Archive for September, 2011

Twist Paves the Way for QE III

September 24th, 2011 2:46 pm  |  by  |  Published in Economics, Federal Reserve, inflation, Money, Peter Schiff  |  1

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.

Earlier this week the Federal Reserve ignited a firestorm in the global markets by admitting that the U.S. economy is facing downside risks. Although it continues to sugar coat the unpleasant reality, never has such a stunningly obvious statement resulted is so much turmoil.

Once again we are seeing the knee-jerk market reaction to seek refuge in the perceived safety of the U.S. dollar and U.S. Treasuries. However I expect investors will soon discover that such assets are firmly in the eye of the storm.  As the tempest moves on, those enjoying the dollar’s current stability may soon find themselves battered by a category five monster.

Market disappointment was compounded when the Fed failed to follow up its dire outlook with a new round of quantitative easing (QE). Instead, through a policy entitled “Operation Twist” the Fed promised to sell $400 billion of short-term Treasuries and use the proceeds to buy an equivalent amount of long-term Treasuries. The markets evidently perceived this “balance sheet neutral” policy as too timid.

From my perspective, the Twist really amounts to another Fed “Hail Mary” pass that will fall short of the end zone. But, by putting the squeeze on banks and further restricting credit availability to small business the move will likely do more harm than good.

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Ron Paul holds hearing on legalizing competition in currencies

September 24th, 2011 1:43 pm  |  by  |  Published in congress, law, Liberty, Market Regulation, Money, Politics, Rand Paul  |  13 Responses

From Chris Powell of the Gold Anti-Trust Action Committee comes the news:

Last week U.S. Rep. Ron Paul, R-Texas, chairman of the House Subcommittee on Domestic Monetary Policy and Technology, held a hearing on his proposed Free Competition in Currency Act of 2011 (H.R. 1098), which would repeal legal tender laws, restrictions on private mints, and taxes on gold and silver, since such taxes interfere with the metals’ circulation as money. Testifying were the executive director of the Foundation for the Advancement of Monetary Education, Lawrence M. Parks, and George Mason University Economics Professor Lawrence H. White. Video of the hearing is not quite an hour long and you can watch it here:

You need to a flashplayer enabled browser to view this YouTube video

The full text of the legislation is simple and concise and can be found here:

http://www.govtrack.us/congress/billtext.xpd?bill=h112-1098

The legislation would seem to legalize the Liberty Dollar coins whose issuer recently was convicted on vague charges in federal court in North Carolina. Professor White quotes New York Sun editor and Wall Street Journal contributor Seth Lipsky to the effect that it doesn’t make much sense to suppress private money that is sound to protect money that is unsound.

Unfortunately the Free Competition in Currency Act has no co-sponsors and its introduction and this week’s hearing seem to be mainly an educational exercise. But that’s where everything starts.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

The FDA Should Be Advisory, NOT Mandatory

September 22nd, 2011 8:22 pm  |  by  |  Published in Big Government, congress, DownsizeDC.org, Market Regulation  |  Comments Off

Quote of the Day: “The FDA helped kill my dad.” — Jim Babka, President, Downsize DC

We’ve launched a new campaign. This one aims to trim the power of the FDA (the Food and Drug Administration).

The hardwired portion of the letter to Congress for this new campaign reads…

Make the FDA advisory, not mandatory.

We’ve placed this campaign under the Our Heresies tab on our website, because we know it will take the public time to catch up to the truth.

We think the evidence is overwhelming that the FDA is worse than bad. The FDA is evil. It kills people…

  • It denies people access to life-saving treatments
  • It treats unique human beings as if they were genetically identical clones with exactly the same needs and risks
  • It hobbles research
  • It creates barriers to entry for new companies
  • It makes medicines and supplements more expensive than they need to be
  • It serves the interests of Big Pharma at the expense of the consumer
  • It violates the First Amendment, by restricting commercial speech
  • It opposes prevention, preferring that people get sick first, before they can Read More »

The Crazy Ron Paul

September 16th, 2011 6:58 am  |  by  |  Published in Activism, Big Government, Constitution, Election, Foreign Policy, Individual Responsibility, Liberty, Maven Commentary, Politics, Ron Paul  |  25 Responses

It occurs to me (and many others) that if the GOP wants nothing more than to just beat Obama then Ron Paul is the most viable candidate in the Republican field. I’ll make a prediction. If any other candidate is the GOP nominee then Obama will be settling in to the Oval Office for “4 more years” in 2013. That is of course if the world doesn’t end in December of 2012… oops… did some “crazy Ron Paul supporter” juice just leak out of me by mistake? Maybe.

