MONEY: Sneering at Ron Paul and “End the Fed”

Friday, January 8, 2010

http://curiouscapitalist.blogs.time.com/2009/12/29/visiting-ron-pauls-fed-free-utopia/?xid=rss-topstories

Visiting Ron Paul’s Fed-free utopia
Posted by Justin Fox
Tuesday, December 29, 2009 at 2:22 pm

*** begin quote ***

As for his welfare state argument, there’s surely something to it, but not nearly as much as Paul seems to think. In the post World War II era, Germany has followed much more of a hard-money (that is, Ron-Paulish) line than the U.S., yet it has a much bigger welfare state. So the growth of government can be a political choice, not just the result of the machinations of central bankers.

*** end quote ***

It’s hard to imagine the Germans creating their welfare state WITHOUT a fiat currency. That’s what enabled them to create the state without seizing the nation’s wealth silently. If there was a non-fiat monetary base (i.e., gold or competing currencies), then the German politicians would have had to inflict pain on the wealth holders to acquire the funds to give away. With a fiat currency, they can silently inflate away wealth without taxes.

Note that gold isn’t necessary. Repealing the legal tender laws would allow the folks to use a non-inflating alternative.

From times long past, sovereigns always debased the currency to serve their needs. I cite the French Franc from Louis 1 to 17. And rest my case.

# # # # #

1 Comment | MONEY | Tagged: | Permalink
Posted by reinkefj

MONEY: Time to get “small”

Thursday, January 7, 2010

http://www.newsweek.com/id/228428/output/print

Survivalism Lite
They call themselves ‘preppers.’ They are regular people with homes and families. But like the survivalists that came before them, they’re preparing for the worst.
By Jessica Bennett | Newsweek Web Exclusive
Dec 28, 2009

*** begin quote ***

In the end, what it all boils down to, at least for the preppers, is self-reliance—a concept as old as the human race itself. As survival blogger Joe Solomon pointed out in a recent column, during the Victory Gardens of WWII, Americans managed to grow 40 percent of all the vegetables they needed to survive. “My mother’s parents had a 10-acre garden, and my grandfather worked at the dairy farm next door,” says Hill, the former jet mechanic. “They worked by raising their own food, they had their own chickens, they canned vegetables, and my grandfather fed a family of 12 like that.” But in the modern world, he says, many of those skills are easily forgotten. Today, our food comes from dozens of different sources. Most of us aren’t quite sure how electricity gets from the wires to our stoves. We use debit cards to buy a can of tuna and we wouldn’t have the slightest idea how to filter contaminated water. We are residents of the new millennium; we simply haven’t needed to prepare.

*** end quote ***

Hard times are coming. While it may not be TEOTWAWKI (The End Of The World As We Know It), there’s no doubt that it will represent a lesser standard of living for everyone.

Get “prepared”!

# # # # #

Leave a Comment » | MONEY | Tagged: | Permalink
Posted by reinkefj

MONEY: Fun way to get the message across

Sunday, January 3, 2010

Bullion Is A Girl’s Best Friend

ROFL!

Leave a Comment » | ADMINISTRIVIA, MONEY | Tagged: | Permalink
Posted by reinkefj

MONEY: Plan for your OWN retirement; gooferment workers are retiring better than you can!

Friday, January 1, 2010

http://www.foxnews.com/politics/2009/12/22/extending-federal-benefits-sex-couples-cost-m-cbo-says/?test=latestnews

Updated December 26, 2009
Extending Federal Benefits to Same-Sex Couples Will Cost $898M, CBO Says
  FOXNews.com

*** begin quote ***

Extending federal benefits to same-sex couples will cost taxpayers $898 million over the next nine years, according to an analysis of “domestic partnership” legislation released last by the Congressional Budget Office.

The CBO said in its Dec. 17 report that the House version of the Domestic Partnership Benefits and Obligations Act — H.R. 2517 — would cost $596 million in direct spending and $302 million in discretionary spending through 2019.

The independent nonpartisan agency found that “providing additional health insurance benefits through the Federal Employee Health Benefits (FEHB) program” — for active and retired gay federal workers with spouses — “causes the largest increase in both mandatory and discretionary spending — $590 million and $266 million, respectively.”

*** end quote ***

Sounds like we have to examine the cost of ALL gooferment benefits.

We need to ELIMINATE the concept of benefits and pensions from employment.

Pay folks what they are worth and allow them to buy the benefits that they wish.

Life insurance is something folks buy on their own. Why not everything else as well. Let people save for their own retirement and balance current needs versus future ones.

Big brother gooferment is taking “Social Security” taxes and spending everything. If an insurance company did it, the execs would be in jail. It’s a Ponzi scheme.

# # # # #

Leave a Comment » | MONEY | Tagged: | Permalink
Posted by reinkefj

MONEY: Intergenerational Theft

Wednesday, December 30, 2009

http://tslrf.blogspot.com/2009/12/book-review-generation-debt-why-now-is.html

Friday, December 25, 2009

Book Review: Generation Debt, Why Now Is A Terrible Time To Be Young

*** begin quote ***

I just finished the book Generation Debt: Why It Is A Terrible Time To Be Young. Honestly I think if you are 18-35 or have a kid in that age range you should read this book. Here are some interesting snippets of the book:

*** and ***

-The cause is not a temporary recession but structural changes in the economy. In income and occupation prestige, young adults are behind where their parents were at their age.

