Society

News Journal: Number 35, December 1, 2010: The Audacity of Grope: A TSA Exposé–Progressive Pervert Petulent Prevaricating President–Must View Video!

Posted on December 1, 2010. Filed under: Communications, Democratic Party, Digital Communication, Ethical Practices, Ethics, Issues, Law, Mass Media, News, Newspapers, Policies, Political Parties, Politics, Print Media, Public Relations, Radio, Recordings, Republican Party, Society, Speech, Television, Web | Tags: , , , , , , , , , , |

Campaign for Liberty launches a public relations campaign against President Obama’s TSA government interventionism:

“…Got questions about the TSA? This video’s got answers. Jam-packed with all the information you need to get up to speed on the 2010 holiday airport security uproar. Get the inside scoop on full body scanners, radiation health risks, pat-downs, screw-ups, underwear bombers, cavity searches, special interests, government officials, the Constitution (specifically, the 4th Amendment), scanner storage capability, and hear from some of the most engaged minds in the debate; including Congressman Ron Paul…”

Campaign for Liberty Mission Statement

“Our mission is to promote and defend the great American principles of individual liberty, constitutional government, sound money, free markets, and a noninterventionist foreign policy, by means of educational and political activity.”

http://www.campaignforliberty.com/about.php

http://www.youtube.com/user/campaignforliberty

One point that the above video failed to address is the spread of disease as a direct result of the TSA not changing their blue gloves after each pat down.

Instead the TSA screeners use the same pair of blue gloves most of the day.

Imagine going to a doctor or dentist who wore the same blue gloves while examining many patients during the day.

An unintended consequence of the government grope will be the spread of the various influenza (flu) viruses.

The time has come to stop this security theater nonsense and start profiling passengers and targeting individuals that are more likely to be terrorist bombers.

Flawless Airline Security on Israeli Planes

TSA: Enemy of the American People?

Ron Paul: TSA Has Gone too Far

Enough is enough.

Terminate the TSA peepers and pat downs.

President Obama responds:

President Obama explains the new TSA Airport Security Screenings

Wink

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News Journal: Number 33, November 9, 2010: Tea Party Movement Expects Republican Party To Balance The Budget By Cutting Spending Now!

Posted on November 9, 2010. Filed under: Audio, Balanced Budgets, Banking, Budget, Communications, Debt, Deficits, Democratic Party, Economics, Fiscal Policy, Issues, Mass Media, Monetary Policy, Money, News, Newspapers, Political Parties, Politics, Print Media, Republican Party, Society, Taxes, Web | Tags: , , , , , , , , , , , , |

Debt Clock

http://www.usdebtclock.org/

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

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News Journal: Number 31, November 3, 2010: Tea Party Tidal Wave Falls and Rises–Videos

Posted on November 3, 2010. Filed under: Books, Issues, Law, News, Newspapers, Politics, Print Media, Radio, Society, Speech, Web | Tags: , , , , , , , , |

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

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News Journal: Number 29, October 26, 2010: American People’s No Confidence Voting Wave Wipes Out Democrats–It’s The Economy Stupid!–Videos

Posted on October 26, 2010. Filed under: Communications, Ethics, Issues, Law, Magazines, News, Newspapers, Politics, Print Media, Radio, Regulations, Society, Television, Web | Tags: , , , |

Republican Governors 35

Republican Senators 51

Republican Representatives 255

 

The Republicans will pickup a net total of 77 seats in House of Representatives for a total of 255.

The Republicans will also pickup a net total of 10 seats in the Senate for a total of 51 seats.

The American people want to stop the massive Government spending, deficits and bailouts and rising National debt of the Obama Administration.

Stop Spending Our Future – The Crisis

Issue number 1 is jobs and the economy with nearly thirty million Americans looking for a full-time job and continuing high rates of unemployment.

www.shadowstats.com

Issue number 2 is massive Federal Government spending, deficits, bailouts and a rising National debt.

The National Debt Road Trip

The Trillion $$$ Dollar U.S. Economic Deficit Caused By Our Government

U.S. Debt Clock

http://www.usdebtclock.org/

Issue number 3 is Obamacare– the American people want it repealed as soon as possible and no money bills or appropriations to fund Obamacare.

Fight Obamacare Texas

Issue number 4 is illegal immigration–the American people want it stopped by immigration law enforcement and a completed border fence that is heavily patrolled.

What Are True Costs And Benefits Of Illegal Immigration?

Stop Illegal Immigration

 

The American people expect the Republican Party to balance the Federal Budget by significantly reducing Government spending and permanently closing Federal Departments including Agriculture, Commerce, Education, Energy, Health and Human Services, Housing and Urban Development, Interior, Labor, and Transportation.

The number of Federal employees should be cut from over 2,000,000 to less than 1,000,000.

3 Reasons Public Sector Employees are Killing the Economy

 

The American people expect the Republican Party to make the Bush tax cuts permanent for all taxpayers and pass the FairTax–it is time!

The FairTax: It’s Time

Should the Republican Party fail to balance the budget and cut the size and scope of the Federal Government by permanently shutting down the above departments, these Republicans will be wiped out by the 2012 wave of tea party patriots.

Background Articles and Videos

Editor in Chief Insights: Obama’s Job Approval Trajectory

 

President Obama Heads into Midterms at Lowest Approval Rating of Presidency

Two-thirds of Americans believe country going off on the wrong track

“…Currently, two-thirds of Americans (67%) have a negative opinion of the job President Obama is doing while just over one-third (37%) have a positive opinion. This continues the president’s downward trend and he is now at the lowest job approval rating of his presidency.

These are some of the results of The Harris Poll of 3,084 adults surveyed online between October 11 and 18, 2010 by Harris Interactive.

It’s perhaps not surprising that nine in ten Republicans (90%) and Conservatives (89%) give the job the president is doing negative ratings. What may be surprising is that one-third of Democrats (34%) and Liberals (33%) also give him negative ratings, as do seven in ten Independents (70%) and six in ten Moderates (60%).

Americans who give the president the highest positive ratings are those with a post-graduate education (48%), a college education (47%), and those living in the West (42%). On the other end of the spectrum, almost three-quarters of those with a high school education or less (72%) and two-thirds of Midwesterners (66%) and Southerners (66%) give the President negative marks on his overall job.

While the president is at a low point, there is a political body with ratings much lower than his. Just one in ten Americans (11%) give Congress positive ratings on the job they are doing while nine in ten (89%) give them negative marks. While Congress may be under Democratic control, even four in five Democrats (81%) give them negative ratings.

Part of this negativity may have to do with the way Americans believe the country as a whole is going. Just one-third of U.S. adults (34%) say the country is going in the right direction while two-thirds (66%) say it is going off on the wrong track. While not close to the low it was before the 2008 election (11% said things were going in the right direction), this is one of the lower points of this year. …”

http://www.harrisinteractive.com/Hi_assets/TopHitPageNews.html

Rasmussen Reports

Trust on Issues

Voters Trust Republicans More on Eight of 10 Key Issues

“…Voters now trust Democrats over Republicans in only two areas – government ethics and corruption by a 41% to 36% margin and education where Democrats have a slight 42% to 40% edge.

The economy continues to be the most important issue on voters’ minds this election, and 49% place their trust in Republicans to handle this issue. Thirty-nine percent (39%) trust Democrats more. These findings show little change from early June 2009.

On the issue of health care, which voters place second on the list of important issues, Republicans hold a modest 47% to 40% advantage. Democrats were trusted more on this issue until the debate over a proposed national health care bill began to heat up in early September of last year.

Most voters continue to favor repeal of the national health care law, but the number of voters who expect the law to increase the deficit has fallen to the lowest point since its passage by Congress in March.

(Want a free daily e-mail update? If it’s in the news, it’s in our polls). Rasmussen Reports updates are also available on Twitter or Facebook.

Two surveys of 1,000 Likely U.S. Voters each were conducted October 12-13 and October 14-15, 2010 by Rasmussen Reports. The margin of sampling error is +/- 3 percentage points with a 95% level of confidence. Field work for all Rasmussen Reports surveys is conducted by Pulse Opinion Research, LLC. See methodology.

Government ethics and corruption rate number three in terms of overall importance, but voters have been narrowly divided for the past several months over which party to trust more on this issue. Democrats have held small leads since February.

As for education, both parties have held very modest leads on the issue at different times for months now.

Forty-eight percent (48%) of voters nationwide place their trust in the hands of Republicans when it comes to the issue of taxes. Thirty-nine percent (39%) would rather the Democrats handle this issue. The GOP has held a solid lead over Democrats on this issue since early July 2009.

But most voters believe that Democrats in Congress want to raise taxes and spending, while Republicans in Congress want to cut taxes and spending.

When it comes to immigration, 45% trust Republicans, while 33% trust the Democrats more. The gap between the two parties has widened since the beginning of January as the debate over the immigration law in Arizona intensified. At the beginning of the year, voters were essentially evenly divided on which party to trust.

Voters feel more strongly than ever that the federal government is encouraging illegal immigration and that states like Arizona have the answer to the problem, but the Obama administration is challenging the Arizona law in federal court.

Republicans continue to be trusted more on national security issues and the war on terror, with 49% of voters trusting the GOP versus 39% who trust the Democrats more. When it comes the war in Afghanistan, Republicans hold a six-point advantage, 42% to 36%.

Similarly, voters trust Republicans more than Democrats to handle the war in Iraq, 43% to 37%. …”

http://www.rasmussenreports.com/public_content/politics/mood_of_america/trust_on_issues

Historical Federal Workforce Tables

Executive Branch Civilian Employment Since 1940

(end-of-fiscal-year count, excluding Postal Service, in thousands)

Fiscal Year Total Executive Branch Department of Defense Civilian Agencies
Total Agriculture HHS, Education, Social Sec. 1 Homeland Security Interior Justice Transportation Treasury Veterans Other
1940 699 256 443 98 9 18 46 11 45 40 176
1941 1,081 556 525 91 10 20 50 15 52 43 244
1942 1,934 1,291 643 95 11 20 49 22 55 44 348
1943 2,935 2,200 735 109 11 21 43 23 69 53 406
1944 2,930 2,246 683 78 11 21 42 21 81 51 378
1945 3,370 2,635 736 82 11 20 45 19 84 65 409
1946 2,212 1,416 795 97 12 20 51 17 95 169 335
1947 1,637 859 777 88 12 20 53 17 82 217 288
1948 1,569 871 698 82 13 18 57 20 79 196 233
1949 1,573 880 694 87 12 19 59 19 77 195 226
1950 1,439 753 686 84 13 20 66 20 76 188 219
1951 1,974 1,235 738 81 16 21 65 25 79 183 269
1952 2,066 1,337 729 79 15 22 61 25 75 175 278
1953 2,026 1,332 694 78 35 22 59 23 71 178 226
1954 1,875 1,209 666 76 35 21 56 24 67 179 207
1955 1,860 1,187 673 86 40 21 54 24 65 178 206
1956 1,864 1,180 684 89 46 20 53 24 64 177 210
1957 1,869 1,161 708 96 53 20 55 24 65 174 222
1958 1,817 1,097 720 101 55 20 56 24 64 172 227
1959 1,805 1,078 727 97 59 20 55 23 63 171 238
1960 1,808 1,047 761 99 62 21 56 24 62 172 265
1961 1,825 1,042 782 103 70 20 59 25 67 175 265
1962 1,896 1,070 827 111 77 20 63 25 69 177 284
1963 1,911 1,050 861 116 81 21 73 25 73 173 300
1964 1,884 1,030 855 108 83 21 70 26 72 172 302
1965 1,901 1,034 867 113 87 21 71 27 74 167 307
1966 2,051 1,138 913 119 100 21 75 27 76 170 324
1967 2,251 1,303 949 122 106 24 77 27 52 79 173 289
1968 2,289 1,317 972 123 117 23 78 29 56 79 176 292
1969 2,301 1,342 960 125 113 21 75 30 58 79 175 283
1970 2,203 1,219 983 118 112 23 75 33 62 84 169 308
1971 2,144 1,154 989 120 115 25 72 38 66 86 180 288
1972 2,117 1,108 1,009 118 114 29 72 40 65 90 184 295
1973 2,083 1,053 1,030 113 128 29 74 43 66 90 198 289
1974 2,140 1,070 1,070 116 142 30 77 46 68 97 202 292
1975 2,149 1,042 1,107 121 147 31 80 47 69 101 213 297
1976 2,157 1,010 1,147 128 155 32 82 48 71 105 222 303
1977 2,182 1,009 1,173 132 159 32 87 48 70 107 224 313
1978 2,224 1,000 1,225 138 161 37 84 49 70 110 229 348
1979 2,161 960 1,201 128 161 40 78 48 67 102 226 352
1980 2,161 960 1,201 129 163 40 77 48 66 102 228 346
1981 2,143 984 1,159 129 162 38 76 47 54 100 232 321
1982 2,110 990 1,121 121 153 38 79 48 57 98 236 291
1983 2,157 1,026 1,131 124 152 39 80 50 57 104 239 286
1984 2,171 1,044 1,127 119 150 39 79 53 57 109 240 283
1985 2,252 1,107 1,145 122 147 40 80 55 56 110 247 286
1986 2,175 1,068 1,108 113 138 39 74 56 56 114 240 277
1987 2,232 1,090 1,142 117 132 44 74 60 57 125 250 284
1988 2,222 1,050 1,172 121 128 48 78 63 58 135 245 297
1989 2,238 1,075 1,162 122 127 49 78 66 60 126 246 289
1990 2,250 1,034 1,216 123 129 49 78 71 61 132 248 326
1991 2,243 1,013 1,230 126 135 50 82 77 64 139 256 302
1992 2,225 952 1,274 128 136 56 85 82 64 133 260 329
1993 2,157 891 1,266 124 135 56 85 82 63 127 268 326
1994 2,085 850 1,235 120 133 55 81 83 59 128 262 315
1995 2,012 802 1,210 113 132 56 76 87 58 128 264 297
1996 1,934 768 1,166 110 130 62 71 88 58 118 251 279
1997 1,872 723 1,149 107 131 64 71 93 59 112 243 270
1998 1,856 693 1,163 106 130 68 72 95 59 112 240 281
1999 1,820 666 1,155 105 130 69 73 97 58 113 219 290
2000 1,778 651 1,127 104 126 70 74 98 58 113 220 265
2001 1,792 647 1,145 109 129 73 76 99 59 117 226 258
2002 1,818 645 1,173 98 130 76 77 96 96 118 223 258
2003 1,867 636 1,231 100 131 153 72 102 58 132 226 257
2004 1,882 644 1,238 111 130 153 77 104 57 111 236 257
2005 1,872 649 1,224 108 131 147 76 105 56 108 235 258
2006 1,880 653 1,227 105 129 154 72 107 54 107 239 260
2007 1,888 651 1,237 103 129 159 72 107 54 104 254 254
2008 1,960 670 1,289 104 132 172 76 109 55 106 274 261
2009 2,094 737 1,357 104 139 180 75 113 57 109 297 283

