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The Mother of all Economic Crises

The Mother of all Economic Crises

Nouriel Roubini, a former advisor to the International Monetary Fund and member of President Clinton’s Council of Economic Advisors, was one of the few “mainstream” economists to predict the collapse of the housing bubble. Now Roubini is warning that the staggering amounts of debt held by individuals, businesses, and the government will soon lead to the “mother of all economic crises.”

Roubini properly blames the creation of a debt-based economy on the near-or-at-zero interest rate and quantitative easing policies pursued by the Federal Reserve and other central banks. The inevitable result of the zero-interest and quantitative easing policies is price inflation wreaking havoc on the American people.

The Fed has been trying to eliminate price inflation with a series of interest rate increases. So far, these rate increases have not significantly reduced price inflation. This is because rates remain at historic lows. Yet the rate increases have had negative economic effects, including a decline in the demand for new homes. Increasing interest rates make it impossible for many middle- and working-class Americans to afford a monthly mortgage payment for even a relatively inexpensive home.

The main reason the Fed cannot raise rates to anywhere near what they would be in a free market is the effect it would have on the federal government’s ability to manage its debt. According to the Congressional Budget Office (CBO), interest on the national debt is already on track to consume 40 percent of the federal budget by 2052 and will surpass defense spending by 2029! A small interest rate increase can raise yearly federal debt interest rate payments by many billions of dollars, increasing the amount of the federal budget devoted solely to servicing the debt.

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The ‘Twitter Papers’ Reveal the Totalitarians Among Us

The ‘Twitter Papers’ Reveal the Totalitarians Among Us

I admit to being skeptical of Elon Musk as a free speech hero. He has moved from one US government-subsidized business to another on his path to becoming the world’s richest person. But there is no denying that his release of the “Twitter Papers” this past weekend, which blew the lid off government manipulation of social media, has been a huge victory for those of us who value the First Amendment.

The release, in coordination with truly independent journalist Matt Taibbi, demonstrated indisputably how politicians and representatives of “official Washington” pressed the teams that were then in charge of censorship at Twitter to remove Tweets and even ban accounts that were guilty of nothing beyond posting something the power-brokers did not want the general public to read. Let’s not forget that many of those demanding Twitter censorship were US government officials who had taken an oath to the US Constitution and its First Amendment.

It is important to understand that both US political parties were involved in pushing Twitter to censor information they didn’t like. There is plenty of corruption to go around. However, as the Twitter Papers demonstrated, vastly more Tweets were censored at the demand of Democratic Party politicians simply because Twitter employees on the censorship team were overwhelmingly Democratic Party supporters.

Perhaps the most damning piece of evidence released in this first installment of the Twitter Papers was a series of Tweets from the Biden 2020 campaign to its contact inside Twitter asking that the social media censor them. An internal Twitter document shows that the censor team “handled these,” meaning censored them.
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If You Believe

IF YOU BELIEVE

If you believed they put a man on the moon
Man on the moon
If you believe there’s nothing up his sleeve
Then nothing is cool
REM – Man on the Moon

The REM song Man on the Moon, released in 1992, is a haunting melancholy tune, with Andy Kaufmann and his life and death as the focal point. For me, the lyrics always bring me back to the simpler time of my youth, when our antenna TV could get about eight channels, we had one rotary phone, one old used station wagon, lived in a row home, and a family of five could be raised on a truck driver’s income, with a stay-at-home mom.

It’s the references to the Game of Life, Risk, Monopoly, Twister, checkers, and chess, which invoke what we did for fun when we weren’t out riding bikes, playing stick-ball, roller hockey, or touch football in the streets. Were bad things going on in the world? Sure. The Vietnam War, Watergate, gasoline shortages and rationing, stagflation, and a myriad of other damaging challenges confronted the country, just as they always have throughout history.

One of the supposed historic moments in human history was the moon landing in July 1969, when I was six years old. I remember sitting on the floor in front of the TV and thinking how cool it was and how cool that I was allowed up at 11:00 pm to watch it. Another 600 million people were also watching. At the time, no one questioned what they were watching live on their TVs. It was the penultimate human achievement, with the goal set by JFK during Camelot before he was murdered by his own government, proving our technological superiority to the evil Soviets. To fail in this mission would have been too embarrassing to the leaders of our empire, only two decades into its infancy….

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We Are All Canadian Truckers Now!

We Are All Canadian Truckers Now!

