be plenty of revenue available to fulfill obligations to bondholders. A default would only occur if the Treasury Department deliberately made that choice.
Needless to say, that ain't gonna happen.
The bottom line is that – at best – Keynesian spending can temporarily boost a nation's level of consumption, but economic policy should instead focus on increasing production and income.
P.S. If you want to enjoy some Keynesian-themed humor, click here.
P.P.S. If you're a glutton for punishment, you can watch my 11-year old video on Keynesian economics.
P.P.P.S. Sadly, the article was completely correct about the huge spending increases that Trump and Congress approved when the spending caps were busted (again) in 2018.
Originally published at International Liberty
An Interview With Ron Paul's "Faithless Elector"
I woke up this Independence Day morning, surprised to find out that Bill Greene, the great 2016 faithless elector who cast his vote for Ron Paul, passed away. Among other things, Bill was a fierce advocate of making gold and silver legal tender, and was an assistant professor at South Texas College. He was an early supporter of Ron Paul, his support going as far back as Paul's 1988 campaign.
[Editor's note: see Greene's Mises Institite author profile.]
Last summer, I had the privilege of interviewing Bill while working on a paper on the history of the Mises Institute and the Austrian Revival. Here, we discussed various different subjects, including Ron Paul's 1988 campaign, and the growth of the Mises Institute. This has not yet been published, and I would like to do so as a tribute to Bill. Below is our interview, conducted on 6/19/18:
Atilla Sulker: Describe the state of the libertarian movement in 1988, and the extent to which the Mises Institute influenced the overall movement in America at this time?
Bill Greene: In 1988, the Mises Institute was only six years old, having split off from the Cato Institute in 1982 (a Mises co-founder, Murray Rothbard, had co-founded Cato). Up until that split, the Cato Institute was the leading influence on the libertarian movement in the United States since its founding in the mid-1970s (not long after the founding of the Libertarian Party itself in 1971 – Cato's co-founder, Ed Crane, was the LP's National Chair from 1974-1977). Even at such a young age, the Mises Institute had already begun to have a strong impact on the libertarian movement – specifically, on its economic policy foundations. Cato's focus was on government policy recommendations from a libertarian-leaning position. Since that time, the Mises Institute's influence on libertarianism in the U.S. has equaled, if not surpassed, Cato's influence. [The Mises Institute was in fact never part of Cato.]
AS: Describe the relationship Ron Paul had with the Mises Institute in 1988, and the extent to which the organization influenced his campaign platform?
BG: Ron Paul's relationship with the Mises Institute in 1988 was initially through one of its co-founders, Llewellyn (Lew) Rockwell, who had been Paul's chief of staff, (from 1978-1982) when Paul was a Republican U.S. Congressman. When Rockwell left for Mises in 1982, Paul – who had been heavily influenced by the works of Rothbard beginning in the 1970s – continued his relationship with the co-founders of Mises, drawing much (or most) of his policy positions from the writings of Austrian school economists. When Paul ran for President as the LP nominee in 1988, most of his campaign platform was pulled from these same policy positions. He has continued to be a Senior Fellow of the Institute since that time, often working, writing, and speaking with others connected to it.
AS: Is there a point in Dr. Paul's career in which it appeared that the Mises Institute's influence on him was climactic?
BG: I don't think so, because the relationship has always been symbiotic, and Ron Paul was already firmly in the Austrian school's camp even before the Mises Institute was founded. Since its beginnings, it's been difficult to separate the two from each other.
AS: Describe the influence the Mises Institute had on Dr. Paul's VP candidate Andre Marrou.
BG: I don't have any personal knowledge of the Mises Institute's influence on Andre Marrou.
AS: Describe the overall size and sentiment of Ron Paul's 1988 presidential campaign based on your experience.
BG: Ron Paul's 1988 presidential campaign appeared to me to be more extensive than the LP's past campaigns, as this was the first time they had two former elected legislators on the ballot (Paul was a former GOP U.S. Representative, and Marrou was a former LP Alaska Representative). As usual, the campaign's biggest challenge was getting on the ballot in all 50 states plus the District of Columbia. Due to highly restrictive ballot-access laws in a number of states, Paul's campaign was only on the printed ballot in 46 states & DC (although he did achieve write-in status in Missouri –and in North Carolina, where I headed the N.C. Students for Ron Paul and participated in ballot-access petitioning). Despite Paul's (and Marrou's) extensive travels across the country, the campaign was excluded from any debates and only achieved 432,179 votes (0.5%) – still twice as much of Lenora Fulani's (New Alliance Party) campaign, which actually did achieve 50-state ballot access.
