But even beyond the realization that some American are beginning to have that the retirement money they sent to Washington for a lifetime is not there, that the money has been spent, that they have been lied to, even beyond that shocking reality, no one has yet adequately calculated the negative impact Social Security has had on the behavior of the American people. Perhaps unquantifiable is the impact this deceit has had on Americans' motivation to save for themselves. In the absence of the politicians’ sweet assurances, what present consumption might have been deferred and what mountains of capital might Americans have created in providing for the future for themselves? Unanswerable is what magic such massive capital investment might have created in terms of long-term wealth, prosperity, and opportunity for Americans and for humankind. Such rewards are unknown, but what one can be sure of is that those who have not provided for their future, for old age, for sickness and death, for economic displacements, natural catastrophes, and cultural change are liable, even eager to become serfs of an all-powerful state. As Dostoyevsky's Grand Inquisitor said, “In the end they will lay their freedom at our feet, and say to us: 'Make us your slaves, but feed us.' ”
* * * * * * * * * * * * * * * * *
"THE WAR BETWEEN THE UNITED STATES AND IRAN IS ON!"
"Both the House of Representatives, through HR 362, and the Senate, through SR 580, are preparing legislation that would call for an air, ground and sea blockade of Iran. Back in October 1962, President John F. Kennedy, when considering the imposition of a naval blockade against Cuba in response to the presence of Soviet missiles in that nation, opined that “a blockade is a major military operation, too. It’s an act of war.” Which, of course, it is. The false diplomacy waged by the White House in Geneva simply pre-empted any congressional call for a diplomatic outreach. Now the president can move on with the mission of facilitating a larger war with Iran by legitimizing yet another act of aggression."
"One day, in the not-so-distant future, Americans will awake to the reality that American military forces are engaged in a shooting war with Iran. Many will scratch their heads and wonder, “How did that happen?” The answer is simple: We all let it happen. We are at war with Iran right now. We just don’t have the moral courage to admit it."
* * * * * * * * * * * * * * * * *
HYSTERIA
Last week one of the world's leading climate experts announced new research that could change our understanding of global warming and suggests we can stop worrying about climate change. Strangely, this wonderful development has been ignored by the media. Here are the details. More...
--flynn
* * * * * * * * * * * * * * * * *
OBAMA'S WAR?
"... without any visible strategy for victory, Barack is recommending the same course LBJ took after the death of JFK. Johnson bombed North Vietnam in 1964, landed Marines in 1965 and built U.S. forces from 16,000 advisers on Nov. 22, 1963, to 525,000 troops in January of 1969.
Gradual escalation, which is exactly what Barack is recommending."
On May 13, 2008, Chairman Ben S. Bernanke spoke of many things, as he often does, of economic growth, of housing losses, of liquidity, of financial strains, and so on. And in doing so, he obscured his main fear. He fears our fears. He fears fear itself. He fears our loss of confidence in the currency and the monetary system and in the entire system itself. If he doesn’t, he should or soon will. Such a loss of confidence is inevitable. More...
--flynn
* * * * * * * * * * * * * * * * *
ANYBODY STILL NOT KNOW ABOUT THE PNAC WARMONGERS?
Read all about the Project for a New American Century warmonger (and Ahmed Chalabi champion) heading up John McCain's foreign policy shop!
"Not only does he have McCain's ear, he also has a track record of being consistently wrong on the major foreign policy question of the day -- Iraq. "
"At some point, it [the fed] will run out of Treasury debt to sell to the general public in order to offset the increase of its purchase of questionable assets held by the financial system. At that point, the great inflation will begin....
...This has always been true. The public has never thought this through. It is beyond the voters’ comprehension. Congress, which has authorized the legislation that has led to this system ever since passing the Federal Reserve Act in late December, 1913, has also not thought about the implications of this system of guaranteed legal solvency for the banking system. But the insolvency of the dollar is the ultimate implication of the legal structure of today’s fractionally reserved banking cartel." More...
--flynn
* * * * * * * * * * * * * * * * *
REP. STEVE KING, R-IOWA, CONTINUES TO ADD DUPLICITY TO DECEIT! HIS BULLYING ACT IS BECOMING TIRESOME!
Rep. Steve King, R-Iowa, pictured here next to his doppelganger Scut Farkus, keeps up his dazzling pace of deceit.
King... noted recent press reports about the current Iraqi government selling 550 metric tons of leftover yellowcake uranium to Canada. The linkage presumably was to show that Bush had been vindicated about the yellowcake and that Wilson was a liar.
Regarding the yellowcake uranium that Iraq has just sold to Canada – a factlet that’s been bouncing around the right-wing media as supposed vindication of President Bush – Iraq’s possession of that ore dated back almost three decades, as was well-documented by the CIA’s post-invasion WMD report issued in September 2004.
Now, with these latest smears from Rep. King, it has become clear that Republican leaders of this generation are heirs to Joe McCarthy’s tradition of using the government’s power to destroy American citizens who get in the way.
"The permanent party in the palaces of power, and the halls of waste, is out of control."
