Category: Gender studies

Argentina investor looks at another government that can’t resist spending beyond its means

by philg

A recent Wall Street Journal interview with a guy who made $billions in Argentine bonds… “Paul Singer, the Man Who Saw the Economic Crises Coming”. First, let’s check his track record as a prophet:

“Men and nations behave wisely,” the Israeli statesman Abba Eban observed, “when they have exhausted all other resources.”

In an interview for these pages in 2011, he warned about the broad discretion the then-new Dodd-Frank law gave government officials to deal with what they deem systemic risks. The “atmosphere of unpredictability” doesn’t “make the system any safer,” he said. “This is nuts to be identifying systemically important institutions.”

A dozen years later, he still thinks it’s nuts: “As we’ve seen with SVB and Signature, virtually any institution can be deemed systemically important overnight and seized, with the government then completely empowered to determine what happens to various classes of creditors.”

The result is to destroy market discipline and encourage bankers to behave recklessly. He recounts a conversation on the trading desk at his firm following the recent weekend of bank bailouts. “If they hadn’t guaranteed all the deposits,” a colleague said, “things would’ve gotten very ugly in the markets on Monday.”

Mr. Singer replied: “That is entirely true. Things would’ve been ugly. But is that what regulation is supposed to be? Wrapping all market movements in security blankets?”

What about the most significant economic phenomenon of the moment?

Mr. Singer saw inflation coming at the start of the Covid pandemic. “We think it is very unlikely that central bankers will move to normalize monetary policy after the current emergency is over,” he wrote in an April 2020 letter to investors. “They did not normalize last time”—meaning after the 2008 crisis—“and the world has moved demonstrably closer to a tipping point after which money printing, prices and the growth of debt are in an upward spiral that the monetary authorities realize cannot be broken except at the cost of a deep recession and credit collapse.”

Mindful of the history of the 1970s, when inflation retreated several times only to come roaring back, Mr. Singer figures short-term declines will convince policy makers that they’ve slain the beast. They’ll “probably go back to their playbook,” resuming the policy of easy money.

The guy’s remedy is one that will never fly with the American voter:

How do we chart a course back toward sound money and long-term prosperity? “The optimistic scenario,” Mr. Singer replies, “would entail pro-growth reforms across the board, including tax reductions, entitlement reforms, regulatory streamlining, encouraging energy development including hydrocarbons . . . cutting federal spending, selling the asset holdings on central bank balance sheets.”

(see quote from Abba Eban, above)

Let’s assume that Congress and the Fed are never going to change. How does an individual investor protect him/her/zir/theirself from the doom that Singer predicts? That’s where it gets tough! The guy is bearish on nearly all assets, especially crypto. His $55 billion Elliott Management fund can do things that none of us can do, e.g., buy a big stake in Salesforce and get the company to fire 10 percent of its employees to boost profits (and therefore stock value).

A friend who has done some co-investing with Paul Singer’s fund points out that “talk is cheap” and he won’t accept Singer as a prophet without evidence that he made huge money in inflation swaps after that April 2020 newsletter to his clients. Wikipedia points out that Singer was predicting doom in 2014:

In short, if this smart and experienced fund manager is right, U.S. and European assets will be eroded by inflation for the next few years and returns to investors will be minimal.

In a November 2014 investment letter, Elliott described optimism about U.S. growth as unwarranted. “Nobody can predict how long governments can get away with fake growth, fake money, fake jobs, fake financial stability, fake inflation numbers and fake income growth,” Elliott wrote. “When confidence is lost, that loss can be severe, sudden and simultaneous across a number of markets and sectors.”

Anyone who acted on that advice would have done quite poorly until 2022!

