Wayne Allyn Root: The Obama scandal is at Columbia…
Reason: “Why is Wayne Allyn Root giving him free campaign advice when he should be using his inside voice to talk to, and about, Libertarian Party candidates?”
Once again we can partially agree with Romney, though it’s painfully obvious he’s just been listening to Ron Paul’s fiscal conservatism and wants to hitch a ride on that political undercurrent. From CNN:
“I am sure the Fed is watching and will try to encourage the economy. But I don’t think a massive new QE3 will help the economy,” Romney said, referring to a program called quantitative easing.
While July’s just-released jobs figures showed the public sector taking a major beating, Romney repeated his belief that a government stimulus program is not the right course, saying the first one did not work and “expecting a different result is, as famously said, the definition of insanity.”
It’s a testament to Ron Paul’s vigorous House actions to audit the Federal Reserve that this is even being brought up on the campaign trail, much less by the same guy who less than six months ago claimed credit for the structured bankruptcy nature of the ill-fated U.S. auto maker bailouts: see more…
If I said an economist said that the American economy was heading into a “death spiral,” most people would likely think I was referring to Peter Schiff, Bob Murphy or someone from the Mises Institute. They would be wrong. Reuters reports Richard Duncan, formerly of the World Bank said, “After a four-decade-long, $50 trillion expansion of credit, if credit now begins to contract, the debt-deflation death spiral of the kind described by Irving Fisher would destroy our civilization. Austerity is death.”
MoneyMorning.com is reporting that other mainstream economists are coming to similar conclusions. Laurence Kotlikoff, a former member of President Reagan’s Council of Economic Advisers estimates the true fiscal gap is $211 trillion when unfunded entitlements like Social Security and Medicare are included.
Duncan added, “Private sector debt has already started to contract a little bit, and if it were not for these trillion-dollar budget deficits by the U.S. and most other governments, topped up by a whole lot of paper money creation, we would have already spiraled into a new Great Depression.”
It seems Duncan is advocating for and against government spending and inflation. He argues, “many people who agree with the Austrians believe we should just now take our medicine and allow the system to adjust. But I don’t think they realize how harsh the medicine would be.” He adds that slashing government spending would immediately lead to a new depression. Duncan concludes, “We can take advantage of this opportunity and borrow and invest at 1.5 percent interest or we can collapse into a depression. Those are our options. Be imaginative and brave or fail because of our past mistakes.”
I like his proposal to “be imaginative and brave” and believe that we should learn from past mistakes. However, I do not believe that more government spending will solve the problems caused by government spending. Duncan’s approach seems akin to a doctor telling a bleeding patient “in order to stop the bleeding, we must make another cut.”
Whether Duncan is right or wrong about how to proceed, the economy will eventually collapse. The question is not “How do we stop it?” The question is “Are you prepared?”
When the economy collapses, everyone will need to know how to barter, hunt, gather, grow and store food and water. I know I’m not ready for the collapse, but I’m preparing. Are you?
The replicators on Star Trek can’t be far now, except it’s not food the budding tinkerers are thinking about making, it’s guns:
HaveBlue’s custom creation is a .22-caliber pistol, formed from a 3D-printed AR-15 (M16) lower receiver, and a normal, commercial upper. In other words, the main body of the gun is plastic, while the chamber — where the bullets are actually struck — is solid metal.
The lower receiver was created using a fairly old school Stratasys 3D printer, using a normal plastic resin. HaveBlue estimates that it cost around $30 of resin to create the lower receiver, but “Makerbots and the other low cost printers exploding onto the market would bring the cost down to perhaps $10.” Commercial, off-the-shelf assault rifle lower receivers are a lot more expensive. If you want to print your own AR-15 lower receiver, HaveBlue has uploaded the schematic to Thingiverse.
HaveBlue tried to use the same lower receiver to make a full-blown .223 AR-15/M16 rifle, but it didn’t work. Funnily enough, he thinks the off-the-shelf parts are causing issues, rather than the 3D-printed part.