There are Republicans that will only vote Republican and stand behind the nominee no matter who it is.

There are Democrats that believe in unicorns, double rainbows, and “Yes we can!” that will vote for Obama no matter how much his actions suggest “Oh no we didn’t!”.

Then there are the the rest of us who will vote for the guy (Sorry Michele and Sarah but you gals don’t have a chance… how’s that feel coming from a Ron Paul supporter?) that actually agrees with us on approximately 80 to 100% of what we believe in.

If Ron Paul were the GOP nominee Obama would be forced to attack from the right on foreign policy, alienating those liberal voters who are ignorantly sympathetic to the drone-bombing fetishist, Nobel Peace Prize winner. Obama would be compelled to “let-me-be-clear” his way out of not being very clear on why there are still troops in Iraq, Libya, Afghanistan, and maybe Syria and “Pock-ih-stohn”.

Now where would those voters turn after being stabbed in the back by their warmonger-in-chief? That’s right, the only other candidate in the race with years of truth and integrity spilling out of him: Ron Paul.

Nearly every question Paul received during the debate last week on MSNBC was obviously aimed at scaring people who have become dependent on the federal government. Even the CNN “Tea Party” debate earlier this week had some of this as well. Don’t fall for their magic markers. Paint your own picture of who Ron Paul is and what he believes (this video is a great start).

Newsflash: Hey MSNBC viewers, everything you despise about FOX News is exactly what MSNBC does except the paint dries blue, not red.

You have to take the crazy out of yourself before you will notice that Ron Paul is just not crazy. He is the candidate with the most common sense. I’m sure that one of Paul’s trusted advisers said to him prior to the debate, “Ron, if you look at the rest of the candidates on that stage, and you can’t find the sane one, then YOU are the sane one.”

It is said that the definition of insanity is doing the same thing over and over again while expecting different results. We keep electing the same clowns over and over again and expect different results. But here is Ron Paul, once again, offering America new solutions to ancient problems.

He’s the only one that can truly beat Obama. Do you want four more years of recession, desperation, broken promises, and apologies? Vote Perry, Romney, Bachmann, Santorum, Gingrich, Huntsman, or Obama.

But if you want four years of prosperity, integrity, honesty, liberty, and peace. Vote Paul. He’s just the kind of crazy America needs.

 

 

Ron Paul… must see, must spread video

September 16th, 2011 12:07 am  |  by  |  Published in Activism, Election, Maven Commentary, Ron Paul  |  19 Responses

This is one of the best straight-forward videos about Ron Paul that I’ve seen from either the 2008 campaign or this one so far. Excellent video to share with people that are still a bit unsure or confused about what Ron Paul is all about.

Asset Forfeiture on the Rise

September 14th, 2011 10:06 pm  |  by  |  Published in Activism, Big Government, congress, DownsizeDC.org, law  |  6 Responses

Quote of the Day: “We take his money and, um, count it as a drug seizure.” A Douglas County, Nebraska Sheriff’s Deputy, who didn’t like the attitude of a man pulled over at a traffic stop

Civil asset forfeiture is government seizure of property and cash, even when the owner isn’t charged of a crime. Innocent owners must go through a costly, time-consuming process to get their property back — and even then they may be denied. Police departments get to sell the seized property and keep most of the proceeds. If you’re unfamiliar with this form of legalized theft, we recommend you learn more on our End Asset Forfeiture page.

Back in May, 2009, we predicted that because of the bad economy and budget crunches, police will “increase searches, raids, and seizures to generate more revenue.”

As the letter below demonstrates, our prediction has been proven true.

That’s why I wrote to my Representative and Senators to end this evil practice.

