How the Hunt Brothers Cornered the Silver Market and Then Lost it All
TL:DR: yes its long. Grab a beer.
Until his dying day in 2014, Nelson Bunker Hunt, who had once been the world’s wealthiest man, denied that he and his brother plotted to corner the global silver market. Sure, back in 1980, Bunker, his younger brother Herbert, and other members of the Hunt clan owned roughly two-thirds of all the privately held silver on earth. But the historic stockpiling of bullion hadn’t been a ploy to manipulate the market, they and their sizable legal team would insist in the following years. Instead, it was a strategy to hedge against the voracious inflation of the 1970s—a monumental bet against the U.S. dollar. Whatever the motive, it was a bet that went historically sour. The debt-fueled boom and bust of the global silver market not only decimated the Hunt fortune, but threatened to take down the U.S. financial system. The panic of “Silver Thursday” took place over 35 years ago, but it still raises questions about the nature of financial manipulation. While many view the Hunt brothers as members of a long succession of white collar crooks, from Charles Ponzi to Bernie Madoff, others see the endearingly eccentric Texans as the victims of overstepping regulators and vindictive insiders who couldn’t stand the thought of being played by a couple of southern yokels. In either case, the story of the Hunt brothers just goes to show how difficult it can be to distinguish illegal market manipulation from the old fashioned wheeling and dealing that make our markets work. The Real-Life Ewings Whatever their foibles, the Hunts make for an interesting cast of characters. Evidently CBS thought so; the family is rumored to be the basis for the Ewings, the fictional Texas oil dynasty of Dallas fame. Sitting at the top of the family tree was H.L. Hunt, a man who allegedly purchased his first oil field with poker winnings and made a fortune drilling in east Texas. H.L. was a well-known oddball to boot, and his sons inherited many of their father’s quirks. For one, there was the stinginess. Despite being the richest man on earth in the 1960s, Bunker Hunt (who went by his middle name), along with his younger brothers Herbert (first name William) and Lamar, cultivated an image as unpretentious good old boys. They drove old Cadillacs, flew coach, and when they eventually went to trial in New York City in 1988, they took the subway. As one Texas editor was quoted in the New York Times, Bunker Hunt was “the kind of guy who orders chicken-fried steak and Jello-O, spills some on his tie, and then goes out and buys all the silver in the world.” Cheap suits aside, the Hunts were not without their ostentation. At the end of the 1970s, Bunker boasted a stable of over 500 horses and his little brother Lamar owned the Kansas City Chiefs. All six children of H.L.’s first marriage (the patriarch of the Hunt family had fifteen children by three women before he died in 1974) lived on estates befitting the scions of a Texas billionaire. These lifestyles were financed by trusts, but also risky investments in oil, real estate, and a host of commodities including sugar beets, soybeans, and, before long, silver. The Hunt brothers also inherited their father’s political inclinations. A zealous anti-Communist, Bunker Hunt bankrolled conservative causes and was a prominent member of the John Birch Society, a group whose founder once speculated that Dwight Eisenhower was a “dedicated, conscious agent” of Soviet conspiracy. In November of 1963, Hunt sponsored a particularly ill-timed political campaign, which distributed pamphlets around Dallas condemning President Kennedy for alleged slights against the Constitution on the day that he was assassinated. JFK conspiracy theorists have been obsessed with Hunt ever since. In fact, it was the Hunt brand of politics that partially explains what led Bunker and Herbert to start buying silver in 1973. Hard Money The 1970s were not kind to the U.S. dollar. Years of wartime spending and unresponsive monetary policy pushed inflation upward throughout the late 1960s and early 1970s. Then, in October of 1973, war broke out in the Middle East and an oil embargo was declared against the United States. Inflation jumped above 10%. It would stay high throughout the decade, peaking in the aftermath of the Iranian Revolution at an annual average of 13.5% in 1980. Over the same period of time, the global monetary system underwent a historic transformation. Since the first Roosevelt administration, the U.S. dollar had been pegged to the value of gold at a predictable rate of $35 per ounce. But in 1971, President Nixon, responding to inflationary pressures, suspended that relationship. For the first time in modern history, the paper dollar did not represent some fixed amount of tangible, precious metal sitting in a vault somewhere. For conservative commodity traders like the Hunts, who blamed government spending for inflation and held grave reservations about the viability of fiat currency, the perceived stability of precious metal offered a financial safe harbor. It was illegal to trade gold in the early 1970s, so the Hunts turned to the next best thing. 📷
As an investment, there was a lot to like about silver. The Hunts were not alone in fleeing to bullion amid all the inflation and geopolitical turbulence, so the price was ticking up. Plus, light-sensitive silver halide is a key component of photographic film. With the growth of the consumer photography market, new production from mines struggled to keep up with demand. And so, in 1973, Bunker and Herbert bought over 35 million ounces of silver, most of which they flew to Switzerland in specifically designed airplanes guarded by armed Texas ranch hands. According to one source, the Hunt’s purchases were big enough to move the global market. But silver was not the Hunts' only speculative venture in the 1970s. Nor was it the only one that got them into trouble with regulators. Soy Before Silver In 1977, the price of soybeans was rising fast. Trade restrictions on Brazil and growing demand from China made the legume a hot commodity, and both Bunker and Herbert decided to enter the futures market in April of that year. A future is an agreement to buy or sell some quantity of a commodity at an agreed upon price at a later date. If someone contracts to buy soybeans in the future (they are said to take the “long” position), they will benefit if the price of soybeans rise, since they have locked in the lower price ahead of time. Likewise, if someone contracts to sell (that’s called the “short” position), they benefit if the price falls, since they have locked in the old, higher price. While futures contracts can be used by soybean farmers and soy milk producers to guard against price swings, most futures are traded by people who wouldn’t necessarily know tofu from cream cheese. As a de facto insurance contract against market volatility, futures can be used to hedge other investments or simply to gamble on prices going up (by going long) or down (by going short). When the Hunts decided to go long in the soybean futures market, they went very, very long. Between Bunker, Herbert, and the accounts of five of their children, the Hunts collectively purchased the right to buy one-third of the entire autumn soybean harvest of the United States. To some, it appeared as if the Hunts were attempting to corner the soybean market. In its simplest version, a corner occurs when someone buys up all (or at least, most) of the available quantity of a commodity. This creates an artificial shortage, which drives up the price, and allows the market manipulator to sell some of his stockpile at a higher profit. Futures markets introduce some additional complexity to the cornerer’s scheme. Recall that when a trader takes a short position on a contract, he or she is pledging to sell a certain amount of product to the holder of the long position. But if the holder of the long position just so happens to be sitting on all the readily available supply of the commodity under contract, the short seller faces an unenviable choice: go scrounge up some of the very scarce product in order to “make delivery” or just pay the cornerer a hefty premium and nullify the deal entirely. In this case, the cornerer is actually counting on the shorts to do the latter, says Craig Pirrong, professor of finance at the University of Houston. If too many short sellers find that it actually costs less to deliver the product, the market manipulator will be stuck with warehouses full of inventory. Finance experts refer to selling the all the excess supply after building a corner as “burying the corpse.” “That is when the price collapses,” explains Pirrong. “But if the number of deliveries isn’t too high, the loss from selling at the low price after the corner is smaller than the profit from selling contracts at the high price.” 📷
The Chicago Board of Trade trading floor. Photo credit:Jeremy Kemp
Even so, when the Commodity Futures Trading Commission found that a single family from Texas had contracted to buy a sizable portion of the 1977 soybean crop, they did not accuse the Hunts of outright market manipulation. Instead, noting that the Hunts had exceeded the 3 million bushel aggregate limit on soybean holdings by about 20 million, the CFTC noted that the Hunt’s “excessive holdings threaten disruption of the market and could cause serious injury to the American public.” The CFTC ordered the Hunts to sell and to pay a penalty of $500,000. Though the Hunts made tens of millions of dollars on paper while soybean prices skyrocketed, it’s unclear whether they were able to cash out before the regulatory intervention. In any case, the Hunts were none too pleased with the decision. “Apparently the CFTC is trying to repeal the law of supply and demand,” Bunker complained to the press. Silver Thursday Despite the run in with regulators, the Hunts were not dissuaded. Bunker and Herbert had eased up on silver after their initial big buy in 1973, but in the fall of 1979, they were back with a vengeance. By the end of the year, Bunker and Herbert owned 21 million ounces of physical silver each. They had even larger positions in the silver futures market: Bunker was long on 45 million ounces, while Herbert held contracts for 20 million. Their little brother Lamar also had a more “modest” position. By the new year, with every dollar increase in the price of silver, the Hunts were making $100 million on paper. But unlike most investors, when their profitable futures contracts expired, they took delivery. As in 1973, they arranged to have the metal flown to Switzerland. Intentional or not, this helped create a shortage of the metal for industrial supply. Naturally, the industrialists were unhappy. From a spot price of around $6 per ounce in early 1979, the price of silver shot up to $50.42 in January of 1980. In the same week, silver futures contracts were trading at $46.80. Film companies like Kodak saw costs go through the roof, while the British film producer, Ilford, was forced to lay off workers. Traditional bullion dealers, caught in a squeeze, cried foul to the commodity exchanges, and the New York jewelry house Tiffany & Co. took out a full page ad in the New York Times slamming the “unconscionable” Hunt brothers. They were right to single out the Hunts; in mid-January, they controlled 69% of all the silver futures contracts on the Commodity Exchange (COMEX) in New York. 📷