We all remember where we were when the Berlin Wall came down. While it may have seemed that communist rule would go on forever, when the people decided that they had enough suddenly the wall fell. Just like that.

Thus it is after two years of Covid authoritarianism that in Canada the largest truck convoy in history has smashed through the Berlin Wall of tyranny. I have watched as the Canada I once respected as a haven for antiwar Americans in the 1960s turned into one of the most repressive countries on earth. I wondered how a freedom-loving people could allow themselves to be abused by these mini-Stalins without a peep.

But then Canada stood up and showed the rest of the world that freedom can triumph over tyranny if the people demand it. As I say, no army can stop an idea whose time has come.

Canadian prime minister Justin Trudeau had been basking in his ability to terrorize the population in the name of fighting a virus. He was so confident in his seemingly unlimited power that he felt he could ridicule any Canadian with different views. The prime minister said in a recent interview that unvaccinated Canadians were “extremists,” “misogynists,” and “racists.”

When the Canadian truckers stood up to his tyranny and began their historic convoy to Ottawa, he thought he could continue ridiculing people. The truckers and their supporters were just a “small fringe minority” who hold “unacceptable views,” he confidently claimed. For Trudeau, love of liberty is just an “unacceptable view.”

Less than a week later, as tens of thousands of trucks began entering the capital with millions of supporters behind them, the “brave” Canadian prime minister had fled the city and shuffled off to an undisclosed location.

…click on the above link to read the rest of the article…

We Need a Revolution

We Need a Revolution

A recent Washington Post/University of Maryland poll found that 34 percent of Americans think violent action against the government can be justifiable. This view is held by 40 percent of Republicans and 23 percent of Democrats. The result may seem surprising since leftists have been responsible for much of the recent politically-motivated violence, and many Democrats have called for violence against Trump supporters. However, the cultural Marxists appear to have (temporarily) ceased using violence as a tactic—although had President Trump won reelection, it may well have been ANTIFA members inside the Capitol on January 6 trying to “stop the steal.”

The rising support for violence against government is rooted in the growing (and justified) belief that the people’s liberties are being taken by a ruling class that is indifferent at best, and hostile at worst, to their values and concerns.

The devastation wrought by the lockdowns, as well as the conflict over the promotion of masks, vaccines, critical race theory, and transgenderism, heighten these social tensions.

Another major contributor to the social unrest is the economy. Rising prices combined with supply shortages and the increasing national debt are all signs that we may be witnessing the final days of the Keynesian welfare-warfare state. Unless Congress immediately begins to cut spending and transition to a free-market monetary system, America will soon face a major economic crisis. The crisis will likely be caused by a collapse of the dollar’s value. This will likely lead to increased violence. The violence will start when those who believe they are entitled to live off the stolen property of their fellow citizens decide to take matters into their own hands because the government can no longer do the looting for them.

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Is the Crack-up Boom Here?

Is the Crack-up Boom Here?

Bloomberg News recently solicited advice from Argentinians who lived through that country’s high inflation on how Americans should cope with rising inflation. The Argentinians suggested Americans spend their paychecks as fast as possible to avoid future price increases. They also suggested taking out loans that can be paid back later in devalued currency.

These strategies may make sense for individuals. However, encouraging debt and discouraging savings is disastrous for the country. Relying on debt and spending one’s paycheck immediately encourages people to seek instant gratification instead of planning for the future. This depletes both economic and moral capital.

November’s 9.6 percent increase in the producer price index, combined with the consumer price index’s increase to levels not seen since the early 1980s, shows why fears of inflation have become the public’s number one concern. Even the Federal Reserve has acknowledged that inflation is not just “transitory.”

The Fed recently announced it is accelerating the timetable to reduce its monthly purchases of Treasury and mortgage-backed securities. The Fed also announced it is planning three interest rate increases next year. However, the Fed plans to increase rates by no more than one percent. So even if the Fed does follow through on its promise to hike rates, it will do little if anything to combat rising prices. If the Fed allowed interest rates to rise to anything approaching market levels, it would make the federal government’s debt servicing costs unsustainable. This puts tremendous pressure on the Fed to maintain low rates.

The biggest victims of the Federal Reserve’s erosion of the dollar are lower- and middle-class Americans whose paychecks do not keep pace with the Fed-caused price increases. Yet many progressives still cling to the fallacy that average workers somehow benefit from continued dollar devaluation.

