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Gary Edwards

Four Horseman of Fear II - What's News Tonight - 0 views

johnbatchelorshow.com/...four-horseman-of-fear-ii

john-batcheldor politics socialism financial-crisis banksters

shared by Gary Edwards on 29 Oct 08 - Cached
  • Gary Edwards on 29 Oct 08
     
    Amity Schlaes, author, "The Forgotten Man," re the mistakes made by Herbert Hoover and/or FDR in 1931-1934 that deepened the recession into the Great Depression.  Amity identified the four errors, what I call the four horseman, as taxes, protectionism, class warfare, and the abuse of private capital so that it leaves the marketplace.  One of these four is already in place in the closing weeks of the Bush administration as a result of the extraordinary bullying session of October 13 at the grandiose office of Hank Paulson at Treasury when the nine biggest banks in the country were forced to accept Treasury billions in exchange for accepting the regulations and unknowns of the executive and the legislative branches.  Private capital is no longer safe from Congress, and in the 1930s the effect was to drive private capital into hiding.  
Gary Edwards

Forget Bain - Obama's public-equity record is the real scandal - The Washington Post - 1 views

www.washingtonpost.com/...gJQAXnXCnU_story.html

private-equity public-equity Bain-Capital Romney-Obama Socialism-Capitalism Constitutional-Capitalism

shared by Gary Edwards on 25 May 12 - No Cached
  • Gary Edwards on 25 May 12
     
    Don't you just love it when a political plan to spin the truth and twist the facts backfires?  Obama's pants are lit and flaming, and big socialism media can't seem to put the fire out. intro excerpt: Despite a growing backlash from his fellow Democrats, President Obama has doubled down on his attacks on Mitt Romney's tenure at Bain Capital. But the strategy could backfire in ways Obama did not anticipate. After all, if Romney's record in private equity is fair game, then so is Obama's record in public equity - and that record is not pretty. Since taking office, Obama has invested billions of taxpayer dollars in private businesses, including as part of his stimulus spending bill. Many of those investments have turned out to be unmitigated disasters - leaving in their wake bankruptcies, layoffs, criminal investigations and taxpayers on the hook for billions. Consider just a few examples of Obama's public equity failures:
Gary Edwards

The Project To Restore America - 0 views

www.theprojecttorestoreamerica.com

Federal-Reserve-Bankster-Cartel

shared by Gary Edwards on 18 Dec 13 - No Cached
  • One hundred years ago this month, on December 23, 1913, the Congress passed the Federal Reserve Act, establishing a national central-banking system in the United States. The governing board of the Federal Reserve was organized on August 12, 1914, and the Federal Reserve banks opened for operation on November 16, 1914.   On the surface, the preamble to the Act, which summarized the purpose of the new government-created institution, seemed fairly innocuous:   “An Act to provide for the establishment of Federal reserve banks, to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes.”
  • The Powers of the Federal Reserve   But what this meant was the start of the monopolization of monetary matters in the hands of a single politically appointed authority within the boundaries of the United States.   Those innocuously sounding functions listed in the Act’s preamble, however, gave the Federal Reserve the power to:   (a) Control the quantity of money and credit supplied in the United States.   (b) Influence the value, or purchasing power, of the monetary unit that is used by the citizenry of the country in all their transactions.   (c) Indirectly manipulate the rates of interest at which borrowers and lenders transfer savings for investment and other purposes, including the funding of government budget deficits.
  • A Century of Central Bank Mismanagement   The 100-year record of the Federal Reserve has been a roller coaster of inflations and recessions, including the disaster of the Great Depression of the 1930s, the “excessive exuberance” of the late 1990s that resulted in the “Dot.Com” bubble that burst in the early 2000s, and the recent boom-bust cycle of the last decade from which the U.S. economy is still slowly recovering.   The crucial and fundamental problem with the power and authority of the Federal Reserve is that it represents monetary central planning. In a world that has, for the most part, turned its back on the theoretical error and practical disaster of believing that governments have the wisdom and ability to centrally plan the economic affairs of a society, central banking remains one of the major remaining forms of socialism practiced around the globe.   Government control and planning of the monetary system has resulted in extensive political power over virtually every aspect of our economic life. In 1942 Gustav Stolper, a German free-market economist then in exile in America from war-torn Europe, published a book titled “This Age of Fables.” He pointed out:
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  • “Hardly ever do the advocates of free capitalism realize how utterly their ideal was frustrated at the moment the state assumed control of the monetary system . . . A ‘free’ capitalism with government responsibility for money and credit has lost its innocence. From that point on it is no longer a matter of principle but one of expediency how far one wishes or permits government interference to go. Money control is the supreme and most comprehensive of all governmental controls short of expropriation.”
  • Gary Edwards on 18 Dec 13
     
    Interesting two part summary of the Federal Reserve that emphasis' the essential relationship between central banking and socialism.  The author, Richard Ebeling, goes as far as to say that not only is central banking essential to socialism but also that free market - individual liberty capitalism cannot coexist with central banking. IIRC, there is a clause int he Federal Reserve Act of 1913 where the US Treasury can purchase back control of the money supply at a cost of $144 Million dollars.  Not sure where I read that, but the cancellation of near two thirds of the interest due on our national debt would work wonders for the dollar.
Gary Edwards

