What an interesting discussion Judge Napolitano had with the wonderful Robert Higgs on Freedom Watch last Friday. They discuss how Barack Obama is more easily compared to Herbert Hoover than FDR.
It wasn’t that long ago that it was considered unthinkable that our government, with all its confiscatory taxes at various levels (local, state, federal) would also impose a national sales taxes on all goods, but that’s exactly what’s being proposed at the highest levels. They are desperate. Get ready to pay more.
NEW YORK (CNNMoney.com) — President Obama has been steadfast in his pledge that he won’t raise taxes on those making less than $250,000. But that doesn’t mean only high-income households will be subject to higher taxes.
An increasing number of influential Democrats and fiscal-policy experts have signaled that lawmakers will have to get a handle on the deficit. And they recommend seriously considering the creation of a value-added tax (VAT) on top of the federal income tax.
That could mean more money out of everyone’s pockets when buying virtually anything — sweaters, school books, furniture, pottery classes, dinners out.
A VAT is tax on consumption similar to a national sales tax. But it’s not just paid at the cash register. It’s levied at every stage of production. So all businesses involved in making a product or performing a service would pay a VAT. And then the end-user — such as the retail customer — ponies up as well.
For those market boosters who are prattling on about the possibility of a “jobless recovery,” I offer an invitation to join me for a breakfast of “fat-free bacon,” “eggless omelets,” and “no-carb bread.” As unappetizing as such a meal may sound, it would nevertheless offer more substance than the oxymoronic concept of an economic resurgence without job creation.
Those who do cling to the absurd belief that, absent exponential productivity gains, the economy can expand while workers are being laid off will undergo a massive test of their convictions now that it’s clear the employment picture is bleak. Today’s weaker-than-expected report on non-farm payrolls revealed that employers shed 263,000 jobs in September. The losses propelled the headline unemployment rate to a 26-year high of 9.8%. U6, the Bureau of Labor Statistics’ most complete measure of unemployment, has risen to a dismal 17%. This figure includes those people who want to work full time, but have simply given up looking, or who have accepted part-time work in the interim. As it is similar to the methodology used during the Great Depression, U6 offers better historical perspective on the severity of our current crisis.
Taken together with yesterday’s larger-than-expected pickup in unemployment claims (first time claims rose by 17,000 to 551,000), today’s report makes it certain that the job market is still contracting, even while some indicators like GDP and consumer confidence are moving in the opposite direction.
There is no question that the sense of panic has temporarily subsided. In recent interviews, Treasury Secretary Geithner has been almost giddy in his descriptions of the recovery – all the while crediting his own policies for averting disaster. Americans are once again taking the government’s bait by spending money they don’t have to buy things they can’t afford. Evidence of this trend was contained in data released earlier this week which showed that even while income growth was largely stagnant, U.S. consumers showed the biggest month-over-month increase in personal spending in ten years! With the same report showing a 25% drop in the savings rate, the source of the spending money is clear. But depleting savings and increasing borrowing does not a recovery make.
To really recuperate, the government must allow market forces to restructure our economy. The government and individuals must rein in their spending; we must replenish our stock of savings, allow interest rates to rise, asset prices to adjust to economic reality, insolvent businesses to fail, and wages to reflect productivity. To accomplish these goals, subsidies that distort market forces must be removed and regulations that undermine our competitiveness must be repealed.
Subject: Our first press release to the national media
Your work has made “reading the bills” a national issue. You accomplished this with zero help from the media. Now Congress and other groups are piggy-backing on your work, attempting to steal both your steam and your thunder, pushing non-reforms like H. Res. 554. Do you . . .
* Want to stake a claim to the results of your work and the need for the real “Read the Bills Act?”
* Let the media know what the “real deal” is
If so, here’s what we want to send to the national media early next week . . .
The creator’s of the Read the Bills Act, which inspired a movement, say that a proposed 72-hour rule, permitting the public to see legislation before Congress votes, is “worthless.” But they want the rule, H.R. 554, passed anyway. Why?
“It will pave the way for our Read the Bills Act,” declared Jim Babka, President of DownsizeDC.org.
DownsizeDC.org created its “Read the Bills Act” (RTBA) in 2005. Constituents have bombarded their representatives in Congress with a quarter-million letters supporting RTBA. Babka has also presented it to beltway groups.
“Public pressure and my presentations are what led the Republicans to pick-up ‘reading the bills’ as a talking point. But when the people witness how worthless their approach is, demands to pass our RTBA will increase.”
