Archive for November, 2010
News Journal: Number 34, November 12, 2010: TSA–Thousands Standing Around To Trained Sexual Assaulters To Tyrants Scanning Americans–Videos
“The right of the people to be secure in their persons, housses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized.”
~United States Constitution, Fourth Amendment
If you are planning to fly this Thanksgiving or Christmas holiday to visit family and friends, you might want to seriously consider driving or taking a bus instead of flying or just stay home.
The American people’s rights under the Fourth Amendment to the United States Constitution “to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures…” is being challenged by the Transportation Security Administration of the United States Government.
When you go to through airport security you must first pass through a metal detector then a full body radiation scan.
If you elect not to have the full body radiation scan, you are called a opt outer and subject to a perverted pat down of your entire body including genitals, breast and buttocks by the government gropers of the TSA.
Woman, children, and the disabled in wheel chairs may have to go through both the full naked body radiation scan and the perverted pat down.
You choices are as follows when you opt out:
More and more Americans are electing to just stay home and save the time, money and invasion of their bodies and property and the legal molestation of their children by Federal Government Employees.
The American people should respond to the use of full naked body radiation scans and perverted pat downs by simply not travelling on commercial airlines.
The commercial airlines and not the Government should be responsible for security and safety on an airline flight.
When the airlines and the travel industry experience significant drops in their revenues and profits, they will insist the full naked body scans and pat downs not be used and current TSA employees become employees of the airline and not the government.
Time for Congress to revisit the whole subject of TSA, government unions, and unreasonable searches and seizures.
Metal detectors and thermal detectors are fine.
Airport Security and Screening on Fox News Channel profiling Thermal Matrix and the ACT System
End the full naked body radiation scans.
End the perverted pat downs.
End the Transportation Security Administration or TSA.
Stop unreasonable searches and seizures.
Start profiling passengers and target those who have the higher probability of being terrorists or suicide bombers.
Give the airlines the responsiblity for security and screening passengers.
Airline Attack Highlights Israel’s Security Success
Terminate Homeland Security Secretary Napolitano for approving these unreasonable searches.
Demand that your local airport opt out of TSA and select another company to perform security.
Secretary of Homeland Security Janet Napolitano
Pushes Perverted Pat Downs and
Full Naked Body Radiation Scans
TSA Posts Airport Screening Manual Online
TSA Manual Posted on the Internet
Senator Collins questions TSA officials on security procedure posting
TSA Fondles Women and Children Refusing Airport Naked Body Scanners
TSA airport full body scanner: a perverts dream come true.
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TSA Child Porn or Protection ?
Invasive TSA Airport Pat-Down
TSA Gropping People With New Pat Down Procedure-Getting Lawsuits
Air Travelers Not Happy With New TSA Security Measures
LIVE DEMONSTRATION OF NEW BODY AIRPORT SCANNER
TSA installs full-body scanners at Boston Logan International, other airports nationwide
TSA Body Scanners Deprive Americans of their Dignity
Scanners Too Revealing?
Woman Claims Security at DC Airport Beat Her Up
Airline Pilot to TSA: ‘No Groping Me and No Naked Photos!’ DNA Damage, Cancer Risk
Full-Body Scanners Damage Human DNA
Alex’s Encounter with TSA During Latest Trip to California
Paul Watson Discusses TSA Agents Gone Wild on The Alex Jones Show 1/2
Paul Watson Discusses TSA Agents Gone Wild on The Alex Jones Show 2/2
EPIC FOIA – Feds and TSA save and transmit Body Scan images
TSA pulls pants off 71 y/o man with knee implant
Full Body Scanner Images Stored
Paul Watson Feds Caught Storing Body Scan Images at Florida Courthouse Security Checkpoint
TSA not screening screeners
Nude Protest: Airport Body Scanners in Germany
Airport scanner – TheBikerSite
Funny Body Scanner
EXCLUSIVE: TSA Unveils New Genital Visualizers
Background Articles and Videos
Feds admit storing checkpoint body scan images
by Declan McCullagh
“…For the last few years, federal agencies have defended body scanning by insisting that all images will be discarded as soon as they’re viewed. The Transportation Security Administration claimed last summer, for instance, that “scanned images cannot be stored or recorded.” Now it turns out that some police agencies are storing the controversial images after all. The U.S. Marshals Service admitted this week that it had surreptitiously saved tens of thousands of images recorded with a millimeter wave system at the security checkpoint of a single Florida courthouse. This follows an earlier disclosure (PDF) by the TSA that it requires all airport body scanners it purchases to be able to store and transmit images for “testing, training, and evaluation purposes.” The agency says, however, that those capabilities are not normally activated when the devices are installed at airports. Body