Robert Arvanitis explains that their utility and functions have changed.

This begins with the historical merchant banks. These were firms that helped fund the Age of Exploration, and grew along with their clients during the Industrial Revolution.

A merchant banker was knowledgeable in one or more lines of business, put his own money into investments, and gathered more investors based on his own reputation. A merchant banker was the finance department for his clients. He not only lent and invested, he advised on markets, delivered correspondent services, knew the broader economy, and participated in the risks.

That was a lot of hard work, and a lot of sincere risk taking, and the merchant bankers were well-respected. …

as government grew, it had a baleful impact on banking. Government imposed increasing regulation, it set ever more complex tax schemes, and it used capital markets for its own deficit financing. The classic “elephant in the bath tub” of economic distortions.

By the 1970s, the investment banks, starting with Drexel, responded to these new signals. Investment banks began to disintermediate the commercial banks, with high yield bonds. Here, the investment banks acted as agent, not principal. They matched borrowers to investors but took no principal risk. That removed the need for capital, but also left the investors with both the default and liquidity risk. This further detached banks from clients, and in fact made them competitors in trading.

It turned out there were more — and more profitable — opportunities in arbitraging tax and regulation than there were in actually serving businesses. …

[T]he new-style investment bankers sold bonds to investors, and then traded against both the investors and the issuers, making a relatively safe turn on each sale. Or else they read the tax code, and fabricated deals that were tax-deductible debt for the IRS, but counted as regulatory capital for the other parts of government. That’s easier and more profitable than actually building something.

In short, rather than solving real challenges, today’s investment banks work to exploit the growing incoherent web of government intrusions on the market. Profitable, yes, but not worthy of our respect.

Gawker’s Firearms Editor Hamilton Nolan

Millennial Hamilton Nolan advises us geezers to give up on carrying. We’re all too old and too infirm, he contends, to draw, aim, and fire with any hope of success.

We live in scary times: sharia law, foreigners, and rape gangs haunt the streets of this once great nation. Some old people believe that they must arm themselves in order to find peace and safety.

Wrong. Old people. Wrong. Want to find safety? Can you even “find [the] safety” on the handgun you’ve purchased? Probably not very quickly, with your poor eyesight and fingers ravaged by arthritis.

The Wall Street Journal reports that interest in guns among retirees is booming. In just the last five years, more old people are buying guns, training with guns, and cupping their hands over their ears to try to hear whether the instructor at their gun safety course said “Shoot” or “Stop.” In this day and age when you have Obama, ISIS, and Chief Keef, you—an elderly American—are thinking seriously about getting yourself a gun, for protection.

Might as well get yourself a dragon, or a unicorn trained to be your bodyguard. That would help you just as much.

When you’re old you’re slow as hell and decades of muscle erosion have made you weak. Pretty much any healthy young person can beat you up. Is a gun gonna even things out? Nope. In order for that gun to work you have to pull it out and aim it in a moment of crisis. While you’re fumbling to do that, all slow, a young person is just pushing you on the ground. And taking your gun out of your feeble hands.

Leave the guns to the young nuts, oldie.

Smoothly drawing a gun from a holster, aiming it quickly, and firing it accurately despite the kickback require a level of strength and dexterity that you just don’t have. I’ll lay 5-1 odds that any street criminal can kick you in the knee and chuckle as you roll around on the ground, grasping for the gun you dropped, as they rifle through your purse and then steal your gun, too. That gun you bought will end up in a pawn shop before you ever get to blow a hole in one of these disrespectful young menaces. Were you to somehow squeeze off a shot in the course of being attacked it’s as likely as not that you’d shoot yourself in the knee replacement as shoot the bad guy. It’s time to wake up and realize that though your irrational age-induced fear of the outside world may be here to stay, so is your physical inability to defend yourself. And where are you going anyhow that’s so scary? The grocery? Those teens may be delinquents but they probably aren’t a stickup gang. Please return that Beretta to the nice gun dealer before you mistake a stray rap lyric for a death threat and put a bullet in some poor C student cutting class. Yes, yes, Have Gun Will Travel was one of your favorite shows, but you’re no Paladin and there ain’t any bandits on horseback in your subdivision. Stop watching cable news so much. All it does is scare you. Failing to take your medication is the greatest threat you need to worry about now.

Your reflexes are faded as hell so you might as well just learn to get along with people. Who do you think you are, Charles Bronson? More like Charles Osgood. Stop acting crazy.

I was at Woodstock and am definitely getting on in years, but I would bet little Hamilton that if he tossed a bottle in the air, I could still draw and hit it before it came back down, and then still have more than adequate strength and dexterity left over to hammer him into the ground like a tent peg before he could push me to the ground or kick me in the knee.

A long way from L’Anse aux Meadows, on the South coast of Newfoundland.

National Geographic:

To date, the only confirmed Viking site in the New World is L’Anse aux Meadows, a thousand-year-old way station discovered in 1960 on the northern tip of Newfoundland. It was a temporary settlement, abandoned after just a few years, and archaeologists have spent the past half-century searching for elusive signs of other Norse expeditions.