"It is though the household staff is in mutiny. They are peeping toms, illegally spying ever more brazenly on their masters; they waste the households wealth and savings. They know no boundaries, but run roughshod hither and yon, alarming the neighbors. The downstairs servants are stealing the silverware and the upstairs help doesn’t report it because they share in the plunder. It’s time for the people to turn them all out."
Charles Goyette speech at the Ron Paul Revolution March, July 12, 2008. Transcript HERE
* * * * * * * * * * * * * * * * *
THE TEN PHASES OF A BEAR MARKET
1. A huge buy the dip mentality sets in during the initial decline. Most party goers cannot fathom that party has ended.
2. Moderate concern sets in when buy the dip stops working.
3. Initial panic.
4. Numerous bottom calls are made, all wrong.
5. Search for the guilty.
6. Punishment of the innocent.
7. More panic.
8. Lawsuits fly.
9. Regulatory power is given to those most responsible for spiking the punch bowl.
10. Congress gets in the act and makes things worse
...over the span of a few weeks Sen. McCain has gone from predicting a decades long presence of American troops in Iraq and attacking any discussion of timetables for withdrawal to endorsing Maliki's push for a 16 month timetable and tying himself in knots trying to explain why what Maliki's endorsing is any different from Obama's.
When confronted with Maliki's own words saying that he supports what Obama supports, McCain now falls back on that last redoubt of philanderers, asking the American people, "Who you gonna believe? Me or your lyin' eyes?"
* * * * * * * * * * * * * * * * *
"Whether we like it or not, it is a fact that economics cannot remain an esoteric branch of knowledge accessible only to small groups of scholars and specialists. Economics deals with society's fundamental problems; it concerns everyone and belongs to all. It is the main and proper study of every citizen."
Henry Hazlitt wrote this book following his stint at the New York Times as an editorialist. His hope was to reduce the whole teaching of economics to a few principles and explain them in ways that people would never forget. It worked. He relied on some stories by Bastiat and his own impeccable capacity for logical thinking and crystal-clear prose.
He was writing under the influence of Mises himself, of course, but he brought his own special gifts to the project. As just one example, this is the book that made the idea of the "broken window fallacy" so famous.
What thrills us in particular about this new edition is that it is beautiful, it is hardcover, and it is newly typeset for modern readers. It has a full index. It includes a wonderful foreword by Walter Block. It's the right size, shape, and feel – perfect for making this book central to all educational efforts of the future.
This is the book to send to reporters, politicians, pastors, political activists, teachers, or anyone else who needs to know.
Professor Block explains that it was this book that turned him on to economics as a science. He believes that it is probably the most important economics book ever written in the sense that it offers the greatest hope to educating everyone about the meaning of the science.
Written for the non-academic, it has served as the major antidote to fallacies in the popular press, and has appeared in dozens of languages and printings. It's still the quickest way to learn how to think like an economist. And this is why it has been used in the best classrooms more than sixty years.
Many writers have since attempted to beat this book as an introduction, but have never succeeded. Hazlitt's book remains the best. Even if you own this book already, or have several past editions, you will want to have this book as your own as a wonderful testament to its place in the world of ideas.
In putting this edition together, we chose to work from Hazlitt's own first edition because it contains the core of what is crucial here without later updates that only date the book. As with Mises and Human Action, the author's first instincts were the best ones.
In 1982, Ron Paul served on the U.S. Gold Commission to evaluate the role of gold in the monetary system. In fact, the Commission was his idea. It was carrying forth a promise made in the Republican platform.
Ron couldn't pick the members, so from the beginning, the deck was stacked. The majority was dominated by monetarists, who saw gold as too scarce and paper as just fine. Ron Paul's team was ready, however, with this marvelous minority report.
Rarely has a dissent on a government commission done so much good!
The result wasThe Case for Gold, and it was the greatest result of the commission. It covers the history of gold in the United States, explains that its breakdown was caused by governments, and explains the merit of having sound money: prices reflect market realities, government stays in check, and the people retain their freedom.
The scholarship and rigor impressed even the critics of the minority. Ron and Lewis Lehrman worked with a team of economists that included Murray Rothbard, so it is hardly suprising that such a book would result.
It still holds up as an excellent blueprint for moving beyond paper money and into the age of sound money. In particular, Ron favors complete monetary freedom to use any commodity as money, to make contracts in any money, and an end to the monopolization and printing power of the Federal Reserve.
There is a strong piece of history in this book. Not since the 19th century has a political figure made such a sweeping and devastating case for radical monetary reform. This congressman ran circles around even the experts at the Fed. A dazzling performance indeed, and an inspiring and learned book. More...
The Mises Institute has united this book with its natural complement: a detailed reform proposal for a 100 percent gold dollar. "The Case for a 100 Percent Gold Dollar" was written a decade before the last vestiges of the gold standard were abolished. His unique plan for making the dollar sound again still holds up. Some people have said: Rothbard tells us what is wrong with money but not what to do about it. Well, by adding this essay, the problem and the answer are united in a comprehensive whole.
After presenting the basics of money and banking theory, he traces the decline of the dollar from the 18th century to the present, and provides lucid critiques of central banking, New Deal monetary policy, Nixonian fiat money, and fixed exchange rates. He also provides a blueprint for a return to a 100 percent reserve gold standard.