The 72-hour rule makes cosmetic changes to House rules.
House members are supposed to receive readable copies of bills three days before a vote. The rule is rarely followed.
The rule changes that time requirement from 3 days to… 72 hours.
It also requires that the public gets the bill at the same time. Babka likes this real change, however…
“It’s only a rule; not a law. So it can be waived in many instances, and doesn’t apply in others. There’s no enforcement mechanism to penalize Congress when they violate their rules. And three days isn’t nearly enough time to read the monster-sized bills Congress routinely passes.”
DownsizeDC.org’s ‘Read the Bills Act’ can’t be waived and requires Congress to…
* Read the entire bill out-loud before a quorum
* Post all bills on the Internet for seven days before voting
If ignorance of the law is no defense for citizens, such ignorance must not be permitted to Congress. That’s why RTBA also provides citizens with a solid legal defense against laws passed in violation of these requirements. Babka concluded: Read More »
It is certainly true that Glenn Beck has been a rather vocal “warmonger” when it comes to America’s interventionism overseas. I made a comment during Ron Paul’s Presidential campaign that Beck and Paul are in 100% agreement when it comes to economics, but Beck had some work to do in order to “come around” to Ron Paul’s non-interventionist foreign policy views.
While Beck may not be there yet, there is a noticeable difference in his rhetoric when it comes to foreign policy and war. This could certainly be attributed to the fact that Obama is now in the White House instead of George W. Bush who used to get endless praise from Beck on foreign policy. Or is this evidence of a core transformation in Beck toward a more non-interventionist approach?
I shamefully admit that I once supported an interventionist foreign policy but that has changed over time as I investigated and became more informed on the issue. It took months, not days. Could Beck be going through a similar transformation? Only time, and maybe another Republican President will tell.
Does it really matter what Glenn Beck thinks? I argue that it does. He has some of the highest ratings of all the political talk shows. Like it or not many people care what he says and thinks. If Beck can make the transition to non-intervention then any formerly devout neo-conservative can too. Don’t shun them with charges of distrust. Welcome them and help them along their path.
For evidence of the Beck transformation-in-process I submit the video below.
Ron Paul has been making the media rounds this week delivering his no-nonsense wisdom and promoting his new book, “”. Of course a few of them aren’t exactly main stream media outlets. Here is a rundown of his recent media appearances.
Congressman Charlie Dent is taking no proactive actions to prevent a collapse in the purchasing power of the dollar. Instead, his actions are worsening the situation.
At the last town hall Congressman Charlie Dent gave on September 21, I attended so that I could hear what he and our fellow citizens had to say. I also delivered a paper copy of my plan for the Open Office. The Congressman gave me a chance to ask a question, which I commend him for. I did not have a chance to start my camera to record my question, but it was done in a very polite manner, and went something like:
“Congressman Dent, since 1913 the Federal Reserve has destroyed well over 95% of the purchasing power of the dollar. I am very concerned about the future of our currency, the dollar. You just talked about saving money by not voting for the health care bill, but a couple months ago you voted for HR 3081, which awarded close to $50 billion in overseas foreign military and economic aid. HR 3081 gave over $2 billion in military aid to Israel, $1 billion in military aid to Egypt, $150 million in military aid to Jordan, $60 million in military aid to Colombia among many other nations. And just last week youapproved to spend $4.125 billion on government-sponsored car technology research in HR 3246. My question to you is this: what are you doing right now to prevent a collapse in the dollar?”
“The question is what am I doing right now. Specifically is not spend money unnecessarily. The money I am talking about is the $787 billion stimulus plan, it cost over a trillion dollars, which I voted against. It overspends. It borrows too much. It spends too much. It delivers far too little. Now, that is just one very specific example of what we can do to help us.
“I am very concerned about inflationary pressures at some point. The deficits that are being run up right now in this administration I think are unsustainable. I think are unsustainable. We are talking deficits in excess of 12%, 13% of gross national product. Now it’s true this country has run up deficits throughout much of its modern history. In the depression we did. Second world war we certainly did. And since the second world war we have generally – we have often run deficits. The worst deficit we have had this year was in the early ’80s in 1981 or 1982 of a deficit of about 6% of gross national product during the Reagan years and a Democratic Congress. Even during the war our deficits were 20% of gross national product but today, I think largely because of this stimulus in particular. I think that we are seeing, again, an unsustainable debt level.