“The sagas suggest a short period of activity and a very brief and failed colonization attempt,” says Douglas Bolender, an archaeologist specializing in Norse settlements. “L’Anse aux Meadows fits well with that story but is only one site. Point Rosee could reinforce that story or completely change it if the dating is different from L’Anse aux Meadows. We could end up with a much longer period of Norse activity in the New World.”

The site of the discovery, hundreds of miles south of L’Anse aux Meadows, was located by archaeologist Sarah Parcak, a National Geographic Fellow and “space archaeologist” who has used satellite imagery to locate lost Egyptian cities, temples, and tombs.

Christies, New York, 13 April 2016, Sale 11898, Lot 36:

A MAGNIFICENT & IMPORTANT CASED PAIR OF FRENCH SILVER-MOUNTED RIFLED FLINTLOCK PISTOLS
BY NICOLAS-NOEL BOUTET, VERSAILLES, THE CASE DATED ‘1825’

With blued and gilt swamped octagonal barrels each cut with multi-groove rifling and decorated with gold-inlaid bands and finely engraved panels of foliage and Empire-style ornament, engraved and gilt breeches each struck with three maker’s marks, engraved and gilt tangs decorated en suite, silver fore-sights, blued flat bevelled locks each with roller, gold-lined rainproof priming-pan and fine gold-encrusted ornament involving foliage, a dragon and a wolf, the lower edge of each lock respectively signed ‘N.N. BOUTET A VERSAILLES’ and ‘MANUFACTURE ROYALE A VERSAILLES’ in gold, each with set trigger mounted on an engraved iron trigger-plate, exquisite silver mounts cast and chased with Classical ornament against a stippled gilt ground, comprising trigger-guards each with trophy of arms finial and winged deity with laurel wreath, rear ramrod pipes each with Medusa mask, pommels each with Hercules mask, and side-plates each depicting the mythical fight between the Centaurs and Lapiths at the wedding feast of Peirithous, original silver-mounted ramrods, and each with gold escutcheon mounted behind the barrel tang bearing the name ‘BOLIVAR’, in silver-bound close-fitted veneered case lined in green velvet, the lid with tooled and gilt red Morocco lining signed ‘MANUFACTURE ROYALE / à / VERSAILLES / 1825 / N.N. BOUTET / Le Dépôt de La Manuf.re a Paris. Rue Des Filles St. Thomas No.23’, the exterior with silver escutcheon signed ‘N.N. BOUTET A VERSAILLES’ with accessories including silver-gilt-mounted powder-flask with sprung nozzle and case-hardened bullet-mould, Paris silver marks for circa 1809-1818

Provenance

Gifted by General Gilbert Motier, Marquis de Lafayette, to Simón Bolívar, El Libertador, in 1825

Gifted (before 1830) by Simón Bolívar to Jose Ignacio Paris (d. 1848)
Enriqué Paris, son, by descent
By whom sold to Enriqué Grice (d. 1860), 7 July 1851
The collection of William Goodwin Renwick (1886-1971)
Sold Sotheby’s London, Highly Important Firearms from the collection of the late William Goodwin Renwick (European, Part III), 19 March 1973, lot 21
The collection of Clay P. Bedford (1903-1991)
A private Latin American collection
A private American collection

Estimate $1,500,000 – $2,500,000

Late Spetznaz Operator Alexander Prokhorenko

You may remember the Russian Special Forces Operator in Syria, who recently when finding himself hopelessly surrounded by jihadis and running out of ammunition called in a bomb strike on his own position.

The transcript of his final radio transmission has been distributed by Russian media and translated by Western outlets:

(translated from the Russian)

Officer: command I am compromised, repeat I am compromised.

Command: please repeat and confirm

Officer: They have spotted me, there are shooting everywhere, i am pinned, request evacuation immediately

Command: evacuation request acknowledged

Officer: please hurry I am low on ammo, they seem to be everywhere, I can’t hold them for too long please hurry

Command: Confirmed, hold them off, continue return of fire, go to safe position, air support is monitoring, state coordinates

Officer: gives coordinates which are blurred in the translation

Command: command repeats coordinates which are blurred. Confirm

Officer: confirmed, please hurry I am low on ammo, they are surrounding me, bastards

Command: 12 minutes until evacuation, return to safe line, I repeat return to safe line

Officer: They are close, I am surrounded, this may be the end, tell my family I love them dearly

Command: return to green line, continue return of fire, help is on the way, followed by air support

Officer: negative, I am surrounded, they are so many of these bastards

Command: 10 minutes, return to green line

Officer: I can’t they have surrounded me and are closing in, please hurry

Command: move to green line, repeat move to green line

Officer: They are outside, conduct the airstrike now please hurry, this is the end, tell my family I love them and i died fighting for my motherland.

Command: Negative return to green line

Officer: I can’t command, I am surrounded, they are outside, I don’t want them to take me and parade me, conduct the airstrike, they will make a mockery of me and this uniform. I want to die with dignity and take all these bastards with me. please my last wish, conduct the airstrike, they will kill me either way.

Command: please confirm your request

Officer: They out outside, this is the end commander, thank you, tell my family and my country I love them. Tell them I was brave and I fought until I could no longer. Please take care of my family, avenge my death, good bye commander, tell my family I love them

Command: No response, orders the airstrike.

An amusing (and informative) take-off on the Periodic Table of the Elements from Kuriositas, $17.00 at Amazon.