Category Archives: Economics

Reserve Currency Battle: Yuan vs. SDR

James Rickards, author of The Death of Money, predicts the IMF’s SDR will be the next reserve currency. See James Rickards’s interview with Yahoo Finance, here.

Zero Hedge predicts the Chinese Yuan will be the next reserve currency.

I have a question: Why can’t there be two+ reserve currencies? Perhaps we’re going to see a multipolar world divided between Oceania vs. Eastasia America & Europe vs. Russia, India, Iran, and China.

Also, rather than stockpiling gold, wouldn’t the Canadian dollar be relatively safe (short-term) in the event of US dollar hyperinflation?

Coca-Cola Promotes “Nation of Immigrants” Meme

Africa for Africans. China for Chinese. Israel for Israelis. America… for everyone.

And it’s an uphill battle for whites or any ethnicity to continue its existence, because capitalism demands that we be inclusive, seeks greater economy of scale by combining markets, and recruits cheap labour regardless of cost to the host civilisation. Coca-Cola will only drop the “Nation of Immigrants” meme if such is good for business. Only government action or very strong individual action (e.g. a populist boycott of Coca-Cola products) can thwart this expansionary tendency of capitalism.

In 2000 Sam Francis wrote an article entitled, “Capitalism the Enemy“. Therein he defends Confederate symbols, but this can be seen as a microcosm of a greater struggle by whites (not only Southern whites) and indeed any ethnic group that wishes to persevere amidst the great devouring beast that is global capitalism.

Francis closes with:

If serious conservatives are going to salvage whatever remains of their civilization, in its local or national or civilizational forms, they will have to start working toward not only a new political vehicle but toward a new form of economic organization as well.

And the closest I’ve seen to this is David Opperman’s series: “In Defense of Economic and Social Nationalism: Why Libertarianism Must Die“. Also, organising ourselves within extended families reduces our tendency to atomise. Some might leave the family for money, power, other reasons; but if the extended family structure remains, they’ll be inclined to return.

For the love of money is the root of all evil

A Couple of Links on the Budget Deal

We criticized Jack Hunter here for his PC inspired backtracking, but that doesn’t mean he is no longer capable of good commentary. Here is a Hunter column on the budget deal. The GOP can’t be trusted to cut spending because they are too wedded to big spending on the military. Military spending is the untold story behind why so many Republicans went with Ryan’s budget cave. On a side note, I guess Hunter is back with a regular column at The Daily Caller. I suppose his Politico mea culpa was the price of re-admission.

We also recently criticized Jim Antle for his attempt to finesse the Mandela issue, but he is still capable of good commentary as well. Here he is on the budget deal. He sees the budget deal as what it is, a big cave-in for the House GOP.

Woman Nearly Faints Behind Obama As He Talks About Obamacare

Okay, I’m always skeptical about conspiracy theories, but c’mon! This video of Obama steadying a woman about to faint and saying, “I gotcha–you’re okay” is just too symbolic of Obama coming to the rescue of people needing medical attention.

It’s odd that the woman didn’t wobble until Obama turned his attention to her. Also notice that the two people at her side didn’t seem to notice any problem. And why did Obama suddenly turn around to catch her?

Strange. Very strange.

Did Rand Paul Flub the ObamaCare Battle?

I thought he was flubbing it all along. He was too tenative and wishy-washy, and he let Ted Cruz get way out ahead of him. He voted no on the final bill, but at that point his no vote was an easy call.

Steve Deace agrees. His thoughts are very similar to my thoughts. The Rand Paul part is one of ten “Lessons Learned.” The whole article is worth a read.

Rand Paul is still not sure who he is

He almost always votes the right way, but Kentucky Senator Rand Paul is certainly not his father—for better or for worse. He gets much closer to gray areas than his father ever did, flirting with disaster before eventually choosing the right side. He did on both the big fights this year—first with scamnesty and now with the defund Obamacare effort. He appears to be trying so hard to make himself a national figure in time for a 2016 presidential run that the identity that launched him in 2010 is being lost in the process. Is he the heir to his father’s revolution or has he become Ditch McConnell’s sidekick? You can’t be both. It appears he has yet to decide, but he better decide quickly. The passive-aggressive act is wearing thin with many liberty people I know, let alone dampening his efforts to successfully reach out to social conservatives.

