You are browsing the archive for 2013 February 13.

Avatar of admin

by admin

Sen. Paul on Fox Business' Markets Now- 2/13/13

February 13, 2013 in Uncategorized

…read more
Source: RAND PAUL

Avatar of admin

by admin

On the Resource Cost of Fiat Money

February 13, 2013 in Uncategorized

By Mark Thornton

Milton Friedman and all monetarists after him claimed that the Gold Standard had a fatal flow. The Gold Standard required that gold be dug up, refined and then made into coins or stored away in vaults to back paper money in circulation. Therefore this gold was expensive and could not be used in jewelry, artwork, industry, etc. The fiat money system does away with most of this cost. In a recent working paper Tyler Watts and Lukas Snyder show that the cost of the fiat money system can be just as high as the gold standard. Their rational and evidence suggests that during the inflationary 1970s and during the current economic crisis that just as much gold is being purchased for investment purposes and therefore there is no resource cost advantage of fiat money.

…read more
Source: MISES INSTITUTE

Avatar of admin

by admin

The Whole World Is Engaging In A Race To Debase

February 13, 2013 in Uncategorized

“We are creating so much money. Japan, Europe, China, the whole world is engaging in a race to debase. Everybody thinks inflation is good, printing money is good, a weak currency is good.” – in CBS Market Watch

Related ETFs: SPDR Gold ETF (GLD), iShares Silver ETF (SLV)

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse. …read more
Source: PETER SCHIFF

Avatar of admin

by admin

The Media Bias Against Gold

February 13, 2013 in Uncategorized

“If you compare the volatility to stock markets, it’s a lot less volatile. Also, whenever the stock market makes a nominal new high, the bias in the media against gold goes up.” – in Market Watch

Related ETFs: SPDR Gold Trust ETF (GLD), SPDR SP 500 ETF (SPY)

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse. …read more
Source: PETER SCHIFF

Avatar of admin

by admin

Sen. Paul Delivers Tea Party Response to State of the Union Address

February 13, 2013 in Uncategorized

WASHINGTON, D.C. – Last night, Sen. Rand Paul delivered the Tea Party response to President Obama’s State of the Union address. Below is a video and transcript of his speech.

CLICK HERE TO WATCH SEN. PAUL’S SPEECH

TRANSCRIPT:
I speak to you tonight from Washington, D.C. The state of our economy is tenuous but our people remain the greatest example of freedom and prosperity the world has ever known.
People say America is exceptional. I agree, but it’s not the complexion of our skin or the twists in our DNA that make us unique. America is exceptional because we were founded upon the notion that everyone should be free to pursue life, liberty, and happiness.
For the first time in history, men and women were guaranteed a chance to succeed based NOT on who your parents were but on your own initiative and desire to work.
We are in danger, though, of forgetting what made us great. The President seems to think the country can continue to borrow $50,000 per second. The President believes that we should just squeeze more money out of those who are working.
The path we are on is not sustainable, but few in Congress or in this Administration seem to recognize that their actions are endangering the prosperity of this great nation.
Ronald Reagan said, government is not the answer to the problem, government is the problem.
Tonight, the President told the nation he disagrees. President Obama believes government is the solution: More government, more taxes, more debt.
What the President fails to grasp is that the American system that rewards hard work is what made America so prosperous.
What America needs is not Robin Hood but Adam Smith. In the year we won our independence, Adam Smith described what creates the Wealth of Nations.
He described a limited government that largely did not interfere with individuals and their pursuit of happiness.
All that we are, all that we wish to be is now threatened by the notion that you can have something for nothing, that you can have your cake and eat it too, that you can spend a trillion dollars every year that you don’t have.
I was elected to the Senate in 2010 by people worried about our country, worried about our kids and their future. I thought I knew how bad it was in Washington. But it is worse than I ever imagined.
Congress is debating the wrong things.
Every debate in Washington …read more
Source: RAND PAUL

Avatar of admin

by admin

Inflation: Anybody Who Believes There Is No Inflation Isn't Shopping

February 13, 2013 in Uncategorized

“Anybody who believes there is no inflation isn’t shopping.” – in CNBC

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse. …read more
Source: PETER SCHIFF

Avatar of admin

by admin

We Owe Trillions. We Are Broke.

February 13, 2013 in Uncategorized

“We’re broke. We owe trillions. Look at our budget deficit, look at the debt to GDP (ratio), the unfunded liabilities. If we were in the euro zone they would kick us out.” – in CNBC

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.

