by John Browne, Senior Market Strategist, Euro Pacific Capital
From all outward appearances, it seems that a grim chapter in U.S. economic history has come to an end. Newsweek magazine declares that “America is Back,” government statistics indicate revival, and our stock market has put in a rally for the record books (by rate of ascent, not highs – we are still more than 25% below the 2007 peak).
And yet, despite massive federal stimuli and subsidies, American unemployment clings stubbornly to the 10 per cent level, with the “underemployment” rate closer to 20 per cent. The IMF does not appear to buy into Washington’s optimism; it projects a “double dip” contraction by the second half of this year. With so much conflicting sentiment, it is difficult for investors to know whether the cup is half-empty or half-full.
On a technical basis, stock market gains of 50 per cent or more in a twelve month period should indicate dangerous downside potential. On the other hand, the markets of early 2009 had priced in the likelihood of financial Armageddon. The meltdown did not happen, so traders and brave investors have been quickly buying up the deeply discounted equities.
However, many remain suspicious, believing that the catastrophe had been postponed rather than overcome. Read More »
Ron Paul appeared on Hardball last night with Chris Matthews. Matthews is an unrepentant socialist. Paul did his best to explain why the libertarian position is the only consistent position.
My only regret is that Paul didn’t say to Matthews:
“Chris, you know I always get this tingling feeling down my leg when I think about freedom.”
Quote of the Day: “Nothing is official, until it has first been denied.” — Jerry Hughes, radio talk show host, and a friend of Downsize DC
You probably have a fundamental disagreement with the politicians who represent you . . .
* They think your money is their money, and they determine what your “allowance” will be
* You probably think that you are not a slave, and that you work to fulfill your own dreams, not theirs
Consider — If you had a choice, would you rather give your money to . . .
* The Department of Housing and Urban Development, or Habitat for Humanity?
* The Department of the Interior, or groups like the Nature Conservancy and Ducks Unlimited?
* The Department of Education, or a local private school?
* The National Institute of Health (NIH), or St. Joseph’s Hospital and the Shriner’s Hospitals?
If you’re like me, the NIH is the only bureaucracy that might spark a glimmer of interest. But I must wonder, if state-directed medical research is really such a great thing, why must it be funded at gun point?
Other State efforts provoke similar questions. And I can summarize my answers as follows . . .
There’s nothing the federal government does that I value anywhere near as much as it costs. I would gladly choose a private, voluntary alternative for nearly every so-called “service” The State provides. I even think it screws up national defense, creating more enemies for me than it actually kills or constrains.
If I could fire my so-called government, I would. But I can’t — it’s a monopoly protected by violence and intimidation, with the result that . . .
This is too funny, in a sad way, for words. Bernanke and the government banksters are initiating an effort to thwart would-be counterfeiters by printing a new $100 bill. If the very act of printing $100 bills isn’t enough irony for you, how about this…
In the effort to make it difficult to counterfeit they include a disappearing liberty bell. How appropriate is that? Then there are mentions of “magic” and moving the bill in certain ways causes the printed objects to move in a “different” direction. So…
Disappearing liberty… check!
The “magic” represents the hidden tax of inflation… check!
The “different” direction represents the political subterfuge practiced by the banksters and our government… check!
I think I could actually support the printing of THIS fiat money. It is a metaphor for all that is going wrong with America. I still prefer gold or silver though.
When reading the excerpt below replace the word “print” with “steal” and it will be more truthful.
WASHINGTON — The folks who print America’s money have designed a high-tech makeover of the $100 bill. It’s part of an effort to stay ahead of counterfeiters as technology becomes more sophisticated and more dollars flow overseas, Federal Reserve Chairman Ben Bernanke says.
The makeover, unveiled Wednesday by Bernanke and Treasury Secretary Timothy Geithner, may leave people wondering if there’s magic involved.
Benjamin Franklin is still on the C-note. But he has been joined by a disappearing Liberty Bell in an inkwell and a bright blue security ribbon composed of thousands of tiny lenses that magnify objects in mysterious ways. Move the bill, and the objects move in a different direction.