http://www.opm.gov/feddata/HistoricalTables/ExecutiveBranchSince1940.asp

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News Journal: Number 26, October 15, 2010: Printing More Money (Quantitative Easing) and The Coming Currency War and Decline In The Purchasing Power of The U.S. Dollar–Robbing The American People–Videos

Posted on October 15, 2010. Filed under: Audio, Books, Communications, Digital Communication, Issues, Law, Magazines, Mass Media, News, Newspapers, Politics, Print Media, Recordings, Society, Sound, Television | Tags: , , , , , , , , |

“True, governments can reduce the rate of interest in the short run. They can issue additional paper money. They can open the way to credit expansion by the banks. They can thus create an artificial boom and the appearance of prosperity. But such a boom is bound to collapse soon or late and to bring about a depression.”

“The gold standard alone makes the determination of moneys purchasing power independent of the ambitions and machinations of governments, of dictators, of political parties, and of pressure groups.”

~Ludwig von Mises

Jim Rogers Currency Wars

“IMF Meeting Stokes Fear of Currency War”

Grant Says Quantitative Easing Is Just Money Printing: Video

Global Currency War Brewing

Is The World On The Verge Of A Currency War?

Daniel Rosen: Currency War

IMF Meeting Stokes Fear of Currency War

Webster Tarpley: “There’s a currency war!”

Heller Says `Very Difficult’ for Fed to Boost Growth: Video

Feldstein Predicts Dollar to Weaken, Boosting Exports: Video

Japan cooperates with US on international currency issues – NHK 101010

US House committee approves China currency bill – NHK 100925

US criticizes China, Japan over currency interventions – NHK 100917

Clyde Prestowitz discusses valuation of Chinese currency

Mar 24 10 Hearing on China’s Exchange Rate Policy, C. Fred Bergsten Opening Statement

Mar 24 10 Hearing on China’s Exchange Rate Policy, Clyde Prestowitz Opening Statement

The Truth About The Economy: Total Collapse

Ron Paul in September 14, 2007

The Federal Reserve System is a banking cartel that benefits the large banks at the expense of the American people.

Cartel economists and so-called experts cannot replace the market by attempting to fix the price of money or the dollar.

Abolish the Federal Reserve System.

Abolish fiat paper currency.

Establish a new United States currency backed by gold.

Milton Friedman on Monetary Policy – 1/3

Milton Friedman on Monetary Policy – 2/3

Milton Friedman on Monetary Policy – 3/3

This is necessary to stop the financing of massive Federal Government deficits by the Federal Reserve that is purchasing U. S. Treasury bills and notes with Federal Reserve Notes by printing money or the monetarization of government debt.

Money printing or quantitative easing decreases the purchasing power of the money supply–debasing of the currency– robbing the American people.

Will the Federal Reserve System and fiat paper money be abolished?

Not any time soon.

The result will first be a longer and deeper recession lasting well into 2013.

In 2013 the Federal Reserve System will be 100 years old.

The Federal Reserves System will celebrate by achieving by then the devaluation of the dollar by 99%.

In other words one dollar in 1913 will be worth 1 cent in 2013.

If this is monetary stability, one wonders what inflation really is.

Time to do away the Federal Reserve System for incompetence.

I do not expect the unemployment rate to fall below 8% for U-3 until 2013 at the earliest.

As unemployment slowly declines in 2011 and 2012, there will be at first a gradual increase in the general price level that will accelerate in 2013.

This will be due the inability of the Federal Reserve to reverse quickly enough its very aggressive expansive monetary policy.

In 2011 and 2012 import prices will rise as the Federal Reserve attempts to devalue the dollar compared with other national currencies in an attempt to expand exports by making them cheaper.

The price of a gallon gasoline in the United States will first rise above $3 in 2011 and $4 in 2012 mainly due to the devaluation of the U.S. dollar.

As Communist China gradually lets the value of its currency rise in value relative to the U.S. dollar, exports from China will rise in price. This means higher prices for goods imported into the U.S. from China.

The decline in the value or purchasing power of the dollar in 2011 and 2012 combined with unemployment rates exceeding 8% will mean further losses for the Democratic Party in 2012 including the Presidency.

The American people are rightfully mad as hell at the ruling class and political elites in Washington D.C.

Power of the Market – How to Cure Inflation 1

 

 

Power of the Market – How to Cure Inflation 2

 

Power of the Market – How to Cure Inflation 3

 

Ron Paul on the Federal Reserve and Government Deficit Spending

The Gold Standard in Theory and Myth by Joseph Salerno

“The gold standard has one tremendous virtue: the quantity of the money supply, under the gold standard, is independent of the policies of governments and political parties. This is its advantage. It is a form of protection against spendthrift governments.”

“Inflationism, however, is not an isolated phenomenon. It is only one piece in the total framework of politico-economic and socio-philosophical ideas of our time. Just as the sound money policy of gold standard advocates went hand in hand with liberalism, free trade, capitalism and peace, so is inflationism part and parcel of imperialism, militarism, protectionism, statism and socialism.”

~Ludwig von Mises

9. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars
Assets, liabilities, and capital Eliminations from
consolidation
Wednesday
Oct 6, 2010
Change since
Wednesday
Sep 29, 2010
Wednesday
Oct 7, 2009
Assets  
Gold certificate account   11,037 0 0
Special drawing rights certificate account   5,200 0 0
Coin   2,114 + 3 + 124
Securities, repurchase agreements, term auction
credit, and other loans
  2,101,199 + 7,113 + 216,329
Securities held outright 1   2,051,716 + 7,403 + 456,429
U.S. Treasury securities   819,072 + 7,403 + 49,887
Bills 2   18,423 0 0
Notes and bonds, nominal 2   752,832 + 7,390 + 52,364
Notes and bonds, inflation-indexed 2   42,318 0 – 2,270
Inflation compensation 3   5,499 + 13 – 207
Federal agency debt securities 2   154,105 0 + 20,294
Mortgage-backed securities 4   1,078,539 0 + 386,248
Repurchase agreements 5   0 0 0
Term auction credit   0 0 – 178,379
Other loans   49,483 – 290 – 61,721
Net portfolio holdings of Commercial Paper
Funding Facility LLC 6
  0 0 – 41,059
Net portfolio holdings of Maiden Lane LLC 7   28,510 + 40 + 2,206
Net portfolio holdings of Maiden Lane II LLC 8   15,674 – 201 + 1,213
Net portfolio holdings of Maiden Lane III LLC 9   22,782 – 258 + 2,616
Net portfolio holdings of TALF LLC 10   601 0 + 601
Preferred interests in AIA Aurora LLC and ALICO
Holdings LLC 11
  26,057 + 324 + 26,057
Items in process of collection (84) 463 + 98 + 310
Bank premises   2,222 – 7 + 1
Central bank liquidity swaps 12   61 0 – 49,770
Other assets 13   95,313 + 2,248 + 11,389
 
Total assets (84) 2,311,231 + 9,358 + 170,016

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 9. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars
Assets, liabilities, and capital Eliminations from
consolidation
Wednesday
Oct 6, 2010
Change since
Wednesday
Sep 29, 2010
Wednesday
Oct 7, 2009
Liabilities
Federal Reserve notes, net of F.R. Bank holdings 918,609 + 4,849 + 42,489
Reverse repurchase agreements 14 64,440 – 2,930 + 1,540
Deposits (0) 1,253,413 + 6,593 + 113,645
Term deposits held by depository institutions 2,119 0 + 2,119
Other deposits held by depository institutions 1,000,014 + 15,875 + 33,477
U.S. Treasury, general account 49,530 – 8,299 + 18,525
U.S. Treasury, supplementary financing account 199,962 + 1 + 70,006
Foreign official 1,345 – 1,066 – 540
Other (0) 444 + 84 – 9,940
Deferred availability cash items (84) 2,598 + 410 – 182
Other liabilities and accrued dividends 15 15,029 + 91 + 6,468
Total liabilities (84) 2,254,089 + 9,014 + 163,961
Capital accounts
Capital paid in 26,687 + 1 + 1,798
Surplus 25,881 + 6 + 4,500
Other capital accounts 4,575 + 338 – 242
Total capital 57,142 + 344 + 6,055

Note: Components may not sum to totals because of rounding.

1. Includes securities lent to dealers under the overnight and term securities lending facilities; refer to table 1A.

2.Face value of the securities.

3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value of the securities, which is the remaining principal balance of the underlying mortgages.

5.Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

6. Includes the book value of the commercial paper, net of amortized costs and related fees, and other investments held by the Commercial Paper Funding Facility LLC.

7. Refer to table 4 and the note on consolidation accompanying table 10.

8. Refer to table 5 and the note on consolidation accompanying table 10.

9. Refer to table 6 and the note on consolidation accompanying table 10.

10. Refer to table 7 and the note on consolidation accompanying table 10.

11. Refer to table 8.

12. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.

13. Includes other assets denominated in foreign currencies, which are revalued daily at market exchange rates, accrued dividends on the Federal Reserve Bank of New York’s (FRBNY) preferred interests in AIA Aurora LLC and ALICO Holdings LLC, and the fair value adjustment to credit extended by the FRBNY to eligible borrowers through the Term Asset-Backed Securities Loan Facility.

14. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

15. Includes the liabilities of Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and TALF LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of these LLCs. Refer to table 4 through table 7 and the note on consolidation accompanying table 10.

Minutes of the Federal Open Market Committee September 21, 2010″…At the conclusion of the discussion, the Committee voted to authorize and direct the Federal Reserve Bank of New York, until it was instructed otherwise, to execute transactions in the System Account in accordance with the following domestic policy directive:

“The Federal Open Market Committee seeks monetary and financial conditions that will foster price stability and promote sustainable growth in output. To further its long-run objectives, the Committee seeks conditions in reserve markets consistent with federal funds trading in a range from 0 to 1/4 percent. The Committee directs the Desk to maintain the total face value of domestic securities held in the System Open Market Account at approximately $2 trillion by reinvesting principal payments from agency debt and agency mortgage-backed securities in longer-term Treasury securities. The System Open Market Account Manager and the Secretary will keep the Committee informed of ongoing developments regarding the System’s balance sheet that could affect the attainment over time of the Committee’s objectives of maximum employment and price stability.”

The vote encompassed approval of the statement below to be released at 2:15 p.m.:

“Information received since the Federal Open Market Committee met in August indicates that the pace of recovery in output and employment has slowed in recent months. 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 are at a depressed level. Bank lending has continued to contract, but at a reduced rate in recent months. The Committee anticipates a gradual return to higher levels of resource utilization in a context of price stability, although the pace of economic recovery is likely to be modest in the near term.Measures of underlying inflation are currently at levels somewhat below those the Committee judges most consistent, over the longer run, with its mandate to promote maximum employment and price stability. With substantial resource slack continuing to restrain cost pressures and longer-term inflation expectations stable, inflation is likely to remain subdued for some time before rising to levels the Committee considers consistent with its mandate.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 also will maintain its existing policy of reinvesting principal payments from its securities holdings.The Committee will continue to monitor the economic outlook and financial developments and is prepared to provide additional accommodation if needed to support the economic recovery and to return inflation, over time, to levels consistent with its mandate.”

