11 Jan 2013
The astonishing tale of infant liver disease, a drug that could save sufferers, and a crooked EC department.
Children suffering from a rare liver disease are unable to benefit from a life-saving treatment because the European Commission on Health in Brussels has rejected a product’s marketing authorisation for the last five years. Orphacol – a medicine for treating youngsters born with otherwise fatal genetic disorders – has been denied European Union-wide approval for inexplicable reasons. But the presence of pharmco bribery in the case is becoming increasingly obvious.Although the derivative-dividing chaps on Wall Street and the Square Mile have now won the Lonsdale Badguy Belt five years in a row, before then the title was dominated by the pharmco snake-oil salesmen: the other-worldly beings who bribe doctors, cut corners, falsify field results, and then deny responsibility when people start growing extra heads. The things that matter in this world are money, health and housing, but when it comes to sociopathy, there’s not a lot to choose between bankers, pharmcos and estate agents.
‘Ethical pharmaceuticals’ has always struck me as an odd term (it means the stuff you can’t get over the counter, or ‘OTC’) but it is what the pharmboys call the
theautomaticearth: Scale matters. When it changes, other things change as a function of it, often in unpredictable ways. Emergent properties are system characteristics that come into existence as a result of small and simple units of organization being combined to form large and complex multi-unit organizational structures. One can know everything there is to know about the original simple units and yet be unable to predict the characteristics of the larger system that emerges as many units come together to interact as a larger whole.For instance, knowing everything about an individual cell sheds no light on the behaviour of a sophisticated multicellular organism. At a higher level of organization, knowing everything about an organism does not predict crowd behaviour, the functioning of an ecosystem, the organization of stratified societies, or the dynamics of geopolitics as societies interact with one another. The complex whole is always far more than just the sum of its parts.
Human social organization is particularly flexible when it comes to changes in scale. It can function in a myriad forms - from simple, generalist tribal associations, where everyone knows everyone else and interactions are grounded in established personal relationships, to the most complex, specialized and hierarchical imperial civilizations, where emergent connections and institutional structures must inevitably transcend the personal.
The Doc: A reader has submitted evidence that Bloomberg falsified a gold price chart on air in January 2012 in order to discourage investment in the metal.During an on-air segment touting gold’s extreme volatility, Bloomberg posted a monthly chart of gold depicting the price action of July 2011-Jan 2012. In order to paint the perspective that gold is an extremely volatile asset and an unworthy wealth preservation vehicle, the monthly reference points were scrubbed, and replaced with the years 2001-2011. The chart displayed also altered the $ value of gold axis (unless we missed something, gold did not dip below $500/ounce in 2010, or in December of 2012).
The mainstream media caught red-handed attempting to manipulate the perspective of precious metals in full visual display below:
Joseph S. Nye: CAMBRIDGE – What will the world look like two decades from now? Obviously, nobody knows, but some things are more likely than others. Companies and governments have to make informed guesses, because some of their investments today will last longer than 20 years. In December, the United States National Intelligence Council (NIC) published its guess: Global Trends 2030: Alternative Worlds.
It may be only a matter of weeks before the Pound's next great decline begins..Paul Tustain: Right at the top of the banking pyramid you have an institution called the Bank for International Settlements (BIS), writes Paul Tustain - founder and director of BullionVault. It acts like a central bank for central banks.
Germany can draw down currency from the Bank of England and deposit it into the BIS. Again, it just writes the cheque drawn on the importer's central bank, and pays it into its BIS account. You could say Germany has placed its 'Foreign Currency Reserve' at the BIS.
The BIS does lots of things I don't understand. But I am starting to understand the Special Drawing Right (SDR). It's a sort of 'compost' currency worth - at the moment - about the same as a Pound. You can mix it up yourself in the garden - as a heap of slowly rotting currencies in the following proportions: US Dollars (0.66) Euros (0.42) Yen (12) and Pounds (0.11). The package gets acquired by exporters when they flip all sorts of other accumulated foreign currency.
The BIS's Special Drawing Right allows countries acquiring - say - too many Rupees (that would be exporters to India, like Thailand, who don't want to accumulate the ever-inflating Indian Rupee) to flip out of Rupees into this super-solid mixture of 'top' currencies, packaged as an SDR. But the Rupee not being in the SDR the BIS looks to dispose of it. So the Rupee stays low, which in principle makes it easier for India to export.
Our careful analysis shows that the SDR composition allows the UK and US to be lazy, and everyone else to turn a blind eye.
Law Professor Calls Out anti-gun Dershowitz and Obama for Advocating Murder and Torture and Drones and...
Submitted by Tyler Durden: Jim Grant spends exactly the correct amount of time (zero) discussing the "urban myth' of the trillion dollar coin in this brief interview on CNBC; instead deciding to try and strike up some intelligent understanding of the dire situation we face. By providing context for our massive 16 trillion dollar debt (360 million pounds of $100 bills), and explaining how exponential the idiocy has become, Grant brings us full circle as he explains to the money-honey that once upon a time our debt was backed by gold, and "there was only so much gold and so many dollars," thus limiting our exuberance, but "now we have neither the gold covering the dollar nor do we have interest rates constraining us [thanks to Bernanke et al.]; the only thing remaining to constrain us is some sort of civil discussion, a numerate discussion about the debt," which it appears the bespectacled and bow-tie-bound bond brain-box hopes is possible. "The debt has increased twice as fast as federal receipts," he warns, adding correctly that "the United States is truly submerging."