By Dominique de Kevelioc de Bailleul
No hints from the Fed about QE3 is the latest ‘bad’ news coming out of Bernanke’s testimony to Congress this week. Gold sells off.
But Mike Krieger, a regularly featured contributor to zerohedge.com, stated he senses the Fed’s preparatory language to markets before formally announcing policy changes is now null and void.
“I have no idea why anyone is making a big deal about The Bernank’s testimony to Congress today,” Krieger began his article. “There was no way he was going to come out with anything meaningful. . . In fact, I am 100% certain that The Bernank merely wants to toe the line as carefully as possible and at the same time get some nice propaganda out there to the sheeple.”
Krieger goes on to state he expects “a massive wave of liquidity” from the Fed, but doesn’t expect the U.S. central bank to pull the trigger at the conclusion of the next meeting scheduled later this month, though many analysts believe making a formal announcement during the summer months before the fall election will camouflage enough the Fed’s role in aiding incumbent parties with easy money as a way to boost asset prices and mood of the electorate going into November.
In short, Krieger believes Washington no longer cares about its once-clandestine strong-arm tactics becoming exposed to the world; the Washington ‘elite’ “don’t care” anymore, according to him.
“Maybe in times past [Washington 'elites' cared], when the power structure was a bit more reserved and less blatant about their corruption and manipulations,” Krieger continued. “They don’t hide that stuff anymore. The “elites” in America today are simply gangsters. We have already been officially christened as a Banana Republic.”
No banker has been prosecuted for malfeasance since the crisis began approximately four years ago, lending much credence to Krieger’s seemingly outrageous but arguably correct summation.
Expect Surprise Global QE3 to Shock Markets | Survivalist Investor
Friday, June 8, 2012
Mercantilism, Merchants, and 'Class Conflict' by Murray N. Rothbard
Mercantilism, Merchants, and 'Class Conflict' by Murray N. Rothbard
This article is excerpted from Conceived in Liberty (1975), volume 1, chapter 32: "Mercantilism, Merchants, and 'Class Conflict.'" An MP3 audio file of this article, narrated by Floy Lilley, is available for download.
The economic policy dominant in the Europe of the 17th and 18th centuries, and christened "mercantilism" by later writers, at bottom assumed that detailed intervention in economic affairs was a proper function of government. Government was to control, regulate, subsidize, and penalize commerce and production. What the content of these regulations should be depended on what groups managed to control the state apparatus. Such control is particularly rewarding when much is at stake, and a great deal is at stake when government is "strong" and interventionist. In contrast, when government powers are minimal, the question of who runs the state becomes relatively trivial. But when government is strong and the power struggle keen, groups in control of the state can and do constantly shift, coalesce, or fall out over the spoils. While the ouster of one tyrannical ruling group might mean the virtual end of tyranny, it often means simply its replacement by another ruling group employing other forms of despotism.
In the 17th century the regulating groups were, broadly, feudal landlords and privileged merchants, with a royal bureaucracy pursuing as a superfeudal overlord the interest of the Crown. An established church meant royal appointment and control of the churches as well. The peasantry and the urban laborers and artisans were never able to control the state apparatus, and were therefore at the bottom of the state-organized pyramid and exploited by the ruling groups. Other religious groups were, of course, separated from or opposed to the ruling state. And religious groups in control of the state, or sharing in that control, might well pursue not only strictly economic "interest" but also ideological or spiritual ones, as in the case of the Puritans' imposing a compulsory code of behavior on all of society.
One of the most misleading practices of historians has been to lump together "merchants" (or "capitalists") as if they constituted a homogeneous class having a homogeneous relation to state power. The merchants either were suffered to control or did not control the government at a particular time. In fact, there is no such common interest of merchants as a class. The state is in a position to grant special privileges, monopolies, and subsidies. It can only do so to particular merchants or groups of merchants, and therefore only at the expense of other merchants who are discriminated against. If X receives a special privilege, Y suffers from being excluded. And also suffering are those who would have been merchants were it not for the state's network of privilege.
This article is excerpted from Conceived in Liberty (1975), volume 1, chapter 32: "Mercantilism, Merchants, and 'Class Conflict.'" An MP3 audio file of this article, narrated by Floy Lilley, is available for download.
The economic policy dominant in the Europe of the 17th and 18th centuries, and christened "mercantilism" by later writers, at bottom assumed that detailed intervention in economic affairs was a proper function of government. Government was to control, regulate, subsidize, and penalize commerce and production. What the content of these regulations should be depended on what groups managed to control the state apparatus. Such control is particularly rewarding when much is at stake, and a great deal is at stake when government is "strong" and interventionist. In contrast, when government powers are minimal, the question of who runs the state becomes relatively trivial. But when government is strong and the power struggle keen, groups in control of the state can and do constantly shift, coalesce, or fall out over the spoils. While the ouster of one tyrannical ruling group might mean the virtual end of tyranny, it often means simply its replacement by another ruling group employing other forms of despotism.
