Sunday, July 31, 2011

Leviathan Wins, America Loses

So Leviathan saved the day and voted themselves a big fat spending increase with the promise that some future Congress will make the corresponding cuts over a 10 year period.

Like Wimpy always said, "I'll gladly pay you Tuesday for a hamburger today."

I think I'm missing something too? All this talk about how the Tea Party won a victory for limited government makes me scratch my head. How does raising the debt limit some 15% limit government and constitute a "win"? Even my cats are smarter than that.

And hooray, no tax increases. What about the hidden tax in the way of a further devalued dollar? Oh, I'm not supposed to bring that up.

Once again, Mordor creates the mess and then convinces the sheeple that they are the only ones who can fix it. Come on people, WAKE UP!

This Congress, both Republicans and Democrats, along with the President are no better the the junkie who keeps chasing their next fix. And we are the ones that continue to enable them, thinking that they are telling the truth when they say this is the last time. Honest.

Via Memeorandum

Peter Schiff: Problem Is The Debt, NotThe Ceiling

Saturday, July 30, 2011

Not A Bad Start

Smitty over at The Other McCain hits on a good idea for reining in the power of Leviathan; get rid of the Sixteenth and Seventeenth Amendments along with the Fed.

It wouldn't take too long until they figured out a way to once again plunder our wealth, rig elections and borrow and spend like a teenager with a new credit card, but at least it would slow them down.

It may not be perfect but it's a damn good start.
If you consider the 16th & 17th Amendments, plus the Federal Reserve act in isolation, you can come up with one set of arguments. That’s the mathematical combination of three things, one at a time.

Now, if you blow away all three of these federal zombies in one one shotgun chorus (great name for a band there), then you can undo the 1913 Progressive triumph of Woodrow [censored] Wilson. He may have emoted well about the need for Progress, and the imperfections of the Founding Fathers, but his ideas have proven ruinous.

Let’s get some conservative candidates in 2012 who will ‘do the deed’ for the centennial of Wilson’s dubious achievement. What would be the effects? Well, if DC is no longer the Pockets of Infinite Federal Reserve Depth, then we could have, you know, forthright spending. States can pick up the tab for the social programs for their citizens that they feel like funding. Granted, this may not be so much as under the current vote buying scheme.

Having the states control their senators in a regime where the federal government isn’t a cornucopia would shift the balance of power away from DC. When a change of party in the governor’s mansion means that the same old tools will not be sent back to DC if their stint is up, the incumbency rate may well plummet to reasonable levels, retaining statesmen* of actual value, and affording the Reids more time to suck elsewhere.

Finally, having the income tax removed would let states be a blast shield for their citizens from federal financial overreach. The virtue of the 10th Amendment, currently hovering down around that of a slut in Toronto, could begin to recover.
Read the rest here

What's The Point Of A Debt Ceiling?

* February 2010 - $14.294 trillion
* December 2009 - $12.394 trillion
* February 2009 - $12.104 trillion
* October 2008 - $11.315 trillion
* July 2008 - $10.615 trillion
* September 2007 - $9.815 trillion
* March 2006 - $8.965 trillion
* November 2004 - $8.184
* May 2003 - $7.384 trillion
* June 2002 - $6.4 trillion
* August 1997 - $5.95 trillion
* March 1996 - $5.5 trillion
* August 1993 - $4.9 trillion
* April 1993 - $4.37 trillion
* November 1990 - $4.145 trillion
* October 1990 - $3.23 trillion
* November 1989 - $3.1227 trillion
* August 1989 - $2.87 trillion
* September 1987 - $2.8 trillion
* August 1987 - $2.352 trillion
* July 1987 - $2.32 trillion
* October 1986 - $2.3 trillion
* August 1986 - $2.111 trillion
* December 1985 - $2.0787 trillion
* November 1985 - $1.9038 trillion
* October 1984 - $1.8238 trillion
* July 1984 - $1.573 trillion
* May 1984 - $1.52 trillion
* November 1983 - $1.49 trillion
* May 1983 - $1.389 trillion
* September 1982 - $1.2902
* June 1982 - $1.1431 trillion
* September 1981 - 1.0798 trillion
* September 1981 - $999.8 billion
* February 1981 - $985 billion
* December 1980 - $935.1 billion
* June 1980 - $925 billion
* September 1979 - $879 billion
* April 1979 - $830 billion
* August 1978 - $798 billion
* October 1977 - $752 billion
* June 1976 - $700 billion
* March 1976 - $627 billion
* November 1975 - $595 billion
* February 1975 - $577 billion
* June 1974 - $495 billion
* December 1973 - $475.7 billion
* October 1972 - $465 billion
* March 1972 - $450 billion
* March 1971 - $430 billion
* June 1970 - $395 billion
* April 1969 - $377 billion
* June 1967 - $358 billion
* March 1967 - $336 billion
* June 1966 - $330 billion
* June 1965 - $328 billion
* June 1964 - $324 billion
* November 1963 - $315 billion
* May 1963 - $309 billion
* July 1962 - $308 billion
* March 1962 - $300 billion
* June 1961 - $298 billion
* June 1960 - $293 billion
* June 1959 - $295 billion
* September 1958 - $288 billion
* February 1958 - $280 billion
* July 1956 - $278 billion
* August 1954 - $281 billion
* June 1946 - $275 billion
* April 1945 - $300 billion
* June 1944 - $260 billion
* April 1943 - $210 billion
* March 1942 - $125 billion
* February 1941 - $65 billion
* June 1940 - $49 billion
* December 1939 - $45 billion
* December 1919 - $43 billion