AS: Describe the nature of Andre Marrou's 1992 Libertarian presidential campaign.
BG: I was not active in his 1992 presidential campaign, although I remember reading news stories on it here and there, such as when he received the highest vote total in the primary results of the first town in the nation to report its votes (Dixville Notch, NH).
AS: Briefly describe, based on your experience, the development of the libertarian movement in America up from Dr. Paul's 1988 presidential campaign to his 2008 presidential campaign, and outline the role of the Mises Institute in this development.
BG: Based on my own experience, the Mises Institute played a vital role in the development of the libertarian movement in America during the 20 years after Dr. Paul's first campaign for U.S. president. During the first decade, they published and disseminated massive amounts of literature, newsletters, books, audio, video, and more; once the internet became more and more ubiquitous, they were able to have an ever-growing impact, rivalling the much better-financed Cato Institute in scholarly publications and economic education activities. The Mises Institute's website soon became the highest-trafficked economics website in the world, and when Dr. Paul decided to run for president again in 2008, he was able to draw upon, and direct his new followers to, that large body of works in support of his policy positions. As a result, his following grew and became ever more educated in libertarian thinking.
AS: Describe the instances in which you attempted to run for office.
BG: When I ran for various political offices over the years, most of my own policy positions were influenced by publications I got from the Mises Institute. This was especially true of my unsuccessful campaign for the Florida House of Representatives in 1994, when I became the first state house candidate to be officially endorsed by the Political Action Committee of the nascent Republican Liberty Caucus (the "libertarian wing of the GOP" co-founded in 1991 by Paul). I had followed Dr. Paul out of the LP and back into the GOP, and I have been a member of, and active in, the RLC since that time.
AS: Is there anything else we should know about Dr. Paul's 1988 campaign, or anything pertaining to the subject matter?
BG: My favorite story from Ron Paul's 1988 campaign for President is from the time our N.C. Students for Ron Paul group brought him to the University of North Carolina at Greensboro for a speech to around 150 students and local residents. Following his speech (which professed many of the same policy prescriptions as his speeches today), he opened the floor for questions. A local group of Socialist Workers' Party members were in attendance, and began challenging his free-market stances in a number of different areas. I remember Dr. Paul's eyes lighting up at that, as he almost gleefully shot down every challenge with logical rebuttals, point by point. Twenty years later, when I chanced to run into Dr. Paul at a local restaurant while he was campaigning in Florida, I mentioned that event – and he remembered it, clearly and (quite obviously) fondly, remarking on how much fun he had that day. I was, to say the least, impressed.
The Bionic Mosquito on Rothbard and Reason
In a series of outstanding posts, the Bionic Mosquito has written on "The Search for Liberty." In these posts, he presents a penetrating analysis of natural law and metaphysics. I admire these posts and have learned a great deal from them
In his latest post, he argues that Murray Rothbard's defense of natural law fails. Rothbard thinks that human reason can establish natural law. But, Bionic says, "if each of us are free to make up our own minds – especially regarding ends – how will we come to a natural law that is useful toward liberty and peace? How will justice be determined? Who will arbitrate our 'differences of opinion'? On what basis?"
Bionic thinks that if you say human reason can establish natural law, then you are holding that "the judged [human beings] can also be the judge."
This criticism of Rothbard seems to me to be mistaken. Suppose, like Mises and Rothbard, that you claim reasoning can show maximum price laws cause shortages. You are not thereby claiming that it is up to human beings whether this is so. Rather, you are claiming that it is not up to human beings: the effect holds, regardless of what people think about it.
In like fashion, in claiming that human reason can establish natural law, Rothbard is not claiming that the content of natural law is up to human beings. I do not think Thomas Aquinas would have disagreed with this. He offered proofs, based on reason, that God exists. These proofs do not make it up to human beings whether God exists, nor does accepting their validity depend on first accepting Christianity. The principal aim of the first three books on the Summa contra gentiles is to demonstrate the existence of God, and some of God's attributes, to unbelievers.
Even when I disagree with Bionic, though, I continue to learn from him