scanners penetrate clothing to provide a highly detailed image so accurate that critics have likened it to a virtual strip search. Technologies vary, with millimeter wave systems capturing fuzzier images, and backscatter X-ray machines able to show precise anatomical detail. The U.S. government likes the idea because body scanners can detect concealed weapons better than traditional magnetometers. This privacy debate, which has been simmering since the days of the Bush administration, came to a boil two weeks ago when Homeland Security Secretary Janet Napolitano announced that scanners would soon appear at virtually every major airport. The updated list includes airports in New York City, Dallas, Washington, Miami, San Francisco, Seattle, and Philadelphia. …” Read more: http://news.cnet.com/8301-31921_3-20012583-281.html#ixzz14ztWIFHJ
Pilots and passengers rail at new airport patdowns
By Jeremy Pelofsky
“…Executives from the travel industry, including online travel sites, theme parks and hotels, were set to meet Homeland Security Secretary Janet Napolitano and Pistole on Friday to discuss their concerns that security is crimping travel. “We have received hundreds of e-mails and phone calls from travelers vowing to stop flying,” said Geoff Freeman, an executive vice president of the U.S. Travel Association, which set up the meeting with the Obama administration officials. “You can’t talk on the one hand about creating jobs in this country and getting this economy back on track and on the other hand discourage millions of Americans from flying, which is the gateway to commerce,” he said. Privacy groups have challenged the new body scanners in court, saying they are a violation of privacy and illegal. Lawmakers plan to hold hearings on aviation security next week when they return to Washington. Some travelers are also livid about how children are being screened. During a trip last Sunday by a father and son through Orlando airport in Florida, the 8-year-old boy was selected for extra screening by TSA after going through the metal detector. The father said the officer described the procedure before conducting it. Then he patted down the boy in the open security area, using the backside of his hands to check his genital area, he said. “I didn’t think it was going to be as horrible as he was describing,” said the boy’s father, Bill, who works as a lobbyist in Washington and did not want his full name used. …” http://www.reuters.com/article/idUSTRE6AA55S20101111?ref=nf
U.S. Marshals Service Storing Naked Body Scanner Images
Kurt Nimmo “…Now it turns out police agencies, including the U.S. Marshals Service, are storing naked body scanner images too. In response, the advocacy group Electronic Privacy Information Center has filed a lawsuit asking a federal judge to grant an immediate injunction and putting a kibosh to the intrusive and unconstitutional snoop program. Fresh food that lasts from eFoods Direct Despite the revelation, the TSA steadfastly maintains that naked body scanners are delivered to airports with the image recording functions disabled. “We’re not recording them,” TSA spokeswoman Sari Koshetz told CNET on Wednesday. “I’m reiterating that to the public. We are not ever activating those capabilities at the airport.” Let’s get serious here. Naked body scanners are obviously being used to compliment existing dossiers on Americans. The NSA, FBI, CIA, and multitudinous government agencies have long profiled all aspects of the lives of American citizens. Images captured by naked body scanners, including images of genitals, are merely the next logical step in this process. …” http://www.infowars.com/u-s-marshals-service-storing-naked-body-scanner-images/
Transportation Security Administrion
PROCUREMENT SPECIFICATION FOR WHOLE BODY IMAGER DEVICES FOR CHECKPOINT OPERATIONS
“…3.1.1.1.2 Privacy TSA policy dictates that passenger privacy is maintained and protected during passenger screening. To ensure passenger privacy safeguards arc in place, WEI systems will prohibit the storage and exporting of passenger images during normal screening operations. When not being used for normal screening operations, the capability to capture images of non-passengers for training and evaluation purposes is needed. To ensure that image capturing maintains passenger privacy, the WEI will provide two distinct modes of operation: Screening Mode and Test Mode as defined in 3.1.1.3.1. During Screening Mode, the WEI shall (6) be prohibited from exporting passenger image data, including via STIP. During Test Mode, the WEI shall (7) not be capable of conducting passenger screening. The WBI shall (8) prohibit local storage of image data in all modes. The WEI shall (9) employ 256-bit encryption for image data in accordance with Fcderal Information Processing Standard (FIPS) 197 Advanced Encryption Standard (AES). http://epic.org/open_gov/foia/TSA_Procurement_Specs.pdf
Are airport full body scanners a danger?
Jane Jamison
Massachusetts Institute of Technology (MIT) “Technology Review” reports the technology can harm human DNA:
The airport scanning technology creates a “picture” of the passenger’s body. Clothing is not really visible. Body parts, or any “additions” or augmentations to the body, such as an implanted plastic bag of explosives, are visible. …”
TSA Screeners Frequently Miss Fake Bombs!
How the airport body scanner is used
TSA – Three Simple Steps
TSA – Laptops and Electronics
TSA – Why ID?