The book made huge theoretical advances. He was the first to prove that the government, and only the government, can destroy money on a mass scale, and he showed exactly how they go about this dirty deed. But just as importantly, it is beautifully written. He tells a thrilling story because he loves the subject so much.
The passion that Murray feels for the topic comes through in the prose and transfers to the reader. Readers become excited about the subject, and tell others. Students tell professors. Some, like the great Ron Paul of Texas, have even run for political office after having read it.
Rothbard shows precisely how banks create money out of thin air and how the central bank, backed by government power, allows them to get away with it. He shows how exchange rates and interest rates would work in a true free market. When it comes to describing the end of the gold standard, he is not content to describe the big trends. He names names and ferrets out all the interest groups involved.
Since Rothbard's death, scholars have worked to assess his legacy, and many of them agree that this little book is one of his most important. Though it has sometimes been inauspiciously packaged and is surprisingly short, its argument took huge strides toward explaining that it is impossible to understand public affairs in our time without understanding money and its destruction.
This volume's contents include:
Preface by Jörg Guido Hülsmann
I. Introduction by Murray Rothbard
II. Money in a Free Society
1. The Value of Exchange
2. Barter
3. Indirect Exchange
4. Benefits of Money
5. The Monetary Unit
6. The Shape of Money
7. Private Coinage
8. The Proper Supply of Money
9. The Problem of Hoarding
10. Stabilize the Price Level?
11. Coexisting Moneys
12. Money-Warehouses
13. Summary
III. Government Meddling With Money
1. The Revenue of Government
2. The Economic Effects of Inflation
3. Compulsory Monopoly of the Mint
4. Debasement
5. Gresham's Law and Coinage
6. Summary: Government and Coinage
7. Permitting Banks to Refuse Payment
8. Central Banking: Removing the Checks on Inflation
9. Central Banking: Directing the Inflation
10. Going Off the Gold Standard
11. Fiat Money and the Gold Problem
12. Fiat Money and Gresham's Law
13. Government and Money
IV. The Monetary Breakdown of the West
1. Phase I: The Classical Gold Standard, 1815-1914
2. Phase II: World War I and After
3. Phase III: The Gold Exchange Standard (Britain and the United States) 1926-1931
4. Phase IV: Fluctuating Fiat Currencies, 1931-1945...
5. Phase V: Bretton Woods and the New Gold Exchange Standard (the United States) 1945 1968
6. Phase VI: The Unraveling of Bretton Woods, 1968-1971
7. Phase VII: The End of Bretton Woods: Fluctuating Fiat Currencies, August-December, 1971
8. Phase VIII: The Smithsonian Agreement, December 1971-February 1973
9. Phase IX: Fluctuating Fiat Currencies, March 1973-?
The Case for a 100 Percent Gold Dollar
Preface by Murray Rothbard
1. The Case for a 100 Percent Gold Dollar
2. Money and Freedom
3. The Dollar: Independent Name or Unit of Weight?
4. Monopolizing the Mint
5. Encouraging Bank Inflation
6. 100 Percent Gold Banking
7. Objections to 100 Percent Gold
8. Professor Yeager and 100 Percent Gold
9. The 100 Percent Gold Tradition
10. The Road Ahead
* * * * * * * * * * * * * * * * *
THE FED-- WHAT IS IT?
Want to understand what the Federal Reserve is and what it does-- in plain language? Then read this:
The most powerful case against the American central bank ever written. This work begins with a mini-treatment of money and banking theory, and then plunges right in with the real history of the Federal Reserve System. Rothbard covers the struggle between competing elites and how they converged with the Fed.
Rothbard calls for the abolition of the central bank and a restoration of the gold standard. His popular treatment incorporates the best and most up-to-date scholarship on the Fed's origins and effects.
The contents of this volume include:
Introduction: Money and Politics
The Genesis of Money
What is the Optimum Quantity of Money?
Monetary Inflation and Counterfeiting
Legalized Counterfeiting
Loan Banking
Deposit Banking
Problems for the Fractional-Reserve Banker: The Criminal Law
Problems for the Fractional-Reserve Banker: Insolvency
Booms and Busts
Types of Warehouse Receipts
Enter the Central Bank
Easing the Limits on Bank Credit Expansion
The Central Bank Buys Assets
Origins of the Federal Reserve: The Advent of the National Banking System
Origins of the Federal Reserve: Wall Steet Discontent
Putting Cartelization Across: The Progressive Line
Putting a Central Bank Across: Manipulating a Movement, 1897-1902
The Central Bank Movement Revives, 1906-1910
Culmination at Jekyll Island
The Fed at Last: Morgan-Controlled Inflation
The New Deal and the Displacement of the Morgans
Deposit "Insurance"
How the Fed Rules and Inflates
What Can Be Done?
* * * * * * * * * * * * * * * * *
HAYEK-- READ IT!
"F.A. Hayek was not only a leading champion of liberty in the 20th century. As this massive book reveals, he was also a great economist whose elaboration on monetary theory and the business cycle made him the leading foe of Keynesian theory and policy in the English-speaking world. Here are collected his most important works on these topics: re-typeset, indexed for the first time, and beautifully bound in a 536-page hardbound book..." More...