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Rectal Use of Nonoxynol-9 Among Men Who Have Sex With Men
Nonoxynol-9 (N-9), a detergent ingredient previously thought to have microbicidal properties, is found in sexual lubricants, condoms, gels and other spermicidal products. Scientists have recently stated safety and efficacy concerns about N-9 for human sexual use, supported by studies that found N-9 was not protective against urogenital gonorrhea or chlamydia infection and causes rectal mucosa disruption in humans, which may increase risk for HIV infection during anal intercourse.
CDC, WHO and other agencies have issued several public health statements since 2000 indicating that N-9 is not protective against HIV and STD infection and may enhance transmission when used under certain conditions. The authors of the current study assessed recent rectal use of N-9 by men who have sex with men, awareness that N-9 may not be protective against HIV, intent to use N-9 in the future, and factors associated with intentions to use N-9.
Participants were recruited during Fall 2001 at multiple street locations and through community-based agencies in various sections of San Francisco and Oakland, Calif. Recruited men (n=1,528) were 18 years or older, lived or worked in the San Francisco Bay Area, and reported having sex with a man in the previous 12 months or self-identified as gay or bisexual. Men who were eligible and willing to participate (n=1,037) were scheduled for an interview at the Health Department or various community locations. Fifty-five percent (n=573) of eligible and initially willing participants completed the survey.
Participants were asked if they had heard of N-9. Men who responded affirmatively were asked questions about their perceptions and recent rectal use of N-9, motivations to use N-9 rectally because they thought it might be protective against HIV, intent to use N-9 rectally in the future, and having heard recently that N-9 may not be protective against HIV infection. Demographic and sexual behavior variables were also measured.
Sixty-one percent (n=349) of participants had heard of N-9. Latinos and men of unknown HIV serostatus were less likely to have heard of N-9; men who were HIV-positive or had higher educational attainment were more likely to have heard of N-9. Fifty-five percent of the 349 men aware of N-9 had heard in the previous year that it may not be protective against HIV.
The most commonly reported sources of information that N-9 may not be protective were newspapers (54 percent) and health agencies (50 percent), followed by magazines (37 percent) and friends (35 percent). Relatively few men reported that they received warnings about N-9 from the Internet (19 percent), product labels (17 percent), sexual partners (16 percent) or TV (15 percent).
Of men aware of N-9, 83 percent used it at some point, of which 67 percent knowingly used N-9 during anal intercourse in the previous year. Among men who knowingly used N-9 during anal intercourse in the past year, 41 percent did so without a condom because they believed or hoped it was protective.
"All MSM need to know about the dangers of using N-9 rectally," the authors wrote. "HIV care providers and prevention specialists should actively support public health warnings and disseminate information to reduce rectal use of N-9. Health officials should develop targeted educational campaigns to reduce consumer demand for N-9 products and increase demand for N-9-free lubricants and condoms among MSM. Culturally-sensitive campaigns in Spanish and English are needed. Agencies and communities should work together to remove N-9 from products, venues and websites that predominately serve MSM." In addition, the authors recommended, "Manufacturers should consider providing warning labels specific to rectal use on N-9 products as some have already done. Research is needed to better understand and intervene on unknowing use of N-9. Lastly, enhanced research is needed of other candidate HIV and STD mircobicides, including studies to ensure the safety and efficacy of products used for rectal application."