But as the high prices persisted, new silver began to come out of the woodwork. “In the U.S., people rifled their dresser drawers and sofa cushions to find dimes and quarters with silver content and had them melted down,” says Pirrong, from the University of Houston. “Silver is a classic part of a bride’s trousseau in India, and when prices got high, women sold silver out of their trousseaus.” According to a Washington Post article published that March, the D.C. police warned residents of a rash of home burglaries targeting silver. Unfortunately for the Hunts, all this new supply had a predictable effect. Rather than close out their contracts, short sellers suddenly found it was easier to get their hands on new supplies of silver and deliver. “The main factor that has caused corners to fail [throughout history] is that the manipulator has underestimated how much will be delivered to him if he succeeds [at] raising the price to artificial levels,” says Pirrong. “Eventually, the Hunts ran out of money to pay for all the silver that was thrown at them.” In financial terms, the brothers had a large corpse on their hands—and no way to bury it. This proved to be an especially big problem, because it wasn’t just the Hunt fortune that was on the line. Of the $6.6 billion worth of silver the Hunts held at the top of the market, the brothers had “only” spent a little over $1 billion of their own money. The rest was borrowed from over 20 banks and brokerage houses. At the same time, COMEX decided to crack down. On January 7, 1980, the exchange’s board of governors announced that it would cap the size of silver futures exposure to 3 million ounces. Those in excess of the cap (say, by the tens of millions) were given until the following month to bring themselves into compliance. But that was too long for the Chicago Board of Trade exchange, which suspended the issue of any new silver futures on January 21. Silver futures traders would only be allowed to square up old contracts. Predictably, silver prices began to slide. As the various banks and other firms that had backed the Hunt bullion binge began to recognize the tenuousness of their financial position, they issued margin calls, asking the brothers to put up more money as collateral for their debts. The Hunts, unable to sell silver lest they trigger a panic, borrowed even more. By early March, futures contracts had fallen to the mid-$30 range. Matters finally came to a head on March 25, when one of the Hunts’ largest backers, the Bache Group, asked for $100 million more in collateral. The brothers were out of cash, and Bache was unwilling to accept silver in its place, as it had been doing throughout the month. With the Hunts in default, Bache did the only thing it could to start recouping its losses: it start to unload silver. On March 27, “Silver Thursday,” the silver futures market dropped by a third to $10.80. Just two months earlier, these contracts had been trading at four times that amount. The Aftermath After the oil bust of the early 1980s and a series of lawsuits polished off the remainder of the Hunt brothers’ once historic fortune, the two declared bankruptcy in 1988. Bunker, who had been worth an estimated $16 billion in the 1960s, emerged with under $10 million to his name. That’s not exactly chump change, but it wasn’t enough to maintain his 500-plus stable of horses,. The Hunts almost dragged their lenders into bankruptcy too—and with them, a sizable chunk of the U.S. financial system. Over twenty financial institutions had extended over a billion dollars in credit to the Hunt brothers. The default and resulting collapse of silver prices blew holes in balance sheets across Wall Street. A privately orchestrated bailout loan from a number of banks allowed the brothers to start paying off their debts and keep their creditors afloat, but the markets and regulators were rattled. Silver Spot Prices Per Ounce (January, 1979 - June, 1980) 📷
In the words of then CFTC chief James Stone, the Hunts’ antics had threatened to punch a hole in the “financial fabric of the United States” like nothing had in decades. Writing about the entire episode a year later, Harper’s Magazine described Silver Thursday as “the first great panic since October 1929.” The trouble was not over for the Hunts. In the following years, the brothers were dragged before Congressional hearings, got into a legal spat with their lenders, and were sued by a Peruvian mineral marketing company, which had suffered big losses in the crash. In 1988, a New York City jury found for the South American firm, levying a penalty of over $130 million against the Hunts and finding that they had deliberately conspired to corner the silver market. Surprisingly, there is still some disagreement on that point. Bunker Hunt attributed the whole affair to the political motives of COMEX insiders and regulators. Referring to himself later as “a favorite whipping boy” of an eastern financial establishment riddled with liberals and socialists, Bunker and his brother, Herbert, are still perceived as martyrs by some on the far-right. “Political and financial insiders repeatedly changed the rules of the game,” wrote the New American. “There is little evidence to support the ‘corner the market’ narrative.” Though the Hunt brothers clearly amassed a staggering amount of silver and silver derivatives at the end of the 1970s, it is impossible to prove definitively that market manipulation was in their hearts. Maybe, as the Hunts always claimed, they just really believed in the enduring value of silver. Or maybe, as others have noted, the Hunt brothers had no idea what they were doing. Call it the stupidity defense. “They’re terribly unsophisticated,” an anonymous associated was quoted as saying of the Hunts in a Chicago Tribune article from 1989. “They make all the mistakes most other people make,” said another. p.s. credit to Ben Christopher
r/Conservative dives into controversy after (only?) copies of "damning Hunter Biden documents" were allegedly stolen from the mail en-route to Fox News pundit Tucker Carlson. Is it a case of "my dog ate my homework", or 5D chess by "the smartest man in DC"?
tl;dr: Fox News host Tucker Carlson claims that a source mailed him massively incriminating documents about Joe Biden's son that would totally sway the election for Trump, but unknown actors stole the only copies of the proof from his mail. Even the subConservativeis skeptical about this story, with some saying it's evidence that spies are frantically suppressing the truth, or it's a Tucker ruse to force Biden to a misstep; others saying it's the most obvious "my dog ate my homework" in political history. UPDATE: allegedly UPS found the missing package of “evidence” today, and Tucker immediately announced that everyone should leave Hunter alone because Hunter is just a sad dude with drug problems. Background: for anyone who hasn't been following the news, a week and some ago the New York Post broke the story that Hunter Biden, son of former VP and current presidential candidate Joe Biden, has been linked to serious crimes (at minimum corruption and bribery) by a laptop of his acquired under somewhat confused circumstances. Questions have emerged about the story, as supposedly it involves the California multi-millionaire Hunter dropping off several water-damaged Apple laptops at a tiny repair place at a strip mall in Delaware near Joe's home. The story is too complex to go into, but suspicious aspects include the shop owner is legally blind and can't guarantee it was indeed Hunter who dropped off the laptop, among other people he sent copies of the hard drive to Trump's personal lawyer Rudy Giuliani, lots of odd twists. So those who are skeptical allege that in actuality, hackers (possibly foreign) stole legit emails and photos from Hunter's iCloud for credibility and then mixed in fake incriminating materials and then loaded them onto a hard drive so as to have a plausible background story without admitting to the hacking. On the opposite end, those who believe it's real are convinced this is the "nuclear bomb" that destroys Joe Biden and wins the election for Trump, and the story on fringe media and discussion has rapidly expanded from the HD showing evidence of corruption and bribery (including kickbacks to Joe), photos/videos of Hunter with sex workers and using drugs (which nobody denies he's done in the past), and moved deeper and deeper into claims the HD shows Hunter molesting his underage niece, and allegations it shows Hunter literally cannibalizing Chinese children. NOTE: do not do not do not link directly to any Hunter materials from Reddit, as at bare minimum they involve stolen personal intimate images, potentially show illegally-acquired hacked materials, and (probably not true but just to be safe) allegedly show crimes against minors. People linking to Hunter content from Reddit have been immediately and permanently banned, don't do it. For further context, just to address a common argument about Hunter (as neutrally as possible), while opponents say Hunter has received high paying jobs from foreign governments despite zero qualifications, to be fair he's a graduate of Yale Law School, was Executive VP at a US financial firm, worked on e-commerce programs at the US Department of Commerce, was appointed to the board of directors of Amtrak by President George W. Bush and became vice chairman, and has done a bunch of lobbying and investment activities. So it's totally fair to question the degree to which Hunter has leveraged his birth advantage, but it's also not like he was flipping burgers for crack money prior to this. On to the popcorn: Fox News initially declined to cover the "Hunter Biden bombshell" or "hard-drive from hell" because Rudy Giuliani wasn't providing the metadata to confirm the contents are real. But some Fox News hosts were willing to report on the fact that the New York Post is talking about it. Tucker Carlson claims his sources in Washington DC obtained absolutely verifiable documents and mailed them to his Los Angeles office, and the package was intercepted and the documents removed. Conservative falls to debating how plausible this story is over a number of posts tonight:
“The Canadian Epstein” — Disgraced fashion mogul Peter Nygard's own SON is helping police investigate his alleged sex crimes
Disgraced fashion mogul Peter Nygard's own SON is helping police investigate his alleged sex crimes By Guy Adams Investigates For The Daily Mail 15 Jan 2021 Link to article 'He has become my arch-nemesis. I no longer regard him as my father . . . He is a monster. I am now here to serve in any way I can, to support survivors and the justice process and also to help expose the people who covered up his crimes.' Kai Bickle's world came tumbling down one night in May 2019, when he attended a dinner party at a lavishly decorated mansion overlooking the golden sands of Venice Beach in Los Angeles. The host was his father, Peter Nygard, a Canadian fashion tycoon famed for the hedonistic lifestyle he pursued at a global portfolio of high-end properties, including vast residences in Winnipeg, Toronto and Montreal, as well as New York, and, most notoriously, a Mayan-themed 'private luxury resort' in the Bahamas. Modelling himself on Playboy founder Hugh Hefner, the flamboyant Nygard, now 79, kept a revolving harem of girlfriends. Those caught up (often completely unwittingly) in this web had included actresses Susan Anton and Jennifer O'Neill, stripper-turned-reality star Anna Nicole Smith, and a former Wheel Of Fortune card turner by the name of Vanna White. His Caribbean parties, meanwhile, tended to attract a better class of A-lister. Past visitors to the island property had ranged from Jane Seymour and Bo Derek to Robert De Niro, , Michael Jackson and Joan Collins, not to mention and , who were photographed there in the early 2000s on an innocuous family holiday. The 2019 bash, during one of Peter's occasional business trips to LA, was to be a more down-to-earth affair. Roughly 20 guests, including Kai, 38, and his younger brother Jessar (one of roughly ten offspring Nygard has fathered via more than seven women) had been invited for food and drinks, followed by a late-night poker game. That was the plan, at least. But Kai never made it to the card- table. Instead, he fled the lavish premises in a state of distress, shortly after dinner, believing that he had just witnessed his father attempting to sexually assault an eight-year-old girl. Details of this ugly development are (it should be stressed) strongly disputed, and we shall examine them later. But the incident would kick-start an extraordinary chain of events that culminated just before Christmas, with the arrest of Peter Nygard on nine charges of sex trafficking and racketeering. Currently behind bars, with his $900 million (£660 million) business empire in tatters and the FBI poring over his computer hard-drives, the fallen tycoon has now been accused of rape or sexual assault by at least 57 women. Several of Nygard's accusers were children when the alleged crimes took place, and many claim they were drugged. At least 57 women have accused him. He will appear in court in Canada next week, seeking bail as he fights extradition to the USA. It is, perhaps, the most high-profile and shocking sex case since handcuffs were slapped on Jeffrey Epstein. And in a remarkable twist, it turns out that a leading figure in the increasingly public campaign to prosecute Mr Nygard is his aforementioned son, Kai. Upcoming documentary: ‘Unseamly’ Canadian Designer Peter Nygård True Crime Documentary Behind the scenes, I can reveal that Kai has spent the past 18 months secretly helping both the U.S. and Canadian authorities investigate his own father's alleged crimes. Keeping his role hidden from Nygard and his associates for several months, he has worked tirelessly to assist victims, and their legal teams. On the personal front, he has changed his name (taking up his mother's surname to become Kai Zen Bickle) and used his influence over various Nygard companies to block efforts to move his assets offshore, fearing that would allow him to flee. 