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Gary Edwards

Nathan's Economic Edge: Martin Armstrong - Behind the Curtain, The Full Monty! - 0 views

economicedge.blogspot.com/...trong-behind-curtain-full.html

martin-armstrong Goldman-Sachs financial-crisis obammunism banksters

shared by Gary Edwards on 08 Jan 10 - Cached
  • Gary Edwards on 08 Jan 10
     
    Incredible read.  62 pages behind the curtain of the financial crisis.  Extensive discussion of the banking system as broken into four primary components:  Commercial Banking, Stock Broker/Investment Banks, Commodity Brokers and Off-Shore Hedge Funds.  Armstrong then covers each banking division through the lens of Congress and the Executive Regulatory Agencies assigned to each banking group.  Lots of history and inside dope on Goldman Sachs and their relationship to Democrats, Republicans and the Federal Government, 
Gary Edwards

The Power to Regulate Commerce Across State Lines Is Also the Power to Regulate Non-Com... - 0 views

reason.com/...the-power-to-regulate-commerce

commerce-clause obamacare health-insurance

shared by Gary Edwards on 06 Apr 10 - Cached
  • Gary Edwards on 06 Apr 10
     
    How does the Commerce Clause, which gives Congress the power to regulate interstate commerce, allow Congress to prohibit the decision to not purchase health insurance-something that involves no commercial transactions, much less commercial transactions across state lines, and which couldn't possibly involve interstate commerce anyway given that there's currently no way to buy insurance across state lines.  Today, Cato Chairman Robert Levy has a much clearer explanation of how the Supreme Court has ruled on Commerce Clause cases which involve neither commerce nor the crossing of state lines. In Wickard v. Filburn and Gonzales v. Raich, he explains, the gist of the Supreme Court's decisions was that "if the failure to regulate would undercut a federal regulatory regime, then [the Supreme Court is] going to permit it." But, he argues, the individual mandate is still uncharted territory; the federal government isn't merely telling individuals what they can't do, it's telling them what they must do, and what they must do is purchase a product from a private company. As I've noted frequently, the CBO has called the mandate "an unprecedented form of federal action," and Levy's analysis tracks with that assessment. I still don't think I'd put money on the Supreme Court actually striking down the mandate, but Levy's argument that they should is fairly convincing. 
Gary Edwards

Chris Dodd's carve-outs for cronies - NYPOST.com - 0 views

www.nypost.com/...cronies_MT1U7GBEPvzX3QXProqC9L

chris-dodd financial-reform-joke corpratism crony-capitalism

shared by Gary Edwards on 27 Apr 10 - Cached
  • Gary Edwards on 27 Apr 10
     
    Dangerous and sickening!  In Dodd's Bill, The Property Transaction Industry (Mortgage, Real Estate, Insurance, Legal, Appraisal, and Title) are exempted from the 1974 RESPA full disclosure act!   Regulators are authorized to take over and "bail out" any financial operation they deem troubled. excerpt: The financial-regulatory bill now before the Senate is so filled with special-interest loopholes and exclusions that it makes the health-care "reform" bill, with its "Cornhusker Kickback" and "Louisiana Purchase," look like a model of rectitude.The Senate bill, sponsored by Democrat Chris Dodd, claims to subject all "too big to fail" institutions to greater federal supervision, but in fact it only mandates such regulation for bank-holding companies. Regulators would have to make a case-by-case decision on whether to apply it to other financial companies.The Senate financial-regulation bill offers a stark choice: Do we aspire to be a country where everyone is subject to the same rules? Or do we accept a system where power, influence and money can buy exclusions and exemptions?The public needs to understand that, far from protecting the little guy and sticking it to the fat cats, this bill keeps good, old-fashioned political patronage alive and well. Read more: http://www.nypost.com/p/news/opinion/opedcolumnists/chris_dodd_carve_outs_for_cronies_MT1U7GBEPvzX3QXProqC9L#ixzz0mKJmEdn4 Read more: http://www.nypost.com/p/news/opinion/opedcolumnists/chris_dodd_carve_outs_for_cronies_MT1U7GBEPvzX3QXProqC9L#ixzz0mKJmEdn4Read more: http://www.nypost.com/p/news/opinion/opedcolumnists/chris_dodd_carve_outs_for_cronies_MT1U7GBEPvzX3QXProqC9L#ixzz0mKJcsmlN
Gary Edwards

Jenkins: Obama vs. the 1980s - WSJ.com - 0 views

online.wsj.com/...3454504576490083559745242.html

Obammunism Banksters financial-collapse reagan-capitalism

shared by Gary Edwards on 06 Aug 11 - No Cached
  • "World Tax Reform: A Progress Report," his 1988 volume showed how country after country was following the U.S. in adopting Reagan-style rate-flattening and tax simplification.
  • Mr. Obama now craves a federal infrastructure bank, apparently still unable to see how growth might emerge except by bureaucrats bossing around tax dollars.
  • Simpson-Bowles Commission—proposed a Reagan-style tax reform
  • Gary Edwards on 06 Aug 11
     
    excerpt:  Instead of a "stimulus" to create jobs by financing useful investments that would have paid a growth dividend in the future, we got a debt-fueled permanent expansion of entitlements and the size of government. In health care, instead of reforms to encourage competent consumers not to treat health care as a free lunch, we got a doubling down on health-care free lunchism. In banking, instead of new incentives to cause creditors to pull in the reins on risk-taking banks, we got a formalization of too big to fail. All economic crises begin differently-this one began in housing-but eventually they morph into the same old crisis of forgetting what works. Think about the last big crisis of faith in American capitalism in the early 1980s. The panic was eventually crystallized in dueling Harvard Business Review articles by George Gilder and Charles Ferguson. Mr. Ferguson, an MIT-based consultant, argued the U.S was dooming itself to vassalage unless Washington brushed aside small, poorly-funded entrepreneurs and concentrated regulatory favors and subsidies on giant firms like IBM, AT&T, Digital Equipment and Kodak. Mr. Gilder championed the then-emerging Silicon Valley paradigm. He quoted technologist Carver Mead: "We depend on the innovations of the citizens of a free economy to keep ahead of the bureaucrats and the people who make a living on control and planning. In the long term, it's the element of surprise that gives us the edge over more controlled economies." Who won hardly needs to be belabored except that it apparently does need to be belabored. Almost everything Mr. Obama understands as pro-growth consists of bets on "bureaucrats and the people who make a living on control and planning."
Gary Edwards

Stephen Moore: Obamanonics vs. Reaganomics - WSJ.com - 0 views

online.wsj.com/...4875404576530412322260784.html

reaganomics obammunism financial-collapse

shared by Gary Edwards on 28 Aug 11 - No Cached
  • In any case, what Reagan inherited was arguably a more severe financial crisis than what was dropped in Mr. Obama's lap. You don't believe it? From 1967 to 1982 stocks lost two-thirds of their value relative to inflation, according to a new report from Laffer Associates. That mass liquidation of wealth was a first-rate financial calamity. And tell me that 20% mortgage interest rates, as we saw in the 1970s, aren't indicative of a monetary-policy meltdown.
  • Fast-forward to today. Mr. Obama is running deficits of $1.3 trillion, or 8%-9% of GDP.
  • If the Reagan deficits powered the '80s expansion, the Obama deficits—twice as large—should have the U.S. sprinting at Olympic speed.
  • Gary Edwards on 28 Aug 11
     