The Problem with Socialism is Socialism! | Devil At My Doorstep's Blog - 0 views

devilatmydoorstep.wordpress.com/...em-with-socialism-is-socialism

Banksters Socialism Obammunism Constitutional-Republic

shared by Gary Edwards on 02 Dec 11 - No Cached
  • Gary Edwards on 02 Dec 11
     
    Big Government, totalitarianism, power, greed, central planning, redistribution of wealth, restrictions on personal freedom, no ownership of personal property, no self determination, government entitlements, no secret ballot elections, lack of incentive to succeed, government watchdogs, political elitism, government control and intervention, sameness, tyranny, violence, intimidation, coercion, pressure and social engineering are all characteristics of Socialism. History is replete with socialist regimes, like Nazi Germany and socialist Russia, which have imploded and failed. The simple problem is government or institutions created in or morphed into this likeness cannot create or invent and eventually fail. The free markets of Capitalism are the inverse of the above. It is the only system that has lifted all of mankind, at every level, to a higher standard of living. It is the only system that allows individuals the opportunity for self determination based on their abilities and effort. It promotes ingenuity, self-reliance, diversity, innovation, creation, prosperity and, yes, wealth. It continues to advance the prosperity of all individuals unless destroyed from within, like Greece and Rome when they moved towards totalitarianism and away from democracy!
Gary Edwards

Throw Them ALL Out - Review of Peter Schweizer's book on HUMAN EVENTS - 0 views

www.humanevents.com/article.php

Peter-Schweizer Throw-Them-All-Out Federal-Gestap Crony-Capitalism Crony-Socialism Obammunism

shared by Gary Edwards on 16 Nov 11 - No Cached
  • Gary Edwards on 16 Nov 11
     
    n a chapter titled "Breaking the Back of Crony Capitalism," Schweizer lays out some much needed reforms that he hopes are undertaken. Here are some of his proposals: * Create a legal code that makes trading on nonpublic government information illegal both for those who pass the information and for those who trade on it.  * Corporate insiders trading their own company's stock are required to disclose these transactions to the SEC within two days. Why not apply the same standard to Congress?  * Members of Congress should not be allowed to trade stock in companies that are overseen by their committees. * Apply whistleblower laws to Congress. If it's good enough for federal workers and corporate employees, it should be good enough for Congress.  * Disallow "sweetheart" IPOs. Unless the initial public offering goes through a public auction, in which people can openly compete for shares in a bidding contest, members of Congress should not be allowed to participate. * Family members of legislators should not be allowed to become lobbyists. * The federal government needs to get out of the business of offering grants and taxpayer-backed loans.  Americans who have suspected that Washington does not have their interests at heart and wonder on their trips to the nation's capital how it is such a gilded boomtown will get answers in this book.  The country is at the beginning stages of a citizen revolt against the permanent political class whose interests are tied to the crony capitalistic system that benefits their own self-interest. 
Paul Merrell

The Trans-Pacific Partnership and the Death of the Republic | WEB OF DEBT BLOG - 0 views

ellenbrown.com/...-and-the-death-of-the-republic

trade agreements TPP fast-track Investor-State-DisputeSettlement ISDS legislation