While this pistol obviously wasn’t created from scratch using a 3D printer, the interesting thing is that the lower receiver — in a legal sense at least — is what actually constitutes a firearm. Without a lower receiver, the gun would not work; thus, the receiver is the actual legally-controlled part.
Yes, it’s technically an illegal gun until he registers it. But as inventors like this keep pushing the boundaries of possibility in DIY weaponry, attempts to regulate and control firearms have definitely run into a new wrinkle.
For ways to have your own Maker Bot to construct future guns for you, just follow the handy instructions. I’m guessing we’ll eventually get around to the replicators that take voice commands for food only after we’re able to shoot them if they don’t comply (or tries to poison us).
August is largely considered a slow news month in political circles, so it’s interesting that the biggest story is about a photo of Obama holding a baseball bat while talking to Turkish Prime Minister Tayyip Erdogan (yeah, that guy is so getting his Google love on right now).
Here’s the photo causing so much heartache among pundits:
From CNN: “White House Press Secretary Jay Carney was asked about the photo on Tuesday and promised get some answers but so far nothing.”
“The photo is getting quite a bit of attention in overseas publications wondering about “hidden messages” or the “symbolic meaning” of the president holding the baseball bat.”
A variant of the story has been circulated by most major news outlets, but the White House remains tight-lipped as always as this is obviously a nice way to let the Chicago-bred politician have a meaningful prop for the media to speculate over… instead of how many “official” trips were made on Air Force One during July that also doubled as fundraising or campaign trips on the taxpayer’s dime (this is called “the real issue” folks, look it up).
I don’t see the problem here. I short, we should be happy he’s making $10 phone calls to handle the office — baseball bat in hand — instead of flying out to Turkey and realizing there was no chicken dinner fundraiser on the way.
Representative Ron Paul is now closer than ever to getting something he’s wanted since he was first elected to Congress, a full audit of the Federal Reserve. The Federal Reserve Transparency Act sailed through the House of Representatives by a vote of 327-98. This is the second time this bill has passed the House, although it is the first time it passed as a stand-alone bill.
Fox News reports, “But lost in the bipartisan revelry was the fact that eight co-sponsors of the legislation actually voted against it… The eight House Democrats who switched their stance on the issue without an explanation find themselves in good company, with Senate Majority Leader Harry Reid also pulling off a mystifying pivot.
In 2010 and 1995, Reid boasted that he had tried in vain to pass legislation to audit the Fed. The Nevada senator, however, is now refusing to bring the bill, which would fulfill his self-professed yearning, to a Senate vote.”
Angel Clark writes, “Perhaps seeing the overwhelming support the H.R. 459 received in the House of Representatives made Reid wary of the Federal Reserve Transparency Act passing.”
Exactly what would happen if the Senate voted on and passed the bill to audit the Fed?
In 2009 Jim Babka of DownsizeDC presented five possibilities:
Outcome #1: The audit is ignored.
The FED is a complex operation, and the audit will reflect that. There may be no soundbites that the media and the public can understand. The audit report may simply be ignored, and then forgotten.
Outcome #2: The FED gets a passing grade.
We can’t guarantee that the audit will tell us what we want, or that the auditors will even focus on the things we think are important. The audit will most likely be conducted by establishment insiders, not by people like us. The result could be the exact opposite of what we expect.
Outcome #3: The audit reports bad things, but nothing is done about it.
We think this is the most likely result. In the 1980s the Grace Commission found massive examples of government waste and fraud, but nothing was ever done about it. Instead, the problem just got worse. People may pay attention to the audit, just as they did the Grace Commission, but that doesn’t mean real change will happen.
Outcome #4: The auditors report big problems, and Congress decides to fix the FED.
This may sound like the result we want, but it could be the worst outcome. We want to end the FED, not have Congress micro-manage it.
Imagine what would happen if money creation was a partisan political power. Imagine the consequences if a single branch of government, Congress, could both spend money, and create it.
Have you ever watched a Financial Services Committee hearings on C-Span? It’s frightening. I hate the FED, but Lord, please, don’t let these people control our money supply!
