Doug Casey interviews Lew Rockwell.
Lew puts everything into historical perspective discussing Nixon's closing of the gold window, the Wiemar Republic, Paul Volcker, FDR, Mussolini, the Shah of Iran, the Ayatollah, the Kennedy Assassination and the Roman Empire.
You will learn from this interview. It's here.
Wednesday, October 5, 2011
Ron Paul on the People "Too Little to Worry About"
Before a sold out crowd at the National Press Club in Washington D.C., Ron Paul spoke today to the media and general public.
The interest from the media was so strong that NPC had to bring additional chairs into the media pen to seat the crowd, which already had 25 media seats set out for the event. In addition, more than a dozen video camera crews were present.
The interest from the media was so strong that NPC had to bring additional chairs into the media pen to seat the crowd, which already had 25 media seats set out for the event. In addition, more than a dozen video camera crews were present.
During his speech Ron Paul attacked the Fed and pointed out that since its founding, the economy has had 17 economic setbacks. He said the Fed, after these setbacks, comes in to bailout the elite, the Too Big To Fail (TBTF), and ignores the rest, those he deemed "Too Little to Worry About" (TLWA) by the Fed.
He said it was time to end this government intervention in the economy and stop the government-big business alliances. He said the current protests in the street reflect the frustration by youth with what is going on in America.
He also commented on the wars currently being waged by the United States and said that there is no chance of victory in Afghanistan for the US. He pointed out that no war has been declared in the US since 1941 and that President Obama has taken things even further by starting war in Libya without even announcing it.
When asked what he would do as President, he said one thing he would do is veto all bills where Congress attempts to bailout special interests.
He also pointed out that the budget could be slashed 70% by simply eliminating things in the budget that are unconstitutional.
He went on to point out that the economist Ludwig von Mises, in 1912, in the book, The Theory of Money and Credit, explained how the manipulations of the money supply by central banks caused the business cycle.
Dr. Paul closed by saying that he is about is bringing liberty back to the people and that the country is now on a very slippery slope away from liberty.
Breaking: Ron Paul Raises $8 Million Plus in Third Quarter
Before the start of a scheduled speech at the National Press Club in Washington D.C., Ron Paul announced that in the third quarter his campaign raised over $8 million dollars and that the contributions continue to come from small individuals, not special interests.
He pointed out that his contributions are more important than corporate special interest contributions because his represent enthused people on the ground that will also help in his campaign, in addition to the contributions they make.
He also stated that he has received more contributions from the military than President Obama and he has received twice as much in contributions than all the other Republican candidates combined.
He pointed out that his contributions are more important than corporate special interest contributions because his represent enthused people on the ground that will also help in his campaign, in addition to the contributions they make.
He also stated that he has received more contributions from the military than President Obama and he has received twice as much in contributions than all the other Republican candidates combined.
Fed Economist Recognizes Climbing Price Inflation
Joseph G. Haubrich, vice president and economist at the Cleveland Federal Reserve Branch, writes:
With the amount of money the Fed is printing right now, Haubrich is going to be so off that he may end up in my Federal Reserve Bad Forecasts Hall of Fame right next to New York Fed economists. McCarthy and Peach.
Recently, inflation, as measured by the headline Consumer Price Index, has been running at a sustained clip—prices have risen over 4.5 percent in five of the past seven months, and in July they increased at an annualized rate of 6.2 percent.He goes on to say that the inflation is likely temporary, but that's what Ben Bernanke said about the housing market when falling prices were limited to the sub-prime market.
With the amount of money the Fed is printing right now, Haubrich is going to be so off that he may end up in my Federal Reserve Bad Forecasts Hall of Fame right next to New York Fed economists. McCarthy and Peach.
Bruce Bartlett Goes Bonkers on CNBC
This is what happens if you spend too much time in Washington DC.
Bruce Bartlett, who once held some fairly strong anti-interventionist views, just went bonkers on CNBC.
Among other things, he said the "Fed is sitting on its hands." This when the Fed is pumping money out the door at double digit rates.
He said he is in favor of raising taxes (long term) and is calling for a major public works program. He said that Social Security is not a problem, even though Social Security holds nothing but Treasury securities, which means the Treasury will have to find, literally trillions to pay off SS.
He said company executives are "full of crap," when they say they are concerned about government regulations.
He also called for "a little bit of inflation."
Bruce Bartlett, who once held some fairly strong anti-interventionist views, just went bonkers on CNBC.
