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So about that so-called "degree" you're sporting, son....

More than 3,000 students at the University of North Carolina -- nearly half of them athletes -- were enrolled in a "shadow curriculum" over a two-decade period that involved no-show classes and bogus grades, according to a report released by the school on Wednesday.

In other words the so-called "degree" documented exactly nothing -- and it was not limited to athletes either.

This of course means that for an employer the only thing you can do is treat all degrees from this place as worthless, until and unless they are all revoked, every person involved is identified, those who participated in any way are prosecuted for fraud (since said credentials were then used to defraud employers) and imprisoned.

None of which, by the way, is likely to ever happen.

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Well well, now this is interesting.

ST. LOUIS COUNTY • The official autopsy on Michael Brown shows that he was shot in the hand at close range, according to an analysis of the findings by two experts not involved directly in the case.

The accompanying toxicology report shows he had been using marijuana.

Those documents, prepared by the St. Louis County medical examiner and obtained by the Post-Dispatch, provide the most detailed description to date of the wounds Brown sustained in a confrontation Aug. 9 with Ferguson police Officer Darren Wilson.

A source with knowledge of Wilson’s statements said the officer had told investigators that Brown had struggled for Wilson’s pistol inside a police SUV and that Wilson had fired the gun twice, hitting Brown once in the hand. Later, Wilson fired additional shots that killed Brown and ignited a national controversy.

This makes for a few interesting new observations, dove-tailing with what I had previously suspected and so-stated.

First, one of the wounds in Brown's hand was apparently caused when the cop's gun went off in the SUV as residue was found in the wound.  That does not happen unless the gun discharges very close to where the bullet goes in.  The lack of stippling (powder burns external) is unusual but not unprecedented, and the presence of residue in the wound is solid evidence of a contact (or near-so) shot.  Further, tissue evidence was recovered from the police SUV and matches Brown.

This would appear to many to exonerate Wilson (the cop.)  Not so fast, kemosabe!

Had the fatal shot been delivered in the vehicle that would be true, but that's not what happened.  The discharge of the firearm in the SUV, in a tightly-confined space right near the ears of both Brown and Wilson, means they were both almost-certainly temporarily deafened by the blast.  This means that Brown could almost-certainly not hear any commands given by Wilson after that, and Wilson could almost-certainly not hear anything Brown said beyond that point in the encounter either.

The tox report shows recent (but undifferentiated, that is, not quantified) marijuana consumption; that is, he (presumably) smoked weed some time close to the encounter, but whether he was actively high at the time cannot be discerned with any sort of reliability.

The problem remains those gunshot wounds to the head.  The round to the top of the head was recovered in the lateral right facial area with a 12cm travel path.  The other round to the head is the one that exits the jaw and re-enters the upper right chest.

The forensic findings are roughly congruent with the previous private autopsy and present the same problem in terms of physics for those two wounds.

However, there is one further finding -- and that is entrance wound #5 which is unpaired.  

This shot may be that which the entire situation turns on -- specifically, exactly when was that shot delivered.  The problem for Wilson is that the path is not straight-on, but rather downwardimplying that it did not produce Brown falling forward (and thus providing a clean explanation for exactly how the other two shots got delivered to his head in the orientation they were, without Brown being on his knees or otherwise in a submissive posture) but rather was delivered while he was either (1) falling forward or (2) below Wilson's plane of fire (that is, Wilson aimed downward because Brown was on his knees!)

This autopsy also contains no documentation of the sort of abrasion damage that would be expected on the exposed surfaces of the body and clothing if a perpetrator was in a charge toward the officer and was shot with immediately-fatal effect, falling forward at a high rate of speed onto pavement.  Since this is the official autopsy we can thus reasonably conclude that Brown was not in fact in a "bull rush charge" at the moment he was shot in the head.

So all I get from this report is that there is in fact forensic evidence of a struggle in the SUV and the discharge of the officer's weapon, which left forensic evidence in the vehicle and on the deceased.  That looks solid.  

However, that still does not result in the remaining shots being justified unless the officer was being charged by Brown at the time he fired, and the forensics fail to document that as having happened.

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I was among the first people to try out Apple Pay the moment it came available on Monday. It was convenient, fast, and it seemingly worked without incident ... until I logged in and checked my debit card bill.

As it turns out, I've been charged twice for every single purchase I've made with Apple Pay at various stores.

A quick search of Twitter found many other people experiencing this same exact problem.

Of course with debit cards there is a huge potential problem here because if you overdraw your checking account using one you're going to get monkey-hammered for as much as $39 for each overdrawn item.

Yeah, I'm sure Apple will "fix it", but the point remains that this so-called technological marvel was supposed to make this sort of thing impossible because a given token issued by the software for a given payment would only be good once.

It looks like it was good at least twice, eh?


Update: There are reports that Bank of America was involved in some way with their clearing process -- nonetheless, as Apple's branded offering, screwups are theirs -- period.

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Hoh hoh hoh hoh hoh hoh hoh....

By estimating that zero stimulus would be consistent with a 10 percent quarterly drop in equities, they calculate it takes around $200 billion from central banks each quarter to keep markets from selling off.


Note that central bank "stimulus" is not real.  An example will suffice.

Let's say there are exactly two things in the world of economic value -- $100 and 100 bushels of corn.

What's the likely clearing price -- that is, what you would exchange one bushel of corn for?

$1, right?

Remember, other than time preference there is nothing else in the economy to express value through than corn and dollars.

Ok, so now the central banks simply double the number of dollars.  That is, there now exists $200.

What is now the likely clearing price for one bushel of corn?


So the "price" of markets "not selling off" is the theft of that $200 billion a quarter, or $800 billion a year, from you in the form of your purchasing power.  In other words that $800 billion a year is stolen from you.

If you were taxed to the tune of a few thousand dollars a year so people with stocks would not see the price of their stock decline, and it was literally given to those people who owned stock, you'd be outraged.  The lower-income people who can't afford to and don't own any stock would likely revolt -- and quite-possibly violently so.

So let's now have a full and fair discussion about your silent consent to this now-admitted theft......

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2014-10-22 07:39 by Karl Denninger
in Macro Factors , 148 references

CPI came in at 0.1%, both core and headline.

Food was up 0.3% but energy was down large, -0.7%, offsetting it.

The stunners in the food area are whole meats; specifically beef and pork -- and especially beef, which is up nearly 20% on an annual basis.  Pork is up 11.4%, held down by chops.  I don't believe the bacon number, by the way -- it sure as hell is up more than 3.8% in my experience over the last year (closer to the 20% for "other" pork products.)

In fact regular fresh food products of the animal sort are all up big; fish (6%), dairy (4.9%), eggs (8.5%), etc.

Wanna eat low carb?  It's gonna cost you!

As for those who think deflation sucks, please explain in the context of televisions and computers, both of which continue their relentless and decades-long deflationary price trends.

Hourly earnings were down 0.2%, offset by an increase in working hours of one tenth to 34.6.  Work harder and get paid less, slave!

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