This month, former Mayor of New York City, Rudy Giuliani said, “I do not believe, and I know this is a horrible thing to say, but I do not believe that that President Obama loves America,” said Giuliani at a New York dinner. “He doesn’t love you. And he doesn’t love me. He wasn’t brought up the way you were brought up and I was brought up through love of this country.”
As a red-blooded American who loves my country, I second Giuliani’s assessment of Barack Hussein Obama. We do not know Obama. We question his origins, his fraudulent Social Security number, his forged-backdated Selective Service number, his hidden college records, his foreign beneficiaries as to money for Columbia and Harvard, his mediocre grades that led to those top colleges accepting him, and his whereabouts during his formative years. He spent millions of dollars to seal his high school records, his college records, his passport and more. No one steps forth to talk about any high school or college classrooms he shared with them. He’s a ghost on the American landscape, but he’s in charge of leading our country.
We know that he wrote a book, Audacity of Hope, where on page 261, he said, “I will stand with the Muslims should the political winds shift in an ugly direction.”
That single statement illustrates his deepest Islamic religious cognitive choices that violate every single aspect of the American Way of Life and our Constitution. His Koran’s ultimate prime directive seeks to destroy free thought, freethinking, free choice of religion, free choice of governance and women’s rights. In other words, according to his quoted words, he loves the holy call of the music of Islam over the Stars and Stripes, our Pledge of Allegiance and our national anthem.
His father(s), whether it was Barack Hussein Obama, Sr. or Frank Marshal Davis, whom he resembles without question or his stepfather, LoLo Soetoro, all devoted themselves to Islam, proving itself to be the most violent-barbaric religion on the planet.
Lolo Soetoro lawfully adopted and changed Obama’s name to Barry Soetoro as an official Indonesian citizen. When Obama applied for scholarships to Columbia University, he used his Indonesian citizenship to gain scholarships. That single fact alone makes Obama ineligible to serve as an American president.
Nobody knows the reality of Obama’s childhood because every single legal record remains locked up in sealed records. At some point, history will uncover the mystery of Barack Obama. It won’t be pretty.
In the meantime, in six years, he subverted the American worker by not enforcing our immigration laws at the border or internally by arresting employees of illegal aliens. He knowingly assisted and continues to assist illegal aliens jumping our borders and already working within our country in violation of our laws.
He broke our U.S. Constitution numerous times ending lately in overstepping his Constitutional authority by granting a counterfeit amnesty for 20 million illegal aliens.
He continually lied to the American public via the Benghazi cover-up where he personally failed to act, which led to four Americans being killed by Muslims. Ironically, Obama hired eight Muslims in his immediate circle to help him with Islamic prime directives to dismantle America’s dominate religious base: Christianity. Obama remains intent on turning our country into an Islamic refugee holding pen—that sooner or later will erupt in major violence, much like in Europe.
In fact, Obama scoffs at Christians when he defends Muslims for their barbaric violence, which manifested in Paris, France in January and this month of a Jordanian pilot being burned to death in a cage with cameras rolling.
And yet, Barack Hussein Obama chastises our country in favor of the violence of Islam: “Lest we get on our high horse and think this is unique to some other place, remember that during the Crusades and the Inquisition, people committed terrible deeds in the name of Christ. In our home country, slavery and Jim Crow all too often was justified in the name of Christ.” Fact: Europeans fought the Muslims in the Crusades. Fact: Muslim women remain slaves in their own countries with no rights.
He covered-up, along with his U.S. Attorney General Eric Holder, the “Fast and Furious” gun trafficking at our borders that killed more of our border patrol officers. The cover-up continues as of this date.
While in office, he understood that African-Americans suffer job losses and depressed wages at the hands of endless legal and illegal immigration—yet does nothing to solve the problem. A mind numbing 1 in 4 Black American males cannot secure a job. A stunning 73 percent of African-American “out of wedlock” children face life with a single mother living on welfare, which equates to complete disintegration of Black American families. Instead of taking action favoring our suffering African-American millions living in poverty, Obama plays more golf and takes more vacations than any other president. He follows the Black Caucus in Congress that plays a similar game of doing nothing for Black constituents across America.
While in office, Obama watched food stamp recipients jump from 36 million in 2008 to 48 million in February, 2015. In other words, he hasn’t and won’t do anything to bring jobs to those Americans, but he will engage illegal acts against our Constitution in favor of 20 million illegal aliens and their employers.
