BTC surges to new record above $66,000

Source: CNN

“The bitcoin bull market is showing no signs of slowing down. Bitcoin, the world’s most valuable cryptocurrency, hit a new all-time high of nearly $67,000 Wednesday, topping the previous record set in April. Bitcoin prices have surged 50% this month, from just under $44,000 at the end of September.
The pop has been fueled by renewed hopes that regulators in the United States would not crack down on cryptocurrencies, support from big investors such as George Soros and the launch of the first exchange-traded fund tied to bitcoin futures.” (10/20/21)

Haley’s Ridiculous Demand to Escalate Economic War Against Iran and China

Source: Eunomia
by Daniel Larison

“One of [Nikki] Haley’s many bad ideas is to have Congress pass legislation to sanction China’s central bank. This would be absurd overreach, and it would guarantee Chinese retaliation. China and Iran are engaged in legitimate international commerce. There are no international sanctions that bar Iran from selling China their oil. The fact that the U.S. doesn’t want Iran to earn revenue from its oil sales doesn’t make this commerce illicit, and it doesn’t justify placing sanctions on China’s central bank. Confronted with the failure of ‘maximum pressure’ in Iran, Haley is calling for escalation against China. That could have unforeseen consequences for U.S. interests and businesses that Haley doesn’t even bother to consider.” (10/20/21)

NYC: Cops disciplined after subway confrontation over absence of religious headgear

Source: ABC 7 Eyewitness News

“NYPD Commissioner Dermot Shea said two officers have been disciplined after a viral video showed them ejecting a rider from a subway station who purportedly hassled them over not wearing masks. Shea called the officers’ actions ‘absolutely inexcusable,’ though he added they would not be fired or suspended. ‘There is no excuse for what I saw in that video,’ he said. ‘We are better than that.’ The incident happened around 9 a.m. Tuesday at the 8th Street station in Greenwich Village. … Acting MTA Chairman and CEO Janno Lieber blasted the officers and said it is past time for ‘more than a few cops’ to start complying with mask rules underground.” (10/20/21)

The Ninth Amendment and the Right of Local Self-Government

Source: Tenth Amendment Center
by Kurt T Lash

“The Ninth Amendment guarantees the right of local self-government in all matters not expressly prohibited to the states or clearly delegated to the federal government. The drafter of the Ninth Amendment, James Madison, expressly described the Ninth Amendment as working in tandem with the Tenth to prevent the national government from interfering with matters constitutionally reserved to the people in the states. The Ninth Amendment, like the rest of the Bill of Rights, prevents unjustifiably broad interpretations of federal power.” (10/20/21)

The Safe Banking Act Is a Good Step toward Marijuana Legalization

Source: Cato Institute
by Jeffrey Miron & Pedro Braga Soares

“On September 23, 2021, the U.S. House of Representatives passed the SAFE Banking Act (SBA) for the fifth time since 2019. The bill prevents federal authorities from prosecuting financial institutions that serve cannabis businesses operating legally at the state level. The legislation, strategically included as an amendment to the National Defense Authorization Act, still faces uncertain prospects in the Senate where senior Democrats support tying the bill’s approval to more comprehensive cannabis legislation reform. Marijuana legalization at the federal level would clearly be the first best solution. … Short of legalization, the SBA would be better than nothing.” (10/20/21)

Authoritarian Ardor

Source: Common Sense
by Paul Jacob

“All the data, [Glenn] Greenwald insists, shows Democrats getting ‘more authoritarian by the minute.’ Why? It might best be looked at in an insider/outsider context. Democrats are becoming more authoritarian because it is their hold on power that they are defending, and Republicans are reacting against that stranglehold. An old principle may be at work: outside of power, people tend to demand freedom; inside, they demand more power.” (10/20/21)

It’s All Green To Me

Source: The Pamphleteer
by Davis Hunt

“If you meditate on the future shouted from the rusty, calcified loudspeakers of D.C. and their apparatchiks at CNN and the New York Times, we wouldn’t blame you for feeling depressed. They paint a gray world of regression — a return to a more primitive, pre-industrial state wherein artificial scarcity driven by ‘numbers’ dictates what a person can and can’t do so that we, collectively, can lower the global temperature. It’s fun to write a sentence like that until you realize that there are people who mechanically repeat that same line without irony. The negative attitudes have begun to get to the children as well. … We may not be able to quantify ‘deaths of despair’ as easily as we can ‘deaths from Covid-19,’ but rest assured, rhetoric that demonizes a person for merely being alive hangs much heavier in the balance.” (10/20/21)

Businesses cooperate, politicians compete

Source: EconLog
by Scott Sumner

“Among some people on the left, the term ‘cooperation’ has a much more positive vibe than ‘competition.’ They see the business world as ultra-competitive, and that often pushes their interests toward public policy. But what if they have it backwards? What if the business world is cooperative and the political world us ultra-competitive? After all, businesses are trying to do deals with people in China–mutually beneficial trades. That[‘s] cooperation. Politicians in American want to hurt the Chinese economy, to prevent China from threatening the US position as being number one in the world. They do so with high tariffs on Chinese goods, and sanctions aimed at destroying Chinese tech firms such as Huawei.” (10/20/21)