Author Archives: tarran

Rest in Peace: Siobhan Reynolds

On Saturday Dec 24th, an important voice in the cause of freedom was silenced. Siobhan Reynolds, founder of the Pain Relief Network, tireless foe of the monsters promoting the War on (Some) Drugs, and the financially ruined victim of secret court proceedings that outrage the conscience and will rightly be held in infamy in coming years, was killed in a plane crash.

I can think of no finer eulogy than the one given by Radley Balko on The Agitator:

There aren’t very many people who can claim that they personally changed the public debate about an issue. Reynolds could. Before her crusade, no one was really talking about the under-treatment of pain. The media was still wrapped up in scare stories about “accidental addiction” to prescription painkillers and telling dramatic (and sometimes false) tales about patients whose lazy doctors got them hooked on Oxycontin. Reynolds toured the country to point out that, in fact, the real problem is that pain patients are suffering, particularly chronic pain patients. After Reynolds, the major newsweeklies, the New York Times, and a number of other national media outlets were asking if the DEA’s war on pain doctors had gone too far. …

She was tireless. I often thought she was a bit too idealistic, or at least that she set her goals to high. She told me once that she wouldn’t consider her work done until the Supreme Court declared the Controlled Substances Act unconstitutional. …

Reynolds started winning. She deserves a good deal of the credit for getting Richard Paey out of prison. She got sentences overturned, and got other doctors acquitted. …

Of course, the government doesn’t like a rabble rouser. It becomes especially wary of rabble rousers who begin to have some success. And so as Reynolds’ advocacy began to move the ball and get real results, the government bit back. When Reynolds began a campaign on behalf of Kansas physician Stephen Schneider, who had been indicted for overprescribing painkillers, Assistant U.S. Attorney Tonya Treadway launched a shameless and blatantly vindictive attack on free speech. Treadway opened a criminal investigation into Reynolds and her organization, likening Reynolds’ advocacy to obstruction of justice. Treadway then issued a sweeping subpoena for all email correspondence, phone records, and other documents that, had Reynolds complied, would have been the end of her organization. …

So Reynolds fought the subpoena, all the way to the U.S. Supreme Court. And she lost. Not only did she lose, but the government, with compliance from the federal courts, kept the entire fight secret. The briefs for the case are secret. The judges’ rulings are secret. Reynolds was barred from sharing the briefs she filed with the press. Perversely, Treadway had used the very grand jury secrecy intended to protect the accused to not only take down Reynolds and her organization, but to protect herself from any public scrutiny for doing so. …

Despite all that, the last time I spoke with Reynolds, she working on plans to start a new advocacy group for pain patients. She was an unwearying, unwavering activist for personal freedom.

And she died fighting. Rest in peace.

Read the whole thing.

I am an anarcho-capitalist living just west of Boston Massachussetts. I am married, have two children, and am trying to start my own computer consulting company.

Climate Gate 2.0 – What is it, why does it matter?

The hacker or whistle-blower who leaked a tranche of emails several years ago has struck again, releasing 5,500 emails and an encrypted set of 22,000 emails into the Internet. The proponents of Anthropogenic Global Warming are claiming it is old news, with emails being taken out of context and that due to the number of investigations that exonerated the scientists involved, the matter should be ignored.

This is very wrong. The emails are worth studying in full, because they raise very serious questions about the credibility of the IPCC, the journals publishing papers on climatology, the government scientific bodies commissioning research into climate and the news organizations covering them.

Moreover, the emails call into disrepute the assertion, frequently made, that the warming of the climate over the past century is known to be “unprecedented”. While it is possible that it is unprecedented, we do not know this for certain, since the proofs advanced are provably flawed. » Read more

I am an anarcho-capitalist living just west of Boston Massachussetts. I am married, have two children, and am trying to start my own computer consulting company.

SP Lowers the U.S. Debt Rating

The Standards and Poor rating service has downgraded the U.S. Federal Government’s bonds to AA+ status. This action long overdue does not go far enough.

To understand the meaning of this, we should first understand the meaning of the S&P ratings.

The ratings indicate several things:
1) The likelihood of a default – the debtor failing to make interest payments owed to the people who purchased the bonds.