Maybe the take-away should be that Americans today aren’t smarter than Americans were in the 1960s and 1970s. Inflation jumped dramatically in 1966 as Lyndon Johnson and Congress spent like alimony plaintiffs on (1) the Great Society programs of Medicare, Medicaid, etc., and (2) the Vietnam War. The inflation rate did not come down to the pre-1966 level until 1998. Maybe we could argue that inflation was finally whipped by 1992 (chart):

If we’re expecting at least 26 years of elevated inflation, what do we do? For a person who doesn’t already have a house, one reasonable response is for him/her/zir/them to try to get a 100 percent mortgage at today’s 6.5-7 percent 30-year rates. Put some stocks in as collateral as necessary to hit the 100 percent number. If Paul Singer is right that the D.C. technocrats won’t be able to resist inflation-as-usual policies, inflation will render the real cost of borrowing almost $0. If Paul Singer is wrong, there is no prepayment penalty so just refinance if rates fall dramatically.

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Why is it called “NCAA Men’s Basketball”?

by philg

A game will occur today that The Google calls “NCAA Men’s Basketball”. Yet, in fact, nothing stops an athlete identifying with a gender other than “male” from joining either of the participating teams. From the NCAA’s rules:

And from Smith College:

Note that “such a team is eligible for a men’s NCAA championship” regarding a team in which athletes in a rainbow of gender IDs participate. By contrast, as soon as one “male” (however a biologist might define the term) is on a team, that team is ineligible for a “women’s NCAA championship.”

Given that Science recognizes 74 gender IDs, I’m not sure why the NCAA is stuck in gender binarism. What they actually offer are leagues that are gender-inclusive and leagues that are gender-restricted. It really should be “NCAA Gender-inclusive Basketball” (since a hoop-lover of any gender ID can compete) and “NCAA Women’s-only Basketball” or, perhaps, “NCAA Gender-restricted Basketball”.

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Why didn’t NCAA boycott Florida and Texas for March Madness?

by philg

NCAA is supposed to boycott states that do not practice Rainbow Flagism. “N.C.A.A. Ends Boycott of North Carolina After So-Called Bathroom Bill Is Repealed” (NYT, 2017):

The N.C.A.A. on Tuesday “reluctantly” lifted its ban on holding championship events in North Carolina, removing its six-month-old prohibition less than a week after the state’s Legislature and governor repealed a so-called bathroom bill that had led to boycotts of the state.

The organization, which governs college athletics, said in a statement that the law’s replacement in North Carolina had “minimally achieved a situation where we believe N.C.A.A. championships may be conducted in a nondiscriminatory environment.”

Where were the March Madness basketball games held? Among other places, Florida and Texas. Both of these states are on the official California boycott list for their insufficient devotion to the 2SLGBTQQIA+ community (2021):

California is adding Florida and four other states to its official travel ban list after Attorney General Rob Bonta said Monday the states passed anti-LGBTQ laws that are “directly targeting transgender youth.”

Before Bonta’s announcement Monday, 12 other states were already on the California ban list: Alabama, Idaho, Iowa, Kansas, Kentucky, Mississippi, North Carolina, Oklahoma, South Carolina, South Dakota, Tennessee and Texas.

California in 2017 banned state-funded travel to Texas after the nation’s second most-populous state allowed agencies to reject adoptions by LGBTQ couples based on religious reasons.

Here are NCAA basketball tournament cities for 2023 that are in no-go locations for righteous Californians:

  • Birmingham, Alabama
  • Des Moines, Iowa
  • Orlando, Florida
  • Greensboro, North Carolina
  • Louisville, Kentucky
  • for the Final Four… Houston, Texas (“Due to existing Texas laws, abortion is now banned in Texas.” says the leading abortion care industry vendor)

Why not rename this event “The Tournament of Hate”? And what happened to NCAA’s principles between 2017 and 2023?

Separately, note that South Florida is home to 50 percent of the Final Four teams with Florida Atlantic University (sounds private, but is state-run) and University of Miami (sounds state-run, but is private).