Voting for this action: Ben Bernanke, William C. Dudley, James Bullard, Elizabeth Duke, Sandra Pianalto, Eric Rosengren, Daniel K. Tarullo, and Kevin Warsh.Voting against this action: Thomas M. Hoenig.Mr. Hoenig dissented, emphasizing that the economy was entering the second year of moderate recovery and that, while the zero interest rate policy and “extended period” language were appropriate during the crisis and its immediate aftermath, they were no longer appropriate with the recovery under way. Mr. Hoenig also emphasized that, in his view, the current high levels of unemployment were not caused by high interest rates but by an extended period of exceptionally low rates earlier in the decade that contributed to the housing bubble and subsequent collapse and recession. He believed that holding rates artificially low would invite the development of new imbalances and undermine long-run growth. He would prefer removing the “extended period” language and thereafter moving the federal funds rate upward, consistent with his views at past meetings that it approach 1 percent, before pausing to determine what further policy actions were needed. Also, given current economic and financial conditions, Mr. Hoenig did not believe that continuing to reinvest principal payments from SOMA securities holdings was required to support the Committee’s policy objectives.It was agreed that the next meeting of the Committee would be held on Tuesday-Wednesday, November 2-3, 2010. The meeting adjourned at 1:10 p.m. on September 21, 2010. …”

http://www.federalreserve.gov/monetarypolicy/fomcminutes20100921.htm

Background Articles and Videos

Marc-Faber– FedsPrinting to Create Final Crisis 8-3-2010

Quantitative easing

Marc Faber Sees Fed Introducing `Massive’ Quantitative Easing

Ron Paul: If You Care About The Poor You Have To Look At Monetary Policy

The Gold Standard Before the Civil War | Murray N. Rothbard

Monetary Policy, Deflation, And Quantitative Easing

“…Aren’t the excess bank reserves inflationary?

Potentially yes, but currently no. Even though banks are earning a meager 25 basis points on their reserves, that is not sufficient incentive to keep large quantities of excess reserves uninvested or unloaned. As they were in the mid-1930s, massive excess reserves are the result of banker fear and uncertainty. The banking system has been saved, but it hasn’t been made whole yet. Bankers continue to worry about reserve levels and liquidity levels and capital levels. They are willing to lend, but only very conservatively to credit-worthy borrowers. Also, much of the slowdown in bank lending comes from low demand for loans by highly qualified borrowers.

The idea that the excess reserves held on banks’ balance sheets should be “mopped up” to prevent them being used in inflationary ways later is a very dangerous idea. They are there voluntarily because bankers feel they are needed. To remove them would cause further bank retrenchment, as it did in the 1930s when the Fed decided to “mop up” the excess reserves of that time.

As the economy and confidence improves, banks will begin using their excess reserves more aggressively. At that point, the Fed will have to be very careful not to stifle that desirable activity on the one hand or let it get out of hand and become inflationary on the other hand. Since they have lots of good, two-handed economists, I think they can pull it off. ..”

http://www.dailymarkets.com/economy/2010/07/30/monetary-policy-deflation-and-quantitative-easing/

The Founding of the Federal Reserve | Murray N. Rothbard

If you work to earn money you need to watch this

Quantitative Easing

“…The term quantitative easing (QE) describes a monetary policy used by central banks to increase the supply of money by increasing the excess reserves of the banking system. This policy is usually invoked when the normal methods to control the money supply have failed, i.e the bank interest rate, discount rate and/or interbank interest rate are either at, or close to, zero.

A central bank implements QE by first crediting its own account with money it creates ex nihilo (“out of nothing”).[1] It then purchases financial assets, including government bonds, agency debt, mortgage-backed securities and corporate bonds, from banks and other financial institutions in a process referred to as open market operations. The purchases, by way of account deposits, give banks the excess reserves required for them to create new money, and thus hopefully induce a stimulation of the economy, by the process of deposit multiplication from increased lending in the fractional reserve banking system.

Risks include the policy being more effective than intended, spurring hyperinflation, or the risk of not being effective enough, if banks opt simply to sit on the additional cash in order to increase their capital reserves in a climate of increasing defaults in their present loan portfolio.[1]

“Quantitative” refers to the fact that a specific quantity of money is being created; “easing” refers to reducing the pressure on banks.[2] However, another explanation is that the name comes from the Japanese-language expression for “stimulatory monetary policy”, which uses the term “easing”.[3] Quantitative easing is sometimes colloquially described as “printing money” although in reality the money is simply created by electronically adding a number to an account. Examples of economies where this policy has been used include Japan during the early 2000s, and the United States, the United Kingdom and the Eurozone during the global financial crisis of 2008–the present, since the programme is suitable for economies where the bank interest rate, discount rate and/or interbank interest rate are either at, or close to, zero.

Concept

Ordinarily, the central bank uses its control of interest rates, or sometimes reserve requirements, to indirectly influence the supply of money.[1] In some situations, such as very low inflation or deflation, setting a low interest rate is not enough to maintain the level of money supply desired by the central bank, and so quantitative easing is employed to further boost the amount of money in the financial system.[1] This is often considered a “last resort” to increase the money supply.[4][5] The first step is for the bank to create more money ex nihilo (“out of nothing”) by crediting its own account. It can then use these funds to buy investments like government bonds from financial firms such as banks, insurance companies and pension funds,[1] in a process known as “monetising the debt“.

For example, in introducing its QE programme, the Bank of England bought gilts from financial institutions, along with a smaller amount of relatively high-quality debt issued by private companies.[6] The banks, insurance companies and pension funds can then use the money they have received for lending or even to buy back more bonds from the bank. The central bank can also lend the new money to private banks or buy assets from banks in exchange for currency.[citation needed] These have the effect of depressing interest yields on government bonds and similar investments, making it cheaper for business to raise capital.[7] Another side effect is that investors will switch to other investments, such as shares, boosting their price and thus creating the illusion of increasing wealth in the economy.[6] QE can reduce interbank overnight interest rates, and thereby encourage banks to loan money to higher interest-paying and financially weaker bodies.

More specifically, the lending undertaken by commercial banks is subject to fractional-reserve banking: they are subject to a regulatory reserve requirement, which requires them to keep a percentage of deposits in “reserve”,[citation needed]: these can only be used to settle transactions between them and the central bank.[7] The remainder, called “excess reserves”, can (but does not have to be) be used as a basis for lending. When, under QE, a central bank buys from an institution, the institution’s bank account is credited directly and their bank gains reserves.[6] The increase in deposits from the quantitative easing process causes an excess in reserves and private banks can then, if they wish, create even more new money out of “thin air” by increasing debt (lending) through a process known as deposit multiplication and thus increase the country’s money supply. The reserve requirement limits the amount of new money. For example a 10% reserve requirement means that for every $10,000 created by quantitative easing the total new money created is potentially $100,000. The US Federal Reserve‘s now out-of-print booklet Modern Money Mechanics explains the process.

A state must be in control of its own currency and monetary policy if it is to unilaterally employ quantitative easing. Countries in the eurozone (for example) cannot unilaterally use this policy tool, but must rely on the European Central Bank to implement it.[citation needed] There may also be other policy considerations. For example, under Article 123 of the Treaty on the Functioning of the European Union[7] and later the Maastricht Treaty, EU member states are not allowed to finance their public deficits (debts) by simply printing the money required to fill the hole, as happened, for example, in Weimar Germany and more recently in Zimbabwe.[1] Banks using QE, such as the Bank of England, have argued that they are increasing the supply of money not to fund government debt but to prevent deflation, and will choose the financial products they buy accordingly, for example, by buying government bonds not straight from the government, but in secondary markets.[1][7]

HistoryQuantitative easing was used unsuccessfully[8] by the Bank of Japan (BOJ) to fight domestic deflation in the early 2000s.[9] During the global financial crisis of 2008–the present, policies announced by the US Federal Reserve under Ben Bernanke to counter the effects of the crisis are a form of quantitative easing. Its balance sheet expanded dramatically by adding new assets and new liabilities without “sterilizing” these by corresponding subtractions. In the same period the United Kingdom used quantitative easing as an additional arm of its monetary policy in order to alleviate its financial crisis.[10][11][12]

The European Central Bank (ECB) has used 12-month long-term refinancing operations (a form of quantitative easing without referring to it as such) through a process of expanding the assets that banks can use as collateral that can be posted to the ECB in return for Euros. This process has led to bonds being “structured for the ECB”[13]. By comparison the other central banks were very restrictive in terms of the collateral they accept: the US Federal Reserve used to accept primarily treasuries (in the first half of 2009 it bought almost any relatively safe dollar-denominated securities); the Bank of England applied a large haircut.

In Japan’s case, the BOJ had been maintaining short-term interest rates at close to their minimum attainable zero values since 1999. With quantitative easing, it flooded commercial banks with excess liquidity to promote private lending, leaving them with large stocks of excess reserves, and therefore little risk of a liquidity shortage.[14] The BOJ accomplished this by buying more government bonds than would be required to set the interest rate to zero. It also bought asset-backed securities and equities, and extended the terms of its commercial paper purchasing operation.[15]

RisksQuantitative easing is seen as a risky strategy that could trigger higher inflation than desired or even hyperinflation if it is improperly used and too much money is created.

Quantitative easing runs the risk of going too far. An increase in money supply to a system has an inflationary effect by diluting the value of a unit of currency. People who have saved money will find it is devalued by inflation; this combined with the associated low interest rates will put people who rely on their savings in difficulty. If devaluation of a currency is seen externally to the country it can affect the international credit rating of the country which in turn can lower the likelihood of foreign investment. Like old-fashioned money printing, Zimbabwe suffered an extreme case of a process that has the same risks as quantitative easing, printing money, making its currency virtually worthless.[1]

…”

http://en.wikipedia.org/wiki/Quantitative_easing

Federal Open Market Committee

“…About the FOMCThe term “monetary policy” refers to the actions undertaken by a central bank, such as the Federal Reserve, to influence the availability and cost of money and credit to help promote national economic goals. The Federal Reserve Act of 1913 gave the Federal Reserve responsibility for setting monetary policy.The Federal Reserve controls the three tools of monetary policy–open market operations, the discount rate, and reserve requirements. The Board of Governors of the Federal Reserve System is responsible for the discount rate and reserve requirements, and the Federal Open Market Committee is responsible for open market operations. Using the three tools, the Federal Reserve influences the demand for, and supply of, balances that depository institutions hold at Federal Reserve Banks and in this way alters the federal funds rate. The federal funds rate is the interest rate at which depository institutions lend balances at the Federal Reserve to other depository institutions overnight.Changes in the federal funds rate trigger a chain of events that affect other short-term interest rates, foreign exchange rates, long-term interest rates, the amount of money and credit, and, ultimately, a range of economic variables, including employment, output, and prices of goods and services.

Structure of the FOMC

The Federal Open Market Committee (FOMC) consists of twelve members–the seven members of the Board of Governors of the Federal Reserve System; the president of the Federal Reserve Bank of New York; and four of the remaining eleven Reserve Bank presidents, who serve one-year terms on a rotating basis. The rotating seats are filled from the following four groups of Banks, one Bank president from each group: Boston, Philadelphia, and Richmond; Cleveland and Chicago; Atlanta, St. Louis, and Dallas; and Minneapolis, Kansas City, and San Francisco. Nonvoting Reserve Bank presidents attend the meetings of the Committee, participate in the discussions, and contribute to the Committee’s assessment of the economy and policy options.The FOMC holds eight regularly scheduled meetings per year. At these meetings, the Committee reviews economic and financial conditions, determines the appropriate stance of monetary policy, and assesses the risks to its long-run goals of price stability and sustainable economic growth.For more detail on the FOMC and monetary policy, see section 2 of the brochure on the structure of the Federal Reserve System and chapter 2 of Purposes & Functions of the Federal Reserve System.

2010 Members of the FOMC

  • Members
    • Ben S. Bernanke, Board of Governors, Chairman
    • William C. Dudley, New York, Vice Chairman
    • James Bullard, St. Louis
    • Elizabeth A. Duke, Board of Governors
    • Thomas M. Hoenig, Kansas City
    • Sandra Pianalto, Cleveland
    • Sarah Bloom Raskin, Board of Governors
    • Eric S. Rosengren, Boston
    • Daniel K. Tarullo, Board of Governors
    • Kevin M. Warsh, Board of Governors
    • Janet L. Yellen, Board of Governors …”

http://www.federalreserve.gov/monetarypolicy/fomc.htm

FEDERAL RESERVE statistical release
H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks

Why Chinese Currency Manipulation Is America’s Fault by: Ian Fletcher April 15, 2010

“…Unfortunately, the token appreciation that is probably now in store won’t help very much. For one thing, Beijing has played this game before. China first started diversifying its currency reserves away from the dollar (which weakens currency manipulation) in July 2005, and from then until July 2008 allowed the yuan to rise from 8.28 to the dollar to 6.83, where it has since been held nearly steady. But this appreciation, while showcased by China, was purely nominal; after adjusting for inflation, the change was far smaller: about two percent.

How does China manipulate its currency? Mainly by preventing its exporters from using the dollars they earn as they wish. Instead, they are required to swap them for domestic currency at China’s central bank, which then “sterilizes” them by spending them on U.S. Treasury securities (and increasingly other, higher-yielding, investments) rather than U.S. goods. As a result, the price of dollars is propped up — which means the price of yuan is pushed down — by a demand for dollars which doesn’t involve buying American exports.

