Daily Archives: 14 June 2021

St Louis Fed Fails

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The St Louis Federal Reserve Bank is busily going woke (my term, not Belongia’s and Ireland’s). They describe the following failure of the St Louis Fed:

The Federal Reserve Bank of St Louis is in the early stages of creating an Institute for Economic Equity “to support an economy in which everyone can benefit regardless of race, ethnicity, gender, or where they live,” with an emphasis on “economic outcomes experienced by historically marginalized groups.”

This is a two-pronged failure, and a double disaster if it comes to fruition. By its own description, the St Louis Fed’s IEE is racist and sexist at its core. Beyond that, by pushing outcomes rather than opportunities, the IEE is fundamentally socialist.

And what does the drive to create such an office say about the St Louis Fed’s president and board members?

Aiding and Abetting

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In response to the ransomware attack against JBS USA Holdings that briefly disrupted some of the company’s Australian and American operations, JBS paid the hackers $11 million—more than twice that paid by Colonial Pipeline in its cowardly reward to its attackers.

JBS paid those $11 million dollars in its own craven reward for its own privilege of having been hacked.

In many—most?—milieus, aiding and abetting a criminal in the performance of the criminal’s activities is a felony.

It needs to be one here, too. Rather than compensating ransomware hackers—which compensation is directly, if not solely, responsible for the current sharp rise in ransomware attacks—these criminals need a different sort of reward, one that withdraws current criminals from the board and that discourages others from deciding to play.