Archive for the ‘Economy’ Category
I generally like post articles like this in the forum, but I really had to get this out on the RTR main page.
Finally an admission from "Your Elected Officials" that health-care reform is just another form of taxation.
First of all, with history clearly showing us how badly, big government manages finances, do we really want the Fed's in the health-care industry? And does it state anywhere in our beloved constitution that they have the authority to venture into the health-care business?
It brings to mind, what they have done the last 50 years managing one of the greatest "Ponzi Schemes" eve created, Social Security.
Here's a suggestion, when asked to fill out the "Census Form" which I am going to save for another article entirely, because this years census form, does without a doubt, violates privacy laws, and is outside of its constitutional allowances, tell the census people, you will fill it out and return it, when they give you back all the social security money, that you gave to them, to be "HELD IN TRUST" which they did not honor.
BBC
The non-partisan body said the proposed legislation, which will likely be voted on in the House on Sunday, would cost about $940bn over the same period.
President Barack Obama said the bill represented the most significant effort to reduce the deficit since the 1990s.
Some undecided Democratic lawmakers had feared it would run up the deficit.
The reforms would deliver on Mr Obama's top domestic priority by providing insurance to some 30 million people who currently lack it.
They would increase insurance coverage through tax credits for the middle class and expanding of the Medicaid programme for the poor.
If approved, they would represent the biggest change in the US healthcare system since the creation in the 1960s of Medicare, the government-run scheme for Americans aged 65 or over.
Budget reconciliation
The House of Representatives and the Senate adopted different versions of the healthcare bill in November and December.
The usual procedure would be for two versions of legislation to be combined into a single bill for President Obama to sign into law, but after Senate Democrats lost the 60-seat majority required to defeat a filibuster by Republicans, party leaders decided to use a controversial procedure to ensure the bill's passage.
Health Care....Help reduce the deficit.
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Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose." - John Maynard Keynes, 1919
Part I
"There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved." - Ludwig Von Mises, Human Action, a Treatise on Economics, (Fox & Wilkes, 4th rev. ed., 1963)
Part II
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We haven't posted any Ron Paul Articles or news lately, but this speech is actually classic RP all the way. Another one from "the man who should have been president".
“Could it all be a bad dream, or a nightmare? Is it my imagination, or have we lost our minds? It's surreal; it's just not believable. A grand absurdity; a great deception, a delusion of momentous proportions; based on preposterous notions; and on ideas whose time should never have come; simplicity grossly distorted and complicated; insanity passed off as logic; grandiose schemes built on falsehoods with the morality of Ponzi and Madoff; evil described as virtue; ignorance pawned off as wisdom; destruction and impoverishment in the name of humanitarianism; violence, the tool of change; preventive wars used as the road to peace; tolerance delivered by government guns; reactionary views in the guise of progress; an empire replacing the Republic; slavery sold as liberty; excellence and virtue traded for mediocracy; socialism to save capitalism; a government out of control, unrestrained by the Constitution, the rule of law, or morality; bickering over petty politics as we collapse into chaos; the philosophy that destroys us is not even defined.
We have broken from reality--a psychotic Nation. Ignorance with a pretense of knowledge replacing wisdom. Money does not grow on trees, nor does prosperity come from a government printing press or escalating deficits.
We're now in the midst of unlimited spending of the people's money, exorbitant taxation, deficits of trillions of dollars--spent on a failed welfare/warfare state; an epidemic of cronyism; unlimited supplies of paper money equated with wealth.
A central bank that deliberately destroys the value of the currency in secrecy, without restraint, without nary a whimper. Yet, cheered on by the pseudo-capitalists of Wall Street, the military industrial complex, and Detroit.
We police our world empire with troops on 700 bases and in 130 countries around the world. A dangerous war now spreads throughout the Middle East and Central Asia. Thousands of innocent people being killed, as we become known as the torturers of the 21st century.
We assume that by keeping the already-known torture pictures from the public's eye, we will be remembered only as a generous and good people. If our enemies want to attack us only because we are free and rich, proof of torture would be irrelevant.