Outcome #5: The auditors report horrifying things, and Congress decides to close the FED.
This is what we want , but it’s the least likely result. This outcome would only happen if there was a huge army pressuring Congress to make it happen.
While I would be thrilled to see the Federal Reserve audited and/or abolished, I won’t hold my breath. Instead, I’ll do everything possible to make the Fed irrelevant to my life.
In what is probably the most under-reported campaign website gaffe of the 2012 presidential election, we’ve learned that between Mitt Romney’s digital staff of well over 80, none of them were able or willing to correct a glaring mistake in tagging posts. The most recent “error” takes place as recently as a couple weeks ago.
Here’s a snapshot of the tag results page for Bain Capitol, with 10 results:
And here’s a snapshot of the tag results page for Bain Capital, with 0 results (and an error to boot):
Now of course there’s an argument to be made that the auto-complete feature in many CMS platforms may have played a role in the company name faux pas, but with such a large web team overseeing all that’s published, I’m willing to bet ($10,000 fucking dollars, yo) that this is an intentional misspelling to further confuse Romney’s time at Bain.
UPDATE 8/29: The Romney campaign has added correct Bain Capital tags to two posts with the correct spelling in addition to the “o” variant. So that’s two semi-corrections and eight still tagged wrong. Ahh, corporate bureaucracy in action.
During an interview with a news station in London, rapper and actor Ice T was able to coolly and calmly explain the fundamental reasons not to knee-jerk towards gun control every time some idiot gets it in their mind to kill a bunch of people for attention (which they get, in spades). The kicker: Ice T was being filmed while news of the shooting was just breaking across the pond.
I’m a bit conflicted on Ice T, because on one hand he’s had a rich history of criminal activity with guns (a lot of which he escaped earthly judgement for), on the other he seems to have a great deal of expertise to share on the subject of guns and terrorism psychology because of it.
“I’ll give up my gun when everybody else does.” Agreed.
21:49 EDT: House adjourned for the day. Evidently the stalling tactics will continue until morale improves.
You can catch a C-SPAN video of the bill being introduced and supported — including a very fiery speech by this Lakewood resident’s very own Dennis Kucinich (D-OH) and of course Ron Paul (R-TX) himself — starting around the 41 minute mark.
17:14 EDT: Looks like it’s going to be a late night in D.C. as we watch (and read) the Federal Reserve Transparency Act of 2011, A.K.A. the Audit the Fed bill, slowly makes its way through the
sausage grinder democratic process:
The Speaker announced that votes on suspensions, if ordered, will be postponed until a time to be announced.
|3:10:00 P.M.||H.R. 459||
Mr. Issa moved to suspend the rules and pass the bill, as amended. H.R. 459 — “To require a full audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks by the Comptroller General of the United States before the end of 2012, and for other purposes.”
|3:10:12 P.M.||H.R. 459||
Considered under suspension of the rules.
|3:10:16 P.M.||H.R. 459||
DEBATE – The House proceeded with forty minutes of debate on H.R. 459.
MOMENT OF SILENCE – The House observed a moment of silence in memory of Officer Jacob J. Chestnut and Detective John M. Gibson of the United States Capitol Police.
|3:41:00 P.M.||H.R. 459||
DEBATE – The House resumed debate on H.R. 459, as amended.
|4:01:29 P.M.||H.R. 459||
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
Less than an hour and then poof, to the back of the bus behind a bill on allowing child labor on farms and another expanding oil drilling. We’ll be updating this post once the bill comes back on the floor. It is expected to pass the House with “292 votes if everyone shows up”, and make its way to the Senate.
15:07 EDT: H.R. 459 Introduced by Darrell Issa (R-CA).
I don’t know whether to laugh or cry at Kim Dotcom’s latest musical public appeal in the ongoing extradition and copyright case against MegaUpload, but props for giving the C-G-Am-F chords a very polished run through in this video aimed at Occupiers, Anonymous and Barack Obama himself.
Fun sidenote: If you’re the president and you’ve somehow managed to alienate New Zealand officials enough that they won’t visit, you’re doing a terrible job.