Monthly Archives: June 2013

U.S. Leaving $7 Billion of Military Equipment Behind in Afghanistan

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EPJ13

“Not only has the U.S. created a disaster with the unconstitutional invasion of Afghanistan, but now that they’ve been forced to retreat, they’re leaving behind some stuff…$7 BILLION worth!  The Washington Post reports:  ‘Military planners have determined that they will not ship back more than $7 billion worth of equipment — about 20 percent of what the U.S. military has in Afghanistan — because it is no longer needed or would be too costly to ship back home.’  What’s $7 billion when you can always just turn on the taxpayer spigot?  And doesn’t Bernanke create $7 billion just in his sleep?  What’s the big deal?”

http://www.economicpolicyjournal.com/2013/06/us-leaving-7-billion-of-military.html

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The Never-Ending Story of Government Cost Overruns

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“Why does virtually everything the government does cost more than we’re initially told? In 2009, for instance, I warned that Obamacare would be much more costly than advertised, so I certainly wasn’t surprised several years later when the numbers began to climb.  Heck, I narrated an entire video warning that this would happen.  There are probably an infinite number of reasons why government programs wind up being needlessly expensive, but I think most of them fall into these four broad categories.”

http://danieljmitchell.wordpress.com/2013/06/21/the-never-ending-story-of-government-cost-overruns/

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Tens of thousands of government workers hired to roll out Obamacare

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“State offices that will run insurance exchanges are hiring tens of thousands, either on staff or through outsourcing firms. Federal agencies that are key to implementing the law, such as the Internal Revenue Service, plan to hire thousands more, and private non-profit groups backed by the White House are dispatching thousands of newly hired staffers and volunteers into the field. HHS spent $394 million through last March on contracts to set up state insurance exchanges it will run, according to a GAO report this week. Experts say at least 2.7 million younger, healthier people need to sign up to make the exchanges work financially.”

http://www.rawstory.com/rs/2013/06/21/tens-of-thousands-of-workers-roll-out-obamacare/

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Bond Market Sell-Off Causes Stress in $2 Trillion ETF industry

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“A wave of selling caused many exchange traded funds to tumble below the value of their underlying assets as a bond market sell-off caused stress in the $2 trillion ETF industry. Emerging-markets ETFs were among the worst affected, as investors took fright that the end of Federal Reserve monetary easing would lead to outflows from developing countries.  The selling also caused disruptions in the plumbing behind several ETFs. Citigroup stopped accepting orders to redeem underlying assets from ETF issuers, after one trading desk reached its allocated risk limits.  State Street said it would stop accepting cash redemption orders for municipal bond products from dealers.”

http://www.cnbc.com/id/100833270

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Investors Say: “Mises Was Right!”

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“Bernanke made a comment about the possibility of changing this policy later in 2013, but only if the economy continues to grow. The financial media headlined this statement. Stock markets immediately tanked. Why? Because investors believe that the world’s economic recovery is dependent on the $1 trillion counterfeiting operation, no matter what the general economic statistical indicators say. They do not trust the FOMC’s judgment in assessing these indicators. They do not trust anything except counterfeit money.  In short, they are becoming implicit Austrian School economists. They see that mass monetary inflation has rigged the capital markets.”

http://teapartyeconomist.com/2013/06/20/investors-say-mises-was-right/

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Bill Bonner: All Hell Breaks Loose!

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Bill-Bonner2

“The Dow fell -353 points. Gold lost $87 an ounce. What does this tell us? It shouts a warning: Ben Bernanke is losing control. He desperately wants inflation. He’s getting deflation instead. He wants low interest rates; yet rates are rising. Bernanke is now getting the worst kind of deflation – sluggish price increases against a backdrop of rising interest rates. This is the exact opposite of what the Fed wants… and needs. Its strategy is to hold interest rates down while it pushes up consumer and asset prices. Instead, the debt gets heavier as yields rise. Backs ache. Legs buckle. Nerves crack.”

http://www.billbonnersdiary.com/articles/bonner-hell-breaks.html

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Welcome to the Real World

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“Bond holders were rudely awakened, but other sources of yields took major hits as well, such as REITs and utilities, which have been down over 10% in the last two months.  Higher rates are doing those investors a favor – this is officially fair warning of things to come. I’d rather take a 10% loss on bonds or a utility stock now than take an even bigger loss when the Fed pulls rates higher. If you haven’t already gravitated to shorter-term maturity bonds, it’s time to seriously consider it. The party isn’t quite over yet for long-maturity bonds, but the bartender is making the last call. It’s time to get out of the bar before you get kicked out.”

http://www.caseyresearch.com/cdd/welcome-to-the-real-world

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Video: Huge Protests In Brazil Sweep The Country

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Video: Huge Protests In Brazil Sweep The Country

“Though the protests initially began following the announcement of bus fare increases, they have evolved to include a wide range of groups that have grown dissatisfied over everything from government corruption and income inequality, as well as to outrage over the police’s harsh response to protesters last week. In a sign that public dissatisfaction was still simmering, soccer fans booed president Dilma Rousseff on Monday during the opening of a two-week tournament at a stadium in the capital Brasilia. The heckling only intensified when the president of the global soccer body, FIFA, reprimanded the crowed for failing to show the president ‘respect.'”

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Bloomberg anti-gun group apologizes for calling alleged Boston bomber, shot by police, a ‘victim’

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“A gun control group founded by New York Mayor Michael Bloomberg apologized Wednesday for mistakenly including one of the alleged Boston marathon bombers in a list of people killed by gun violence since the massacre in Newtown, Connecticut.  That list was delivered to Sen. Kelly Ayotte’s (R-NH) office amid a protest organized by Mayors Against Illegal Guns, which targeted the New Hampshire Republican for her vote against gun control regulations proposed by the White House.  Tamerlan Tsarnaev was killed in an April shootout with police.”

http://www.rawstory.com/rs/2013/06/20/bloomberg-group-apologizes-for-calling-alleged-boston-bomber-a-victim/

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Police Taser Gun Rights Advocate at Anti-Gun Violence Rally

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“An anti-gun violence rally at the Statehouse plaza on Tuesday turned ugly when gun rights supporters turned out to protest the event and one pro-gun advocate [was] Tasered by Concord Police after resisting their efforts to detain him.  Daniel Musso, 52, of Brentwood attempted to interject commentary while John Cantin of Manchester was speaking about his efforts to influence U.S. Sen. Kelly Ayotte, R-NH, on the background check issue.  Police issued an all-units alert to Main Street, with at least eight or nine cruisers at the scene, and a number of state troopers.  New York City Mayor Michael Bloomberg is part of the Mayors Against Illegal Guns effort.”

http://concord-nh.patch.com/articles/police-taser-gun-rights-advocate-at-anti-gun-rally

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