Okay, the Fed’s recent decision to boost its monetary stimulus (a.k.a. “money printing,” “quantitative easing,” or simply “QE”) by another $45 billion a month to a combined $85 billion per month demonstrates an almost complete departure from what a normal person might consider sensible.
If we run into such debts as that we must be taxed in our meat and in our drink, in our necessaries and our comforts, in our labors and our amusements, for our callings and our creeds, as the people of England are, our people, like them, must come to labor sixteen hours in the twenty-four, and give the earnings of fifteen of these to the government for their debts and daily expenses; And the sixteenth being insufficient to afford us bread, we must live, as they now do, on oatmeal and potatoes; have no time to think, no means of calling the mismanagers to account; but be glad to obtain subsistence by hiring ourselves to rivet their chains on the necks of our fellow sufferers; And this is the tendency of all human governments .
A departure from principle in one instance becomes a precedent for a second, that second for a third, and so on till the bulk of the society is reduced to be mere automatons of misery, to have no sensibilities left but for sinning and suffering… And the fore-horse of this frightful team is public debt. Taxation follows that, and in its train wretchedness and oppression.
We cannot keep postponing structural changes to our largest entitlement programs,” Cornyn added. “And unless we are happy with a tax code that wastes economic resources, stifles job creation and promotes crony capitalism, we cannot keep delaying genuine tax reform.
Senator John Cornyn via Republicans to Democrats: ‘We’ve done our part’ in fiscal crisis negotiations | Fox News.
Whoever knew that financial black holes contain fiscal cliffs? Amazing.
I don’t think the defense budget can be made…sacrosanct…. But the real money [is] in the entitlements, it’s Social Security and Medicare and Medicaid. And unless we do something about those, you can’t balance the budget.
Former Secretary of State, National Security Adviser and General (RET) Colin Powell
The debt does pose a potential threat to our national security ….
Director of National Intelligence, Lieutenant General (RET) James Clapper
Now that Barack Obama has won re-election, the parallels … to him and FDR seem stronger than ever. In terms of government spending, George W. Bush’s second term can now be viewed as Herbert Hoover redux, and Obama’s additional ramping up of the Bush spending explosion eerily mimics FDR’s post-Hoover strategy. Perhaps the most breathtaking parallel between FDR’s and Obama’s Big Government agendas is this: In his first five years in office, FDR spent more than the previous 31 presidents combined; in eight years as president, Obama will have doubled the national debt accumulated by all 43 of his predecessors (unless, of course, Uncle Sam’s farcical finances blow up before then).
Economist, Dr. Mark Hendrickson via Obama: The Second FDR Rather Than the Second Carter | Forbes
It seems that some people are getting a little carried away since the election. Even Donald Trump has made statements on Twitter that seem to incite violence. Is Donald Trump guilty of sedition?
“We should have a revolution in this country.” That was the opinion of Donald Trump after President Obama won re-election…
I’ve received several inquiries today from concerned preppers asking what changes they should make to their preparedness plans in light of the recent election results so I gave some thought to the prepping consequences of the election and here’s what I’ve come up with…
First off, by a margin of roughly 2.5% (popular vote – as of the writing of this article) the citizens of the U.S. have chosen a path that clearly encourages dependence as opposed to self reliance…make no mistake though, the Republicans would have been better…but not by orders of magnitude. For those in the depths of post-election depression let me point out that this country survived over 12 years of Franklin D. Roosevelt’s equally flawed economic strategies. A huge portion of our population continues to work hard in spite of an ever increasing tax burden, adapts to changes instead of giving up, and finds ways to succeed instead of being frustrated into paralysis by red tape and institutional favoritism. This country still has the biggest economic engine in the world idling under the hood and the most stable and successful form of government (but for some reason we always impose parliamentary governments on the countries we conquer).
So back to the question at hand…what are the prepping consequences of the election? Continue reading
A ‘Judas Goat’ is a goat trained to associate with other herd animals, primarily sheep or cattle and lead them to slaughter. By following the Judas Goat the unsuspecting livestock calmly walk right up to their own demise. When it comes to taxation, make sure that you don’t follow the Judas Goat!
I’m consistently amazed at the stupid things that celebrities say and the questionable causes they support. Just look at how many celebrities have been hoodwinked by the extremist group PETA into endorsing their agenda and even posing naked to support it. I understand the need to ‘make a difference’ in the world but do your homework folks! The worst of these celebrity ’causes’ is the recent rash of celebrity ‘tax the rich’ and last year’s ‘support Occupy Wall Street’ celebrity endorsements.
These tax-increase celebrities remind me of that Judas Goat…with their expectation that we will be so star-struck that we calmly follow them into taxmeggeddon. Even seemingly rational businessmen like Warren Buffet have chosen to play the Goat. My only guess is that if you’ve accumulated all the wealth you’ll ever need than it’s worth it to deflect the animosity of the class envy by saying “no, really, I should be taxed more” or maybe the motivation is just guilt.
The problem with the Judas Goat is that his or her approach doesn’t lead to the Goat’s slaughter…just the rest of us. If you really believe you should pay more taxes it’s easy to do…just look how hard most U.S. citizens work to keep their tax burdens manageable. Continue reading
Situational awareness is a key element of survival and today, situational awareness must be global. Today we present news to know from the past week (or so) with a dab of commentary:
An electromagnetic pulse attack — the ‘other’ Iranian nuclear threat: EMP is a game changer…a nuclear strike on a major city could be less damaging to the U.S. than a well executed EMP attack on the homeland in terms of lives lost and property damage and financial loss.
al-Qaeda-linked group could have advanced weapons after joining Syria rebels in seizing missile defence base:
Iran Strikes Back: Iranian cyberattack on the U.S. financial system. Let’s face it folks, we’re now in a perpetual state of war even when we pull out of Afghanistan.
Enter At Your Own Risk: Police Union Says ‘War-Like’ Detroit Is Unsafe For Visitors: How did Detroit get here…read this excellent article by Porter Stansberry…there but for the grace of God go the rest of U.S.
The Danish agent, the Croatian blonde and the CIA plot to get al-Awlaki: You just couldn’t make this stuff up! Continue reading
Nobody really knows what will work to get the economy back on course. And nobody-in fact, no central bank anywhere on the planet-has the experience of successfully navigating a return home from the place in which we now find ourselves. No central bank-not, at least, the Federal Reserve-has ever been on this cruise before.
Dallas Federal Reserve President Richard Fisher in a recent talk before a Harvard Club audience
In short, it is a paradoxical truth that … the soundest way to raise the revenues in the long run is to cut the rates now. The experience of a number of European countries and Japan have borne this out. This country’s own experience with tax reduction in 1954 has borne this out. And the reason is that only full employment can balance the budget, and tax reduction can pave the way to that employment. The purpose of cutting taxes now is not to incur a budget deficit, but to achieve the more prosperous, expanding economy which can bring a budget surplus.
President John F. Kennedy, Nov. 20, 1962
Situational awareness is a key element of survival and today, situational awareness must be global. Today we present news to know from the past week with a dab of commentary:
The truth of the matter of is that stimulus money not only doesn’t stimulate; it actually reduces output.
Dr. Arthur Laffer