shared by Paul Merrell on 26 Apr 15 - No Cached
  • On April 22, 2015, the Senate Finance Committee approved a bill to fast-track the Trans-Pacific Partnership (TPP), a massive trade agreement that would override our republican form of government and hand judicial and legislative authority to a foreign three-person panel of corporate lawyers. The secretive TPP is an agreement with Mexico, Canada, Japan, Singapore and seven other countries that affects 40% of global markets. Fast-track authority could now go to the full Senate for a vote as early as next week. Fast-track means Congress will be prohibited from amending the trade deal, which will be put to a simple up or down majority vote. Negotiating the TPP in secret and fast-tracking it through Congress is considered necessary to secure its passage, since if the public had time to review its onerous provisions, opposition would mount and defeat it.
  • The most controversial provision of the TPP is the Investor-State Dispute Settlement (ISDS) section, which strengthens existing ISDS  procedures. ISDS first appeared in a bilateral trade agreement in 1959. According to The Economist, ISDS gives foreign firms a special right to apply to a secretive tribunal of highly paid corporate lawyers for compensation whenever the government passes a law to do things that hurt corporate profits — such things as discouraging smoking, protecting the environment or preventing a nuclear catastrophe. Arbitrators are paid $600-700 an hour, giving them little incentive to dismiss cases; and the secretive nature of the arbitration process and the lack of any requirement to consider precedent gives wide scope for creative judgments. To date, the highest ISDS award has been for $2.3 billion to Occidental Oil Company against the government of Ecuador over its termination of an oil-concession contract, this although the termination was apparently legal. Still in arbitration is a demand by Vattenfall, a Swedish utility that operates two nuclear plants in Germany, for compensation of €3.7 billion ($4.7 billion) under the ISDS clause of a treaty on energy investments, after the German government decided to shut down its nuclear power industry following the Fukushima disaster in Japan in 2011.
  • Under the TPP, however, even larger judgments can be anticipated, since the sort of “investment” it protects includes not just “the commitment of capital or other resources” but “the expectation of gain or profit.” That means the rights of corporations in other countries extend not just to their factories and other “capital” but to the profits they expect to receive there.
  • ...6 more annotations...
  • Under the TPP, could the US government be sued and be held liable if it decided to stop issuing Treasury debt and financed deficit spending in some other way (perhaps by quantitative easing or by issuing trillion dollar coins)? Why not, since some private companies would lose profits as a result? Under the TPP or the TTIP (the Transatlantic Trade and Investment Partnership under negotiation with the European Union), would the Federal Reserve be sued if it failed to bail out banks that were too big to fail? Firestone notes that under the Netherlands-Czech trade agreement, the Czech Republic was sued in an investor-state dispute for failing to bail out an insolvent bank in which the complainant had an interest. The investor company was awarded $236 million in the dispute settlement. What might the damages be, asks Firestone, if the Fed decided to let the Bank of America fail, and a Saudi-based investment company decided to sue?
  • Just the threat of this sort of massive damage award could be enough to block prospective legislation. But the TPP goes further and takes on the legislative function directly, by forbidding specific forms of regulation. Public Citizen observes that the TPP would provide big banks with a backdoor means of watering down efforts to re-regulate Wall Street, after deregulation triggered the worst financial crisis since the Great Depression: The TPP would forbid countries from banning particularly risky financial products, such as the toxic derivatives that led to the $183 billion government bailout of AIG. It would prohibit policies to prevent banks from becoming “too big to fail,” and threaten the use of “firewalls” to prevent banks that keep our savings accounts from taking hedge-fund-style bets. The TPP would also restrict capital controls, an essential policy tool to counter destabilizing flows of speculative money. . . . And the deal would prohibit taxes on Wall Street speculation, such as the proposed Robin Hood Tax that would generate billions of dollars’ worth of revenue for social, health, or environmental causes.
  • Clauses on dispute settlement in earlier free trade agreements have been invoked to challenge efforts to regulate big business. The fossil fuel industry is seeking to overturn Quebec’s ban on the ecologically destructive practice of fracking. Veolia, the French behemoth known for building a tram network to serve Israeli settlements in occupied East Jerusalem, is contesting increases in Egypt’s minimum wage. The tobacco maker Philip Morris is suing against anti-smoking initiatives in Uruguay and Australia. The TPP would empower not just foreign manufacturers but foreign financial firms to attack financial policies in foreign tribunals, demanding taxpayer compensation for regulations that they claim frustrate their expectations and inhibit their profits.
  • What is the justification for this encroachment on the sovereign rights of government? Allegedly, ISDS is necessary in order to increase foreign investment. But as noted in The Economist, investors can protect themselves by purchasing political-risk insurance. Moreover, Brazil continues to receive sizable foreign investment despite its long-standing refusal to sign any treaty with an ISDS mechanism. Other countries are beginning to follow Brazil’s lead. In an April 22nd report from the Center for Economic and Policy Research, gains from multilateral trade liberalization were shown to be very small, equal to only about 0.014% of consumption, or about $.43 per person per month. And that assumes that any benefits are distributed uniformly across the economic spectrum. In fact, transnational corporations get the bulk of the benefits, at the expense of most of the world’s population.
  • Something else besides attracting investment money and encouraging foreign trade seems to be going on. The TPP would destroy our republican form of government under the rule of law, by elevating the rights of investors – also called the rights of “capital” – above the rights of the citizens. That means that TPP is blatantly unconstitutional. But as Joe Firestone observes, neo-liberalism and corporate contributions seem to have blinded the deal’s proponents so much that they cannot see they are selling out the sovereignty of the United States to foreign and multinational corporations.
  • For more information and to get involved, visit: Flush the TPP The Citizens Trade Campaign Public Citizen’s Global Trade Watch Eyes on Trade
Gary Edwards

Obama's Ersatz Capitalism: Joseph Stiglitz "Heads i win, tales the taxpayer loses" Obama's Ersatz Capitalism - NYTimes.com - 0 views

www.nytimes.com/...01stiglitz.html

obam-socialism financial-crisis joseph-stiglitz obama-bailout Banksters

shared by Gary Edwards on 13 Apr 09 - Cached
  • Gary Edwards on 13 Apr 09
     
    Paying fair market values for the assets will not work. Only by overpaying for the assets will the banks be adequately recapitalized. But overpaying for the assets simply shifts the losses to the government. In other words, the Geithner plan works only if and when the taxpayer loses big time. Some Americans are afraid that the government might temporarily "nationalize" the banks, but that option would be preferable to the Geithner plan. After all, the F.D.I.C. has taken control of failing banks before, and done it well. It has even nationalized large institutions like Continental Illinois (taken over in 1984, back in private hands a few years later), and Washington Mutual (seized last September, and immediately resold). What the Obama administration is doing is far worse than nationalization: it is ersatz capitalism, the privatizing of gains and the socializing of losses. It is a "partnership" in which one partner robs the other. And such partnerships - with the private sector in control - have perverse incentives, worse even than the ones that got us into the mess. So what is the appeal of a proposal like this? Perhaps it's the kind of Rube Goldberg device that Wall Street loves - clever, complex and nontransparent, allowing huge transfers of wealth to the financial markets. It has allowed the administration to avoid going back to Congress to ask for the money needed to fix our banks, and it provided a way to avoid nationalization. But we are already suffering from a crisis of confidence. When the high costs of the administration's plan become apparent, confidence will be eroded further. At that point the task of recreating a vibrant financial sector, and resuscitating the economy, will be even harder.
Gary Edwards