Among other things, he said the "Fed is sitting on its hands." This when the Fed is pumping money out the door at double digit rates.
He said he is in favor of raising taxes (long term) and is calling for a major public works program. He said that Social Security is not a problem, even though Social Security holds nothing but Treasury securities, which means the Treasury will have to find, literally trillions to pay off SS.
He said company executives are "full of crap," when they say they are concerned about government regulations.
He also called for "a little bit of inflation."
Attention Lawyers: A Great Idea for a Class Action Suit
Yesterday, I attempted to withdraw $300 from a Bank of America branch at 1001 Pennsylvania Avenue in Washington DC.
The machine spun and spun as though it was about to kick out cash, but none was dispensed. I went inside to speak to the very unhelpful branch manager, Andrea Bullock, who seemed much more interested in speaking to the Secret Service agents waiting in line behind me, then she was to me.
I guess spewing information to the Secret Service about Bank of America customers is much more important than dealing with a customer who has a problem with a cash machine.
The basic B of A answer to my problem is for me to waste more time and contact my bank, explain the problem all over again and they will process a claim with B of A. When I pointed out that my bank had nothing to do with the B of A malfunction, and that I could claim all day to my bank that ATMs didn't dispense money to me, the B of A answer was "Well, we check our computers which record whether the cash was actually dispensed."
My reply was, "Well why don't you just do that? I'm the customer with the problem."
Typical bureaucratic silence at this point.
I went on, "If I have a problem with something I bought at Macy's. I bring it back to Macy's. They credit my account. I don't call my bank to get a credit from Macy's"
More silence.
So I go into bureaucratic hell and contact my bank, which up to now has pretty much done everything by computer with me, but they now want me to print out, hand write a form and mail it to them.
Which all comes down to a delay before the money gets into my account, i.e. more float for B of A. The interest on $300 isn't much, but if they are doing this on a daily basis to accounts across the country, they have a nice float going for a week or so. And if B of A has been running this scam since the invention of the ATM, there probably is a lot of money involved for a sharp lawyer to rake 30% off. Go for it.
The machine spun and spun as though it was about to kick out cash, but none was dispensed. I went inside to speak to the very unhelpful branch manager, Andrea Bullock, who seemed much more interested in speaking to the Secret Service agents waiting in line behind me, then she was to me.
I guess spewing information to the Secret Service about Bank of America customers is much more important than dealing with a customer who has a problem with a cash machine.
The basic B of A answer to my problem is for me to waste more time and contact my bank, explain the problem all over again and they will process a claim with B of A. When I pointed out that my bank had nothing to do with the B of A malfunction, and that I could claim all day to my bank that ATMs didn't dispense money to me, the B of A answer was "Well, we check our computers which record whether the cash was actually dispensed."
My reply was, "Well why don't you just do that? I'm the customer with the problem."
Typical bureaucratic silence at this point.
I went on, "If I have a problem with something I bought at Macy's. I bring it back to Macy's. They credit my account. I don't call my bank to get a credit from Macy's"
More silence.
So I go into bureaucratic hell and contact my bank, which up to now has pretty much done everything by computer with me, but they now want me to print out, hand write a form and mail it to them.
Which all comes down to a delay before the money gets into my account, i.e. more float for B of A. The interest on $300 isn't much, but if they are doing this on a daily basis to accounts across the country, they have a nice float going for a week or so. And if B of A has been running this scam since the invention of the ATM, there probably is a lot of money involved for a sharp lawyer to rake 30% off. Go for it.
Super Cluelessness from a Harvard Professor
Dani Rodrik, the Rafiq Hariri Professor of International Political Economy at the John F. Kennedy School of Government, Harvard University, tweets:
It was Leonard Read, who wrote about the manufacture of the pencil, in a piece called, I, Pencil.Second, note that Friedman in an afterword to the piece acknowledges Read as creator of the story.
Third, although Rodrik comments on the story, I doubt he has ever read it,(or he really has a problem with comprehension, if he did) since he smugly and incorrectly states that the pencil is now made in China. It may be assembled in China, but the sense in which Read (and Friedman) look at the creation of the pencil goes way beyond where it is assembled.
As Read points out, the lead in the pencil may come from an entirely different country (In Read's story Sri Lanka]
Read goes on:
Fourth, although Rodrik calls China a socialist/interventionist state, it is far from that. It is a mixed mayhem of parts government and parts private sector. The pencils are made by a wide variety of Chinese private sector manufacturers, including Tonglu Kechao Pen Co., Ltd., Fujian Best Stationery Co., Ltd. Jiangyin Ordg Trading Co., Ltd. and Harbin Hairun Pencil Co., Ltd.