'We have been engaged in a brutal battle against my father and his enablers,' is how Kai summed things up when we spoke this week. 'He has become my arch-nemesis. I no longer regard him as my father . . . He is a monster. I am now here to serve in any way I can, to support survivors and the justice process and also to help expose the people who covered up his crimes.' Perhaps most remarkably of all, Kai recently helped two of his younger siblings, one of whom remains a minor, to sue Peter Nygard over claims he 'engineered' the rape of his own sons. In an extraordinary lawsuit filed in August, the boys claimed that their leathery, multi-millionaire father instructed one of his long-standing girlfriends (who was also a sex worker) to 'make a man' out of them. The first of these alleged attacks (which, again, are vehemently denied by Nygard) took place in the Bahamas 2004, when the son was 15 and the woman was in her mid-20s. The second occurred in Winnipeg in 2018, when the younger child was 14 and the woman was in her 40s. Court papers filed by the boys stated that the unnamed girlfriend was instructed to seduce Nygard's son by showering in his bathroom so that he 'could see her naked'. Then she raped him. Afterwards, she allegedly told the boy he 'wasn't bad' for a 'baby.' The next morning, Nygard's girlfriend brought him breakfast in bed, kissing him on the lips and announcing: 'Mommy's got you.' Kai says he first became aware of this appalling incident last spring, and was 'sickened' to hear his brothers' claims. He would often yell and scream at his staff. 'We all spoke and decided the best course of action was to file a lawsuit publicly in the hope that other survivors would feel safe to come forward and also file criminally against Nygard,' he says. 'We were originally going to have me in the suit as my young brother's guardian, but in the end decided not to because it would reveal to Nygard that I was working against him . . . At the time I was [secretly] doing everything I could to improve the odds that he would get arrested.' To appreciate the extraordinary journey taken by Kai, we must wind the clock back to the mid-1980s, when his father was one of Canada's most talked-about self-made millionaires. The son of penniless immigrants from Finland, Peter Nygard had launched his empire in the late 1960s, with an $8,000 (£6,000) investment in a struggling fashion firm. By the time he was 30, the company had become one of North America's most successful suppliers of leisure and sportswear, while his flamboyant eccentricities, which included keeping parrots in his office and filling the lobby of Nygard HQ with bronze busts of himself, turned him into an object of public fascination. In 1987, the party-loving entrepreneur purchased a 4.5-acre patch of the island of New Providence in the Bahamas and set about turning it into a 'dream home' where he could indulge his champagne lifestyle. Over the ensuing years, he built 150,000 sq ft of Mayan-themed buildings, stretching over a dozen 'cabana-style' residences. The buildings at Nygard Cay eventually included a casino, a disco hut (with cameras beneath the dance floor, reportedly to shoot images of revellers from below), and the world's largest sauna, a 6,000 sq ft lodge made from 2ft-thick Canadian pine logs. In the grounds were fake volcanoes that belched dry ice, a flock of peacocks, stone cobras which hissed steam at sunset, 60 ft towers festooned with hundreds of flaming torches (lit nightly by staff) and giant statues of nude women, purportedly modelled on some of Nygard's favourite girlfriends. At weekends, he would host lavish parties, which appeared on various TV documentaries, including Lifestyles Of The Rich And Famous. The place became a magnet for freeloading celebrities and, while Kai believes they generally had the most fleeting and brief relationship with Nygard, photos of their visits were then plastered across company literature and websites. Prince Andrew, to cite one example, was recorded for posterity wandering with the long-haired fashion magnate on the beach, wearing blue shorts and boat shoes. Born in the 1980s, Kai spent the first three years of his life in the Bahamas until his mother, Patricia, left Nygard, with whom she'd had three children but never married. They moved first to California and then to the Pacific Northwest in the U.S. Over subsequent years, he had almost no regular contact with the fashion tycoon aside from occasional visits during school holidays, where he met various half-siblings. 'He would have one family weekend per year at his lake cottage, and a few days set aside for Christmas,' says Kai of the somewhat unorthodox arrangement. 'During those times, the days were filled with activities like horseback riding or mini golf. 'He could be a very charismatic person when he wanted to be and the family weekends were very light and brief.' In the very limited time he spent with his father during childhood, Kai saw nothing that gave him reason to suspect that Peter Nygard was guilty of criminality, though he did have a highly volatile personality. 'He would yell and scream at his staff often, and that always was upsetting to everyone around it, but he would describe his yelling as 'passion' because of his 'high standards',' Kai says. Nygard's children were further told that he 'lived a consensual, non-monogamous lifestyle,' Kai says. 'He made speeches at dinner to family when we were together to talk about how he hoped everyone got a wonderful partner and wished that he could find that special someone, but that it wasn't the life for him. 'He also had girlfriends that were persistently with him, always two or three, and often they were around for years. He wasn't embarrassed about it. He flaunted it on TV, it was part of his brand, something he showed the whole world. He was proud of it.' Be that as it may, rumours of predatory behaviour by Nygard —and worse — had occasionally reared their ugly head, only to be quickly suppressed: a relatively easy task before the internet. In 1980, for example, he was charged with the rape of an 18-year-old, but the charge was dropped when the complainant refused to testify. In 1996, three female employees meanwhile filed sexual harassment complaints in the Canadian province of Manitoba. It looked like his hand was on her thigh, rubbing. One, a 39-year-old communications manager, said that, when called into Nygard's office, she would 'find him in a state of undress . . . with his hands down the front of his pants, fondling himself.' He settled by giving the women $18,500 (£13,600) and denied any wrongdoing. Then, in 2010, a Canadian TV network put out a Panorama-style documentary about Nygard, focusing on alleged sex abuse and harassment of former employees. It quoted a former stewardess on his private plane who alleged that on one journey — during which Nygard was accompanied by a troupe of topless women — he lost his temper with staff, shouting: 'You are nothing! You are garbage! I am God!' The programme also alleged that Nygard had engaged in 'inappropriate sexual contact' with a young woman who had been brought to his home in 2003 from the Dominican Republic. Nygard denied that either incident had happened, and sued to stop the documentary being broadcast. Fast forward to May 2019, however, and those ugly incidents were largely forgotten. Kai, who was by then in his late 30s, had worked for his father's companies for just over two years after leaving college, but quit to pursue a career in activism and health science. Nygard's trip to Los Angeles afforded them a rare opportunity to catch up, so he attended the aforementioned dinner party in Venice Beach. As the night wore on, he recalls becoming uncomfortable about his father's behaviour towards an eight-year-old girl, who was attending with her mother, one of Nygard's old girlfriends. 'He's got her sitting right next to him at dinner, which is usually his girlfriend chair. And he's a creature of routine. So I'm already thinking this is weird. 'He's trying to act like the Papa. It was just weird . . . I'm noticing things. I'm noticing that he's telling her little secrets at dinner. Putting his hand close to her ear and going all hush-hush.' At the end of dinner, most of the other 20-odd guests got up to adjourn to the card table. However, Kai adds: 'I'm still watching him. Her chair gets pushed back. He brings her round to him. 'She was on his right side. He brings her to his left side, with his arm around her waist, and I see his elbow change and start moving as if — it looked to me, I couldn't see, but it looked like his hand was on her upper thigh, and rubbing. That's what it looked like to me . . . Everything in my body told me he was doing something terrible.' 'I had a huge adrenaline rush and I immediately told the mother to get her daughter away from him,' he adds. 'I stood up next to him and looked in his eyes. At that moment, for me, it was like all the walls were crashing down around him . . . And I realised that, yeah, he's probably trying to groom that girl.' Nygard vigorously denied wrongdoing, and even called Kai 'sick' for thinking as much. But Kai was unconvinced. Then, in February last year, ten women filed a bombshell lawsuit in New York claiming that the fashion magnate had used wealth and status to 'entice underage girls' from 'young, impressionable and often impoverished backgrounds' into his home, where they would be 'plied with alcohol' and (some allege) date-rape drugs, before being taken to Nygard's private quarters, where he would 'assault, rape and sodomise' them. Court papers claimed they were then coerced into joining a globe-trotting harem of sex workers paid thousands of dollars from Nygard's company funds and trafficked around the world on his company's private jet, which reportedly boasts a stripper pole. One alleged victim, who was just 14 at the time, claimed Nygard raped her and paid her $5,000 (£3,700). Another said her encounter with Nygard began with him showing her pornography after which he raped her, 'causing her extraordinary trauma and pain', the suit states. Three of his existing ten accusers were 14 at the time. Three more were 15. Within days, dozens more alleged victims had come forward. By the summer, some 57 survivors were pursuing legal action — and the number of alleged victims had reached 100. Kai again confronted his father, only to be told it was all 'lies' and asked to speak out publicly in his father's support. But days later a friend texted Kai to complain about a recent visit to Nygard's house in Los Angeles. 'He said he'd brought a female friend with him, who had one or two drinks and had started to feel very high. Nygard took her up to his room and aggressively had sex with her, not using a condom. 'When I heard that, I knew he was not only as bad as people said he was, but was a dangerous criminal and had to be stopped.' He duly alerted the authorities about the friend's message. In a podcast called Live To Walk Again, released this week, he revealed that he began helping both the police and the alleged victims' lawyers, who he regards as 'heroes'. Over the summer, Kai also used official positions held in Nygard firms to block two apparent efforts to move assets overseas, amid concerns that the tycoon might flee to evade justice. PODCAST EPISODE: Peter Nygard Discusses His Father 'Through the course of ten months I also helped several survivors to file criminally against him, and spent countless hours on the phone with survivors, lawyers and authorities,' he says. Last month Nygard was arrested on U.S. charges at a home in the Royalwood area of Winnipeg. He spent Christmas behind bars and has consistently denied any wrongdoing, saying he 'expects to be vindicated' in court. Kai has renounced his inheritance and is working on 'making the world a better place' by campaigning to close legal loopholes exploited by sex offenders. 'I'm very happy earning my own money, as I have all my life. We've never had a trust fund or an allowance, and since his money has been made through pain and suffering, I won't accept a potential inheritance,' he says. His father's cash, he says, should instead go towards compensating victims. 'My focus now is to help the healing process.'
