1929 Stock Market Crash One

Chapter 46

The First Stock Market Crash

looters-by-law

Chicago Tribune 27MAR1929

On March 26, 1929, Al Capone was still sequestered for the federal grand jury as ordered by Judge Wilkerson, and the U.S. Attorney had sent a federal raiding party to the Lexington and Metropole hotels to seize Capone’s records. Although ostensibly over fallout from the Chicago Heights raids, Assistant United States District Attorney Daniel Anderson nonetheless asked the famous entrepreneur point-blank: “What is your business?”

“I must stand on my constitutional rights and refuse to answer anything particular about that,” was Capone’s answer. Al was charged with contempt and a warrant issued the following day. Health problems as a pretext for avoiding the courtroom had been successfully invoked by Jew-baiting magnate Henry Ford just two years earlier, but the court extended no such privilege to young Al Capone.[1] The market crashed with a record turnover of over 8 million shares on March 26, 1929.[2] Wall Street sources reported that Chicago banks withdrew substantial sums from Wall Street to meet credit exigencies in the “Middle West.” This announcement would be repeated in even stranger circumstances by Herbert Hoover before the year was out.[3]

Wall Street Journal headlines on March 27 glumly described severe declines on the “largest volume of dealings ever known.” Time Magazine chimed right in, announcing “the biggest stock market crash in Coolidge-Hoover history.” Some of the cash movement had to do with income tax payments—which back then were due March 1—and some with quarterly government financing. Indeed, call money bounced back up to 14% at the close of March. News came in of increased opium trade in China precisely coinciding with a new wave of suppression there.[4]

Judge Winslow’s impeachment was gathering steam, with attorney Isidore Kresel scheduled to conduct an investigation beginning Monday. City Trust, Lancia motors and the late F.M. Ferrari were also back in the news over a disputed note, and George McManus—Rothstein murder “suspect”—was released on bail for want of a speedy trial.[5]

Again the Journal reported that there had been a “drastic movement of funds to Chicago to replace funds called in that City by local banks.”[6] This pattern would repeat itself time and time again before 1933, yet remain a mystery to economists and financiers for the next seventy years. Just how much of the March panic was due the various forms of prohibition we may never know. We do know, however, that this record-volume stock market crash occurred well before the tariff debate had even begun and after no interest rate increases by the Fed. Yet as the crash occurred, vigilantes closed in on Chicago racketeers, Al Capone fidgeted before Judge Wilkerson in a Federal courtroom interested in his income tax records, banks were caught financing bootleggers, League of Nations narcotics statistics reports were falling due, corporate magnates were tried without publicity or fanfare in a Buffalo star chamber and the Chicago-bound trunkful of drugs case slowly expanded into a conspiracy involving failed banks and other corporations. A pattern was taking shape.

The New York World scrupulously ignored the Illinois Alcohol trial, 73 subpoenas and all—yet covered the news of the following day’s “brief but violent tumble in stock prices.”

how credit contracts

Same day Chicago Tribune cartoon

Walter Strong, Publisher of the Chicago Daily News had visited President Hoover on March 19. Strong—together with Judge Frank Loesch of the Chicago Crime Commission—had given “chapter and verse for their statement that Chicago was in the hands of gangsters, that the police and magistrates were completely under their control, that the governor of the state was futile, that the Federal government was the only force by which the city’s ability to govern itself could be restored.” Thus spoke President Hoover, who at once gave orders that “all the Federal agencies at once concentrate upon Mr. Capone and his allies.” This was to be accomplished at once, without publicity and regardless of expense. Having thus ordered such Treasury agents as Eliot Ness and Elmer Irey unleashed upon Chicago’s shadow government, the President again turned his attention to the special session he’d been planning for Congress.[7]

If you had never heard of the March 1929 stock market crash, perhaps you have also never heard of court or financial interpreters for the Portuguese language.