TSA – Traveling with Children
AT X-ray and Advanced Belts: TSA Checkpoint Evolution
Composure Benches: TSA Checkpoint Evolution
“…The Transportation Security Administration (TSA) was created as part of the Aviation and Transportation Security Act passed by the U.S. Congress and signed into law by President George W. Bush on November 19, 2001. The TSA was originally organized in the U.S. Department of Transportation but was moved to the U.S. Department of Homeland Security on March 25, 2003. The agency is responsible for security in all modes of transportation.[1] …”
http://en.wikipedia.org/wiki/Transportation_Security_Administration
Read Full Post | Make a Comment ( 1 so far )News Journal: Number 33, November 9, 2010: Tea Party Movement Expects Republican Party To Balance The Budget By Cutting Spending Now!
Debt Clock
Economics 101 – It’s Simple to Balance The Budget Without Higher Taxes!
Deficits are Bad, but the Real Problem is Spending
Meltzer Says U.S. Economic Programs Have Been `Foolish’
Ron Paul – Dr. Allan Meltzer
No Compromise: Issa, Ryan and Cantor Will Cut Runaway Federal Spending
Eric Cantor Discusses Tax Rates, Ending Earmarks & Cutting Spending On Fox News Sunday
Rand Paul: GOP must consider military spending cuts
Ron Paul on the Deficit, Government Spending, and Military Industrial Complex (1988)
The tea party movement is expecting the Republican Party to balance the Fiscal Year 2011 and 2012 budgets or face the consequences or fate in 2012 of the big spending Democrats in this past election.
Instead the Republican Party is talking about a Fiscal Year 2008 level of total outlays of about $3 trillion dollars.
This is definitely an improvement over President Obama’s estimated budget deficits exceeding over $1,000 billion in FY 2010 and FY 2011.
However, it still would not come close to balancing the budget in FY 2011 where tax revenues are expected to be about $2,567 billion.
Unfortunately the deficit would be about $400 billion for the total combined on-budget and off-budget.
Refer to the following receipts and outlay estimates at:
Table 1.1—SUMMARY OF RECEIPTS, OUTLAYS, AND SURPLUSES OR DEFICITS (−): 1789–2015
http://www.whitehouse.gov/omb/budget/Historicals/
The total estimated tax revenues for FY 2011 and FY 2012 are $2,567 billion and $2,926 billion respectively for the combined on-budget and off-budget.
The total estimated outlays for FY 2011 and FY 2012 are $3,834 billion and $3,755 billion respectively for the combined on-budget and off-budget.
The total estimated deficits for FY 2011 and FY 2012 are $1,267 billion and $828 billion respectively for combined on-budget and off-budget.
To balance the combined on-budget and off-budget the FY 2011 outlays would need to about the level of Fiscal Year 2005 of $2,472 billion.
To balance the combined on-budget and off-budget the FY 2012 outlays would need to about the level of Fiscal Year 2008 of $2,983 billion.
Either balance the budget or face the consequences in 2012.
Stop dithering.
Start shutting down entire Federal Departments, agencies and programs.
Milton Friedman on Libertarianism (Part 4 of 4)
Pass the FairTax and limit future outlays or expenditures for the total on-budget and off-budget to 80% of previous year’s tax revenue from the FairTax.
The FairTax: It’s Time
The remaining 20% of FairTax revenues would go to pay down the debt.
Time for some real change and hope.
Stop spending our future and balance the budget.
Stop Spending Our Future – The Crisis
Background Articles and Videos
Keynesian Economics vs. Austrian Economics
Keynesian Predictions vs. American History | Thomas E. Woods, Jr.
Why You’ve Never Heard of the Great Depression of 1920 | Thomas E. Woods, Jr.
Warren Harding and the Forgotten Depression of 1920
by Thomas E. Woods, Jr.
“…The economic situation in 1920 was grim. By that year unemployment had jumped from 4 percent to nearly 12 percent, and GNP declined 17 percent. No wonder, then, that Secretary of Commerce Herbert Hoover – falsely characterized as a supporter of laissez-faire economics – urged President Harding to consider an array of interventions to turn the economy around. Hoover was ignored.
Instead of “fiscal stimulus,” Harding cut the government’s budget nearly in half between 1920 and 1922. The rest of Harding’s approach was equally laissez-faire. Tax rates were slashed for all income groups. The national debt was reduced by one-third. The Federal Reserve’s activity, moreover, was hardly noticeable. As one economic historian puts it, “Despite the severity of the contraction, the Fed did not move to use its powers to turn the money supply around and fight the contraction.”2 By the late summer of 1921, signs of recovery were already visible. The following year, unemployment was back down to 6.7 percent and was only 2.4 percent by 1923.