Bottom Line: Pencil assembly in China has nothing to do with the socialist/interventionist state and as Read pointed out, the fact holds that no one knows how to manufacture a pencil from start to finish. Rodrik has missed the complete point of Read's story and attempts to smear it, without having an ounce of knowledge of what he is talking about.
If proof was ever needed of Friedrich Hayek's assertion that knowledge is not dispersed evenly to all, Rodrik sure just proved that.
Friedman famously used the pencil as an example of the virtues of markets. A socialist/interventionist country (CHN) runs that industry now.Ugh, it wasn't Milton Friedman that first pointed out the importance of markets by using the pencil as an example.
It was Leonard Read, who wrote about the manufacture of the pencil, in a piece called, I, Pencil.Second, note that Friedman in an afterword to the piece acknowledges Read as creator of the story.
Third, although Rodrik comments on the story, I doubt he has ever read it,(or he really has a problem with comprehension, if he did) since he smugly and incorrectly states that the pencil is now made in China. It may be assembled in China, but the sense in which Read (and Friedman) look at the creation of the pencil goes way beyond where it is assembled.
As Read points out, the lead in the pencil may come from an entirely different country (In Read's story Sri Lanka]
Read goes on:
Consider these [Sri Lankan]miners and those who make their many tools and the makers of the paper sacks in which the graphite is shipped and those who make the string that ties the sacks and those who put them aboard ships and those who make the ships. Even the lighthouse keepers along the way assisted in my birth—and the harbor pilots...
Then there’s [the pencil's] crowning glory, inelegantly referred to in the trade as “the plug,” the part man uses to erase the errors he makes with me. An ingredient called “factice” is what does the erasing. It is a rubber-like product made by reacting rapeseed oil from the Dutch East Indies [Indonesia] with sulfur chloride. Rubber, contrary to the common notion, is only for binding purposes. Then, too, there are numerous vulcanizing and accelerating agents. The pumice comes from Italy; and the pigment which gives “the plug” its color is cadmium sulfide.
Fourth, although Rodrik calls China a socialist/interventionist state, it is far from that. It is a mixed mayhem of parts government and parts private sector. The pencils are made by a wide variety of Chinese private sector manufacturers, including Tonglu Kechao Pen Co., Ltd., Fujian Best Stationery Co., Ltd. Jiangyin Ordg Trading Co., Ltd. and Harbin Hairun Pencil Co., Ltd.
Bottom Line: Pencil assembly in China has nothing to do with the socialist/interventionist state and as Read pointed out, the fact holds that no one knows how to manufacture a pencil from start to finish. Rodrik has missed the complete point of Read's story and attempts to smear it, without having an ounce of knowledge of what he is talking about.
If proof was ever needed of Friedrich Hayek's assertion that knowledge is not dispersed evenly to all, Rodrik sure just proved that.
Ron Paul on Losing Our Liberties Incrementally
The clib below shows Ron Paul answering questions from Megyn Kelly of FOX News. I suspect Kelly is a slick anti-Paulite. During a recent Republican presidential debate, when she was one of the questioners, at one point where it seemed the questions were being asked in order of poll standings of the candidates, she skipped right over Dr. Paul.
In this interview, she is a little slick about it, but asks Ron Paul questions from a negative perspective, but as you will see, he handles all of them smoothly.
In this interview, she is a little slick about it, but asks Ron Paul questions from a negative perspective, but as you will see, he handles all of them smoothly.
Alex Jones Launches "Occupy the Federal Reserve"
A counterweight to clueless "Occupy Wall Street" protesters is developing. Alex Jones is urging his supporters to take to the streets outside branches of the Federal Reserve at locations across the country.
A Jones press release says the action is not just to protest, but "to 'occupy' the source of real monetary tyranny in the U.S. The intent is to focus media attention not just on vague calls to ‘reform’ capitalism but to attempt to reign in the shadow banking cartel itself. The corruption of Wall Street is but a symptom of this unaccountable entity that holds a grip over finance, politics and freedom everywhere."
Jones himself will appear at three branches in Texas, including the the District 11 Federal Reserve in Dallas, as well as its subsidiaries in Houston and San Antonio (. Jones stated that it is hoped that a longer presence can be maintained at one or more of the locations throughout the nation, including possible campers and long-term demonstrators, in order to draw news coverage and expose the bank that remains obscure and little known to most Americans.