Yup, that's the list of all the debt ceiling raises since it's inception, so what's the point? A limit is only effective if you agree to live by it.

The whole thing is really a farce. What is happening on Mordor on the Potomac is nothing more than political theater at it's worst, meant to take the focus off of the failures of both parties to effectively govern and manage our nation's finances.

And for all the talk of a Balance Budget Amendment, we already have one; it's called the Tenth Amendment. All a BBA will do is give further incentive for Leviathan to increase taxes and print more fiat notes in order to balance it's books.

You see the solution is not that difficult to comprehend; stop allowing the federal government to mandate unconstitutional social programs and federal agencies, bail out private industry and intervene in the political affairs of other nations. In other words put an end to the welfare-warfare state.

It's so easy even a Caveman can do it.™

Via Memeorandum

Wednesday, July 27, 2011

Obama As The Joker - The Man With No Plan

H/T to Brad

From commenter PackerBronco at Hot Air
Do I really look like a guy with a plan? You know what I am? I’m a dog chasing cars. I wouldn’t know what to do with one if I caught it. You know, I just… do things. The Republicans have plans, the media has plans, Boehner’s got plans. You know, they’re schemers. Schemers trying to control their little worlds. I’m not a schemer. I try to show the schemers how pathetic their attempts to control things really are.

I just did what I do best. I took your little constitution and I turned it on itself. Look what I did to this city with a few trillion dollars and a couple of czars. Hmmm?

You know… You know what I’ve noticed? Nobody panics when things go “according to plan.” Even if the plan is horrifying! If, tomorrow, I tell the mainstream media that, like, unemployment is going to never get below 9%, or the federal budget is going to get blown up, nobody panics, because it’s all “part of the plan.” But when I say that one little old lady will get her social security check a few days late, well then everyone loses their minds!

Introduce a little anarchy. Upset the established order, and everything becomes chaos. I’m an agent of chaos. Oh, and you know the thing about chaos? It’s fair!

… now we’re talking.
Watch the clip and you'll understand.

Monday, July 25, 2011

Ready, Ames, Fire! - Ron Paul Grabs Key Iowa Endorsement

The ruling elite's biggest fear is coming true, Ron Paul is gaining traction and if he has a good showing, say top 3, in the Ames straw poll all hell is going to break loose.

Today the TX Congressman picked up a key endorsement in Iowa in the person of Cory Adams, the Republican chairman of Story County in Iowa. And guess which county Ames is in?

Of course if Dr Paul does well in Ames the LSM will concoct some convenient excuse to downplay the result.

So why did Cory Adams choose to back Ron Paul?

"I try to go for the candidates that line up mostly with the values, the principles of the founders. Out of all the candidates in this cycle, I found Ron Paul to be the one with the longest, most consistent voting record to back up those principles and concepts."

From CNN Via Drudge

Sunday, July 24, 2011

Super Congress - Where's That In The Constitution?

So John Boehner, Mitch McConnell and Harry Reid have plotted a coup to shred the last remaining vestiges of the Constitution by forming a "Super Congress" which would consolidate legislative power into the hands of a Counsel of Twelve, thereby shutting out the input of the other 523 members of Congress.

Sure they will tell us this is a one time only deal to solve the illusionary debt ceiling crisis, but when is any usurpation by Leviathan not permanent? To me this smacks of another case of not letting a good crisis go to waste.

If they are allowed to go down this road, we may as well sign the death certificate and declare our republican form of government dead.

HuffPo
Under a plan put forth by Senate Minority Leader Mitch McConnell (R-Ky.) and his counterpart Majority Leader Harry Reid (D-Nev.), legislation to lift the debt ceiling would be accompanied by the creation of a 12-member panel made up of 12 lawmakers -- six from each chamber and six from each party.