*** end quote ***

At Christmas eve dinner, we had a discussion on this topic.

The kids didn’t understand that we were talking about their economic future.

Unfortunately, they are going to have to live thru this economic disaster.

They will have to be smart with their money. Very smart. Which to date, I have NOT seen evidenced by any young people. Or some old ones either.

# # # # #

# # # # #

Leave a Comment » | MONEY | Tagged: | Permalink
Posted by reinkefj

MONEY: Making a Loan Shark look good

Friday, December 18, 2009

http://www.impactlab.com/2009/12/18/subprime-credit-card-issuer-raising-interest-rate-to-79-9/

December 18th, 2009 at 9:56 am

Subprime Credit Card Issuer Raising Interest Rate To 79.9%

*** begin quote ***

In a recent mailing for a preapproved card, First Premier lowers fees to just that limit — $75 in the first year for a credit line of $300. But the new law doesn’t set a cap on interest rates. Hence the 79.9% APR, up from the previous 9.9%.

*** end quote ***

Good law!

People can’t look to the gooferment for protection.

Self-defense is only course.

Worse than the Mafia?

# # # # #

Leave a Comment » | MONEY | Tagged: , | Permalink
Posted by reinkefj

MONEY: The Roth IRA Conversion Conundrum

Monday, December 14, 2009

http://www.edelmanfinancial.com/galleries/default-file/ipf_12_09.pdf

Ric Edelman in “The Roth IRA Conversion Conundrum” points out while you CAN convert your IRA to a ROTH. Unless the circumstances are just right, you shouldn’t. Why all the BUZZ about doing it? Well guess who makes out if you do it? Yup, the brokers and the gooferment! Paying taxes when it is not needed or wrong is always disastrous

# # # # #

Leave a Comment » | MONEY | Tagged: , , | Permalink
Posted by reinkefj

MONEY: The TEO trigger

Thursday, November 5, 2009

I “think” the TEOTWAWKI trigger will be the Obama “economy”. Or lack there of. “Health Care” will bust the budget. “Cap and Tax” will both bust the budget and kill economic activity. Pricing oil in Euros will be the equivalent of a tax increase, damping the economy, and killing the dollar. (Remember we killed Saddam for even suggesting pricing oil in gold.) Government Motors, all the bank takeovers. AND, tah dah, the FED is secretly monetizing the debt (i.e., use saw the shadow buyers of Treasury debt who turn around and sell it the NEXT DAY). Argh!

# # # # #

Leave a Comment » | MONEY | Permalink
Posted by reinkefj

MONEY: Stats with a weak dollar?

Wednesday, November 4, 2009

http://www.bargaineering.com/articles/your-take-are-we-out-of-the-recession.html/

Your Take: Are We Out Of The Recession?
by Jim Wang

*** begin quote ***

Yesterday, the Department of Commerce reported that the annualized GDP (gross domestic product) grew to 3.5% in third quarter. This is significant because, by definition, a recession is two straight quarters of shrinking GDP. A 3.5% increase in GDP would mean, at least technically, the recession was over. Four straight quarters of negative GDP growth, the worst of which was the first quarter of 2009 (-6.4%), has finally come to an end.

Hooray! Right?

*** end quote ***

I’d point out that the weak dollar should influence our judgments. If the stock market goes up 50% but the dollar goes down 50% versus gold, the Euro, or some other “standard”, then did the market go up at all? Like fish in a tank, we can’t sense anything but water. Bad metaphor, can’t think of a good one. It’s like a football team gaining ground but the “year” gets redefined as the game proceeds. IT feels like we are losing ground on a “financial treadmill”. AND, give the gooferment’s tendency to make stuff up (i.e., jobs “saved” or “created”), especially if it’s a nebulously defined concept, I’m cynical about being “out of the recession”. The Titanic had its ice deliver but didn’t sink right away. Maybe we’re seeing the same thing. All that printing press money has to come home to roost.

# # # # #

Leave a Comment » | MONEY | Tagged: | Permalink
Posted by reinkefj

MONEY: M note; not C note

Tuesday, October 27, 2009

http://www.bloomberg.com/apps/news?pid=20601039&sid=aY6fyCTnmgh0

Dollar’s Doom Puts a Face on New $1 Million Bill
Commentary by David Reilly

*** begin quote ***

Oct. 23 (Bloomberg) — Forty years ago, the U.S. government said the $100 bill would be the highest-denomination note. With the Federal Reserve now trying to print its way out of the financial crisis, it may be time to revisit that decision.

*** end quote ***

Guess we’ll need trillion dollar notes like Zimbabwe!

# # # # #

Leave a Comment » | MONEY | Tagged: | Permalink
Posted by reinkefj

« Previous Entries
Next Entries »