It is instructive to compare the American response in this period to that of Japan. In 1920, the Japanese government introduced the fundamentals of a planned economy, with the aim of keeping prices artificially high. According to economist Benjamin Anderson, “The great banks, the concentrated industries, and the government got together, destroyed the freedom of the markets, arrested the decline in commodity prices, and held the Japanese price level high above the receding world level for seven years. During these years Japan endured chronic industrial stagnation and at the end, in 1927, she had a banking crisis of such severity that many great branch bank systems went down, as well as many industries. It was a stupid policy. In the effort to avert losses on inventory representing one year’s production, Japan lost seven years.”3
The U.S., by contrast, allowed its economy to readjust. “In 1920–21,” writes Anderson, “we took our losses, we readjusted our financial structure, we endured our depression, and in August 1921 we started up again. . . . The rally in business production and employment that started in August 1921 was soundly based on a drastic cleaning up of credit weakness, a drastic reduction in the costs of production, and on the free play of private enterprise. It was not based on governmental policy designed to make business good.” The federal government did not do what Keynesian economists ever since have urged it to do: run unbalanced budgets and prime the pump through increased expenditures. Rather, there prevailed the old-fashioned view that government should keep spending and taxation low and reduce the public debt.4 …”
http://www.lewrockwell.com/woods/woods125.html
Historical Tables
Historical Tables provides data on budget receipts, outlays, surpluses or deficits, Federal debt, and Federal employment over an extended time period, generally from 1940 or earlier to 2011 or 2015.
Table 1.1—SUMMARY OF RECEIPTS, OUTLAYS, AND SURPLUSES OR DEFICITS (−): 1789–2015
http://www.whitehouse.gov/omb/budget/Historicals/
High Taxes and High Budget Deficits
The Hoover–Roosevelt Tax Increases of the 1930s
by Veronique de Rugy, Fiscal Policy Analyst, Cato Institute
“…Conclusion
The tax increases of the 1930s coincided with large
deficits and economic stagnation. While the monetary and
trade policy mistakes of the 1930s are now widely
understood, the tax policy mistakes are less appreciated.
As Congress grapples with today’s budget deficit and
mediocre economic growth, it should look to the tax cuts
of the 1920s for inspiration rather than the failed “budget
balancing with high taxes” approach of the 1930s.”
http://www.cato.org/pubs/tbb/tbb-0303-14.pdf
Can GOP Shrink Government Spending?
Ron Paul in San Francisco – Amazing Speech!
Republicans roll out “Pledge to America”
Related Posts On Pronk Palisades
Heritage Foundation 2010 Budget Charts–Federal Spending
Heritage Foundation 2010 Budget Charts–Federal Revenue
Heritage Foundation 2010 Budget Charts–Federal Debt and Deficits
Heritage Foundation 2010 Budget Charts–Federal Entitlements
Economists
The Battle For The World Economy–Videos
Frederic Bastiat–The Law–Videos
Walter Block–Videos
Walter Block–Introduction To Libertarianism–Videos
Hunter Lewis–Where Keynes Went Wrong–Videos
Thomas DiLorenzo–The Economic Model of the Fascist State–Videos
Richard Ebeling–America’s New Road to Serfdom and the Continuing Relevance of Austrian Economics –Videos
Milton Friedman–Videos
Milton Friedman–Capitalism and Freedom–Videos
Milton Friedman On Business–Videos
Milton Friedman On Education–Videos
Milton Friedman On Monetary Policy–Videos
Milton Friedman–Debate In Iceland–Videos
Milton Friedman–Free To Choose–On Donahue –Videos
Milton Friedman–Economic Myths–Videos
Paul Edward Gottfried–Fascism, Anti-Fascism, and the Welfare State–Videos
David Gordon–Five Best Books on the Current Crisis–Video
David Gordon–The Confused Literature of Globalization–Videos
Friedrich Hayek–Videos
Henry Hazlitt–Economics In One Lesson–Videos
Robert Higgs–The Complex Path of Ideological Change–Videos
Robert Higgs–The Great Depression and the Current Recession–Videos
Robert Higgs–Why Are Politicians Always Trying to Scare Us?–Videos
Jörg Guido Hülsmann–The Ethics of Money Production–Videos
Jörg Guido Hülsmann–The Life and Work of Ludwig von Mises–Videos
Israel Kirzner–On Entrepreneurship–Vidoes
Paul Krugman–Videos
Hunter Lewis–Where Keynes Went Wrong–Videos
Liberal Fascism–Jonah Goldberg–Videos
Dan Mitchell–Videos
Ludwig von Mises–Videos
Robert P. Murphy–Videos
Robert P. Murphy–Government Stimulus: Repeating the mistakes of the Great Depression–Videos
Gary North–Keynes and His Influence–Take The North Challenge–Videos
The Fountainhead, Atlas Shrugged and The Ideas of Ayn Rand
George Gerald Reisman–Why Nazism Was Socialism and Why Socialism Is Totalitarian–Videos
Paul Craig Roberts–How The Economy Was Lost–The War Of The Worlds–Videos
Paul Craig Roberts–Peak Jobs–Videos
Llewellyn H. Rockwell, Jr–How Empires Bamboozle the Bourgeoisie–Videos
Murray Rothbard–Videos
Murray Rothbard–A History of Money and Banking in The United States–Videos
Murray Rothbard–The American Economy and the End of Laissez-Faire: 1870 to World War II–Videos
Murray Rothbard–The Case Against The Fed–Videos
Murray N. Rothbard–Introduction to Economics: A Private Seminar–Videos
Murray Rothbard–Libertarianism–Video
Rothbard On Keynes–Videos
Murray Rothbard– What Has Government Done to Our Money?–Videos
Peter Schiff–Videos
Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, Arrogance, Stupidity–Three Chinese Curses!