    The two presidents have a lot in common. Both inherited an American economy in collapse. And both applied daring, expensive remedies. Mr. Reagan passed the biggest tax cut ever, combined with an agenda of deregulation, monetary restraint and spending controls. Mr. Obama, of course, has given us a $1 trillion spending stimulus. By the end of the summer of Reagan's third year in office, the economy was soaring. The GDP growth rate was 5% and racing toward 7%, even 8% growth. In 1983 and '84 output was growing so fast the biggest worry was that the economy would "overheat." In the summer of 2011 we have an economy limping along at barely 1% growth and by some indications headed toward a "double-dip" recession. By the end of Reagan's first term, it was Morning in America. Today there is gloomy talk of America in its twilight. My purpose here is not more Reagan idolatry, but to point out an incontrovertible truth: One program for recovery worked, and the other hasn't. The Reagan philosophy was to incentivize production-i.e., the "supply side" of the economy-by lowering restraints on business expansion and investment. This was done by slashing marginal income tax rates, eliminating regulatory high hurdles, and reining in inflation with a tighter monetary policy.
Gary Edwards

Doug Casey Answers The Hard Questions About Hard Times - Casey Research - 1 views

www.caseyresearch.com/editorial.php

capitalism Doug-Casey USA-bankruptcy Banksters

shared by Gary Edwards on 28 Sep 11 - No Cached
  • Gary Edwards on 28 Sep 11
     
    No Holds Bared Capitalism  .... Mr. Casey of Casey Research recommends that the USA immediately default on the national debt; bring home all military troops immediately and close oversees military bases;  Close the Federal Reserve!  Move to gold/silver backed currency.  Abolish praetorian federal agencies - immediately.  The rich are in position to bribe and elect toady politicians.  the socialist policies cement the poor and middle class to the bottom.  These programs are designed to keep them poor and dependent.  The middle class saves in dollars, and those savings are being systematically destroyed by the enormous debt of social, military and regulatory spending that is infused with corruption from top to bottom.   Financial advice to the middle class?  Get into GOLD and other hard assets.  Cut back standard of living before inflation and unsustainable government programs and promises cuts it back for you. Is Doug long on US equities and assets?  GOLD!  It's the dollar that is being destroyed.  Stocks are very expensive now.  Casey is thinking of buying USA real estate.  Not Bonds.  Even at $1800 per oz, Gold is still good.  Mining stocks are cheap relative to GOLD, but watch for bubble in these stocks.  Life changing moment: 1971 - Harry Brown's book "How to Profit from the coming Devaluation".  Buy GOLD.  "Crisis Investing" book by Casey in 1978.  Advice?  Skip college.  Minds cluttered with false concepts and a ton of debt.  
Paul Merrell

Cracking The "Conspiracy Theories'" Psycholinguistic Code: The Witch Hunt against Indep... - 0 views

www.globalresearch.ca/...5383108

propaganda conspiracy-theorists

shared by Paul Merrell on 22 May 14 - No Cached
  • A new crusade appears to be underway to target independent research and analysis available via alternative news media. This March saw the release of “cognitive infiltration” advocate Cass Sunstein’s new book, Conspiracy Theories and Other Dangerous Ideas. In April, the confirmed federal intelligence-gathering arm, Southern Poverty Law Center (SPLC), released a new report, “Agenda 21: The UN, Sustainability, and Right Wing Conspiracy Theory.” Most recently, Newsweek magazine carried a cover story, titled, “The Plots to Destroy America: Conspiracy Theories Are a Clear and Present Danger.” As its discourse suggests, this propaganda campaign is using the now familiar “conspiracy theory” label, as outlined in Central Intelligence Agency Document 1035-960, the 1967 memo laying out a strategy for CIA “media assets” to counter criticism of the Warren Commission and attack independent investigators of President John F. Kennedy’s assassination. At that time the targets included attorney Mark Lane and New Orleans District Attorney Jim Garrison, who were routinely defamed and lampooned in major US news outlets.
  • Declassified government documents have proven Lane and Garrison’s allegations of CIA-involvement in the assassination largely accurate. Nevertheless, the prospect of being subject to the conspiracy theorist smear remains a potent weapon for intimidating authors, journalists, and scholars from interrogating complex events, policies, and other potentially controversial subject matter.
  • Paul Merrell on 22 May 14
     
    Sunstein was the Administrator of the White House Office of Information and Regulatory Affairs in the Obama administration, a long-time buddy of Obama's who taught law at the University of Chicago. He's also the husband of neocon U.S. Ambassador to the UN Samantha Power. He now teaches law at Harvard.  I haven't read Sunstein's book, but did read a paper he had previously published, as I recall on SSRN, along the same theme. It was a comical read, seemingly the winner of some sort of contest to see who could stuff the most logical fallacies into a set number of pages. And of course the premises of the fallacies had no citations. Sunstein simply assumes that the official version of events is invariably the only true version and that any version that conflicts is a dangerous "conspiracy theory."  So then he proposes some asinine, truly juvenile propaganda methods that the government might use to destroy the reputations of the "conspiracy theorists." Having been a professional, trained propagandist for the U.S. Army in Viet Nam, I can say with some confidence that no one need fear Sunstein's proposed methods.  Short story, Sunstein is a "good ole' boy" from the Chicago Democratic Machine who in truth lacks the skills and abilities to be even a good academic, let alone a good propagandist. That isn't to suggest that ad hominem attacks can never destroy reputations. But "conspiracy theorist" just isn't strong enough to instill fear. Call us "terrorists" instead and maybe you'd get some traction. 
Paul Merrell

"Secret Scheme To Manipulate The Price Of Silver" - Lawsuits Against Banks Proceed | In... - 1 views

investmentwatchblog.com/lawsuits-against-banks-proceed

banksters litigation silver silver-futures

shared by Paul Merrell on 17 Oct 14 - No Cached
  • Litigation alleging that Deutsche Bank, Bank of Nova Scotia and HSBC Plc illegally fixed the price of silver were centralised in a Manhattan federal court yesterday. The banks have been accused of rigging the price of billions of dollars in silver to the detriment of investors globally. Lawsuits filed by investors since July over the allegations were consolidated yesterday in the U.S. District Court for the Southern District of New York, following an order issued last Thursday by the U.S. Judicial Panel on Multidistrict Litigation, a special body of federal judges that decides when and where to consolidate related lawsuits. The banks abused their position of controlling the daily silver fix to reap illegitimate profit from trading, hurting other investors in the silver market who use the benchmark in billions of dollars of transactions, according to the suit. Investors claim, the banks unlawfully manipulated silver and silver futures.
  • The U.S. Judicial Panel on Multidistrict Litigation ruled that the cases should be handled by U.S. District Judge Valerie Caproni in Manhattan, who is already overseeing similar litigation over alleged gold price fixing. Three lawsuits were originally filed in Manhattan, and two were filed in Brooklyn. The plaintiffs in the Brooklyn lawsuits had sought to have the litigation consolidated there. The banks had also asked that the litigation be consolidated in Brooklyn, in the Eastern District of New York. However, the multidistrict litigation panel said Manhattan made more sense because the defendants all had corporate offices there and also because the cases involved issues similar to the gold litigation. The plaintiffs allege that the banks abused their power as participants in the silver fix, a London based benchmark pricing method dating back to the Victorian era, in which banks fixed silver prices once a day by phone. In August, the system was replaced by a new benchmark system administered by the CME (Chicago Mercantile Exchange) and Thomson Reuters.
  • HSBC spokesman Neil Brazil declined to comment and representatives of the other banks did not immediately respond to requests for comment. This follows the initiation of similar actions against some bullion banks for alleged gold price manipulation earlier this year. The three named banks, Deutsche Bank, Bank of Nova Scotia, and HSBC are alleged to have abused their position at the LBMA to profit from inside knowledge. The fixing of the price of silver is a daily operation where banks on the panel of the LBMA agree on a price for the precious metals which are then used throughout the financial, jewellery and mining industries throughout the day. It is alleged that some of the banks who fix the price, position themselves advantageously in the silver market before the price is made public. “Defendants have a strong financial incentive to establish positions in both physical silver and silver derivatives prior to the public release of silver fixing results, allowing them to reap large illegitimate profits,” plaintiff Scott Nicholson told the AFP. Separately, Bullion Desk reported yesterday that JPMorgan Chase Bank is now the fifth accredited member of the silver pricing benchmark, the LBMA has confirmed, with others parties “in the pipeline”, a spokesman said.
  • ...2 more annotations...
  • The American multinational bank which has been the subject of silver manipulation allegations by Max Keiser and others, took part in its first silver benchmarking session yesterday. A spokesperson said they had completed “strict regulatory controls” for accredited members.. JP Morgan becomes the fifth member, alongside HSBC Bank USA, Mitsui & Co Precious Metals, the Bank of Nova Scotia – ScotiaMocatta and UBS AG. Furthermore, the LBMA has confirmed that several other parties are also in the process of joining the list, subject to passing regulatory requirements. Several Chinese banks have expressed interest in participating in the new global price setting mechanism for silver, according to the head of the LBMA. The LBMA ushered in a new era of electronic benchmarking for London’s precious metals market in August when an algorithm was used for the first time to set the benchmark price for silver after recent scandals regarding price fixing and concerns about the nature of the gold and silver fix. It will be interesting to see if Chinese banks partake in the new fix process as the concern is that the fixes remain the play things of certain western banks and are not representative of global physical demand and supply of actual gold and silver bullion.
  • Manipulation of the silver market was covered in a recently released ‘Get REAL’ Special on Silver presented by Jan Skoyles. Mark O’Byrne of Goldcore.com was interviewed and the interview was an in depth look at this silver market today.
Gary Edwards