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HMS Defender Versus The Russian Military: The Danger of Believing Your Own Propaganda

HMS Defender Versus The Russian Military: The Danger of Believing Your Own Propaganda

Less than two weeks after NATO members reaffirmed allegiance to Article 5 – that an attack on one member was an attack on all members – the UK nearly put that pledge to the test. In a shockingly provocative move, the UK’s HMS Defender purposely sailed into Crimean territorial waters on its way to Georgia.

Press reports suggest that there was a dispute between the UK defense and foreign ministries over whether to violate Russia’s claimed territorial waters with a heavily armed warship. According to reports, Prime Minister Boris Johnson himself jumped in to over-rule the more cautious Foreign Office in favor of confrontation.

As Johnson later claimed, because the UK (and the US) does not recognize Russian sovereignty over Crimea, the UK was actually sailing through Ukrainian waters. It was an in-your-face move toward Russia just weeks after the US and NATO were forced to back down from a major clash with Russia in eastern Ukraine

This time, as was the case in eastern Ukraine, the Russians took a different view of the situation. Russian coast guard vessels ordered the HMS Defender to exit Russian territorial waters – an order they punctuated with rare live fire of cannon and dropping of bombs.

Having had their bluff called, the UK government did what all governments do best: it lied. The Russians did not shoot at a UK warship, they claimed. It was a previously-scheduled Russian military exercise in the area.

Unfortunately for the UK government, in its haste to create good propaganda about standing up to Russia, they had a BBC reporter on-board the Defender who spilled the beans: Yes, the Russian military did issue several warnings, yes it did buzz the HMS Defender multiple times, and yes there were shots fired in the Defender’s direction.

…click on the above link to read the rest of the article…

Facebook Bans Ron Paul

After criticizing Facebook for censorship, they banned Ron Paul, who must in Zuckerberg’s mind be a Domestic Terrorist because he does not support his anti-Constitution movement. Facebook and Twitter and Google are running the risk that 50% of the population will seek alternatives and refuse to invest in any fund that invests in any of these three. I am getting a lot of emails with people calling in a boycott of all three. They are now in control of the Democrats and will support the suppression of all resistance. There is now no hope of ever getting a real investigation in their corruption.

Will Coronavirus End the Fed?

Will Coronavirus End the Fed?

September 17, 2019 was a significant day in American economic history. On that day, the New York Federal Reserve began emergency cash infusions into the repurchasing (repo) market. This is the market banks use to make short-term loans to each other. The New York Fed acted after interest rates in the repo market rose to almost 10 percent, well above the Fed’s target rate.

The New York Fed claimed its intervention was a temporary measure, but it has not stopped pumping money into the repo market since September. Also, the Federal Reserve has been expanding its balance sheet since September. Investment advisor Michael Pento called the balance sheet expansion quantitative easing (QE) “on steroids.”

I mention these interventions to show that the Fed was taking extraordinary measures to prop up the economy months before anyone in China showed the first symptoms of coronavirus.

Now the Fed is using the historic stock market downturn and the (hopefully) temporary closure of businesses in the coronavirus panic to dramatically increase its interventions in the economy. Not only has the Fed increased the amount it is pumping into the repo market, it is purchasing unlimited amounts of Treasury securities and mortgage-backed securities. This was welcome news to Congress and the president, as it came as they were working on setting up trillions of dollars in spending in coronavirus aid/economic stimulus bills.

This month the Fed announced it would start purchasing municipal bonds, thus ensuring the state and local government debt bubble will keep growing for a few more months.

The Fed has also created three new loan facilities to provide hundreds of billions of dollars in credit to businesses. Federal Reserve Chairman Jerome Powell has stated that the Fed will lend out as much as it takes to revive the economy.

…click on the above link to read the rest of the article…

Be wary of overreaching government responses to coronavirus: Ron Paul

Be wary of overreaching government responses to coronavirus: Ron Paul

The Capitol Dome is seen silhouetted by the rising sun on Capitol Hill in Washington, Thursday, Nov. 30, 2017. (AP Photo/Carolyn Kaster)

Governments love crises because when the people are fearful they are more willing to give up freedoms for promises that the government will take care of them.

After 9/11, for example, Americans accepted the near-total destruction of their civil liberties in the PATRIOT Act’s hollow promises of security.

It is ironic to see the same Democrats who tried to impeach President Trump last month for abuse of power demanding that the Trump Administration grab more power and authority in the name of fighting a virus that thus far has killed less than 100 Americans.