Larry Sechrest–The Anticapitalists: Barbarians at the Gate–Videos
L. William Seidman on The Economic Crisis: Causes and Cures–Videos
Amity Shlaes–Videos
Julian Simon–Videos
Julian Simon–The Ultimate Resource II: People, Materials, and Environment–Videos
Thomas Sowell and Conflict of Visions–Videos
Thomas Sowell On The Housing Boom and Bust–Videos
Econ Talk With Thomas Sowell–Videos
Peter Thiel–Videos
Thomas E. Woods, Jr.–Videos
Thomas E. Woods–The Calamity of Anti-Capitalism: A Brief American History–Video
Thomas E. Woods–The Economic Crisis and The Federal Reserve–Videos
Tom Woods–Lectures On Liberty–Videos
Thomas E. Woods–The Market Economy–Videos
Tom Woods On Personal Rights and Property Ownership
Tom Woods–Smashing Myths and Restoring Sound Money–Videos
Tom Woods–Who Killed The Constitution
Tom Wright On The FairTax–Videos
Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record
Read Full Post | Make a Comment ( None so far )News Journal: Number 32, November 3, 2010:Federal Reserve Monetizes U.S. Government Treasury Debt By Printing Money–Quantitative Easing (QE2)–Devalues U.S Currency–Banks Steal American People’s Purchasing Power!
U.S. Debt Clock
http://www.usdebtclock.org/
http://www.captainscomments.com/comment/812
The FED’s magic with money
Fed to Buy Extra $600 Billion of Treasuries; Interest Rates to Stay Low
Peter Schiff on FOX Business News 11-04-10
Peter Schiff – Republican Win, QE2 – Nov 3rd 2010
Quantitative Easing 2: US economy continues to sink (03Nov10)
CNBC: Fed’s Big Gamble–What Could Go Wrong?
Fed Chairman Ben Bernanke-speech- Disaster in the making
Jim Rickards Discusses Deflation, Hyperinflation and Velocity
MUFJ’s Brown Says U.S. Recovery Shows QE Is Not Needed
Greenspan: U.S. Playing `Dangerous Game’ on Stimulus
MSNBC w/ Cenk: Matt Taibi – Magic Money Printing Machine at The Fed
Grossman Says Fed QE May Cause Commodity Prices to Rise
Glenn Beck-11/03/10-A
Glenn Beck-11/03/10-B
Glenn Beck-11/03/10-C
Ron Paul to Bernanke : Continue Down Path of Socializing Our Entire Economy 5-5-09
Fall Of The Republic 6/14: The Presidency Of Barack H Obama
On October 15, 2010 Chairman of the Federal Reserve, Ben Bernanke, presented a speech entitled Monetary Policy Objectives and Tools in a Low-Inflation Environment at the Federal Reserve Bank of Boston’s Conference on Revisiting Monetary Policy in a Low-Inflation Environment.
This speech pointed out that the Federal Opening Market Committee (FOMC) was about to embark on the purchase of Treasury securities with the objectives of reducing the continuing high unemployment rate and maintaining price stability:
“…the Federal Reserve remains committed to pursuing policies that promote our duel objectives of maximum employment and price stability. In particular, the FOMC is prepared to provide additional accommodation if needed to support the economic recovery and to return inflation over time to levels consistent with our mandate. Of course, in considering possible further actions, the FOMC will take account of the potential costs and risks of nonconventional policies, and, as always, the Committee’s actions are contingent on incoming information about the economic outlook and financial conditions.”
On November 3, 2010, the Federal Reserve provided more details as the amount and duration its unconventional monetary policy that is commonly called the money printing or “quantitative easing”:
“…To promote a stronger pace of economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate, the Committee decided today to expand its holdings of securities. The Committee will maintain its existing policy of reinvesting principal payments from its securities holdings. In addition, the Committee intends to purchase a further $600 billion of longer-term Treasury securities by the end of the second quarter of 2011, a pace of about $75 billion per month. The Committee will regularly review the pace of its securities purchases and the overall size of the asset-purchase program in light of incoming information and will adjust the program as needed to best foster maximum employment and price stability. …”
The Federal Reserve’s cover story is simply not being bought by many economists and investment analysts that follow closely the Federal Reserve’s monetary policy.