A comprehensive list of books that will help you think clearly
A comprehensive list of books that might be of interest to people that want to read something that would improve their thinking or some friends? I have not read many of these, thus I can not personally vouch for all of them or recommend one over the other. I'm not affiliated with Goodreads, but linked to them since I wanted to include the ratings and they have links to several different sources including libraries if you want to borrow or acquire any one of these, and often some quality reviews. The Believing Brain: From Ghosts and Gods to Politics and Conspiracies How We Construct Beliefs and Reinforce Them as Truths by Michael Shermer 3.93 · Rating details · 6,985 ratings https://www.goodreads.com/book/show/9754534-the-believing-brain The Believing Brain is bestselling author Michael Shermer's comprehensive and provocative theory on how beliefs are born, formed, reinforced, challenged, changed, and extinguished. In this work synthesizing thirty years of research, psychologist, historian of science, and the world's best-known skeptic Michael Shermer upends the traditional thinking about how humans form beliefs about the world. Simply put, beliefs come first and explanations for beliefs follow. The brain, Shermer argues, is a belief engine. From sensory data flowing in through the senses, the brain naturally begins to look for and find patterns, and then infuses those patterns with meaning. Our brains connect the dots of our world into meaningful patterns that explain why things happen, and these patterns become beliefs. Once beliefs are formed the brain begins to look for and find confirmatory evidence in support of those beliefs, which accelerates the process of reinforcing them, and round and round the process goes in a positive-feedback loop of belief confirmation. Shermer outlines the numerous cognitive tools our brains engage to reinforce our beliefs as truths. Interlaced with his theory of belief, Shermer provides countless real-world examples of how this process operates, from politics, economics, and religion to conspiracy theories, the supernatural, and the paranormal. Ultimately, he demonstrates why science is the best tool ever devised to determine whether or not a belief matches reality. Critical Thinking: Tools for Taking Charge of Your Professional and Personal Life by Richard Paul, Linda Elder 3.93 · Rating details · 1,082 ratings https://www.goodreads.com/book/show/17296839-critical-thinking Critical Thinking is about becoming a better thinker in every aspect of your life: in your career, and as a consumer, citizen, friend, parent, and lover. Discover the core skills of effective thinking; then analyze your own thought processes, identify weaknesses, and overcome them. Learn how to translate more effective thinking into better decisions, less frustration, more wealth Ñ and above all, greater confidence to pursue and achieve your most important goals in life. The Thinker's Guide to Analytic Thinking by Linda Elder,Richard Paul 3.89 · Rating details · 163 ratings https://www.goodreads.com/book/show/19227921-the-thinker-s-guide-to-analytic-thinking This guide focuses on the intellectual skills that enable one to analyze anything one might think about - questions, problems, disciplines, subjects, etc. It provides the common denominator between all forms of analysis. It is based on the assumption that all reasoning can be taken apart and analyzed for quality. This guide introduces the elements of reasoning as implicit in all reasoning. It begins with this idea - that whenever we think, we think for a purpose, within a point of view, based on assumptions, leading to implications and consequences. We use data, facts and experiences (information), to make inferences and judgments,based on concepts and theories to answer a question or solve a problem. Thus the elements of thought are: purpose, questions, information, inferences, assumptions, concepts, implications and point of view. In this guide, authors Linda Elder and Richard Paul explain, exemplify and contextualize these elements or structures of thought, showing the importance of analyzing reasoning in every part of human life. This guide can be used as a supplement to any text or course at the college level; and it may be used for improving thinking in personal and professional life. The Thinker's Guide to Intellectual Standards by Linda Elder, Richard Paul 4.19 · Rating details · 16 ratings https://www.goodreads.com/book/show/19017637-the-thinker-s-guide-to-intellectual-standards Humans routinely assess thinking – their own thinking, and that of others, and yet they don’t necessarily use standards for thought that are reasonable, rational, sound. To think well, people need to routinely meet intellectual standards, standards of clarity, precision, accuracy, relevance, depth, logic, fairness, significance, and so forth. In this guide authors Elder and Paul offer a brief analysis of some of the most important intellectual standards in the English language. They look at the opposites of these standards. They argue for their contextualization within subjects and disciplines. And, they call attention to the forces that undermine their skilled use in thinking well. At present intellectual standards tend to be either taught implicitly, or ignored in instruction. Yet because they are essential to high quality reasoning in every part of human life, they should be explicitly taught and explicitly understood. The Truth Seeker’s Handbook: A Science-Based Guide by Gleb Tsipursky (Goodreads Author) 4.24 · Rating details · 63 ratings https://www.goodreads.com/book/show/36800752-the-truth-seeker-s-handbook How do you know whether something is true? How do you convince others to believe the facts? Research shows that the human mind is prone to making thinking errors - predictable mistakes that cause us to believe comfortable lies over inconvenient truths. These errors leave us vulnerable to making decisions based on false beliefs, leading to disastrous consequences for our personal lives, relationships, careers, civic and political engagement, and for our society as a whole. Fortunately, cognitive and behavioral scientists have uncovered many useful strategies for overcoming our mental flaws. This book presents a variety of research-based tools for ensuring that our beliefs are aligned with reality. With examples from daily life and an engaging style, the book will provide you with the skills to avoid thinking errors and help others to do so, preventing disasters and facilitating success for yourself, those you care about, and our society. On Being Certain: Believing You Are Right Even When You're Not by Robert A. Burton 3.90 · Rating details · 2,165 ratings https://www.goodreads.com/book/show/2740964-on-being-certain You recognize when you know something for certain, right? You "know" the sky is blue, or that the traffic light had turned green, or where you were on the morning of September 11, 2001--you know these things, well, because you just do. In On Being Certain, neurologist Robert Burton challenges the notions of how we think about what we know. He shows that the feeling of certainty we have when we "know" something comes from sources beyond our control and knowledge. In fact, certainty is a mental sensation, rather than evidence of fact. Because this "feeling of knowing" seems like confirmation of knowledge, we tend to think of it as a product of reason. But an increasing body of evidence suggests that feelings such as certainty stem from primitive areas of the brain, and are independent of active, conscious reflection and reasoning. The feeling of knowing happens to us; we cannot make it happen. Bringing together cutting edge neuroscience, experimental data, and fascinating anecdotes, Robert Burton explores the inconsistent and sometimes paradoxical relationship between our thoughts and what we actually know. Provocative and groundbreaking, On Being Certain, will challenge what you know (or think you know) about the mind, knowledge, and reason. The Invisible Gorilla: And Other Ways Our Intuitions Deceive Us by Christopher Chabris,Daniel Simons 3.91 · Rating details · 13,537 ratings · 704 reviews https://www.goodreads.com/book/show/7783191-the-invisible-gorilla Reading this book will make you less sure of yourself—and that’s a good thing. In The Invisible Gorilla, Christopher Chabris and Daniel Simons, creators of one of psychology’s most famous experiments, use remarkable stories and counterintuitive scientific findings to demonstrate an important truth: Our minds don’t work the way we think they do. We think we see ourselves and the world as they really are, but we’re actually missing a whole lot. Again and again, we think we experience and understand the world as it is, but our thoughts are beset by everyday illusions. We write traffic laws and build criminal cases on the assumption that people will notice when something unusual happens right in front of them. We’re sure we know where we were on 9/11, falsely believing that vivid memories are seared into our minds with perfect fidelity. And as a society, we spend billions on devices to train our brains because we’re continually tempted by the lure of quick fixes and effortless self-improvement. The Invisible Gorilla reveals the myriad ways that our intuitions can deceive us, but it’s much more than a catalog of human failings. Chabris and Simons explain why we succumb to these everyday illusions and what we can do to inoculate ourselves against their effects. Ultimately, the book provides a kind of x-ray vision into our own minds, making it possible to pierce the veil of illusions that clouds our thoughts and to think clearly for perhaps the first time. Asking the Right Questions: A Guide to Critical Thinking by M. Neil Browne, Stuart M. Keeley 3.94 · Rating details · 1,290 ratings https://www.goodreads.com/book/show/394398.Asking_the_Right_Questions The habits and attitudes associated with critical thinking are transferable to consumer, medical, legal, and general ethical choices. When our surgeon says surgery is needed, it can be life sustaining to seek answers to the critical questions encouraged in Asking the Right Questions This popular book helps bridge the gap between simply memorizing or blindly accepting information, and the greater challenge of critical analysing the things we are told and read. It gives strategies for responding to alternative points of view and will help readers develop a solid foundation for making personal choices about what to accept and what to reject. On Truth by Simon Blackburn 3.60 · Rating details · 62 ratings https://www.goodreads.com/book/show/36722220-on-truth Truth is not just a recent topic of contention. Arguments about it have gone on for centuries. Why is the truth important? Who decides what the truth is? Is there such a thing as objective, eternal truth, or is truth simply a matter of perspective, of linguistic or cultural vantage point? In this concise book Simon Blackburn provides an accessible explanation of what truth is and how we might think about it. The first half of the book details several main approaches to how we should think about, and decide, what is true. These are philosophical theories of truth such as the correspondence theory, the coherence theory, deflationism, and others. He then examines how those approaches relate to truth in several contentious domains: art, ethics, reasoning, religion, and the interpretation of texts. Blackburn's overall message is that truth is often best thought of not as a product or an end point that is 'finally' achieved, but--as the American pragmatist thinkers thought of it--as an ongoing process of inquiry. The result is an accessible and tour through some of the deepest and thorniest questions philosophy has ever tackled Thinking, Fast and Slow by Daniel Kahneman 4.16 · Rating details · 317,352 ratings https://www.goodreads.com/book/show/11468377-thinking-fast-and-slow?ac=1&from_search=true&qid=ZNhf1bAIxd&rank=1 