In the 17th century the regulating groups were, broadly, feudal landlords and privileged merchants, with a royal bureaucracy pursuing as a superfeudal overlord the interest of the Crown. An established church meant royal appointment and control of the churches as well. The peasantry and the urban laborers and artisans were never able to control the state apparatus, and were therefore at the bottom of the state-organized pyramid and exploited by the ruling groups. Other religious groups were, of course, separated from or opposed to the ruling state. And religious groups in control of the state, or sharing in that control, might well pursue not only strictly economic "interest" but also ideological or spiritual ones, as in the case of the Puritans' imposing a compulsory code of behavior on all of society.
One of the most misleading practices of historians has been to lump together "merchants" (or "capitalists") as if they constituted a homogeneous class having a homogeneous relation to state power. The merchants either were suffered to control or did not control the government at a particular time. In fact, there is no such common interest of merchants as a class. The state is in a position to grant special privileges, monopolies, and subsidies. It can only do so to particular merchants or groups of merchants, and therefore only at the expense of other merchants who are discriminated against. If X receives a special privilege, Y suffers from being excluded. And also suffering are those who would have been merchants were it not for the state's network of privilege.
A Primer on the Shotgun by Brett McKay
Recently I've had the itch to buy a shotgun. It started after I read Creek's post on how to build a survival shotgun. The itch only grew stronger after I became a homeowner (I kind of feel like Kevin McAllister). The shotgun is the perfect weapon for home defense and disaster prep. It's powerful, reliable, and versatile. You can use it to fend off home intruders, hunt for food, or even shoot skeet with your buds.
But as I've discussed before on the site, I'm a complete novice when it comes to guns. I grew up around them, but I just didn't take an interest in them until recently. Before I brought a shotgun into my house, I wanted make sure I knew how it worked and how to fire it safely and correctly.
So I headed over to the U.S. Shooting Academy here in Tulsa, OK to talk to Mike Seeklander, President of the Academy and co-host of Outdoor Channel's The Best Defense. Mike's helped me out before with articles on how to fire a handgun and a rifle. On this trip, he explained the very basics of understanding and firing a shotgun. Today I’ll share what I learned from Mike for those folks out there who are also interested in becoming first-time shotgun owners.
Mike's pump-action and semi-automatic shotguns
A Primer on the Shotgun by Brett McKay
But as I've discussed before on the site, I'm a complete novice when it comes to guns. I grew up around them, but I just didn't take an interest in them until recently. Before I brought a shotgun into my house, I wanted make sure I knew how it worked and how to fire it safely and correctly.
So I headed over to the U.S. Shooting Academy here in Tulsa, OK to talk to Mike Seeklander, President of the Academy and co-host of Outdoor Channel's The Best Defense. Mike's helped me out before with articles on how to fire a handgun and a rifle. On this trip, he explained the very basics of understanding and firing a shotgun. Today I’ll share what I learned from Mike for those folks out there who are also interested in becoming first-time shotgun owners.
Types of Shotguns
Mike's pump-action and semi-automatic shotguns
A Primer on the Shotgun by Brett McKay
Where Have All the Watchdogs Gone? - Truthdig Radio - Truthdig
Where Have All the Watchdogs Gone? - Truthdig Radio - Truthdig: Truthdig Radio airs Thursdays at 4 p.m. Pacific time on 90.7 KPFK in Los Angeles. Check your town’s listings or ask your public radio station to carry Truthdig Radio.
This week on Truthdig Radio in association with KPFK: Putting government watchdogs back to work, filmmaker Robert Greenwald, Occupy funnyman Nato Green, student debt and anarchy historian Thai Jones.
This week on Truthdig Radio in association with KPFK: Putting government watchdogs back to work, filmmaker Robert Greenwald, Occupy funnyman Nato Green, student debt and anarchy historian Thai Jones.
Thursday, June 7, 2012
Yes, That’s a Tampon in My Mouth: The Swiss Army Survival Tampon – 10 Survival Uses
Yes, That’s a Tampon in My Mouth: The Swiss Army Survival Tampon – 10 Survival Uses: This content series is brought to you by Dockers. Take the adventure of a lifetime! What’s this?
Do me a favor for the next five minutes. Try to forget everything you know about tampons. I know, it’s hard. But pretend that this is the first time you have ever seen or heard of the item below, and it is a new survival product on the market: the Tactical Adventure Medical Preparedness Outdoors Necessity (T.A.M.P.O.N.).
Do me a favor for the next five minutes. Try to forget everything you know about tampons. I know, it’s hard. But pretend that this is the first time you have ever seen or heard of the item below, and it is a new survival product on the market: the Tactical Adventure Medical Preparedness Outdoors Necessity (T.A.M.P.O.N.).
