In The Dollar Meltdown I wrote that in our digital age deducting even the tiniest fraction of an ounce of gold from your account for purchases should be cyberspace child’s play. In their mature form digital gold currencies will be as big as Visa and MasterCard.
In acknowledgement of the larceny they have propagated on the people, state currencies deserve to become a thing of the past. Now, that process of obsolescence has begun. As my friend Michael Shedlock (Mish) explains, BitGold, a real-time platform for savings and payments in gold, has launched in the U.S.
BitCoin has a good bloodline, formed in conjunction with GoldMoney.com, an innovator that I have followed and recommended for years.
Here’s a link to WhyBitGold? at Mish’s Global Economic Trend Analysis with details.
The Fed reports that US Gov is now “guaranteeing” more financial activity than ever!
Up to 60 percent of financial system liabilities protected from loss by explicit or implicit government guarantees.
Even the Central Bank views this with alarm: “When creditors expect to be protected from losses, they will overfund risky activities, making financial crises and bailouts like those that occurred in 2007-08 more likely.”
Read more HERE.
Only one Iowan showed up at a Rick Santorum campaign event Monday, 6/8.
Rand Paul and Ron Wyden to call for release of redacted 9/11 report.
“We have booby trapped the financial system of the world!”
Who are going to believe: Legendary investigative reporter Seymour Hersh or your lying government?
The White House couldn’t keep its story straight in the days following President Obama’s May 2, 2011 announcement that Osama bin Laden had been killed. The changing story should have been your second clue that much the account was balderdash.
Your first clue was that it was the government talking.
Now Seymour Hersh, the fiercely independent reporters who broke blockbusters such as the My Lai massacre story and the Abu Grahib prison revelations, says, “The White House’s story (about the bin Laden killing) “might have been written by Lewis Carroll.”
The Hollywood Zero Dark Thirty tale of tracking a courier? Balderdash!, says Hersh.
Pakistani top brass didn’t know about the raid? Poppycock! says Hersh.
Pakistanis didn’t know where bin Laden was? Flapdoodle! says Hersh.
Read Hersh’s whole story HERE!
More on the U.S. role in creating ISIS!
The interventionist geniuses strike again! The Republicans interest in Benghazi has always been about finding ways to embarrass and undercut Hillary Clinton. Overlooked in the struggle for power between the two interventionist parties is the role the bi-partisan U.S. Libyan policy and other meddling played in the creation of ISIS.
Now – as though we needed more evidence – comes a secret 2012 DIA document “exposing how the West knowingly fostered a sectarian, al-Qaeda-driven rebellion in Syria.”
Read about it and weep for the brutality ISIS has unleashed on innocent people.
THE FOREVER WAR!
The presidential candidates are falling all over themselves to say they wouldn’t have gone to war in Iraq if they knew then what they know now. But many of us did know then what they didn’t know. Meanwhile the mighty wizards of Washington have still not learned the lessons of our global interventionism and of THE EMPIRE OF LIES.
Marc Clair interviews Charles…
In this episode of the Lions of Liberty Podcast, host Marc Clair welcomes in NY Times bestselling author and longtime libertarian radio personality Charles Goyette.
Charles explains how he first found himself identifying with libertarian ideals, and how he would work these ideas into his successful radio show. Charles then describes how sticking to his convictions affected his career.
The people are hungry to hear the truth!
Thanks to Chris Rossini for posting these first two photos at TargetLiberty.com. Starting with Hillary Clinton’s appearance at Georgetown.
Compare that to the crowds that want to hear the truth from Ron Paul!
And just to drive the point home, here’s is a typical Mitt Romney event during the last presidential campaign.
Did they have to bring homeless people in off the streets to even get this turnout?
Compare that to the turnout for the man of the people!
The Rich and the Really Rich
Fed Chair Janet Yellen, we learned last month, is “greatly concerned” with America’s growing wealth gap.
That’s a little like Al Capone being concerned with bank robberies.
Is it possible that Janet Yellen has not noted the correlation and causation of Fed policies and the concentration of wealth at the top in America?
Because it’s pretty hard to miss.
It’s not just a question of the richest 1 percent getting richer. The concentration of wealth has grown even more top-heavy than that. A recent New York Times story on the phenomenon begins with the account of a private jet broker. He says that in the past the sale of big and small jets rose and fell together with the turns of the economy.
But now the market is divided. According to the Times, “Sales of the largest, most expensive private jets — including private jumbo jets — are soaring, with higher prices and long waiting lists. Smaller, cheaper jets, however, are piling up on the nation’s private-jet tarmacs with big discounts and few buyers.”
U.S. wealth inequality was driven to all-time highs in that fateful year 1929.
– More at MoneyandMarkets.com
Why I’m Glad to See Lower Gold Prices
It’s probably Milton Friedman’s most famous saying: “Put government in charge of the Sahara desert and in five years you’ll have a shortage of sand.”
What sand is to the Sahara, petroleum is to Venezuela. Venezuela has the largest oil reserves in the world. More even than Saudi Arabia. It has proved reserves of 297 billion barrels.