In the highly anticipated Thinking, Fast and Slow, Kahneman takes us on a groundbreaking tour of the mind and explains the two systems that drive the way we think. System 1 is fast, intuitive, and emotional; System 2 is slower, more deliberative, and more logical. Kahneman exposes the extraordinary capabilities—and also the faults and biases—of fast thinking, and reveals the pervasive influence of intuitive impressions on our thoughts and behavior. The impact of loss aversion and overconfidence on corporate strategies, the difficulties of predicting what will make us happy in the future, the challenges of properly framing risks at work and at home, the profound effect of cognitive biases on everything from playing the stock market to planning the next vacation—each of these can be understood only by knowing how the two systems work together to shape our judgments and decisions. Engaging the reader in a lively conversation about how we think, Kahneman reveals where we can and cannot trust our intuitions and how we can tap into the benefits of slow thinking. He offers practical and enlightening insights into how choices are made in both our business and our personal lives—and how we can use different techniques to guard against the mental glitches that often get us into trouble. Thinking, Fast and Slow will transform the way you think about thinking. Before You Know It: The Unconscious Reasons We Do What We Do by John A. Bargh (Goodreads Author) 3.97 · Rating details · 788 ratings https://www.goodreads.com/book/show/35011639-before-you-know-it Dr. John Bargh, the world’s leading expert on the unconscious mind, presents a “brilliant and convincing book” (Malcolm Gladwell) cited as an outstanding read of 2017 by Business Insider and The Financial Times—giving us an entirely new understanding of the hidden mental processes that secretly govern every aspect of our behavior. For more than three decades, Dr. John Bargh has conducted revolutionary research into the unconscious mind, research featured in bestsellers like Blink and Thinking Fast and Slow. Now, in what Dr. John Gottman said was “the most important and exciting book in psychology that has been written in the past twenty years,” Dr. Bargh takes us on an entertaining and enlightening tour of the forces that affect everyday behavior while transforming our understanding of ourselves in profound ways. Dr. Bargh takes us into his labs at New York University and Yale—where he and his colleagues have discovered how the unconscious guides our behavior, goals, and motivations in areas like race relations, parenting, business, consumer behavior, and addiction. With infectious enthusiasm he reveals what science now knows about the pervasive influence of the unconscious mind in who we choose to date or vote for, what we buy, where we live, how we perform on tests and in job interviews, and much more. Because the unconscious works in ways we are completely unaware of, Before You Know It is full of surprising and entertaining revelations as well as useful tricks to help you remember items on your to-do list, to shop smarter, and to sleep better. Before You Know It is “a fascinating compendium of landmark social-psychology research” (Publishers Weekly) and an introduction to a fabulous world that exists below the surface of your awareness and yet is the key to knowing yourself and unlocking new ways of thinking, feeling, and behaving. Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets https://www.goodreads.com/book/show/38315.Fooled_by_Randomness by Nassim Nicholas Taleb 4.07 · Rating details · 49,010 ratings Fooled by Randomness is a standalone book in Nassim Nicholas Taleb’s landmark Incerto series, an investigation of opacity, luck, uncertainty, probability, human error, risk, and decision-making in a world we don’t understand. Philosophy books Epistemology by Richard Feldman 3.84 · Rating details · 182 ratings https://www.goodreads.com/book/show/387295.Epistemology Sophisticated yet accessible and easy to read, this introduction to contemporary philosophical questions about knowledge and rationality goes beyond the usual bland survey of the major current views to show that there is argument involved. Throughout, the author provides a fair and balanced blending of the standard positions on epistemology with his own carefully reasoned positions or stances into the analysis of each concept. KEY TOPICS: Epistemological Questions. The Traditional Analysis of Knowledge. Modifying the Traditional Analysis of Knowledge. Evidentialist Theories of Justification. Non-evidentialist Theories of Knowledge and Justification. Skepticism. Epistemology and Science. Relativism. Problems of Knowledge: A Critical Introduction to Epistemology by Michael J. Williams 3.79 · Rating details · 86 ratings https://www.goodreads.com/book/show/477904.Problems_of_Knowledge "What is epistemology or 'the theory of knowledge'? Why does it matter? What makes theorizing about knowledge 'philosophical'? And why do some philosophers argue that epistemology - perhaps even philosophy itself - is dead?" " In this introduction, Michael Williams answers these questions, showing how epistemological theorizing is sensitive to a range of questions about the nature, limits, methods, and value of knowing. He pays special attention to the challenge of philosophical scepticism: does our 'knowledge' rest on brute assumptions? Does the rational outlook undermine itself?" Williams explains and criticizes all the main contemporary philosophical perspectives on human knowledge, such as foundationalism, the coherence theory, and 'naturalistic' theories. As an alternative to all of them, he defends his distinctive contextualist approach. As well as providing an accessible introduction for any reader approaching the subject for the first time, this book incorporates Williams's own ideas which will be of interest to all philosophers concerned with the theory of knowledge. Philosophy: The Basics by Nigel Warburton 3.84 · Rating details · 1,928 ratings https://www.goodreads.com/book/show/31854.Philosophy Now in its fourth edition, Nigel Warburton's best-selling book gently eases the reader into the world of philosophy. Each chapter considers a key area of philosophy, explaining and exploring the basic ideas and themes. What is philosophy? Can you prove God exists? Is there an afterlife? How do we know right from wrong? Should you ever break the law? Is the world really the way you think it is? How should we define Freedom of Speech? Do you know how science works? Is your mind different from your body? Can you define art? For the fourth edition, Warburton has added new sections to several chapters, revised others and brought the further reading sections up to date. If you've ever asked what is philosophy, or whether the world is really the way you think it is, then this is the book for you. The Oxford Handbook of Thinking and Reasoning https://www.goodreads.com/book/show/14829260-the-oxford-handbook-of-thinking-and-reasoning by Keith J. Holyoak (Editor), Robert G. Morrison (Editor) 4.08 · Rating details · 12 ratings Thinking and reasoning, long the academic province of philosophy, have over the past century emerged as core topics of empirical investigation and theoretical analysis in the modern fields of cognitive psychology, cognitive science, and cognitive neuroscience. Formerly seen as too complicated and amorphous to be included in early textbooks on the science of cognition, the study of thinking and reasoning has since taken off, brancing off in a distinct direction from the field from which it originated. The Oxford Handbook of Thinking and Reasoning is a comprehensive and authoritative handbook covering all the core topics of the field of thinking and reasoning. Written by the foremost experts from cognitive psychology, cognitive science, and cognitive neuroscience, individual chapters summarize basic concepts and findings for a major topic, sketch its history, and give a sense of the directions in which research is currently heading. Chapters include introductions to foundational issues and methods of study in the field, as well as treatment of specific types of thinking and reasoning and their application in a broad range of fields including business, education, law, medicine, music, and science. The volume will be of interest to scholars and students working in developmental, social and clinical psychology, philosophy, economics, artificial intelligence, education, and linguistics. Feminist Epistemologies (Thinking Gender) by Linda Martín Alcoff, Elizabeth Potter 4.14 · Rating details · 43 ratings https://www.goodreads.com/book/show/477960.Feminist_Epistemologies Noticed this review by an evangelical: "I have found this an immensely suggestive book, collecting as it does essays from both prominent and rising figures in feminist philosophy of knowledge--albeit from about two decades ago. I am struck by how little impact feminist thought, even of this high and generally temperate quality, has had on evangelical theology, to the shame of my guild." -John The Honest Truth About Dishonesty: How We Lie to Everyone - Especially Ourselves by Dan Ariely 3.94 · Rating details · 13,620 ratings https://www.goodreads.com/book/show/13426114-the-honest-truth-about-dishonesty The New York Times bestselling author of Predictably Irrational and The Upside of Irrationality returns with thought-provoking work to challenge our preconceptions about dishonesty and urge us to take an honest look at ourselves. Does the chance of getting caught affect how likely we are to cheat? How do companies pave the way for dishonesty? Does collaboration make us more honest or less so? Does religion improve our honesty? Most of us think of ourselves as honest, but, in fact, we all cheat. From Washington to Wall Street, the classroom to the workplace, unethical behavior is everywhere. None of us is immune, whether it's the white lie to head off trouble or padding our expense reports. In The (Honest) Truth About Dishonesty, award-winning, bestselling author Dan Ariely turns his unique insight and innovative research to the question of dishonesty. Generally, we assume that cheating, like most other decisions, is based on a rational cost-benefit analysis. But Ariely argues, and then demonstrates, that it's actually the irrational forces that we don't take into account that often determine whether we behave ethically or not. For every Enron or political bribe, there are countless puffed résumés, hidden commissions, and knockoff purses. In The (Honest) Truth About Dishonesty, Ariely shows why some things are easier to lie about; how getting caught matters less than we think; and how business practices pave the way for unethical behavior, both intentionally and unintentionally. Ariely explores how unethical behavior works in the personal, professional, and political worlds, and how it affects all of us, even as we think of ourselves as having high moral standards. But all is not lost. Ariely also identifies what keeps us honest, pointing the way for achieving higher ethics in our everyday lives. With compelling personal and academic findings, The (Honest) Truth About Dishonesty will change the way we see ourselves, our actions, and others. The Demon-Haunted World: Science as a Candle in the Dark by Carl Sagan, Ann Druyan (Goodreads Author) 4.27 · Rating details · 59,893 ratings https://www.goodreads.com/book/show/17349.The_Demon_Haunted_World How can we make intelligent decisions about our increasingly technology-driven lives if we don’t understand the difference between the myths of pseudoscience and the testable hypotheses of science? Pulitzer Prize-winning author and distinguished astronomer Carl Sagan argues that scientific thinking is critical not only to the pursuit of truth but to the very well-being of our democratic institutions. Casting a wide net through history and culture, Sagan examines and authoritatively debunks such celebrated fallacies of the past as witchcraft, faith healing, demons, and UFOs. And