Doug Casey: All Banks Are Bankrupt - Casey Research - 1 views

www.caseyresearch.com/...g-casey-all-banks-are-bankrupt

Doug-Casey Banksters Cyprus Casey-Research

shared by Gary Edwards on 04 Apr 13 - No Cached
  • Gary Edwards on 04 Apr 13
     
    This interview should be must reading for every citizen of this world.  Doug Casey lays it out, explaining in the simplest of terms the problem of corrupt governments and banksters.  Put this RSS feed right next to Sir Charles' Priced In Gold" blog as essential to start your day with reading. excerpt: "Anyone with any sense should withdraw whatever cash they have in European banks, whether in euros or any other currency, immediately. Cyprus demonstrated that governments are quite willing and able to confiscate money sitting in a bank account in order to preserve the banking system. We live in Bizarro World. L: Why would it spread? Cyprus was said to be particularly vulnerable because of its strong Greek connections; Cypriot banks had bought of lot Greek debt. Would people in Luxembourg be as exposed? Doug: All banks are in effect creatures of the state at this point. They all own a lot of government bonds, which are considered the most secure form of capital. Of course, that's the opposite of the truth; all these governments are bankrupt as well. The Greek government is just more overtly bankrupt than most. Actually, we should take a minute here to discuss what a properly run banking system looks like. Historically, banks offered two types of accounts: demand deposits and time deposits. Demand deposits are what we call checking accounts today, but the original idea was that you'd pay your bank to store your money securely, and you had the right to "demand" your deposit back immediately, and to transfer funds via check. The idea of time deposits, which became savings accounts, was that the bank would pay you interest when you deposited your money with them for a specific period of time. That's why it's called a "time" deposit; you lent the bank your money for a given time, as did other depositors, and the banks would always know how much money they could lend out - at higher interest rates. Furthermore, loans made against time deposits were always short term
Gary Edwards

American Thinker: Sarah Palin's Declaration of Independence - 0 views

www.americanthinker.com/..._palins_declaration_of_in.html

socialism liberty conservative-manifesto obama-socialism marxism sarah-palin

shared by Gary Edwards on 13 Jul 09 - Cached
  • Gary Edwards on 13 Jul 09
     
    A declaration of War on the status quo ..... Excellent point-by-point summary of what has to be done to restore American liberty and prosperity, and the important role Sarah Palin can play. This article presents a conservative manifesto describing wha thas to be done to save America. The points are absolutely excellent. Excerpt: Mrs. Palin, you are now free of the Republican Party. The Party needs you more than you need it. To say that the Republican Party, on its own, has a charismatic void is a vast understatement. You are now free to wage all out war on the status quo. More importantly you are free to fashion a Reagan-esque Conservative alliance on your terms. At the risk of being presumptuous, I would suggest the following lines of attack for your war against the Democrats and the Obama/ Pelosi / Frank/ Dodd Economy. Free market capitalism must be emphasized as our only true hope for recovery -- not the crony capitalism of the Democrats..... Points include Energy Policy, Term Limit Congress, Repeal of government over-regulation, Taxes, the Judiciary, Border Protection, Abortion, Foreign Policy, and Dick "the Churchillian" Cheney
Gary Edwards

There is nothing new about Obama's Socialism: Mark Levine in The Corner on National Review Online - 0 views

corner.nationalreview.com/post

politics obama socialism marxism

shared by Gary Edwards on 29 Oct 08 - Cached
  • Gary Edwards on 29 Oct 08
     
    The "change" he peddles is not new. We've seen it before. It is change that diminishes individual liberty for the soft authoritarianism of socialism. It is a populist appeal that disguises government mandated wealth redistribution as tax cuts for the middle class, falsely blames capitalism for the social policies and government corruption (Fannie Mae and Freddie Mac) that led to the current turmoil in our financial markets, fuels contempt for commerce and trade by stigmatizing those who run successful small and large businesses, and exploits human imperfection as a justification for a massive expansion of centralized government. Obama's appeal to the middle class is an appeal to the "the proletariat," as an infamous philosopher once described it, about which a mythology has been created. Rather than pursue the American Dream, he insists that the American Dream has arbitrary limits, limits Obama would set for the rest of us - today it's $250,000 for businesses and even less for individuals. If the individual dares to succeed beyond the limits set by Obama, he is punished for he's now officially "rich."
Paul Merrell

Intelligence Archives - Secrecy News - 0 views

blogs.fas.org/...intelligence

surveillance state DoD social media

shared by Paul Merrell on 06 Aug 13 - No Cached
  • The U.S. military has been investigating the use of sophisticated data mining tools to probe social media and other open sources in order to support military operations against money laundering, drug trafficking, terrorism and other threats.  But the window for doing so may be closing as the social media landscape changes, according to an internal assessment. U.S. Special Operations Command (SOCOM) National Capital Region (NCR) conducted a series of experiments over the past year under the rubric “QUANTUM LEAP” that was intended to test “non-traditional” tools and techniques to advance the SOCOM mission. An after-action report on the first experiment said it “was successful in identifying strategies and techniques for exploiting open sources of information, particularly social media, in support of a counter threat finance mission.”  Counter threat finance refers to efforts to disrupt an adversary’s finances.  A copy of the SOCOM NCR report was obtained by Secrecy News.  See “Project QUANTUM LEAP: After Action Report,” 12 September 2012. “Major lessons learned were the pronounced utility of social media in exploiting human networks, including networks in which individual members actively seek to limit their exposure to the internet and social media…,” the report said.
  • The report said that as valuable as the opportunity created by new techniques for data mining of open sources appears to be, it may prove to be transient. “We are currently in a ‘window’ of opportunity for exploitation of social media sources for application to CTF [counter threat finance] or other SOCOM NCR missions. This window could be as narrow as 18-24 months before the social media phenomenon transforms. This future transformation is unknown and could offer additional opportunities, or existing opportunities could be closed, but the only thing that is certain is that there will continue to be rapid change.”
Gary Edwards