Declaring a pandemic emergency on Friday, President Trump now claims the power to quarantine individuals suspected of being infected by the virus and, as Politico writes, “stop and seize any plane, train or automobile to stymie the spread of contagious disease.” He can even call out the military to cordon off a US city or state.

State and local authoritarians love panic as well. The mayor of Champaign, Illinois, signed an executive order declaring the power to ban the sale of guns and alcohol and cut off gas, water, or electricity to any citizen. The governor of Ohio just essentially closed his entire state.

The chief fearmonger of the Trump Administration is without a doubt Anthony Fauci, head of the National Institute of Allergy and Infectious Diseases at the National Institutes of Health. Fauci is all over the media, serving up outright falsehoods to stir up even more panic. He testified to Congress that the death rate for the coronavirus is ten times that of the seasonal flu, a claim without any scientific basis.

…click on the above link to read the rest of the article…

Is the Draft Coming Back?

Is the Draft Coming Back?

During recent increased US-Iran confrontation, so many people viewed the Selective Service website to find out about the draft that the website crashed. People were right to be concerned about a return of the draft.

With the ongoing military conflicts in Iraq and Afghanistan unlikely to end any time soon, and the possibly of the US being neoconned into war with Iran and possibly even Russia or China, the demand for troops is likely to rise. At the same time, soldiers return home with lifelong medical problems, including psychological problems, causing a horrifying number of veterans to commit suicide. All this can make it more difficult for the military to attract recruits. And it can leave a Congress unwilling to pursue nonintervention with a choice: increase spending on troops’ pay and benefits or bring back the draft. A Congress facing an over 25 trillion dollars debt may reinstate the draft instead of further increasing spending on the troops.

Any future draft will probably include women, thanks to judges, politicians, and feminists who think women should have the “opportunity” to be forced to join the military.

A military draft violates the principle that individuals have inalienable rights that no government should violate. A draft also puts all of our rights at risk. If we accept that the government has the legitimate authority to force individuals to fight, kill, and die in a war, then how can we argue that the government cannot force citizens to pay high taxes, purchase health insurance, or submit to TSA screenings? How can we argue against the government forbidding people from smoking marijuana or owning “assault” weapons? Many traditional conservatives, including Ronald Reagan, opposed the draft, pointing to its threat to individual rights.

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How Congress and the Federal Reserve Stole Christmas

How Congress and the Federal Reserve Stole Christmas

The bickering over impeachment did not stop the president and Congress from coming together last week to avert a government shutdown by passing a 1.4 trillion dollar spending package.

The bipartisan agreement has something for everyone — a 22 billion dollars increase to bring total spending on militarism to 738 billion dollars, and a 27 billion dollars increase to bring total spending on domestic programs to 632 billion dollars. It also imposes a national ban on selling tobacco products, including e-cigarettes, to anyone under 21.

The agreement was split into two bills. Both bills were unveiled last Monday afternoon. The bills passed the House on Tuesday, so only the House leadership and the members of the Appropriations Committee (and their staffs) who helped write the over 2,000-page deal had any idea what was in the bills. But most members voted for the spending bills because they were fearful of backlash over another Christmastime government shutdown. House leadership simply “waived” the rule requiring that all legislation be available at least three days before being voted upon.

The modern practice of funding the government via gigantic omnibus bills that are rushed into law puts the growth of government on autopilot. This practice also gives the president more influence over the budget, violating the spirit, if not the letter, of the Constitution’s grant of authority to Congress to appropriate funds, which was intended as a check on executive power.

Meanwhile, the Federal Reserve continues pumping billions into the repurchasing market. When the Fed began injecting money into the market in September, it said intervention was a temporary measure to address a short-term liquidity shortage. Three months later, the Fed is not only continuing to bail out the repurchasing market, it is preparing for other bailouts. This is further evidence that we are on the verge of another Fed-created economic crisis.

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Is The ‘Mother of all Bubbles’ About to Pop?

Is The ‘Mother of all Bubbles’ About to Pop?

When the New York Federal Reserve began pumping billions of dollars a day into the repurchasing (repo) markets (the market banks use to make short-term loans to each other) in September, they said this would only be necessary for a few weeks. Yet, last Wednesday, almost two months after the Fed’s initial intervention, the New York Federal Reserve pumped 62.5 billion dollars into the repo market.

The New York Fed continues these emergency interventions to ensure “cash shortages” among banks don’t ever again cause interest rates for overnight loans to rise to over 10 percent, well above the Fed’s target rate.