…read more
Source: PETER SCHIFF

Avatar of admin

by admin

Sen. Paul Delivers Tea Party Response to State of the Union Address- 2/12/13

February 13, 2013 in Uncategorized

…read more
Source: RAND PAUL

Avatar of admin

by admin

Time for U.S. to Disengage from North Korea Crisis

February 13, 2013 in Uncategorized

By Doug Bandow

Doug Bandow

Pyongyang has dismissed international criticism of its third nuclear test, claiming to be responding to “outrageous” American hostility. The proper response from Washington is a yawn.

The so-called Democratic People’s Republic of Korea has long been an international black hole. Totalitarian, impoverished, belligerent, irresponsible. Yet, while a wreck of a country, it has managed to confound its neighbors and the United States. Despite years of hope that it would either collapse or reform, the Kim dynasty staggers on, a system of monarchical communism seemingly immune to a changing world.

The nuclear test is the latest blow to hopes that Kim Jong-un, the son of Kim Jong-il, heralds a new era of modernization. But this week’s events should not surprise anyone. North Korea doesn’t work for most North Koreans. But it works well for the elite. Its members have little incentive to change. And while it might be nice to rule a wealthier, more powerful nation, opening up the political system risks leaving apparatchiks not only out of power, but hanging from lampposts.

The proper response from Washington is a yawn.”

The events of the last year demonstrate that North Korea intends to be a nuclear state. That doesn’t mean that Pyongyang might not be willing to deal — for instance, on future bomb-making and proliferation. However, the United States, its allies, and the North’s neighbors all should be thinking about how to deal with a nuclear North Korea.

Ultimately, though, it should be evident that Kim & Co. really aren’t Washington’s problem. The North directs much of its ire at the United States, but America is a target only because Washington is intimately involved in the Korean Peninsula. Absent an alliance with South Korea and U.S. forces on station, North Korea would care as much about America as about Europe.

Washington should step back from the Korean imbroglio. The U.S. commitment was forged during the Cold War and was necessary to prevent the Republic of Korea from being swallowed by a North backed by Mao’s China and Stalin’s Soviet Union. That world is long gone. Neither China nor Russia would back the North in war, and South Korea far outranges the North on most measures of national power. With twice the population and 40 times the GDP, the South could build a military of whatever size is necessary to deter Pyongyang. Maintaining 28,500 Americans on the peninsula makes …read more
Source: OP-EDS

Avatar of admin

by admin

The President’s Miracle-Gro Government

February 13, 2013 in Uncategorized

By Michael D. Tanner

Michael D. Tanner

Of course he believes that we have a spending problem, President Obama assured us, immediately before a State of the Union address in which he called for — you guessed it — more spending. Like Saint Augustine praying “Lord grant me chastity and continence … but not yet,” President Obama paid lip service to the idea of debt reduction but ruled out any real effort to reduce it.

In fact, the president claimed that a combination of spending cuts and tax hikes cut our deficit by more than $2.5 trillion, more than half of the sum that he believes is necessary to “stabilize” our debt. But, even setting aside the sad shift in target from balancing the budget to temporarily stabilizing the debt, the president’s version of events is fundamentally flawed.

Just add taxes to increase spending while shrinking the deficit.”

Let’s be clear: There have been no spending cuts since Obama became president. In 2010, the first year that President Obama was fully responsible for federal spending (President Obama signed the 2009 budget, but it’s fair to blame most of the spending in it on President Bush, who essentially proposed it), the federal government spent $3.45 trillion. Last year, we spent $3.54 trillion, nearly $100 billion more. And, outlays for the first four months of FY 2013 are $39.3 billion more than in the first four months of FY 2012. If we have seen a slight reduction in budget deficits, it is due exclusively to tax hikes and additional increased revenue as the economy comes out of recession.

And given the presidential wish list, we aren’t going to see any spending cuts anytime soon. The president wants to spend more money on education, infrastructure, “green energy,” manufacturing subsidies, universal preschool, and pretty much everything else. At the same time, the president warned that the upcoming sequester, a 2.4 percent reduction in projected future federal spending, would return us to something akin to the Dark Ages.

In some ways, though, President Obama looks like a model of fiscal rectitude next to congressional Democrats. On Sunday, House Minority Leader Nancy Pelosi said, “It is almost a false argument to say we have a spending problem.” And lest anyone think that Pelosi misspoke, her whip, Representative Steny Hoyer, followed Pelosi’s remarks by declaring that we don’t have a spending problem: “The country has a paying-for problem. We haven’t paid for what we’ve …read more
Source: OP-EDS