The Mythical Banking Crisis and the Failure of the New Deal :: The Mises Economics Blog: The Circle Bastiat - 0 views

bastiat.mises.org/...nd-the-failure-of-the-new-deal

Great-Depression FDR-Socialism David-Stockman Banksters

shared by Gary Edwards on 19 Mar 14 - No Cached
  • Gary Edwards on 19 Mar 14
     
    Everything you know about FDR, The New Deal and the Great Depression Banking Crisis is wrong!!!! "From David Stockman's Contra Corner. Remarks to the Committee For The Republic, Washington DC, February 2014 (Part 4 in a 6-Part Series) Go to Part 1. The Great Depression thus did not represent the failure of capitalism or some inherent suicidal tendency of the free market to plunge into cyclical depression-absent the constant ministrations of the state through monetary, fiscal, tax and regulatory interventions.  Instead, the Great Depression was a unique historical occurrence-the delayed consequence of the monumental folly of the Great War, abetted by the financial deformations spawned by modern central banking. But ironically, the "failure of capitalism" explanation of the Great Depression is exactly what enabled the Warfare State to thrive and dominate the rest of the 20th century because it gave birth to what have become its twin handmaidens--Keynesian economics and monetary central planning. Together, these two doctrines eroded and eventually destroyed the great policy barrier--that is, the old-time religion of balanced budgets- that had kept America a relatively peaceful Republic until 1914. To be sure, under Mellon's tutelage, Harding, Coolidge and Hoover strove mightily, and on paper successfully, to restore the pre-1914 status quo ante on the fiscal front.  But it was a pyrrhic victory-since Mellon's surpluses rested on an artificially booming, bubbling economy that was destined to hit the wall. The Hoover Recovery of 1932 Worse still, Hoover's bitter-end fidelity to fiscal orthodoxy, as embodied in his infamous balanced budget of June 1932, got blamed for prolonging the depression.  Yet, as I have demonstrated in the chapter of my book called "New Deal Myths of Recovery", the Great Depression was already over by early summer 1932."
Gary Edwards

The Fourth Industrial Revolution: what it means and how to respond - Agenda - The World Economic Forum - 0 views

agenda.weforum.org/...at-it-means-and-how-to-respond

shared by Gary Edwards on 26 Dec 15 - No Cached
  • The First Industrial Revolution used water and steam power to mechanize production. The Second used electric power to create mass production. The Third used electronics and information technology to automate production. Now a Fourth Industrial Revolution is building on the Third, the digital revolution that has been occurring since the middle of the last century. It is characterized by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres.
  • Like the revolutions that preceded it, the Fourth Industrial Revolution has the potential to raise global income levels and improve the quality of life for populations around the world. To date, those who have gained the most from it have been consumers able to afford and access the digital world; technology has made possible new products and services that increase the efficiency and pleasure of our personal lives. Ordering a cab, booking a flight, buying a product, making a payment, listening to music, watching a film, or playing a game—any of these can now be done remotely.
  • In the future, technological innovation will also lead to a supply-side miracle, with long-term gains in efficiency and productivity. Transportation and communication costs will drop, logistics and global supply chains will become more effective, and the cost of trade will diminish, all of which will open new markets and drive economic growth.
  • ...16 more annotations...
  • As automation substitutes for labor across the entire economy, the net displacement of workers by machines might exacerbate the gap between returns to capital and returns to labor. On the other hand, it is also possible that the displacement of workers by technology will, in aggregate, result in a net increase in safe and rewarding jobs.
  • I am convinced of one thing—that in the future, talent, more than capital, will represent the critical factor of production.
  • This will give rise to a job market increasingly segregated into “low-skill/low-pay” and “high-skill/high-pay” segments, which in turn will lead to an increase in social tensions.
  • In addition to being a key economic concern, inequality represents the greatest societal concern associated with the Fourth Industrial Revolution.
  • The largest beneficiaries of innovation tend to be the providers of intellectual and physical capital—the innovators, shareholders, and investors—which explains the rising gap in wealth between those dependent on capital versus labor.
  • Technology is therefore one of the main reasons why incomes have stagnated, or even decreased, for a majority of the population in high-income countries: the demand for highly skilled workers has increased while the demand for workers with less education and lower skills has decreased. The result is a job market with a strong demand at the high and low ends, but a hollowing out of the middle.
  • A winner-takes-all economy that offers only limited access to the middle class is a recipe for democratic malaise and dereliction.
  • An underlying theme in my conversations with global CEOs and senior business executives is that the acceleration of innovation and the velocity of disruption are hard to comprehend or anticipate and that these drivers constitute a source of constant surprise, even for the best connected and most well informed. Indeed, across all industries, there is clear evidence that the technologies that underpin the Fourth Industrial Revolution are having a major impact on businesses.
  • On the supply side, many industries are seeing the introduction of new technologies that create entirely new ways of serving existing needs and significantly disrupt existing industry value chains. Disruption is also flowing from agile, innovative competitors who, thanks to access to global digital platforms for research, development, marketing, sales, and distribution, can oust well-established incumbents faster than ever by improving the quality, speed, or price at which value is delivered.
  • Major shifts on the demand side are also occurring, as growing transparency, consumer engagement, and new patterns of consumer behavior (increasingly built upon access to mobile networks and data) force companies to adapt the way they design, market, and deliver products and services.
  • A key trend is the development of technology-enabled platforms that combine both demand and supply to disrupt existing industry structures, such as those we see within the “sharing” or “on demand” economy. These technology platforms, rendered easy to use by the smartphone, convene people, assets, and data—thus creating entirely new ways of consuming goods and services in the process. In addition, they lower the barriers for businesses and individuals to create wealth, altering the personal and professional environments of workers. These new platform businesses are rapidly multiplying into many new services, ranging from laundry to shopping, from chores to parking, from massages to travel.
  • On the whole, there are four main effects that the Fourth Industrial Revolution has on business—on customer expectations, on product enhancement, on collaborative innovation, and on organizational forms.
  • Overall, the inexorable shift from simple digitization (the Third Industrial Revolution) to innovation based on combinations of technologies (the Fourth Industrial Revolution) is forcing companies to reexamine the way they do business. The bottom line, however, is the same: business leaders and senior executives need to understand their changing environment, challenge the assumptions of their operating teams, and relentlessly and continuously innovate.
  • governments will increasingly face pressure to change their current approach to public engagement and policymaking, as their central role of conducting policy diminishes owing to new sources of competition and the redistribution and decentralization of power that new technologies make possible.
  • Ultimately, the ability of government systems and public authorities to adapt will determine their survival. If they prove capable of embracing a world of disruptive change, subjecting their structures to the levels of transparency and efficiency that will enable them to maintain their competitive edge, they will endure. If they cannot evolve, they will face increasing trouble.
  • In the end, it all comes down to people and values. We need to shape a future that works for all of us by putting people first and empowering them. In its most pessimistic, dehumanized form, the Fourth Industrial Revolution may indeed have the potential to “robotize” humanity and thus to deprive us of our heart and soul. But as a complement to the best parts of human nature—creativity, empathy, stewardship—it can also lift humanity into a new collective and moral consciousness based on a shared sense of destiny. It is incumbent on us all to make sure the latter prevails.
Gary Edwards