Where Is the Outrage? by Andrew P. Napolitano
Where Is the Outrage? by Andrew P. Napolitano: For the past few weeks, I have been writing in this column about the government's use of drones and challenging their constitutionality on Fox News Channel where I work. I once asked on air what Thomas Jefferson would have done if – had drones existed at the time – King George III had sent drones to peer inside the bedroom windows of Monticello. I suspect that Jefferson and his household would have trained their muskets on the drones and taken them down. I offer this historical anachronism as a hypothetical only, not as one who is urging the use of violence against the government.
Nevertheless, what Jeffersonians are among us today? When drones take pictures of us on our private property and in our homes, and the government uses the photos as it wishes, what will we do about it? Jefferson understood that when the government assaults our privacy and dignity, it is the moral equivalent of violence against us. The folks who hear about this, who either laugh or groan, cannot find it humorous or boring that their every move will be monitored and photographed by the government.
Nevertheless, what Jeffersonians are among us today? When drones take pictures of us on our private property and in our homes, and the government uses the photos as it wishes, what will we do about it? Jefferson understood that when the government assaults our privacy and dignity, it is the moral equivalent of violence against us. The folks who hear about this, who either laugh or groan, cannot find it humorous or boring that their every move will be monitored and photographed by the government.
Mish's Global Economic Trend Analysis: Key Words of the Day: "Nothing", "Fiscal Cliff", "Later"; Bernanke Speech Template; U.S. Fiscal Cliff and What to Do About It
Mish's Global Economic Trend Analysis: Key Words of the Day: "Nothing", "Fiscal Cliff", "Later"; Bernanke Speech Template; U.S. Fiscal Cliff and What to Do About It: Bernanke Speech Template
Blah blah blah, stimulus if needed, blah blah blah, fiscal cliff, blah blah blah, not now, blah blah blah, full employment, blah blah blah, depressed housing, blah blah blah, encouraging signs, blah blah blah, recovery,blah blah blah, maintain highly accommodative stance, blah blah blah, no inflation, blah blah blah.
Blah blah blah, stimulus if needed, blah blah blah, fiscal cliff, blah blah blah, not now, blah blah blah, full employment, blah blah blah, depressed housing, blah blah blah, encouraging signs, blah blah blah, recovery,blah blah blah, maintain highly accommodative stance, blah blah blah, no inflation, blah blah blah.
Wednesday, June 6, 2012
Soros: Europe's Three-Month Window by Gary North
George Soros has laid it on the line. The eurozone will begin to break up, followed by the break-up of the European Union, within three months if the politicians do not come to an agreement to re-write the treaties and centralize power. No other figure has been this apocalyptic and this specific as to the timetable.
He sees this outcome as a catastrophe. I keep thinking: "Free at last! Free at last!"
Soros understands the price movements of currencies better than anyone else. This is how he became a multi-billionaire. He has used massive leverage – extremely high risk – to speculate in the currency futures markets, often taking the opposite side of trades with central banks. When a man has enough wisdom to beat the currency futures markets, I give him credit. He knows something about currencies.
In a recent essay, he points out that the 2008 crisis created a new realization that there is no consensus about economic theory. He insists that "economic theory has failed." On the contrary, economic theory has triumphed – Austrian economic theory. In 2007, numerous non-academic, non-tenured Austrians predicted the recession of 2008. I called it in late 2006, predicting a 2007 recession. The National Bureau of Economic Research retroactively dated it as having begun in December 2007 – just in the nick of time!
Soros goes even further. This failure is the failure of academic economic theory.
Soros has no explanation for the business cycle. Austrian economics does: central bank policies of monetary inflation and monetary stability.
Soros: Europe's Three-Month Window by Gary North
He sees this outcome as a catastrophe. I keep thinking: "Free at last! Free at last!"
Soros understands the price movements of currencies better than anyone else. This is how he became a multi-billionaire. He has used massive leverage – extremely high risk – to speculate in the currency futures markets, often taking the opposite side of trades with central banks. When a man has enough wisdom to beat the currency futures markets, I give him credit. He knows something about currencies.
In a recent essay, he points out that the 2008 crisis created a new realization that there is no consensus about economic theory. He insists that "economic theory has failed." On the contrary, economic theory has triumphed – Austrian economic theory. In 2007, numerous non-academic, non-tenured Austrians predicted the recession of 2008. I called it in late 2006, predicting a 2007 recession. The National Bureau of Economic Research retroactively dated it as having begun in December 2007 – just in the nick of time!
Soros goes even further. This failure is the failure of academic economic theory.