subset: commoncrawl


text:
FotoBeschriften 22.214.171.1241 Bilanguage | 3.77 MB
FotoBeschriften helps you Labelling of digital photos! FotoBeschriften is custom-made and not burdening by redundant functionality. One does not only have to sketch oneself effective graphic designs.
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Download from FileSonic
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If link dead try to find it here Reuploaded files
No mirrors please


text:
Or Login using BecomeGorgeous
Please fill the form below and follow the further instructions.
You are about to receive a email from us please make sure to check your spam or junk folder and add our email [email protected] to your contact list.
Thank you!
Britain's sweetheart Cheryl Cole is the 2012 May cover girl for Marie Claire UK and the diva opens up to the magazine about her weight, her love for shoes, on being much more normal than she's portrayed in tabloids and more, so check out excerpts of Ms. Cole's interview with Marie Claire, as well as take a peek at a selection of photographs she shot with the magazine, and find out more about the gorgeous singer. Celebrities are known for paying a huge amount of attention to their weight and follow rigorous diet programs and exercise routines... Read More


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Global investment in data centres has grown 22% in the last year, from approximately $86 billion in 2011 to $105 billion in 2012, according to the latest findings from the DatacenterDynamics (DCD) 2012 Global Census.
The largest increase in investment (23%) was in the facilities management (FM) and mechanical and electrical (M&E) sectors, including such areas as uninterruptible power supplies (UPS), cooling equipment, and data centre infrastructure management (DCIM) systems. This was up from $40 billion in 2011 to $49 billion in 2012.
The IT equipment sector – including 'active' equipment such as servers, storage, switches and routers – showed slower growth at 17%, from $30 billion in 2011 to $35 billion in 2012.
The focus on the FM and M&E sectors is largely due to a massive increase in global data centre power demand. The report states that power consumption has grown 63% globally to 38 gigawatts (GW) over the last twelve months, with a further 17% forecast for 2013.
This is because the proportion of high density racks is increasing, so each rack is now consuming more power on average. The need for electrical power generation, distribution, UPS and cooling equipment in data centres has therefore grown as a result of these power increases.
In spite of this increase in power demand, however, concern about power availability and cost – both of which have been constant topics in the media and data centre professional groups in recent years – is actually down on a global basis.
"This is explained in part by the increasing representation amongst the sample of companies in less developed markets where power requirements are smaller and so less constrained than in mature markets," said Nicola Hayes, managing director of DCD Intelligence.
"Also in part by efficiency and other strategies put in place by data centre companies over the past 12 months to mitigate against increased power costs and to overcome issues to do with availability."
The news comes as Ofgem warns that Britain risks running out of energy generating capacity in the winter of 2015-16. A report by the UK energy regulator predicts that the amount of spare capacity could fall from 14% now to only 4% in three years, leaving Britain relying more on imported gas.
Commenting on the news, Chris Smith, director at data centre management firm on365, said that inefficient data centres are causing a major strain on the national grid, contributing to lowering electricity generation.
"Data centres consume between 2-3% of the UK's total electricity and about half of this demand actually powers the computational equipment (servers and storage) with the rest being consumed by supporting infrastructure such as lighting and cooling. In addition, traditional data centres typically run only at around 10% efficiency," he said.
"Innovative new software and data centre design techniques can massively increase efficiency of data centre hardware by factors of 5 to 6. For example, cloud computing and virtualisation software can reduce the physical resources (number of servers) required to deliver powerful computing services. Redesigning the layout of the data centre can substantially reduce energy costs."
The Census also found that there has been a significant increase in the uptake of outsourcing globally – particularly colocation – over the past 12 months. Reasons for this in the Western economies include the need during tough economic times to reduce CapEx as well as increasing complexities in the data centre environment.
A copy of the DCD 2012 Global Census can be requested here.


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In-store prices may be lower than sale prices shown online! See store for details.
Set the stage for a family dinner together with all your loved ones posed in anticipation of a delicious meal around this beautiful solid wood table and French chair set. The gorgeous rectangular table was designed with timeless scrolled metal legs and a smooth solid wood table top. Your table was constructed out of solid white oak or solid linden to create an exceptionally durable piece of furniture. Paired with your table are a beautifully complementing set of French chairs upholstered in Flax Natural fabric. Choose from our selection of two fine wood finishes, Black Forest or Tobacco, to create the set that best complements your room decor. The table is also available in 72" size.
The Artisan's Shoppe Dining Traditional Nine Piece 94" Rectangular Table and French Chairs Set by Kincaid Furniture at Johnny Janosik in the Delaware, Maryland, Virginia, Delmarva area. Product availability may vary. Contact us for the most current availability on this product.
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Blessings of the Sacrament
How to Prepare for the Sacrament
Remembering the Sacrament
The Sabbath: A Personal Priority
I was always active in the Church and progressed through the Aaronic Priesthood. When I was a teenager, Brother Jacobs, my teacher, asked that we write down on a card what we had thought about during the sacrament. I took my card and began to write. First on the list was a basketball game we had won the night before. And then came a date after the game, and so went my list. Far removed and certainly not in bold letters was the name of Jesus Christ.
Each Sunday the card was filled out. For a young Aaronic Priesthood holder, the sacrament and sacrament meeting took on a new, expanded, and spiritual meaning. I anxiously looked forward to Sundays and to the opportunity to partake of the sacrament, as understanding the Savior's Atonement was changing me. Every Sunday to this day, as I partake of the sacrament, I can see my card and review my list. Always on my list now, first of all, is the Savior of mankind.