FEDERAL RESERVE LOCATIONS:
Jones will be at the following locations at the following times:
Dallas Federal Reserve
Friday Oct. 7 @ 6pm
2200 North Pearl Street
Dallas, TX 75201-2272
(214) 922-6000
Houston Branch of the Dallas Federal Reserve
Sat. Oct. 8 @ High Noon
1801 Allen Pkwy
Houston, TX 77019-2507
(713) 483-3000
San Antonio Branch of the Dallas Federal Reserve
Sunday Oct. 9 @ 10am – Noon
126 E Nueva
San Antonio, TX 78204-1020
(210) 224-2141
A Jones press release says the action is not just to protest, but "to 'occupy' the source of real monetary tyranny in the U.S. The intent is to focus media attention not just on vague calls to ‘reform’ capitalism but to attempt to reign in the shadow banking cartel itself. The corruption of Wall Street is but a symptom of this unaccountable entity that holds a grip over finance, politics and freedom everywhere."
Jones himself will appear at three branches in Texas, including the the District 11 Federal Reserve in Dallas, as well as its subsidiaries in Houston and San Antonio (. Jones stated that it is hoped that a longer presence can be maintained at one or more of the locations throughout the nation, including possible campers and long-term demonstrators, in order to draw news coverage and expose the bank that remains obscure and little known to most Americans.
FEDERAL RESERVE LOCATIONS:
Jones will be at the following locations at the following times:
Dallas Federal Reserve
Friday Oct. 7 @ 6pm
2200 North Pearl Street
Dallas, TX 75201-2272
(214) 922-6000
Houston Branch of the Dallas Federal Reserve
Sat. Oct. 8 @ High Noon
1801 Allen Pkwy
Houston, TX 77019-2507
(713) 483-3000
San Antonio Branch of the Dallas Federal Reserve
Sunday Oct. 9 @ 10am – Noon
126 E Nueva
San Antonio, TX 78204-1020
(210) 224-2141
Tuesday, October 4, 2011
Personal Bankruptcies Continue to Decline
The recession is really ending. The Federal Reserve distorted boom is next.
Personal bankruptcy filings continued to slow in September, reports WSJ.
The number of consumer bankruptcies dropped 17% to 108,517 in September compared to the same month a year ago, the American Bankruptcy Institute and National Bankruptcy Research Center said Tuesday. So far this year, the number of consumer bankruptcies was 10% lower than the same time period a year ago.
Personal bankruptcy filings continued to slow in September, reports WSJ.
The number of consumer bankruptcies dropped 17% to 108,517 in September compared to the same month a year ago, the American Bankruptcy Institute and National Bankruptcy Research Center said Tuesday. So far this year, the number of consumer bankruptcies was 10% lower than the same time period a year ago.
Rumsfeld versus Al Jazeera: A Cage Match Television Interview
Al Jazeera English's Washington bureau chief Abderrahim Foukara spars with a cornered Donald Rumsfeld.
A Passionate 'End the Fed' Speech at 'Occupy Wall Street'
They are not all clueless at Occupy Wall Street, below is a passionate speech delivered at Occupy Wall Street, about the evil doings at the Fed. The speaker is off on a few minor technical details, but he hits all the key points.
If anyone knows who this person is, please let me know. I would like to acknowledge him by name and give him credit.
(Thanks2IrisMack)
If anyone knows who this person is, please let me know. I would like to acknowledge him by name and give him credit.
(Thanks2IrisMack)
Bank Fees and More Bank Fees: A Report from Las Vegas
Oh yeah, those new regulations are sure helping out the little guy. Here's a report on how one EPJ reader is getting smacked with new fees thanks to the Durbin Amendment, a provision of the Dodd-Frank Act:
I live in Las Vegas and in the last 2 months I have received three pieces
of mail from Wells Fargo, each announcing new fees. The first was a $3 fee
per month for using my debit card. Then I got another piece of mail
regarding my long standing free complete advantage account, now they will be
charging me a $15 monthly fee unless I keep a balance of at least $7500. Yesterday, I was told that my credit card will now have a $19 annual membership
fee, instead of being free. All together, I am being hammered with over $200 in annual fees to keep my accounts, and I have no idea if any one else is going to treat me any better or worse. So yes I contacted my senator Harry Reid to thank him for all the wonderful new bank regulations, and asked him to please do more to destroy this country.
Thanks for all your great reporting, you are an important daily read.