I believe that the failure is more profound than generally recognized. It goes back to the foundations of economic theory. Economics tried to model itself on Newtonian physics. It sought to establish universally and timelessly valid laws governing reality. But economics is a social science and there is a fundamental difference between the natural and social sciences. Social phenomena have thinking participants who base their decisions on imperfect knowledge. That is what economic theory has tried to ignore.This is the criticism made repeatedly by Austrian economists, beginning with Ludwig von Mises exactly a century ago: The Theory of Money and Credit (1912). I cannot imagine a better statement of Austrian theory's rejection of mainstream economists' theory.
Soros has no explanation for the business cycle. Austrian economics does: central bank policies of monetary inflation and monetary stability.
Soros: Europe's Three-Month Window by Gary North
Mish's Global Economic Trend Analysis: France, Italy, Spain Services PMI Show Continued Sharp Decreases; Eurozone Composite PMI Near 3-Year Low; Germany Services PMI at 6-Month Low
Mish's Global Economic Trend Analysis: France, Italy, Spain Services PMI Show Continued Sharp Decreases; Eurozone Composite PMI Near 3-Year Low; Germany Services PMI at 6-Month Low: Key points:
Final Markit France Services Activity Index at 45.1 (45.2 in April), 7-month low.
Final Markit France Composite Output Index at 44.6 (45.9 in April), 37-month low.
Summary: French service providers registered another sharp decrease in business activity during May. Underlying the weak performance was a second successive fall in incoming new business, while backlogs of work fell further. Companies responded by cutting employment. Input price inflation eased to the slowest for over two years, allowing companies to reduce their charges further.
Final Markit France Services Activity Index at 45.1 (45.2 in April), 7-month low.
Final Markit France Composite Output Index at 44.6 (45.9 in April), 37-month low.
Summary: French service providers registered another sharp decrease in business activity during May. Underlying the weak performance was a second successive fall in incoming new business, while backlogs of work fell further. Companies responded by cutting employment. Input price inflation eased to the slowest for over two years, allowing companies to reduce their charges further.
America In Decline: The Soul Crushing Despair Of Lowered Expectations
All over America tonight there are people that believe that their lives are over. When you do everything that you know how to do to get a job and you still can't get one it can be absolutely soul crushing. If you have ever been unemployed for an extended period of time you know exactly what I am talking about. When you have been unemployed for month after month it can be very tempting to totally cut yourself off from society. Those that are kind will look at you with pity and those that are cruel will treat you as though you are a total loser. It doesn't matter that America is in decline and that our economy is not producing nearly enough jobs for everyone anymore. In our society, one of the primary things that defines our lives is what we do for a living. Just think about it. When you are out in a social situation, what is one of the very first things that people ask? They want to know what you "do". Well, if you don't "do" anything, then you are not part of the club. But the worst part of being unemployed for many Americans is the relentless pressure from family and friends. Often they have no idea how hard it is to find a job in this economy - especially if they still have jobs. Sometimes the pressure becomes too great. Sadly, we are seeing unemployment break up a lot of marriages in America today. Things are really hard out there right now. A very large number of highly educated Americans have taken very low paying service jobs in recent years just so that they can have some money coming in even as they "look for something else". Unfortunately, in many cases that "something else" never materializes. In the past, America was "the land of opportunity" where anything was possible. But today America has become "the land of lowered expectations" and the worst is yet to come.
We live during a time when "the American Dream" is literally being redefined. In the old days, just about anyone could get a good job that would pay enough to make it possible to buy a house, buy a nice car and raise a family.
Unfortunately, those days are long gone. The following is from a recent NPR article....
America In Decline: The Soul Crushing Despair Of Lowered Expectations
We live during a time when "the American Dream" is literally being redefined. In the old days, just about anyone could get a good job that would pay enough to make it possible to buy a house, buy a nice car and raise a family.
Unfortunately, those days are long gone. The following is from a recent NPR article....
America In Decline: The Soul Crushing Despair Of Lowered Expectations
Tuesday, June 5, 2012
Monday, June 4, 2012
Gold and Silver
| Rock & Stock Stats |
Last
|
One Month Ago
|
One Year Ago
|
| Gold | 1,624.71 | 1,662.36 | 1,539.49 |
| Silver | 28.49 | 30.94 | 36.82 |
| Copper | 3.31 | 3.84 | 4.10 |
| Oil | 83.23 | 106.16 | 100.29 |
| Gold Producers (GDX) | 46.58 | 46.44 | 57.07 |
| Gold Junior Stocks (GDXJ) | 20.66 | 23.37 | 37.18 |
| Silver Stocks (SIL) | 18.38 | 21.51 | 24.96 |
| TSX (Toronto Stock Exchange) | 11,361.20 | 12,332.79 | 13,527.88 |
| TSX Venture | 1,291.59 | 1,431.68 | 2,067.42 |
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