The Daily Bell - Richard Ebeling on Higher Interest Rates, Collectivism and the Coming ... - 0 views

www.thedailybell.com/...tivism-and-the-Coming-Collapse

Richard-Ebeling The-Daily-Bell Austrian-Economics Liberty-Tryanny

shared by Gary Edwards on 17 Jun 13 - No Cached
  • The "larger dysfunction," as you express it, arises out of a number of factors. The primary one, in my view, is a philosophical and psychological schizophrenia among the American people.
  • While many on "the left" ridicule the idea, there is a strong case for the idea of "American exceptionalism," meaning that the United States stands out as something unique, different and special among the nations of the world.
  • the American Founding Fathers constructed a political system in the United States based on a concept on which no other country was consciously founded:
  • ...95 more annotations...
  • But the American Revolution and the US Constitution hailed a different conception of man, society and government.
  • n the rest of the world, and for all of human history, the presumption has been that the individual was a slave or a subject to a higher authority. It might be the tribal chief; or the "divinely ordained" monarch who presumed to rule over and control people in the name of God; or, especially after the French Revolution and the rise of modern socialism, "the nation" or "the people" who laid claim to the life and work of the individual.
  • the idea of individual rights.
  • That is, as long as the individual did not violate the equal rights of others to their life, liberty and property, each person was free to shape and guide his own future, and give meaning and value to his own life as he considered best in the pursuit of that happiness that was considered the purpose and goal of each man during his sojourn on this Earth.
  • Governments did not exist to give or bestow "rights" or "privileges" at its own discretion.
  • Governments were to secure and protect each individual's rights, which he possessed by "the nature of things."
  • The individual was presumed to own himself. He was "sovereign."
  • The real and fundamental notion of "self-government" referred to the right of each individual to rule over himself.
  • Each individual, by his nature and his reason, had a right to his life, his liberty and his honestly acquired property.
  • during the first 150 years of America's history there was virtually no Welfare State and relatively few government regulations, controls and restrictions on the choices and actions of the free citizen.
  • But for more than a century, now, an opposing conception of man, society and government has increasingly gained a hold over the ideas and attitudes of people in the US.
  • It was "imported" from Europe in the form of modern collectivism.
  • The individual was expected to see himself as belonging to something "greater" than himself. He was to sacrifice for "great national causes."
  • He was told that if life had not provided all that he desired or hoped for, it was because others had "exploited" him in some economic or social manner, and that government would redress the "injustice" through redistribution of wealth or regulation of the marketplace.
  • If he had had financial and material success, the individual should feel guilty and embarrassed by it, because, surely, if some had noticeably more, it could only be because others had been forced to live with noticeably less.
  • left on its own, free competition tends to evolve into harmful monopolies and oligopolies, with the wealthy "few" benefiting at the expense of the "many."
  • They are the crises of the Interventionist-Welfare State: the attempt to impose reactionary collectivist policies of political paternalism and redistributive plunder on a society still possessing parts of its original individualist and rights-based roots.
  • it is in the form of communism's and socialism's critique of capitalism.
  • Unregulated capitalism leads to "unearned" and "excessive" profits; unbridled markets generate the business cycle and the hardships of recessions and depressions;
  • These two conflicting conceptions of man, society and government have been and are at war here in the United States.
  • And if it cannot be gotten and guaranteed through the redistributive mechanisms of the European Union and the euro, well, maybe we should return power to our own nation-states to provide the jobs, the social "safety nets" and the financial means to pay for it through, once again, printing our own national paper currencies.
  • This is the political-philosophical bankruptcy of the West and the dead ends of the collectivist promises of the last 100 years.
  • Ludwig von Mises's book, Socialism: An Economic and Sociological Analysis, originally published in 1922, demonstrated how and why a socialist, centrally planned system was inherently unworkable.
  • The nationalization of productive property, the abolition of markets and the prohibition of all competitive exchange among the members of society would prevent the emergence and operation of a price system, without which it is impossible to know people's demands for desired goods and the relative value they place on them.
  • It also prevents the emergence of prices for the factors of production (land, labor, capital) and makes it impossible to know their opportunity costs – the value of those factors of production in alternative competing uses among entrepreneurs desiring to employ them.
  • Without such a price system the central planners are flying blind, unable to rationally know or decide how best to utilize labor, capital and resources in productively efficient ways to make the goods and services most highly valued by the consuming public.
  • Thus, Mises concluded, comprehensive socialist central planning would lead to "planned chaos."
  • And, therefore, there is no guarantee that the amount of investments undertaken and their time horizons are compatible with the available resources not also being demanded and used for more immediate consumer goods production in the society.
  • As a consequence, financial markets do not work like real markets.
  • Thus, the interventionist state leads to waste, inefficiency and misuses of resources that lower the standards of living that we all, otherwise, could have enjoyed.
  • We cannot be sure what the amount of real savings may be in the society to support real and sustainable investment and capital formation.
  • Government intervention prevents prices from "telling the truth" about the real supply and demand conditions thus leading to imbalances and distortions in the market.
  • We cannot know what the "real cost" of borrowing should be, since interest rates are not determined by actual, private sector savings and investment decisions.
  • Government production regulations, controls, restrictions and prohibitions prevent entrepreneurs from using their knowledge, ability and capital in ways that most effectively produce the goods consumers actually want and at the most cost-competitive prices possible.
  • This is why countries around the world periodically experience booms and busts, inflations and recessions − not because of some inherent instabilities or "irrationalities" in financial markets, but because of monetary central planning through central banking that does not allow market-based financial intermediation to develop and work as it could and would in a real free-market setting.
  • But in the United States and especially in Europe, government "austerity" means merely temporarily reducing the rate of increase in government spending, slowing down the rate at which new debt is accumulating and significantly raising taxes in an attempt to close the deficit gap.
  • The fundamental problem is that over the decades, the size and scope of governments in the Western world have been growing far more than the rates at which their economies have been expanding, so that the "slice" of the national economic "pie" eaten by government has been growing larger and larger, even when the "pie" in absolute terms is bigger than it was, say, 30 or 40 years ago.
  • European governments, in general, take the view that "austerity" means squeezing the private sector more through taxes and other revenue sources to avoid any noticeable and significant cuts in what government does and spends.
  • So there is "austerity" for the private sector and a mad rush for financial "safety nets" for the government and those who live off the State.
  • In reality, of course, it is the burdens of government regulation, taxation and impediments to more flexible labor and related markets that have generated the high unemployment rates and the retarded recovery from the recession.
  • Instead, the "common market" ideal has been transformed into the goal of a European Union "Super-State" to which the individual countries and their citizens would be subservient and obedient.
  • Keynesian policies offer people and politicians what they want to hear. Claiming that any sluggish business or lost jobs are due to a lack of "aggregate demand," Keynes argued that full employment and profitable business could only be reestablished and maintained through "activist" government monetary and fiscal policy – print money and run budget deficits.