The Federal Reserve’s bailout operations have increased its balance sheet by over 200 billion dollars since September. Investment advisor Michael Pento describes the Fed’s recent actions as Quantitative Easing (QE) “on steroids.”

One cause of the repo market’s sudden cash shortage was the large amount of debt instruments issued by the Treasury Department in late summer and early fall. Banks used resources they would normally devote to private sector lending and overnight loans to purchase these Treasury securities. This scenario will likely keep recurring as the Treasury Department will have to continue issuing new debt instruments to finance continuing increases in in government spending.

Even though the federal deficit is already over one trillion dollars (and growing), President Trump and Congress have no interest in cutting spending, especially in an election year. Should he win reelection, President Trump is unlikely to reverse course and champion fiscal restraint. Instead, he will likely take his victory as a sign that the people support big federal budgets and huge deficits. None of the leading Democratic candidates are even pretending to care about the deficit. Instead they are proposing increasing spending by trillions on new government programs.

 …click on the above link to read the rest of the article…

Forget the Russians: It’s the Federal Reserve Seeking to Meddle in Our Elections

Forget the Russians: It’s the Federal Reserve Seeking to Meddle in Our Elections

The US Constitution never granted the federal government authority to create a central bank. The Founders, having lived through hyperinflation themselves, understood that government should never have a printing press at its disposal. But from the very beginning of America’s founding, the desire for a crony central bank was strong. 

In fact, two attempts were made at creating a permanent central bank in America prior to the creation of the Fed. Fortunately, the charter for The First Bank was allowed to expire in 1811, and President Andrew Jackson closed down the Second Bank in 1833.

But, unfortunately, a third attempt was successful and the Federal Reserve was unconstitutionally created by Congress in 1913. Americans have been living under a corrupt and immoral monetary system ever since. The Federal Reserve is the printing press that has financed the creation of the largest government to ever exist. Endless welfare and endless military spending are both made possible by the Federal Reserve. The Fed can just print the money for whatever the US establishment wants, so those of us who long for a Constitutional and limited government have few tools at our disposal.

Despite all the propaganda claiming “independence,” the Fed has always been a deeply political institution. Because the Fed is a government-created monopoly with key government-appointed employees, its so-called “independence” is a mere fiction. However, the US Congress created the Fed with legislation; it can also abolish the Fed with legislation.

Last week, the facade of Federal Reserve “independence” was dealt a severe blow. Ironically, the person who broadcast to the world that the Fed is anything but “independent” was ex-New York Fed President Bill Dudley. Dudley wrote that, “Trump’s re-election arguably presents a threat to the United States’ and global economy, and if the goal of monetary policy is to achieve the best long-term economic outcome, the Fed’s officials should consider how their decisions would affect the political outcome of 2020.”

 …click on the above link to read the rest of the article…

Ron Paul: The Fed Is In The Stock Market And They Don’t Want Us To Know The Details

Ron Paul: The Fed Is In The Stock Market And They Don’t Want Us To Know The Details

On Tuesday September 3, 2019, former Texas congressman Ron Paul appeared on an episode of the Quoth the Raven podcast to weigh in on the state of equity markets, the media’s role in indoctrinating the masses with Keynesian theory, how Tulsi Gabbard “isn’t getting a fair shake” and his view on the second amendment.

Here’s the former presidential candidate’s most recent take things, and the full podcast interview below. 

On The Current State of the Market

When first talking about the state of the Fed and equity markets, Paul unloaded on Central Bankers:

“I think it’s historic. I think it’s coming to an end and I think we’re going to see a real real big bust in the economy because I think until we admit we are bankrupt both financially and morally, there can be no answers.”

He also commented that he believes the Fed understands the catastrophic path we are currently on:

“A lot of people know there’s problems. Even members of the Federal Reserve I think are much more aware of what’s happening than they’re willing to admit…”

“…the Fed will get rid of itself, because it’s not viable…”

On Gold

Paul also spoke about a breakfast meeting he had with Paul Volcker decades ago, who he said was overtly concerned with the price of gold at the time. Paul said about gold: 

“Gold is real money. Paper money only exists when you can fool the people…gold is the ultimate measurement of value. They know that…”

On Helping Main Street Understand Austrian Economics

When asked about how to empower the ordinary citizen with knowledge of Austrian economics, Paul responded:

“It has to be by word of mouth, it has to be through education…because it’s ideological. The idea is that the universities are not the answer.” 

He continued:

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