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Today

Sunflower & Hawaii

March 18 marks the ninth anniversary of the 2014 Sunflower Student Movement, wherein students occupied the Taiwanese legislature to block a trade agreement between Taiwan and China, which the public came to believe gave too much economic leverage to China, a power that regularly threatens to invade the free and democratic island nation.

The event awakened a deep concern about China’s dangerous encroachment as well as further impressing a “Taiwanese identity.” The protest may have influenced the 2014 Umbrella movement in Hong Kong as well as leading to electoral victories in Taiwan for the pro-independence Democratic Progressive Party in 2016 and again in 2020. This website salutes the Sunflower Student Movement and hopes this date may be long remembered as the day the modern world first stood up and said “No” to totalitarian China.

On March 18, 1959, President Dwight D. Eisenhower signed a bill enabling Hawaii to become the 50th state in the Union. The official day of statehood was set for (and became) August 21 of that year.

The statehood signing occurred exactly 85 years after The Kingdom of Hawaii formalized its treaty with the U. S. establishing exclusive trading rights.

Categories
free trade & free markets ideological culture national politics & policies

Old Woke, Not New

SVB, Silicon Valley Bank, interest rates, collapse, FED

Last week’s collapse of the Silicon Valley Bank gets more interesting with each revelation. But one of them is probably not that it was “woke.”

Contrary to rumor, I see no real evidence that SVB gave millions to Black Lives Matter. The bank did pledge $50 million towards an internal program dubbed “Access to Innovation.” This, we are told, “sought to connect women, Black people, and Latinos with startup funding, networking, and leadership development in the venture capitalist ecosystem.” 

Sounds great in a press release, though what it has to do with making profits is a bit hard to determine. 

Very feel-good, not very bottom-line.

And that’s where the bank failed, on the bottom line. 

Its clientele was concentrated in one industry, which has been hit by rising interest rates. Thus stressed, it was exceptionally prone to “bank run” pressures. Its core asset class was long-term Treasury Bonds, whose value decreased with rising interest rates — and these were not hedged. 

As Forbes put it, “Whether it was fully or semi-deliberate, Silicon Valley Bank was betting heavily on interest rates not rising.”

An extremely bad bet.

But you can see why the bankers would make it, right? Why wouldn’t they expect the giveaway mentality of Zero Interest Rates Forever?

Their hopes dashed, they nevertheless turned to their friends . . . in power. The Biden Administration that failed to keep interest rates down then pledged to cover SVB’s clients — the super-rich corporations that true progressive Democrats pretend to hate for all their “profits” and “under-taxed” income — well above the FDIC-insured levels.* 

We may learn real data about the banks’ wokeness levels, rather than mere rumor, but the bedrock truth reveals itself as all-too-familiar: it’s all about monetary policy. 

That is, the “woke” ideas of a century ago, when the Progressives’ beloved Federal Reserve was created.

This is Common Sense. I’m Paul Jacob.

* Like Signature Bank, which was closed on Sunday, the overwhelming bulk of SVB’s deposits were uninsured by FDIC. 

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Thought

Immanuel Kant

Enlightenment is man’s leaving his self-caused immaturity. Immaturity is the incapacity to use one’s intelligence without the guidance of another. Such immaturity is self-caused if it is not caused by lack of intelligence, but by lack of determination and courage to use one’s intelligence without being guided by another. Sapere Aude! Have the courage to use your own intelligence! is therefore the motto of the enlightenment.

Immanuel Kant, Doctrine of Virtue as translated by Mary J. Gregor (1964), p. 93.
Categories
Today

Wartime

selective service, conscription, draft, lottery

On March 17, 1780, General George Washington granted the Continental Army a holiday “as an act of solidarity with the Irish in their fight for independence.”

On March 17, 1941, the U.S. Selective Service held its first lottery for the draft, in preparation for World War II. (Image, above, from the Morning Oregonian, from that year.)

Categories
election law general freedom initiative, referendum, and recall

Politicians Revolt Against Voters

Arkansas, citizen's initiative, voting, Democracy

“[C]urrently, in the state of Arkansas, out-of-state special interest groups that come to our state can try to change our laws and change our constitution,” Rep. Kendon Underwood, the Republican sponsor of House Bill 1419, testified “by just getting signatures from 15 counties.”

In the over 100-year history of citizen-initiated ballot measures in Arkansas, no initiative has ever qualified with signatures from only 15 counties. Zero. Moreover, to pass a statutory or constitutional initiative requires much more than merely gathering petition signatures; it mandates a majority vote of the people of Arkansas.

As for “out-of-state” special interests, the ballot issues referred by legislators last election received more such funding than the lone citizen-initiated measure. 

There’s more to unpack. 