--flynn
* * * * * * * * * * * * * * * * *
DOES IT FEEL LIKE THE SUMMER OF 1931?
Actually things smell a little more "police-state-ish" than in 1931.
It's funny; while Bush was hosting his faux-press conference, live-footage was appearing on other media of fully-armed LA policemen being dispatched to the various Indymac locations. Their task was to remind the gathering of elderly "blue-hair" women and middle-aged white guys in Tommy Bahama T-shirts that any public display of outrage would be swiftly met with Rodney King-style justice. Hmmm. So now withdrawing one's savings from the bank is not only riskier; it's tantamount to committing a felony. My, how America has changed.
Just imagine the frustration of spending $5 a gallon for gas to drive to the local Indymac branch to get whatever is left of your savings only to get roughed-up by the local constabulary. Nice touch, eh?
Going to the bank? Don't forget the protective head-gear!
* * * * * * * * * * * * * * * * *
THIS IS WHY THE EMPIRE MUST ENDURE...
... UNTIL DISASTER BEFALLS IT!
PAT BUCHANAN:
"And we have reaped the reward of all the other empires that went before: A sinking currency, relative decline, universal enmity, a series of what Rudyard Kipling called "the savage wars of peace." Yet, opportunity has come anew for America to shed its imperial burden and become again the republic of our fathers."
FORMER NASA astronaut and moon-walker Dr Edgar Mitchell - a veteran of the Apollo 14 mission - has stunningly claimed aliens exist.
And he says extra-terrestrials have visited Earth on several occasions - but the alien contact has been repeatedly covered up by governments for six decades. More...
--flynn
* * * * * * * * * * * * * * * * *
WILL YOUR BANK FAIL?
Re-setting of adjustable rate mortgages triggers the collapse
What IS going on is approximately 600 billion dollars’ worth of subprime adjustable rate mortgages (ARMs) will go through rate-resetting between now and the end of 2008. About 15% of these ARMs are predicted to default, representing $75 billion of mortgages that banks will have as non-performing loans on their books, which will be reflected in their quarterly earnings reports. The stock price of these banks will then tumble and depositors will run to withdraw their funds from checking and savings accounts. Since most banks have no more than 10% of their depositors' funds in cash (the rest has been loaned out), even a small run on the bank could leave a bank with no cash. More...
--flynn
* * * * * * * * * * * * * * * * *
DUMP FANNIE AND FREDDIE
"Fannie Mae and Freddie Mac need to be downsized and de-leveraged, relieved of special privileges and loan guarantees, and broken into small pieces agile enough to sink or swim on their own, without taxpayer support." More...
--flynn
* * * * * * * * * * * * * * * * *
GOOD MONEY
In Good Money, George Selgin tells the fascinating story of the important yet almost unknown episode in the history of money—British manufacturers’ challenge to the Crown’s monopoly on coinage.
In the 1780s, when the Industrial Revolution was gathering momentum, the Royal Mint failed to produce enough small-denomination coinage for factory owners to pay their workers. As the currency shortage threatened to derail industrial progress, manufacturers began to mint custom-made coins, called “tradesman’s tokens.” Rapidly gaining wide acceptance, these tokens served as the nation’s most popular currency for wages and retail sales until 1821, when the Crown outlawed all moneys except its own.
Good Money not only examines the crucial role of private coinage in fueling Great Britain’s Industrial Revolution, but it also challenges beliefs upon which all modern government-currency monopolies rest. It thereby sheds light on contemporary private-sector alternatives to government-issued money, such as digital monies, cash cards, electronic funds transfer, and (outside of the United States) spontaneous “dollarization.”
THE AUTHORITIES KNOW BEST: Quotes from the Great Depression
September 1929:
"There is no cause to worry. The high tide of prosperity will continue."
— Andrew W. Mellon, Secretary of the Treasury
October 14, 1929: "Secretary Lamont and officials of the Commerce Department today denied rumors that a severe depression in business and industrial activity was impending, which had been based on a mistaken interpretation of a review of industrial and credit conditions issued earlier in the day by the Federal Reserve Board."
— New York Times
December 5, 1929: "The Government's business is in sound condition."
— Andrew W. Mellon, Secretary of the Treasury
December 28, 1929: "Maintenance of a general high level of business in the United States during December was reviewed today by Robert P. Lamont, Secretary of Commerce, as an indication that American industry had reached a point where a break in New York stock prices does not necessarily mean a national depression."
— Associated Press
January 13, 1930: "Reports to the Department of Commerce indicate that business is in a satisfactory condition, Secretary Lamont said today."
- News item
January 21, 1930: "Definite signs that business and industry have turned the corner from the temporary period of emergency that followed deflation of the speculative market were seen today by President Hoover. The President said the reports to the Cabinet showed the tide of employment had changed in the right direction."
- News dispatch from Washington
March 8, 1930: "President Hoover predicted today that the worst effect of the crash upon unemployment will have been passed during the next sixty days."