[1] (Bergreen 1994 326) (Pasley 1930 73) (Lacey 1986 216-217)

[2] (Time Capsule 4/1/29 212)

[3] (WSJ 2/26/29; 3/27/29 1; 5/18/29 7)

[4] (NYT 3/31/29 III-6:2; 7/21/29 III-8:8)

[5] (NYT 2/26/29 24; 14) (NY World Almanac 1930 103)

[6] (WSJ 5/18/29 7)

[7] (Hoover Memoirs Vol. 2 277) (Myers & Newton 1936 376)

Tradução de ementas

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No cotidiano o cliente mostra o que está em pauta, pede orçamento, aprova proposta e sinal e o tradutor faz, entrega e as partes acertam o saldo. Mas com a importação de médicos formados pela ditadura da Cuba comunista–onde mesmo antes de 1959 já havia 3 vezes o número normal de médicos–acelerou-se a evasão de brasileiros formados em medicina. Para exercer a profissão na América do Norte, suas ementas e documentos devem ser traduzidos e avaliados. O perigo é que algumas dessas agências avaliadoras de credenciais são gatekeepers (cuja função é excluir concorrentes estrangeiros) ou monopolistas (que fazem in-house as traduções por um adicional barato, mas bloqueiam ou atrapalham as traduções dos autônomos mediante mecanismos coercitivos).

Alguns sinais de perigo já alertam o tradutor experiente:
1. A escola deve nos mandar sua matéria curricular diretamente, “para preparativos”.
2. Oferecemos vantagens às entidades que recomendam exclusivamente a nós.
3. As traduções têm que ser “word-for-word.”

A primeira às vezes resulta em a agência preparar um PDF criptografado (que não permite OCR) com identificadores no pé de cada página. Assim fica difícil converter em texto eletrônico e usar ferramentas CAT. A segunda (2) já acena com o perigo de eles fecharem a concorrência por implicância com bobagens insignificantes. Já vi uma reclamar de um carimbo evidentemente idêntico em cada folha mas faltando algum detalhe em umas ou outras (tipo metade do CEP) pela posição do contato ou falta de tinta no carimbo. O monopolista vê toda concorrência como usurpação. A terceira (3) é  especificação que o mercado identifica como defeito. A literalidade é característica de “tradução” sobremaneira malfeita–de palavras em vez de conceitos e expressões–por principiante sem noção. Essa especificação eu interpreto como um aviso em vermelho com imagem de caveira.

Como se proteger? Leia as instruções e especificações desses serviços (plural) de avaliação antes de escolher. Caso contrário, há risco de mandar traduzir (e pagar) duas vezes o mesmo documento. Pergunte ao tradutor se esse garante que o documento será aceito. Money-back guarantee é muito comum nos EUA. Afinal, se a tradução é rejeitada o tradutor deve consertar a situação, devolver o dinheiro, corrigir e re-enviar ou trabalhar com outro tradutor que possua as credenciais necessárias para conseguir sua aceitação pelo órgão relevante. Procure outras pessoas que passaram por situação semelhante para ver se oferecem indicações. Para economizar dinheiro não ofereça traduzir o documento. A tradução para nós é fácil, mas específica. Já, se vc produzir uma versão que inclui todas as informações do original, formatados tal e qual em formato de processador de textos tipo Open Office, isso facilita a vida do tradutor e pode resultar em desconto.

Descaso no Brasil

Navios de guerra disparavam caminhões na baía de Guanabara no ano 1893, marcada por uma crise econômica global. Uma parte desta crise emanava das políticas monetárias adotadas nos EUA. Mas o que mais afetou o resto do mundo foi a falência do projeto francês para construir o Canal do Panamá. Estas obras desde 1889 vinham falhando por causa de mosquitos, sobretudo o Aedes aegypti, mas ninguém sabia disso.

