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“Goodbye Asset Inflation” – Marc Faber Fears Funding Chaos Contagion From Repo Markets

“Goodbye Asset Inflation” – Marc Faber Fears Funding Chaos Contagion From Repo Markets

Faber wrote in his Monthly Market Commentary for October, under the title : THE THREAT TO ACADEMIC FREEDOM AND TO THE RIGHT TO FREEDOM OF OPINION IS A MENACE TO LIBERTY,

The historian Niall Ferguson recently wrote an article entitled: A message to all professional thinkers – we either hang together or we hang separately.

Ferguson explained that:

In every case, the pattern is the same. An academic deemed to be conservative gets ‘called out.’

The Twitter mob piles on.

Mindless mainstream media outlets amplify the story.

The relevant authorities capitulate” and get rid of the academic…

A month rarely passes without some conservative academic being taken down.” 

The French philosopher and best-selling author, Alain Finkielkraut who is a member of the Academie Francaise, recently said that, far-left protests against him mean he “can no longer show my face” on the street.

The “threat to academic freedom” is at the same time an assault on “freedom of speech” and “expression,” and therefore, should concern all of us.

Under Trouble in the US financial Wonderland we discuss the funding chaos in the repo market.

Several experts have downplayed the recent chaotic behaviour but I take it far more seriously because it indicates to me that liquidity has become tight – at least for some market players.

Should a widespread liquidity crunch follow – “good bye asset inflation” and welcome “widespread asset deflation” as well as QE4. 

Source: Bloomberg

September 24, 2019, was most likely the beginning of the end of the Unicorn bubble as well as for the trend to allocate pension assets to private equity managers. There may be some liquidity problems at some private equity firms. 

…click on the above link to read the rest of the article…

JCU bans Prof Peter Ridd from criticizing scientific institutions. Defiant, he refuses, fights on!

JCU bans Prof Peter Ridd from criticizing scientific institutions. Defiant, he refuses, fights on!

 JCU is trying (and failing) to gag Peter Ridd from discussing why we can’t trust scientific organisations

Peter Ridd: In an era of dangerous groupthink in science, academic freedom and scientific integrity is increasingly under attack.

Last August Professor Peter Ridd said the unsayable — that we can no longer trust scientific institutions. His employer, James Cook University (JCU) could have explained why they were trustworthy, but instead they fired back with a formal censure and ordered him to be silent, effectively to stop him criticizing the current state of science or scientific institutions. Then knowing exactly how respectable, ethical, and scientific this is,  they also ordered him not to mention the censure too. Let’s censor the censure, too!

If there was a crisis in science, what academic would be allowed to point it out?

It gets dirtier, apparently now they are even trawling through his private emails as well, hunting for more ammunition for their misconduct case. Who’s a bit desperate?

Hypothetically, if there is a crisis in modern science, with a failure to replicate results or a lack objectivity, this could cost the nation billions, risk the reef, slow medical research, and hurt our children, but  JCU have effectively said that no one they employ can talk about it. Does the state of science matter to JCU? Not as much as their right to issue prophecies, no hard questions asked, star on the tellie, and help their favourite political cause. (Science for Big-Government’s sake).

Obviously, Ridd is having none of this, and is determined to openly and brazenly breach both instructions. Tell the World! Furthermore, he’s taking the matter to the Federal Court, and raising funds to fight for free speech. (You can help!)

…click on the above link to read the rest of the article…

Academic Freedom Re-examined

This is a ‘reprint’ of a letter-to-the-editor I wrote as a graduate student in the Department of Anthropology at McMaster University, Hamilton, Ontario and was published in the McMaster Courier, June 20, 1989. I print it here just to share some thoughts and wonder if we were to substitute the notion of a ‘free press’ or ‘journalism’ for ‘academic freedom’ or ‘research’, we might have some ideas about how we might view the contemporary issue of ‘fake news’ vs. ‘real news’…


Academic Freedom Re-examined

I would like to comment on Dr. King’s recent discussion on academic freedom (Courier, May 24). It appears that King’s notion of academic freedom are closely linked to specific beliefs about the scientific method and how research proceeds in the scientific community. Implicit in King’s entire argument is the idea that scientific research is an ‘objective’ enterprise. It would appear that this objectivity can only be maintained by ensuring that external pressures do not interfere with research. These beliefs are displayed in the passage by Gilmour which King uses to argue that, because academics are disinterested and display integrity, they should be granted time, money, and a freedom which allows them to perform research unfettered by social and political pressures.