Legislation approved by the Super Congress -- which some on Capitol Hill are calling the "super committee" -- would then be fast-tracked through both chambers, where it couldn't be amended by simple, regular lawmakers, who'd have the ability only to cast an up or down vote.
Via Memeorandum

Gary Johnson Money Avalanche


Via Gary Johnson Grassroots Blog

Gary Johnson supporters have created "Money Avalanche" for Johnson's presidential campaign.

Ron Paul immortalized the Money Bomb. Since Governor Gary Johnson is an avid skier supporters decided a Money Avalanche was more appropriate.

http://garyjohnsongrassroots.com/moneyavalanche/

The Money Avalanche started on July 22 with a goal of raising $1 (yes one dollar). The goal doubles the next day to $2, then $4 a so on. You might of tried doing this in grade school doubling a penny every day of the month. While it starts slow the momentum builds and you are looking at some pretty real numbers.

The goal is to raise approximately one million dollars for Johnson by the Ames Debate on August 11.

There is Facebook event created and the ability to sign up for daily e-mail status updates on the money avalanche page.

Sunday, July 17, 2011

Cry Me A River - Budget Cuts Force 356 Year Old CT Ferry To Close

And anyone needs to wonder why our federal and state governments are in the red.

Evidently, Connecticut has been operating the Rocky Hill Ferry since 1915 but due to a budget shortfall of $3.5 billion, the state will be ceasing operations in August.

So this begs the question, why is the state involved in the ferry business to begin with? This screams of a venture that should be left for the private sector.

As you may surmise, it's obvious that they are losing money on it even though, according to Wikipedia, it averages 400 riders daily. Otherwise why shut it down? If you guessed that the $3 they charge cars and $1 for bicyclists and pedestrians isn't cutting it, you win a cookie.

Let's do some math.

For the sake of argument we will assume that all 400 daily riders are cars at a cost of $3 each, that's $1,200 coming in each day. The ferry operates from May 1st to October 31st for a total of 184 days. That's $220,800 coming in annually. Now what does it cost to operate the ferry? Why only $345,00 a year meaning that the taxpayers of CT need to cough up $124,200 to keep the historic ride afloat. Remember this is based on the assumption that all crossings are paying $3. I'll wager that the total cost to the state is closer to $200,000 annually.

But the argument goes that this is a vital part of the local history and that local businesses depend on the tourist dollars and that the local taxpayers have put a lot of money into it already.

Well cry me a river.

If the people of Rocky Hill and Glastonbury want to keep the ferry running, maybe they should pony up and fund it. Better yet find some entrepreneur who will operate it, although with what I would imagine are a myriad of government regulations and the need to double, maybe triple the crossing fee in order to turn a profit, I doubt they will find many takers.

Anyone want to bet that instead, our federal tax dollars will be paying for a bridge there soon enough?

Via Drudge

A Thought On The Debt Ceiling Debate

It is beginning to look more and more like a foregone conclusion that Leviathan is going to put us deeper in debt by raising the debt ceiling very soon. The President wants it, the Democrats want it and the Republican want it. It seems that the only ones who don't want to see the limit raise are the majority of those that are actually responsible for footing the bill, the American taxpayer.

So here is what I propose; instead of increasing it enough to give the ruling elite cover through the next election cycle, increase it just enough so that the limit expires on January 21, 2013. My reasoning is simple; to make the next Presidential and Congressional elections all about what "We the People" want.

We have a 400 pound gorilla in the room that DC is all too happy to ignore. They think that they can fool us by kicking the can down the road far enough that it will be out of our thought process come next year when the campaigns are in full swing.

Instead, let's make the next election about a single issue; the economy. Do we want to maintain the status quo and go deeper into debt or to significantly scale back the the size of Leviathan and it's ability to plunder and redistribute our wealth.

There will be no extraneous BS just every candidate putting his or her plan on the table and letting the American people decide. This way, whatever the outcome, there will be no doubt about what the American people have chosen; republicanism or socialism.

Come to think about it, this is just a pike dream on my part. "We the People" spoke loud and clear in the November 2010 elections about the direction we wanted to see the country move in, yet our voices continue to be ignored by Leviathan as it is still the same business as usual in DC.

I also fear that socialism will win out since more than half the population is now dependent on government handouts for their survival. At least that will give those of us who support them financially the impetus to get out of dodge and let the freeloaders can fend for themselves.

Via Memeorandum

Rudy Giuliani Supports States' Rights

Who knew that Rudy had a little libertarian in him.