  • What Britain and Europe should have as its goal is the ideal of the classical liberal free traders of the 19th century – non-intervention by governments in people's lives, at home and abroad. That is, a de-politicization of society, so people may freely work, trade and travel as they peacefully wish, with government merely the protector of people's individual rights.
  • Take the benefits away and tell people they are free to come and work to support themselves and their families. Restore more flexibility and competitiveness to labor markets and reduce taxes and business regulations.
  • Then those who come to Britain's shores will be those wanting freedom and opportunity without being a burden upon others.
  • What was needed was a change in ideas from the statist mentality to one of individual freedom and unhampered free markets.
  • In an epoch of collectivist ideas, don't be surprised if governments regulate, control, intervene and redistribute wealth.
  • The tentacle of regulations, restrictions and politically-correct social controls are spreading out in every direction from Brussels and its European-wide manipulating and mismanaging bureaucracy.
  • In the name of assuring "national prosperity," politicians could spend money to buy the votes that get them elected and reelected to government offices.
  • And every special interest group could make the case that government-spending programs that benefitted them were all reasonable and necessary to assure a fully employed and growing economy.
  • Furthermore, the Keynesian rationale for government deficit spending enabled politicians to seem to be able to offer something for nothing. They could offer, say, $100 of government spending to voters and special interest groups but the tax burden imposed in the present might only be $75, since the remainder of the money to pay for that government spending was borrowed. And that borrowed money would not have to be repaid until some indefinite time in the future by unspecific taxpayers when that "tomorrow" finally arrived.
  • instability
  • Keynes argued that the market economy's inherent
  • arose from the
  • who were subject to irrational and unpredictable waves of "optimism" and "pessimism."
  • animal spirits" of businessmen
  • Mises argued that there was nothing inherent in the market economy to bring about these swings of economic booms followed by periods of depression and unemployment.
  • If markets got out of balance with the necessity of an eventual correction in the economy to, once again, set things right, the source of this instability was government monetary policy.
  • Central banks too often followed a policy of trying to create "good times" in the economy by expanding the money supply through the banking system.
  • With new, excess funds created by the central bank available for lending, banks lower rates of interest to attract borrowers.
  • But this throws savings and investment out of balance, since the rate of interest no longer serves as a reliable indicator and signal concerning the availability of real savings in the economy in relation to those wanting to borrow funds for various investment purposes.
  • The economic crisis comes when it is discovered that all the claims on resources, capital and labor for all the attempted consumption and investment activities in the economy are greater than the actual and available amounts of such scarce resources.
  • The recession period, in Mises's view, is the necessary "correction" period when in the post-boom era, people must adapt and adjust to the newly discovered "real" supply and demand conditions in the market.
  • Any interference with the "rebalancing" of the economy by government raising taxes, imposing more regulations, or new artificial government "stimulus" activities merely makes it more difficult and time-consuming for people in the private sector to get the economy back on an even keel.
  • Friedrich A. Hayek, once observed, unemployment is not "caused" by stopping an inflation, but rather inflation induces the artificial employments that cannot be sustained and which inevitably disappear once the inflation is reined in.
  • The recession of 2008-2009 was the result of several years of central bank stimulus.
  • From 2003 to 2008, the Federal Reserve increased the money supply by about 50 percent.
  • Interest rates for much of this time, when adjusted for inflation, were either zero or negative.
  • Awash in cash, banks extended loans to virtually anyone, with no serious and usual concern about the borrower's credit-worthiness.
  • This was most notably true in the housing market, where government agencies like Fannie May and Freddie Mac were pressuring banks to make mortgage loans by promising a guarantee that they would make good on any bad home loans.
  • Since 2008-2009, the Federal Reserve has, again, turned on the monetary spigot, increasing its own portfolio by almost $3 trillion, by buying US Treasuries, US mortgages and other assets.
  • So why has there not been a complementary explosion of price inflation?
  • In some areas there has been, most clearly in the stock market and the bond market, But the reason why all that newly created money has not brought about a higher price inflation is due to the fact that a large part of all newly created money is sitting as unlent reserves in banks.
  • This is because the Federal Reserve has been paying banks a rate of interest slightly above the market interest rates to induce banks not to lend.
  • (a) general "regime uncertainty," that is, no one knows what government policy will be tomorrow; will ObamaCare be fully implemented after January 2014?;
  • Among the reasons for the sluggish jobs growth in the US are:
  • (b) what will taxes be for the rest of the current president's term in the White House
  • (c) what will the regulatory environment be like for the next three years – in 2012, the government implemented around 80,000 pages of regulations as printed in the Federal Registry;
  • (d) how will the deficit and debt problems play out between Congress and the White House and will it threaten the general financial situation in the country; an
  • (e) what wars, if any, will the government find itself involved in, in places like the Middle East?
  • China
  • is still a controlled and commanded society, with a government that works hard to try to determine what people read, see and think.
  • All these building projects have been brought into existence by a government that not only controls the money supply and manipulates interest rates but also heavy-handedly tells banks whom to specifically loan to and for what investment activities.
  • Central planning is alive and well in China, with the motives being both power and profits for those inside and outside the Communist Party having the most influence and connections in "high" places.
  • In my opinion, China is heading for a great economic crisis, resulting from a highly imbalanced and distorted economic system still guided far more by politics than sound market decision-making.
  • global financial markets in any foreseeable future. It is a money that still primarily exists to serve the political purposes of those who sit in the "inner circles" of power in Beijing.
  • One hundred years ago, in 1913, how many could have predicted that a year later a European-wide war would break out that would lead to the destruction of great European empires and set the stage for the rise of totalitarian collectivism that resulted in an even worse global war two decades later?
  • Thus, whether, at the end of the day, freedom triumphs and the future is one of liberty and prosperity is partly on each one of us.
  • Near the end of his great book, Socialism, Ludwig von Mises said:
  • "Everyone carries a part of society on his shoulders; no one is relieved of his share of responsibility by others. And no one can find a safe way out for himself if society is sweeping towards destruction. Therefore, everyone, in his own interest, must thrust himself vigorously into the intellectual battle. None can stand aside with unconcern; the interests of everyone hang on the result. Whether he chooses or not, every man is drawn into the great historical struggle, the decisive battle into which our epoch has plunged us . . . Whether society shall continue to evolve or where it shall decay lies . . . in the hands of man."
  • In my view, the idea of a "soft landing" is an illusion based on the idea held by central bankers, themselves, that they have the wisdom and ability to know how to "micro-manage" the all the changes and adjustments resulting from their own manipulations of the monetary aggregates. They do not have this wisdom and ability. So hold on for what is most likely to be another rocky road.
  • It was Mises's clear vision that once society has broken the relationship between value and payment, sooner or later people would not know the price of anything.
  • At this point, investment ceases and business becomes furtive and transactional.
  • People cannot plan for the future because they do not understand the reality of the present.
  • Society begins to sink.
  • Gary Edwards on 17 Jun 13
     