Related:

  • “I’m calling on the NCAA to boycott Texas (again) after SCOTUS allows abortion ban” (Deadspin, 2021): From lifting mask mandates to trying to control women’s bodies – the NCAA should stop hosting events in the Lone Star State … “This extreme Texas law blatantly violates the constitutional right established under Roe v. Wade and upheld as precedent for nearly half a century,” President Joe Biden said in a statement. … In March, I suggested that the NIT and the NCAA Women’s Tournament consider boycotting Texas after Gov. Greg Abbott lifted the mask mandate.
  • if you love sports and roasting/basting in Miami’s summer weather, the May 5-7 Formula 1 race (only $590 to attend, but that doesn’t include a seat)
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Hanna Reitsch and Women’s History Month

by philg

Here’s a tweet in which the author says we should celebrate people who were born during Women’s History Month (a.k.a. “March”) if they identified as “women”:

Today is the birthday of Hanna Reitsch, almost surely the greatest aviatrix who has ever lived (among other achievements, she taught herself to fly a single-seat helicopter in the 1930s). She held some political opinions that are unpopular today (e.g., “It was the blackest day when we could not die at our Führer’s side”). Should that prevent people from including her in a course on Women’s History? Most history classes include information about people whose actions and moral beliefs were not laudable, e.g., anything about the Civil War, any course on the Roman Empire, etc.

  • “Ginsburg, on the other hand, has hired only one African American law clerk in her 25 years on the Supreme Court. This is an improvement from her 13-year tenure on the U.S. Court of Appeals for the District of Columbia Circuit, when Ginsburg never had any black clerks.” (Washington Post 2018)
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The bureaucratic end of gender-affirming care for children in Florida

by philg

Yesterday was the last day on which a child could receive “medically necessary” gender-affirming care, the end of a one-year bureaucratic process (even in Florida, government does not move at Amazon speed!). From April 2022… “Gender-affirming care, a ‘crucial’ process for thousands of young people in America” (CNN):

The Florida Department of Health now says a vital kind of medical care known as gender-affirming care should not be an option for children and teens, even though every major medical association recommends such care and says it can save lives.

The department’s new guidelines suggest that children should be provided social support from peers and family and should seek counseling. But it says they should be denied treatments that can be a part of this care, including calling the child or teen by the name and pronoun they prefer and allowing them to wear clothing or hairstyles that match their gender identity.

Gender-affirming care is medically necessary, evidence-based care that uses a multidisciplinary approach to help a person transition from their assigned gender – the one the person was designated at birth – to their affirmed gender – the gender by which one wants to be known.

The gold standard of care
Major medical associations – including the American Medical Association, the American Psychiatric Association, the American Academy of Pediatrics and the American Academy of Child & Adolescent Psychiatry – agree that gender-affirming care is clinically appropriate for children and adults.

The regulators of Florida’s MDs began to shut down the gold standard in September 2022 (source):

The final rule:

64B8-9.019 Standards of Practice for the Treatment of Gender Dysphoria in Minors.
(1) The following therapies and procedures performed for the treatment of gender dysphoria in minors are prohibited.
(a) Sex reassignment surgeries, or any other surgical procedures, that alter primary or secondary sexual characteristics.
(b) Puberty blocking, hormone, and hormone antagonist therapies.
(2) Minors being treated with puberty blocking, hormone, or hormone antagonist therapies prior to the effective date of this rule may continue with such therapies.

The regulators of Florida’s DOs went off the gold standard effective today (source) with an identical rule.

And on the other coast… “California Becomes First Sanctuary State for Transgender Youth Seeking Medical Care” (from state-sponsored media):

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Judaism and modern gender science

by philg

“Ancient Judaism Recognized a Range of Genders. It’s Time We Did, Too.” (New York Times, March 18, 2023):

I’m transgender and nonbinary, and as a rabbi I’ve offered bereavement spiritual care for the past 17 years.

There are four genders beyond male or female that appear in ancient Jewish holy texts hundreds of times.

We were always hiding in plain sight, but recently the research of Jewish studies scholars like Max Strassfeld has demonstrated how nonbinary gender is central to understanding Jewish law and literature as a whole.

I have never forgotten this insight [that Judaism is the same as Rainbow Flagism]. Trans people, and especially trans young people, make human uniqueness more visible for everyone. … Trans liberation is a gift to everyone, because it expands the categories for what it means to be human.