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Neo4j 1.4 "Kiruna Stol" GAOver the last three months, we've released 6 milestones in our 1.4 series. Today we're releasing the final Neo4j 1.4 General Availability (GA) package. We've seen a whole host of new features going into the product during this time, along with numerous performance and stability improvements. We think this is our best release yet, and we hope you like the direction in which the product is heading.
Cypher Query LanguageFor some time now, Neo4j has supported the Gremlin query language for traversing graphs. To complement that, we've introduce a new language called "Cypher" which provides humane, DBA-friendly syntax for graph queries. With Cypher, queries can often be easily expressed. For example, this Cypher query finds friends-of-friends concisely:
START user = (people-index, name, "John") MATCH user-[:FRIEND_OF]->()-[:FRIEND_OF]->fof RETURN fof
While Cypher can't yet mutate graphs, it's a really powerful and interesting way of exploring and drawing business intelligence of your data.
Automatic Indexing
Neo4j's index framework is powerful and tightly integrated with the database, but there are times when you'd gladly trade some of that power for a little less effort. That's where auto-indexing comes in. With a little configuration, the auto-indexing framework will take care of managing the lifecycle of index entries so that they're consistent with the data in the graph.
The auto-indexing framework allows us to declare that specific properties in nodes and relationships should be indexed. As those properties are created, updated and removed, so too the corresponding entries in the index change.
To create an auto-index in code:
AutoIndexer nodeAutoIndexer = graphDb.index().getNodeAutoIndexer(); nodeAutoIndexer.startAutoIndexingProperty( "model" ); nodeAutoIndexer.setEnabled( true );
Now any nodes with the property "model" will appear in the auto-index. This auto-index can be accessed and queried in a similar way to regular indexes:
ReadableIndex autoNodeIndex = graphDb.index().getNodeAutoIndexer().getAutoIndex();
And while we've only shown node indexes here, the same functionality applies to relationships.
Index ImprovementsIn this release, we've taken the opportunity to upgrade to Lucene 3.1. This means index operations will be faster, thanks to the hard work of the Lucene community. However, the transition to Lucene 3.1 indexes means an irreversible change to index stores, so ensure you're ready to upgrade your indexes before switching to the 1.4 GA release and keep a backup of your data!
Self RelationshipsWhen modelling domains, entities which refer to themselves are somewhat common. For example, the self-employed are their own bosses. In previous versions of Neo4j, we'd model that with two relationships and a (dummy) node. It worked, but it was less expressive than we liked.
Our community has lobbied about this and we've listened. So from this release, Neo4j supports relationships whose start and end nodes are the same. For those lucky people who are their own boss, you can now express subgraphs like:
The database will happily persist that structure and make it available for traversals.
Performance ImprovementsDown in the engine room our kernel hackers have been busy. Our boffins have implemented new directional caching strategies and tweaked the code path to make small transactions (especially) much more efficient. This all adds up to a substantial performance improvement and a database engine that feels a whole lot snappier.
REST API ImprovementsIn the Neo4j server, we've been pushing the REST API forward. To that end, we now have batch behavior exposed so that large bundles of commands can be executed efficiently on the server, thereby paying the network penalty only once.
We've also included a paging mechanism for traversers. Any traversals that you execute on the server can return their results in pages rather than as a single large chunk. This means traversers can be terminated early (when enough results have been gathered) and provides more manageable chunks of data to work with, making the server more efficient (as well as taking the pressure off clients).
Finally, we've made REST indexes on par with the embedded indexes. From this release the same arbitrary queries and index management supported in the Java APIs are available to our community of RESTafarians too!
Webadmin ImprovementsOur browser-heads have been plugging away, knee-deep in coffeescript and CSS, and the results show. The Webadmin tool that comes with the server is looking better than ever. With this release, there's a new index manager tab that allows DBAs to fully control indexes on the graph with a friendly point-and-click interface.
We've also expanded the set of consoles available. To compliment the existing Gremlin console, we've added a Cypher console. This means to get up and running with Cypher, it's as simple as downloading Neo4j, running the server and opening a Web browser!
For our RESTafarian friends, we've also created a neat HTTP console that allows users to create simplified curl-like commands that can be executed against the server. This is extremely useful as a REPL for exploring the REST API and testing extensions and plugins.
New Server Management ScriptsEver since we first released the Neo4j server, we've used 3rd party libraries and scripts to help users manage the service. Unfortunately, both of the 3rd party wrappers we've used have been painful for everyone concerned. So late in the 1.4 release cycle, we switched out those wrappers and provided much simpler bash (if you're on a Unix variant) and command scripts (if you're on Windows) instead – much nicer!
Ready to go!The 1.4 GA release is now available through our download page, and the components have been pushed out to the Maven central repository. Remember, we always value your feedback over on the community mailing list, but in the meantime we wish you all happy hacking! Want to learn more about graph databases? Click below to get your free copy of O'Reilly's Graph Databases ebook and discover how to use graph technologies for your application today. Download My Ebook
Explore: automatic indexing cypher cypher query language Neo4j 1.4 REST API
5 Comments
Congrats for the release!
What about setting the autoindex for the server version? Is there a new rest call to make or is it done in the config files?
One thing I'd love to see is to have in the traverse returned relationships data the distance/depth from the starting node, that would be very useful to know immediately how much far is that relationship from the start, without having
What about django/python support? What about the experimental solr support? Have you deprecated them?
Thanks for the hard work!