The amounts involved are astronomical: as of 2008, China’s accumulated dollar-denominated holdings amounted to $1.7 trillion, an astonishing 40 percent of China’s GDP. The China Currency Coalition estimated in 2005 that the yuan was undervalued by 40 percent; past scholarly estimates have ranged from 10 to 75 percent.

Why is this America’s fault? Because China’s currency is manipulated relative to our own only because we permit it, as there is no law requiring us to sell China our bonds and other assets. We could, in fact, end this manipulation at will. All we would need to do is bar China’s purchases, or just tax them to death.

This would be neither an extreme nor an unprecedented move. It is roughly what the Swiss did in 1972, when economic troubles elsewhere in the world generated an excessive flow of money seeking refuge in Swiss franc-denominated assets. This drove up the value of the franc and threatened to make Swiss manufacturing internationally uncompetitive. To prevent this, the Swiss government imposed a number of measures to dampen foreign investment demand for francs, including a ban on the sale of franc-denominated bonds, securities, and real estate to foreigners. Problem solved. (It did not even damage Switzerland’s standing as an international financial center, a key worry at the time.) …”

“…So the real underlying problem is that America doesn’t generate enough savings on its own to meet its voracious appetite for borrowing. China’s savings rate, thanks to deliberate suppression by the Chinese government of its people’s opportunities to spend what they earn, is an astonishing 50 percent. Ours was negative four percent in the last Federal Reserve report on the subject. We are—Oh, how Mao would have loved this!—decadent. …”

http://seekingalpha.com/article/198825-why-chinese-currency-manipulation-is-americas-fault


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News Journal: Number 25, October 9, 2010: Obama Depression: 20 Months Of Unemployment Over 8% For Official U-3 Rate and Over 15% For Total U-6 Rate–Over 26 Million Americans Looking For A Full Time Job and 41.8 Million On Food Stamps!–Followed By 36 More Months Of Over 8% Official Unemployment U-3 Rate and 15% Total Unemployment U-6 Rate!

Posted on October 9, 2010. Filed under: Audio, Communications, Digital Communication, Ethics, Globalization, Issues, Law, Politics, Print Media, Public Relations, Society, Web | Tags: , , , , , , , , , , , , , , |

“Government spending cannot create additional jobs. If the government provides the funds required by taxing the citizens or by borrowing from the public, it abolishes on the one hand as many jobs as it creates on the other.”

“True, governments can reduce the rate of interest in the short run. They can issue additional paper money. They can open the way to credit expansion by the banks. They can thus create an artificial boom and the appearance of prosperity. But such a boom is bound to collapse soon or late and to bring about a depression.”

~Ludwig von Mises

Economy Sheds 95,000 Jobs; 14.8 Million out of Work

RECORD 41.8 MILLION PEOPLE ON FOOD STAMPS 9-15-2010

Sept 2010 Employment Report

U.S. Recovering Jobs But Pace Has Slowed, Analyst Says

Goolsbee Sees Need to Get ‘Job Engine’ Growing Faster: Video

“Traders will look at the U6 unemployment rate…on Friday”

President Obama on September, 2010 Jobs Numbers

Ron Paul: Obama Stimulus Package Will Turn Recession Into Depression

The U.S. jobless ” recovery” continues and is getting worse.

While the official unemployment rate of 9.6% as measured by U-3 did not go up in September, the real total unemployment rate went from 16.7% in August to 17.1% in September 2010.

The official unemployment level is currently at 14,767,000 unemployed Americans and exceeds the 13 million unemployed during the worse year of the Great Depression, 1933.

The total unemployment level calculated as 17.1% of the civilian labor force of about 154,158,000 is over 26 million, twice the number of unemployed during the worse year of the Great Depression, 1933.

The Obama Depression is not over or improving but is in fact getting worse.

The Keynesian economics recipe for economic disaster of more and more stimulus spending, larger and larger budgetary deficits, financed by layer upon layer of government debt has been a big failure.

A failure made even worse by the Federal Reserves’ quantitative easing monetary policy of monetization of the debt by “printing” more and more money in exchange for the Federal Government’s debt.

Neither the fiscal policy of stimulus spending nor the monetary policy of quantitative easing will create more jobs.

Obama”s economic policies only increase the belief among consumers and business owners that the Federal Government is completely out-of-control.

Only when President Obama’s economic policies are reversed and the current regime in Congress and the President are elected out of office will you finally see job creation and low full employment rates of 2%% to 3% This will take not months but at least five years.

Dixion Says Fed Quantitative Easing Won’t Create New Jobs

http://www.youtube.com/watch?v=85Olz2h6ehM

The immediate result is the devaluing of the dollar

The Federal Reserves’ policy is a massive tax increase on all Americans as the purchasing power of their money declines daily.

This will only result in higher prices for all imports including gasoline and the costs of all goods and services to the extent they require imported goods and services such as petroleum.

Ron Paul vs. Ben Bernanke

Peter Schiff–Dollar Collaspse–Gold As A Hedge Against The Fed’s Committment To Raise Inflation

Who reappointed The Federal Reserve Chairman, Ben Bernanke,–President Barack Obama.

Ron Paul : We Can’t Say Cut Spending For Food Stamps But NOT For The Military Industrial Complex!

http://www.youtube.com/watch?v=whfopF8Xj8I

All Labor and Unemployment Statistics Are From

The Department of Labor, Bureau of Labor Statistics

http://data.bls.gov/cgi-bin/surveymost?ln

As Of October 2010

The Numbers In Red Are For The Obama Administration

U-3

Series Id: LNS14000000
Seasonally Adjusted
Series title: (Seas) Unemployment Rate
Labor force status: Unemployment rate
Type of data: Percent or rate
Age: 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 4.0 4.1 4.0 3.8 4.0 4.0 4.0 4.1 3.9 3.9 3.9 3.9
2001 4.2 4.2 4.3 4.4 4.3 4.5 4.6 4.9 5.0 5.3 5.5 5.7
2002 5.7 5.7 5.7 5.9 5.8 5.8 5.8 5.7 5.7 5.7 5.9 6.0
2003 5.8 5.9 5.9 6.0 6.1 6.3 6.2 6.1 6.1 6.0 5.8 5.7
2004 5.7 5.6 5.8 5.6 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4
2005 5.3 5.4 5.2 5.2 5.1 5.0 5.0 4.9 5.0 5.0 5.0 4.9
2006 4.7 4.8 4.7 4.7 4.6 4.6 4.7 4.7 4.5 4.4 4.5 4.4
2007 4.6 4.5 4.4 4.5 4.4 4.6 4.6 4.6 4.7 4.7 4.7 5.0
2008 5.0 4.8 5.1 5.0 5.4 5.5 5.8 6.1 6.2 6.6 6.9 7.4
2009 7.7 8.2 8.6 8.9 9.4 9.5 9.4 9.7 9.8 10.1 10.0 10.0
2010 9.7 9.7 9.7 9.9 9.7 9.5 9.5 9.6 9.6

U-6

Series Id: LNS13327709
Seasonally Adjusted
Series title: (seas) Total unemployed, plus all marginally attached workers plus total employed part time for economic reasons, as a percent of all civilian labor force plus all marginally attached workers
Labor force status: Aggregated totals unemployed
Type of data: Percent or rate
Age: 16 years and over
Percent/rates: Unemployed and mrg attached and pt for econ reas as percent of labor force plus marg attached

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 7.1 7.2 7.1 6.9 7.1 7.0 7.0 7.1 7.0 6.8 7.1 6.9
2001 7.3 7.4 7.3 7.4 7.5 7.9 7.8 8.1 8.7 9.3 9.4 9.6
2002 9.5 9.5 9.4 9.7 9.5 9.5 9.6 9.6 9.6 9.6 9.7 9.8
2003 10.0 10.2 10.0 10.2 10.1 10.3 10.3 10.1 10.4 10.2 10.0 9.8
2004 9.9 9.7 10.0 9.6 9.6 9.5 9.5 9.4 9.4 9.7 9.4 9.2
2005 9.3 9.3 9.1 8.9 8.9 9.0 8.8 8.9 9.0 8.7 8.7 8.6
2006 8.4 8.4 8.2 8.1 8.2 8.4 8.5 8.4 8.0 8.2 8.1 8.0
2007 8.3 8.1 8.0 8.2 8.2 8.2 8.3 8.5 8.4 8.4 8.5 8.8
2008 9.1 8.9 9.0 9.2 9.7 10.0 10.5 10.9 11.2 11.9 12.8 13.7
2009 14.0 15.0 15.6 15.8 16.4 16.5 16.4 16.8 17.0 17.4 17.2 17.3
2010 16.5 16.8 16.9 17.1 16.6 16.5 16.5 16.7 17.1

Series Id: LNS13000000
Seasonally Adjusted
Series title: (Seas) Unemployment Level
Labor force status: Unemployed
Type of data: Number in thousands
Age: 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 5708 5858 5733 5481 5758 5651 5747 5853 5625 5534 5639 5634
2001 6023 6089 6141 6271 6226 6484 6583 7042 7142 7694 8003 8258
2002 8182 8215 8304 8599 8399 8393 8390 8304 8251 8307 8520 8640
2003 8520 8618 8588 8842 8957 9266 9011 8896 8921 8732 8576 8317
2004 8370 8167 8491 8170 8212 8286 8136 7990 7927 8061 7932 7934
2005 7784 7980 7737 7672 7651 7524 7406 7345 7553 7453 7566 7279
2006 7059 7185 7075 7122 6977 6998 7154 7097 6853 6728 6883 6784
2007 7085 6898 6725 6845 6765 6966 7113 7096 7200 7273 7284 7696
2008 7628 7435 7793 7631 8397 8560 8895 9509 9569 10172 10617 11400
2009 11919 12714 13310 13816 14518 14721 14534 14993 15159 15612 15340 15267
2010 14837 14871 15005 15260 14973 14623 14599 14860 14767

In order to reduce the U.S. official unemployment rate by .1% in a single month requires the creation of between 250,000 and 300,000 jobs per month depending upon the number of new entrants into the labor market due to population growth and the labor participation rate or those seeking employment.

The labor participation rate goes down as an economy goes into a recession and goes up as the economy grows and prospers. The labor participation rate is currently 64.7%, well below the more normal range of 66% to 67.5% .

A higher labor participation rate means more individuals are actively seeking full-time employment and more jobs need to be created each month to absorb both new entrants and re-entrants into the labor market.

This is the reason why between 250,000 and 300,000 jobs need to be created each month to reduce the unemployment rate just .1%.

Series Id: LNS11300000
Seasonally Adjusted
Series title: (Seas) Labor Force Participation Rate
Labor force status: Civilian labor force participation rate
Type of data: Percent or rate
Age: 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 67.3 67.3 67.3 67.3 67.1 67.1 66.9 66.9 66.9 66.8 66.9 67.0
2001 67.2 67.1 67.2 66.9 66.7 66.7 66.8 66.5 66.8 66.7 66.7 66.7
2002 66.5 66.8 66.6 66.7 66.7 66.6 66.5 66.6 66.7 66.6 66.4 66.3
2003 66.4 66.4 66.3 66.4 66.4 66.5 66.2 66.1 66.1 66.1 66.1 65.9
2004 66.1 66.0 66.0 65.9 66.0 66.1 66.1 66.0 65.8 65.9 66.0 65.9
2005 65.8 65.9 65.9 66.1 66.1 66.1 66.1 66.2 66.1 66.1 66.0 66.0
2006 66.0 66.1 66.2 66.1 66.1 66.2 66.1 66.2 66.1 66.2 66.3 66.4
2007 66.4 66.3 66.3 66.0 66.0 66.0 66.0 65.8 66.0 65.8 66.0 66.0
2008 66.2 66.0 66.1 66.0 66.2 66.1 66.0 66.1 66.0 66.0 65.8 65.8
2009 65.7 65.7 65.6 65.8 65.8 65.7 65.4 65.4 65.1 65.0 64.9 64.6
2010 64.7 64.8 64.9 65.2 65.0 64.7 64.6 64.7 64.7

It takes at between 100,000 and 150,000 jobs to employ new entrants into the labor market mostly high school and college graduates.

There are currently over 1.1 million new entrants into the labor force that have not found their first job.

Series Id: LNS13023569
Seasonally Adjusted
Series title: (Seas) Unemployment Level – New Entrants
Labor force status: Unemployed
Type of data: Number in thousands
Age: 16 years and over
Unemployed entrant status: New entrants

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 394 420 429 406 466 427 433 499 415 402 419 490
2001 444 396 378 457 468 467 448 485 473 481 495 515
2002 484 507 538 527 497 549 545 612 536 479 591 535
2003 599 584 630 635 630 661 669 652 686 636 593 693
2004 676 666 631 652 718 649 702 704 695 734 700 702
2005 621 753 712 764 710 650 630 626 607 638 673 633
2006 618 710 635 590 522 644 638 647 612 573 583 588
2007 628 599 614 621 536 634 599 590 668 700 661 688
2008 685 660 705 631 807 771 829 826 811 826 735 820
2009 792 1016 881 919 977 969 994 1096 1134 1114 1270 1270
2010 1235 1238 1197 1231 1206 1140 1188 1259 1187

The unemployment rate for the young, ages 16 to 19, is 26%!