This whole notion of integrity and disinterest within the scientific community, however, needs to be critically examined. An ‘objectivist’ belief, such as that presented by King, holds that scientific knowledge is improving and growing constantly through a type of piecemeal process which builds upon previous research. Ultimately, the ‘truth’ is approached by an accumulation of data and ignorance is left behind, a remnant of insufficient data. This view of science supports an empirical theory of knowledge which presumes a complete detachment between the scientist and object of research. Researchers are subsequently thought to observe ‘facts’ quite independently of their consciousness. This, in turn, implies that some type of an objective reality exists and that humans can accurately determine what it is through rigorous, non-subjective procedures of science.

More recently, however, some researchers are beginning to realize that science is a socially-embedded activity in which research is pervasively influenced by the sociocultural milieu within which it operates. Various psychological and sociocultural factors serve to guide scientific research in predetermined directions. This belief debases the stereotypical view of science as a purely objective enterprise. In fact, some researchers have taken a more radical stand and argued that truth itself is just what a particular scientific community passes at a particular time; that facts are created and we make them fit into our predetermined categories; and that truth is merely the truth of those in power. Alternatively, it can be argued that the facts are real enough but in the interpretation that necessarily follows empirical observations, hard ‘facts’ are tainted by external pressures. These pressures are believed to influence research and its conclusions, even to the point of ‘cheating’. Because of such pervasive pressures within the scientific community, self-policing by academics is not an adequate solution.

The ideas that ‘hard’ facts exist and that science progresses by a patient collection and sifting of these objective facts are perpetual myths propagated by scientists. Researchers must keep in mind that their ideas and fundamental assumptions have been directed by external forces, both in and out of the scientific community. Pure objectivity, as supported by logical empiricists, does not exist. Humans live in a complex world of intersubjectivity. Since research is a subjective and interpretive enterprise, interpretations will inevitably be pluralistic in nature and there is no monopoly on truth. A diversity of interpretations is, therefore, both inevitable and necessary. However, this should not be construed as academic anarchy. Scholars should attempt to understand their own subjective biases and how their sociocultural milieu influences their work. It is only by doing this that they may become more sensitive to the restrictions that are imposed upon their interpretations. Perhaps this endeavour would result in a useful balance between the outdated view of science as objective and the radical notion of a total lack of truth.

This alternative view of the scientific enterprise has profound implications for academic freedom. King’s argument would appear to be based upon the idea that science is totally objective. But if this is not a valid assumption, as I have tried to argue, then notions of academic freedom must be reassessed. Outdated arguments which insist that science will lose its objectivity and usefulness if external pressures are introduced are no longer compelling. Scientific research has always contained such pressures. It is now time for researchers to confront such influences head on. Hiding behind the concept of academic freedom is not going to aid scientific research or make it any less subjective.

Steve Bull
Department of Anthropology

The End of Academic Freedom in America: the Case of Steven Salaita

The End of Academic Freedom in America: the Case of Steven Salaita

In the twenty-one years I spent at Columbia University, there was always some professor or another coming under attack from the Israel lobby—starting with the famous brouhaha of Edward Said throwing a rock or two at an Israeli military watchtower near the border with Lebanon. AIPAC would have had you believe that this was not a symbolic act but an existential threat to a state armed with nuclear weapons. But no matter the intensity of the witch-hunt, I was always proud to see my employer stand up for the free speech rights of the faculty.

As such my attention has been riveted on the trials and tribulations of Steven Salaita who was unfortunate enough to be the victim of a combined assault by the Israel lobby and a university officialdom that was determined to make him pay for telling the truth, no matter how bitter that truth. Since I am very close to some tenure-track professors, I have a better handle than most on what it means to be robbed of a tenured position. Getting tenure nowadays is almost like winning the American Idol contest, so the very idea of being denied a position and thrown to the wolves (no offense meant to a member of the animal kingdom far more noble than the University of Illinois mucketymucks) struck me as a wantonly destructive act—all the more so since it was defended in Pecksniffian terms by the likes of Cary Nelson.

When I posted an excerpt from Salaita’s newly published “Uncivil Rites: Palestine and the Limits of Academic Freedom” on my blog this week, I was struck by the sharp rise in page views. Clearly, just about everybody on the left has a feeling that in this case the IWW slogan rings as true as ever: “An injury to one is an injury to all.”

…click on the above link to read the rest of the article…

Olduvai IV: Courage
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