Liberty Maven

Yes, apparently freedom is still quite popular. Ron Paul’s pre-2012 candidacy money bomb was a huge success. Paul requested supporters fill up the coffers of his Liberty PAC and they did so in earnest. Paul’s PAC is now over $700 thousand richer, setting the stage for his eventual 2012 candidacy.

See the Liberty PAC website for the latest amount.

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

To counter the increasing demands that government reduce its micromanagement of the economy, last week the Obama Administration offered a fig leaf in the form of a white paper entitled “Reforming America’s Housing Finance Market.” In addition to marking the official end of the Bush era “ownership society,” where increasing the level of home ownership was a national priority, the document contains a recommended regulatory overhaul of the Federal Housing Authority (FHA) as well as Fannie Mae and Freddie Mac (together known as Government Sponsored Enterprises “GSE’s”), that intends to bring the share of government owned home loans from the current 95% to 40% over the next 5-7 years.

In the report, the Obama Administration makes the important admission that government interference in housing had dangerously distorted the market. And, while the goal of reducing the government’s footprint in the housing market is certainly laudable, the reform plan is not only too little too late, but fails miserably to address the nucleus of the problem. Even if all the recommendations are adopted, the government would actually extend its explicit guarantees to bail out failing lenders. Most importantly, the proposal completely overlooks the most significant government distortion of the housing market: the Federal Reserve’s manipulation of interest rates. Thus, this plan will insure that government’s role in the mortgage market will likely expand in the years ahead.

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by John Browne, Senior Market Strategist at Euro Pacific Capital

Despite last week’s confusing employment data, the increasing threat of another decline in home values, political uncertainty in Egypt and the broader Middle East, and sharp pullbacks in some emerging markets such as Brazil, US stock markets continued to rise. It sometimes seems that Wall Street exists in a bubble that is well-insulated from the rough and tumble of the outside world. But, in what may be a harbinger that America’s era of prosperity is winding down, the hallowed New York Stock Exchange, long the epicenter of American economic might, is expected to be bought by Germany’s Deutsche Boerse. When the king is so unceremoniously uncrowned, it won’t be long before investors notice how shabbily dressed he really is.

Earlier this month, the Bureau of Labor Statistics revealed that the unemployment rate had fallen from 9.4 percent to 9.0 percent. Many in the financial media seized on the report and bundled it together with recently released data on improved consumer sentiment as great news for the economy. However, the report only showed 36,000 new jobs created, far less that the 146,000 that economists estimate need to be created to bring down unemployment significantly. Regardless, US stock markets continued to rise.

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Ron Paul was interviewed yet again earlier today, this time by Larry Kudlow on The Kudlow Report.

Yes, Ron Paul has won his second consecutive CPAC straw poll and as expected all the anti-libertarian, defense=offense, neo-conservatives (and Donald Trump, whatever he is) are dismissing the victory. They say it doesn’t mean anything. They don’t know what they are talking about, as usual. Of course it means something.

It doesn’t necessarily mean that Ron Paul will be the GOP nominee in 2012. Paul hasn’t even announced if he’s running yet. The victory’s meaning really has little to do with 2012 and much to do with the future direction of the Republican Party.

The organizers of CPAC sheepishly denounced their own straw poll prior to announcing Ron Paul as the winner. Appropriately enough, while they denounced the presidential preference question they gushed when talking about the results to the other questions in the poll. Yet the same people that voted for Ron Paul answered those other questions as well. Why did they not suggest that those results were skewed?

Yes, Ron Paul’s Campaign For Liberty and Young Americans for Liberty made it easier for supporters to attend CPAC by offering discounted tickets and lodging packages. They did not “bus them in” as some suggested. The reason so many showed up at CPAC for Ron Paul is because they are true political activists. They are active, vocal, and dedicated to spreading the liberty message to those who are and aren’t willing to listen.  This is something the GOP has been missing for a long time.

It is mainly foreign policy differences that keep the old guard GOP from embracing these young Ron Paul activists. Perhaps if the rest of the Republican Party could ever understand the fundamental differences between…

1. preemptive war and national defense
2. isolationist and non-interventionist
3. anti-semitism and ending all foreign aid
4. blaming America and blaming American policy

…they could welcome Ron Paul and his supporters. The CPAC straw poll result suggests an effort should be made to understand and perhaps embrace these differences. After all, isn’t the ultimate Republican goal to defeat Obama in 2012? Seeing eye to eye with Ron Paul and his numerous activist supporters could go a long way toward that goal.

I have little hope this will happen, but in the long run it may not matter. Many of those young Ron Paul supporters are growing up, feeding on liberty, and will become office-seekers in the future.

The result of the CPAC straw poll does have meaning. It suggests the future is burning bright with the fire of liberty.

There are cerebral strategists and balls-to-the-wall activists in the tent of Ron Paul. Both were evident at the Conservative Political Action Conference (CPAC) today. Prior to Rand Paul’s stellar speech the surprise speaker was Donald Trump. Many of us in the audience had come to get our seats to see The Rand instead of The Donald, and things got a bit ugly.

