News Story of the Day: Has the dollar collapse been delayed?
The U.S. Dollar Index, which is a measurement of the greenback against a basket of currencies, was homing in on the 100.00 mark this week before plummeting 0.58 percent on Friday. Still, the buck has enjoyed a strong start to 2020, advancing more than three percent. It seems that investors are diving into the conventional safe-haven asset to protect themselves from uncertainty over the coronavirus. Despite the buck losing 90 percent of its value over the last century and losing share of global reserves, the dollar continues to be the go-to currency in times of chaos.
Put simply, the U.S. dollar’s collapse is repeatedly being postponed because the rest of the currency market is in shambles. Who would want to own the loonie or the euro right now?
Chart of the Day: In this day and age, who thinks it is still appropriate to wolf-whistle or to even touch a woman’s bottom? While a lot of the stuff #MeToo is complaining about is petty, most of the items listed on The Economist‘s list should be considered sexual harassment. What is interesting is the divergence: For example, women think it is sexual harassment to look at breasts, but most men do not.
Illustration of the Day: While you have to feel some sympathy for the way the Democratic Party is treating Senator Bernie Sanders (I-VT), you can still agree with the fact that he has contributed nothing to society in any way, shape, or form. All he has done is complain about the system that has enriched his own lifestyle: million dollars, three properties, and first-class travel. This meme is appropriate:
Quote of the Day: From Harry Silverglate on Rod Blagojevich’s “crime”:
The most controversial charge Blagojevich faced was that he planned to sell Barack Obama’s U.S. Senate seat. But Fitzgerald decided to come out swinging, terminated the wiretaps on Blagojevich’s home and office, arrested the then-sitting governor, held a sensational press conference, and called it a wrap before this alleged sale would have even taken place. Fitzgerald was obviously unwilling to wait out the unfolding situation to see if the governor was really serious about “selling” the seat to the highest bidder.
Had Blagojevich actually followed through with the sale of a Senate seat, Fitzgerald’s heavy-handed prosecutorial approach might have been justified. But in light of the fact that no seat was sold, and that these appointments are regularly used for political benefit, the reasonable doubt that a crime was actually committed would appear to be overwhelming. For a US Attorney who is known for “crossing his T’s and dotting his I’s,” you have to wonder why Fitzgerald didn’t spring into action after the sale of the seat, once the dirty deal was done. Blagojevich’s own writing may give us a clue. Blagojevich claims in his memoir “The Governor,” [sic] that the goal of the Senate appointment was to get a political opponent out of the way, not to sell the seat for cash. If this scenario is to be believed, then Fitzgerald went forward with the case when he did because, had he waited until after the seat was filled, there would not have been a case since the seat would have been awarded not for cash, but for quite traditional political advantage.
One of the most shocking, and seemingly damning, sound bites that came from the wiretaps was Blagojevich’s assertion that Obama’s Senate seat was “a [expletive] valuable thing. You don’t just give it away for nothing.” A U.S. Attorney whose last few cases ended unfavorably might be interested in spinning this quote to seem as though a cash transaction was being arranged in exchange for the Senate seat. However, if Blagojevich were looking to use the seat for his political benefit, then his statement would be crass, but would also be evidence that he was operating within the parameters of the law. The type of political maneuvering engaged in by the then-governor may seem to the average citizen (or juror, for that matter), to be less than wholesome, perhaps even a bit sneaky, but if every unwholesome or sneaky maneuver were a crime, we would not be able to build the prisons quickly enough to meet demand.
Tweet of the Day: So, is it hypocritical for Sen. Sanders to own three properties? Not quite. Just look at Communist Russia:
I don’t think it is hypocritical of Bernie Sanders to have 3 houses. Soviet commissars always had multiple houses while decrying capitalist excess and people with multiple houses. This is totally in the Communist playbook. I’d be shocked if he didn’t behave that way.
— Erick Erickson (@EWErickson) February 21, 2020
Video of the Day: Oh my God! Jeff Deist, the president of the Mises Institute, appeared on the Fox Business Network with good old Judge Andrew Napolitano. Deist discussed capitalism versus socialism (as if that needs to be talked about again!), but he provided some unique insight into the topic as he always does. Check it out!
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