“Changing” the state constitution is too easy? Well, HB-1419 hikes up the constitutional requirement that citizen petitions qualify in “at least 15 counties” to now 50 counties out of Arkansas’s 75 counties — a more than 300 percent increase. 

You read that correctly. Mr. Underwood’s proposes to amend the constitution with a simple statute. Textbook unconstitutionality. Yet, that statute has now passed both houses of the legislature and Governor Sarah Huckabee Sanders says she will sign it.

In both 2020 and 2022, legislators placed constitutional amendments on the ballot to entice Arkansans to vote away their initiative and referendum power. Both times Natural State voters said no. One of the provisions defeated in 2020 would have increased the number of counties in which petitions must reach a threshold to 45.

After voters rebuffed legislators on those amendments, the politicians now decide to weasel their way around the constitutional restraint. 

My, they’re real politicians now!

Legislators also declared “an emergency” so HB-1419 will immediately go into effect, because there’s an urgent need “to enhance and protect Arkansans’ voice in the ballot initiative and referendum process.” 

Why not tell the Big Lie? They’ve told every other size.

This is Common Sense. I’m Paul Jacob.

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C.S. Lewis

And all the time — such is the tragi-comedy of our situation — we continue to clamor for those very qualities we are rendering impossible. You can hardly open a periodical without coming across the statement that what our civilization needs is more “drive,” or dynamism, or self-sacrifice, or “creativity.” In a sort of ghastly simplicity we remove the organ and demand the function. We make men without chests and expect of them virtue and enterprise. We laugh at honour and are shocked to find traitors in our midst. We castrate and bid the geldings be fruitful.

Clive Staples Lewis, The Abolition of Man (1943).
Categories
Today

Madison and Freeing the Slaves

On March 16, 1995, the state of Mississippi formally ratified the Thirteenth Amendment, becoming the last state of the Union to approve the abolition of slavery. The Thirteenth Amendment had been officially ratified in 1865, one hundred thirty years earlier.

James Madison, fourth President of the United States and “Father of the Constitution,” was born on this date in 1751.

Categories
First Amendment rights national politics & policies partisanship

Invitation to a Beheading

Twitter, Taibbi, hearings, Congressional Committee, stupidity

I don’t gawk at car crashes. I did not watch the ISIS beheadings. Bloody slasher movies aren’t my thing. 

And neither was the recent hearing held by the House Subcommittee on the Weaponization of the Federal Government. It was so hard to watch I could hardly take more than a few minutes at a time.

Before the committee appeared two of the three heroes of Twitter Files fame: Michael Shellenberger, listed as “Author, Co-founder of the Breakthrough Institute and the California Peace Coalition”; and Matt Taibbi, Journalist.

Or, as Del. Stacey Plaskett (D-U.S. Virgin Islands) referred to them, “so-called journalists” — before she asked her first question.

Mr. Schellenberger testified about “The Censorship Industrial Complex” and Mr. Taibbi’s testimony was a less elaborate narrative about how he got involved in the Twitter censorship issue, and what he discovered in working through the files. But Del. Plaskett and Rep. Debbie Wasserman-Schultz (D-Fl) were far more interested in discrediting what they said by attacking their qualifications and methods, not dealing with the facts they found.

Rep. Sylvia Garcia (D-Tx) was the worst. I hand it to you if you can stomach her full interrogation — I came away wondering mostly about her IQ.

My negative reactions? Hardly an outlier. 

“Journalists Matt Taibbi and Michael Shellenberger were a credit to their profession and to all Americans who genuinely care about a free press and the First Amendment,” wrote Maud Maron in an op-ed for The New York Post explaining why she was walking away from the Democratic Party: the party has fully endorsed censorship. The Democrats at the hearing “questioned, mocked, belittled and scolded [Taibbi and Schellenberger] for not meekly accepting government knows best” — proving themselves “an embarrassment.”

It might be good for our side when our enemies make fools of themselves. But it’s hard to watch.

This is Common Sense. I’m Paul Jacob.

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Immanuel Kant

By a lie a man throws away and, as it were, annihilates his dignity as a man. A man who himself does not believe what he tells another . . . has even less worth than if he were a mere thing. . . . makes himself a mere deceptive appearance of man, not man himself.

Immanuel Kant, Doctrine of Virtue as translated by Mary J. Gregor (1964), p. 93.
Categories
Today

Two Men, Two Republics

March 15 was “the Ides of March” in the Roman calendar. On that date in 44 BC, Julius Caesar, Dictator of the Roman Republic, was stabbed to death by a handful of prominent senators.

On the same date in 1783, General George Washington eloquently entreated his officers not to support the Newburgh Conspiracy. His plea was successful: the threatened coup d’état never took place.