Coal Gives The Coup De Grace The democracy which arises unprompted when people are on the same footing was finished with the coming of coal-fired steam locomotives. Before railroads, production was decentralized and dispersed among a myriad of local craftspeople. It was production on a small scale, mostly with local raw materials, by and for local people. Since horse- drawn vehicles couldn't reliably expect to make thirty miles a day, weather was always a vital reality in that kind of transport. Mud, snow, flooded creeks, dried-up watercourses in summer — all were forces turning people inward where they created lives of profound localness.
Via Investment Research Dynamics,
BlackRock Inc. is seeking government clearance to set up an
internal program in which mutual funds that get hit with client
redemptions could temporarily borrow money from sister funds that are
flush with cash. – Bloomberg News
We may have been early on warning about leaving your savings in the
financial system. It’s okay to be too early getting your money out of
the system but it’s fatal to be just one second too late. The gates are
already in place in money market funds just waiting for the signal to
BlackRock’s filing with the SEC to enable “have cash” funds to lend
to “heavy redemption” funds should send shivers down the spine of anyone
with funds invested in any BlackRock fund. In fact, it should horrify anyone invested in any mutual fund.
Larry Fink, BlackRock’s chief executive officer, said in
December that U.S. bond funds face increased volatility, adding that he
expected a “dysfunctional market” lasting days or even weeks within the next two years. – Bloomberg
I warned last summer when the money market funds received
authorization to put redemption gates in place that it was time to
remove your money from these instruments. The only reason a gate would
be needed is if the people running the funds believed that there were
risk events coming that would necessitate the gates.