Tag Archives: Welfare-Warfare State

Stockman: GOP made budget deal a ‘joke and betrayal’

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“Stockman added that the budget deal means lawmakers would take a ‘two-year vacation’ from dealing with the country’s fiscal situation and revisit it in 2015 at around the same time as the Iowa straw polls. Without an incumbent in the presidential race, both political parties will be too busy to touch the budget, he said.  Stockman compared the accord to ‘kicking the can’ into ‘low Earth orbit.’  The two-year deal averts deeper cuts to military spending, but Stockman said that’s where lawmakers should have looked for savings. The U.S. no longer faces threats from developed countries and has been ‘fired as the world’s policemen,’ he said.”

http://www.cnbc.com/id/101265477

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The Biggest Interest-Rate Turn in 37 Years

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“We witnessed the power of bond market vigilantes in 1980, at a time when most of them were in the United States. Now it’s much worse because so many are overseas.  We witnessed their power again in 1994, at a time when there was virtually no inflation scare. Now, it’s worse because all the Fed’s money printing is spooking investors about future inflation.  We also saw their power repeatedly in 2011 and 2012, when they dumped the bonds of Greece, Spain and Italy. Now it’s worse because, unlike the situation in Europe, there’s no country or union in the world big enough to bail out America.  In one sense, nothing has changed since Carter’s day of reckoning on April 15, 1980.”

http://www.moneyandmarkets.com/the-biggest-interest-rate-turn-in-37-years-56969

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House Votes to Repeal Sequester, Give Obama Relief

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“House Republicans fell in line. They voted to drop the sequester that Obama had agreed to in 2011.  This was a major symbolic victory for the Democrats. The Republican leadership is no longer a threat on the deficit issue.  With the deficit massive, the spending out of control, and the Federal Reserve pumping in $1 trillion a year, the vote in the House was symbolic. It was a bunch of drunken sailors voting for 150-proof white lightning rather than 90-proof Jack Daniels.  The public does not care. Neither do the economists. As long as interest rates are low, and the economy is growing, the voters are uninterested. They respond to pain. So does Congress. There is not much pain these days.”

http://teapartyeconomist.com/2013/12/13/house-votes-give-obama-relief/

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Grand Illusion: Social Security Is a Government Insurance Program

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“At the age of 17, in 1959, I was taught the truth in a high school civics class. The program is not funded in terms of any insurance program.  First, the Supreme Court of the United States in 1960 declared that the Social Security program is not an insurance program. The case was Fleming v. Nestor.  Second, there is no money in the Social Security Trust Fund. There is merely a stack of IOUs issued by the Treasury Department.  There is no money in this fund. The government has spent every dime.  To get money to pay beneficiaries, the SSA must turn in some of those IOUs to the Treasury. The Treasury must then use money out of the General Fund to pay the SSA its money.”

http://www.garynorth.com/public/11875.cfm

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Revolutionary France’s Road to Hyperinflation

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“The current Federal Reserve strategy is apparently to wait for significant price inflation to show up in the consumer price index before tapering. Yet history tells us that you treat inflation like a sunburn. You don’t wait for your skin to turn red to take action. You protect yourself before leaving home. Once inflation really picks up steam, it becomes almost impossible to control as the politics and economics of the situation combine to make the urge to print irresistible.  The hyperinflation of 1790s France illustrates inflationary monetary policy becoming unmanageable in an environment of economic stagnation and debt, and in the face of special interests who benefit from, and demand, easy money.”

http://mises.org/daily/6584/

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Your Trip on My Time Machine

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“How fast and how far could interest rates rise?  How soon would they impact other sectors of the economy?  How can you profit from this powerful megatrend?  On a quest for the answers, I invite you to a voyage through time:  We will visit five critical — and incredible — periods of the past.  We will return for a reality check of the even more incredible present-day reality.  And then, we will take a quick trip into the future to see, first hand, a scenario that we believe is absolutely unavoidable.  Our first stop is over a half century ago.”

http://www.moneyandmarkets.com/your-trip-on-my-time-machine-56749

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David Galland: The Age of Entitlement

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“If you accept as truth that we now live in an Age of Entitlement—an era whose hallmarks are widespread yet ultimately unaffordable and, therefore, undeliverable promises, benefits, services, etc.—then it behooves us to fill another gourd of maté and imagine where it all leads.  Before we engage in that exercise, however, it may be worthwhile to review a few supportive data sets, tidily organized into easily grasped charts.  As it’s all but impossible to dial back the bulk of the entitlements—or, given the demographics involved, do much to retard their speedy growth—we can reasonably expect the quantitative easing to accelerate over time.”

http://www.caseyresearch.com/cdd/the-age-of-entitlement

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Bill Bonner: Three Major Market Events That WILL Happen

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Bill-Bonner2

“Thanksgiving is now out of the way. We can move on to Christmas. And New Year’s Eve. And then 2014. And 2015. And onward into the future!  But what’s in the future? If only we knew…  Making predictions is tough… especially when we have no idea what to expect.  But wait… Some of the most important things we will see in the future have already happened many times.  Yes, dear reader… your editor is going way, way out on a very solid limb. He has identified three things that WILL happen. No doubt about it. He guarantees it.”

http://www.bonnerandpartners.com/three-major-market-events-that-will-happen/

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Bill Bonner: How I Explained Bitcoin to My 94-Year-Old Mother

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Bill-Bonner2

“Will it go up in price? We don’t know.  But what we like about bitcoin is the same thing the feds don’t like about it. They can’t control it. So, they can’t use it to steal from people. And they can’t use it to bail out their friends… support zombies… or finance pointless wars.  Nor can they use bitcoin to cover their deficits or to manipulate the economy.  But wait…  Why can’t the feds put their enormous computing power to work mining for bitcoin? That way, if bitcoin becomes the coin of the realm, they could still control it… with a huge reserve of their own.  Are they too busy spying on people?  Are they too thick to see the potential?  Are we missing something?”

http://www.bonnerandpartners.com/how-i-explained-bitcoin-to-my-94-year-old-mother/

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Who Will Head the Fed? It Doesn’t Matter

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“As leaders in the developed Western world become more authoritarian and move to confiscate wealth, most markets will actually respond very positively.  Seems illogical, I know. But the facts of the matter are this:  In times of war and potential confiscation of assets, stocks can become safe havens as money is pulled out of sovereign bond markets to be invested elsewhere.  Commodities can take flight as investors begin to hoard tangible assets and portable wealth, and the real bull markets in precious metals truly unfold. My top recommendation right now: You can largely ignore the central bankers. Instead, keep both eyes on the leaders in Washington and Europe.”

http://www.moneyandmarkets.com/who-will-head-the-fed-it-doesnt-matter-56223

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