“Here I have now [holds up copy of HR 3200, the old Obama health care bill]. This is one reason why I oppose this bill because what it does is further drive our deficits well into the future. And its not just the first 10 years. Its the second 10 years. The federal government does a lousy job of projecting long-term entitlement costs. We don’t do a good job of it. We usually say, OK, Medicare 1965 is going to cost whatever was projected. It has cost far greater than that. We just don’t do a good job of it. I believe that the costs here in this legislation [Obamacare bill] are significantly understated.
Quote of the Day: “While few would argue that criminals ought to be able to keep the proceeds of their crimes, civil forfeiture allows the government to seize and keep property without actually having to prove a crime was committed in the first place. . . . Proceeds from civil forfeiture at the state and local level usually go back to the police departments and prosecutors’ offices, giving them a clear and unmistakable incentive to seize as much property as often as possible.” – Radley Balko
* if you lose property to an asset forfeiture seizure you must prove your innocence in order to get it back
* you have no 5th amendment protections — even your silence can be used against you
Under Illinois law, the state can withhold cash, cars, or other property for six months without even a preliminary hearing! Under the law, three innocent people had to wait over a year to get their cars back. They, along with three innocent people who had money stolen from them, have argued the Constitutionality of the Illinois law.
The “good” news is that this law will be argued in the Supreme Court this month in Alvarez v. Smith.
Use your personal comments to mention the example of the widow who may lose her home because her now dead husband grew marijuana that he used to ease his pain from cancer.
Hard facts. 150 countries. 380,000+ soldiers abroad. Over 46,000 veteran suicides and 5,100+ combat troops dead during the War of Terror.
“If we have to use force, it is because we are America; we are the indispensable nation. We stand tall and see further than other countries into the future…” – Madeleine Albright while serving as Secretary of State, 1998
As I wrote earlier this year, one of the sticking points I encounter in conversation is when someone challenges me that America does not have, as I allege, a military empire. However, they never seem to be able to rattle off any facts or statistics to the contrary. This updated article is my attempt to document those facts. The Department of Defense last issued information on troop deployment in March 2009. (photo)
There are 194 states in the world, so therefore we have troops in 77% of all countries on the planet.
The size of America’s armed forces is 1,412,529 soldiers.
380,011 of these troops, or 27% are stationed on land overseas. (Included in this figure is an estimate 25,000 in South Korea.) 16% of our troops are engaged in Iraq and Afghanistan.
54,043 soldiers are based in Germany, although WWII ended 64 years ago.
34,544 soldiers are based in Japan, although WWII ended 64 years ago.
Although figures were not available (and reported as zero), 24,655 soldiers were reported last quarter as based in South Korea as technically this “police action” that resulted in the deaths of 36,516 Americans and the wounding of 92,134. In my opinion, the greatest barrier to peace with North Korea is the presence of these soldiers.
We have only 15 troops and 0 bases in Vietnam, and get along with their nation fairly well, considering 58,159 were killed and 303,635 wounded during that “police action.”
America’s DoD is “one of the world’s largest “landlords” possessing 545,714 buildings, 5,429 bases, spanning 29.8 million acres of land. (p3/205)
761 bases, or 14%, are located on foreign soil. (p23/205)
12 of the 111 bases designated as “large” are located on foreign soil. (p33/205)
However, reading the remainder of the report reveals that bases in countries such as Afghanistan, Iraq, and Israel are not listed, so both number of bases and “large” bases are too low.
Over 5,100 soldiers have died in Iraq and Afghanistan for the War of Terror. (source)
Furthermore, CBS and the military revealed that 18 veterans commit suicide per day during the 8-year Global War on Terror, resulting in an estimated 46,000 deaths. (source)
Slides 4-36 of the below presentation have been presented to several groups around the district for educational purposes. Although you are missing my critical narrative and explanations, I invite you to take a look. If you do disagree or find something new, check my sourcing and citations.
While the hour-long presentation is of course only a snapshot, or a look at the critical pieces of puzzle, I emphasize the importance of the gold market, and view the housing crisis as merely a symptom of the causes – excess FED inflation and artificially low interest rates that were held too low for too long. The irony is not lost that currently the FED interest rates is roughly 0.15%, far lower than previously. In the interests of time and for simplicity, I omitted the Treasury market almost entirely – just a brief mention in the slide on the national debt. The Treasury market is definitely also quite critical.
Liberty Maven
by Peter Schiff, president of Euro Pacific Capital and author of .jpg)
At the last town hall Congressman Charlie Dent gave on September 21, I attended so that I could hear what he and our fellow citizens had to say. I also delivered a paper copy of 
As I wrote 
Loading ...