Os magnatas americanos fizeram charme, fingindo estar ocupados com planos para fazer um canal na Nicarágua. Mas quando a bancarrota atingiu níveis de desespero nacional para a França, os americanos adquiriram os direitos àquele canal falido a preço de banana. Logo caíram na mesma armadilha. A salvação do projeto e da economia do país foi a falta de respeito com a qual os americanos encaram a autoridade. Um soldado americano derrubou um tenentezinho com um soco na cara. O oficial metido foi para o pronto-socorro e o soldado bruto foi metido em cana sozinho. Duas ou três semanas depois o soldado adoeceu com a febre amarela. O médico encarregado concluiu que só poderia ter sido transmitido por um mosquito, pois nada maior do que isso entrava ou saía daquela cadeia. Os outros médicos–áulicos da mesma laia que hoje aconselha os políticos sobre  a proibição de arbustos e afins–insistia na crendice popular de que a febre amarela seria transmitida por ruas mal-varridas. Quando o presidente T. Roosevelt descobriu que o seu projeto de canal–a menina dos seus olhos–estava sendo ameaçado por mosquitos, tudo mudou de figura.

Os americanos instalaram encanamento hidráulico por toda a região. Inspetores iam de casa em casa multando quem permitisse a reprodução de mosquitos em águas paradas. Todas as janelas recebiam telas e pintava-se uma larga listra negra horizontal no exterior de vários imóveis para atrair insetos voadores. Os bichos que apareciam ali para comer os insetos foram criados e soltados em grandes números por toda a região enquanto laboratórios pesquisavam vacinas. As crianças na Zona do Canal do Panamá toda noite colocavam tigelinhas de água limpa em volta das casas. No dia seguinte despejavam essa água na calçada quente para matar os ovos que os mosquitos botavam na água, e armavam de novo essas armadilhas de água limpa. Até 1906 a febre amarela foi conquistada e a malária bastante reduzida. O canal abriu em 1914.

aedesNo Brasil a situação é diferente. Os turistas estão evitando o país por quê? Por que um bando de saqueadores entocado em 33 partidos comunistas, fascistas e proibicionistas manda pendurar cartazes avisando as pessoas a “lavarem” a tigela de água do cachorrinho. Isso eles chamam de combate à epidemia. Ao mesmo tempo ameaçam de prisão os médicos que atendem as necessidades de profilaxia contra a gravidez das mulheres vitimadas por essas doenças — doenças que a reza do Vaticano não cura. Quer mais prova de descaso? Pois veja AQUI o relato da Wikipédia sobre o combate às doenças feita pelos materialistas científicos que, segundo o altruísmo, só pensam em ganância e desprezam a vida humana. Pergunte se na coluna da esquerda aparece algum link para versão desta reportagem em português? Não. ISSO é descaso.

Quer ver o que é valorizado pelos 33 partidos não-libertários? Procura no Wikipedia em inglês a palavra Communism. Experimente fazer uma busca por Operation Car Wash ou Martin Luther/Adolf Hitler, Stalin ou Mussolini e rapidinho pipoca tudo aquilo lincado à matéria em português. Busque Anti-abortion movements ou qualquer uma da inúmeras superstições proibicionistas circuladas pelo monroismo americano e no mesmo ato aparece link em português. Mas quem busca em português os métodos de William Crawford Gorgas que se provaram eficazes em combater as doenças transmitidas por mosquitos–métodos que possibilitaram a construção do Canal do Panamá não acha tradução.

What is Winning?

GOPNSDAPThe key to political campaigns is in the definition of winning. Suppose someone wanted his son shot and jailed, home confiscated, unemployment up, and all markets crashed, you’d suggest he vote Republican. Same solution if they were to want a daughter to bleed to death because of medieval approaches to accidental pregnancy. To Republican, Christian National Socialist and Islamic State legislators that’s winning–provided their candidate also gets the government job. Communists and lay socialists on the other hand prefer to forego the government job but force the kleptocracy to change the laws in response to the pressure of their spoiler votes. It’s kind of like a “sacrifice” move in a chess game, in exchange for gaining tactical or positional compensation farther along. So if their platform planks seem “extreme” (meaning consistent with their ideology), that’s not a problem. Spoiler votes will gradually make those positions seem wearily centrist. That’s the strategy that enacted the 16th and 18th Amendments.