The growing wave of anti-trans bills in the United States represents not just a trans crisis, but a humanitarian crisis. History has shown countless times that when a government limits one group’s legal rights, it will eventually do the same to other groups.

I might be accused of having a “trans agenda.” I do. And it’s the same as my religious and my human agenda. I want trans kids, and all young people, to survive.

Because the Science is Settled and no reasonable person could disagree with the above interpretation of Jewish texts, the New York Times has disabled comments on this scholarly work. What would an unreasonable Jew say if he/she/ze/they were allowed to comment? I submitted the NYT article to a friend who has read the Talmud a few times. His response is below (not in quote style for clarity).

Sex-change operations involving the surgical removal of sexual organs are clearly forbidden on the basis of the explicit biblical prohibition, “And that which is mauled or crushed or torn or cut you shall not offer unto the Lord; nor should you do this in your land” (Lev. 22:24). Sterilization of women is also prohibited, as recorded in Even ha-Ezer 5:11.

Rabbi Meir Amsel (Ha-Ma’or, Kislev-Tevet 5733) notes that yet another prohibition is also applicable to sex-change procedures, a consideration which may extend as well to hormone treatment for purposes of sex-change. The commandment “A woman shall not wear that which pertains to a man, nor shall a man put on a woman’s garment” (Deut. 22:5) is not limited to the wearing of apparel associated with the opposite sex but encompasses any action uniquely identified with the opposite sex, proscribing, for example, shaving of armpits or dyeing of hair by a male. A procedure designed to transform sexual characteristics violates the very essence of this prohibition.

For Besamim Rosh sexual identity, insofar as marriage is concerned, depends entirely upon the presence of genital organs. No mention is made of the presence or absence of secondary sexual characteristics and indeed it is not difficult to understand why they are deemed irrelevant. Hence, despite the comments of Rabbi Amsel, who asserts that secondary sexual characteristics play a role in sexual identification, there is no evidence that the transformation of secondary sexual characteristics affects sexual status in any way.

There is at least one early source which apparently declares that a male cannot acquire the status of a woman by means of surgery. Rabbi Abraham Hirsch (No’am 5733) cites the comments of Rabbenu Chananel, quoted by Ibn Ezra in his commentary on Leviticus 18:22. Rabbenu Chananel declares that intercourse between a normal male and a male in whom an artificial vagina has been fashioned by means of surgery constitutes sodomy. This would appear to be the case, according to Rabbenu Chananel, even if the male genitalia were removed.

[I find the last paragraph stunning. Wikipedia says that Chananel lived 1000 years ago. How did he anticipate that one day American surgeons would be banking $100,000+ per teenager for creating artificial body parts?]

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Silicon Valley experts on gender equity and money have a $175 billion bank failure

by philg

Folks at Facebook like to lecture others, sometimes via software, regarding gender equity. What happens inside their own company? “Meta has a pay gap problem, with women abroad getting lower pay and smaller bonuses than men” (Business Insider):

The company, formerly known as Facebook, continues to pay women less than men, whether they’re hourly workers or on salary, according to Meta’s most recently available reports on pay inequity in the UK and Ireland. The company also hands women smaller bonuses, the reports said.

The report on Meta’s pay gap in Ireland is the most recent, having been released quietly in December as part of a new law in the country that went into effect last year. In 2022, women working for Meta in Ireland were paid 15.7% less on average than men at the company. The difference in bonus pay in the country is even larger, with the average bonus for women being 43.3% lower than those that go to men.

For women working at Meta in the UK, where the company operates out of London, the pay gap is smaller but still prevalent, according to a report from last year detailing pay data from 2021. The average woman there was paid 2.1% less than the average man. And again, the difference in bonuses is much starker, with the average bonus going to women being 34.8% less than bonuses paid to men.

