During his own campaign for President, Ron Paul said several times “when you subsidize something, you get more of it”. This is true even for the recent penchant for our federal government to bail out failing financial institutions. The entire U.S. financial system is based on debt. No matter how much the feds choose to remove from our pockets there will never be enough to change the inevitable. Our elected officials are acting as bad parents spoiling the misbehaving children of the financial markets.
The feds are sending all the wrong signals. Is there any reason not to max out every one of my credit cards and purchase as much gold as I can? If the government is getting in the business of forgiving debts then why not include everyone? Oh wait, that’s right, the government is only interested in bailing out those institutions that deserve to fail. A typical family of four with a bit of debt and an upside down mortgaged house is not worthy, at least not directly.
The truth is no institution, no family, and no individual should be worthy of a government bailout. The redistribution of wealth is not supposed to be in the fabric of America. It is getting to the point that one wonders if the next President will be sworn in on the Communist Manifesto rather than the Bible.
Jim Bunning today sounded a bit like Ron Paul when he spoke out against the proposed $700 billion bailout. He called the bailout financial socialism. Watch/Listen for yourself below.
On September 23, U.S. District Court Judge James Brady ruled that Bob Barr should be on the Louisiana ballot, but that co-plaintiff Brian Moore (Socialist Party nominee) should not be on. The case is Libertarian Party et al v Dardenne, 08-cv-582. The judge stayed his opinion for two days to give the state a chance to appeal to the 5th circuit.
Judge Brady differentiated between Barr and Moore by noting that the Libertarian Party is a ballot-qualified party, whereas the Socialist Party is not. He said the law gives a qualified party a three-day grace period, but that the law does not extend that to unqualified parties. The written decision is not available yet; the judge spoke orally. The written opinion should be available by 5 p.m. central time.
This is some good news for Barr after the not surprising failure of his lawsuit in Texas.
In disbelief that with all the financial fallout last week there were no bank failures? Believe again, on Friday a FDIC team closed Ameribank, a small bank in West Virginia. The Associated Press reported “Ameribank ran into trouble because of “excessive growth” in the construction loans for property rehabilitation, mainly in low- and moderate-income housing markets, according to the federal Office of Thrift Supervision.” The bank had been “critically undercapitalized” for the past year.
This bank failure will cost the FDIC $42 million, just 0.1% of the FDIC’s remaining funds of somewhere in the mid-40 billions. However, $42 million is $42 million.
Be on the lookout for further failures. Is the day when YOUR bank goes under and the FDIC posts a page like this on its webpage? Washington Mutual in particular has notable recent issues with its share price and capital, but Citigroup, Wachovia, Wells Fargo, Bank of America and many others are also not doing well.
AUSTIN — The Texas Supreme Court has denied Libertarian presidential candidate’s Bob Barr attempt to keep the names John McCain and Barack Obama off the state’s November ballot.
The court did not explain the reason for its decision Tuesday.
Ron Paul was interviewed for more than 10 minutes on the NPR show “Tell Me More” with Michel Martin today regarding the recent bailouts. The interview was a bit contentious at times with Ron Paul becoming a bit defensive about a question regarding receiving campaign contributions from the financial industry. His recent announced support of Chuck Baldwin was not discussed.
Ron Paul, in a special commentary to CNN writes about how the recent bailouts will lead to rough economic times. Ron Paul has become the defacto economic teacher on the side of free markets. Here he echoes much of what he’s been preaching for his many years in politics, but the fact that it is on CNN certainly lends credibility to his tutoring.
Many Americans today are asking themselves how the economy got to be in such a bad spot.
For years they thought the economy was booming, growth was up, job numbers and productivity were increasing. Yet now we find ourselves in what is shaping up to be one of the most severe economic downturns since the Great Depression.
Unfortunately, the government’s preferred solution to the crisis is the very thing that got us into this mess in the first place: government intervention.
Ever since the 1930s, the federal government has involved itself deeply in housing policy and developed numerous programs to encourage homebuilding and homeownership.
Government-sponsored enterprises Fannie Mae and Freddie Mac were able to obtain a monopoly position in the mortgage market, especially the mortgage-backed securities market, because of the advantages bestowed upon them by the federal government.
The Suppression of the Gold Market Goes Mainstream, Thanks to Citigroup. And a few interesting back-of-envelope calculations about where the price of gold could go.
I want to share some information on gold and a few calculations with you all. First my simple premise in case you have missed it in prior articles.
Fiat currency is a scheme perpetrated by central banks and the tacit (or is it helpless?) permission from their governments. Fiat currency is almost completely worthless and has no intrinsic value. Ultimately (no predictions as to when) electronic and paper fiat money will be worthless. All of the world’s fiat money is actually a form of debt, and it results in never-ending currency debasement, of which one way is expanding the money supply, aka “printing more money,” aka inflation. To make their scheme work, they intervene in the precious metal markets to manipulate the prices of silver and especially gold. By keeping the prices of real honest money suppressed, they try to make their fiat currency look stronger.
It gets quite a bit more complicated with derivatives (especially!), fractional reserve banking, central banking, currency exchange rates, low-cost exploitation of resource-rich regions, politics, and governmental and nongovernmental stock market manipulations but the above is the heart of it.
Welcome to next evolution of the Global War of Terror (GWOT) in Pakistan. Open your eyes and see the blowback possibilities for a Marriott Bombing on American soil. Bush is reducing our national security, as he has done since taking office in 2000.
It is pretty hard to miss a war, but the American press is trying their best. Since the American mainstream media is (mostly) ignoring this war, I will do my best to inform you. As I am short on time, I refer you to my past articles, which are at the end of the article. This article will take the form of a timeline, which will be incomplete but still hopefully give you a good idea of what is occurring in Pakistan. Quite frankly, it’s a mess. But first let’s start with a couple quotes:
Dr. Ron Paul (when permitted to speak) at the 07 Republican Presidential Debate on our logic in attacking Iraq instead of Bin Laden following 9/11
“Let me see if I get this right we need to borrow $10 Billion from China, and then we give it to Musharraf, who is a Military Dictator, who Overthrew an Elected Government, then We Go to War, Losing all these Lives, Promoting Democracy?”
Jake, the Champion of the Constitution, on 9/22/2008, in a vehement, furious tone to his unrestrained, unconstitutional government:
“Let me see if I get this right. We borrowed $10 Billion from China, then gave it Pakistan’s military dictator, and now we send in our troops into harm’s way KNOWING that the Pakistani military is going to fire at them with warplanes, bullets, and missiles they bought WE SUPPLIED TO THEM, just to give Bush a n extra chance to manipulate the November election by killing this bin Laden fugitive who has been living in caves for seven years that the Taliban wanted to handover to us for free^ – a guy we do not even have the legal evidence to prove in a court of law that he caused 9/11!”*
Liberty Maven
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