- Washington Dispatch
May 1, 1930: "While the crash only took place six months ago, I am convinced we have now passed the worst and with continued unity of effort we shall rapidly recover. There is one certainty of the future of a people of the resources, intelligence and character of the people of the United States - that is, prosperity."
- President Hoover
June 29, 1930: "The worst is over without a doubt." - James J. Davis, Secretary of Labor. August 29, 1930 "American labor may now look to the future with confidence."
- James J. Davis, Secretary of Labor
September 12, 1930: "We have hit bottom and are on the upswing."
- James J. Davis, Secretary of Labor
October 16, 1930: "Looking to the future I see in the further acceleration of science continuous jobs for our workers. Science will cure unemployment."
- Charles M. Schwab
October 20, 1930: "President Hoover today designated Robert W. Lamont, Secretary of Commerce, as chairman of the President's special committee on unemployment."
- Washington dispatch
October 21, 1930: "President Hoover has summoned Colonel Arthur Woods to help place 2,500,000 persons back to work this winter."
- Washington Dispatch
November 1930: "I see no reason why 1931 should not be an extremely good year."
- Alfred P. Sloan, Jr., General Motors Co.
June 9, 1931: "The depression has ended."
- Dr. Julius Klein, Assistant Secretary of Commerce
* * * * * * * * * * * * * * * * *
CHUCK SCHUMER-- HEDGE FUND TOOL?
"My DC-insider friend "Mick Danger" sees deeper implications.
Scroll down to near bottom of page The SEC is investigating hedge funds to see if they circulate rumors, knowing they are false, and trade on them, manipulating the market. Now, did the brave writers at the WSJ miss something?
Someone -- with an interest -- brought Schumer information on IndyMac. Who? When? Why? What are the chances that Schumer was looking into irregularities into IndyMac because some hedgie with a big short position turned him onto it?
Well, they ain't zero.
What are the chances Schumer was "investigating" IndyMac because the Senate Banking Committee assigned that case to him? Zero." More... (scroll down to near bottom of page)
JUST FOLLOW THE MONEY... ...as usual in Washington. Here's Tim Carney:
Follow the divergent treatment recently of four different financial companies suffering from the mortgage crisis, and you begin to detect a pattern: The well-connected — with big lobbying budgets and generous campaign contributions — get special favors from Washington, while the others get special abuse. Government-backed mortgage companies Fannie Mae and Freddie Mac are collapsing, and so Congress and the Bush administration are rushing to save them, insisting to the investing public that everything is OK.
Lehman Brothers is upset about negative rumors hurting its stock prices, and so Uncle Sam is investigating who is badmouthing the firm. But IndyMac, a commercial bank and mortgage lender, was pushed over the edge this week by a U.S. senator, Charles Schumer, D-N.Y.
The difference: Fannie, Freddie and Lehman are all famously well-connected to Washington, with high-priced lobbyists and burgeoning political action committees; IndyMac, meanwhile, had no PAC at all and only a tiny lobbying budget.
Thanks to Jameson Campaigne for the link.
Posted by Donald L. Luskin at 7:58 AM link
--flynn
* * * * * * * * * * * * * * * * *
IS THERE AN ANTI-WAR CANDIDATE?
"Now that Barack Obama has pulled the rug out from under John McCain's "victory or death" campaign theme, with the invaluable assistance of Iraqi Prime Minister Nouri al-Maliki, he's preparing the way for a surge of his own: an Afghan surge, to be precise. Averring that we need to put more troops in Afghanistan, whose U.S.-supported "president" functions as little more than the mayor of Kabul, Obama is posingearnestly next to as many uniforms as he can, hoping to establish his credentials as a plausible wartime president." More...
* * * * * * * * * * * * * * * * *
Nock -- "Sending in good people to reform the state is like sending in virgins to reform the whorehouse."
* * * * * * * * * * * * * * * * *
The tragedy of modern war is that the young men die fighting each other--instead of their real enemies back home in the capitals.
~Edward Abbey
* * * * * * * * * * * * * * * * *
Power always thinks it has a great soul and vast views beyond the comprehension of the weak; and that it is doing God's service...
~John Adams
* * * * * * * * * * * * * * * * *
Why, the Government is merely...a temporary servant...Its function is to obey orders, not originate them.
~Mark Twain
* * * * * * * * * * * * * * * * *
What political leaders decide, intelligence services tend to seek to justify.
~Henry Kissinger
* * * * * * * * * * * * * * * * *
LISTEN FOR IT
War, n: A time-tested political tactic guaranteed to raise a president’s popularity rating by at least 30 points. It is especially useful during election years and economic downturns. – Chaz Bufe
* * * * * * * * * * * * * * * * *
THE EMPTY ONE
* * * * * * * * * * * * * * * * *
SELLOUTS
House Democrats who flipped their votes to support retroactive immunity for telecom companies in last week’s FISA bill took thousands of dollars more from phone companies than Democrats who consistently voted against legislation with an immunity provision, according to an analysis by MAPLight.org.
--flynn
* * * * * * * * * * * * * * * * *
POLICE STATE USA
Cowards rule!
