Thursday, April 30, 2009

ABC Strikes Again!

In another blow for freedom, ABC News has published the names and photographs of veterans it claims assisted the CIA in what the President blandly declares to be "torture".

I think ABC just doesn't believe in Al Qaeda anymore.

And even if these guys aren't blown up by independent extremists, they can look forward to prosecution overseas. Maybe an Eichmann style "arrest".

Oddly enough, ABC still keeps its own affairs confidential...

One of Arlen Specter's pet projects is a "shield law" for journalists. So the scum that outed these government contractors is going to get fiercer protection from harassment, prosecution and murder than loyal Americans...

Thursday, April 23, 2009

Perez Hilton Is An Idiot

I know that's kind of redundant talking about a man with a blowdried mohawk and neon spandex, but still.

Hilton, who also appeared on the "Today" show Tuesday, said his question was relevant and that Prejean should have "left her politics and her religion out because Miss USA represents all Americans."


Right. Because "representing all Americans" means disrespecting some of them.

Hilton should do himself a favor and just go away for a while. First he called Prejean a bitch. Then he apologized. Then he dropped the C-bomb on her. Then, in response to her grandma's comments, he said he prayed for her. He wasn't asked if he calls her a bitch or cunt in his prayers.

Now he's Mr. Good Citizen. Articulating your views on the issues can alienate more important people, so stfu.

Forcing somebody to lie to disguise their religious view is a sort of repression, ain't it? Please remember this when we're told that the gay agenda doesn't harm anybody.

Tuesday, April 21, 2009

Can You Hang a Pirate?

The FBI declared the Maersk Alabama a "crime scene" a day before this guy was taken.

Was he advised he was a suspect?

Was he read his Miranda rights?

Did we abide by the Vienna treaty and seek out the consul of Somalia?

I mean, since the Bill of Rights follows the flag, this is our fight too...it's not as if Bush were still President...we got laws...

Tuesday, April 14, 2009

Another Trump O'Doom

I was able to sit in on the first session of Michael Medved's and Michael Gallagher's Townhall tour.

They had a lot of fun, and it was a wholly new experience to be surrounded by a couple hundred Conservatives in California. They remain upbeat and optimistic.

I'm not joining the party.

Fed’s Flood May Leave Democracy Needing Bailout: Kevin Hassett

Commentary by Kevin Hassett

April 13 (Bloomberg) -- The wise men of Washington keep finding more core beliefs that we have to give up. First it was free markets. Now it’s democracy.

The financial rescue may be the least popular big-ticket government program in history. If the U.S. Treasury decides it needs more money to keep the bailout going, it is anybody’s guess whether Congress would provide it.

As a result, Treasury and the Federal Reserve have been running what feels to this lifelong student of fiscal policy like a scam.

Many economists believe that helping financial institutions turn their less liquid assets into hard cash is a key step toward returning them to good footing. The best way to achieve that in a democracy would be for Congress to appropriate the funds to acquire the assets and for Treasury to borrow the money that it needs.

But Congress is unwilling to appropriate enough money, so Treasury and the Fed have cooked up a work-around: the Fed buys the assets instead. Since the Fed exists outside of the normal budget process, no permission from elected officials is required.

Here’s a sketch of how it works. Many financial institutions have reserve accounts with the Fed. If one of them shows up with an asset it wants to ditch, the Fed takes it and ratchets up the balance in the reserve account. This means that the Fed is effectively summoning cash out of thin air to purchase the assets.

In isolation, such a move might be inconsequential. But the scale of this end-around is enormous. The Fed’s balance sheet is closing in on $2 trillion and stands ready to skyrocket above that. Last month, for example, the Fed committed to buy more than $1 trillion in mortgage-backed securities.

Printing Cash

This means that the Fed is printing cash at a rate that, while not threatening historic records set in Weimar Germany, promises to create substantial inflationary pressures once the economy revives.

Therein lies the problem. At some point, when the economy begins to pick up again, the Fed will have to withdraw some of those reserves from the system before they ignite an inflation bonfire.

Traditionally, the Fed might withdraw reserves by selling some of the Treasuries it owns. But the scale of the money creation is so grand this time that the Fed might not be able to sell enough Treasuries to meaningfully affect inflation without running up against the debt limit that Congress sets when it gives Treasury the authority to borrow money.

The Fed could, in principle, sell some of the assets it has been buying -- but if these assets were liquid, the Fed wouldn’t have been buying them in the first place. Which means it may be extremely difficult to get the cash out of the economy before it is too late.