On CNN's State of the Union the former NYC Mayor agreed that while he does not personally support "gay marriage" the decision by the state of New York to to legalize it is something that he can "live with" and should be left to the states to decide on their own.

In reality, the government should not be getting involved in the marriage business to begin with since it's an issue of personal freedom, but let's give Rudy a little credit for at least wanting to keep the federal government out of it.

CNN
He may not agree with the vote in New York to legalize gay marriage, but former New York City Mayor Rudy Giuliani said the Republican Party should butt out of the bedroom and stick to fiscal policy.

"I think the Republican Party would be well advised to get the heck out of people's bedrooms and let these things get decided by states," Giuliani said Sunday on CNN's "State of the Union." "We'd be a much more successful political party if we stuck to our economic, conservative roots."

New York became the sixth state to legalize same sex marriage in June when a bill passed by the Republican-controlled state legislature was signed by Democratic Gov. Andrew Cuomo.

Giuliani, who is considering a run for president in 2012, has long supported civil unions. Although he said he believes marriage is between a man and a woman, he can "live with" the legalization in New York.

"I think it's wrong, but there are other things that I think are wrong that get decided by democratic vote," Giuliani told CNN Chief Political Correspondent Candy Crowley. "I see more harm, however, by dwelling so much on this subject of gays and lesbians and whether it's right or wrong in politics."
It's certainly a start but Rudy is too anti-liberty on so many other issues that he will never be confused with current libertarian candidates Gary Johnson or Ron Paul.

Via Memeorandum

Saturday, July 16, 2011

Reason.TV - 3 Reasons Why The Debt-Ceiling Debate Is Full Of Malarkey



All anybody in Washington can talk about these days is the debt limit or debt ceiling -- the total amount of money the federal government is authorized to borrow at any given time. After a decade in which spending increased by more than 60 percent in inflation-adjusted dollars and the debt limit was raised no fewer than 10 times, the government is about to max out its $14.3 trillion credit line, leading to fears that Washington is going to default on its bonds, stop cutting Social Security checks, and destroy the economy more than it already has.

But the current debate over the debt ceiling is full of malarkey for at least three reasons.

1. August 2 is a phony deadline. Treasury Secretary Timothy Geithner has pushed back the drop-dead date when the U.S. finally reaches its limit a bunch of times already: March 31, April 15, May 31 were all cited as deadlines before August 2 was inked in as Armageddon. But this time, he means it, man, really.

2. Reaching the debt limit is not the same as defaulting on our debt -- which would indeed be catastrophic.

Think about it: You can max out your credit cards but as long as you keep paying the minimum amount due each month, your creditors don't go crazy. Interest on the debt is a small fraction of total outlays and the government has a series of tools -- from using cash on hand to selling assets to scrimping on nonessential payments -- to make sure interest payments are made and seniors aren't put on an all cat-food diet.

3. Legislating-by-Panic is no way to run a country. The reason we're in this mess is because government can't stop spending. And the government can't even pass a budget on a year's notice. But we're expecting them to come up with a good plan for the country's borrowing in a couple of weeks? Trying to force through an expansion of the country's credit line by promising cuts in spending down the road is exactly why we're in this situation to begin with.

It makes far more sense to do something like sell some TARP assets -- the government is sitting on $320 billion in outstanding direct loans and equities investments -- to cover interest payments through the end of the fiscal year then force Congress and the president to come up with a budget that cuts spending -- and borrowing -- for real, next year, not is some distant future.


More from Memeorandum on the debt ceiling shenanigans.

Coming Soon - US Boots On The Ground In Libya

Lost in all the debt ceiling shenanigans, the US along with 30 other countries recognized al-Qaeda the Libyan rebels as the legitimate government of that nation which would give the anti-Qaddafi forces access to $30 billion in frozen assets.

What goes unsaid in all this is that by recognizing the rebels’ Transitional National Council there is now future justification for the US to provide aid in the way of troops, arms sales and direct financial aid to the rebels in their attempt to topple the Qaddafi regime.

Where, I ask, is the LSM on all this?

As the NATO led "kinetic action" drags into it's 5th month and after Obama told us that US involvement would last "days, not weeks", the stage is being set for a full-scale war in the region. The rebels have failed to seal the deal and with no sign of Qaddafi capitulating on the horizon, only a full fledged invasion seems to be the logical outcome.

Good thing the voters chose the "anti-war candidate" in the 2008 Presidential election.

Wednesday, July 13, 2011

Gary Johnson Slams DOJ, Defends Gun Rights

Unlike the current occupant of the White House, the former New Mexico Governor has a spine.