Even Paul’s post no vote statement was weak and uninspiring.

Sen. Rand Paul today voted no on H.R. 2775, as amended, that will suspend the debt ceiling until February 7, 2014 and fund the government thru January 15, 2014.

 ”Tonight, a deal was struck to re-open the government and avoid the debt ceiling deadline. That is a good thing,” Sen. Paul said. “However, our country faces a problem bigger than any deadline: a $17 trillion debt. I am disappointed that Democrats would not compromise to avoid the looming debt debacle.”

And this is after he had already tried to straddle the fence. See here and here.

I’m not a fan of Ted Cruz’s foreign policy, but Rand got played by Cruz here.

Rand is being too cautious for his own good. Someone needs to remind him that he’s an Eye Surgeon. He’ll still be able to make a living if he loses his current job.

My Quick Thoughts on the GOP Surrender

You can argue whether this was the right way to pick a fight, but once you’ve picked it, you’ve got to go down swinging. (Personally, I think these manufactured crises are silly. But I say that as someone from the right who thinks they should just vote for a budget that has significant cuts in it.) If you are going to play a game of chicken, you have to be willing to crash and burn. But the GOP got stood down by Obama because they picked a fight they weren’t man enough to finish. So the GOP ended up doing the impossible. They made Obama look like the real man in this battle. Pride and self-respect alone should have motivated them to vote no.

An ObamaCare Word Problem

I sometimes have to help my daughter with here math homework. The most common type of problem she needs help with are word problems. That has got me thinking in that mode. So here is an ObamaCare word problem:

There are 46 Republicans in the Senate. Only 19 Republican Senators voted against cloture on ObamaCare. Therefore, how many Republicans are RINOs? (Or alternatively – Therefore, how many Republicans deserve primary challenges?)

Ted Cruz is (Sort of) Filibustering ObamaCare: Call Your Senator and Tell Them to Vote No on Cloture Tomorrow

Ted Cruz is filibustering (sort of) ObamaCare at this moment. The technical details of why this isn’t an actual filibuster are here.

There will be a cloture vote tomorrow (Wednesday 25 Sept 13). All that is needed is 41 votes to defeat cloture. There are more than 41 Republican Senators. This should be an easy victory. No Republican Senator should want to be responsible for supporting cloture and foisting ObamaCare on their base which hates it. But alas, we still have a lot of Establishment Republicans who are more interested in staying in the good graces of Beltway centrists than they are the good graces of their base.

Call or e-mail your Senator and tell them to vote against cloture.

I’m From The Government and Here To Help

By SARTE

Before you jump to a conclusion that the famous quote from Ronald Reagan is still operative, examine the sentiment of the throngs of benefit seekers who actually believe that government help is a good thing. The historically impaired reads this Reagan quip as a talking point out of the Obama playbook. Demanding your own government welfare tailored to the needs of your perceived little slice of paradise, is the new American dream. The reason why empirical evidence of a stained record and miserable failure of government programs does not resonate with the vast expanse of the great unwashed, boils down to the simple fact that the assistance deficient multitude, insist that they are owed a never ending flow of public financed payback.

What once was a healthy distrust of government cradle to grave intrusion, has become a dependency cultural birthright. With the upsurge of services and regulations, a tremendous explosion in public budgets is burying the taxpayer in a sea of debt. When more than half of the dole beggars, no longer pay taxes to their federal benefactor, it inevitably follows that the taste of free bennies, just wets the appetite for an endless feast.

If you doubt this assessment, attend a local town meeting. It all starts with local officials, knocking on every door, to apply for additional grant money to expand their town budgets. Financing bloated programs with excessive payrolls, on the backs of property owner taxpayers, has reached the point of punitive ruin. Renters have the attitude that their monthly payment entitles them to the finest and most comprehensive range of public services that someone else pays. Their goal is to become a “public servant” so that they can cash those government checks while building up their retirement fund.