I share however Omer Katz sentiment a bit re. Python. Half a year ago the Python bindings were promised "some serious love".

Relying on third-party projects for the Python bindings that constantly need to play catch-up (through REST) with the neo4j releases leaves me a bit
Congratulations for the new release ;)

I'm so happy to finally have access to self-relationships!

when will relationships' fetching performance be not dependent on the total number of rels associated to a node? maybe next release?!
cheers!
It would be great if you add hirercial properties support in future versions (properties like { "fied" : { "subfield1" : "value1", "subfield2" : "value2"}} )


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Your privacy is very important to us. Simply stated, our policy is to collect no personal information about you when you visit our websites, unless you affirmatively choose to make such information available to us.
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James helps Heat beat Pacers
INDIANAPOLIS (AP) Indiana thought it had taken control Tuesday night.
LeBron James and Dwyane Wade stole it right back.
The four-time MVP and perennial All-Star did what they always seem to - bailed out the Heat in a desperate moment. This time the two All-Stars spurred a decisive 12-2 fourth-quarter spurt that led Miami past Indiana 87-83 to tie the Eastern Conference series at 1-1.
"We're very confident coming down the stretch because we believe in our defense," Wade said. "When our defense is the way it should be us moving around, running around, doing the things we should do offensively we got two guys that we can put the ball in their hands and they make the best play for the team. So you have confidence in that. That's why we don't break a sweat too much in those moments."
The two mainstays sure had to work hard, especially late, Tuesday.
Wade scored 10 of his 23 points in the fourth quarter, and James scored 12 of his 22 during the same 12-minute stretch. Together, they combined for Miami's final 20 points and all but three of the Heat's 25 points in the quarter - just enough to avoid falling into a 2-0 hole for the first time since the first round of the 2010 playoffs.
Miami has won 11 straight postseason games following a loss, a span covering 40 playoff games without back-to-back losses, and this one might have been their toughest job yet.
"Today was just about how bad we want it," Wade said. "This wasn't about Xs and Os. It was just about how bad do we want to win this game? We proved it. We showed it."
The Heat can take advantage of their opportunity when the series shifts back to Miami for Game 3 on Saturday.
Frustrated Indiana had plenty of chances, too.
After wiping out a 41-37 halftime deficit and building a 63-56 lead late in the third quarter, the Pacers allowing James to find Chris Bosh and Norris Cole for open 3s that made it 63-62. When the Pacers rebuilt a 73-69 lead midway through the fourth quarter and had a chance to extend it, Roy Hibbert missed a 12-foot jumper. James and Wade dominated the rest of the game.
Indiana's Lance Stephenson tied his playoff career high with 25 points. Paul George had 14.
But it's the third straight series Indiana has lost home-court advantage in either Game 1 or 2 after fighting so hard to get the top seed in the East, and they know it won't be easy getting it back.
"We've got to go on their floor and take a game the same way they did," George said. "We gave this one away, so we have to work even harder on their floor."
If James has anything to say about it, the Heat won't give up anything easy.
"It's not going to be pretty. Not in the Eastern Conference," James said. "It's never pretty basketball in the Eastern Conference. It's about who can sustain runs. You know, who can get defensive stops? Who can not turn the ball over and who can get great shots? I think we did that in the fourth."
At times, the rough-and-tumble night took on the aura of a football game, especially late.
When George and Wade collided chasing a loose ball, both came up grimacing. Wade held his left knee. George said afterward he had blurred vision and may have blacked out. Coach Frank Vogel would not confirm George's description.
Another time, James crashed hard to the floor when David West was called for a flagrant one foul in the fourth quarter, which was changed to a common foul following a replay review. There were hard picks, tight defense and James and Wade back in their old groove.
Yet the Pacers were still in control with less than 7 minutes to go.
"We were winning the whole night," guard George Hill said. "We controlled the whole game until the last couple minutes."
Miami did it the hard way.
Wade kept things close in the first half, and the defense that allowed 107 points in Game 1, limited the Pacers to nine points during a 10-minute stretch in the first half and closed it out with by allowing just 10 points over the final 7:19.
James hit a 3 to cut Indiana's lead to 73-72, and after Hibbert answered with a 6-foot hook shot, James scored six straight to start the decisive spurt.
"I needed to do something in the fourth," James said. "I did a great job in the third quarter of attacking and getting my guys some open looks. I hit Cole for two 3s, hit CB for a 3, but I needed to make a few buckets as well to help us in the fourth quarter, and I was able to come through for us."
NOTES: George was just 1 of 11 from the field in the first half. ... There were 21 lead changes and seven ties after having none of either in Game 1. ... Miami residents Helio Castroneves and Juan Pablo Montoya, both Indy 500 champions, attended the game and waved towels.


