Earlier today Judge Andrew Napolitano was the guest host on the Glenn Beck show. Four liberty-loving guests appeared on the show with the Judge. Peter Schiff, John Stossel, Ron Paul, and Rand Paul all appeared. When the Judge hosts Beck’s show it almost turns into an episode of Freedom Watch.
If you don’t know what Freedom Watch is then please check out http://freedomwatchonfox.com/. It’s an online only show hosted by the Judge catering to freedom-loving people everywhere.
Check out the excellent discussions from the show today below.
Ron Paul appeared on Fox Business News tonight with David Asman on the “Nightly Scoreboard”. They discussed several topics in a nearly 10 minute segment. As usual, Ron Paul just delivers the truth.
Ron Paul questioned Treasury Secretary Timothy Geithner today on Capitol Hill. Both men seemed to be talking past each other a bit. Geithner reminds me of a friend who never gives you a concrete answer; thus, he is perfect for his position as tax collector. I cannot resist asking the question… what is going on with his hair? Did it always look like that or is it just due to poor video quality?
by John Browne – Senior Market Strategist, Euro Pacific Capital
Over the past two years, the federal government and the Federal Reserve have dispersed trillions of public dollars, run up enormous deficits, and kept interest rates at zero. In just about any economic textbook, this combination of policies would be described as the perfect recipe for inflation. Yet, with the exception of the usual increases in health care and education, prices by and large are not rising. Many have concluded that our economic leadership has simply outsmarted the textbooks.
The benign CPI figures are serving as a rallying point behind which the financial talking-heads are forming a parade of optimism. The low CPI is their ‘proof’ that inflation is not a pressing concern. This view is two dimensional.
Inflation is classically described simply as an increase in the money supply. Although these changes will impact price levels, it doesn’t necessarily follow that prices will rise when inflation is high. Instead, inflation may merely result in stable prices at a time when prices would otherwise be falling.
In the popular mentality, however, inflation is simply defined as prices rising. After decades of steadily rising prices, people seem to have forgotten that prices sometimes fall. In light of the bursting of a number of record-breaking, government-fueled asset bubbles, prices should be declining across the board (as they did in the Great Depression). The fact that prices are stable, or have even rallied in some sectors, indicates that inflation is already spreading across the economy.
For the most part, the value of the dollar is given cursory attention by the financial media. Typically, its movements are assigned an importance on par with much less determinative metrics such as natural gas futures and construction permits. It’s only when major milestones are reached that anyone really takes notice of the dollar. We are living through one of those times.
The great dollar rally of 2008-2009 has come full circle. When the financial crisis exploded in its full ugliness in mid-2008, the dollar, which had steadily declined over the previous four to five years, put in a rally for the record books. By March 2009, as investors across the world sought safety from the financial storm, the index had surged more than 25%. Since then, the dollar has steadily declined to the point where nearly all those gains have vanished. In short, the panic rally has given way to the long term trend.
So, as the dollar index makes fresh 52-week lows on a nearly daily basis, discussion on the greenback is heating up. And while real insight on the topic is hard to find, the debate centers on the battle between two conventional opinions – both of which are wrong.
The first camp, which is generally supportive of government intervention in the economy, argues that dollar’s decline is a positive for both the economy and the stock market. The second camp, which tends to fall on the more conservative end of the political spectrum, views the dollar’s decline as a problem but feels that tough talk and slightly higher interest rates are all that is needed to restore ‘King Dollar’ to its throne.
First of all, a weak dollar is no better for Americans than a lower paying job is for a worker. And although I would prefer that the dollar remain strong, I know that currency values are a function of supply and demand, not wishful thinking. The past years of reckless monetary and fiscal policy have created conditions that must push the dollar down. Vastly expanded debt levels and monetary expansion have created a greater supply of dollars, while poor investment performance and diminished industrial capacity have lessened the demand for dollars.
Ron Paul was interviewed by Tavis Smiley on his PBS show last night. I remember really enjoying Smiley’s questioning and demeanor throughout his questioning during one of the GOP primary debates during the campaign of 2008. A debate that some of us here at Liberty Maven attended.
In this interview they discuss the U.S. foreign policy in Afghanistan, Ron Paul’s new book “End the Fed“, and how the Fed can be audited and eventually abolished.
This morning Ron Paul appeared for an interview on the state of the economy and the Goldman Sachs “bailout” on CNN “American Morning”.
As usual Dr. Paul defends the free market even when asked rather convoluted questions about “how much” the government should support the market. I found the interview a bit odd. In that both the host and Paul were trying to find some kind of middle ground between a government managed economy and a free market position. The common point implied that the government shouldn’t be bailing out these big Wall Street firms like Goldman Sachs yet they continue to use tax payer money to do so.
Check out the video below. NOTE: The audio/video sync appears to be off as is custom on some videos processed by Youtube.
It doesn’t matter how many times you’ve sent Congress a letter on a given issue, or even if you sent one yesterday — every new fact we give you is a new opportunity to tell Congress what you want. Seize the opportunity!
This morning in London the gold price hit an all-time high in non-inflation-adjusted dollars of $1047.
While some who hold gold might be rejoicing, I do not view this as good news at all. The campaign still has plenty of people to reach in this district, and may run out of time since we certainly do not have the funds to launch a major ad campaign.
The all-time high in the gold price is a warning of dire times to come as it merely indicates that the dollar’s purchasing power is at an all-time low. The next phase of the dollar crisis may be on the doorstep.
For those of you who would shout “au contraire!!” and are excited about the stock markets gains since the spring, please take a look at the following chart. Note that maximums in the P/E (price-to-earnings) ratio often precede market crashes, as the stock is overvalued as compared to its dividends/earnings. This S&P 500 chart is from 1935-present.
Notice anything strange? We are way out of historical means. I do not believe that such absurdly high P/E ratios are possible to maintain over the long-term.
The campaign is extremely busy and continuing to pick up steam, but we need your help to spread the word. The above should not be taken as investment advice, merely facts.
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.
Liberty Maven
by John Browne – Senior Market Strategist, Euro Pacific Capital
by Peter Schiff, president of Euro Pacific Capital and author of 
“, and how the Fed can be audited and eventually abolished.
For those of you who would shout “au contraire!!” and are excited about the stock markets gains since the spring, please take a look at the following chart. Note that maximums in the P/E (price-to-earnings) ratio often precede market crashes, as the stock is overvalued as compared to its dividends/earnings. This.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 
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