Continue reading

White privilege and missed opportunities

In yesterday’s spring election in Wisconsin fairly liberal Department of Public Instruction (DPI) head Tony Evers defeated a pretty conservative state Assemblyman Don Pridemore by landslide margin 62-38%. But this result had nothing to do with ideology. Most Republicans thought Pridemore too extreme and did nothing to help him, more concerned with protecting state Supreme Court Justice Patricia Roggensack in her re-election bid (which she won) Even Gov.  Scott Walker wouldn’t endorse him.  Thus he had no money and no TV ads and in Wisconsin politics you might as well close up shop.

But Pridemore really wasn’t a good candidate. If he was, he might well have made an issue of a set of suggested curriculum guidelines issued by the DPI through the federal VISTA program for those school districts looking to deal with the ever-confounding problem of white privilege. Indeed, it is such a problem that even George Will chimed in on it in his latest column in the Washington Post today.

“White Privilege” is the latest guilt racket dreamed up by Cultural Marxists.  It’s a theory which states that matter of one’s skin color and only one’s skin color is sole proof  of a person’s racism because that skin color gave this person an unfair advantage in life, a “leg up” if you will over blacks or Asians or Hispanics. Of course anyone living in Appalachia or Minnesota’s Iron Range or the pockets of white rural poverty across the Midwest, South and West will tell you this is a crock of crap who ultimate goal logically is legitimizing any sort racial economic redistribution of resources (like slave reparation for example) because obviously one cannot darken or face paint their way out of “white privilege”. And such garbage would remain a “theory” and quite harmless unless someone in a position of policymaking in any government institution (like DPI) decides to test such theories out in the same manner the Bolsheviks tested out communism after the Russian Revolution. This is exactly what has happened in Wisconsin in such places like the Delevan-Darien school district just outside of Milwaukee.

Had Pridemore made attacking these guidelines a centerpiece of his campaign, it might have gotten him somewhere, certainly better than 38 percent. The fact the DPI took down the guidelines from its website after online columnists began to shine light upon them shows the sensitivity of the matter. Certainly Evers nor his upper management staff was not going stand up for an educational program which condemns persons  for racism simply by the fact of their skin color rather than by word or deed. Indeed, given the fact that whites will no longer be a majority of population by the middle of the century due to immigration and birth rates (and white males even more so), one wonders why anyone in a position of responsibility would entertain such mad if not racially incendiary ideas in the first place? But that’s whole point. If one cannot use white’s majority status as means of guilt no longer,  then other means will have to suffice, even if it’s to brand whites with the Mark of Cain to indicate permanent sinfulness (as whites in the South know all to well) which cannot be washed off.

I myself cannot wait for such minority status to take place because it will mean the Cultural Marxists will have a hard time kicking around white people anymore. The fact such theories are being discussed with any kind of seriousness, let alone being tried in a K-12 school, shows their desperation. If one’s proof of “white privilege” can easily be proven BS by any visit to a trailer park, then it will be rewarding to see such awful people get their comeuppance. But what’s sad is that such well-off people who should know better would be willing to deny a person’s humanity and their poverty and their struggles to make ends meet in this country simply because of their skin color. Is that not racism? Such Leftists are no better than those on the Right who want to pretend the class struggle doesn’t exist in the U.S.  They just do it for different reasons.

Pat Buchanan Takes on Free Trade

Here’s one to warm the hearts of our old school paleo readers. (Is there such a thing as a new school paleo?) Pat Buchanan takes on free trade. Brings back memories, doesn’t it?

Since CHT worked hard to stop the Korea “Free Trade” Agreement, here is what Pat has to say about that.

What about South Korea, the country with whom we signed a free-trade deal in 2012?

U.S. exports to Korea fell last year, and due to a surge in imports our trade deficit in goods with South Korea soared 25 percent to $16.6 billion.

Seoul’s trade minister who cut that deal and cleaned our clock should get a medal and the kind of bonus Americans reserve for people like hedge fund managers and the folks who ran Fannie and Freddie.

Rep. Steve Stockman Waffles on Debt Limit

Say it isn’t so Steve. Please say it isn’t so.

Among those voting with Boehner were Reps. Steve Stockman (R-Tex.) and Mick Mulvaney (R-S.C.), who just three weeks ago refused to support Boehner in the formal vote for House speaker. Later, after the measure easily amassed enough votes to pass, Stockman joined some other conservatives in switching his vote to “no” — a sign that he opposed the measure but was willing to support Boehner if his vote had been needed.

