Now, some experts are calling for the elimination of CASH.
Like gold, it's a "barbarous
Financial Times editorial calls on authorities to consider phasing out
the use of cash — by everyone, not just governments. This is
what it has come down to. The government has run down the value of the
dollar to less than 2% of what it was worth when our parents were born.
Now it is itching to ban the use of banknotes and gets an endorsement
from, of all broadsheets, the 'world business newspaper.' The FT refers
to the banknotes as another ‘barbarous relic,’ which, it says, is
the 'moniker Keynes gave to gold.' BARBAROUS
through the excitement of the recent stock market correction brings
commentaries from everywhere. This one, from Professor Martin
Feldstein, caught our eye. 'THE EQUITY-MARKET DOWNTURN IS THE
INEVITABLE RESULT OF THE CENTRAL BANK'S POLICIES. THE UNWINDING
WILL LIKELY CONTINUE FOR MONTHS."
Chris Martenson helps
us make sense of the market plunge from another angle: "Most
of the gains in financial assets engineered by the central banks were
false and destined to burst because they were based on bubble
psychology, not actual returns.
"Which bubbles you ask? There are almost too many to track. But
here are the main ones:
- Corporate bond bubble
- Corporate earnings bubble
- Junk bond bubble
- Sovereign debt bubble
- Equity bubbles in various markets (US, China) and
sectors (Tech, Biotech, Energy)
- Real estate bubbles, especially in the commodity
- Central bank credibility bubble (perhaps the
largest and most dangerous of them all)
"What’s the one thing that binds all of these
bubbles together? Central bank money printing.
contrast, here's a dumb remark from a famous left-wing economist:
reasonable argument to be made that part of what ails the world economy
right now is that governments aren’t deep enough in debt."
Paul Krugman, a famous left-wing economist, threw caution to the
winds and came out for more government debt as a solution to the lethargic
Well, if it
wasn't caution he threw into the wind it was certainly common sense.
It smacks of the loan shark saying "Hey there, friend! In debt
over your head? At your wit's end? Here's a solution to your
problem. Take out another loan! "
Perhaps being a Nobel
Laureate provides Dr. Krugman with insight we earth-bound beings can't
fathom. But the historical record is very clear on the danger of
excessive debt - be it personal, business, or government.
David Stockman slices
Krugman's dangerous recommendations to ribbons. We recommend you
download it for future reference, because he has loaded his response
with useful hard numbers and plenty of helpful graphs. Deifying
the Public Debt
And if you've been
puzzling over the route the Fed's money took into the pockets of Wall
Street's high rollers,,Stockman explains:
"In fact, the real point about the government
debt market in today’s central bank rigged financial system is that it
has become a venue for state sponsored thievery. That is to
say, when the Fed pegs the front end of the curve at zero for 80 months
running and then pours $3.5 trillion of fiat purchasing power into buying
the rest of the treasury curve, including mortgage-backed agency
securities, in order to boost bond prices and lower yields, it is creating
a virtually risk free arbitrage for Wall Street gamblers. And that
serves no public purpose whatsoever, except to transfer massive
windfall profits to the most adept gamblers among the 1%."
Now, ask yourself:
"How the hell has the Fed's currency creation program done anything
for the middle class?"
Exactly WHAT is a
Mr. Lipsky wrote that in a New York Sun editorial October
3,2013. He was making the point that the Federal Reserve note is not
a dollar. It never was. The note, by definition an IOU, was
redeemable in lawful money until late 1963. It could be redeemed at
will in the real stuff. A silver dollar, or four silver quarter
dollars, or a couple of half-dollars...as one wished. It's still
evidence of debt and is still "legal tender" but can't be
redeemed for money. It trades only for other such debt instruments or
for goods and services.
|| "If one take a Federal
Reserve note into the Treasury and asks for it to be redeemed, one
will receive another Federal Reserve note or metal slugs denominated
in dollars or parts thereof." ~Seth Lipsky
How the American dollar sank into such
disrepute is, we think, a fascinating story and worth some
attention...particularly by the herd of candidate vying for nominations to
the office of U.S. President. Can any of the would-be office holders
even DEFINE the noun "dollar"?
“The whole world sucks, and
everybody thinks it’s gravity.”
finds literature on a men's room wall.
| "Art is mostly
fraud perpetrated by narcissistic academic quacks on a public easily
gulled. They should be prosecuted. This is as true of literature as
of painting and sculpture. If modern sculpture were placed in a
junkyard, art critics couldn’t find it. Most of what we are told
are great works are great works only because we are told that they
are." The Nonexistence of Art
person's treasure is another person's trash."