    Incredible.  A simple explanation that explains everything.  Rchard Ebeling's "Unified Theory of Everything" is something every American can understand.  If only they would take a break from "Dancing with the Stars" and pay attention to the future of their country and the world.  It's a future where either "individual freedom", as defined by our Constitution and Declaration of Independence, will win out; or, the forces of fascist socialism / marxism will continue to roll and rule.  Incredible read!!!!
Paul Merrell

Meet the Israeli-linked firm that sold Big Brother machines to Mubarak, Qaddafi - and W... - 0 views

mondoweiss.net/...chines-qaddafi-washington.html

surveillance state NSA Israel Narus Verint Obama

shared by Paul Merrell on 16 Jun 13 - No Cached
  • In 2006, an AT&T technician named Mark Klein discovered a secret room inside the company’s windowless “Folsom Street Facility” in downtown San Francisco that was bristling with Narus machines. The now notorious Room 641A was controlled by the NSA, which was using it to collect AT&T customer data for data mining and real-time analysis. Thanks to the powerful NarusInsight system, the NSA was able to monitor 108 billion emails from AT&T customers per day.
  • Following a lawsuit filed against AT&T by the Electronic Freedom Foundation, Congress passed the FISA Amendments Act in July 2008, giving retroactive immunity to telecom corporations that assisted the NSA, and relieving them of any consequences for spying on Americans. Cass Sunstein, an informal advisor to Barack Obama’s 2008 presidential campaign who now heads the Office of Information and Regulatory Affairs, and who has urged federal law enforcement to “cognitively infiltrate” anti-government groups, was an outspoken supporter of the retroactive immunity bill. With Sunstein by his side, Obama reversed his initial objections to the NSA’s domestic spying operations, voting as a Senator for retroactive immunity. The vote allowed the NSA to expand its domestic spying operations, clearing the legal hurdles obstructing the creation of PRISM. The stage was set for the second term scandal that would leave Obama reeling.
  • Binney told me that throughout the United States there are currently as many as 20 NSA black sites like Room 641A. Narus devices, he said, have been placed at fiber-optic convergence points, allowing the NSA to retrieve about 80 percent of data carried through telecom and online service providers. Binney emphasized that the devices do not only retrieve so-called metadata, which only offers general records of data, but that they gather the actual content of emails and calls. (“We can reconstruct all of their e-mails along with attachments, see what web pages they clicked on; we can reconstruct their (Voice Over Internet) calls,” said Steve Bannerman, the marketing director of Narus). Thanks to PRISM, the NSA bas been able to “fill in the gaps,” Binney explained, gathering bulk data from communications the NSA might have missed with the NarusInsight system, especially those made between Americans and foreign countries.
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  • Another Israeli-linked tech company, Verint, is a subsidiary of the Israeli firm Comverse, which boasts a reputation as “the world’s leading provider… of communications intercept and analysis” technology. Among the many Comverse executives plucked from the ranks of Israeli army intelligence is the company’s founder, Jacob “Kobi” Alexander, an ex-Israeli intelligence agent who cashed in through Israel’s high-tech surveillance industry. Alexander’s lucrative career collapsed in dramatic fashion when he was arrested for fraud in Namibia in 2006 after an international manhunt, and wound up handing over bank accounts worth $46 million to US authorities.
  • Just as AT&T relied on Narus systems, Verint’s DPI devices have been used to fulfill NSA requests for data from Verizon’s subscribers. And as Bamford explained in his 2008 book on the NSA, “Shadow Factory,” much of the data Verint and other private Israeli contractors gather from can be remotely accessed from Israel. “The greatest potential beneficiaries of this marriage between the Israeli eavesdroppers and America’s increasingly centralized telecom grid are Israel’s intelligence agencies,” Bamford wrote.
Paul Merrell

Snooper's charter has practically zero chance of becoming law, say senior MPs | UK news... - 0 views

www.guardian.co.uk/...oopers-charter-zero-chance-law

surveillance state UK EU NSA-blowback cloud computing

shared by Paul Merrell on 27 Jun 13 - No Cached
  • The chances of Theresa May reintroducing her "snooper's charter" communications data bill are practically zero in the wake of the Guardian's disclosures on the scale of internet surveillance, leading Tory and Labour civil liberties campaigners have said.David Davis, a former contender for Conservative leadership, and Tom Watson, the Labour deputy chair, both said on Thursday they felt there had been a change in the atmosphere at Westminster compared with the "great rush" to legislate in the immediate aftermath of the Woolwich murder of Drummer Lee Rigby.Both MPs said the disclosure of the mass harvesting of personal communications, including internet data, by the American National Security Agency and Britain's eavesdropping agency, GCHQ, had shown that the existing UK regulatory framework was completely ineffective.Davis said in particular that GCHQ's Tempora operation, which harvests global phone and internet traffic by tapping into the transatlantic fibre-optic cables, had "put up a big red flag" indicating it was time to think again from scratch about the legal oversight arrangements.
  • He said it was necessary to look at ways of rewriting the Regulation of Investigatory Powers Act 2000, which sets out the legal oversight arrangements for the interception and surveillance of communications.But the former shadow home secretary and staunch Eurosceptic also praised the efforts of Viviane Reding, the EU commissioner for justice, who wrote to the foreign secretary, William Hague, on Wednesday giving him until the end of the week to answer the charge that the fundamental rights of citizens across Europe were being flouted."I hope that Viviane Reding keeps up the pressure. This is the only time you will hear me say that the European Union might be the answer," said Davis.Watson said he shared Davis's analysis of the poor prospects for the reintroduction of May's communications data bill, which would require internet and phone companies to store for up to 12 months data tracking everyone's use of email, phone and internet.
  • The meeting heard from surveillance experts Casper Bowden, a former chief privacy adviser to Microsoft, and solicitor/advocate, Simon McKay. Bowden said a huge debt was owed to Snowden, who had made the most important disclosures about surveillance for more than 25 years.He said the disclosures had serious implications for the corporate and individual stampede towards the use of "cloud computing" storage, much of which was housed in the US. He said that there was a real danger now that Britain would be left in an exposed position, with the rest of Europe not willing to allow their data to be stored through the UK. "Keep your cloudbase close and local and keep it in your jurisdiction," he said, adding that encryption was very limited as a defence.Bowden, who has worked as an adviser to the EU on its new data protection directive, which has yet to come into force principally because of British opposition, said he had secured an amendment giving protection for whistleblowers.He had also argued for a warning "pop-up" to be required when data was being transferred outside the EU's borders.
  • Paul Merrell on 27 Jun 13
     
    Finally, acknowledgement that the growth of the cloud computing industry will likely be affected greatly by disclosures of widespread US and UK storage and surveillance of digital data. But will this be enough to turn cloud computing companies into staunch advocates of reining in the NSA and GCHQ? Note that the emerging E.U. position creates an economic advantage for cloud computing companies with their server farms located in the E.U. (likely excluding the UK). 
Paul Merrell