The unemployment rate for the young is currently nearly double the usual unemployment rate for ages 16 to 19 of between 12% and 16% when the economy is growing.

Series Id: LNS14000012
Seasonally Adjusted
Series title: (Seas) Unemployment Rate – 16-19 yrs.
Labor force status: Unemployment rate
Type of data: Percent or rate
Age: 16 to 19 years

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 12.7 13.8 13.3 12.6 12.8 12.3 13.4 14.0 13.0 12.8 13.0 13.2
2001 13.8 13.7 13.8 13.9 13.4 14.2 14.4 15.6 15.2 16.0 15.9 17.0
2002 16.5 16.0 16.6 16.7 16.6 16.7 16.8 17.0 16.3 15.1 17.1 16.9
2003 17.2 17.2 17.8 17.7 17.9 19.0 18.2 16.6 17.6 17.2 15.7 16.2
2004 17.0 16.5 16.8 16.6 17.1 17.0 17.8 16.7 16.6 17.4 16.4 17.6
2005 16.2 17.5 17.1 17.8 17.8 16.3 16.1 16.1 15.5 16.1 17.0 14.9
2006 15.2 15.3 16.1 14.6 14.0 15.7 15.9 16.1 16.3 15.2 14.9 14.7
2007 14.8 14.9 14.9 15.6 15.9 16.2 15.3 16.0 16.0 15.5 16.2 16.9
2008 17.8 16.5 16.0 15.6 18.9 19.0 20.8 18.9 19.3 20.3 20.3 20.8
2009 20.9 21.8 22.0 21.8 23.2 24.3 24.5 25.7 26.1 27.6 26.8 27.1
2010 26.4 25.0 26.1 25.4 26.4 25.7 26.1 26.3 26.0

Both high school graduates and those who either dropped out or failed to graduate from high school are finding it very difficult to find their first job.

Illegal immigrants, mainly from Mexico and Latin America, of between 10 million to 20 million, has made it even more difficult for young inexperienced American citizens to find entry-level jobs.

Also the Federal minimum hourly wage law prevents many small businesses from hiring young workers.

Good Intentions 2 of 3 Minimum Wage, Licensing, and Labor Laws with Walter Williams

Good Intentions 3 of 3 The Welfare System and Conclusions with Walter Williams

It currently takes between 100,000 and 150,000 new jobs in addition to the 100,000 to 150,000 jobs for new entrants to reduce the unemployment rate by .1%.

The civilian labor force is currently about 155 million.

Series Id: LNS11000000
Seasonally Adjusted
Series title: (Seas) Civilian Labor Force Level
Labor force status: Civilian labor force
Type of data: Number in thousands
Age: 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 142267(1) 142456 142434 142751 142388 142591 142278 142514 142518 142622 142962 143248
2001 143800 143701 143924 143569 143318 143357 143654 143284 143989 144086 144240 144305
2002 143883 144653 144481 144725 144938 144808 144803 145009 145552 145314 145041 145066
2003 145937(1) 146100 146022 146474 146500 147056 146485 146445 146530 146716 147000 146729
2004 146842(1) 146709 146944 146850 147065 147460 147692 147564 147415 147793 148162 148059
2005 148029(1) 148364 148391 148926 149261 149238 149432 149779 149954 150001 150065 150030
2006 150201(1) 150629 150839 150915 151085 151368 151383 151729 151650 152020 152360 152698
2007 153117(1) 152941 153093 152531 152717 153045 153039 152781 153393 153158 153767 153869
2008 154048(1) 153600 153966 153936 154420 154327 154410 154696 154590 154849 154524 154587
2009 154140(1) 154401 154164 154718 154956 154759 154351 154426 153927 153854 153720 153059
2010 153170(1) 153512 153910 154715 154393 153741 153560 154110 154158

Multiply the civilian labor force of about 155 million by .1% and the result is 155,000.

This is approximate number of jobs that need to be created to reduce the unemployment rate by .1 with no growth in the labor force.

When you add in the natural growth of the labor force by new entrants from population growth you arrive at an estimate of between 250,000 to 300,000 new jobs that need to be created each month to reduce the unemployment rate by .1%.

In a robust economic recovery the private sector should be creating 500,000 to 600,000 jobs per month.

Unfortunately, the private business sector and particularly small and medium size businesses, are not creating anywhere near 250,000 to 300,000 per month.

In September the private sector created only a net total of 75,000 new jobs. This is far short of the 250,000 to 300,000 jobs needed to reduce the U-3 official unemployment rate by just .1%.

Even if 250,000 new jobs were being created each month and the unemployment rate declined 1.2% per year and over 3 million jobs were created in a year, it would take over five years to bring the official unemployment rate ( U-3) down to under a 3% rate of unemployment or a near full employment level.

The stimulus package of over $789 billion plus billions in interest payments was supposed to keep the unemployment rate under 8% and not above 8%!

Stimulus II: A Sequel America Can’t Afford

http://www.washingtonexaminer.com/opinion/blogs/beltway-confidential/white-houses-stimulus-math-doesnt-add-up-100456089.html

The stimulus package has been an abject failure of the Keynesian economists including Romer and Berstein who advised Obama that this was what was needed.

Series Id: LNS12000000
Seasonally Adjusted
Series title: (Seas) Employment Level
Labor force status: Employed
Type of data: Number in thousands
Age: 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 136559(1) 136598 136701 137270 136630 136940 136531 136662 136893 137088 137322 137614
2001 137778 137612 137783 137299 137092 136873 137071 136241 136846 136392 136238 136047
2002 135701 136438 136177 136126 136539 136415 136413 136705 137302 137008 136521 136426
2003 137417(1) 137482 137434 137633 137544 137790 137474 137549 137609 137984 138424 138411
2004 138472(1) 138542 138453 138680 138852 139174 139556 139573 139487 139732 140231 140125
2005 140245(1) 140385 140654 141254 141609 141714 142026 142434 142401 142548 142499 142752
2006 143142(1) 143444 143765 143794 144108 144370 144229 144631 144797 145292 145477 145914
2007 146032(1) 146043 146368 145686 145952 146079 145926 145685 146193 145885 146483 146173
2008 146421(1) 146165 146173 146306 146023 145768 145515 145187 145021 144677 143907 143188
2009 142221(1) 141687 140854 140902 140438 140038 139817 139433 138768 138242 138381 137792
2010 138333(1) 138641 138905 139455 139420 139119 138960 139250 139391

President Bush’s Federal income tax rate cuts of 2001 and capital gains and interest rate cuts of 2003 worked and the negative impact on the economy of the September 11, 2001 Islamic Al-Qaeda Jihadist terrorist attack was mostly minimized and avoided.

However, President Bush failed to control Federal Government spending by not vetoing the massive Government spending increases of both the Republican controlled House and Senate in 2005 and 2006 and the Democratic controlled House and Senate in 2007 and 2008.

President Obama followed the lead of President Bush and the Democratic controlled Congress by more than doubling the Federal budget deficits in 2009 and 2010.

Dan Mitchell on the Deficit

Dan Mitchell discusses Reagonomics vs. Obamanomics

The result is the Obama Depression with more than twice the number of Americans looking for a full-time job than the 13 million Americans that were unemployed in March, 1933, the worse month of the Great Depression.

President Obama is following in the footsteps of Presidents Herbert Hoover, Franklin D. Roosevelt, and George W. Bush by pursuing both the expansion of government with huge budgetary deficits (2009 was over $1,400 billion and 2010 is over 1,340 billion) and tax rate increases by letting the Bush tax rate cuts expire, supporting a massive cap-and-trade energy tax and imposing a mandatory health care plan on Americans that they must purchase or pay a tax penalty.

Feldstein Predicts Dollar to Weaken, Boosting Exports: Video

News Update: CBO Deficit estimates

The result is the same–massive unemployment–over 26 million seeking a full-time job and 41.8 million Americans on food stamps.

My recommendation made February 1, 2009 was to first have a six month payroll tax holiday on payroll and capital gains taxes and at the end of the six month period switch from the current Federal income tax system to the FairTax, which is a national sales consumption tax on the sale of all new goods and services.

American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009! Revised and Updated

The FairTax would replace all Federal personal and corporate income taxes, payroll taxes, Social Security taxes, Medicare taxes, capital gains taxes, interest and dividend taxes, alternative minimum taxes, estate and gift taxes.

The FairTax requires the repeal the 16th Amendment that gave the Federal government the power to collect an income tax.

“The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.”

The FairTax is also progressive for it provides a prebate or check each month to every American to pay the sales tax on necessities of living such as food, clothing, housing, and energy (electricity and gasoline).

Had the FairTax been implemented with a six month payroll and capital gains tax holiday, the unemployment rate would have been significantly below 8% by now and the economy growing at a rate above 5%.

The FairTax: It’s Time

The recommended economic policy of cutting both Federal taxes and Federal Government spending and regulation had been tried and proved successful in the past when the United States entered the roaring twenties:

Why You’ve Never Heard of the Great Depression of 1920 | Thomas E. Woods, Jr.

Keynesian Predictions vs. American History | Thomas E. Woods, Jr.

While the above economic policy recommendations would still work, it will never happen under the existing ruling political class.

Unfortunately, the political ruling class based in Washington, D.C., both Democrats and Republicans, vigorously opposed those proposing the FairTax.

Comprehensive tax reform is opposed by the lobbyist and special interests on K Street in Washington D.C. who benefit from the complicated Federal Income Tax.

Professional politicians of both political parties need the campaign contributions of these special interests and lobbyists to run for re-election.

The real problem is simply too much Federal Government spending.

The high levels of Federal Government spending is what is driving the need for new and higher Federal taxation, every increasing borrowing to finance the deficits, and a reckless expansionary credit and monetary policy.

The solution is to cut Federal government spending by eliminating entire Federal Departments, agencies and programs.

That is why I recommended that Federal Government spending be limited to 80% of FairTax collections with the remaining 20% used to pay down the National Debt and fund entitlement (Social Security and Medicare) unfunded liabilities.

A Common Sense Political Agenda For A New Conservative and Libertarian Party: American Citizens Alliance Party (ACAP)–A CAP On Government Spending, Taxes, Debt and Regulations!

It’s Simple to Balance The Budget Without Higher Taxes

This solution is anathema to the progressive radical socialist of the Democratic Party led by President Obama.

Instead President Obama went with the failed economic policies of the Keynesian economists who always advocate more and more Federal Government spending, which is precisely what the progressive radical socialists want to impose on the American people.

Keynesian Economics Is Wrong: Bigger Gov’t Is Not Stimulus

As a direct result of President Obama and the Democratic Party controlled Congress failure in cutting Federal Government spending, closing permanently many Federal Departments and agencies and ending hundreds of Federal Government programs, while proposing even more and higher taxes, more Americans are now unemployed and seeking full-time employment than any time in the history of the United States.

The number of unemployed are twice that of the Great Depression!

The U-3 official unemployment rate will remain above 8% and the U-6 total unemployment rate will remain above 15% for at least another 36 months.

By then the American people will vote President Obama out of office.

By then the American people will vote those Democratic and Republican Senators and Representatives who failed to institute deep and permanent cuts to the Federal budget, a balanced or surplus budget and the FairTax.

President Obama is a progressive radical socialist ideologue.

Obama wants to grow the size and scope of the Federal Government and use coercion and government intervention in the form of higher taxes and pervasive government regulation to redistribute wealth and limit consumer sovereignty and the liberties of the American people.

Paul Ryan on how to break the capital strike

Krauthammer: “We Are Having A Capital Strike”

President Obama’s economic policies created massive economic uncertainty for consumers and businesses resulting in tens of millions of unemployed and underemployed Americans.

President Obama is a regime that must be changed if there is any hope for the tens of millions of unemployed Americans to find a full-time job.

On November 2, 2010 the American people will vote the Democrats out of office who were responsible for this economic disaster by massive government intervention into the economy and expansion of the size and scope of government.

Most Americans cannot wait to vote President Obama out of office in 2012.

Mr. President, you know you are an economic illiterate.

Do the right thing Mr. President, resign for the good of the country and the American people.

Just think, Mr. President, you will have more time to play golf, smoke and be with your family.

Everbody wins.

Good-Bye and Good Luck.

“Capitalism means free enterprise, sovereignty of the consumers in economic matters, and sovereignty of the voters in political matters. Socialism means full government control of every sphere of the individual’s life and the unrestricted supremacy of the government in its capacity as central board of production management.”