"Undercover Maryland state troopers infiltrated three groups advocating peace and protesting the death penalty — attending meetings and sending reports on their activities to U.S. intelligence and military agencies, according to documents released Thursday." More...
--flynn
* * * * * * * * * * * * * * * * *
WORLD ECONOMY IN SERIOUS TROUBLE
"It feels like the summer of 1931. The world's two biggest financial institutions have had a heart attack. The global currency system is breaking down. The policy doctrines that got us into this mess are bankrupt. No world leader seems able to discern the problem, let alone forge a solution." More...
--flynn
* * * * * * * * * * * * * * * * *
COERCIVE DIPLOMACY- PRELUDE TO WAR
"By the way, under the terms of the Nuclear Nonproliferation Treaty – which, unlike the Israelis, the Iranians are signatories to – Tehran is perfectly entitled to develop nuclear power for peaceful uses. Given the long lines for gas in Iran, that is no doubt what they're doing. Like us, they realize that the world's oil supply is limited, and – also like us – they want to achieve illusory "energy independence," whatever that may mean. This, however, is one illusion we're not willing to share with just anyone, and certainly not with the Iranians." More...
--flynn
* * * * * * * * * * * * * * * * *
THREE OR SIX OR NINE...
...years we've been there. I can't remember for sure, but things are looking up. The whole dynamic has changed. We're winning hearts and minds...
--flynn
* * * * * * * * * * * * * * * * *
AMERICA FIRST
"I've never forgotten the words of a Salvadoran friend during their guerrilla war. 'We can't afford to kill the guerrillas,' he said. 'There are only 7,000 of them, and your government is paying my government a million dollars a day to fight them.' " More...
--flynn
* * * * * * * * * * * * * * * * *
A REPEAT POST-- DRILL IT...
...INTO YOUR BRAIN.
"I titled this article 'In the U.S. Senate the Guilty Interrogate the Innocent.' A more complete title would be 'In the U.S. Senate, Senators Serving the OPEC Cartel Interrogate American Energy Producers Whom They Prevent from Breaking that Cartel.' " More...
--flynn
* * * * * * * * * * * * * * * * *
WHY MARKETS WORK
"The real world is the market economy. It is making a trillion decisions every hour. The decisions are dramatic, decisive, and life changing. They deal with real stuff, not vapid promises. We see this in a crisis more than ever: the takeovers, production shifts, whole industries rising and falling, patterns of imports and exports reversing themselves, jobs changing, with tens of billions of dollars changing hands minute by minute." More...
--flynn
* * * * * * * * * * * * * * * * *
ARE AMERICANS TOO STUPID TO UNDERSTAND?
"George Bush will likely leave office with this particular tyrannical power infrequently exercised but nonetheless vigorously asserted, defended, and close to established. This is yet another step in the creeping extremism of the last seven years -- like torture and warrantless eavesdropping, this power (allowing the President to imprison U.S. citizens in military brigs with no charges) is one that was until quite recently inconceivable, but is now a defining part of how our Government operates." More...
--flynn
* * * * * * * * * * * * * * * * *
FASCISM OR SOCIALISM
Our leaders just can't decide which they like better.
"Fannie Mae and Freddie Mac have also strategically given more contributions to lawmakers currently sitting on committees that primarily regulate their industry. Fifteen of the 25 lawmakers who have received the most from the two companies combined since the 1990 election sit on either the House Financial Services Committee; the Senate Banking, Housing & Urban Affairs Committee; or the Senate Finance Committee..." More
--flynn
* * * * * * * * * * * * * * * * *
SCOTT RITTER ON THE WAR PARTY
Scott Horton interviews Scott Ritter
Former UN weapons inspector Scott Ritter discusses the likelihood of a U.S. attack on Iran and the smokescreen of diplomatic progress, how Iran’s recent promise of retaliation has raised the stakes by ensuring limited U.S. strikes would be inadequate, how facts and reason are irrelevant since the neocons in command believe they can generate their own realities... Listen
--flynn
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THE EMPTY ONE
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COME ON DOWN
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GOING DOWN?
The Dow Jones Industrial Average fell 92.65 points, or 0.8%, at 10962.54, its first close below the psychologically important 11000 level since July of 2006. It was held back by a sharp decline in American International Group, which fell 8.5%, and Bank of America, which declined by 8.1%. Citigroup dropped 4.3%. Exxon Mobil and Chevron each fell nearly 4%, victimized by the drop in crude. --More...
--flynn
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"IT IS GOOD FOR ONE TO BE FREE!"
Transcript of a speech by Charles Goyette at the Ron Paul Revolution March, Capitol Hill, Washington, D.C., July 12, 2008
"We gather together as the vanguard of a movement to reclaim our Liberty, Peace, and Prosperity. And we come here to Washington to be seen in a place the world watches." Click Here
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CRUDE DOWN-- EURO STRONG
Crude-oil prices plunged below $139 a barrel, helping soften losses in the stock market and lift the dollar off record lows against the euro. But anxiety about the health of banks and the economic outlook keep indexes in negative territory.
After lingering around the $145 a barrel mark earlier in the day, crude plunged by over $6 a barrel to trade beneath $139 in New York. Concern that a weaker economy will push down demand for fuels helped start a cascade of selling that gathered steam as trading stops kicked in.