U.S. Gives Laos Extra $90 Million to Help Clear Unexploded Ordnance - The New York Times - 0 views

www.nytimes.com/...06reuters-laos-obama-uxo.html

war & peace U.S.-foreign-policy Laos unexploded-ordnance-cleanup

shared by Paul Merrell on 06 Sep 16 - No Cached
  • The United States announced on Tuesday it would provide an additional $90 million over the next three years to help Laos, heavily bombed during the Vietnam War, clear unexploded ordnance that has killed or injured more than 20,000 people.The figure announced during President Barack Obama's first visit to Laos is close to the $100 million the United States has spent in the past 20 years on clearing its UXO in Laos.From 1964 to 1973, U.S. warplanes dropped more than 270 million cluster munitions on the communist country, one-third of which did not explode, the Lao National Regulatory Authority for UXO says.
  • Paul Merrell on 06 Sep 16
     
    Nearly 50 years late, but better late than never.
Paul Merrell

Trump Executive Action Takes Aim At Dodd-Frank, Investor Protection Rule : NPR - 0 views

www.npr.org/...tions-rule-in-executive-action

banksters Trump Dodd-Frank ekection-lies

shared by Paul Merrell on 05 Feb 17 - No Cached
  • President Trump signed two directives on Friday, ordering a review of financial industry regulations known as Dodd-Frank and halting implementation of a rule that requires financial advisers to act in the best interests of their clients, according to a senior administration official who briefed reporters on condition of anonymity. Trump himself made his intentions clear in a meeting with small business owners Monday. "Dodd-Frank is a disaster," Trump said. "We're going to be doing a big number on Dodd-Frank."
  • These executive actions are the start of a Trump administration effort to reverse or revise financial regulations put in place by the Obama administration and seen by Trump and his advisers as onerous and ineffective. Based on the description given by the administration official who briefed reporters, the directives the president is expected to sign Friday won't immediately do a big number on the law. The directive will instruct the Treasury secretary to meet with the agencies that oversee the law to identify possible changes.
  • "Americans are going to have better choices and Americans are going to have better products because we're not going to burden the banks with literally hundreds of billions of dollars of regulatory costs every year," said National Economic Council director Gary Cohn in an interview with the Wall Street Journal. Cohn, who was president and COO at the investment banking firm Goldman Sachs before joining the administration, added, "The banks are going to be able to price product more efficiently and more effectively to consumers." The president of the nonprofit Wall Street watchdog Better Markets issued a statement blasting Friday's actions.
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  • "The American people trusted candidate Trump when he said he was going to protect them from Wall Street's recklessness, but President Trump has betrayed that trust," Dennis Kelleher's statement says. "He is unleashing Wall Street on Main Street, which is exactly what the financial protections of Dodd Frank were put in place to prevent." Hinting at where the administration might expect the review to lead, the official said that under the Obama administration, "some of the rules may have even been unconstitutional, creating new agencies that don't actually protect consumers." That is an allusion to the Consumer Financial Protection Bureau, the consumer watchdog bureau which Republicans in Congress opposed from its very creation and was the subject of a years-long fight over its leadership and structure.
Paul Merrell

Making America Mediocre Again « LobeLog - 0 views

lobelog.com/making-america-mediocre-again

U.S. stats health

shared by Paul Merrell on 03 Mar 17 - No Cached
  • The first signs of decline are physical. Citizens don’t grow as tall. They don’t live as long. They start killing each other in large numbers. Sounds like the post-mortem for a society that disappeared long ago, a conclusion that archaeologists deliver after sifting through bone fragments and pottery shards. Why, the puzzled scholars ask, did such a vibrant society, which produced beautiful art and remarkable scientific advances, fall apart so rapidly and leave so little behind in the unforgiving rainforest? This time, however, the diagnosis is being provided in real time. And the society in decline is the most powerful country in the world. According to the most recent global health surveys, the United States is witnessing a decline in life expectancy for the first time in nearly a quarter century. America is also the first high-income country to see its adults, on average, no longer growing taller. Writes Lenny Bernstein in The Washington Post: The reasons for the United States’ lag are well known. It has the highest infant and maternal mortality rates of any of the countries in the study, and the highest obesity rate. It is the only one without universal health insurance coverage and has the “largest share of unmet health-care needs due to financial costs,” the researchers wrote. I’d like to pin this one on Donald Trump. But U.S. decline has been ongoing for some time.
  • For instance, the United States ranked 16th in the 2014 Social Progress Index developed by Michael Porter at the Harvard Business School. Two years later, the United States slipped to 19th place, with particularly mediocre scores in environmental quality (#36), nutrition and basic medical care (#37), and access to basic knowledge (#40). Let’s compare that to Canada, which sat near the top of the rankings at number two in the SPI. Canada was a little better on environmental quality (#32), quite a bit better on basic medical care (#26), and a whole lot better on access to basic knowledge (#2). Even though Trump can’t be blamed for these mediocre social indicators, his party’s steadfast opposition to spending on social welfare and the environment certainly contributed to the problem. And Trump’s promise to “replace” Obamacare, cut social spending even further, and roll back regulatory oversight — all while boosting the Pentagon budget by an extraordinary 10 percent — will send the United States into free fall. The violent crime rate, which dropped nearly in half over the last 20 years despite what Trump claims, may well start to edge up as our pro-gun president makes firearms even more widely available and the economy takes a turn for the worse.
  • Predictions of the eclipse of American power have been around since Donald Trump was a 30-something playboy. It’s not just the overall health of the population and the toxicity of the environment. The United States has been hobbled by an enormous federal debt, an overextended global military presence, our failing infrastructure, and a paralyzed political system. It’s no wonder that so many Americans were sufficiently fed up in November to vote for anyone who promised to shake up the status quo.
Paul Merrell

The Miscreants' Global Bust-Out: Preface | Deep Capture - 1 views

www.deepcapture.com/reants-global-bust-out-preface

banksters organized-crime terrorists Micahel-Milken bust-out-scheme

shared by Paul Merrell on 10 Sep 13 - No Cached
  • “A bust-out is a scheme customarily employed by organized crime to deplete the assets of a legit­imate business, thus forcing it into bankruptcy.” State of New Jersey Commission of Investigation 1988 Report, “Subversion By Organized Crime And Other Unscrupulous Elements of the Check Cashing Industry” “BUSTOUT: a confidence scheme in which an established business is taken over, a large stock of merchandise is purchased on credit and quickly sold, and the business is then abandoned or bankruptcy is declared.”  – Merriam-Webster Dictionary Mark Mitchell has continued exploring the financial instability of the last four years, including the crash of 2008 and the Flash Crash of 2010.  His conclusion is that various activities associated with market manipulation (e.g., naked short selling, high frequency trading, derivatives such as Credit Default Swaps and synthetic CDOs, sponsored access, regulatory capture, press manipulation) follow a familiar leverage-and-loot pattern and can be traced to a fairly cohesive network that includes Italian and Russian organized crime, Sunni extremist financiers with ties to Al Qaeda, the Russian FSB, the Albanian Mafia, agents of the Iranian regime, and close associates of Michael Milken. The result, “The Miscreants’ Global Bust-Out”, is 230 pages long. DeepCapture will be publishing it in approximately 25 installments over the coming weeks.
Paul Merrell