Obama's assault on capitalism is killing the Dow: Moving to a European-Style Social Welfare State and Long-Run Economic Stagnation - 0 views

online.wsj.com/...SB123629969453946717.html

michael-boskin financial-crisis obama-socialism banksters

shared by Gary Edwards on 06 Mar 09 - Cached
  • Increasing the top tax rates on earnings to 39.6% and on capital gains and dividends to 20% will reduce incentives for our most productive citizens and small businesses to work, save and invest -- with effective rates higher still because of restrictions on itemized deductions and raising the Social Security cap. As every economics student learns, high marginal rates distort economic decisions, the damage from which rises with the square of the rates (doubling the rates quadruples the harm).
  • New and expanded refundable tax credits would raise the fraction of taxpayers paying no income taxes to almost 50% from 38%. This is potentially the most pernicious feature of the president's budget, because it would cement a permanent voting majority with no stake in controlling the cost of general government.
    • Gary Edwards
      Gary Edwards on 06 Mar 09
       
      Maybe this change in the tax base will make it impossible in the future to assemble another Reagan coalition? Libertarians, patriotic repubicans, and patriotic blue collar democrats?
  • Unfortunately, our history suggests new government programs, however noble the intent, more often wind up delivering less, more slowly, at far higher cost than projected, with potentially damaging unintended consequences. The most recent case, of course, was the government's meddling in the housing market to bring home ownership to low-income families, which became a prime cause of the current economic and financial disaster.
  • Gary Edwards on 06 Mar 09
     
    President Obama is returning to Jimmy Carter's higher taxes and Mr. Clinton's draconian defense drawdown. Mr. Obama's $3.6 trillion budget blueprint, by his own admission, redefines the role of government in our economy and society. The budget more than doubles the national debt held by the public, adding more to the debt than all previous presidents -- from George Washington to George W. Bush -- combined. It reduces defense spending to a level not sustained since the dangerous days before World War II, while increasing nondefense spending (relative to GDP) to the highest level in U.S. history. And it would raise taxes to historically high levels (again, relative to GDP). And all of this before addressing the impending explosion in Social Security and Medicare costs.
Gary Edwards

Of course he's a socialist! : American Thinker - 0 views

www.americanthinker.com/...of_course_hes_a_socialist.html

obama-socialism

shared by Gary Edwards on 13 Mar 09 - Cached
  • Gary Edwards on 13 Mar 09
     
    Of course he's a socialist. The real question is, how does he feel about America? His favorite Sunday preacher for the last twenty years is simply obsessed with a frothing hatred for this country. His good buddies Bill and Bernardine have been expressing their rage loud and proud since the Sixties. As president, O is trying to put Chas Freeman in charge of the National Intelligence Estimates, a man who is neither competent, nor temperamentally suited, nor emotionally able to restrain his animosity against American Jews who love Israel just as they love America (... because, for one thing, they love democracy, and can recognize fascists even in drag.)  Newsweek tells us we're all socialists now. That's an obvious lie, because the Newsweek socialists like Evan Thomas suffer from regular nightmares that American conservatives will find another Ronald Reagan. But that raised the question of socialism. Obama danced away from it, of course, when a NYT reporter actually asked him. Whoooo me? Socialism is internationalist, and that means a genuine dual loyalty for a president of the United States. Marxists are convinced there is an inevitable contradiction between love of country and love of humanity. That's why it's called the Socialist International, and why the anthem is the Internationale. They haven't made a secret of it. Internationalist fervor controls their actions, including very successful efforts to whip up black feelings against whites, women against men, and everybody against capitalism, no matter how many billions of people it has raised out of poverty. The whole point about the global warming scam is to empower the internationalist Ruling Class.
Paul Merrell

Democratic Pundits Downplay Serious Ethical Issues Raised by the Clinton Foundation - 0 views