The lords of Silicon Valley are also fond of reminding the peasants how much smarter they are about money, even as many venture capital firms there underperform the S&P 500 (HBR 2014; a 2019 article). What about something simple like running a bank? With about $200 billion in deposits to protect, Silicon Valley Bank made a big bet that the Vanquisher of Corn Pop wouldn’t set off hyperinflation. The bank bought long-term Treasury bonds. When Bidenflation took off, the value of these bonds collapsed. From “What’s Going on With Silicon Valley Bank?” (WSJ):

SVB Financial bought tens of billions of dollars of seemingly safe assets, primarily longer-term U.S. Treasurys and government-backed mortgage securities. SVB’s securities portfolio rose from about $27 billion in the first quarter of 2020 to around $128 billion by the end of 2021.

These securities are at virtually no risk of defaulting. But they pay fixed interest rates for many years. That isn’t necessarily a problem, unless the bank suddenly needs to sell the securities. Because market interest rates have moved so much higher, those securities are suddenly worth less on the open market than they are valued at on the bank’s books. As a result, they could only be sold at a loss.

Many of the bank’s deposits are sizable enough that they don’t carry Federal Deposit Insurance Corp. protection. SVB said it estimates that at the end of 2022 the amount of deposits in its U.S. offices that exceed the FDIC insurance limit was $151.5 billion.

Before it disappears, let’s have a look at their home page:

Certainly nobody can accuse them of failure to represent a diversity of hairstyles.

What can you do to protect yourself in case some other banks were overconfident regarding our current rulers and their Borrow-and-Spend-Like-Drug-Dealers economic policy? Move money that is in cash into mutual funds or common stocks. The bank is just a custodian for these assets and if the bank fails you’re still a shareholder at the same level. If you must have cash of more than $250,000, spread it among multiple banks.

Let’s dig a little deeper into this failed bank. It seems that they too might have built a culture of equity by underpaying a group of employees unified by a gender ID:

They were experts on “sustainable finance” whose own enterprise just happened not to be sustainable.

Related:

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Apple celebrates Women’s History Month

by philg

How are readers celebrating Women’s History Month? We walked by the Apple Store in Palm Beach Gardens, Florida and found that they were celebrating “female creators”:

In other words, they’re celebrating the women who created the Apple II, the Macintosh, MacOS (and underlying Unix/Mach), the iPhone, iOS, Objective-C, the Swift language, etc.

How long before all of the above are attributed to nerds identifying as “female”? In Digital Apollo MIT Press, 2011), Margaret Hamilton is credited as a source, but is not described as having written any of the code. The credited engineers and programmers are Eldon Hall (chose to use integrated circuits), “Hal Laning, a mathematician and control engineer,” (the calculations, the operating system), David Hoag (gimbals/gyros and calculations upstream from them), David Hanley (Apollo Guidance Computer design with Ray Alonso, Hugh Blair-Smith (who also built the assembly language), and Albert Hopkins), Joe Shea (systems engineering), Dick Battin (lead software engineer), Jim Nevins (user interface), Tom Sheridan (user interface), Bill Tindall (system engineering, code review), Howard Sherman (user interface), Floyd Bennett (flight mechanics for the lunar landing), Allan Klumpp (lander software), Don Eyles (lander software), Donald Cheatham (lander software algorithms), Hubert Drake, Donald Bellman, and Gene Matranga (lunar lander simulator),

The book does credit women specifically for manufacturing core memory (invented by Jayla Forrester for the female-designed Whirlwind I):

Raytheon did the manufacturing in its plant in Waltham, Massachusetts. The town had a history of precision machining (the Waltham Watch Company was nearby), and drew on an industrial community familiar with weaving and textile manufacturing: ‘‘we have to build, essentially, a weaving machine,’’ Raytheon manager Ralph Ragan told the press.30 Raytheon assigned the work to older, female workers. Engineers nicknamed them ‘‘little old ladies,’’ and actually referred to them as ‘‘LOLs.’’ Core rope weaving was a specialized skill, and Raytheon paid the women to sit around and do nothing if the software ran late, so they would not be called to other projects that would degrade their currency.