Republican Party Calls For End To NSA Domestic Phone Records Program | TIME.com - 0 views

swampland.time.com/...nvestigation-into-nsa-snooping

surveillance state NSA NSA-blowback RNC-resolution

shared by Paul Merrell on 26 Jan 14 - No Cached
  • In the latest indication of a growing libertarian wing of the GOP, the Republican National Committee passed a resolution Friday calling for an investigation into the “gross infringement” of Americans’ rights by National Security Agency programs that were revealed by Edward Snowden. The resolution also calls on on Republican members of Congress to enact amendments to the Section 215 law that currently allows the spy agency to collect records of almost every domestic telephone call. The amendment should make clear that “blanket surveillance of the Internet activity, phone records and correspondence — electronic, physical, and otherwise — of any person residing in the U.S. is prohibited by law and that violations can be reviewed in adversarial proceedings before a public court,” the resolution reads.
  • The measure, the “Resolution to Renounce the National Security Agency’s Surveillance Program,” passed by an “overwhelming majority” by voice vote, along with resolutions calling for the repeal of the Foreign Account Tax Compliance Act and reaffirming the party’s pro-life stance, according to Reince Priebus, the RNC chairman. Among other points, the resolution declares “the mass collection and retention of personal data is in itself contrary to the right of privacy protected by the Fourth Amendment of the United States Constitution,” a claim embraced by civil libertarians of both parties. The revelation of the NSA programs has caused deepened a rift within the Republican Party between national security hawks and libertarians, but at the meeting, no RNC member rose to speak against the resolution.
  • WHEREAS, the mass collection and retention of personal data is in itself contrary to the right of privacy protected by the Fourth Amendment of the United States Constitution, which guarantees the right of the people to be secure in their persons, houses, papers, and effects against unreasonable searches and seizures, that warrants shall issue only upon probable cause, and generally prevents the American government from issuing modern-day writs of assistance; WHEREAS, unwarranted government surveillance is an intrusion on basic human rights that threatens the very foundations of a democratic society and this program represents a gross infringement of the freedom of association and the right to privacy and goes far beyond even the permissive limits set by the Patriot Act; and WHEREAS, Republican House Representative Jim Sensenbrenner, an author of the Patriot Act and Chairman of the House Judiciary Committee at the time of Section 215′s passage, called the Section 215 surveillance program “an abuse of that law,” writing that, “based on the scope of the released order, both the administration and the FISA (Foreign Intelligence Surveillance Act) court are relying on an unbounded interpretation of the act that Congress never intended,” therefore be it
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  • The full text of the resolution as given to TIME follows below: Resolution to Renounce the National Security Agency’s Surveillance Program WHEREAS, the secret surveillance program called PRISM targets, among other things, the surveillance of U.S. citizens on a vast scale and monitors searching habits of virtually every American on the internet; WHEREAS, this dragnet program is, as far as we know, the largest surveillance effort ever launched by a democratic government against its own citizens, consisting of the mass acquisition of Americans’ call details encompassing all wireless and landline subscribers of the country’s three largest phone companies; WHEREAS, every time an American citizen makes a phone call, the NSA gets a record of the location, the number called, the time of the call and the length of the conversation, all of which are an invasion into the personal lives of American citizens that violates the right of free speech and association afforded by the First Amendment of the United States Constitution;
  • RESOLVED, the Republican National Committee encourages Republican lawmakers to enact legislation to amend Section 215 of the USA Patriot Act, the state secrets privilege, and the FISA Amendments Act to make it clear that blanket surveillance of the Internet activity, phone records and correspondence — electronic, physical, and otherwise — of any person residing in the U.S. is prohibited by law and that violations can be reviewed in adversarial proceedings before a public court; RESOLVED, the Republican National Committee encourages Republican lawmakers to call for a special committee to investigate, report, and reveal to the public the extent of this domestic spying and the committee should create specific recommendations for legal and regulatory reform ot end unconstitutional surveillance as well as hold accountable those public officials who are found to be responsible for this unconstitutional surveillance; and
  • RESOLVED, the Republican National Committee encourages Republican lawmakers to immediately take action to halt current unconstitutional surveillance programs and provide a full public accounting of the NSA’s data collection programs.
  • Paul Merrell on 26 Jan 14
     
    That's more like it! Notice that the call is for a "special committee to investigate," etc., not the House Intelligence Committee chaired by Mike Rogers.  Note also the call for heads to roll.
  • Paul Merrell on 26 Jan 14
     
    Something messed up in the quoting of the resolution. Please go to the linked web site for the resolution's full text.
Gary Edwards

Statism: Whether Fascist or Communist, It's The Deadly Opposite of Capitalism - Forbes - 0 views

www.forbes.com/...2

shared by Gary Edwards on 02 Jan 14 - No Cached
  • So, we observe a fundamental difference: one system grants the state unlimited power, holding that the individual is the rightless slave of the state; the other system holds individual rights to be supreme and inalienable, with the state limited to a single function: the protection of those rights from physical force and fraud.
  • That is the distinction that must be made. We can expect no clarity in political discussion until the pure, consistent poles are identified: the opposition between dictatorship and liberty, between the individual as the nothing and the individual as sovereign. “Left” and “Right” have to be defined accordingly.
  • But “Left” and “Right” are informal shorthand. The actual terms are: “statism,” on the Left, and “capitalism,” on the Right.
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  • Today’s political-economic system is not capitalism–not pure, consistent, uncontrolled, laissez-faire capitalism. Today in America we live in the Entitlement State and the Regulatory State.
  • A government that taxes 40 percent or more of our income, that controls our medical care, that regulates business so thoroughly that every firm large enough to afford it has a department of “compliance,” a government that controls the money supply, sets bank reserve-ratios, regulates stock offerings, margin-ratios, home construction, determines what pharmaceuticals and medical innovations can be sold, operates schools and universities, runs the passenger rail system, forbids “offensive” speech, increasingly intervenes in diet, subsidizes agriculture and “green” businesses, imposes tariffs, decides which businesses may merge, and, we have just learned, spies on its own citizens–is not a government remotely consistent with capitalism.
  • The closest the world ever came to actual capitalism was the United States in the 19th Century, the era of this country’s fastest economic growth. Even in that era, the capitalist, industrial North had to fight a bloody Civil War to end the South’s infamous anti-capitalist institution: slavery.
  • the political spectrum–Left vs. Right–must be defined in terms of statism vs. individual liberty.
  • Gary Edwards on 02 Jan 14
     
    The political spectrum of Left vs Right must be defined in terms of STATISM vs Individual Liberty. Liberty as understood by the Founding Fathers, and baked into the founding documents.
Gary Edwards

Obama To Americans: You Don't Deserve To Be Free - Forbes - 0 views

www.forbes.com/...2

Obammunism Statism Ayn-Rand-Libertarian

shared by Gary Edwards on 02 Jan 14 - No Cached
  • We radical capitalists say that it was the regulatory-welfare state that imploded in 2008. You may disagree, but let’s argue that out, rather than engaging in the Big Lie that what failed was laissez-faire and individualism. The question is: in the messy mixture of government controls and remnants of capitalism, which element caused the Great Depression and the recent financial crisis?
  • By raising that question, we uncover the fundamental: the meaning of capitalism and the meaning of government controls. Capitalism means freedom. Government means force.
  • Suddenly, the whole issue comes into focus: Obama is saying that freedom leads to poverty and force leads to wealth. He’s saying: “Look, we tried leaving you free to live your own life, and that didn’t work. You have to be forced, you have to have your earnings seized by the state, you have to work under our directions–under penalty of fines or imprisonment. You don’t deserve to be free.”
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  • As a bit of ugly irony, this is precisely what former white slave-owners said after the Civil War: “The black man can’t handle freedom; we have to force him for his own good.” The innovation of the Left is to extend that viewpoint to all races.
  • Putting the issue as force vs. freedom shows how the shoe is on the other foot regarding what Obama said. Let me re-write it: there is a certain crowd in Washington who, for the last few decades, have said, let’s respond to this economic challenge with the same old tune. “The government will take care of everything,” they tell us. If we just pile on even more regulations and raise taxes–especially on the wealthy–our economy will grow stronger. Sure, they say, there will be winners and losers. But if the losers are protected by more social programs and a higher minimum wage, if there is more Quantitative Easing by the Fed, then jobs and prosperity will eventually trickle up to everybody else. And, they argue, even if prosperity doesn’t trickle up, well, that’s the price of the social safety net. Now, it’s a simple theory. And we have to admit, it’s one that speaks to our intellectuals’ collectivism and Paul Krugman’s skepticism about freedom. That’s in Harvard’s DNA. And that theory fits well on a bumper sticker. (Laughter.) But here’s the problem: It doesn’t work. It has never worked. (Applause.) It didn’t work when it was tried in the Soviet Union. It’s not what led to the incredible booms in India and China. And it didn’t work when Europe tried it during over the last decades. (Applause.) I mean, understand, it’s not as if we haven’t tried this statist theory.
  • Obama’s real antagonist is Ayn Rand, who made the case that reason is man’s basic means of survival and coercion is anti-reason. Force initiated against free, innocent men is directed at stopping them from acting on their own thinking. It makes them, under threat of fines and imprisonment, act as the government demands rather than as they think their self-interest requires. That’s the whole point of threatening force: to make people act against their own judgment.
Paul Merrell