theintercept.com/...clinton-foundation-spin

Auction 2016 Hillary Clinton-Foundation corruption bribery

shared by Paul Merrell on 27 Aug 16 - No Cached
  • The Associated Press story this week revealing that as secretary of state, Hillary Clinton frequently met with donors to the Clinton Foundation, set off a firestorm in the media. Many Democrats and sympathetic pundits are criticizing the article — and have made the sweeping claim that, contrary to many deeply reported investigations, there is no evidence that well-heeled backers of the foundation received favorable treatment from the State Department. While there are some legitimate criticisms of the AP story — its focus, for instance, on a Nobel Peace Prize winner meeting with Clinton distracts from the thesis of the piece — it is nonetheless a substantive investigation based on calendars that the State Department has fought to withhold from the public. The AP took the agency to court to obtain a partial release of the meeting logs. Other commentators took issue with a tweet promoting the AP piece, which they said might confuse readers because the AP story reflected private sector meetings, not overall meetings. But in challenging the overall credibility of the AP story, Clinton surrogates and allies are going well beyond a reasoned critique in an effort to downplay the serious ethical issues raised by Clinton Foundation activities.
  • The assertions above obscure the problems unearthed through years of investigative reporting on the foundation. Journalist David Sirota, who has reported extensively on the Clinton Foundation, rounded up a sample of the stories that provide a window into Clinton Foundation issues: The Washington Post found that two months after Secretary Clinton encouraged the Russian government to approve a $3.7 billion deal with Boeing, the aerospace company announced a $900,000 donation to the Clinton Foundation. The Wall Street Journal found that Clinton made an “unusual intervention” to announce a legal settlement with UBS, after which the Swiss bank increased its donations to, and involvement with, the Clinton Foundation. The New York Times reported that a Russian company assumed control of major uranium reserves in a deal that required State Department approval, as the chairman of the company involved in the transaction donated $2.35 million to the Clinton Foundation.
  • The Intercept has also reported on the Clinton Foundation and the conduct of the State Department under Clinton. Leaked government documents obtained by The Intercept revealed that the Moroccan government lobbied Clinton aggressively to influence her and other officials on the Moroccan military occupation of Western Sahara, which holds some of the world’s largest reserves of phosphate, a lucrative export for the kingdom. As part of its strategy for influence, the Moroccan government and companies controlled by the kingdom donated to the Bill Clinton presidential library, the Clinton Foundation, and hired individuals associated with the Clinton political network. Despite a statement by the Obama administration that suggested it would reverse the previous Bush administration support for the Moroccan government and would back a U.N.-negotiated settlement for the conflict in Western Sahara, Clinton announced there would be “no change” in policy — and has gone on to praise the Moroccan government’s human rights record. As recently as Monday, we learned that after being denied an official meeting with the State Department, Peabody Energy, the worlds largest coal company, used a consultant who donated heavily to the Clinton Foundation to back channel and attempt to set up a meeting with Clinton via her aide Huma Abedin. The consultant, Joyce Aboussie, wrote that “It should go without saying that the Peabody folks” reached out to her because of her “relationship with the Clinton’s [sic].” Peabody and Aboussie have declined to comment, and it is unclear if the meeting took place.
  • ...2 more annotations...
  • There may be many other potential influence-peddling stories, but the State Department has not released all of the emails from Clinton’s private server and other meeting log documents, while redacting identifying information that could shed light on other stories. For example, Mother Jones and The Intercept have reported that Clinton used the State Department to promote fracking development across the globe, and in particular her agency acted to benefit particular companies such as a Chevron project in Bulgaria and ExxonMobil’s efforts in Poland. Both ExxonMobil and Chevron are major donors to the Clinton Foundation. The release of more meeting log documents and emails would certainly reveal a better picture of potential influence.
  • Earlier this year, in similar fashion to the questions raised about the Clinton Foundation, Democrats in Arizona raised influence peddling concerns regarding the reported $1 million donation from the Saudi Arabian government to the McCain Institute for International Leadership, a nonprofit group closely affiliated with Sen. John McCain, R-Ariz. As chairman of the Armed Services Committee, McCain oversees a range of issues concerning Saudi Arabia, including arms sales. But none of the pundits rushing to the defense of the Clinton Foundation defended McCain. In fact, the more Clinton’s allies have worked to defend big money donations to the Clinton Foundation, the more closely they resemble the right-wing principles they once denounced. In one telling argument in defense of the Clinton Foundation, Media Matters, another group run by David Brock, argued this week that there was “no evidence of ethics breaches” because there was no explicit quid pro quo cited by the AP. The Media Matters piece mocked press figures for focusing on the “optics” of corruption surrounding the foundation. Such a standard is quite a reversal for the group. In a piece published by Media Matters only two years ago, the organization criticized conservatives for focusing only on quid pro quo corruption — the legal standard used to decide the Citizens United and McCutcheon Supreme Court decisions — calling such a narrow focus a “new perspective of campaign finance” that dismisses “concerns about institutional corruption in politics.” The piece notes that ethics laws concerning the role of money in politics follow a standard, set forth since the Watergate scandal, in which even the appearance, or in other words, the “optics” of corruption, is cause for concern.
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.”
  • ...3 more annotations...
  • 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.
Gary Edwards

Speculators, Politicians, and Financial Disasters : A history of Banking and Socialism - 0 views