Last week Governor Johnson blasted the FAMiLY LEADER "Marriage Vow" pledge as being offensive and now he is taking Obama and the Justice Department to task in defense of gun owners after the DOJ tightened gun purchase regulations along the southwest border in the wake of Operation Fast and Furious.

Gary Johnson 2012
"This is the same Department of Justice that thought it was a good plan to intentionally allow hundreds of firearms to be smuggled into Mexico in a disastrous effort to somehow follow the trail of those guns to the bad guys. Now, the DOJ’s plan to address gun trafficking is to require law-abiding citizens in border states to be reported and entered into a federal database for buying perfectly legal rifles from licensed dealers.

Not only will this requirement do absolutely nothing to curb violence on either side of the border, it is yet another unacceptable infringement on fundamental 2nd Amendment rights. It is an outrage that this Administration is using border violence as an excuse to add the names of more law-abiding gun owners to their database. The President and his Attorney General need to get off the backs of American gun owners, and focus on policies that will actually work to stop border violence – without eroding basic constitutional rights."
Gary Johnson, like many others, realizes that government created the problem and trampling on our Constitutional rights is not the solution. For them to facilitate the sale of 1500 guns to the Mexican drug cartels and then to turn around and point to border violence as the justification for making it harder for law abiding citizens to purchase weapons is hypocrisy in the highest form.

We need more people like Gov Johnson who will fight to prevent Leviathan from stripping us of our freedoms.

Tuesday, July 12, 2011

Sycophants For Obama

I just threw up in my mouth.

Esquire
[C]an we just take a month or two to contemplate him the way we might contemplate a painting by Vermeer or a guitar lick by the early-seventies Rolling Stones or a Peyton Manning pass or any other astounding, ecstatic human achievement? Because twenty years from now, we're going to look back on this time as a glorious idyll in American politics, with a confident, intelligent, fascinating president riding the surge of his prodigious talents from triumph to triumph. Whatever happens this fall or next, the summer of 2011 is the summer of Obama.
There is so much wrong with that statement, and the article itself, that I don't even know where to begin. I can only hope that the Onion took over Esquire or the author discovered some new strain of uber-super pot that was previously unknown to the human species. But I'm not counting on it.

Ronald Reagan once asked, "Are you better off today than you were four years ago?". At the time he was asking the American people how they were faring under the failures if then President Carter and to most the answer then is the same answer now, a resounding no.

Now don't get me wrong, I think the W years were a unmitigated disaster too but under King Barack I we have seen him take all the bad that his predecessor left him and amplified it times ten.

On the economic front, Obama seeks to push the debt ceiling to a point to where it will be nearly 60% higher than when he took office, unemployment has risen from 7.8% to the current 9.2% (with a stop at 10.1%) and the value of the dollar in real terms is plummeting. Do I even need to mention the housing market?

The O has also brought us never ending bailouts, socialized medicine and a government that wants to regulate us to death. His so called Department of Justice has turned a blind eye to voter intimidation by armed thugs, outright voting fraud by ACORN and facilitated weapons sales to Mexican drug cartels all while suing Arizona over it's right to sovereignty. All the while his TSA thugs have declared war on anyone who wants to board an airplane.

Looking at the record of the Nobel Peace Prize winning, self proclaimed anti-war candidate we see that he has taken his two inherited wars, Iraq and Afghanistan, and raised our military involvement to six countries; Pakistan, Libya, Yemen and Somalia with Iran and Syria waiting in the wings. At home it's no different as the police state continues to grow with the help of the legal system.

For all I know Barry could be the nicest guy ever and a BFF to die for. Maybe if I met him, his charisma would make me want to go for a long moon-lit walk on the beach but for now I hope you pardon me for not genuflecting before our exhausted leader.

Although I do feel the need to bow before the great porcelain god.

Via Memeorandum

Sunday, July 10, 2011

Gun Control Double Talk

Add to the list, the nation's mayors, to those who are calling for the Obama Administration to tighten gun control laws in the wake of Operation Fast and Furious, where the ATF permitted, encouraged and facilitated firearm sales to straw buyers, and allowed the guns to be sent to Mexico to arm the drug cartels.

Here's a crazy idea, let's go after those in the government that thought was a good idea to encourage gun dealers to let these illegal purchases happen. If not for DOJ and ATF complicity, US Border Patrol Agent Brian Terry would still be alive and these weapons would not have been illegally sold.

Instead it seems that the DOJ and ATF were intent on creating a false flag that they could use to justify stricter gun laws. While the ploy backfired and was exposed, the anti-gun crowd is still using it for justification to infringe on our Second Amendment rights.