~Ludwig von Mises

Background Articles and Videos

Christina Romer explains a new report about job creation

The Job Impact of the American Recovery and Reinvestment Plan

By Christine Romer and Jared Bernstein

January 9, 2009

http://otrans.3cdn.net/45593e8ecbd339d074_l3m6bt1te.pdf

Christie Romer: The Only Surefire Way for Policymakers to Substantially Increase Aggregate Demand in the Short Run Is for the Government to Spend More and Tax Less

“…In a report that Jared Bernstein and I issued during the transition, we estimated that by the end of 2010, a stimulus package like the Recovery Act would raise real GDP by about 3 1⁄2 percent and employment by about 31⁄2 million jobs, relative to what otherwise would have occurred. As the Council of Economic Advisers has documented in a series of reports to Congress, there is widespread agreement that the Act is broadly on track to meet these milestones…. What the Act hasn’t done is prevent unemployment from going above 8 percent, something else that Jared and I projected it would do. The reason that prediction was so far off is implicit in much of what I have been saying this afternoon. An estimate of what the economy will look like if a policy is adopted contains two components: a forecast of what would happen in the absence of the policy, and an estimate of the effect of the policy. As I’ve described, our estimates of the impact of the Recovery Act have proven quite accurate. But we, like virtually every other forecaster, failed to anticipate just how violent the recession would be in the absence of policy, and the degree to which the usual relationship between GDP and unemployment would break down.

By February 2009, before the Recovery Act was passed, unemployment was already over 8 percent; and by June, before the Recovery Act could have had much of an impact, it was 9 1⁄2 percent… our projection turned out to be wrong even before the Recovery Act had a chance to get off the ground, which is about as clear-cut evidence as one could imagine that the problem was in our assessment of the baseline, and not in the effects of the Act….

I certainly don’t regret having done the study. During the Transition, the little paper helped to build the case both internally and externally for a stimulus of unprecedented proportions. Only in retrospect does saying that our best guess was that unemployment would rise to 9 1⁄2 percent without aggressive action look rosy. At the time, it was scary as hell. It helped convince both our team and the Congress to go for as big a program as possible. And laying down a firm marker that the legislation had to save or create 3 1⁄2 million jobs helped prevent the package from shrinking greatly during Congressional negotiations….

The thing I do regret is that there is still so much unfinished business. I would give anything if unemployment really were down to 8 percent or lower…. That the economy remains as troubled as it is despite aggressive action reflects the fact that this has not been a normal recession. Just as the downturn was uncharted territory, so is its recovery. Because the recession began with interest rates at low levels, we can’t just have interest rates fall and housing, investment, and other interest-sensitive sectors come roaring back as they typically do in recoveries….”

http://delong.typepad.com/sdj/2010/09/christie-romer-the-only-surefire-way-for-policymakers-to-substantially-increase-aggregate-demand-in-the-short-run-is-for-the.html

Democratic Pollster: GOP Poised to Seize House and Senate

By: David A. Patten

“…Republicans are on the brink of pulling off a landslide “of potentially epic proportions” that would bring them control of both Houses of Congress and a majority of governorships, Democratic pollster and Fox News commentator Douglas Schoen says.

In an exclusive Newsmax interview, Schoen says he now sees several indications that matters are going from bad to worse for Democrats in this election cycle.

He points to a RealClearPolitics.com analysis that now shows Republicans picking up a net gain of nine seats in the Senate, which would deadlock the upper chamber 50 to 50. And polls show several other GOP candidates, including Carly Fiorina in California and Dino Rossi in Washington state, remain within striking distance, he says.

Schoen, a pollster for former President Bill Clinton, is co-author of the new book “Mad as Hell: How the Tea Party Movement is Fundamentally Remaking Our Two-Party System.”
…”

http://www.newsmax.com/Headline/gop-polls-lead-democrats/2010/10/08/id/373121?s=al&promo_code=AF37-1

Monetization

“…Monetization is the process of converting or establishing something into legal tender. It usually refers to the printing of banknotes by central banks, but things such as gold, diamonds and emeralds, and art can also be monetized. Even intrinsically worthless items can be made into money, as long as they are difficult to make or acquire. Monetization may also refer to exchanging securities for currency, selling a possession, charging for something that used to be free or making money on goods or services that were previously unprofitable. …”

“…Monetizing debtIn many countries the government has assigned exclusive power to issue or print its national currency to independently operated central banks. For example, in the USA the independently owned and operated Federal Reserve banks do this.[1] Such governments thereby disavow the overly convenient ‘slippery slope’ option of paying their bills by printing new currency. They must instead pay with currency already in circulation, or else finance deficits by issuing new bonds, and selling them to the public or to their central bank so as to acquire the necessary money. For the bonds to end up in the central bank it must conduct an open market purchase. This action increases the monetary base through the money creation process. This process of financing government spending is called monetizing the debt.[2] Monetizing debt is thus a two step process where the government issues debt to finance its spending and the central bank purchases the debt from the public. The public is left with an increased supply of base money.

Effects on inflation

When government deficits are financed through this method of debt monetization the outcome is an increase in the monetary base, or the money supply. If a budget deficit persists for a substantial period of time then the monetary base will also increase, shifting the aggregate demand curve to the right leading to a rise in the price level.[3] When governments intentionally do this, they devalue existing stockpiles of wealth of anyone who is holding assets based in that currency. It is in essence a “tax” as the overall value of their assets decrease due to a loss in spending power. This is known as “inflation tax“.

To summarize: a deficit can be the source of sustained inflation only if it is persistent rather than temporary and if the government finances it by creating money (through monetizing the debt), rather than leaving bonds in the hands of the public.[4]

Examples

Monetizing the debt can be used as a component of quantitative easing strategies, which involve the creation of new currency by the central bank, which may be used to purchase government debt, or can be used in other ways.

However, there can be an insidious effect. As one observer noted:

When governments reach the point where they are borrowing to pay the interest on their borrowing they are coming dangerously close to running a sovereign Ponzi scheme. Ponzi schemes have a way of ending unhappily. To get out of the Ponzi trap, governments will have to increase tax revenues, or cut spending, or monetize the debt–or most likely do some combination of all three. [5] …”

http://en.wikipedia.org/wiki/Monetization

Quantitative Easing

“…The term quantitative easing (QE) describes a monetary policy used by central banks to increase the supply of money by increasing the excess reserves of the banking system. This policy is usually invoked when the normal methods to control the money supply have failed, i.e the bank interest rate, discount rate and/or interbank interest rate are either at, or close to, zero.

A central bank implements QE by first crediting its own account with money it creates ex nihilo (“out of nothing”).[1] It then purchases financial assets, including government bonds, agency debt, mortgage-backed securities and corporate bonds, from banks and other financial institutions in a process referred to as open market operations. The purchases, by way of account deposits, give banks the excess reserves required for them to create new money, and thus hopefully induce a stimulation of the economy, by the process of deposit multiplication from increased lending in the fractional reserve banking system.

Risks include the policy being more effective than intended, spurring hyperinflation, or the risk of not being effective enough, if banks opt simply to sit on the additional cash in order to increase their capital reserves in a climate of increasing defaults in their present loan portfolio.[1]

“Quantitative” refers to the fact that a specific quantity of money is being created; “easing” refers to reducing the pressure on banks.[2] However, another explanation is that the name comes from the Japanese-language expression for “stimulatory monetary policy”, which uses the term “easing”.[3] Quantitative easing is sometimes colloquially described as “printing money” although in reality the money is simply created by electronically adding a number to an account. Examples of economies where this policy has been used include Japan during the early 2000s, and the United States, the United Kingdom and the Eurozone during the global financial crisis of 2008–the present, since the programme is suitable for economies where the bank interest rate, discount rate and/or interbank interest rate are either at, or close to, zero.

http://en.wikipedia.org/wiki/Quantitative_easing

Consumer Sovereignty

“…Consumer sovereignty is a term which is used in economics to refer to the rule or sovereignty of consumers in markets as to production of goods. It is the power of consumers to decide what gets produced. People use this term to describe the consumer as the “king,” or ruler, of the market, the one who determines what products will be produced. [1] Also, this term denotes the way in which a consumer ideologically chooses to buy a good or service. Furthermore, the term can be used as either a norm (as to what consumers should be permitted) or a description (as to what consumers are permitted).

In unrestricted markets, those with income or wealth are able to use their purchasing power to motivate producers as what to produce (and how much). Customers do not necessarily have to buy and, if dissatisfied, can take their business elsewhere, while the profit-seeking sellers find that they can make the greatest profit by trying to provide the best possible products for the price (or the lowest possible price for a given product). In the language of cliché, “The one with the gold makes the rules.”

To most neoclassical economists, complete consumer sovereignty is an ideal rather than a reality because of the existence—or even the ubiquity—of market failure. Some economists of the Chicago school and the Austrian school see consumer sovereignty as a reality in a free market economy without interference from government or other non-market institutions, or anti-market institutions such as monopolies or cartels. That is, alleged market failures are seen as being a result of non-market forces.

The term “consumer sovereignty” was coined by William Hutt who firstly used it in his 1936 book “Economists and the Public”. …”

http://en.wikipedia.org/wiki/Consumer_sovereignty

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The Battle For The World Economy–Videos

Frederic Bastiat–The Law–Videos

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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

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Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, Arrogance, Stupidity–Three Chinese Curses!

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Thomas E. Woods, Jr.–Videos

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

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Tom Woods–Who Killed The Constitution

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Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record


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News Journal: Number 25, October 6, 2010: 2012 Presidential Race: Barack Obama/Hillary Clinton vs. Newt Gingrich/Sarah Palin vs. Ron Paul/Christine O’Donnell–The Times Are A Changin’–Videos

Posted on October 6, 2010. Filed under: Audio, Communications, Digital Communication, Issues, Law, Mass Media, Music, News, Newspapers, Politics, Radio, Society, Television, Web | Tags: , , , , , , , , , , , , |

Obama-Clinton ticket ‘on the table,’ Woodward says

Obama Administration Is Seriously Considering Hillary Clinton As VP Come 2012

Newsmaker: Newt Gingrich on running for president

Gingrich: Obama Is “The Most Radical President In American History”

Sarah Palin takes on Obama at SRLC-A

Sarah Palin On Running For President in 2012

Ron Paul: “Not Quite” Ready to Launch 2012 Presidential Campaign

Ron Paul has issued a sobering warning to us all

Ron Paul: O’Donnell Can Win – We Live In Revolutionary Times!

Christine O’Donnell on socialism in America

Rush Limbaugh on Christine O’Donnell

Christine O’Donnell’s Potential as a Senator

Mark Levin Interviews Christine O’Donnell after primary

After this November elections in which the Republican Party is expected to win a majority in the House of Representatives and may be even the Senate, President Obama will be looking for ways to overcome a vote of no confidence by the American people.

Obama has already lost the independents, older voters, and men and most Republicans cannot wait to defeat him in 2012.

Obama needs to attract women voters if he has any chance at all to win in 2012.

Therefore, the political ruling class are all a buzz that he pull the old switcheroo.

Move Hillary Clinton from her Secretary of State position to the Vice-President position on the 2012 Democratic Party ticket and offer Vice-President Biden the Secretary of State position.

If President Obama did this, he would unite the Democratic Party and forestall a primary challenge by Hillary Clinton in 2012 for the Democratic Presidential Nomination, that she might very well win.

I think this would be a smart move given the possibility of a woman on the Republican Presidential ticket in 2012.

Newt Gingrich will be running for President in 2012 and will pick Sarah Palin as his running mate.

Ron Paul may be running again and if he does he will attract the youth vote and the woman vote should he select a woman for the Vice-President spot.

Should Christine O’Donnell win the Delaware Senate seat, she would make a great running mate to get both the youth and woman vote not to mention the men and older voters.

Will Ron Paul run?

Will Ron Paul run as a Republican or a tea party Libertarian?

A Ron Paul/Christine O’Donnell Libertarian Party ticket would make the 2012 Presidential race very interesting.

The grassroot tea party movement would most likely support a Paul/O’Donnell ticket over a Gingrich/Palin ticket.

Both the Republican and Democratic parties have over the last six years lost the support of major portions of its political base.

Many movement conservatives are now independents.

Yes, independents and the tea party patriots will vote Republican in 2010, however, if the Republicans revert back to form, they will lose them again in 2012.

Should this happen, then either a new third-party or the Libertarian Party will be the primary beneficiary.

Two years are a long time in politics.

The winner for the Presidency in 2012 will need to have money, organization, message, momentum, and ambition (MOMMA) to win.

While I expected Newt Gingrich to run in 2008 and would have supported him, I am waiting to see what the Republicans do in 2011 and 2012.

Should the Republican establishment fail to support the FairTax, surplus budgets, immigration law enforcement, and close down several Federal Departments and agencies, I would vote for a Ron Paul/Christine O’Donnell on a new third-party ticket.

The time to cut the size and scope of the Federal Government by at least 50% is now.

If the Republicans do not have the leaders or courage to make these changes, then the American people will turn to a new political party with the leaders that do.

The times they are a changin.

Bob Dylan – The Times They Are a-Changin’

Background Articles and Videos

Christine O’Donnell analyzes 2008 Presidential Race on Fox News “Fox & Friends” program

Obama-Clinton ticket ‘on the table,’ Woodward says

By Alexander Mooney

“…The scenario – whereby Vice President Joe Biden and Secretary of State Hillary Clinton would switch positions – has been bandied about by political observers for months, seen by some as a potentially savvy strategy to gin up excitement among what appears to be a depressed Democratic base.But it’s never been clear if the idea has been actually discussed in the White House, until now.

“President Obama needs some of the women, Latinos, retirees that she did so well with during the [2008] primaries and, so they switch jobs, not out of the question, and the other interesting question is, Hillary Clinton could run in her own right in 2016 and be younger than Ronald Reagan when he was elected president.”