OPEC gave a downbeat outlook for world oil demand ...
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HERE WE GO...
The Labor Department reported that soaring costs for gasoline and food pushed inflation at the wholesale level up by a bigger-than-expected 1.8 percent in June, leaving inflation rising over the past year at the fastest pace in more than a quarter-century. Over the past 12 months... More
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CHARLES JOINS RON PAUL AT THE RON PAUL REVOLUTION MARCH, WASHINGTON, DC, JULY 12!
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FREDDIE AND FANNIE: OH, THE FROTHINESS OF IT ALL...
"We are not talking about market failure.... If you have a housetop you can shout that from, please do so, because the press and the government are going to make every effort to blame private borrowers and lenders for this calamity. But the origin of both these outfits is with federal legislation. They are not market entities. They have long been guaranteed by you and me.
Government-sponsored enterprises are not subject to market discipline like regular private-sector companies. Their securities are listed as government securities, so their risk premiums were not dictated by the free market. They could leverage themselves at 50-, 75-, 100-1, pyramiding debt on a tiny foundation of equity. The financial markets have long believed that the GSEs would be bailed out no matter what. And so this put them in a completely different position from a company like Enron, which the markets watched closely. What's causing the current panic is that the markets have wised up and started evaluating these institutions by market standards. Freddie and Fannie have collapsing market prices, and their bonds are carrying ever-higher risk premiums.
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TAPS IS APPROPRIATE
When one person can initiate war...
... then by definition a Republic no longer exists." -- Ron Paul
"Where you have a concentration of power in a few hands, all too frequently men with the mentality of gangsters get control."
Despite the opposition of his own generals and widespread scepticism that America is ready to risk the military, political and economic consequences of an airborne strike on Iran, the president has given an “amber light” to an Israeli plan to attack Iran’s main nuclear sites with long-range bombing sorties, the official told The Sunday Times." --TimesOnline
BILL: "WHY NOT GIVE YOUR CONGRESS CRITTERS A CALL AND REGISTER YOUR THOUGHTS WITH THEM."
BOB: "BECAUSE IT WOULD BE LIKE TELLING A ROMAN SENATOR TO STAND UP TO THE EMPEROR!"
Sometimes you should act with faith even if you feel overwhelmed.
--flynn
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HOW DID WE GET INTO THIS MESS
A review of the propaganda campaign for war.
Watch the movie "Leading To War" for free. Click here.
--flynn
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MCCAIN: SUNNIS, SHIITES "TRYING TO CONFUSE ME"
Will Stay in Iraq Until He Can Tell Them Apart, Mac Says
"My friends, the Iraqis have divided themselves into these two groups for one reason and one reason only," Sen. McCain told an audience in a retirement village in Scottsdale, Arizona. "They are trying to confuse me."
This and no other is the root from which a tyrant springs; when he first appears he is a protector. – Plato
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The constitution supposes, what the History of all Governments demonstrates, that the Executive is the branch of power most interested in war, and most prone to it.
~James Madison
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"War...should only be declared by the authority of the people...instead of the government which is to reap its fruits."
~James Madison
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THE EMPTY ONE
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THIS FEELS RIGHT
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IRAN AND THE PHOTOSHOP THREAT
"The Iranians just don’t get it. What they’re supposed to do in response to the superheated rhetoric coming out of Washington – and the full-scale dress rehearsals for a bombing raid on their country coming out of Israel – is cower, downplay their own military prowess, and hope for the best. But – no. Instead, Tehran is puffing up its chest, issuing hair-raising threats of its own – and even Photoshopping its military arsenal to make it look more fearsome." --Raimondo more...
--flynn
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IRAQ DENIES ISRAELI'S USING AIRSPACE
"Iraq denied on Friday reports claiming the Israeli Air Force has been practicing for a possible attack against Iran in its airspace...
The report, which was also carried by Iranian news outlets, claimed that recently massive IAF overnight presence was detected in several American held airbases..." more...
--flynn
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THEY MISSED A CORNER IN MY NEIGHBORHOOD!
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STABILIZING IRAQ
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HOW HIGH OIL? SKY'S THE LIMIT...
... AT LEAST WHILE THE BOY EMPEROR IS IN OFFICE!
TAKE AT CLOSE LOOK AT WHAT HE'S BEEN ABLE TO ACCOMPLISH SO FAR!
The head of the Organization of Petroleum Exporting Countries warned Thursday that oil prices would see an "unlimited" increase in the case of a military conflict involving Iran, because the group's members would be unable to make up the lost production.
END THE NATION-STATE: AND THE VIOLENCE THAT ATTENDS IT
Nevertheless, is it possible that now, in the early part of the 21st century, the idea of secession may soon catch political fire and inspire millions of people to push for political decentralization and dismemberment of the world’s existing nation-states? More...
--flynn
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LOOKING INTO AIPAC
“We are not a debate society or a protest movement. … our goal is to have a friend in the White House,” executive director Howard Kohr said in a strict tone. It wasn’t hard to imagine things going poorly: Obama gets booed on national television. He feels insulted. Conservative Jewish donors and voters turn off to Obama. He becomes president without their support. AIPAC has no friend in the Oval Office. More...