The sad part of all this is that we have forgotten what made America great, good, and prosperous. We need to quickly refresh our memories and once again reinvigorate our love, understanding, and confidence in liberty. The status quo cannot be maintained, considering the current conditions. Violence and lost liberty will result without some revolutionary thinking.
We must escape from the madness of crowds now gathering. The good news is the reversal is achievable through peaceful and intellectual means and, fortunately, the number of those who care are growing exponentially.
Of course, it could all be a bad dream, a nightmare, and that I'm seriously mistaken, overreacting, and that my worries are unfounded. I hope so. But just in case, we ought to prepare ourselves for revolutionary changes in the not-too-distant future.” RP
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If our representatives only read, and comprehended the true laws and guidlelines of our great republic. Here is one who does not.
Kirsten Gillibrand:
"Congress could use these investigations to pressure the Federal Reserve into taking actions that could drive inflation"
The Fed does'nt need congress to pressure them to drive inflation. They do it already on theyre own, and have been doing this, for quite some time.
The Letter:
Dear Mr. XXXXX,
Thank you for taking the time to contact me about increasing transparency at the Federal Reserve. Throughout the financial crisis of last fall and the ongoing economic slowdown, the Federal Reserve has lent substantial sums of money to help prevent a further economic meltdown using emergency powers established by Congress after the Great Depression. Throughout my time in Congress, I have worked to promote honest and open government. Last fall, I opposed the Troubled Asset Relief Program (TARP) because of its lack of transparency and oversight provisions. As a result, I share your belief that the extraordinary actions taken by the Federal Reserve merit additional scrutiny from Congress and will work to enhance transparency and oversight as part of the financial regulatory reform package currently being drafted.
Currently, the only component of the Federal Reserve which is not regularly investigated by the Government Accountability Office is its monetary policy function. This exemption was established to address concerns that Congress could use these investigations to pressure the Federal Reserve into taking actions that could drive inflation, causing dramatic increases in the costs of basic goods and services and undermining the Fed's primary objective of monetary stability.
I believe it is critically important that we continue to empower the Federal Reserve to prevent inflation while at the same time providing for a full audit of the Federal Reserve system. As Congress begins to examine how to restructure our financial system, I believe that we must include reforms to provide greater transparency at the Federal Reserve while continuing to prevent inflation and ensure economic stability. I will be working with my colleagues on the Senate Banking Committee to ensure that any financial reform package includes these key principles.
Thank you again for writing to express your concerns and I hope that you keep in touch with my office regarding future legislation and concerns you may have. For more information on this and other important issues, please visit my website at http://gillibrand.senate.gov and sign up for my e-newsletter. .
Sincerely yours,
Kirsten Gillibrand
United States Senator
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My Response:
Senator Gillibrand,
I appreciate your reply. In your response you state that “it is critically important that we continue to empower the Federal Reserve to prevent inflation…”. I invite you to read Merriam-Webster’s definition of inflation http://www.merriam-webster.com/dictionary/INFLATION:
“a continuing rise in the general price level usually attributed to an increase in the volume of money and credit relative to available goods and services”.
Since the creation of the Federal Reserve in 1913, the Dollar has lost nearly all of its purchasing power (roughly 97%). It is the Fed’s policy of fractional reserve banking (aka creating money out of thin air) that causes inflation. Inflation is also directly caused by the Fed when it “prints” money by writing a check to Treasury to finance the unconstitutional spending of the Federal Government that is not covered by debt sales to foreigners.
It appears that you and your colleagues have a fundamental lack of understanding of money and its role in a free society. I strongly suggest that you educate yourself and encourage your colleagues to do the same. A good start would be to read “What Has Government Done to Our Money” by Murray Rothbard. It is available to read online as a PDF at http://mises.org/books/whathasgovernmentdone.pdf
What is occurring here (and has been for the better part of a century) is nothing less than the theft of our future. The founder of your party once wrote:
"We believe--or we act as if we believed--that although an individual father cannot alienate the labor of his son, the aggregate body of fathers may alienate the labor of all their sons, of their posterity, in the aggregate, and oblige them to pay for all the enterprises, just or unjust, profitable or ruinous, into which our vices, our passions or our personal interests may lead us. But I trust that this proposition needs only to be looked at by an American to be seen in its true point of view, and that we shall all consider ourselves unauthorized to saddle posterity with our debts, and morally bound to pay them ourselves; and consequently within what may be deemed the period of a generation, or the life of the majority." --Thomas Jefferson to John Wayles Eppes, 1813.