During Trump’s speech there were some vocal activists shouting out Ron Paul’s name, among other things. At one point when Trump mentioned there were no good GOP candidates the shouts of Ron Paul became too much for him. The video below shows what happened:

Yes, the out-of-touch celebrity with lots of money reacts by telling the crowd that Ron Paul has zero chance of winning. I immediately said something that was later echoed by Rand Paul, “Trump has an even less of a chance of winning than Ron Paul”. That was only the beginning.

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The Atlantic’s Joshua Green observes that Haley Barbour isn’t the only potential 2012 GOP candidate to be once endorsed by Ronald Reagan.

Ben Smith of Politico has identified what he predicts will be the “best campaign ad of 2012.” It will be a Haley Barbour spot featuring something any GOP hopeful would kill for: Ronald Reagan’s endorsement, which he bestowed during Barbour’s 1982 Senate campaign. Here’s Reagan:

I’d like to take a moment to talk with you about our country’s future and a very special leader – Haley Barbour. The problems of the 1980′s are rapidly changing and demanding new solutions and fresh vigorous ideas. I’ve learned first hand that Haley Barbour has the intelligence, courage and experience to make a great United States Senator. These are difficult times but slowly and surely we are making America prosperous again. With leaders like Haley Barbour we can look to the future with confidence and hope.

I agree that will make a compelling ad. But I wouldn’t award the Oscar just yet. That’s because the 2012 GOP primary will quite possibly feature two Reagan-endorsed candidates, and just as many Reagan endorsement ads.

Who is the other fortunate endorsee? Ron Paul.

Read the rest at The Atlantic

Here is the video referenced in the article from the early 80′s called “The Ron Paul Story” featuring the Reagan endorsement.

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 »

by John Browne, Senior Market Strategist at Euro Pacific Capital

Following the huge gains made by Republicans in the midterm elections, it was widely expected that President Obama would use the State of the Union address to signal a major policy shift toward the center of the political spectrum. On the surface, at least, he appeared to do just that, hinting that he took budget management very seriously and that Americans should be prepared for shared sacrifice. However, as the final applause still echoed in the House chamber, many astute pundits were left trying to make sense of the many contradictory policy prescriptions the President proffered.

Classical political maneuvering dictates that when clouds are grey, politicians must offer good news, tell jokes, and remind us warmly of our childhood (or in Obama’s version, America’s triumph over Russia in the Space Race). Disclosure of specific measures should be avoided at all costs. President Obama followed these tactics closely.

While he did address plans to cut non-defence, discretionary federal spending – a small fraction of the overall budget – the President also announced his intention to increase spending on several existing and new initiatives. The scope of the new initiatives will surely eclipse the modest cuts pledged.

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Let me begin by refusing to apologize for the inflammatory rhetoric in the title of this post because I’m not CNN’s John King. Once again, Ron Paul has re-introduced his Audit the Fed bill in the House. This time his son, Rand Paul, has introduced the companion bill in the Senate. It’s time to put your lawmaker in your cross-hairs and get them to target the Federal Reserve for an audit.

PC SPEECH JOHN KING STYLE DISCLAIMER: We do not condone literally putting your lawmaker in the cross-hairs of your gun or guns. We merely mean that you should become active and request that your lawmakers support a full audit of the Federal Reserve as outlined in these bills. We also do not mean to suggest you, Ron Paul, or Rand Paul, literally grab a double barrel shotgun and shoot it at the Federal Reserve building or any Federal Reserve employee or official. Ok, enough! Now read the damned press release below, please.

SPRINGFIELD, Va.–(BUSINESS WIRE)–Congressman Ron Paul and his son, Senator Rand Paul, today introduced companion legislation in both chambers of the United States Congress to require a full and thorough audit of the Federal Reserve.

The bills, both titled The Federal Reserve Transparency Act of 2011, but known better as “Audit the Fed,” are numbered H.R. 459 in the House and S. 202 in the Senate and continue the efforts championed by Ron Paul last year that won 320 co-sponsors before passing the House and 32 cosponsors in the Senate before falling short on a floor vote.

H.R. 459 starts the session with 56 original bipartisan cosponsors, while Sen. Jim DeMint (R-SC) and Sen. David Vitter (R-LA) are original cosponsors for S. 202.

The Federal Reserve Transparency Act of 2011 would open up the Fed’s funding facilities, such as the Primary Dealer Credit Facility, Term Securities Lending Facility, and Term Asset-Backed Securities Lending Facility to Congressional oversight and audit by the non-partisan Government Accountability Office. Additionally, audits would include discount window operations, open market operations, and agreements with foreign central banks such as ongoing dollar swap operations with European central banks.

Public polling conducted by Rasmussen Reports in December 2010 indicated that 74 percent of the American People demand transparency at the Fed and support a full audit as called for in the Audit the Fed legislation. In 2009 and 2010, Campaign for Liberty generated over 2.5 million grassroots contacts to federal lawmakers in support of Audit the Fed.

“The Federal Reserve and its loose money, easy credit policies are the culprit for so many of the dire economic problems we face. Americans continue to demand transparency at the Federal Reserve, and Campaign for Liberty is proud to lead the fight to make this legislation the Law of the Land,” said Campaign for Liberty President John Tate. “All across the country, grassroots citizens are uniting behind Ron and Rand Paul and will demand this audit, this year.”