The things we have taken for granted in our material circumstances and the increase of ease in our lives—so many of the things we notice only in their absence—are the result of a free economy. So rich are its gifts, so abundant its bounty, so profuse its variety, that we have come to think of prosperity as a given. And that is a good way to think of it—as a given. Like the cornucopia, the horn of plenty that is an icon of inexhaustible abundance that seemingly springs from nowhere, prosperity is a given, coming into being in the presence of free people in a free economy.
Liberty’s gifts are many. This book has focused especially on Prosperity because she appears to be slipping away from us. But Prosperity is only one of Liberty’s daughters. Peace is another. And third among her daughters is Opportunity. What a plague mankind suffers in the absence of Liberty’s gifts. What a cruel smothering of the human spirit to know only lack and insufficiency instead of the abundance of Prosperity; to live in a time of constant strife and war, a time without the blessings of Peace; and to experience a lifetime of frustrating limitation and futility, a world without Opportunity.
A renewed appreciation of Liberty will mean the growth of prosperity, peace, and opportunity. Her blessings await all who wish them.
– From Red and Blue and Broke All Over, by Charles Goyette
Every month that the Fed’s quantitative easing goes on, the exit strategy becomes more difficult and dangerous!
Good Account of the Fed’s Dilemma by Phil Gramm
Never in our history has so much money been spent to produce so little good, and the full bill for this failed policy has yet to arrive. No such explosion of debt has ever escaped a day of reckoning and no such monetary surge has ever had a happy ending.
Ask Siri for her political views!
Try this on your iPhone!
If you have an iPhone you’ll want to try this yourself!
(For those who don’t have an iPhone, Siri is the disembodied voice of the iPhone operating system.)
She pulls up the Ron Paul Wikipedia Page!
Same as the Old Boss, Only More!
by Charles Goyette, Money and Markets
The real problem with the Federal Reserve is central banking itself.
It is the mission that matters most, not the personnel. No matter who is in charge at the Fed, the basic Keynesian, fiat money policies that serve the interests of the banking cartel prevail.
That is why the value of the dollar has plunged under 100 years of the Fed’s existence, through a succession of chairmen.
No matter which party holds sway in Washington, the same policies persist.
That is why Alan Greenspan was appointed by Republican Ronald Reagan and reappointed by Democrat Bill Clinton. That is why Ben Bernanke was appointed by Republican George Bush and reappointed by Democrat Barack Obama.
They all worship at the same statist monetary church and follow the same Keynesian priesthood.
That said, some are more devoted members of the faith. Janet Yellen has a deserved reputation as a fervent believer. That means that she can be expected to try to carry the Fed’s monetary madness to its logical conclusion: money printing with enthusiasm until the world rejects the global dollar standard.
Senator Rand Paul is in a state of virtual alarm about Yellen’s “spend our way to prosperity” zeal. If her nomination can’t be stopped, it will be good if Paul can at least use her nomination to advance an audit-the-Fed bill.
When the judgment day on this quantitative easing madness comes around at last, a thorough audit of the Fed will at least let us know where all the bodies are buried.
“I’m sorry, America. QE is the greatest backdoor Wall Street bailout of all time.”
It’s not that we didn’t know. But its nice to see it made explicit. Andrew Huszar managed the Federal Reserve’s trillion dollar plus Quantitative Easing bond buying spree in 2009-10. From the Wall Street Journal, here is his confession:
QE may have been driving down the wholesale cost for banks to make loans, but Wall Street was pocketing most of the extra cash…
The banks hadn’t just benefited from the lower cost of making loans. They’d also enjoyed huge capital gains on the rising values of their securities holdings and fat commissions from brokering most of the Fed’s QE transactions. Wall Street had experienced its most profitable year ever in 2009, and 2010 was starting off in much the same way…
Having racked up hundreds of billions of dollars in opaque Fed subsidies, U.S. banks have seen their collective stock price triple since March 2009. The biggest ones have only become more of a cartel: 0.2% of them now control more than 70% of the U.S. bank assets.
Is Hyperinflation Just Around the Corner?
I have written many times about the “hidden'” U.S. government debt, which is much more perilous than the “visible” government debt. Like an iceberg, most of which is unseen beneath the water line, this hidden debt, is much larger than the visible debt, the $17 trillion that is the subject of public discussion and legislative debate.
But the hidden debt, consisting of the government’s unfunded liabilities, is more than ten times larger than the visible debt.
It is about $205 trillion.
I have often cited Boston University Professor Laurence Kotlikoff on subject of the hidden debt, an issue he has confronted with clarity for years. Now, not to be missed is an article by Kotlikoff on the Fed, Quantitative Easing, the the prospects for hyperinflation:
“The fact that the Fed and Treasury dance this financial pas de deux shows how much they want to keep the public in the dark about what they are doing. And what they are doing, these days, is printing, out of thin air, 29 cents of every $1 being spent by the federal government.”
Charlie Rose Is a Great
If Congress won’t even follow its own rules, why should anyone expect it to follow the Constitution?
It’s an institution even more disgusting than it is corrupt.