demcommieWhen socialist parties lose, it’s because (their cheerleaders feel) that particular unverifiable secret ballot election was rigged. Deep down you know this is true–or at least unfalsifiable–so the tendency is to feel a twinge of sympathy for the raw deal they got. But it’s not just ordinary socialists. Christian National Socialists, Islamic Mohammedans and devout altruistic Communists all want essentially the same thing: decisions imposed at gunpoint by the better people who know what’s good for the riff-raff. Of course they have surrogates. National Socialists of Third Reich Christian persuasions have since 1932 been the hand inside the Republican party sockpuppet. International Socialists of the East German Communist variety have lately pulled the strings that move the arms and mouths of Democratic Party spokesmen. One can’t think independently and still have faith in altruism.

But suppose a voter wants freedom? That is, not the initiation of force, but rather, voluntary cooperation? Suppose you want the Marxist personal income tax abolished, its collectors disarmed and returned to the productive labor market? What about those who want to eat, drink and smoke what they prefer–people to whom winning means becoming the masters of their own financial decisions?

LPeagleIn that case, the recommendation can only be to vote for the LP platform Gary Johnson is standing on. It is easy to verify that, as in 1892 or 1908, each third-party spoiler vote has way more law changing power than a vote wasted on shape-shifting actors fronting for soft machines. Dry Christian Progressives backing small parties in the 1890s paved the way for Prohibition making light beer a felony. Likewise, dry Christian Socialists paved the way for Soviet Communism in Russia, National Socialism in Germany, and transfer payments to non-producers elsewhere. Yet all their parties–Greenback, Farmer-labor, Anti-monopoly, Socialist, Socialist labor, Prohibition, LOST by their candidates getting less than half the electoral vote. However, they eventually won what they wanted by changing the laws, whether through enactment, court decisions, or repeal.

I’d wager that even if Gary Johnson were to receive 60% of the votes, a way would be found to defraud the election. But the fright would nevertheless cause the looters to abolish a mess of bad laws–which is what I really want. THAT’s winning. Consider making a Paypal donation at LP.org I absolutely guarantee your donation will change 600% to 3600% as many words in laws as it would if wasted on either of the Kleptocracy soft machines.

Fiscal Conservative?

bushmonkeyGeorge W Bush was the last Republican president. He issued Executive Orders such as…
13279: …Consistent with the Free Exercise Clause and the Free Speech Clause of the Constitution, faith-based organizations should be eligible to compete for Federal financial assistance used to support social service programs and to participate fully in the social service programs supported with Federal financial assistance without impairing their independence, autonomy, expression, or religious character. (…)
Specified agency heads shall, in coordination with the White House Office of Faith-Based and Community Initiatives (White House OFBCI), review and evaluate existing policies that have implications for faith-based and community organizations in order to assess the consistency of such policies with the fundamental principles and policymaking criteria articulated in section 2 of this order.

So who are we talking about in this Executive Order, issued amid total financial collapse?

Sec. 8. Functions of Heads of Departments Concerned and Additional Functions of the Director of National Intelligence.

(a) To the extent permitted by law, the DNI and the heads of departments concerned shall provide such information and assistance as the PIAB and the IOB may need to perform functions under this order.

(b) The heads of departments concerned shall:

(i) ensure that the DNI receives:

(A) copies of reports submitted to the IOB pursuant to section 1.7(d) of Executive Order 12333, or a corresponding provision of any successor order; and

(B) such information and assistance as the DNI may need to perform functions under this order; and

(ii) designate the offices within their respective organizations that shall submit reports to the IOB required by Executive Order and inform the DNI and the IOB of such designations; and

(iii) ensure that departments concerned comply with instructions issued by the DNI under subsection 7(a)(ii) of this order.