The United States government is running massive budgetary deficits of over $1,000 billion for the past two years that will continue into Fiscal Year 2011 and 2012 and over $900 billion in 2013
There is a strong suspicion that the United States Treasury is having increasing trouble selling it securities at Treasury bond and note auctions.
Rather than go to Congress for another stimulus package that would not be approved by the new Republican House majority, the U.S. Treasury Department could simply issue more Treasury bonds and notes to finance the budgetary deficits.
The Federal Reserve’s unconventional monetary policy better known as quantitative easing 2 would mean the Federal Reserve is an investor of last resort for Treasury bond and note auctions when there is a shortage of other investors at the auctions.
The Federal Reserve will buy Treasuries not directly from the Treasury but from a third-party government security dealer or from a foreign country central bank who will act as a middle man or go between to get around the prohibition of the Federal Reserve buying Treasury securities directly from the Treasury Department.
The Federal Reserve would be monetizing Treasury debt by “printing money” in exchange of Treasury bonds and notes.
The economic effect is the decline in the purchasing power or value of the U.S. dollar.
This is a hidden tax on all Americans holding U.S. dollars.
The purchasing power of their dollar currency holdings will buy less goods and service especially imports.
The prices of all goods and services would rise–inflation.
Once this becomes apparent, the Federal Reserve’s dangerous unconventional monetary policy would have to be terminated and the Fed would have to revert back to a conventional tight monetary policy exit strategy to stop inflation by rising both the Federal Funds rate target and the sale of Treasury securities.
December 23, 2013 marks the 100 anniversary of the Federal Reserve.
By then I full expect that $1 in 1913 will be worth less than 1 cent.
The Federal Reserve System has been an abject failure in maintaining the price stability of the dollar.
The time has arrived for Congress to stop he Federal Reserve bank cartel from stealing from the American people by devaluing the U.S. dollar.
What needs to done?
First, end the Fed.
Second, cut Federal spending
Third, close permanently entire Federal Departments.
Fourth, balance the budget!
Do none of the above and the American people will throw both Democrats and Republicans out of office in 2012, 2014 and 2016.
Dr. Ron Paul says Rand and I will introduce legislation to End the Fed! First day!
Background Articles and Videos
Press Release
Release Date: November 3, 2010
For immediate release
Information received since the Federal Open Market Committee met in September confirms that the pace of recovery in output and employment continues to be slow. Household spending is increasing gradually, but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. Business spending on equipment and software is rising, though less rapidly than earlier in the year, while investment in nonresidential structures continues to be weak. Employers remain reluctant to add to payrolls. Housing starts continue to be depressed. Longer-term inflation expectations have remained stable, but measures of underlying inflation have trended lower in recent quarters.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. Currently, the unemployment rate is elevated, and measures of underlying inflation are somewhat low, relative to levels that the Committee judges to be consistent, over the longer run, with its dual mandate. Although the Committee anticipates a gradual return to higher levels of resource utilization in a context of price stability, progress toward its objectives has been disappointingly slow.
To promote a stronger pace of economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate, the Committee decided today to expand its holdings of securities. The Committee will maintain its existing policy of reinvesting principal payments from its securities holdings. In addition, the Committee intends to purchase a further $600 billion of longer-term Treasury securities by the end of the second quarter of 2011, a pace of about $75 billion per month. The Committee will regularly review the pace of its securities purchases and the overall size of the asset-purchase program in light of incoming information and will adjust the program as needed to best foster maximum employment and price stability.
The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels for the federal funds rate for an extended period.
The Committee will continue to monitor the economic outlook and financial developments and will employ its policy tools as necessary to support the economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate.
Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; James Bullard; Elizabeth A. Duke; Sandra Pianalto; Sarah Bloom Raskin; Eric S. Rosengren; Daniel K. Tarullo; Kevin M. Warsh; and Janet L. Yellen.
Voting against the policy was Thomas M. Hoenig. Mr. Hoenig believed the risks of additional securities purchases outweighed the benefits. Mr. Hoenig also was concerned that this continued high level of monetary accommodation increased the risks of future financial imbalances and, over time, would cause an increase in long-term inflation expectations that could destabilize the economy.
http://federalreserve.gov/newsevents/press/monetary/20101103a.htm
U.S. Treasury to Sell $72 Billion in Long-Term Debt
By Rebecca Christie – // Nov 3, 2010
“…The Treasury has been scaling back auction sizes, after expanding debt sales to finance annual budget deficits exceeding $1 trillion for the past two years. Bond dealers predict deficits of $1.214 trillion in fiscal 2011, $1.023 trillion in 2012 and $906 billion in 2013, according to a survey provided to the Treasury before this week’s announcements. …”
“…The question arose whether the Fed and the Treasury were working at cross-purposes,” the minutes said. One member said that “from an economic perspective, the Fed’s purchase of longer-dated coupons via increasing reserves was economically equivalent to Treasury reducing longer-dated coupons and issuing more bills.”