--flynn
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SECRET WORLD BANK REPORT CONFIRMS BIOFUEL AS CAUSE OF WORLD FOOD CRISIS
According to the London Guardian newspaper which has been given a copy of the suppressed report, the World Bank study was completed in April, well before the June Rome Food Summit, but was deliberately suppressed as "embarrassing to the position of the Bush Administration." A secret study by the World Bank, which reportedly has not been made public on pressure from the Bush Administration, concludes that bio-fuel cultivation in especially the USA and EU are directly responsible for the current explosion in grain and food prices worldwide. The US Government at the recent Rome UN Food Summit claimed that "only 3% of food prices" were due to bio-fuels. The World Bank secret report says that at least 75% of the recent price rises are due to land being removed from agriculture—mainly maize in North America and rapeseed and corn in the EU—in order to grow crops to be burned for vehicle fuel.
"If Bush believes war with Iran is vital to U.S. security, he should make that case to Congress."
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"THE HIGHLY SKILLED U.S. WORK FORCE IS BEING GRADUALLY TRANSFORMED INTO THE DOMESTIC SERVICE WORKFORCE CHARACTERISTIC OF THIRD WORLD ECONOMIES"
When manufacturing jobs began leaving the US...
...no-think economists gave their assurances that this was a good thing. Grimy jobs that required little education would be replaced with new high tech service jobs requiring university degrees. The American work force would be elevated. The US would do the innovating, design, engineering, financing and marketing, and poor countries such as China would manufacture the goods that Americans invented. High-tech services were touted as the new source of value-added that would keep the American economy preeminent in the world.
In 1930 melanoma was rare, with a lifetime risk of just one in 1,500 people. Since then, it has grown exponentially, with a lifetime risk in the United States of 1 in 250 in 1980, 1 in 120 in 1987, 1 in 75 by 2000 and 1 in 32 today...
The facts are readily before us. McCain's cherished SPF-30 rating is meaningless when it comes to melanoma....
And McCain's baseball cap won't do either. According to the National Cancer Institute baseball caps are insufficient sun protectors because they "do not fully protect the face, neck, and ears."
As the most well-known melanoma victim of our times, McCain's decision to shun the best sunsmart policies (noted below) sets a very bad example. But John McCain apparently doesn't know, doesn't care, or just doesn't want to draw attention to his disease by donning a showy 4-inch wide brimmed hat for his ongoing public appearances.
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ISN'T CONGRESS WONDERFUL!
They're going to protect us from spying.
Is this the meaning of irony?
"While the committee has no online advertising legislation pending, the hearing could lead to new bills."
We will all be paying for this imperialist misadventure for years to come.
"The slumping US economy, and the crashing US dollar, which is heading towards Peso status as a trash currency, are clearly the direct result of Bush/Cheney policies, aided and abetted by both Democrats and Republicans in Congress, who have bought the story line that war is good."
IT'S THE PERMANENT PARTY, MADE UP OF R's AND D's! BARACK VOTES FOR BUSH/CHENEY SURVEILLANCE CRIME COVER-UP!
HERE'S THE LAW... WANNA MAKE SUMPIN' OF IT? NO? WE DIDN'T THINK SO!
"A person is guilty of an offense if he intentionally -- (1) engages in electronic surveillance under color of law except as authorized by statute; . . . An offense described in this section is punishable by a fine of not more than $10,000 or imprisonment for not more than five years, or both."
For the Government to invade our communications with no probable cause showing to a court is exactly what the Founders prohibited as clearly as the English language permitted. But today, the Democratic-led Congress -- with the support of both John McCain and Barack Obama -- will cover-up those crimes.
WHAT DO WE GET FOR OUR $625 BILLION DEFENSE SPENDING? 700 BASES IN 130 COUNTRIES... AND NEW ENEMIES EVERYDAY, EVERYWHERE!
A Refresher on America's Military Empire from Chalmers Johnson, 2004
As distinct from other peoples, most Americans do not recognize -- or do not want to recognize -- that the United States dominates the world through its military power. Due to government secrecy, our citizens are often ignorant of the fact that our garrisons encircle the planet. This vast network of American bases on every continent except Antarctica actually constitutes a new form of empire -- an empire of bases with its own geography not likely to be taught in any high school geography class. Without grasping the dimensions of this globe-girdling Baseworld, one can't begin to understand the size and nature of our imperial aspirations or the degree to which a new kind of militarism is undermining our constitutional order.
There Are More Obese People In China Than The Entire U.S. Population!
(Bloomberg) -- Waistlines in China are expanding faster than almost anywhere else, with nearly a quarter of residents in the Earth's most populous nation now overweight, according to a study.
The number of obese and overweight people in China, now at 325 million, could double in 20 years, spurring more diabetes and heart disease in what was once one of the world's leanest populations, said Barry Popkin, the study author and a nutrition professor....
The prevalence of hypertension has exploded and every day, China and India are producing more than half of the new cases of diabetes diagnosed daily,'' said Popkin.