The master of curmudgeonry, Fred Reed,
takes a look and sees a lot of overpriced trash. We have no
objection to folks of artistic bent creating whatever kind of
"art" they wish - but it galls us to see our taxes pay for
Mr. Reed's complaint about
art is chiefly aimed at art critics whose praise of an abstract splash of
paint can make it absurdly expensive. However, we admit to being out
of step with things when it comes to "art appreciation."
We're not fond of rackety
rock 'n roll overridden with drum beating and squealing guitars,
either. The tunelessness of it may account for the fact one rarely
hears anyone in the street whislting the popular songs of the day.
There's no discernable melody!
Another artistic endeavor
we dislike is the writing of artistic prose and calling it
"poetry." When read aloud, even by the author in
appropriate solemn tones, today's poetry sounds for all the world like
prose. It may be "poetical" but it's mislabeled. A
well structured limerick is harder to write.
Gold money has lasting power!
REUTERS REPORTS that Florida treasure hunters found a trove of $4.5 million
worth of Spanish gold coins 300 years to the day after a fleet of
ships sunk in a hurricane while en route from Havana to Spain, the
salvage owner said on Wednesday.
The 350 coins found on July 30 include nine rare pieces, known as
royal eight escudos, which were being transported to the King of
Spain, according to Brent Brisben. His company, 1715 Fleet - Queens
Jewels, owns the rights to the wreckage.
Only 20 such coins were known to exist prior to the recovery of the
nine royals, Brisben said.
"The gold looks like it fell into the water yesterday,"
said William Bartlett, 51, the diver who spotted the haul. Gold
Gold has served as a
store of wealth for several thousand years. One of the
reasons it does the job so well is that it doesn't deteriorate after
exposure to the elements, including the salt water. As the diver
who found this trove say, "The gold looks like it fell into the
to the rescue in Greece."
Greece gets a
euro bailout now and perhaps some bitcoin ATMs in October.
ITEM: BTCGreece, which bills itself as the country's
first bitcoin exchange, plans to eventually install 1,000 ATMs
nationwide, in partnership with European bitcoin platform,
through the confusion.
Pat Buchanan, prompted by Donald Trump's opinion on the matter, examines
the contentious immigration issue.
"Germany, which took in 174,000
asylum seekers last year, is on schedule to take in 500,000 this
year. Yet Germany is smaller than Montana.
"How long can a
geographically limited and crowded German nation, already
experiencing ugly racial conflict, take in half a million Third
World people every year without tearing itself apart and changing
the character of the nation forever?
"Do we think the riots and
racial wars will stop if more come?" The Issue of
But the U.S. is so
huge, compared to Germany. Buchanan contends, however, that
we-the-people have the right to choose how large the population of
immigrants becomes and how rapidly we adopt them.
This rhyme was posted here several months ago.
Nothing much has changed.
||Opinions from the left - opinions from the right.
Mix them all together to create an awesome plight.
Is compromise the answer? Do cool heads still prevail?
NO. The texting masses just prefer to rant and rail.
ISIS is a threat - our economy drives us nuts.
And don't forget the possibility of sev'ral budget cuts.
Obama can't do anything. He's acting quite absurd.
Once again the world is hanging on Janet Yellen's every word.
She cannot admit it. She mustn't say a thing.
But Quantitative Easing was like pushing on a string.
She wants inflation higher. It will "make things come alive."
But the Fed is strangely failing no matter how they strive.
We'd like to see sound money return to save the day
With long forgotten lessons returning into play.
It's contrary to the experts. They tell us "take on debt!"
But the truth is just the opposite. Stay solvent and you're set.
Pay no attention to the windbags when they rise to speak.
No debt and some savings is what we all should seek.
Eliminate the confusion. Let reality break through.
Let's restore the Constitution. It's up to me and you. ~JW
Centennial Monetary Commission Act
The Centennial Monetary Commission Act (CMCA) (H.R. 1176) would
“establish a commission to examine the United States monetary
policy, evaluate alternative monetary regimes, and recommend a
course for monetary policy going forward.” This bill, originally
introduced by Representative Kevin Brady (R–TX), and a companion
bill introduced by Senator John Cornyn (R–TX), would provide a
much needed public forum for experts to evaluate the Fed’s overall
performance and mission. The commission’s recommendations would
not bind Congress to make any particular changes, but it would
provide Members of Congress with information they need to fulfil
their constitutional responsibilities for monetary policy.
unlikely anybody will pay attention to this obscure proposal,
particularly now in the gossipy political atmosphere Americans seem
to prefer. The entertainment media know this and are bending
over backwards to provide plenty.
Candidates don't want to
talk about anything as mundane as Congressional responsibility for
the substance and manufacture of money, and citizens complain they
can't get their hands on enough of it but have no interest in
discovering why the monies of the world buy less and
All the Centennial Monetary
Commission Act does, basically, is create an official committee to
look into the matter and provide Congress with detailed information
with which to make decisions to make repairs to our struggling