yet, disturbingly, in today's so-called information age, pseudoscience is burgeoning with stories of alien abduction, channeling past lives, and communal hallucinations commanding growing attention and respect. As Sagan demonstrates with lucid eloquence, the siren song of unreason is not just a cultural wrong turn but a dangerous plunge into darkness that threatens our most basic freedoms. What Is the Name of This Book? by Raymond M. Smullyan 4.24 · Rating details · 757 ratings https://www.goodreads.com/book/show/493576.What_Is_the_Name_of_This_Book_ If you're intrigued by puzzles and paradoxes, these 200 mind-bending logic puzzles, riddles, and diversions will thrill you with challenges to your powers of reason and common sense. Raymond M. Smullyan — a celebrated mathematician, logician, magician, and author — presents a logical labyrinth of more than 200 increasingly complex problems. The puzzles delve into Gödel’s undecidability theorem and other examples of the deepest paradoxes of logic and set theory. Detailed solutions follow each puzzle The Art of Logic in an Illogical World by Eugenia Cheng 3.55 · Rating details · 740 ratings https://www.goodreads.com/book/show/38400400-the-art-of-logic-in-an-illogical-world How both logical and emotional reasoning can help us live better in our post-truth world In a world where fake news stories change election outcomes, has rationality become futile? In The Art of Logic in an Illogical World, Eugenia Cheng throws a lifeline to readers drowning in the illogic of contemporary life. Cheng is a mathematician, so she knows how to make an airtight argument. But even for her, logic sometimes falls prey to emotion, which is why she still fears flying and eats more cookies than she should. If a mathematician can't be logical, what are we to do? In this book, Cheng reveals the inner workings and limitations of logic, and explains why alogic--for example, emotion--is vital to how we think and communicate. Cheng shows us how to use logic and alogic together to navigate a world awash in bigotry, mansplaining, and manipulative memes. Insightful, useful, and funny, this essential book is for anyone who wants to think more clearly. How to Think about Weird Things: Critical Thinking for a New Age by Theodore Schick Jr. Lewis Vaughn, Martin Gardner (Foreword) 4.00 · Rating details · 530 ratings https://www.goodreads.com/book/show/41756.How_to_Think_about_Weird_Things This text serves well as a supplemental text in:
critical thinking
logic
introduction to philosophy
philosophy of science
epistemology
metaphysics
introduction to psychology
anomalistic psychology
perception and cognition
as well as any introductory science course. It has been used in all of the courses mentioned above as well as introductory biology, introductory physics, and introductory chemistry courses. It could also serve as a main text for courses in evaluation of the paranormal, philosophical implications of the paranormal, occult beliefs, and pseudoscience. Popular Statistics Naked Statistics: Stripping the Dread from the Data by Charles Wheelan 3.94 · Rating details · 10,367 ratings https://www.goodreads.com/book/show/17986418-naked-statistics Once considered tedious, the field of statistics is rapidly evolving into a discipline Hal Varian, chief economist at Google, has actually called “sexy.” From batting averages and political polls to game shows and medical research, the real-world application of statistics continues to grow by leaps and bounds. How can we catch schools that cheat on standardized tests? How does Netflix know which movies you’ll like? What is causing the rising incidence of autism? As best-selling author Charles Wheelan shows us in Naked Statistics, the right data and a few well-chosen statistical tools can help us answer these questions and more. For those who slept through Stats 101, this book is a lifesaver. Wheelan strips away the arcane and technical details and focuses on the underlying intuition that drives statistical analysis. He clarifies key concepts such as inference, correlation, and regression analysis, reveals how biased or careless parties can manipulate or misrepresent data, and shows us how brilliant and creative researchers are exploiting the valuable data from natural experiments to tackle thorny questions. And in Wheelan’s trademark style, there’s not a dull page in sight. You’ll encounter clever Schlitz Beer marketers leveraging basic probability, an International Sausage Festival illuminating the tenets of the central limit theorem, and a head-scratching choice from the famous game show Let’s Make a Deal—and you’ll come away with insights each time. With the wit, accessibility, and sheer fun that turned Naked Economics into a bestseller, Wheelan defies the odds yet again by bringing another essential, formerly unglamorous discipline to life. The Signal and the Noise: Why So Many Predictions Fail—But Some Don't by Nate Silver 3.98 · Rating details · 43,804 ratings · 3,049 reviews https://www.goodreads.com/book/show/13588394-the-signal-and-the-noise One of Wall Street Journal's Best Ten Works of Nonfiction in 2012 New York Times Bestseller "Not so different in spirit from the way public intellectuals like John Kenneth Galbraith once shaped discussions of economic policy and public figures like Walter Cronkite helped sway opinion on the Vietnam War…could turn out to be one of the more momentous books of the decade." -New York Times Book Review "Nate Silver's The Signal and the Noise is The Soul of a New Machine for the 21st century." -Rachel Maddow, author of Drift "A serious treatise about the craft of prediction-without academic mathematics-cheerily aimed at lay readers. Silver's coverage is polymathic, ranging from poker and earthquakes to climate change and terrorism." -New York Review of Books Nate Silver built an innovative system for predicting baseball performance, predicted the 2008 election within a hair's breadth, and became a national sensation as a blogger-all by the time he was thirty. He solidified his standing as the nation's foremost political forecaster with his near perfect prediction of the 2012 election. Silver is the founder and editor in chief of FiveThirtyEight.com. Drawing on his own groundbreaking work, Silver examines the world of prediction, investigating how we can distinguish a true signal from a universe of noisy data. Most predictions fail, often at great cost to society, because most of us have a poor understanding of probability and uncertainty. Both experts and laypeople mistake more confident predictions for more accurate ones. But overconfidence is often the reason for failure. If our appreciation of uncertainty improves, our predictions can get better too. This is the "prediction paradox": The more humility we have about our ability to make predictions, the more successful we can be in planning for the future. In keeping with his own aim to seek truth from data, Silver visits the most successful forecasters in a range of areas, from hurricanes to baseball, from the poker table to the stock market, from Capitol Hill to the NBA. He explains and evaluates how these forecasters think and what bonds they share. What lies behind their success? Are they good-or just lucky? What patterns have they unraveled? And are their forecasts really right? He explores unanticipated commonalities and exposes unexpected juxtapositions. And sometimes, it is not so much how good a prediction is in an absolute sense that matters but how good it is relative to the competition. In other cases, prediction is still a very rudimentary-and dangerous-science. Silver observes that the most accurate forecasters tend to have a superior command of probability, and they tend to be both humble and hardworking. They distinguish the predictable from the unpredictable, and they notice a thousand little details that lead them closer to the truth. Because of their appreciation of probability, they can distinguish the signal from the noise. With everything from the health of the global economy to our ability to fight terrorism dependent on the quality of our predictions, Nate Silver's insights are an essential read. Bayesian Statistics the Fun Way: Understanding Statistics and Probability with Star Wars, Lego, and Rubber Ducks by Will Kurt 4.20 · Rating details · 126 ratings https://www.goodreads.com/book/show/41392893-bayesian-statistics-the-fun-way Fun guide to learning Bayesian statistics and probability through unusual and illustrative examples. Probability and statistics are increasingly important in a huge range of professions. But many people use data in ways they don't even understand, meaning they aren't getting the most from it. Bayesian Statistics the Fun Way will change that. This book will give you a complete understanding of Bayesian statistics through simple explanations and un-boring examples. Find out the probability of UFOs landing in your garden, how likely Han Solo is to survive a flight through an asteroid shower, how to win an argument about conspiracy theories, and whether a burglary really was a burglary, to name a few examples. By using these off-the-beaten-track examples, the author actually makes learning statistics fun. And you'll learn real skills, like how to:
How to measure your own level of uncertainty in a conclusion or belief
Calculate Bayes theorem and understand what it's useful for
Find the posterior, likelihood, and prior to check the accuracy of your conclusions
Calculate distributions to see the range of your data
Compare hypotheses and draw reliable conclusions from them
Next time you find yourself with a sheaf of survey results and no idea what to do with them, turn to Bayesian Statistics the Fun Way to get the most value from your data. Algorithms to Live By: The Computer Science of Human Decisions by Brian Christian (Goodreads Author), Tom Griffiths (Goodreads Author) 4.15 · Rating details · 19,580 ratings https://www.goodreads.com/book/show/25666050-algorithms-to-live-by A fascinating exploration of how insights from computer algorithms can be applied to our everyday lives, helping to solve common decision-making problems and illuminate the workings of the human mind All our lives are constrained by limited space and time, limits that give rise to a particular set of problems. What should we do, or leave undone, in a day or a lifetime? How much messiness should we accept? What balance of new activities and familiar favorites is the most fulfilling? These may seem like uniquely human quandaries, but they are not: computers, too, face the same constraints, so computer scientists have been grappling with their version of such issues for decades. And the solutions they've found have much to teach us. In a dazzlingly interdisciplinary work, acclaimed author Brian Christian and cognitive scientist Tom Griffiths show how the algorithms used by computers can also untangle very human questions. They explain how to have better hunches and when to leave things to chance, how to deal with overwhelming choices and how best to connect with others. From finding a spouse to finding a parking spot, from organizing one's inbox to understanding the workings of memory, Algorithms to Live By transforms the wisdom of computer science into strategies for human living. The Beginning of Infinity: Explanations That Transform the World by David Deutsch 4.12 · Rating details · 5,026 ratings https://www.goodreads.com/book/show/10483171-the-beginning-of-infinity The Beginning of Infinity: Explanations That Transform the World In this book David Deutsch argue that all progress, both theoretical and practical, has resulted from a single human activity: the quest for what I call good explanations. Though this quest is uniquely human, its effectiveness is also a fundamental fact about reality at the most impersonal cosmic level – namely that it conforms to universal laws of nature that are indeed good explanations. This simple relationship between the cosmic and the human is a hint of a central role of people in the cosmic scheme of things.