Obama never served in our U.S. military. He doesn’t know a platoon from a company. He never worked a job in his life, thus doesn’t know what American workers must endure.
Whatever Obama loves, it’s not America or Americans. His words, his “Islamic gang sign” that he features prominently in his trips around the world shows that he loathes America and Americans. I for one, as a red-blooded American, would like to see Barack Hussein Obama brought up on charges of failure to defend our country, our way of life and our citizens. I would like to see him tried, convicted and impeached.
Kent Hovind is a creation-science evangelist and Baptist minister who has already served eight years of a ten-year prison sentence for alleged tax evasion. Kent has a master’s degree in education. He founded and operated Creation Science Evangelism and has traveled extensively presenting creation-science lectures. He has debated evolutionists in over one hundred debates across the country. Kent also operated Dinosaur Adventure Land in Pensacola, Florida. This was a very popular creation-science museum/theme park. Kent also produced scores of videos on the subject of creation-science that have circled the globe and been translated in over thirty languages. Many people affectionately refer to Kent as “Dr. Dino.” He and his wife have three children; and all three of their children (all grown) worked alongside of him in the ministry.
Kent and I were college classmates for one year in Michigan. I was a sophomore when Kent transferred to the school from Illinois. I transferred colleges after that year. Kent stayed and graduated from the college in Michigan. After graduation in 1975, my wife and I moved to Pensacola, Florida, to begin our ministerial work. Some years later, Kent and his family also moved to Pensacola. So, I’ve known Kent a long time.
Kent considered his ministry a church and the people who worked for him as missionaries. He did not incorporate under the 501c3 non-profit organization status. Of course, the Internal Revenue Code states that churches are not required to do so; that, as a church, they automatically have tax-exempt status. Accordingly, Kent believed his ministry was tax-exempt.
Nevertheless, in 2004, IRS agents raided Kent’s home and ultimately brought multiple counts of tax-evasion-type charges, including “structuring,” against him. “Structuring” means deliberately making cash deposits or withdrawals of just under the supposed reporting level of ten thousand dollars. (Egad! God forbid that the IRS not know the details of our banking transactions.) In 2006, Kent went to trial and was convicted on all counts and sentenced to ten years in federal prison. He has been there ever since.
But now the story gets bizarre. Federal prosecutors are currently bringing charges of mail fraud against Kent for using the mail system from inside prison to challenge the lien that the IRS placed upon his property. And, are you ready for this? They want Kent to serve an additional twenty to one hundred years in prison. Obviously, even if he received twenty years, this amounts to a life sentence.
See this report:
By contrast, the Rev. Al Sharpton is reported to owe nearly $1.5 million in overdue taxes and penalties from many years ago. But our federal government doesn’t put Mr. Sharpton in the Big House; it invites him to the White House instead.
See the report here:
Regardless of where one comes down on the whole tax-exempt status issue for churches and non-profit organizations, here is a very relevant fact: the average time spent behind bars for tax “crimes” is between two to five years. For instance, Pete Rose served five months; Chuck Berry served four months; Aldo Gucci served one year; Sun Myung Moon served eighteen months; and Leona Helmsley served four years. Kent has already served much more time than any of those people did.
To help put it in perspective even further, the infamous Chicago gangster, Al Capone, was released after eight years in prison. And, as everyone knows, the only reason the government put him prison for tax evasion was because they couldn’t obtain the evidence they needed to convict him of murder, racketeering, bribery, etc. Yet, our federal government wants to keep a Christian minister–who never committed an act of violence against anyone–in prison for the rest of his natural life. In truth, there are thousands of people who have been convicted of some form of homicide who have not spent as many years in prison as Kent has already.
Back in 2001, restaurant owner, fisherman, and ship builder, Frank Patti (also of Pensacola, Florida) was indicted on 24 counts of tax evasion of more than $12 million. He was sentenced to 79 months in prison and released after serving but 39 months. Kent has already served almost 100 months.
After witnessing the Frank Patti case, I wrote this in 2002: “The prospect of local businessman Frank Patti spending 8 years in federal prison for tax evasion causes me to once again reflect upon the justness of throwing people in jail for nonviolent crimes.
“I believe it is past time for America to examine its practice of locking people up for nonviolent crimes. Even though the United States is far from being the most populous country in the world, we incarcerate more people than any other nation. According to recent reports, there are more than two million people behind bars in U.S. jails and prisons [now the number exceeds six million]. Many of these people are there for crimes in which no one was physically injured or killed and, therefore, pose little or no threat to society.