Clinton will be 69 years old and three months in January 2017. President Ronald Reagan was just shy of his 70th birthday in January, 1980.

“Now you talk to Hillary Clinton or her advisers and they say ‘no, no there’s not a political consideration here,'” Woodward continued. “Of course the answer is, you point out to them that her clout around the world when she goes to Europe, Asia, anywhere is in part, not just because she’s Secretary of State or because she was married to President Clinton, that people see a potential future president in her.” …”

http://politicalticker.blogs.cnn.com/2010/10/05/obama-clinton-ticket-on-the-table/

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News Journal: Number 24, October 5, 2010: President Obama’s Massive Tax Hikes Will Wreck The Economy, Destroy More Jobs and Kill The American Dream–Stop Stupidity, Spending, and Socialism!–Videos

Posted on October 5, 2010. Filed under: Communications, Digital Communication, Issues, Law, Mass Media, Newspapers, Politics, Print Media, Radio, Regulations, Society, Television, Web | Tags: , , , , , , , |

Obama vs. JFK on taxes

Richard Rahn: Double-Dip Recession Imminent, If Bush Tax Cuts Arent Renewed

Keynesian Economics Is Wrong: Bigger Gov’t Is Not Stimulus

Who Pays Income Taxes and how much?

Tax Year 2007

Percentiles Ranked by AGI

AGI Threshold on Percentiles

Percentage of Federal Personal Income Tax Paid

Top 1%

$410,096

40.42

Top 5%

$160,041

60.63

Top 10%

$113,018

71.22

Top 25%

$66,532

86.59

Top 50%

$32,879

97.11

Bottom 50%

<$32,879

2.89

Note: AGI is Adjusted Gross Income
Source: Internal Revenue Service

http://www.ntu.org/tax-basics/who-pays-income-taxes.html

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Dan Mitchell discusses the Bush Tax Cuts

Dan Mitchell on Taxes

Glenn Beck Part 1 – Do Your Own Homework 10/5/2010

Glenn Beck Part 2 – Do Your Own Homework 10/5/2010

Glenn Beck Part 3 – Do Your Own Homework 10/5/2010

Dan Mitchell–Videos

It is not the Federal Government’s money, it is the money or income of the American people.

President Obama wants to increase taxes on the top 3% of U.S. tax payers that currently pay over 50% of all taxes and create most new jobs.

By increasing taxes on the wealth and job creators–small and medium size businesses, the Federal Government is destroying jobs in the private business sector to pay for more government spending.

The Federal Government should stop spending and close down permanently entire Federal Departments and agencies.

Milton Friedman on Libertarianism (Part 4 of 4)

Instead, President Obama is expanding the Federal Government while those in the private sector cannot find jobs or are losing their jobs.

Cutting spending by closing down whole departments and agencies is what needs to done–not borrowing or taxing the American people to pay a monster Federal Government.

President Obama’s economic policies have been a disaster.

Increasing taxes on the job creators when there are over 25,000,000 Americans looking for a full time jobs is simply crazy and irresponsible.

How dare President Obama do this?

He actually believes he can lie to you and you are stupid and not paying attention.

On November 2, 2010 vote all the Democrats out of office and do the same in November 2012.

Send a message to President Obama by giving the Republicans majorities in the House and Senate and in the state houses and governor offices.

BAAAMM!!—Rush Limbaugh Calls Obama a ‘Jackass’, an ‘Economic Illiterate’ 

Stop stupidity.

Stop spending.

Stop socialism.

Presidents Kennedy and Bush tax cuts were right.

President Obama and Keynes stimulus spending were wrong.

Free markets and small government produce economic growth, prosperity and job creation.

Free Markets and Small Government Produce Prosperity

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News Journal: Number 23, October 4, 2010: The Progressive Radical Socialists Method of Cutting Carbon Emissions–Kill Those Who Disagree With You–No Pressure–Your Choice–The Big Lie–Video

Posted on October 4, 2010. Filed under: Advertising, Audio, Bandwagon, Communications, Digital Communication, Ethical Practices, Ethics, Issues, Law, Mass Media, News, Policies, Politics, Print Media, Public Relations, Radio, Society, Television, Web | Tags: , , , , , , |

10:10 mini-movie – No Pressure

No Pressure–Your Choice–The Big Lie

The global warming alarmists are fanatics that really think these public service announcements or propaganda are acceptable and humorous.

While I have a sense of humor, I found the 10:10 video ad campaign tasteless, intentionally designed to scared children and adults, and a poor attempt to shut people up that disagree with the global warming alarmists.

Corporate sponsors including SONY, are quickly distancing themselves from the videos and 10:10 campaign as complaints poured in.

Rising global carbon dioxide emissions have indeed increased from 280 parts per million to over 390 parts per million over the last three hundred years.

So what?

Carbon dioxide is a trace gas, required for life on the earth, and is not a pollutant or  a primary driver of climate change.

Unstoppable Solar Cycles

CO2 is a trace gas

Global Warming – Carbon Dioxide

Did the rise in CO2 cause the modern increase in temperature?

Is a warm climate good?

Bureaucratic Beginnings

The Transfer of Wealth from Developed to Developing Countries

Charles Krauthammer on the EPA regulating carbon dioxide

CO2 Regulation: The Essence of Immorality

Background Articles and Videos

Richard Lindzen, Ph.D. Lecture Deconstructs Global Warming Hysteria (High Quality Version)

Prof. Fred Singer on Climate Change – CFACT (1 of 5)

Prof. Fred Singer on Climate Change – CFACT (2 of 5)

Prof. Fred Singer on Climate Change – CFACT (3 of 5)

Prof. Fred Singer on Climate Change – CFACT (4 of 5)

Prof. Fred Singer on Climate Change – CFACT (5 of 5)

The Reset Button

U.S. Gift to Russia Lost in Translation

CO2 Rising (series), Professor Tyler Volk: 1. Where in the world is the CO2 increasing?

CO2 Rising (series), Professor Tyler Volk: 2. Does my exhaled CO2 go into a leaf I can hold?

10:10

“…10:10 is a global warming mitigation campaign calling for a 10% reduction in carbon emissions in 2010. The project aims to demonstrate public support, apply pressure to policymakers to commit to national cuts, and inspire success at the United Nations climate change negotiations.[citation needed]

As of June 2010, 75,000 individuals, businesses, schools and organisations have joined the campaign and pledged to reduce their emissions by 10% in a year.[citation needed]

The campaign was founded as a British campaign in September 2009 by Franny Armstrong, director of The Age of Stupid, with the aim of capturing the public imagination using individual action in a way similar to the Make Poverty History campaign.[1] In mid-2010 the campaign went global, with campaigns launching in around 12 countries.

In October 2010, the group made headlines when a mini-movie produced for their campaign, entitled No Pressure, caused widespread outrage due to its gruesome content.[2][3] Subsequently, several of 10:10’s major corporate sponsors disassociated themselves from the group and withdrew support.[4] …”

“…No Pressure

For more details on this topic, see No Pressure (film).

On Friday 1 October 2010, 10:10 released a short film in which schoolchildren and office workers are summarily and gruesomely executed for not pledging a 10% reduction in their carbon emissions to participating employers and educators.[43] Although originally planned to be shown in cinema and television advertisements, 10:10 removed the film from their website and YouTube later on the same day following negative publicity[44] and apologised for “miss[ing] the mark”.[43]

10:10:10

10:10 and 350.org were jointly coordinating “a day of positive action on climate change”, on Sunday 10 October, 2010 (10.10.10). The day had been planned to include a wide range of events in a reported 180 countries, including sumo wrestlers in Japan, over 10,000 schoolchildren planting trees in Croatia and Russia, a telethon on national TV in the Netherlands and the president of the Maldives installing solar panels on his roof.[43][45] However in the wake of the No Pressure controversy, 350.org disassociated themselves from 10:10, strongly condemning the film. 10:10 are no longer involved in the 10:10:10 day of action.[46][47] …”

http://en.wikipedia.org/wiki/10:10

Sony pulls support for 10:10 initiative over contentious promo

“…In an official release on its corporate website, Sony said that it strongly “condemned the release by 10:10, the climate change campaign group, of a video entitled ’No Pressure’ that Sony considers to be ill-conceived and tasteless”.

The move is a blow to the initiative, just five days before its centrepiece day of action on 10 October, dubbed ’10:10:10′. The campaign aim is to cut global carbon emissions by 10% each year from 2010.

The electronics firm said it believed the video risked “undermining the work of the many thousands of members of the public, schools and universities, local authorities and many businesses, of which Sony is one, who support the long-term aims of the 10:10 movement and are actively working towards the reduction of carbon emissions.”

The company insisted that the promo was released entirely without its knowledge or involvement, and violated the “thoughtful and collaborative philosophy” that it had consistently supported.

Although Sony said that it recognised that 10:10 had acted quickly to remove the video from its website and had issued a public apology, the company said it had “no other option” other than to condemn the video in “the strongest possible terms” and was “disassociating itself from 10:10 at this time.”

The film appeared on the 10:10 website, but was pulled down “within hours” of its appearance, according to the organisation. …”

http://www.campaignlive.co.uk/news/1033027/Sony-pulls-support-1010-initiative-contentious-promo/

Age of stupid – greens blow up school kids in ad to sell climate change

Chris Arnold

“…The recent 10:10 climate change campaign (founded by Age of Stupid director Franny Armstrong) has scored an own goal with a disastrous video ‘No Pressure’ created by Richard Curtis (of Blackadder fame) that features exploding school kids.

The humour is puerile and may well appeal to a drunken 19 year old student but as a piece of communications it has got it very wrong. So wrong they have had to withdraw the video following thousands of complaints.

The video (they call it an ad) features a series of patronising people – a teacher and a boss – asking everyone to sign up to 10:10 (you sign up to reduce your carbon emission by 10%). The script quotes “we cut our carbon emissions by 10%, thus keeping the planet safe for everyone,” which is factually rubbish, it’ll take a lot more than 10%. The teacher then asks the kids to volunteer to do something. All but two, Phillip and Tracy, raise their hands. The two who don’t get killed in a sick and disgusting way. She blows them up leaving the other kids covered in burnt flesh and blood.

There are two other scenes featuring X-Files’ Gillian Anderson (she too gets blown up), together with Spurs players – including Peter Crouch, Ledley King and David Ginola.

The message is, “No Pressure celebrates everybody who is actively tackling climate change… by blowing up those who aren’t.”
It will go down as the ultimate in poor and stupid judgment (a lesson to those who try and make their own ads). The green blog, An Englishman’s Castle, called it “an eco-terrorism film”.

This is not only embarrassing for 10:10 but for their supporters, O2, Sony, Eada, National Magazines (Esquire, Cosmoplitan, Bazaar, Company), The Guardian and many other brands and organisations, not to mention many celebs. One critic has published the email address of Sony’s CEO, encouraging people to write direct.

Can’t say I’d want to be part of an organisation that advocates blowing up kids. It comes across as ‘eco-fascism’, a tag that has been put against extremist green groups. …”

“…The 10:10 campaign was founded by Franny Armstrong, director of the climate change film The Age of Stupid. In the film an archivist in the devastated world of 2055, asks the question: “Why didn’t we stop climate change when we still had the chance?” He looks back on footage of real people around the world in the years leading up to 2015 before runaway climate change took place. London is now flooded, Sydney is burning, Las Vegas has been swallowed up by desert, the Amazon rain forest has burnt up, snow has vanished from the Alps and nuclear war has laid waste to India (not sure that’s anything to do with climate change but the politics of war). It’s doom and gloom with no positive message.