2) The likelihood that the bond holders will recover some of their losses after a default.

3) How quickly the debtor’s financial condition could deteriorate causing them to slide into default.

In the pdf explaining their rating system, S&P has a very interesting table showing the default rate associated with organizations based on their classification. As one would expect, in the past thirty years no AAA organization has defaulted, nor has any organization that is rated AA+.

In their press release explaining the downgrade, S&P makes the following points:

• The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government’s medium-term debt dynamics.
• More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned when we assigned a negative outlook to the rating on April 18, 2011.
• Since then, we have changed our view of the difficulties in bridging the gulf between the political parties over fiscal policy, which makes us pessimistic about the capacity of Congress and the Administration to be able to leverage their agreement this week into a broader fiscal consolidation plan that stabilizes the government’s debt dynamics any time soon.
• The outlook on the long-term rating is negative. We could lower the long-term rating to ‘AA’ within the next two years if we see that less reduction in spending than agreed to, higher interest rates, or new fiscal pressures during the period result in a higher general government debt trajectory than we currently assume in our base case
• The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short ofwhat, in our view, would be necessary to stabilize the government’smedium-term debt dynamics.
• More broadly, the downgrade reflects our view that the effectiveness,stability, and predictability of American policy making and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned when we assigned anegative outlook to the rating on April 18, 2011.
• Since then, we have changed our view of the difficulties in bridging the gulf between the political parties over fiscal policy, which makes us pessimistic about the capacity of Congress and the Administration to be able to leverage their agreement this week into a broader fiscal consolidation plan that stabilizes the government’s debt dynamics anytime soon.
• The outlook on the long-term rating is negative. We could lower thelong-term rating to ‘AA’ within the next two years if we see that lessr eduction in spending than agreed to, higher interest rates, or newfiscal pressures during the period result in a higher general governmentdebt trajectory than we currently assume in our base case.

In essence, the S&P rating agency is implying that since the recent debate about raising the debt ceiling was immaturely handled, they are now more pessimistic than they were this spring. This strikes me as and excuse to give plausible deniability to the accusation that for years they have been rating the U.S. government much more favorably than is appropriate by any objective manner.

The fact is that over the past few decades, the U.S. government’s long-term fiscal condition has been steadily eroding, and the legislature has shown no willingness to seriously tackle the issue.  Unsurprisingly any legislator who broaches the topic of reducing any of the major sources of spending, medicare, social security, millitary spending,  corporate subsidies, etc risks being voted out of office by an electorate whipped into a frenzy about an attack on the elderly, the poor, our allies, etc.

The rating agencies, having been granted a monopoly on ratings by the U.S. government, have been loath to bite the hand that feeds them, to risk the wrath of the legislature by frankly describing the terrible financial outlook for the U.S. government. At this point the AAA rating has become a joke; there is no way that the U.S. government can pay back the loans. There is no ideological chasm between the Republicans and the Democrats.  Both parties support massive welfare spending, high taxes, and massive plundering of the productive bits of the economy.  I am increasingly of the opinion that the debt fight was a kabuki theatre engaged in by the Democrats and the Republican leadership in order to end the Tea Party threat to the metastasizing state.  The Teaparty were the grownups announcing that the party has to stop, and the political parties’ leadership were the petulant teenagers plotting to keep things going a little longer.

At this point U.S. government bonds are a very bad thing to buy. The interest the U.S. government is offering is pathetically low.  Inevitably, to attract buyers, the government will have to raise the interest rate. Once they do this, prices in the secondary market for the older low-yield bonds will collapse.  The interest payments needed to service the outstanding debt will increase, and the U.S. government will be in even worse financial shape.  It’s possible that the Federal Reserve will buy the bonds itself, using newly printed dollars, much like the central bank of Zimbabwe.

Unfortunately too many retirees have invested in U.S. government bonds, expecting that the income from the bonds would provide a reliable, dependable source of income. Either they will be screwed by the inevitable default, or they will find their income’s purchasing power destroyed by inflation.

I am an anarcho-capitalist living just west of Boston Massachussetts. I am married, have two children, and am trying to start my own computer consulting company.
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