In a presentation to the Treasury, one of the committee members said that Fed easing “would force Treasury yields lower and would likely lead the curve to flatten in the five- to 10- year sector” over the next one to two years. The presenter said 30-year interest rates would likely command a higher risk premium because of concerns about inflation and the value of the U.S. dollar. …”
Monetizing Debt
http://research.stlouisfed.org/publications/es/10/ES1014.pdf
The Shell Game – How the Federal Reserve is Monetizing Debt
“…Executive Summary
- The Federal Reserve and the federal government are attempting to “plug the gap” caused by a slowdown of private credit/debt creation.
- Non-US demand for the dollar must remain high, or the dollar will fall.
- Demand for US assets is in negative territory for 2009
- The TIC report and Federal Reserve Custody Account are reviewed and compared
- The Federal Reserve has effectively been monetizing US government debt by cleverly enabling foreign central banks to swap their Agency debt for Treasury debt.
- The shell game that the Fed is currently playing obscures the fact that money is being printed out of thin air and used to buy US government debt.
The Federal Reserve is monetizing US Treasury debt and is doing so openly, both through its $300 billion commitment to buy Treasuries and by engaging in a sleight of hand maneuver that would make a street hustler from Brooklyn blush. …”
http://www.chrismartenson.com/blog/shell-game-how-federal-reserve-monetizing-debt/25806
Bernanke on Deflation Risk Part one
Bernanke on Deflation Risk Part Two
Ron Paul advisor Peter Schiff’s economic forecast
Bernanke in Denial 2005-2007
The Federal Reserve is going bankrupt
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News Journal: Number 31, November 3, 2010: Tea Party Tidal Wave Falls and Rises–Videos
The tea party movement supported many candidates for public office in the 2010 elections.
Some lost and some won.
One candidate for public office had a record of failure if you believed the press and lost several races for public office in the past.
The person lost his job.
The person failed in business.
The person lost a state representative race.
The person had a nervous breakdown.
The person lost a state house speaker race.
The person lost a U.S. Senate race.
The person lost the nomination to be U.S. Vice President.
The person lost again a U.S. Senate race.
The person finally ran for President of the United States.
The person won.
Abraham Lincoln, one of America’s most respected Presidents was the first Republican President of the United States.
One tea party supported candidate who lost for a second time a U.S. Senate race was Christine O’Donnell of Delaware.
Tea Party Favorite Christine O’Donnell
O’Donnell’s Internal Opposition
Delaware is a very liberal state where union endorsements and support play a big role in determining who wins a state-wide election.
Delaware’s Senator for 36 years had been Joe Biden, the current Vice-President of the United States.
Christine O’Donnell lost the U.S. Senate race in 2008 against Senator Biden who was running for both Senator and Vice-President of the United States.
Christine O’Donnell lost again the U.S. Senate race in 2010.
Character and integrity matter and ideas have consequences.
A person with character and integrity and the right ideas does not always win a political race.
Christine O’Donnell has character and integrity and the right ideas.
Like Abraham Lincoln, I do not believe the American people have heard the last from Christine O’Donnell.
Many tea party movement supported candidates did win the privilege of governing their state and to represent the citizens of their state in Congress and the Senate.
Four standout.
Vicky Hartzler: A Friend to Small Business in Congress
Rand Paul: ‘It’s a Tea Party Tidal Wave’
REPLAY: Marco Rubio acceptance speech
NIKKI HALEY (R-SC)
NIKKI HALEY (R-SC) on HANNITY GOP Gubernatorial Candidate
Vicky Hartler was elected to represent Missouri’s 4th District in the United States House of Representatives.
Rand Paul was elected to represent Kentucky as Senator in the United States Senate.
Marco Rubio was elected to represent Florida as Senator in the United States Senate.
Nikki Halley was elected to govern South Carolina as Governor.
All four favor limited Constitutional government, balanced budgets, lower taxes, less regulation, capitalism and a free market place.
The Founding Fathers were men of character and integrity and knew that ideas have consequences.
The Founding Fathers–Washington, Adams, Jefferson, Madison, Franklin and others– gave the American people the benefit of their wisdom contained in The Declaration of Independence and the United States Constitution.
The Founding Fathers gift to the American people was a representative republic with separation of powers and a system of checks and balances.
On Tuesday the American people elected a few of their fellow citizens to represent them in Congress and the Senate and govern their states.
The tea party movement goes to Washington and will have its own caucus in the House and Senate.
Rand Paul on Tea Party’s Future
Only time will tell whether the American people choose wisely.