‘Fed Bills’

The Fed has cooked up a solution, though. Vice Chairman Donald Kohn, told an audience at the College of Wooster in Ohio that a possible solution would be for the Fed to issue its own securities, which might be called “Fed bills.” Kohn argued that a key attraction of these bills is that they wouldn’t be subject to the debt ceiling set by Congress.

In other words, the Fed wants to have unbounded authority to borrow money and buy assets without the inconvenience of having to explain itself on Capitol Hill.

The actions that have been taken already may indeed necessitate granting the Fed that authority. The cash is out the door, and at some point, the Fed will have to rake it back in. Congress may have to choose between giving the Fed the authority it wants, or having the mother of all inflation episodes.

Crowd Out Spending

Should the Fed’s balance sheet climbs to $6 trillion, then its losses might be enormous and threaten to crowd out spending on defense, education and health care. And it would do so without Congress ever voting on the increase in the debt ceiling that would have been required if Treasury were performing the rescue.

If the Fed receives the authority to issue debt whenever it wants to, then future bureaucrats can, in principle, play whatever financial games they want. The powerlessness of voters will be codified into law.

We can’t let that happen.

It might be that voters are too stupid to understand that government officials should get as much bailout money as they desire. The financial rescue might have been precisely what the doctor ordered.

But the public might be right as well. Our founders didn’t construct a democracy because voters are always right. Rather, they viewed democracy as better than the alternatives.

While fully legal, the steps that have been taken by Treasury and the Fed have clearly been designed to insulate those institutions from the will of Americans’ elected representatives. In that regard, the damage from these actions probably exceeds the benefits. If we accept the view that we can be democratic in some areas but not others, then democracy will wither and die.

(Kevin Hassett, director of economic-policy studies at the American Enterprise Institute, is a Bloomberg News columnist. He was an adviser to Republican Senator John McCain of Arizona in the 2008 presidential election. The opinions expressed are his own.)

To contact the writer of this column: Kevin Hassett at khassett@bloomberg.net

Story


Anybody who knows how Speer brought about German rearmament in the mid-1930s knows how practicable this can be. It is also wholly undemocratic, because there can be no legislative review nor repudiation of administrative currency without completely destroying the currency. Not just sparking a recession, but destroying faith in the issuing government and its currency.

The key fact of our times is that voters, given the power to choose, choose free money every time. And the idea we'll ever pay it back is merely ideology. Every cent of federal debt can be renounced by renouncing the issuing government. It's what we did in 1797 when the dollar wasn't worth a continental. It's taken 212 years to ignore the lesson learnt, but we've done it. There's bipartisan consensus that borrowing recklessly is NECESSARY, and I just don't believe we're going to elect successive governments and suffer repayment.

My focus is more towards preparing for the Revolution than conserving the present.

Sunday, April 12, 2009

Obama Allows Navy to Win

This marks the second time I felt like I owe Obama an apology. I don't apologize for thinking a Democrat President is going to let a bunch of pirates bowl over the US Navy under their noses, because in 35 years I've seen a couple. I owe Obama an apology for not really believing he'd let the Navy do the job it's been doing for 200 years.

Oh, the first occasion was joining the criticism of Obama for giving the Queen an iPod. She gave him an autographed photo of herself, which is a diamond mine below an iPod as a gift. An iPod at least shows some human touch and he's to be congratulated for showing more class than the Queen of England.

Wednesday, April 08, 2009

Hope

I don't know why I read TIME or any article out of it. It is either inane fluff or inane agitprop.

I'm not sure where to place an article snarking Obama for going to Iraq yesterday. Iraq belongs to BUSH, you see. Obama has to keep his distance.

Something I'll remember when I'm lectured about disloyalty to MY president.

Hope is a virtue and despair is sinful renunciation of the love of God. The love of God for each of is truly personal, however. We tend to forget that, even in the United States, the land of individual rights. We've come to endorse "the greatest good for the greatest number" and the idea of self is officially frowned upon. But in fact our salvation is individual.

I am reminded of that, this Holy Week because I pray daily for hope and faith and charity and then calculate my country is rotting. Our system isn't promised anything. Our system doesn't have to work, and the real power of the Sacred is transcending our improvised, temporary politics. And hope is confidence in our ability to succeed in remaining loyal to the Sacred.

Thursday, April 02, 2009

You Miss a Month

And where do you start to pick up?

Obama federalizes everything moving, puts a hard Left crew into Washington, swings a wrecking ball at 20 years of foriegn policy coalitions and humiliates us to our opponents, raises taxes and scraps the promised cuts...

I'm still adjusting, after six months, to being fully employed and learning how to commute 80 miles a day to a home without internet. The use of the Blackberry to blog, will have to do for a while to come.