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Arsenal have drawn up a shortlist of potential new managers in case Arsene Wenger leaves the Gunners this summer. Top targets include Borussia Dortmund boss Thomas Tuchel, Massimiliano Allegri of Juventus, Bayer Leverkusen coach Roger Schmidt and Monaco's Leonardo Jardim. (Daily Mirror)
Manchester United have opened talks with Monaco over the £70million signing of winger Bernando Siva. The Red Devils face competition for the Portuguese star's signature from Spanish giants Barcelona. (The Sun)
Manchester City boss Pep Guardiola is planning a £200million spending spree this summer, with up to 11 first-team stars set to leave the Etihad Stadium. (The Sun)
Chelsea are set to offer Real Madrid target Thibaut Courtois a new contract, according to reports. (Daily Express)
Juventus have entered the race to sign Arsenal star Alexis Sanchez, with the Chilean forward having less than 18 months to run on his current deal. (Daily Mirror)
Chelsea legend Frank Lampard is back the club - working towards his coaching badges. The former England midfielder, who announced his retirement as a player last week, is lending a hand with the club's academy at Cobham in pursuit of his UEFA B coaching licence. (Various)
Bundesliga side Borussia Monchengladbach are planning a move for Chelsea's Ruben Loftus-Cheek. The 21-year-old midfielder has found first-team opportunities hard to come by under Antonio Conte this season. (Daily Star)
Jack Wilshere has admitted that he remains "unsure" of his Arsenal future as he continues to focus on maintaining Bournemouth's Premier League status. (The Independent)
Liverpool are eyeing up a move for Leicester City winger Demarai Gray as manager Jurgen Klopp looks to overhaul his squad for next term. (Daily Mail)
Chris Brunt has agreed a new deal at West Brom which will see him clock a decade of service at the Midlands club. (The Sun)
Coventry City are said to be interested in making a move for free agent Carlton Cole. (Daily Mail)


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NASA has considered the possibility of bringing Hubble back to be exhibited at the Smithsonian, but there are two main reasons why this is not considered feasible.
First, Hubble was specifically designed to function with the space shuttle. Since the shuttle program is expected to be retired in the near future, and Hubble is expected to function at least until 2014, no shuttles will be available to bring it back. Second, shuttle missions have risks, and while everyone would like a museum exhibit, it's not a worthwhile risk to send astronauts out for that sole purpose. The last visit to Hubble is expected to take place via an robotic spacecraft, which will attach a propulsion module to the telescope to guide it through its de-orbit.
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