Like just about every other socioeconomic problem we have today, Leviathan first creates the crisis then tells us that they are the only ones that we can trust to fix it. All we lose in the deal are our liberties and freedoms.

Such a bargain.

Via Memeorandum

Debt Ceiling Talks - They Must Think We're Stupid

$4 trillion in cuts, $2 trillion in cuts, it all sounds wonderful and makes for great talking points until you read the fine print. You see, these aren't immediate cuts but promises to slightly decrease the rate of spending over a 10 year period. This would allow Congress and the President to increase the debt ceiling now, while they kick the can down the road with no guarantee that these "cuts" see the light of day.

The American taxpayer is being sold a bill of goods and the only outcome from the talks is which party gets to claim victory.

What we need are cuts right here and now to reduce the deficit. These talks are also a bait and switch because while they are talking about the $14.2 trillion debt ceiling, nowhere is there any mention of the $61.6 trillion in unfunded liabilities that we face as a nation.

Here's a way to look at this in terms that the average American can understand. You have $50,000 in credit card debt, 2 car loans that you still owe $25,000 and a mortgage with $150,000 left on the note. By Leviathan's way of thinking the only concern you have is the $50K in credit card debt, which a $5,000 raise in your limit and a promise to yourself to cut back on spending makes all your financial problems go away.

If it were only that simple.

Those of us that actually manage a budget know that the $175,000 is still real and needs to be paid. That little bump in our credit limit may help short term but it puts us deeper in debt and does nothing to address our greater liabilities that we will need to borrow more to pay off.

In order to rein in our debt problem we need to take action today. The Keynesian notion that we can spend our way out of debt is ridiculous. Only through drastic cuts in Social Security, Medicare, Medicaid and defense, putting an end to corporate welfare and bailouts, stopping the debasement of our currency by the Fed, ending individual reliance on government handouts and getting rid of unconstitutional federal agencies and regulations that do not allow our nation to be competitive only then will we be able to get our financial house in order.


Via Memeorandum

Saturday, July 9, 2011

US Taxpayers Kick In $780 Million To Bail Out Greece

That's right, as part of the bailout of Greece, the IMF will borrow $780M from the Fed at the bargain basement price of 0.25% and which is probably considerably less than what we are paying China to buy Treasuries.

So while Leviathan quibbles over the debt ceiling, unemployment rises and more and more Americans are relying on government handouts, those of us who are still contributing to the system are being asked to give our hard earned money to a country that couldn't manage it's own affair and is on the verge of collapse.

Once again, the real winners of this are the hedge funds that have been buying Greek debt at 40 cents on the dollar and will be paid the interest on their notes from the bailout. Yes these are the same hedge funds that made out big when Lehman collapsed and Wall Street got bailed out.

So for those of you keeping score at home, we are borrowing money from China to lone to the IMF (at a loss) to bailout Greece so that they can pay the hedge funds that own their debt, on the backs of the US taxpayer.

What a great country we are.

Zero Hedge
The IMF is delighted to announce that it just approved a €3.2 billion disbursement of cash for Greece, its fifth, as part of the €12 billion in money that Greece needs in order to continue operating in the months f July and August. And just for what purpose will this money be used, one may ask? Well, as explained a few weeks ago, in Greek Math: €12 Billion In, €18.2 Billion Out the entire amount will be promptly recycled by global financial institutions in the form of debt maturities and interest payments, which amount to €18.2 billion in the months of July and August. Simply said ECB, EU and IMF money in, money owed to bankers out. The kicker: 17.09% of the money coming from the IMF, comes from, that's right dear US taxpayer, you (and since 21% of the quota contributions allocated to the IMF are deemed "non-usable", the actual number funded by the US is likely much higher). But this plot has a bonus kicker: as we reported on Wednesday, the actual Greek debt is no longer owed by European banks to the extent it had been previously expected: a development that threatens to scuttle the entire second Greek bailout plan as currently proposed. So as the banks have been selling Greek debt, who has been buying? Mostly hedge funds, such as everyone's favorite John Paulson. So to recap: US taxpayers have just paid out about $780 million of the $4.6 billion in order to fund interest owed to... hedge funds.

FAMiLY LEADER Pledge Is UnAmerican

I agree with Gov Gary Johnson on this, it is about as unAmerican as it gets. I really don't see how more intolerant of individual freedoms this nonsense could be and to make even the slightest inference that black children were better off under slavery, just wow.

What politician in their right mind would sign on to the pledge? If you guessed ultra-conservative, family-values crusaders Michele Bachmann and Rick Santorum, you win a cookie.

