On August 15, 1971, President Nixon announced to the world that the U.S. Government is defaulting on its promise to redeem dollars to foreign institutions that had the right to exchange their greenbacks for gold at the official rate of $35 dollars per ounce. This is in an example of a bad default because the U.S. Government had the legal obligation under the 1944 Bretton Woods agreement that shaped the postwar international monetary system to maintain the dollar as the world’s reserve currency by making it redeemable into gold at a fixed rate.
Archive for the ‘Federal Government’ Category
The end of free speech in America?
24
Jul
Below is an excerpt from an interview with Bernie Marcus, co-founder of Home Deport, published in Investor’s Business Daily, July 20, 2011. Mr. Marcus in the interview criticizes the Obama administration for the torrent of regulations that is stifling small businesses and job creation.
Raise the debt ceiling…to $100 trillion
13
Jul
The negotiations between President Obama, Speaker of the House Boehner and other Republican congressional leaders about raising the debt ceiling and cutting the deficit have stalled because the president wants to increase taxes as part of a “balanced approach” to the federal government’s fiscal imbalances. Republicrats assert that higher taxes are “off the table.”
Ayn Rand, Jesus and the morality of the welfare state
16
Jun
In the summer of 1969, my wife and I were visiting her sister’s family in Utica, New York. One day we took a ride to Syracuse and stopped in a bookstore where I bought a copy of Ayn Rand’s Capitalism: The Unknown Ideal. Having been a history major and interested in economic issues, I eagerly read the collection of essays by Rand, Alan Greenspan and others. I especially was intrigued with Alan Greenspan’s “Gold and Economic Freedom,” where he makes the case that the Federal Reserve’s easy money policies of the 1920s caused the boom that led to the stock market crash.
Ron Paul and the Pandering Six
14
Jun
At the GOP presidential debate in New Hampshire on June 13th, the seven candidates gently sparred on most of the issues that have taken front and center in the campaign—jobs, Medicare, taxes, government spending, and military intervention. Rep. Michele Bachmann announced she would make her formal announcement for president soon.
Anthony Weiner: Power hungry narcissist
07
Jun
Rep. Anthony Weiner now admits he lied after denying to the press for several days he sent lewd photos from his Twitter account to women he does not know. The New York City representative, who has been an elected official for 20 years, virtually all his adult life, lied through his teeth to everyone about his extracurricular activities.
How to end U.S. wars
21
May
What is the difference between George W. Bush and Barack Obama? The former gave us wars in two countries when he promised the American people a “humble” foreign policy and no nation building when he was the GOP presidential nominee in 2000, while the latter positioned himself as the “peace” candidate in 2008—and won overwhelmingly but is escalating military intervention in other Middle Eastern nations. In short, the only major difference between Bush and Obama is that one is a white neoconservative and the other is a black neoconservative.
Dr. Eck on the insurance cartel
17
May
Dr. Eck’s essay is must reading for anyone who thinks government health care policies are helping the average American family and why the insurance industry is part of the problem. See Dr. Eck’s essay, The [Insurance] Empire Strikes Back.
The Republican Jewish Coalition and Ron Paul’s presidential candidacy
14
May
The day before Rep. Ron Paul announced his bid for the Republican nomination for president, the Republican Jewish Coalition issued a press release on May 12th, “RJC Expresses Concern about Ron Paul Candidacy.”
Who won the first GOP presidential debate?
06
May
No one “won” the first GOP presidential debate Thursday night in South Carolina. There were no “body blows” and gaffes, but three of the candidates continue to support America’s warfare state while Rep. Ron Paul and former New Mexico governor Gary Johnson want U.S. troops withdrawn from Afghanistan ASAP now that Osama Bin Laden is dead.
The Madoffcrats are in control…for now
19
Apr
Rep. Steve Rothman (D-NJ9) held a pep rally for Medicare with seniors at a Fair Lawn dinner yesterday. The seniors at the meeting reflected on their illnesses and praised Medicare for paying for their surgeries, treatments, etc. Of course, seniors love Medicare; the general population heavily subsidizes it. If seniors had to pay the full cost of Medicare, the premium for each beneficiary would be approximately $11,000.
Pick your poison: Ryan’s welfare state versus Obama’s statist vision for America
17
Apr
Rep. Paul Ryan (R-WI), chair of the House Budget Committee, and all but four of his fellow Republicans passed a budget for fiscal 2012 on April 15. No Democrat voted for the Ryan budget. The Senate, controlled by the Democrats, will not approve Mr. Ryan’s “path to prosperity.”
GE pays zero federal taxes…so should you!
27
Mar
The New York Times, in a front-page article, reported that General Electric paid no federal income taxes in 2010. Should Americans be angry that one of the world’s largest corporations paid no federal income tax while middle income and upper income Americans pay federal, state and in some cases city income taxes?
Impeach Obama…and most of Congress, too
21
Mar
The United States and other nations have launched a so-called humanitarian military campaign sanctioned by the United Nations against Libyan dictator Muammar Khadafy because he continues a relentless assault against a rebel uprising. The principle that a world organization can approve an attack on a sovereign nation—admittedly a country run by a dictator—is the height of arrogance and in the final analysis self defeating.
Give me, give me, give me
05
Mar
In two separate rallies in Trenton, teachers and then police officers, fire fighters and EMS personnel showed their support for Wisconsin teachers and for public sector unions in general. The rallies have a common theme: public sector employees apparently do not appreciate the severity of the fiscal reality facing states and municipalities around the country, and want to preserve their “rights.” Most state governments are broke and their pension plans and retiree health benefits may be underfunded by as much as $3.5 trillion.