STORY OF THE HUNT BROTHERS AND SILVER SHORT LONG READ
Story Time: Silver short squeeze
How the Hunt Brothers Cornered the Silver Market and Then Lost it All
TL:DR: yes its long. Grab a beer.
Until his dying day in 2014, Nelson Bunker Hunt, who had once been the world’s wealthiest man, denied that he and his brother plotted to corner the global silver market. Sure, back in 1980, Bunker, his younger brother Herbert, and other members of the Hunt clan owned roughly two-thirds of all the privately held silver on earth. But the historic stockpiling of bullion hadn’t been a ploy to manipulate the market, they and their sizable legal team would insist in the following years. Instead, it was a strategy to hedge against the voracious inflation of the 1970s—a monumental bet against the U.S. dollar. Whatever the motive, it was a bet that went historically sour. The debt-fueled boom and bust of the global silver market not only decimated the Hunt fortune, but threatened to take down the U.S. financial system. The panic of “Silver Thursday” took place over 35 years ago, but it still raises questions about the nature of financial manipulation. While many view the Hunt brothers as members of a long succession of white collar crooks, from Charles Ponzi to Bernie Madoff, others see the endearingly eccentric Texans as the victims of overstepping regulators and vindictive insiders who couldn’t stand the thought of being played by a couple of southern yokels. In either case, the story of the Hunt brothers just goes to show how difficult it can be to distinguish illegal market manipulation from the old fashioned wheeling and dealing that make our markets work. The Real-Life Ewings Whatever their foibles, the Hunts make for an interesting cast of characters. Evidently CBS thought so; the family is rumored to be the basis for the Ewings, the fictional Texas oil dynasty of Dallas fame. Sitting at the top of the family tree was H.L. Hunt, a man who allegedly purchased his first oil field with poker winnings and made a fortune drilling in east Texas. H.L. was a well-known oddball to boot, and his sons inherited many of their father’s quirks. For one, there was the stinginess. Despite being the richest man on earth in the 1960s, Bunker Hunt (who went by his middle name), along with his younger brothers Herbert (first name William) and Lamar, cultivated an image as unpretentious good old boys. They drove old Cadillacs, flew coach, and when they eventually went to trial in New York City in 1988, they took the subway. As one Texas editor was quoted in the New York Times, Bunker Hunt was “the kind of guy who orders chicken-fried steak and Jello-O, spills some on his tie, and then goes out and buys all the silver in the world.” Cheap suits aside, the Hunts were not without their ostentation. At the end of the 1970s, Bunker boasted a stable of over 500 horses and his little brother Lamar owned the Kansas City Chiefs. All six children of H.L.’s first marriage (the patriarch of the Hunt family had fifteen children by three women before he died in 1974) lived on estates befitting the scions of a Texas billionaire. These lifestyles were financed by trusts, but also risky investments in oil, real estate, and a host of commodities including sugar beets, soybeans, and, before long, silver. The Hunt brothers also inherited their father’s political inclinations. A zealous anti-Communist, Bunker Hunt bankrolled conservative causes and was a prominent member of the John Birch Society, a group whose founder once speculated that Dwight Eisenhower was a “dedicated, conscious agent” of Soviet conspiracy. In November of 1963, Hunt sponsored a particularly ill-timed political campaign, which distributed pamphlets around Dallas condemning President Kennedy for alleged slights against the Constitution on the day that he was assassinated. JFK conspiracy theorists have been obsessed with Hunt ever since. In fact, it was the Hunt brand of politics that partially explains what led Bunker and Herbert to start buying silver in 1973. Hard Money The 1970s were not kind to the U.S. dollar. Years of wartime spending and unresponsive monetary policy pushed inflation upward throughout the late 1960s and early 1970s. Then, in October of 1973, war broke out in the Middle East and an oil embargo was declared against the United States. Inflation jumped above 10%. It would stay high throughout the decade, peaking in the aftermath of the Iranian Revolution at an annual average of 13.5% in 1980. Over the same period of time, the global monetary system underwent a historic transformation. Since the first Roosevelt administration, the U.S. dollar had been pegged to the value of gold at a predictable rate of $35 per ounce. But in 1971, President Nixon, responding to inflationary pressures, suspended that relationship. For the first time in modern history, the paper dollar did not represent some fixed amount of tangible, precious metal sitting in a vault somewhere. For conservative commodity traders like the Hunts, who blamed government spending for inflation and held grave reservations about the viability of fiat currency, the perceived stability of precious metal offered a financial safe harbor. It was illegal to trade gold in the early 1970s, so the Hunts turned to the next best thing. 📷
As an investment, there was a lot to like about silver. The Hunts were not alone in fleeing to bullion amid all the inflation and geopolitical turbulence, so the price was ticking up. Plus, light-sensitive silver halide is a key component of photographic film. With the growth of the consumer photography market, new production from mines struggled to keep up with demand. And so, in 1973, Bunker and Herbert bought over 35 million ounces of silver, most of which they flew to Switzerland in specifically designed airplanes guarded by armed Texas ranch hands. According to one source, the Hunt’s purchases were big enough to move the global market. But silver was not the Hunts' only speculative venture in the 1970s. Nor was it the only one that got them into trouble with regulators. Soy Before Silver In 1977, the price of soybeans was rising fast. Trade restrictions on Brazil and growing demand from China made the legume a hot commodity, and both Bunker and Herbert decided to enter the futures market in April of that year. A future is an agreement to buy or sell some quantity of a commodity at an agreed upon price at a later date. If someone contracts to buy soybeans in the future (they are said to take the “long” position), they will benefit if the price of soybeans rise, since they have locked in the lower price ahead of time. Likewise, if someone contracts to sell (that’s called the “short” position), they benefit if the price falls, since they have locked in the old, higher price. While futures contracts can be used by soybean farmers and soy milk producers to guard against price swings, most futures are traded by people who wouldn’t necessarily know tofu from cream cheese. As a de facto insurance contract against market volatility, futures can be used to hedge other investments or simply to gamble on prices going up (by going long) or down (by going short). When the Hunts decided to go long in the soybean futures market, they went very, very long. Between Bunker, Herbert, and the accounts of five of their children, the Hunts collectively purchased the right to buy one-third of the entire autumn soybean harvest of the United States. To some, it appeared as if the Hunts were attempting to corner the soybean market. In its simplest version, a corner occurs when someone buys up all (or at least, most) of the available quantity of a commodity. This creates an artificial shortage, which drives up the price, and allows the market manipulator to sell some of his stockpile at a higher profit. Futures markets introduce some additional complexity to the cornerer’s scheme. Recall that when a trader takes a short position on a contract, he or she is pledging to sell a certain amount of product to the holder of the long position. But if the holder of the long position just so happens to be sitting on all the readily available supply of the commodity under contract, the short seller faces an unenviable choice: go scrounge up some of the very scarce product in order to “make delivery” or just pay the cornerer a hefty premium and nullify the deal entirely. In this case, the cornerer is actually counting on the shorts to do the latter, says Craig Pirrong, professor of finance at the University of Houston. If too many short sellers find that it actually costs less to deliver the product, the market manipulator will be stuck with warehouses full of inventory. Finance experts refer to selling the all the excess supply after building a corner as “burying the corpse.” “That is when the price collapses,” explains Pirrong. “But if the number of deliveries isn’t too high, the loss from selling at the low price after the corner is smaller than the profit from selling contracts at the high price.” 📷
The Chicago Board of Trade trading floor. Photo credit:Jeremy Kemp
Even so, when the Commodity Futures Trading Commission found that a single family from Texas had contracted to buy a sizable portion of the 1977 soybean crop, they did not accuse the Hunts of outright market manipulation. Instead, noting that the Hunts had exceeded the 3 million bushel aggregate limit on soybean holdings by about 20 million, the CFTC noted that the Hunt’s “excessive holdings threaten disruption of the market and could cause serious injury to the American public.” The CFTC ordered the Hunts to sell and to pay a penalty of $500,000. Though the Hunts made tens of millions of dollars on paper while soybean prices skyrocketed, it’s unclear whether they were able to cash out before the regulatory intervention. In any case, the Hunts were none too pleased with the decision. “Apparently the CFTC is trying to repeal the law of supply and demand,” Bunker complained to the press. Silver Thursday Despite the run in with regulators, the Hunts were not dissuaded. Bunker and Herbert had eased up on silver after their initial big buy in 1973, but in the fall of 1979, they were back with a vengeance. By the end of the year, Bunker and Herbert owned 21 million ounces of physical silver each. They had even larger positions in the silver futures market: Bunker was long on 45 million ounces, while Herbert held contracts for 20 million. Their little brother Lamar also had a more “modest” position. By the new year, with every dollar increase in the price of silver, the Hunts were making $100 million on paper. But unlike most investors, when their profitable futures contracts expired, they took delivery. As in 1973, they arranged to have the metal flown to Switzerland. Intentional or not, this helped create a shortage of the metal for industrial supply. Naturally, the industrialists were unhappy. From a spot price of around $6 per ounce in early 1979, the price of silver shot up to $50.42 in January of 1980. In the same week, silver futures contracts were trading at $46.80. Film companies like Kodak saw costs go through the roof, while the British film producer, Ilford, was forced to lay off workers. Traditional bullion dealers, caught in a squeeze, cried foul to the commodity exchanges, and the New York jewelry house Tiffany & Co. took out a full page ad in the New York Times slamming the “unconscionable” Hunt brothers. They were right to single out the Hunts; in mid-January, they controlled 69% of all the silver futures contracts on the Commodity Exchange (COMEX) in New York. 📷