The idea for 10:10 came to Franny while walking through Regent’s Park on her way to a debate with UK Climate & Energy Secretary Ed Miliband (now Labour leader and probably keeping as far away from this as possible). With her connections she managed to amass lots of celebrities and get lots of PR.
Now’s she is getting all the wrong PR.
…”

http://community.brandrepublic.com/blogs/arnold_on_ethical_marketing/archive/2010/10/04/age-of-stupid-greens-blow-up-school-kids-in-ad-to-sell-climate-change.aspx

350.org

“…350.org is an international environmental organization,[1][2][3] headed by author Bill McKibben,[4] with the goal of building a global grassroots movement to raise awareness of man-made climate change, to confront climate change denial, and to cut emissions of one of the greenhouse gases, carbon dioxide,[5] [6] in order to slow the rate of global warming, the cause of current climate change. 350.org takes its name from the research of NASA scientist James E. Hansen, who posited in a 2007 paper that 350 parts-per-million (ppm) of CO2 in the atmosphere is a safe [7] upper limit to avoid a climate tipping point.[8][9][10][11][12] The current record level is 392.04 ppm of CO2, an almost 40-percent increase from the pre-industrial revolution level of 278 ppm.[13][14][15] In 1988 the Earth’s atmosphere surpassed the 350 ppm mark,[16] while global CO2 emissions per capita rose.[17][18]

The group reports that they organised the world’s “most widespread day of political action” on Saturday October 24, 2009, reporting 5,245 actions in 181 countries.[19][20][21]

“…The organization was founded by author Bill McKibben,[22] an American environmentalist and writer who frequently writes about global warming, alternative energy, and the need for more localised economies. McKibben promotes the organisation, for instance by writing articles about it for many major newspapers and media, such the Los Angeles Times[23] and The Guardian.[24]

The organising effort drew its name from climate scientist James Hansen’s contention in winter 2008 that any atmospheric concentration of CO2 above 350 parts per million was unsafe. James Hansen opined that “if humanity wishes to preserve a planet similar to that on which civilization developed and to which life on Earth is adapted, paleoclimate evidence and ongoing climate change suggest that CO2 will need to be reduced from its current 385 ppm to at most 350 ppm, but likely less than that.”[25]

McKibben’s first started to organize against global warming with a walk across Vermont, his home state. His “Step It Up” campaign in 2007 involved 1,400 demonstrations at famous sites across the United States. McKibben credits these activities with making Hillary Clinton and Barack Obama change their energy policies during the presidential campaign. Later, the meltdown of the polar caps pushed him into starting 350.org, based on Hansen’s 2007 book Climate Code Red.[26]

Rajendra Pachauri, the U.N.’s “top climate scientist” and leader of the Intergovernmental Panel on Climate Change (IPCC) has come out in favor of reducing atmospheric concentrations of carbon dioxide to 350ppm.[27][28][29] McKibben called news of Pachauri’s embrace of the 350ppm target “amazing”.[30] Some media have indicated that Pachauri’s endorsement of the 350ppm target was a victory for 350.org’s activism.[31][32][33]

The organisation had a lift in prominence after founder McKibben appeared on The Colbert Report television show on Monday August 17, 2009.[34][35][36]

The organisation disseminates its message through social networking sites such as Facebook, Twitter, and YouTube.[37][38] …”

http://en.wikipedia.org/wiki/350.org

Franny Armstrong

“…Franny Armstrong (born 3 February 1972)[1][2] is a British documentary film director working for her own company, Spanner Films, and a former drummer with indie pop group The Band of Holy Joy. She is primarily known for three films: The Age of Stupid, about climate change, McLibel, about the infamous McDonald’s court case and Drowned Out, following the fight against the Narmada Dam Project. Her most recent project is the UK-wide campaign 10:10, which aims to cut 10% of the UK’s emissions during 2010, has received an unwelcome reception from the audience because of propaganda of violence against global warming skeptics. In November 2009, Armstrong was rescued by London mayor Boris Johnson from an assault by a gang of girls in north London.[3]

“…Armstrong’s first documentary, McLibel (1997, 2005), told the story of the McDonald’s libel trial, the longest-running court action in English history. Filmed over ten years with no commission, no budget and a voluntary crew – including Ken Loach, who directed the courtroom reconstructions – it shot to notoriety when lawyers prevented its broadcast, first at BBC1 and then at Channel 4 in 1997. Eight years later – after the ‘McLibel Two’ had defeated the British government at the European Court of Human Rights – it was finally broadcast on BBC2 at 10.30pm on a Sunday, to an estimated 1 million viewers. It was well received by critics, with Time Out crediting Armstrong with “gusto and wit” in telling a story that “will satisfy both head and heart”.[5] It was then broadcast on TV in 15 countries – including Australia, Canada and the USA – and released on DVD worldwide. McLibel was released in cinemas and DVD stores in the USA in summer 2005 and this was followed in the UK in 2006. McLibel was nominated for numerous awards, including the Grierson Documentary Award and the British Independent Film Awards. It was recently picked for the British Film Institute’s prestigious series, “Ten Documentaries which Changed the World”.

Armstrong’s second feature documentary, Drowned Out (2002), follows an Indian family who chose to stay at home and drown rather than make way for the Narmada Dam. It also sold around the world, was nominated for Best Documentary at the British Independent Film Awards 2004 and was released theatrically in America and DVD worldwide in 2006.

Without backing from the UK TV industry, Armstrong’s films have been seen by more than 56 million people[citation needed]. She has been working full-time on The Age of Stupid (formerly known as Crude) since December 2004. It’s a film that warns of the catastrophic effects of climate change using a mix of factual documentary and post-apocalyptic fictional styles. It was released in the UK on March 13 2009 and had its green-carpet global premiere on September 21 2009. During the Copenhagen climate change conference in December 2009 it was broadcast on BBC4 in the UK and on TV in seven other countries.

In October 2010, a short film, written by Richard Curtis and Armstrong, entitled No Pressure was released by the 10:10 campaign in Britain to spread awareness of climate change. The video was subsequently taken down from the organization’s website due to very negative reception and offence taken.[6] However, it is still available in several places, including YouTube. It depicted a series of scenes in which people were asked if they were going to participate in 10:10. Those who indicated they weren’t planning on participating were told “no pressure” and then blown up in a gory explosion at the press of a red button. [7] In response to questions about the message of the film, she replied, “We ‘killed’ five people to make No Pressure – a mere blip compared to the 300,000 real people who now die each year from climate change,”[8] …”

http://en.wikipedia.org/wiki/Franny_Armstrong

Spanner Films

Franny Armstrong

“…In September 2009 Franny founded the 10:10 climate campaign which aims to cut the UK’s carbon emissions by 10% during 2010 and which has amassed huge cross-societal support including Adidas, Microsoft, Spurs FC, the Royal Mail, 75,000 people, 1,500 schools, a third of local councils, the entire UK Government and the Prime Minister. 10:10 launched internationally in March 2010 and, as of July 2010, has autonomous campaigns up and running in 41 countries, where some of the key sign-ups include the French Tennis Open, the city of Oslo and L’oreal. 10:10 estimates that organisations doing 10:10 have so far cut 500,000 tonnes of C02. Franny is a Londoner born and bred. …”

http://www.spannerfilms.net/people/franny_armstrong

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News Journal: Number 20, September 24, 2010: Eddie Fisher Dies At 82–Videos

Posted on September 24, 2010. Filed under: Audio, Books, Books, Magazines, Mass Media, Movies, Music, Newspapers, Print Media, Radio, Recordings, Society, Television, Web | Tags: , , , |

By the time I was thirty-three years old I`d been married to America`s sweetheart and America`s femme fatale and both marriages had ended in scandal; I`d been one of the most popular singers in America and had given up my career for love; I had fathered two children and adopted two children and rarely saw any of them; I was addicted to methamphetamines and I couldn`t sleep at night without a huge dose of Librium. And from all this I had learned one very important lesson: There were no rules for me. I could get away with anything so long as that sound came out of my throat.

Pop Singer Eddie Fisher Dies at Age 82

50s pop singer Eddie Fisher dies at age 82

“…Pop singer Eddie Fisher, whose clear voice brought him a devoted following of teenage girls in the early 1950s before marriage scandals overshadowed his fame, has died at age 82.
He passed away Wednesday night at his home in Berkeley of complications from hip surgery, his daughter, Tricia Leigh Fisher of Los Angeles, told The Associated Press.

“Late last evening the world lost a true America icon,” Fisher’s family said in a statement released by publicist British Reece. “One of the greatest voices of the century passed away. He was an extraordinary talent and a true mensch.”

The death was first reported by Hollywood website deadline.com.

In the early 50s, Fisher sold millions of records with 32 hit songs including “Thinking of You,” “Any Time,” “Oh, My Pa-pa,” “I’m Yours,” “Wish You Were Here,” “Lady of Spain” and “Count Your Blessings.”

His fame was enhanced by his 1955 marriage to movie darling Debbie Reynolds — they were touted as “America’s favorite couple” — and the birth of two children.

Their daughter Carrie Fisher became a film star herself in the first three “Star Wars” films as Princess Leia, and later as a best-selling author of “Postcards From the Edge” and other books.

Carrie Fisher spent most of 2008 on the road with her autobiographical show “Wishful Drinking.” In an interview with The Associated Press, she told of singing with her father on stage in San Jose. Eddie Fisher was by then in a wheelchair and living in San Francisco.

When Eddie Fisher’s best friend, producer Mike Todd, was killed in a 1958 plane crash, Fisher comforted the widow, Elizabeth Taylor. Amid sensationalist headlines, Fisher divorced Reynolds and married Taylor in 1959.

The Fisher-Taylor marriage lasted only five years. She fell in love with co-star Richard Burton during the Rome filming of “Cleopatra,” divorced Fisher and married Burton in one of the great entertainment world scandals of the 20th century.

Fisher’s career never recovered from the notoriety. He married actress Connie Stevens, and they had two daughters. Another divorce followed. He married twice more.

Edwin Jack Fisher was born Aug. 10, 1928, in Philadelphia, one of seven children of a Jewish grocer. At 15 he was singing on Philadelphia radio. …”

http://www.youtube.com/watch?v=pkHtqhe7byA

Eddie Fisher – I’ll Hold You In My Heart – 1951

EDDIE FISHER – “Wish You Were Here” (1952) – 45 RPM

“I’m Walking Behind You” Eddie Fisher

Eddie Fisher – Everything i have is yours

Eddie Fisher – Lady Of Spain

EDDIE FISHER – UNCHAINED MELODY

1950s Pop Music: Eddie Fisher singing “Tell Me Why” on his TV show (Aired live, 1953)

Eddie Fisher – Count Your Blessings – 1954

Eddie Fisher – Cindy Oh Cindy ( 1956 )

Eddie Fisher Turn Back The Hands Of Time

I Need You Now – Eddie Fisher

Eddie Fisher –Remember

Eddie Fisher – Oh My Papa [1954]

Eddie Fisher – Any Time

Eddie Fisher – On The Street Where You Live – 1956

 

 

 

 

 

 

I remember Eddie Fisher as the singer who married Debbie Reynolds,  then married Elizabeth Taylor, who three years latter left him for Richard Burton.

Only very vaguely do I remember him as a singer.

Today, I learned of his death at age 82 in Berkeley, California.

I was curious as to how good a singer he was.

After listening to the above I concluded he was a great singer.

May he rest in peace.

Background Articles and Videls

“…Edwin Jack “Eddie” Fisher (August 10, 1928 – September 22, 2010) was an American singer and entertainer, who was one of the world’s most famous and successful singers in the 1950s, selling millions of records and having his own TV show. He was married to Debbie Reynolds, Elizabeth Taylor, and Connie Stevens. His divorce from his first wife, Debbie Reynolds, to marry his best friend’s widow, Elizabeth Taylor, garnered scandalously unwelcome publicity at the time. …”

Eddie Fisher, famed 50’s pop singer, father of Carrie Fisher, dies at 82

“…Eddie Fisher, who had a pretty good talent for making hit records and an amazing talent for marrying beautiful women, died Wednesday at the age of 82.

While he began his career as a singer, he eventually became better known as the star in two of Hollywood’s great love triangles – newspaper and magazine coverage of which helped set the stage for today’s media celebrity saturation..

According to an announcement from his family yesterday, Fisher died at his Berkeley, Calif., home from complications of hip surgery.

Fisher originally made his musical mark as one of the last post-World War II “matinee idols,” handsome young singers like Frank Sinatra or Dean Martin whose manner suggested a bit of attitude.

Like many of his peers, his hit-record career didn’t survive music’s transition to rock ‘n’ roll in the mid-‘50s, though he continued as a popular stage act and television host for another three decades.

…”
Read more: http://www.nydailynews.com/entertainment/2010/09/23/2010-09-23_eddie_fisher_famed_50s_pop_singer_father_of_carrie_fisher_dies_at_85.html#ixzz10TXJVRyz

Eddie Fisher Biography

“…Eddie Fisher (born August 10, 1928) is an American singer and entertainer. He was born Edwin John Fisher in Philadelphia, Pennsylvania, the fourth of seven children born to Joseph Fisher and Kate Winokur, who were Russian-Jewish immigrants. His father’s surname was originally Fisch, but was anglicised to Fisher upon entry to the United States.

To his family, Fisher was always called “Sonny Boy” or “Sonny,” which may have been an allusion to a song made famous by Al Jolson. It was known at an early age that he had talent as a vocalist and he started singing in numerous amateur contests, which he usually won. He sang on the radio in high school and was later on Arthur Godfrey’s Talent Scouts, a popular contest that was broadcast over the radio before moving to television. By 1946, Fisher was crooning with the bands of Buddy Morrow and Charlie Ventura. He was heard in 1949 by Eddie Cantor at Grossinger’s Resort in the Borscht Belt. After performing on Cantor’s radio show he was an instant hit and gained nationwide exposure. He was then signed to a contract with RCA Victor.

Fisher was drafted into the U.S. Army in 1951 and sent to Texas for basic training. He served a year in Korea. The photos of him in uniform during his time in the Service did not hurt his civilian career; after his discharge he became even more popular singing in top nightclubs. He also had a variety television series, Coke Time with Eddie Fisher (NBC) (1953)-(1957), appeared on Perry Como’s show, The Chesterfield Supper Club, the George Gobel Show, and had another series, The Eddie Fisher Show (NBC) (1957)-(1959).

A pre-Rock and Roll vocalist, Fisher’s strong and melodious tenor made him a teen idol and one of the most popular singers of the 1950s. He had seventeen songs in the Top 10 on the music charts between 1950 and 1956 and thirty-five in the Top 40. …”

http://www.basicfamouspeople.com/index.php?aid=3275

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