Rand Paul, not even 1 year in the U.S. Senate, is already creating a legacy for himself. And if you believe in the Constitution and the human liberty it protects then it looks good, very good. Paul has been steadfast and fearless when it comes to remaining true to his campaign promises. This is an anomaly in the float-with-the-current like a rotten log cesspool that is Washington DC circa 2011.
Paul has pushed for balancing the budget aggressively, stood up for consumer choice, and all the while doing everything in his power to cut government spending. Now, he’s revealing his diamond-tough huevos by going up against the whimsical idiot-savants of hypocrisy in his own party and the truth-bending emotionally-charged demagogues on the other side. His only allegiances are his promises and the U.S. Constitution. If enough of his peers in DC started doing the same our Founding Fathers might stop rolling over and over in their graves to salute the flag once again.
Listen here to Rand Paul discussing recent renewal vote on The PATRIOT Act with everyone’s favorite Neo-Conservative whipping boy, Sean Hannity (from Hannity’s radio show). Near the end Rand Paul reveals who he may vote for in the upcoming POTUS 2012 election and touches on his own potential aspirations for that same office.
by Michael Pento, Senior Economist at Euro Pacific Capital (www.europac.net)
Based on many pronouncements by economic policy makers, reams of articles by the top financial journalists and near continuous discussion on the financial news channels, it appears that the quantitative easing juggernaut that has steamed the high seas of macroeconomics for the last three years is finally pulling into port…supposedly for the last time. According to the dominant narrative, QEI and QEII helped stabilize the economy during the Great Recession and now the Federal Reserve is ready to take the training wheels off. If so, the economy may need a helmet because there is virtually no chance that it can avoid major contractions without central banking support.
It is ironic, but there is no doubt that the proposed removal of artificial stimulus would be the best thing for the country in the long term. But very few observers understand how it will inflict short term pain. So confident is the Fed that earlier this week, St. Louis Fed President James Bullard indicated that any notion of additional quantitative easing is off the table. In fact, he said the central bank may tighten policy in 2011 by allowing its balance sheet to shrink. Investors would do well to remember that Bullard was the first Fed official to support the second round of bond purchases now known as QEII. It is likely that he will make a similar reversal if the economy shows any signs of weakening in the months ahead.
Many people hate corporations. Progressives and populists blame them for a host of sins, and several libertarians assert they couldn’t exist in their present form without the State. We at DownsizeDC.org oppose the crony capitalism of the Corporatist State, and we cringe whenever people assume our pro-free market philosophy is a “defense” of corporations.
That is why our new campaign is a “heresy.” What we propose may shock you, but we have good reasons.
Our position is that even if you hate corporations . . .
Abolishing corporate income taxes is in your self-interest.
These taxes are unproductive as revenue-generators, but what they really do is make politicians more powerful, at your expense.
by Peter Schiff, CEO of Euro Pacific Capital, and host of The Peter Schiff Show, broadcasting live from WSTC Norwalk CT from 10am to noon Eastern time every weekday, and streaming at www.schiffradio.com.
Today the U.S. government officially borrowed beyond its $14.29 trillion statutory debt limit. And even though the Obama administration has assured us that accounting gimmickry will allow the government to borrow for another few months, the breach has given seeming urgency to Congressional negotiations to raise the debt ceiling. Republicans are making a great show of acting tough by linking their “yes” votes with promises for future budget cuts (that could even slow the rate of debt increases at some uncertain point in the future). But as we go through the process, many novice observers may wonder why we have a debt ceiling at all when our government has never shown the slightest inclination to respect its prior self-imposed limits.
The ceiling was first imposed in 1917 as part of a deal that passed the Liberty Bond Act that funded America’s entry into the First World War. To make it easy for the Treasury to sell those bonds, Congress also amended the Federal Reserve Act to allow the Fed to hold government bonds as collateral. But given the potential for unchecked Federal deficits, Congress sought to limit taxpayer exposure to $11.5 billion.
“I called the Speaker and Leader today and emailed my representatives. Thanks for encouraging me to do so. It feels good, real good.” — Will Ashby, DC Downsizer
“GOP leaders argue that extending the PATRIOT Act is especially important because the killing of Osama bin Laden might inspire retaliatory terrorist attacks against Americans. Call me cynical, but had Bin Laden not yet been killed or captured, I’m sure that these same GOP leaders would argue that extending the PATRIOT Act is especially important because Osama bin Laden remains on the loose.” – Don Boudreaux
Three controversial provisions of the so-called Patriot Act are set to expire on May 27.
Quote of the Day: “Liberty is the possibility of doubting, the possibility of making a mistake, the possibility of searching and experimenting, the possibility of saying “No” to any authority — literary, artistic, philosophic, religious, social and even political.” — Ignazio Silone (1900-1978) Source: The God That Failed, 1950
The politicians are trying to tax the Internet again. Let’s stop them.
You’re paying an invisible tax — the Regulation Tax. It has grown by two-thirds over the past ten years, and is now more than $15,000 per household.
The Federal State’s price controls, paperwork, entry restrictions, environmental controls, and workplace regulations increase the prices you pay for everything you buy. These costs also discourage businesses from expanding and hiring. They often force lay-offs.
As the letter below indicates, the sheer size of the regulatory burden is shocking.
by John Browne, Senior Market Strategist at Euro Pacific Capital
When Fed Chairmen speak, the public is supposed to listen; and, historically, they have. Yet, Chairman Bernanke’s remarks at his historic first press conference were met by a tidal wave of skepticism. Although many of the mainstream outlets, especially those lucky enough to be granted question slots, characterized his performance as “serious” and “masterful,” most rank-and-file Americans were left with a very different impression.
Any casual glance at the broad internet coverage of the event shows that the public is deeply skeptical of Mr. Bernanke and the actions he is taking. If that skepticism runs more than skin-deep, it could herald a fundamental change in American politics and a restoration of sound finance in America. Already politicians seem to be taking notice.
The struggle over raising the national debt ceiling has prompted many members of Congress to talk about a negotiated and practical plan to slash government spending. The early posturing has begun. While much of it is merely window dressing, as politicians continue to escalate their rhetoric, they will eventually be forced to actually do something to make good on their promises. Their mouths are writing checks that their budget proposals may have to cash.
This morning Ron Paul appeared on Good Morning America ahead of his speech in New Hampshire where he announced he is officially entering the race for POTUS 2012. This is unsurprising given his recent move toward running and the results in recent polls.
Here is his appearance on GMA. Note his excellent responses to all of the questions posed to him. Much like his fire in the first GOP debate, it has become obvious to me that this 2012 effort is no longer just an educational effort like 2008 admittedly was. He’s in it to win it this time around. The thing about Ron Paul is that even if he loses in the conventional sense (which right now appears likely) he will win and has already won the hearts and minds of a new generation of leaders. And their sole focus is what the America of the future needs most: liberty.