Leviathan has as little right to be in your bedroom as it does in your wallet but this is apparently not the case to the zealots who wax nostalgically for the Leave It To Beaver, Ozzie and Harriet mirage that never really existed in America. For Bachmann, Santorum or any other candidate who signs onto this, it should serve as an automatic disqualifier to consider casting a vote for them by anyone who believes in personal liberty and individual freedom.

Via Memeorandum

Friday, July 8, 2011

Gary Johnson's 3 Part Plan For Job Growth

So simple it fits on a postcard.


GaryJohnson2012
July 8, 2011, Sante Fe, NM – Presidential candidate Gary Johnson has responded to today’s dismal jobs report by sending the White House and Congress a plan for kick-starting private sector job creation – and the plan fits on a postcard.

Urging three immediate steps: Eliminating the corporate income tax; cutting spending immediately by $300 billion to offset the temporary loss of revenue; and directing that regulations and their implementation meet a standard of creating certainty for employers, Johnson said, “With a June unemployment rate of 9.2% and the fewest new jobs added in nine months, it’s time for Washington to stop fiddling while Rome is burning. We’ve tried government ‘stimulus’ – all it did was bankrupt us. We’ve heard a lot of talk about cutting spending and reducing job-killing debt, but it hasn’t happened. And now we’re watching as our leaders quibble over tax loopholes and long-term spending reductions that may or may not actually happen.

“Americans can’t wait any longer for the hand-wringing to produce results. If Congress would do three simple things, and they could do them next week with straight up –or-down votes, I guarantee that we would see historic job creation almost overnight.

“First, instead of giving lip service to the need to reduce the corporate tax rate, just eliminate the tax altogether. It is double taxation, and the current 35% rate is among the highest of producing nations. Eliminate it, and instead of watching jobs go overseas, we would see the U.S. become the undisputed job magnet of the world.

“Recognizing that eliminating the corporate tax may cause a temporary loss of revenue and increase the deficit – at least on paper, Congress and the President can, next week, mandate immediate spending reductions of $300 billion. If they need help figuring out how to do that, I’m available. One place to start might be the wars and nation-building we don’t need to be fighting or doing. Clearly, more cuts are needed, and as president, I would submit a balanced budget for 2013.

“Finally, one can argue that the greatest obstacle to job creation in the private sector is uncertainty. From the dark cloud of health care reform and its costs to a host of other regulatory machinations coming from Washington, investors and employers have no clue what their costs are going to be or what the competitive landscape will be going forward. The President has tremendous power to adjust or even stop regulatory policies and enforcement that are preventing job creation, and the Administration and Congress need to focus like a laser on doing so.

“The politicians in DC like to make us think these types of actions are complicated and difficult. They aren’t. Certainly, we need comprehensive tax reform, such as a FairTax. And we need to cut trillions, not billions, from spending and balance the budget. And not all regulations are evil. But right now, today, we are in crisis. These simple, straightforward, steps will do more to create millions of jobs in America – quickly – than all the stimulus and budget hand-wringing Washington has ever dreamed of. And yes, if they wanted to, Congress and the President could do these three things next week.”

Sen Mike Lee Explains The Real Meaning Of 14th Amendment Debt Clause

Not so fast Tiny Tim.

Monday, July 4, 2011

Something To Ponder On Independence Day

On this Independence Day 2011 while we get together to celebrate our break from Great Britain, consider what it really meant to the people of the time and what they were fighting for based on the belief "that all men are created equal, that they are endowed by their Creator with certain unalienable rights, that among these are life, liberty and the pursuit of happiness."

At the end of the day, did the United States substitute one form of tyranny for another, given the current dictates that are passed on to us by Leviathan.

The average American that supported independence wanted nothing more to be left alone and have the right to self-determination. They were in essence libertarians who wanted to be free from the bondage of a government that could change the rules at any time. Unfortunately, things have not worked out quite as well as the idealists of the time hoped that they would.

Think for a moment about Jefferson's words some 235 years ago and where we are today. Leviathan dictates every aspect our our lives down to what we can eat, what we are taught, how we travel and how we conduct business. Our income is not even truly our own as we are forced to hand a percentage of it to the government to finance it's wars and social programs, all while it is being devalued to support their hold on power.

By continuing down the road that we are on, we are worse off today than the Colonists were 235 years ago. At least then they recognized that there was a need for drastic change if they were going to retain their natural rights; today we mainly argue over which group we will allow ourselves to be subservient to.

So I ask, if we are willing to accept any deviation from the ideals of freedom and liberty that many of the revolutionaries fought for, doesn't that make this just another long weekend?

Happy July 4th.