The new currency will not go into circulation until Feb. 10 of next year. That will give the government time to educate the public in the United States and around the world about the changes.
And Dodd’s not done yet! His financial “reform” bill creates a $50 billion fund. If any of Wall Street’s large financial firms is on the verge of collapse, the government will take it over and use the fund to pay off creditors.
Smaller companies will be shut out of the program. If they fail, they will go bankrupt and creditors will lose their money. But if a Big Boy firm fails, its creditors will be bailed out.
Potential lenders will see that the Big Boys are protected by the government. That’s a HUGE and UNFAIR advantage.
You may recall my post discussing the recently released Wikileaks video that shows the American military might in all of it’s brash non-glory [Watch it]. Well, it appears there were at least two true heroes-in-waiting there that day.
Two former soldiers from the Army unit responsible for the Wikileaks “Collateral Murder” incident have written an open-letter of “Reconciliation and Responsibility” to those injured in the July 2007 attack, in which U.S. forces wounded two children and killed over a dozen people, including the father of those children and two Reuters employees.
Ethan Mccord and Josh Stieber deployed to Baghdad with Bravo Company 2-16 in 2007. Ethan was on the ground at the scene of the shooting, and is seen on the video rushing one of the injured children to a U.S. Vehicle; “When I saw those kids, all I could picture was my kids back home”. Ethan applied for mental health support following this incident and was denied by his commanding officer.
Josh Stieber was not at the scene of the shooting but says similar incidents happened throughout his 14-month tour; “The acts depicted in this video are everyday occurrences of this war.” Josh states that these casualties demonstrate the impact of U.S. military policy on both the civilians and the soldiers on the ground. [Read the rest here]
Why is this not front page news in every media outlet in America?
This letter reminds me of a video I put together during Ron Paul’s Presidential campaign of 2008 called “Troops Are Human”. I utilized a song by CC Carter called “Letter from Iraq”. You can watch it below.
Below is a video of an April 10th talk I gave that appeared on Pennsylvania Cable Network (PCN) and was broadcast on TV statewide. Luzerne County Campaign for Liberty sponsored this Challengers Town Hall event and I remain highly appreciative for the opportunity to moderate the event. Earlier the same day I spoke at a nearby Liber-TEA Party, and the text of this speech can be found below. My personal thanks to Michael Harrison and Wayne Risch for their invitations to speak at these events respectively.
In the video, there was one mistake in that I mentioned we must repeal cap and trade energy tax – which has not passed the Senate yet – although certainly already-existing energy taxes on natural gas and gasoline serve much the same purpose. I spent the time I was given on just highlighting SOME of the “Our Open Office” concepts revolutionary-yet-simple ideas and my common sense approach on how to address rampant federal spending, which is much the same as the below speech text. Ideas are more powerful than armies.
* trillion-dollar deficits will make Congress reluctant to create more tax-and-spend programs
* yet they will want to keep their power and influence
* which means they will likely impose more requirements and regulations on states, business, and even YOU
The New York Sun praises Ron Paul for his life-long tenacity at fighting for Constitutional money. They bring up the racist newsletters, but end up defending Paul more than criticizing him.
Our own view of Dr. Paul, however, is different. It has been formed in the process of covering his campaign for sound money on and off for nearly 30 years, starting with his membership on the United States Gold Commission at the start of the Reagan presidency. We clearly have differences with Dr. Paul in respect of foreign policy and, in recent years, the current war. He has, however, earned our abiding respect for the clarity and commitment with which he has pressed the case for a constitutional approach to money, which in our view is one of the fundamental issues facing the country.
MEMO from Jim Babka, President, DownsizeDC.org, Inc.
I’m about to hit the road, and my itinerary includes meetings with candidates for public office. Remember . . .
Rand Paul is running for the U.S. Senate in Kentucky, and he has promised to introduce our Downsize DC Agenda bills if he’s elected to office. And right now, he’s leading in the polls. The Downsize DC Agenda includes the following . . .
Liberty Maven
by John Browne, Senior Market Strategist, Euro Pacific Capital
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