www.commentarymagazine.com/...the-madness-of-crowds-13180

politics banking socialism fannie-freddie

shared by Gary Edwards on 29 Oct 08 - Cached
  • As the sorry tale of the S&L crisis suggests, the road to financial hell is sometimes paved with good intentions. There was nothing malign in attempting to keep these institutions solvent and profitable; they were of long standing, and it seemed a noble exercise to preserve them. Perhaps even more noble, and with consequences that have already proved much more threatening, was the philosophy that would eventually lead the United States into its latest financial crisis—a crisis that begins, and ends, with mortgages. A mortgage used to stay on the books of the issuing bank until it was paid off, often twenty or thirty years later. This greatly limited the number of mortgages a bank could initiate. In 1938, as part of the New Deal, the federal government established the Federal National Mortgage Association, nicknamed Fannie Mae, to help provide liquidity to the mortgage market.
  • it was, ironically, the New Deal that institutionalized discrimination against blacks seeking mortgages. In 1935 the Federal Housing Administration (FHA), established in 1934 to insure home mortgages, asked the Home Owner’s Loan Corporation—another New Deal agency, this one created to help prevent foreclosures—to draw up maps of residential areas according to the risk of lending in them. Affluent suburbs were outlined in blue, less desirable areas in yellow, and the least desirable in red. The FHA used the maps to decide whether or not to insure a mortgage, which in turn caused banks to avoid the redlined neighborhoods. These tended to be in the inner city and to comprise largely black populations. As most blacks at this time were unable to buy in white neighborhoods, the effect of redlining was largely to exclude even affluent blacks from the mortgage market.
  • In 1977, responding to political pressure to abolish the practice, Congress finally passed the Community Reinvestment Act, requiring banks to offer credit throughout their marketing areas and rating them on their compliance. This effectively outlawed redlining.
  • ...4 more annotations...
  • in 1995, regulations adopted by the Clinton administration took the Community Reinvestment Act to a new level. Instead of forbidding banks to discriminate against blacks and black neighborhoods, the new regulations positively forced banks to seek out such customers and areas. Without saying so, the revised law established quotas for loans to specific neighborhoods, specific income classes, and specific races. It also encouraged community groups to monitor compliance and allowed them to receive fees for marketing loans to target groups.
  • the Clinton changes in 1995. As part of them, Fannie and Freddie were now permitted to invest up to 40 times their capital in mortgages; banks, by contrast, were limited to only ten times their capital. Put briefly, in order to increase the number of mortgages Fannie and Freddie could underwrite, the federal government allowed them to become grossly undercapitalized—that is, grossly to reduce their one source of insurance against failure. The risk of a mammoth failure was then greatly augmented by the sheer number of mortgages given out in the country.
    • Gary Edwards
      Gary Edwards on 29 Oct 08
       
      wow, there's that "40 to 1" lending to asset ratio that took down the big five investment banks in October of 2008!
  • Since banks knew they could offload these sub-prime mortgages to Fannie and Freddie, they had no reason to be careful about issuing them. As for the firms that bought the mortgage-based securities issued by Fannie and Freddie, they thought they could rely on the government’s implicit guarantee. AIG, the world’s largest insurance firm, was happy to insure vast quantities of these securities against default; it must have seemed like insuring against the sun rising in the West.
  • remaining at the heart of the financial beast now abroad in the world are Fannie Mae and Freddie Mac and the mortgages they bought and turned into securities. Protected by their political patrons, they were allowed to pile up colossal debt on an inadequate capital base and to escape much of the regulatory oversight and rules to which other financial institutions are subject. Had they been treated as the potential risks to financial stability they were from the beginning, the housing bubble could not have grown so large and the pain that is now accompanying its end would not have hurt so much.
  • Gary Edwards on 29 Oct 08
     
    Fueled by easy credit, the real-estate market had been rising swiftly for some years. Members of Congress were determined to assure the continuation of that easy credit. Suddenly, the party came to a devastating halt. Defaults multiplied, banks began to fail. Soon the economic troubles spread beyond real estate. Depression stalked the land. The year was 1836.
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.  
Gary Edwards

A Finalized Path to Full, Socialized Medicine in America -- Thanks to Conservatives - Forbes - 0 views

www.forbes.com/...merica-thanks-to-conservatives

Richard-Salsman TB2-Roberts ObamaCare-TAX

shared by Gary Edwards on 05 Jul 12 - No Cached
  • the kind of “soft despotism” Tocqueville warned of in 1835, a “tyranny of the majority” unique to democracy itself, as it is to every other form of mob rule.
  • Hamiltonian Federalists, adamantly opposed democracy and vigorously defended a constitutionally-limited federal republic, because the first violated individual rights, while the latter protected them.
  • Jeffersonians opposed the new Constitution, condoned slavery, championed Rousseau’s “popular will,” and favored democracy; today their progeny can be found among the liberty-crushing Obama zombies.
    • Gary Edwards
      Gary Edwards on 05 Jul 12
       
      I din't agree with this statement!!  Jefferson fully supported the Madison Constitutional design.  If anything though, Jefferson was concerned about the sovereignty and power of the States as a limiting force on the Federal government.  This belief was excercized in 1798 when Jefferson and Madison took their opposition to the horrid  Adams-Federalist "Alien and Sediton Act" directly to the State legislatures.  Jefferson and Madison did not turn to to the federal Congress, that had passed the Act. they went straight to the States legislatures to marshal opposition and counter this first assault on  the Constitution and Bill of Rights (first andammendment).
  • Gary Edwards on 05 Jul 12
     
    Nice summary of the TB2 Roberts Obamacare/Tax supremecist court ruling.  Author Richard Salsman concludes that we now have a Totalitarian government under the rule of men; not the Constitutional Republic and Rule of Law the Founding Fathers left us.   excerpt: Once again American conservatives have struck a lethal blow against freedom, rights and capitalism. The U.S. Supreme Court's 5-4 ruling today, condoning every sordid feature of the 2700-page, rights-violating "ObamaCare" law, ensures that America will move still farther and faster down the path to full, socialized medicine, a path first paved in the 1960s, with Medicare and Medicaid. The lawless ruling was made possible by the vote of Chief Justice John Roberts, an appointee of "compassionate conservative" George W. Bush. With today's ruling the U.S. government can do virtually anything it wishes to its citizens - liberty and rights be damned, without limit. Officially in America we now have a totally arbitrary and limitless government. That is, we have a "total government." In short, we've got totalitarian government. As to how much further liberty we may lose in our lifetimes, it'll depend only on how arbitrary and vicious reigning rulers choose to be, or not. There's no real Rule of Law any more, only the Rule of Men - and these are mostly ignorant, reckless men.
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