July 3, 2013
First they came for the Tea Party
and I didn’t speak out because I was not a member of the Tea Party
Then they came for the rich
and I didn’t speak out because I was not rich
Then they came for private market entrepreneurs
and I didn’t speak out because I was not an entrepreneur
Then they came for the advocates of freedom
and there were insufficient numbers left in America to speak out for me.
Thank you Edward Snowden for speaking out for me and my fellow patriots!
July 3, 2013
How do you think Barack Obama would feel and behave if Air Force One was intercepted by two allegedly peaceful nations and forced to land for a 12 hour search of his plane to determine whether he was ferrying a refugee from tyranny to freedom? Not the kind of situation that this particular president would relish, I surmise.
Well President Morales of Bolivia was treated in exactly this way by the governments of France and Portugal, who denied the equivalent of Bolivia’s Air force One the right to cross their air-space during his return flight from Moscow to his own country. Apparently, Emperor (Caligula) Obama has demanded just such a network of blocked air-routes from any country desperate for the continued goodwill of the United States as long as Edward Snowden remains on the loose from his hounds from Hell. President Morales’ plane was uncontaminated by this fugitive from tyranny, but no apology so far is forthcoming from the United States.
Maybe Obama should attempt to have President Putin’s presidential aircraft grounded in a similar manner? If so, I predict that Obama would have to hire a Caligula-type poison-taster for all his meals. And the price-tag on the appointment would be high indeed, especially if tea consumption had to be policed.
How far will this wretched administration go in order to protect itself from evidence of its despicable network of spies, eaves-droppers and wire-tappersD Do you now believe that President Morales has any residual belief in the United States as the Land of the Free and the Home of the Brave?
On Independence Day, tomorrow, you may well want to say a few words of sad remembrance for that noble concept, before you watch the Emperor’s firework display.Bear in mind how Caligula and his successors controlled the People of Rome through a ‘generous’ provision of circuses!
July 2, 2013
At his June 19 press conference, Fed Chairman Ben Bernanke outlined the Fed’s plan to start reducing the pace of bond-buying later in 2013 and to end purchases by the middle of 2014. He conditioned this plan on a substantial improvement in the U.S. labor market, leading to an unemployment rate of about 7 per cent by mid-2014 with an increased rate of economic growth.
There can be no realistic expectation that the U.S economy will deliver on these projections. Over the past 12 months, unemployment has fallen from 8.2 per cent to 7.6 per cent. However, there has been no increase in the ratio of employment to population, no decline in the teenage unemployment rate, and virtually no increase in the real average weekly wage for those who are employed.
The Fed assumes that real GDP will grow by 2.5 per cent during the four quarters of 2013. With a growth rate of only 1.8 per cent in the first quarter and a likely greowth rate of only 1.7 per cent in the second quarter, the growth rate will have to jump to more than 3 per cent in the last two quarters to meet this expectation. And that is well nigh impossible.
U.S. exports are declining in response to weakening demand internationally and to a rising dollar. The Obama tax hike in January coupled to the spending sequester continues to drag down aggregate demand. These effects significantly outweigh the small positive effect on GDP from increased residential investment.
Yet, the market has reacted as if the taper is already in place. As bond yields continue to rise, the aggregate economy will respond in a similar fashion. So it makes a great deal of sense for the Fed to accept expectations and to begin the taper immediately. Such a policy would counter the tendency of investors to seek higher yields in high-risk securities. It would allow normal market forces to return, lifting long-term bond interest rates to the traditional 2 per cent above the inflation rate; or even more, given the debt crisis that continues to overhang the U.S. economy.
‘Do well while doing good’ should be the mantra of an independent Fed. Of course, much depends on the meaningfulness of the word ‘independent’.
Hat Tip: Martin Feldstein, ‘The Fed Shoud Start To ‘Taper’ Now’, The Wall Street Journal, July 2, 2013
July 1, 2013
Some readers may be acquainted with two popular television/dvd series on the corruption of democratic political systems promoted under the title: The House of Cards. The earlier series focuses attention on the British parliamentary system. The later take-off of that series focuses attention on the U.S. republican system of government.
In both series, a central figure – Francis Urquart in Britain and Francis Underwood in the U.S. – plays the key role in dirty, greedy, self-obsessed, sexually harassing, politicking. Readers may notice that in both instances the leading characters’ initials are FU. That is no accident, but rather a signal as to how precisely they operate. In both cases, the wives of these despicable individuals are co-dependents who grease the wheels for their mates in return for perceived side-benefits; that is until the side-benefits are no longer quite so apparent.
I shall not provide details of the two series, since I encourage readers who desire to have a good understanding of politics, as it really is in Britain and in America, to access both series. it is best to watch the British series first since this is the model for the second.
When you view the succeeding episodes, and wonder whether the stories truly reflect reality, I Suggest, in the case of Britain, that you think back to the prime minister-ships of Lloyd George, Harold Wilson, and John Major. In the case of the United States, I suggest that you think back to the presidencies of FDR, John Kennedy, Lyndon Johnson, and Bill Clinton. In each case those corrupt individuals operated with the full complicity of their co-dependent spouses.
Watch, enjoy, but always remember when you cast your vote in the ballot box!