(c) The head of a department concerned who does not implement a recommendation to that head of department from the PIAB under subsection 4(b) of this order or from the IOB under subsections 6(c) or 6(d) of this order shall promptly report through the DNI to the Board that made the recommendation, or to the President, the reasons for not implementing the recommendation.

(d) The DNI shall ensure that the Director of the Central Intelligence Agency performs the functions with respect to the Central Intelligence Agency under this order that a head of a department concerned performs with respect to organizations within the intelligence community that are part of that department.

Sec. 9. References and Transition. (a) References in Executive Orders other than this order, or in any other presidential guidance, to the “President’s Foreign Intelligence Advisory Board” shall be deemed to be references to the President’s Intelligence Advisory Board established by this order.

(b) Individuals who are members of the President’s Foreign Intelligence Advisory Board under Executive Order 12863 of September 13, 1993, as amended, immediately prior to the signing of this order shall be members of the President’s Intelligence Advisory Board immediately upon the signing of this order, to serve as such consistent with this order until the date that is 15 months following the date of this order.

(c) Individuals who are members of the Intelligence Oversight Board under Executive Order 12863 immediately prior to the signing of this order shall be members of the Intelligence Oversight Board under this order, to serve as such consistent with this order until the date that is 15 months following the date of this order.

(d) The individual serving as Executive Director of the President’s Foreign Intelligence Advisory Board immediately prior to the signing of this order shall serve as the Executive Director of the PIAB until such person resigns, dies, or is removed, or upon appointment of a successor under this order and shall serve as the Executive Director of the IOB until an Executive Director of the IOB is appointed or designated under this order.

Um… wasn’t Gary Johnson, the Libertarian Party candidate, a fiscally responsible elected official for two terms as governor of New Mexico?

Suppose they gave a war…

suffrage1909Suppose they gave a war on women’s rights and nobody came? The Republican party is trying to stage the experiment. Their platform shrieks for 6% of its 36,000-word platform in carpet-biting rage against pregnant women having the same rights as all other individuals.  Since neither Kleptocracy candidate sees fit to point to its own platform, a few samples from the 2016 GOP platform may illustrate the point. 

We support a human life amendment to the Constitution and legislation to make clear that the Fourteenth Amendment’s protections apply to children before birth.”

The Amendment guarantees rights for “All Persons born…” not “All Ova fertilized…” To them, that’s a problem.

We will not fund or subsidize healthcare that includes abortion coverage.

population1924

Overpopulation, starvation, war… this is good?

But they have no problem with licensing, subsidizing and protecting doctors who prostitute the medical profession to give the patina of science to prohibitionist ravings, while pushing the cost of medical care out of everyone’s reach. Birth control is both a survival and a law-and-order issue. Forcing women to carry unwanted pregnancies to completion results in a new crime wave nearly two decades after the prohibition. Repealing abortion laws entirely, as in Canada, results in a drop in actual crime with victims in a similar timeframe (to say nothing of the connection between overpopulation and starvation). Then there is good old coercive prohibitionist asset forfeiture:

In order to encourage women who face an unplanned pregnancy to choose life, we support legislation that requires financial responsibility for the child be equally borne by both the mother and father upon conception until the child reaches adulthood.

In other words God’s Own Prohibitionists want to use the violence of law to force women to reproduce to suit mystical fanatics. But that’s OK because they also want to force careless men (or underage boys) to pay child support or go to jail, even if neither biological parent wants to become a parent.

moral1901lectureRepublicans have the chutzpah to talk of women fleeing abuse, and friends, there really is such a thing. Women are rallying to the banner of a female candidate not at all interested in coercing them to please coercive brutes. Bookies over at Paddypower are charging 6 to 1 odds of people voting for the Dems, and laying nearly similar odds that The Antichoice will continue to lose as itstopamnesty did in 2000 (but stole the election by vote fraud), 2008, and 2012. The abuse women voters are fleeing is clearly abuse at the hands of ignorant bigots WITHIN THESE STATES, as in 1932. Foreigners are also singled out for abuse, and any cities whose police refuse to join the witchhunt are branded Enemies of the Republican Staat! What kind of party advertises with images of barbed-wire fences for confining humans? 