But now Venezuela, an oil exporter for almost a century, can’t even meet its domestic oil needs.
Venezuela has begun importing oil.
It’s a familiar story. Like most states, Venezuela is a stranger to fiscal and monetary prudence. It has failed to make the necessary capital investments in its oil industry. Having nationalized the industry and seized the assets of joint venture partners like ExxonMobil and Conoco, Venezuela now finds that others are unwilling risk investing in production deals there.
So now Venezuela has to import oil from places like Algeria and Russia. The money to pay them for oil to make an exportable crude blend will soon run out, too. Then gasoline will join the list of Venezuela’s other shortages like soap and shampoo, rice and milk, coffee and sugar, and even toilet paper.
I write occasionally about events in places like Venezuela and Argentina because they are like laboratory experiments in crazy statist policies and crackpot economic theories.
Despite the consequences there for all to see, we are busily implementing variations of the same policies here.
What does it mean to “put government in charge” of the Sahara’s desert sand or of Venezuela’s oil? It means central economic planning by boards and bureaucrats. It means price interference and controls by politicians. It means cronyism.
Just like putting government in charge of American health care.
The authorities have everything under control!
Can America Fight a Thirty Years’ War?
by Pat Buchanan
Since 1980, writes Andrew Bacevich, the United States has invaded, occupied or bombed 14 nations in the Greater Middle East — Iran, Libya, Lebanon, Kuwait, Iraq, Somalia, Bosnia, Saudi Arabia, Afghanistan, Sudan, Kosovo, Yemen, Pakistan and now Syria.
The cost: Tens of thousands of U.S. dead and wounded, trillions of dollars lost, hundreds of thousands of Muslim dead and wounded, millions of refugees, Christians foremost among them. And for what?
Are we better off now than we were 30 years ago, with the Middle East today on fire with civil, sectarian, tribal and terrorist wars?
Congress should vote no on any new Thirty Years’ War.
Why Privacy Matters
Lies, Lies and More (Government) Lies
They are at it again. Lying to us about the deficit, that is.
The polls all say that the American people have grown far more skeptical about their government. It’s a good thing. They are lying to us as though we are school children who have yet to master simple addition and subtraction.
The government’s Fiscal Year 2014 ended a week ago, on Sept. 30. On Oct. 1, fiscal year 2015 began.
We’ll get the final numbers on the 2014 deficit in a few days. But already the cheering has begun. For example the Daily Beast announced on Monday that “It’s time to retire the phrase ‘trillion-dollar deficit’ from our political vocabulary.”
Instead they tell us, the deficit is down two-thirds from its peak of $1.412 trillion in 2009. In lieu of the final number the Daily Beast rounds its estimate to $500 billion and declares victory.
It says that the giant iceberg that deficit hawks said the U.S. was steaming toward is actually melting.
We got more of the same from the president himself last week in a speech at Northwestern University. Obama wagged his finger at deficit hawks with their “mindless austerity” and “manufactured crises.”
Instead, said Obama, “over the past five years we’ve cut our deficits by more than half. When I took office, the deficit was nearly 10 percent of our economy. Today, it’s approaching 3 percent.”
Now, the deficit is what the deficit is. They can cook the press release, massage the numbers, or hide the spending, but at some point we have to revert to the real numbers.
What did the government take in during the fiscal year? And what did it spend? If it spent more than it took in, that’s the deficit.
The real numbers involved actually do matter, because even the government somehow has to come up with the money it spends.
In order to cover the deficit, the government has to borrow money.
The government has to pay interest on the money it borrows to cover the deficit as well. The money it borrows is added to the national debt. Financing the national debt means paying interest on all the borrowed money.
It also means being susceptible to rising interest rates. Interest rates are low now, but they won’t be low forever and higher rates mean higher costs of financing the debt.
I am making the obvious but often ignored point that while government numbers may be playthings for politicians, there are real costs and consequences to deal with no matter how artfully the numbers are framed for the evening news.
Now, finding out how much the deficit actually grew — and how much more the government had to borrow during FY2014 — between Sept. 30, 2013, and Sept. 30, 2014 — is as simple as going to the U.S. Treasury’s website.
You can do this at home. If you Google the phrase “debt to the penny” you will be directed to a Treasury department page that allows you to enter specific dates and find out — to the penny — the size of the federal debt on that date.
– More at MoneyandMarkets.com
David Angelo on Regulation
Ann Coulter Calls Libertarians Idiots, Wants Them in Her Party’s Pocket!
But what has the Republican Party done for liberty lately?
In foreign policy? (How about war?)
In federal spending? (Remember Bush II’s drug prescription law?)
Deficits? (Remember Reagan? Remember Bush II?)
Supreme Court? (Chief Justice “ObamaCare” Roberts?)
But we are supposed to vote for them, no matter what. We must sanction them. We must give them legitimacy.
And when they sell us out, we are supposed to stay quiet and re-elect them.
– More from Gary North HERE