Bank of England Drops a Bombshell on Parliament: It Shredded Its Crisis Era Records - 0 views

wallstreetonparade.com/...hredded-its-crisis-era-records

financial-collapse banksters Bank-of-England shredded-records

shared by Paul Merrell on 16 Mar 14 - No Cached
  • Mark Carney, the head of the Bank of England, and other officials from the BOE were put through a five hour marathon of questioning yesterday by Parliament’s Treasury Select Committee covering everything from how long the BOE plans to continue Quantitative Easing (QE), to the potential for Scotland to vote for its independence, to what it knew and when it knew it about the rigging of the Foreign Exchange market by colluding global banks. The bombshell of the day, however, did not occur during the session on the Foreign Exchange scandal, which is stacking up to be a more serious matter than the rigging of the Libor interest rate benchmark which occurred under the nose of the Bank of England and the British Bankers Association. (London now seems to be in competition with itself for the prize of the century for overseeing the rigging of the greatest number of markets.)
  • The bombshell came in the following exchange between the Chair of the Treasury Select Committee, Andrew Tyrie, and a very frightened appearing Paul Fisher, the Executive Director of Markets at the BOE, who has served in that position since 2009. Apparently neither Parliament nor the public knew prior to this exchange that the records of the pre-crisis year of 2007, the financial collapse in 2008, and the monetary policy maneuvers in subsequent years to prevent another Great Depression had been destroyed in one of the world’s most important financial centers; not to mention the fact that critical recordings potentially relevant to the Foreign Exchange probe are also gone.
  • Chairman Tyrie: “The MPC [Monetary Policy Committee] records might be of interest one day to historians about the inception of QE. MPC records used to be recorded and transcribed when the MPC was created. Is that still the case Mr. Fisher?” Paul Fisher: “They are not transcribed. They are still recorded so that the secretariat can go back to check any discrepancies between the minutes and what people may have said. But as far as I know they are not transcribed.” Chairman Tyrie: “And they’re stored?” Paul Fisher: “The recordings are not kept. Once the minutes are published…” Chairman Tyrie: [In a booming, outraged voice] “The recordings are destroyed! Why? Paul Fisher: “Because we have one copy of the minutes; that’s the one that’s published and there are not alternative versions.”
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  • Chairman Tyrie: “There are more than one purpose for these. There’s the minutes after a fortnight and there’s the historical value. The Fed Open Market Committee publishes full transcripts of its meetings with a five year delay. Whether it’s a five or ten year delay, certainly these are of huge historical significance. Why aren’t you putting something similar in place?” Paul Fisher: “This goes back to when the Committee first started. They initially did try to make transcripts, unsuccessfully.” Chairman Tyrie: “What do you mean unsuccessfully?” Paul Fisher: “It was very hard to actually physically transcribe the tapes in any way which made any sense in terms of the written material.” Chairman Tyrie: “Is that because you’re shouting and throwing things about. Most organizations manage to transcribe a record. Even the House of Commons manages to do it on a good day.” Paul Fisher: “I’m trying to explain what I know of it. My understanding is that people talking, very free flowing discussion, and they couldn’t make a sensible transcript.”
  • Carney is a former Goldman Sachs banker who went on to become the head of the Bank of Canada, serving in that post during the financial crisis. He is the first non Briton to head the Bank of England in its more than 300-year history. That reality, and his non-British accent, seemed to invite an intensely interrogative style at times during the five hours of questioning yesterday by members of the Treasury Select Committee. Carney remained calm, courteous and professional throughout. It’s clear to anyone paying attention that the BOE is attempting to clone itself into the Fed – as questionable as that idea might be given that the full transcripts that have been released by the Fed for the crisis years show it had blinders on in terms of the depth of the crisis.
  • Now Carney has announced that he is going to create what looks like a clone of the President of the New York Fed (William “Bill” Dudley) through a new Deputy Governor position at the BOE to oversee markets and banking. Good luck with that. As Wall Street On Parade has repeatedly chronicled, avoiding regulatory capture will likely prove as elusive at the BOE as it has at the New York Fed. And given the seismic nature of the market rigging that has gone on in London, this is like putting a Disney-themed band aide on a compound fracture.
Paul Merrell

In rare loss, FISA court rejects Justice Dept request to retain data - RT USA - 0 views

rt.com/...isa-rejects-justice-retain-574

surveillance state NSA DoJ FISA-Court ACLU litigation

shared by Paul Merrell on 12 Mar 14 - No Cached
  • The federal surveillance court that has approved all but a fraction of the NSA's intelligence requests nonetheless rejected a petition by the government to retain phone records for longer than five years, as is currently allowed.
  • The US Foreign Intelligence Surveillance Court (also known as the FISA Court) was established in 1978 as a gatekeeper that would approve or deny surveillance warrants against suspect foreign enemies living inside the United States. Since that date, the court has denied 11 of the nearly 34,000 surveillance requests by the government. While judges on the court have said that they force the government to make changes to approximately one-quarter of those requests, the .03 percent decline rate has been startling to civil liberties advocates. Judge Reggie Walton acted as a rare bump in that road this week when he denied the US Department of Justice’s request to keep the telephone metadata collected by the NSA past the five-year deadline. The Obama administration had asked the FISA Court to bend the rules so that the Justice Department could adequately defend itself from a series of lawsuits filed by various groups, the American Civil Liberties Union (ACLU) and Electronic Frontier Foundation (EFF) chief among them. US attorneys argued in a court filing last month that when “preservation of information is required, the duty to preserve supersedes statutory or regulatory requirements or records-management policies that would otherwise result in the destruction of the information.”
  • Authorities proposed that the information be retained, although they sought to make it illegal for any NSA analyst to examine the data as they would information that is not five years old. That is not enough of an excuse, Walton ruled, saying that he found that rationale to be “simply unresponsive” and that the groups that have filed suit are hoping for “the destruction of the [telephone] metadata, not its retention.” The judge concluded that any reason to keep the telephone records is outweighed by the damage that such a decision would do to privacy. Justice Department attorneys may have expected such a decision from Walton who, even as chief judge of the FISA Court, has admitted skepticism with the program since the government’s methods were first revealed. Judge Walton told The Washington Post in August that the court, which is supposed to act as the final barometer, is unable to verify the very information provided by law enforcement. “The FISC is forced to rely upon the accuracy of the information that is provided to the court,” he wrote. “The FISC does not have the capacity to investigate issues of noncompliance, and in that respect the FISC is in the same position as any other court when it comes to enforcing [government] compliance with its orders.”
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