But as the high prices persisted, new silver began to come out of the woodwork. “In the U.S., people rifled their dresser drawers and sofa cushions to find dimes and quarters with silver content and had them melted down,” says Pirrong, from the University of Houston. “Silver is a classic part of a bride’s trousseau in India, and when prices got high, women sold silver out of their trousseaus.” According to a Washington Post article published that March, the D.C. police warned residents of a rash of home burglaries targeting silver. Unfortunately for the Hunts, all this new supply had a predictable effect. Rather than close out their contracts, short sellers suddenly found it was easier to get their hands on new supplies of silver and deliver. “The main factor that has caused corners to fail [throughout history] is that the manipulator has underestimated how much will be delivered to him if he succeeds [at] raising the price to artificial levels,” says Pirrong. “Eventually, the Hunts ran out of money to pay for all the silver that was thrown at them.” In financial terms, the brothers had a large corpse on their hands—and no way to bury it. This proved to be an especially big problem, because it wasn’t just the Hunt fortune that was on the line. Of the $6.6 billion worth of silver the Hunts held at the top of the market, the brothers had “only” spent a little over $1 billion of their own money. The rest was borrowed from over 20 banks and brokerage houses. At the same time, COMEX decided to crack down. On January 7, 1980, the exchange’s board of governors announced that it would cap the size of silver futures exposure to 3 million ounces. Those in excess of the cap (say, by the tens of millions) were given until the following month to bring themselves into compliance. But that was too long for the Chicago Board of Trade exchange, which suspended the issue of any new silver futures on January 21. Silver futures traders would only be allowed to square up old contracts. Predictably, silver prices began to slide. As the various banks and other firms that had backed the Hunt bullion binge began to recognize the tenuousness of their financial position, they issued margin calls, asking the brothers to put up more money as collateral for their debts. The Hunts, unable to sell silver lest they trigger a panic, borrowed even more. By early March, futures contracts had fallen to the mid-$30 range. Matters finally came to a head on March 25, when one of the Hunts’ largest backers, the Bache Group, asked for $100 million more in collateral. The brothers were out of cash, and Bache was unwilling to accept silver in its place, as it had been doing throughout the month. With the Hunts in default, Bache did the only thing it could to start recouping its losses: it start to unload silver. On March 27, “Silver Thursday,” the silver futures market dropped by a third to $10.80. Just two months earlier, these contracts had been trading at four times that amount. The Aftermath After the oil bust of the early 1980s and a series of lawsuits polished off the remainder of the Hunt brothers’ once historic fortune, the two declared bankruptcy in 1988. Bunker, who had been worth an estimated $16 billion in the 1960s, emerged with under $10 million to his name. That’s not exactly chump change, but it wasn’t enough to maintain his 500-plus stable of horses,. The Hunts almost dragged their lenders into bankruptcy too—and with them, a sizable chunk of the U.S. financial system. Over twenty financial institutions had extended over a billion dollars in credit to the Hunt brothers. The default and resulting collapse of silver prices blew holes in balance sheets across Wall Street. A privately orchestrated bailout loan from a number of banks allowed the brothers to start paying off their debts and keep their creditors afloat, but the markets and regulators were rattled. Silver Spot Prices Per Ounce (January, 1979 - June, 1980) 📷
In the words of then CFTC chief James Stone, the Hunts’ antics had threatened to punch a hole in the “financial fabric of the United States” like nothing had in decades. Writing about the entire episode a year later, Harper’s Magazine described Silver Thursday as “the first great panic since October 1929.” The trouble was not over for the Hunts. In the following years, the brothers were dragged before Congressional hearings, got into a legal spat with their lenders, and were sued by a Peruvian mineral marketing company, which had suffered big losses in the crash. In 1988, a New York City jury found for the South American firm, levying a penalty of over $130 million against the Hunts and finding that they had deliberately conspired to corner the silver market. Surprisingly, there is still some disagreement on that point. Bunker Hunt attributed the whole affair to the political motives of COMEX insiders and regulators. Referring to himself later as “a favorite whipping boy” of an eastern financial establishment riddled with liberals and socialists, Bunker and his brother, Herbert, are still perceived as martyrs by some on the far-right. “Political and financial insiders repeatedly changed the rules of the game,” wrote the New American. “There is little evidence to support the ‘corner the market’ narrative.” Though the Hunt brothers clearly amassed a staggering amount of silver and silver derivatives at the end of the 1970s, it is impossible to prove definitively that market manipulation was in their hearts. Maybe, as the Hunts always claimed, they just really believed in the enduring value of silver. Or maybe, as others have noted, the Hunt brothers had no idea what they were doing. Call it the stupidity defense. “They’re terribly unsophisticated,” an anonymous associated was quoted as saying of the Hunts in a Chicago Tribune article from 1989. “They make all the mistakes most other people make,” said another. p.s. credit to Ben Christopher
Après s’y être opposé, Isai Scheinberg s’est rendu de son plein gré à New York le 17 janvier dernier, où il a été présenté à un juge avant de verser une caution d’un million de dollars et de repartir libre. Deux mois plus tard, le bureau du procureur de New York a annoncé dans un communiqué que l’ancien patron de PokerStars avait plaidé « coupable » pour gestion d’une Il y a un an, presque jour pour jour en août 2012, unjuge fédéral de New York statuait que le poker est un jeu d’adresse, et par conséquent qu’il ne tombe pas sous le coup de l’Illegal Gambling Business Act (IGBA).En tant que jeu d'adresse, et non de hasard, organiser des parties de poker serait donc légal et les poursuites contre Lawrence DiCristina infondées. New York is among the States that has been considering to legalize online gambling for some time especially when it comes to poker games. Currently, NY online poker rooms have still not been given the green light by the state law.Thankfully, lawmakers are reviewing the laws to see whether things can change for the better. Le New York est un État situé dans le Nord Est des USA avec plus de 15 casinos en activité. Les établissements proposent : jeux de tables avec blackjack, roulette, poker, du vidéo poker et des machines à sous. L’âge minimum légal pour jouer est de 18 ou 21 ans et la devise en vigueur est le Dollar Américain (USD). The idea of poker being regulated in New York is not something new. It just seems that the authorities have more important things to do at the moment that dealing with this matter. The talks about the regulations have started back in 2014 but came to fruition after the NY Senate passed the bill in 2016. That was the first time in history that poker had a realistic chance of becoming legal. In New York is one of the states of America that most people know about alongside other popular locations like California, Texas and Florida.. Likewise, New York has had quite a popular place amongst other poker-loving states, and it does in fact have quite the storied history there. Un juge de Brooklyn vient de confirmer que le poker est légal aux Etats-Unis. Le juge Jack Weinstein a rendu un rapport de 120 pages avec pour conclusion que le poker était une discipline tout à fait légale aux Etats-Unis.. Les Etats-Unis légalisent le poker ? Alors que le poker était mis à mal ces derniers mois sur le sol américain (voir l’affaire Full Tilt), voilà qu’un juge de The state of New York has long been associated with poker, dating back to several nationally known 19th-century poker clubs. It extends through the 20th and 21st centuries and the famed underground games, such as at the Mayfair Club, which the Chesterfield in Rounders was based off.. When it comes to legal poker in New York, the history is not quite as long or colorful, although several poker Poker players in upstate New York have more choices of where to play, with four commercial casinos opening since late 2016 to join four tribal casinos offering live games.. Legal poker rooms and full-fledged casino gaming haven’t cracked the New York City metro market yet, but players looking for a Hold’em or Omaha game have a variety of options elsewhere in the state. New York Online Poker. New York has a thriving casino industry, legal sports betting in upstate casinos, and two neighboring states that offer legal online poker. But New York itself has yet to legalize traditional real money online poker. No doubt that has been a disappointment for poker players from Albany to Buffalo to New York City. Poker is immensely popular in New York and players flock
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