You have to know deep down that what is going on here is immoral, unconstitutional and a violation of our Natural Rights. I ask that you embrace the spirit of Thomas Jefferson and stop protecting the Fed.
Respectfully,
Mr. XXXXX
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by Ron Paul
Any number of pundits claim that we have now passed the worst of the recession. Green shoots of recovery are supposedly popping up all around the country, and the economy is expected to resume growing soon at an annual rate of 3% to 4%. Many of these are the same people who insisted that the economy would continue growing last year, even while it was clear that we were already in the beginning stages of a recession.
A false recovery is under way. I am reminded of the outlook in 1930, when the experts were certain that the worst of the Depression was over and that recovery was just around the corner. The economy and stock market seemed to be recovering, and there was optimism that the recession, like many of those before it, would be over in a year or less. Instead, the interventionist policies of Hoover and Roosevelt caused the Depression to worsen, and the Dow Jones industrial average did not recover to 1929 levels until 1954. I fear that our stimulus and bailout programs have already done too much to prevent the economy from recovering in a natural manner and will result in yet another asset bubble.
Anytime the central bank intervenes to pump trillions of dollars into the financial system, a bubble is created that must eventually deflate. We have seen the results of Alan Greenspan's excessively low interest rates: the housing bubble, the explosion of subprime loans and the subsequent collapse of the bubble, which took down numerous financial institutions. Rather than allow the market to correct itself and clear away the worst excesses of the boom period, the Federal Reserve and the U.S. Treasury colluded to put taxpayers on the hook for trillions of dollars. Those banks and financial institutions that took on the largest risks and performed worst were rewarded with billions in taxpayer dollars, allowing them to survive and compete with their better-managed peers.
This is nothing less than the creation of another bubble. By attempting to cushion the economy from the worst shocks of the housing bubble's collapse, the Federal Reserve has ensured that the ultimate correction of its flawed economic policies will be more severe than it otherwise would have been. Even with the massive interventions, unemployment is near 10% and likely to increase, foreigners are cutting back on purchases of Treasury debt and the Federal Reserve's balance sheet remains bloated at an unprecedented $2 trillion. Can anyone realistically argue that a few small upticks in a handful of economic indicators are a sign that the recession is over?
What is more likely happening is a repeat of the Great Depression. We might have up to a year or so of an economy growing just slightly above stagnation, followed by a drop in growth worse than anything we have seen in the past two years. As the housing market fails to return to any sense of normalcy, commercial real estate begins to collapse and manufacturers produce goods that cannot be purchased by debt-strapped consumers, the economy will falter. That will go on until we come to our senses and end this wasteful government spending.
Government intervention cannot lead to economic growth. Where does the money come from for Tarp (Treasury's program to buy bad bank paper), the stimulus handouts and the cash for clunkers? It can come only from taxpayers, from sales of Treasury debt or through the printing of new money. Paying for these programs out of tax revenues is pure redistribution; it takes money out of one person's pocket and gives it to someone else without creating any new wealth. Besides, tax revenues have fallen drastically as unemployment has risen, yet government spending continues to increase. As for Treasury debt, the Chinese and other foreign investors are more and more reluctant to buy it, denominated as it is in depreciating dollars.
The only remaining option is to have the Fed create new money out of thin air. This is inflation. Higher prices lead to a devalued dollar and a lower standard of living for Americans. The Fed has already overseen a 95% loss in the dollar's purchasing power since 1913. If we do not stop this profligate spending soon, we risk hyperinflation and seeing a 95% devaluation every year.
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