Liberty Maven

Quote of the Day: “Right now, China, the government, can disconnect parts of its internet, in the case of war, we need to have that here too.” — Senator Joe Lieberman

The “Internet kill switch” bill was promoted by Senators Joe Lieberman and Susan Collins in the last Congress. The bill would have granted President Obama the power to shut down much of the Internet in the event of a “cybersecurity emergency.”

The good news is that Congress adjourned before passing it.

The bad news is that, on the very same day Egypt’s dictator Hosni Mubarak imposed an Internet blackout on his country, Collins announced her intention to re-introduce the bill.

But as the letter below indicates, giving the President this power is extremely dangerous and won’t protect us from cybersecurity attacks.

Please tell Congress to defeat this bill using DownsizeDC.org’s Hands Off the Internet campaign.

You may borrow from or copy this letter . . . Read More »

Here’s video of Senator Rand Paul’s first speech on the floor of the Senate. First a bit of a history lesson then a bit of an economics lesson.

by Michael Pento, Senior Economist at Euro Pacific Capital (www.europac.net).

In current economic analysis, inflation is largely in the eye of the beholder, and depending on how you choose to look, very different stories emerge. In the U.S., food and beverages count for just 16.4% of the CPI calculation. The Chinese apparently believe that the basic necessities of life should count for more, assigning a 33% weight to the nutritional components. These differences in measurement are partially responsible for the divergent inflation climate in both countries, and make most people believe that inflation is fickle and localized. From my perspective, inflation is a global wave that will ultimately swamp all shores.

As the world’s economic leaders gather in Davos Switzerland, much of the discussion has been focused on a report jointly issued by the Global Economic Forum and McKinsey & Co. which forecasts a $100 trillion increase in global debt in the coming decade. The authors of the report argue that such an increase will be needed to maintain global economic health. Strangely, while acknowledging how the massive increase in credit caused the global financial crisis of 2008, the report’s authors admit no fear of even greater leverage today. They conclude: “Credit is the lifeblood of the economy, and much more of it will be needed to sustain the recovery and enable the developing world to achieve its growth potential.”

But the global credit stock has already doubled from $57 trillion in 2000 to $109 trillion in 2009, with disastrous consequences. The WEF report wouldn’t be so alarming if it wasn’t emanating from a gathering of global central bankers, business leaders and politicians. These are, unfortunately, the folks with all the power to turn these ideas into reality.

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