Rand Paul Plans To Filibuster Debt Ceiling Talks

"We've had not one minute of debate about the debt ceiling in any committee, we haven't had a budget in two years, we haven't had an appropriations bill in two years, so I'm part of the freshmen group in the Senate that's saying, 'no more', we're not going to let them go to any issue, if we have a say in it, so next week we will filibuster until we talk about the debt ceiling, until we talk about the proposals."

Stimulus Cost $278,000 Per Job Created Or Saved

So much for being cost effective.

2.4M jobs created or saved at a cost of $666B shows just how ridiculous the Keynesian notion that the government can spend it's way out of an economic downturn really is.

Think of it this way, if Leviathan had just cut a check for $48,000 to each one of the 13.9M unemployed in this country, we would have ended up with the same result.

Of note is that these numbers don't come from some conservative think-tank with an axe to grind, these are the results of a report by the President's own Council of Economic Advisors. How convenient that they release the report on the Friday prior to a holiday weekend when no one will be paying attention.

So while the economy still sputters along with little improvement seen on the horizon, Leviathan gave us another half trillion worth of debt with nothing to show for it. Something to consider on this Independence Day as the Chosen One goes to Congress with hat in hand looking for a raise in the debt ceiling.

Via Memeorandum

Saturday, July 2, 2011

16 Reasons Why The United States Can No Longer Afford To Be The Police Of The World

End Of The American Dream

Did you know that the United States military is now bombing 6 different countries? U.S. aircraft are conducting air strikes in Afghanistan, Iraq, Pakistan, Libya, Yemen and now Somalia. There is a U.S. military base in over half of the countries on the planet and U.S. military spending is over 7 times larger than the military spending of any other nation on earth. Yes, the United States will always need a strong military. But with our national debt exploding at an exponential rate, can the United States really afford to continue to be the police of the world?

Trying to be the police of the world is getting awfully expensive. We have run up almost 4 trillion dollars more debt since Barack Obama was elected. Many thought that Barack Obama would reduce our foreign entanglements, but instead he has greatly expanded them.

The U.S. government doesn't even try to do much diplomacy in the Middle East anymore. It seems like threats, ultimatums and bombings are the preferred tools.

The rest of the world is going to remember our arrogance and our ruthlessness. When the United States needs help someday, the rest of the world might not be very inclined to give it.

Right now, the U.S. government is essentially bankrupt and the U.S. financial system is on the verge of the collapse. We have got to stop spending so much money.

The following are 16 reasons why the United States can no longer afford to be the police of the world....

#1 Prior to the beginning of the "War on Terror" our national debt was under 6 trillion dollars.  Today, it has more than doubled and currently sits at a whopping 14.3 trillion dollars.

#2 Today, the U.S. military is in nearly 130 different nations and it has a total of about 700 military bases around the globe.  It costs approximately 100 billion dollars each year to maintain these military bases.

#3 U.S. military spending is greater than the military spending of China, Russia, Japan, India, and the rest of NATO combined.

#4 The United States already accounts for 46.5% of all military spending on the planet.  China is next with only 6.6%.

#5 If Bill Gates gave every penny of his fortune to the U.S. government, it would only cover the U.S. budget deficit for 15 days.

#6 When you throw in all "off budget" items and other categories of "defense spending" not covered in the Pentagon budget you get a grand total of somewhere between $1.01 and $1.35 trillion spent on national defense in 2010.

#7 The U.S. government borrows an average of about 168 million more dollars every single hour.

#8 The Pentagon currently gobbles up 56 percent of all discretionary spending by the federal government.

#9 Between 2007 and 2010, U.S. GDP grew by only 4.26%, but the U.S. national debt soared by 61% during that same time period.

#10 The cost for the first week of airstrikes on Libya was 600 million dollars.  Keep in mind that the leader of the opposition in Libya has admitted that his forces contain large numbers of the same "al-Qaeda fighters" that were shooting at American troops in Iraq.  So we are going broke and we are helping al-Qaeda take power in Libya at the same time.

#11 The total price tag for each F-22 fighter jet is approximately $350 million.

#12 Over the past decade, the wars in Iraq and Afghanistan have cost U.S. taxpayers well over a trillion dollars.

#13 If you went out today and started spending one dollar every single second, it would take you over 31,000 years to spend one trillion dollars.

#14 Since 2001, the total cost of the wars in Iraq and Afghanistan breaks down to well over $3,600 for every man, woman and child in the United States.

#15 Just one day of the war in Afghanistan costs more money than it took to build the entire Pentagon.

#16 The United States government is now responsible for more than a third of all the government debt in the entire world.

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