Background Articles and Videos
Tea party candidates win in Fla., Ky.; lose Del.
“…Two tea party champions won high-profile Senate elections Tuesday, spearheading a likely cadre of libertarian-leaning Republicans who will press party leaders to be more adamant about lower taxes, less spending and smaller government.
Rand Paul of Kentucky and Marco Rubio of Florida rocked the GOP establishment last spring by routing leadership favorites in party primaries. Then they beat back Democrats’ efforts to paint them as too extreme, winning comfortably on Tuesday. However, another well-publicized tea party darling, Christine O’Donnell of Delaware, lost to Democrat Chris Coons. She also won a stunning GOP primary victory, beating longtime Rep. Mike Castle, but she failed to extend her popularity to the broader November electorate. …”
http://news.yahoo.com/s/ap/20101103/ap_on_el_se/us_senate_14
“…List of Lincoln’s failures
A common list of the failures of Abraham Lincoln (along with a few successes) is:
- 1831 – Lost his job
- 1832 – Defeated in run for Illinois State Legislature
- 1833 – Failed in business
- 1834 – Elected to Illinois State Legislature (success)
- 1835 – Sweetheart died
- 1836 – Had nervous breakdown
- 1838 – Defeated in run for Illinois House Speaker
- 1843 – Defeated in run for nomination for U.S. Congress
- 1846 – Elected to Congress (success)
- 1848 – Lost re-nomination
- 1849 – Rejected for land officer position
- 1854 – Defeated in run for U.S. Senate
- 1856 – Defeated in run for nomination for Vice President
- 1858 – Again defeated in run for U.S. Senate
- 1860 – Elected President (success)
That looks like a pretty glum résumé, making you wonder how he ever made it to the top. But when you really think of it, to run for office or high positions so many times, you have to have something on the ball and have more successes than meet the eye. …”
http://www.school-for-champions.com/history/lincoln_failures.htm
Read Full Post | Make a Comment ( None so far )News Journal: Number 30, November 2, 2010: Dump Democrats–Vote–Remember Tuesday Is Soylent Green Day–Trust But Verify–Videos
SOYLENT GREEN music – Fred Myrow (HQ + ending)
Trust but verify
I still stand by my wild ass guess (WAG) that the Republicans will win 77 seats in the House of Representatives for a total of 255 seats and 10 seats in the Senate for a total of 51 seats giving the Republican Party majority control of both the House and Senate.
There will also be 35 state Republican governors.
The Democratic Party led by President Obama have lost the independents, older voters, white voters, the unemployed and increasingly the young.
Since the core progressive/liberal base of the Democratic Party is between 20% and 25% even in the best of turnout election years, they simply cannot win in districts that have a high percentage of Republican and Independent voters.
The conservative and libertarian movement is more than energized–they want to throw the bums out of office.
The major issues were jobs, spending, taxes, deficits, debt, bailouts, illegal immigration and Obama care.
On all these issues the Democratic Party is simply on the minority side of the issue and their economic policies of a stimulus package, green jobs, and Obama care have been an abject failure in creating jobs and reducing spending and deficits.
The tea party patriots have become a political force to be reckoned with by the political establishments of the Democratic and Republican parties.
The real test for the Republican Party will be in the next two to four years.
At a bare minimum the Republican Party must cut back spending and balance the budget with no tax or debt increases.
If the Republican Party does not deliver on this, more and more tea party patriots will look to forming a new political party instead of taking over the Republican Party.
I am simply not optimistic that the current Republican Party establishment is up to the job.
The Republican establishment lacks both vision and courage to do what needs to be done.
What the Republican Party should be doing is closing down entire Federal Departments and passing the FairTax.
Very few Republicans and Republican talk radio and television show hosts mention either.
Instead it is business as usually with the same talking points that we need to cut spending by x% and tax rates by y%.
This approach has failed time and time again for the simple reason that it is quickly reversed by the progressives in both the Democratic and Republican parties when they win majorities in the House and Senate.
Only by passing the FairTax and eliminating ten Federal Departments will the cancer of out-of-control government intervention be permanently stopped.
The time for a new political party that replaces either the Republican or Democratic Party is fast approaching.
Tea parties or rallies are great but results count and that requires MOMMA–Money, Organization, Message, Momentum and Ambition.
MOMMA is what is required to win elections.
A new political party that favors limited constitutional government is required–American Citizens Alliance Party–ACAP on spending, deficits, debt, regulations, and taxes.
The American people are also waiting for its twenty-first century George Washington and Thomas Paine to emerge from the tea party patriots.
The election of 2016 is the one to watch out for.
By then I fully expect that both the Democratic and Republican parties will be so widely perceived as failures in delivering results that the American people will finally support candidates that want limited constitutional government and belong to another political party.
NRA Tribute to Charlton Heston
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