Within four years of the book’s publication, history had been revised so that a late-to-the-project female-identifying individual had built all of the software. From “Photo celebrates unsung NASA software engineer Margaret Hamilton” (Caroline Seide, 2015):

The article goes on to point out “It’s not an exaggeration to say that Hamilton was directly responsible for some of NASA’s most impressive achievements.”

For those who are concerned that Florida does not keep pace with national progressive trends, a recent email from the local MIT Club:

They don’t explain their rationale for age discrimination. Why is the achievement of a “young female coder” to be celebrated while the achievement of an “old female coder” can be ignored? Nor do they explain their rationale for ignoring the achievements of young coders who identify with the other 72 non-male gender IDs that are recognized by physicians.

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ChatGPT and Women’s History Month

by philg

The conventional words of a male who hogs an unearned position of power (lockdown governor) that rightfully belongs to a female:

A story of redemption from ChatGPT, from the following prompt:

Write a story about how Governor Phil Murphy, to prove his bona fides as a feminist, resigned from his position so that the job could be taken over by a woman.

Governor Phil Murphy was a man who prided himself on being a feminist. He had campaigned on a platform of gender equality, and he was determined to live up to his promises.

One day, as he was sitting in his office, he had a sudden realization. He was the governor of New Jersey, one of the most powerful positions in the state, and yet he was a man. How could he truly call himself a feminist if he was occupying a position that should rightfully belong to a woman?

The more he thought about it, the more convinced he became that he needed to take action. He needed to prove his bona fides as a feminist, and the only way to do that was to resign from his position so that it could be taken over by a woman.

Governor Murphy knew that his decision would be controversial, but he was determined to see it through. He called a press conference and made the announcement.

“As a feminist, I believe that women should have equal access to positions of power and influence. And yet, here I am, a man, occupying one of the most powerful positions in the state. I cannot in good conscience continue to hold this position knowing that a woman could be doing it instead. Therefore, I am resigning from my position as governor, effective immediately,” Governor Murphy announced.

The room erupted in stunned silence. Reporters were scrambling to ask questions, and the phones of the governor’s office were ringing off the hook. Governor Murphy was making history, but at what cost?

In the days that followed, the governor’s decision was the subject of intense debate. Some praised him for his commitment to feminism and gender equality, while others criticized him for giving up his position of power.

However, Governor Murphy remained steadfast in his decision. He met with his cabinet and offered his support to the lieutenant governor, a woman, who would be taking over as the new governor of New Jersey.

In the end, Governor Murphy’s decision had a profound impact. It sparked a national conversation about gender equality and the role of men in promoting it. It also inspired other men in positions of power to examine their own biases and consider how they could do more to support women in their careers.

Governor Murphy went on to become a leading advocate for gender equality and continued to work tirelessly to promote women’s rights throughout his life. His decision to resign from his position as governor would go down in history as a bold and courageous act of feminism, and a testament to his unwavering commitment to gender equality.

Related:

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Purim Drag Story Hour at the Boston Jewish Community Center

by philg

Happy Purim to readers who practice Jewcraft. If you’re in Maskachusetts, you might wish to attend the Boston Jewish Community Center’s Purim Drag Story Hour, organized with the PJ Library, a free book-of-the-month-club for children (heavy on stories about women achieving the unthinkable by doing something that dozens if not thousands of men previously did).

What actually happens?

Join the JCC and OUT MetroWest to celebrate the joy of Purim with a Drag Story Hour! Grab a costume and enjoy Purim-themed stories, crafts, and, of course, Hamentaschen! Introduce kids to glamorous, bold, and unabashedly queer role models, while sharing love and acceptance through storytelling.

If we hadn’t moved to Florida, I would be there. I would dress up as Queen Esther every day in exchange for a plate of poppy seed hamantaschen (note that the “queer role models” may not be role models for conventional transliteration because they’ve spelled “Haman” with an “e”) . My motto: Don’t stop eating them until you test positive for opioid abuse! (thus combining the ancient Hebrew tradition with the modern American one)

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