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

September 13th, 2011 8:22 pm  |  by  |  Published in Bailouts, Banking, congress, Debt, Economics, Federal Reserve, government spending, inflation, jobs, Money, national debt, Peter Schiff, Taxes  |  Comments Off

On Tuesday, September 13, Peter Schiff, the CEO of Euro Pacific Capitalwww.europac.net will testify before the House of Representatives Subcommittee on Regulatory Affairs, Stimulus Oversight and Government Spending. The hearing entitled, “Take Two: The President’s Proposal to Stimulate the Economy and Create Jobs” will examine federal job creation efforts. Mr. Schiff, author of many best-selling books including “How an Economy Grows and Why it Crashes” is well known for his views on how federal regulatory activism and irresponsible monetary and fiscal policy is actively destroying jobs in America. The following statement from Mr. Schiff will be read into the Congressional Record this morning. Within a few days, video of the hearings will be available on the Committee’s website. Please feel free to excerpt or repost with the proper attribution and all links included.
 

How the Government Can Create Jobs

Testimony by Peter D. Schiff

Offered to the House Sub-Committee on Government Reform and Stimulus Oversight

September 13, 2011

Mr. Chairman, Mr. Ranking member, and all distinguished members of this panel. Thank you for inviting me here today to offer my opinions as to how the government can help the American economy recover from the worst crisis in living memory.

Despite the understandable human tendency to help others, government spending cannot be a net creator of jobs. Indeed many efforts currently under consideration by the Administration and Congress will actively destroy jobs. These initiatives must stop. While it is easy to see how a deficit-financed government program can lead to the creation of a specific job, it is much harder to see how other jobs are destroyed by the diversion of capital and resources. It is also difficult to see how the bigger budget deficits sap the economy of vitality, destroying jobs in the process.

In a free market jobs are created by profit seeking businesses with access to capital. Unfortunately Government taxes and regulation diminish profits, and deficit spending and artificially low interest rates inhibit capital formation. As a result unemployment remains high, and will likely continue to rise until policies are reversed.

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TSA to Reward Frequent Fliers Who Give Up More of Their Privacy

September 13th, 2011 7:42 pm  |  by  |  Published in Big Government, Civil Liberties, congress, Constitution, DownsizeDC.org, Liberty, nationalization, Politics, privacy  |  Comments Off

Stung by bad publicity, the TSA is making “reforms.” One of them is to give frequent fliers a “choice”: give up even MORE of your privacy for greater convenience!

Isn’t this just more evidence that the TSA should be ABOLISHED, instead of reformed?

I wrote a letter telling Congress to do just that, and I invite you to do the same.

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

Ignore the Constitution – It Just Gets in the Way

September 9th, 2011 1:48 am  |  by  |  Published in Commentary, Constitution, Debt, government spending  |  Comments Off

By  Craig Hensler

This evening President Obama presented his latest plan to “stimulate” the United States economy;  this time, to the tune of $447 billion.  This stimulus is to be completely paid for by undefined savings at a future, undetermined date.  By now, as a nation, we’re all probably quite numb to this and a proposal of this nature doesn’t elicit the same level of anxiety and fear that it once may have.  However, what should really frighten each of us is the outrageous question posed by Mr. Obama in defense of his proposal:

What kind of country would this be if this Chamber had voted down Social Security or Medicare just because it violated some rigid idea about what government could or could not do?

Indeed, what kind of a country would this be if government felt constrained by the Constitution and if  unpayable and unimaginable debts had not been created as the result of unkeepable promises and political escapades designed to curry favor.

Maybe it’s time to remind Mr. Obama and our elected representatives that they each took an oath, “to uphold and to defend the Constitution.”  Or, were those simply empty promises or political expediencies?

If not now, when?

Job Killer in Chief

September 4th, 2011 11:47 pm  |  by  |  Published in Economics, jobs, Obama, Peter Schiff, unemployment  |  Comments Off

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

This morning many on Wall Street were stunned by the big fat zero put up by the August jobs report, the worst showing in 11 months. The data convinced many previously optimistic economists that the United States will slip back into recession. I believe that we have been in one giant recession all along that was only temporarily interrupted by trillions of useless and destructive deficit and stimulus spending.  Unfortunately, the August numbers will increase the talk of government efforts to stimulate the economy.

But while President Obama prepares to unveil a new plan for the Federal Government to create jobs, evidence is rapidly piling up on how his Administration is actively destroying jobs with stunning efficiency. Recent examples of this trend are enough to make anyone with even a casual respect for America’s former economic prowess hang their head in disgust.

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