Read more…

 

When I wrote below that I was anxious to see the roll call on this vote, I thought to myself that Stockman was sure to be one of the no votes. What a disappointment. And no, switching your vote to a “no” doesn’t count.

 

The Club for Growth Pulls a Norquist and Gives Cover to Debt Limit Cave-in

This is pathetic. Looks like the Club for Growth needs some of that left-over Lance Armstrong testosterone also. The headline says it all: “Club for Growth Gives GOP Cover on Debt Vote” And all the hand-wringers at The American Conservative say the problem is GOP intransigence. If only.

The conservative Club for Growth announced Tuesday that it will not oppose the House vote to temporarily extend the government’s borrowing capacity, a move that could provide the GOP rank and file cover to approve the measure.

House Republican leaders are bringing a bill to the floor Wednesday that would raise the debt ceiling without making commensurate cuts — the first time they have dropped that demand since 2011’s debt limit fight — but contingent upon Senate Democrats approving a budget, which they have not done in more than three years.

“The Club for Growth will not oppose tomorrow’s vote on the debt ceiling,” Club for Growth President Chris Chocola said in a statement. “The Club for Growth will, on the other hand, strongly oppose any efforts during the upcoming debate over the continuing resolution and sequester that fail to arrest out-of-control spending and put sensible limits on the growth of government.”

Read more…

 

Rand Paul to Vote Againts Raising Debt Limit

Not every Republican is wussing out on the debt limit. Rand Paul isn’t.

Senator Rand Paul says he plans to vote against raising the nation’s debt limit as leverage to force the White House into budget reform…

“I’m not in favor of raising the debt ceiling unless we have significant budgetary reform which shows we have changed our ways and we’re going to begin to balance the budget,” Paul said.

Rand Paul says President Obama’s refusal to negotiate over the debt ceiling simply means he’s not going to reduce spending or the government.

“I don’t think the President is accurate when he says, ‘Oh, we have to pay our bills’ because raising the debt ceiling doesn’t pay your bills. It pays the interest on your bills and you keep accumulating more,” Paul said.

Read more…

Campaign for Liberty Statement on Republican Debt Limit Cave

SPRINGFIELD, Virginia – Campaign for Liberty released the following statement from C4L President John Tate today blasting House GOP leadership after they announced a debt ceiling plan that indicates the GOP retreat will continue when they return to Washington:

“The Republican retreat was only supposed to last a week, but now it appears it will last the entire 113th Congress. With a $16 Trillion national debt, it is the very definition of insanity for so-called ‘fiscal conservatives’ to hand President Obama – the biggest spender in our nation’s history – a blank check to continue his irresponsible spending and pile even more debt on the backs of our nation’s children.  The GOP’s preemptive surrender to President Obama and Harry Reid’s demands, allowing an increase in the debt ceiling without any real spending cuts, is further evidence why the American people are right to have absolutely no confidence in their elected leaders. As the House GOP is one of the few defenses the American people have against President Obama’s runaway spending, it is way past time for Speaker Boehner and the rest of the House GOP Leadership to listen to the American people, stand up, and finally say, ‘Enough!’”

On Debt Limit, Republicans Flinch Again

Could the Republicans look any more spineless if they tried? What a pathetic bunch of wusses! “Let’s kick the can down the road three months because things will be different then. Really they will. We promise.” Yeah right. Someone call Lance Armstrong. Maybe he has some left-over testosterone he could give the Republicans. They sure need it.

I’m very curious to see the roll call on this vote when it is taken. Some “conservatives” have already signed on.

Fiscal Cliff Compromise Near?

Maybe.

Working with Congress against a midnight deadline, President Barack Obama said Monday that a deal to avert the “fiscal cliff” was in sight but not yet finalized. The emerging deal would raise tax rates on family income over $450,000 and individual income over $400,000 a year, increase the estate tax rate and extend unemployment benefits for one year.

Read more…

Make no mistake here, any Republican who votes for this compromise is voting for a tax increase whether Grover Norquist gives them cover or not. If this passes the spineless Republicans will have been worked again.

Update: There will be no vote tonight.