Paul
Watch Warren Buffett Squirm
In an awesome interview, Bloomberg's Betty Liu takes Warren Buffett to the mat and asks him at the 4:13 mark, point blank, if you are in favor of billionaires paying more taxes, why don't you just send the government a check? He dodges the question and Liu asks him again, and we get to see the weasel Buffett really is.
Also of note in the video is Buffett's anti-capitalist stand where he talks with disdain of financiers as "paper shufflers." The man is a self-hating capitalist.
The only area he is right in is when he sticks to his knitting and talks about what is going on in his businesses, which do not show indications of a double-dip recession.
Also of note in the video is Buffett's anti-capitalist stand where he talks with disdain of financiers as "paper shufflers." The man is a self-hating capitalist.
The only area he is right in is when he sticks to his knitting and talks about what is going on in his businesses, which do not show indications of a double-dip recession.
HOT: Fed May Have Exposure to Dexia
Belgian bank Dexia SA appears as though it is about to go under.
Details of a restructuring are being discussed at a Belgian government ministers meeting.
Rumors on the Street indicate that the Fed has exposure to the bank.
The Fed can paper over anything with more money printing, but the fact that the Fed may have lent money to the bank suggests that even more disclosures, from Ben's wild bailout the world adventure, need to be made.
Details of a restructuring are being discussed at a Belgian government ministers meeting.
Rumors on the Street indicate that the Fed has exposure to the bank.
The Fed can paper over anything with more money printing, but the fact that the Fed may have lent money to the bank suggests that even more disclosures, from Ben's wild bailout the world adventure, need to be made.
Boehner Nails It on China and the Yuan
House Speaker John Boehner on Tuesday said it was “dangerous” for lawmakers to pass legislation aimed at addressing concerns about China’s currency, saying it goes well beyond Congress’s responsibilities, reports WSJ.
“It’s a pretty dangerous thing to be moving legislation through the U.S. Congress forcing someone to deal with the value of a currency,” Mr. Boehner said, speaking at weekly press conference.
The Senate is debating legislation that would compel the Obama administration to take action if it concludes a country is manipulating its currency. While the bill doesn’t specifically mention China, it is clearly aimed at the authorities in Beijing. The Senate could hold a final vote on the bill this week.
Bottom line: China is nuts to prop up the dollar. It has created a serious price inflation problem in the country because of doing so, but as far as the US is concerned it is a gift by the Chinese to the American people by way of lower prices in the US than would otherwise exist.
“It’s a pretty dangerous thing to be moving legislation through the U.S. Congress forcing someone to deal with the value of a currency,” Mr. Boehner said, speaking at weekly press conference.
The Senate is debating legislation that would compel the Obama administration to take action if it concludes a country is manipulating its currency. While the bill doesn’t specifically mention China, it is clearly aimed at the authorities in Beijing. The Senate could hold a final vote on the bill this week.
Bottom line: China is nuts to prop up the dollar. It has created a serious price inflation problem in the country because of doing so, but as far as the US is concerned it is a gift by the Chinese to the American people by way of lower prices in the US than would otherwise exist.
Bankster Economist Supports 'Occupy Wall Street'
Nobel Prize winning economist Joseph Stiglitz showed up at “Occupy Wall Street” this week to show his support for the protest, reports Raw Story.
Stiglitz is the former Senior Vice President and Chief Economist of the World Bank and is as elitist and anti-free markets as you can get. He calls free market advocates, free market fundamentalists.
Stiglitz joined the Clinton Administration in 1993, and became Chairman of the Council of Economic Advisers during the period 1995-1997. He became deeply involved in environmental issues, which included serving on the Intergovernmental Panel on Climate Change, and helping draft a new law for toxic wastes.
Here's Stiglitz at Occupy Wall Street, which is apparently also an anti-bullhorn movement. Stiglitz does hit one high note explaining that for the major banks losses have been socialized and profits privatized, but from there he calls for more regulation.
Stiglitz is the former Senior Vice President and Chief Economist of the World Bank and is as elitist and anti-free markets as you can get. He calls free market advocates, free market fundamentalists.
Stiglitz joined the Clinton Administration in 1993, and became Chairman of the Council of Economic Advisers during the period 1995-1997. He became deeply involved in environmental issues, which included serving on the Intergovernmental Panel on Climate Change, and helping draft a new law for toxic wastes.
Here's Stiglitz at Occupy Wall Street, which is apparently also an anti-bullhorn movement. Stiglitz does hit one high note explaining that for the major banks losses have been socialized and profits privatized, but from there he calls for more regulation.
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