It is true that aside from “letting” women have rights guaranteed by the Constitution and repeatedly upheld by Kleptocracy Courts, the Dems are simply another looter prohibitionist party that wants kids shot or jailed by militarized police over hemp seeds. Both Kleptocracy parties also vow to continue to use asset-forfeiture extortion, treat foreigners like criminals, meddle with deadly force in mystical tribal conflicts on the other side of the planet and use the communist manifesto income tax to further impoverish Americans at gunpoint. The difference between those two political parties is one of degree, not kind, and is only perceptibly significant on that one issue. The GO-Pee still have the support of the Wizened Christian Totalitarian Union, but that’s about it as far as women are concerned…

No thanks, “both” Kleptocracy parties. I’ll stick with the LP.org and accept no substitutsky!

 

 

GOP & Dem platforms: continue asset forfeiture

2011wsjforfeitures

2011 DemoGOP forfeitures

Asset forfeiture is armed robbery by police and federal agents. This program was the primary cause of the Crash of 2007 because such looting invariably causes economic depression. These takings were the primary cause of the 1929 Crash and Banking Panics of the Great Depression, as well as the 1987 crash and ensuing Depression. Here are the 2016 asset-forfeiture planks of main political parties.

Republican Platform on Asset Forfeiture: Civil asset forfeiture was originally intended as a way to cripple organized crime through the seizure of property used in a criminal enterprise. Regrettably, it has become a tool for unscrupulous law enforcement officials, acting without due process, to profit by destroying the livelihood of innocent individuals, many of whom never recover the lawful assets taken from them. When the rights of the innocent can be so easily violated, no one’s rights are safe. We call on Congress and state legislatures to enact reforms to protect law-abiding citizens against abusive asset forfeiture tactics.

Democratic Platform on Asset Forfeiture: And we will reform the civil asset forfeiture system to protect people and remove perverse incentives for law enforcement to “police for a profit.”

Libertarian Platform on Asset Forfeiture: Eminent domain, civil asset forfeiture, governmental limits on profits, governmental production mandates, and governmental controls on prices of goods and services (including wages, rents, and interest) are abridgements of such fundamental rights.

BOTH looter parties clearly intend to keep allowing the armed robbery of individuals by police under color of law. They merely cluck their intentions to rob less brutally in the future. Neither party admits the crucial role of such confiscations and takings in precipitating major financial disasters costing trillions of dollars. Only the Libertarian Party of Principle seeks to stop police from acting in the capacity of burglars, robbers and highwaymen–and destroying the national economy in their misguided zeal.

Ayn Rand witnessed the Crash and Depression and later wrote: “But when a society establishes criminals-by-right and looters-by-law—-men who use force to seize the wealth of disarmed victims—-then money becomes its creators’ avenger. Such looters believe it safe to rob defenseless men, once they’ve passed a law to disarm them. But their loot becomes the magnet for other looters, who get it from them as they got it. Then the race goes, not to the ablest at production, but to those most ruthless at brutality. When force is the standard, the murderer wins over the pickpocket. And then that society vanishes, in a spread of ruins and slaughter.” Milton Friedman also witnessed the disaster and in Free To Choose noted that the Socialist platform of 1928 became law, despite their getting almost no votes.

Just today an elderly Brazilian couple in their seventies unable to speak English wrote to ask for bank statement translations, why? Because US Customs agents stole their life savings under civil asset forfeiture and they must now prove themselves innocent by deadline after deadline, for the looters allow no appeal rights. If they miss a deadline they lose their life savings. I referred them to the Institute for Justice.

By voting libertarian I am proudly multiplying the power of my vote to repeal bad laws and protect individual rights. Why not join me for a change?