“Furthermore, it seems that this infatuation with locking people up serves more the interests of ever-burgeoning government bureaucracies than the interests of justice. A breadwinner behind bars means more welfare, more food stamps, and more dependence upon government, not to mention more government jobs, of course.
“With the federal government increasingly encroaching into the area of crime and punishment and with an exploding number of new laws continually being created, more and more people are losing their freedom over crimes that have more to do with offending the powers of government than injuring the lives of innocent people. Such a system hardly promotes justice.”
These comments do not even take into account the question as to whether refusing to pay personal income taxes to Uncle Sam should even be regarded as a crime at all. The income tax was initially sold to the American people as being a “voluntary” tax, remember? Regardless, the federal government treats the income tax as obligatory and most jurors have the attitude, “If I have to pay taxes, so does this defendant,” which is why most juries never acquit folks charged with tax evasion.
In Kent’s case, the argument was that his ministry was a church and as such should have been automatically tax exempt.
What Kent’s case does show is that the IRS can make its own decisions as to who and what owes taxes, the 501c3 non-profit organization status for churches notwithstanding. Charges of tax evasion are very subjective to the whims of the IRS–as Al Sharpton proves. And let’s not forget the Lois Lerner version of selective tax enforcement that targeted conservative organizations. And there is nothing new about that. The federal government has been using the IRS to intimidate or silence individuals or groups it does not like for many, many years under both Republican and Democrat administrations.
While I will not elaborate on this issue here (I’ve done so many times already in this column), this is just another example of the danger of the 501c3 tax exempt status for churches. With the way the IRS can subjectively interpret and enforce the tax code with impunity, a church or so-called non-profit organization that accepts tax-exempt status, can literally be “damned if you do and damned if you don’t.” It’s mostly to do with politics. Remember, it is the IRS–NOT THE CHURCH–that ultimately defines whether an organization is qualified to be tax-exempt. What the Internal Revenue Code stipulates about churches being automatically tax-exempt means NOTHING to the IRS. You must remember that!
In the case of Kent Hovind, one has to wonder if he is actually being treated as a political prisoner. A life sentence for tax evasion? Whoever heard of such a thing?
Then again, I am reminded of the way our government treated former Idaho Congressman George Hansen. His book “To Harass Our People” (about the IRS) should be regarded as a must-read for every lover of liberty. Then, after you read the book, find out how our federal government railroaded him into a prison sentence and how it mercilessly tortured him afterward. It will make your hair stand on end.
Then, after reading what our federal government did to one of its own congressmen, try to convince yourself that our federal government would NOT do almost anything to anyone. And if this is true for American citizens (and it is) imagine how our federal government (CIA, military Dark Ops, etc.) treats foreign governments–even those it once befriended. Come on, folks. Turn off FOX News long enough to start thinking for yourself a little bit.
If you would like to sound off regarding the obvious injustice being committed against Kent Hovind, there is a website set up for that purpose. See it here:
If enough people rally to Kent’s defense, the IRS might rethink its attempt to keep him in prison for the rest of his life. Like most dark forces, the IRS loves darkness and hates light. Whether you think Kent is guilty or not, eight years is enough! Please help spread a little light for Kent Hovind.
What would happen if we Americans suddenly decided to withdraw all of our troops currently scattered all over the world and to actually bring them back to within our own US borders where they belong? What would happen if we actually closed down all of America’s extensive and pricy (over one thousand and counting) military bases and black-site operations all around the globe? We may never know. “Why?” you might ask. Because it is never gonna happen, that’s why.
Despite all of the incredibly huge amounts of money, energy, pain and grief that all these bases and black-site operations are costing us American taxpayers daily right now, the subject of closing even a few of these bases and black-site operations (or at least to stop opening up new ones!) isn’t even up for debate.
There are so many other topics that we are happily debating in America right now — but not this one.
Americans are currently debating such crap topics as how best to save rich people from having to pay taxes; whether cops should be allowed to kill minority and/or poor people at will; why torture is a good thing; how we can most easily give large corporations our life savings and pensions; whether or not our kids should get measles vaccines; and exactly how soon “we” can bomb the crap out of Russia. But one of the most important subjects for debate in America today is not even on the menu right now.
A raging debate on how to return America to its grand old isolationist tradition should be the major topic in every newspaper headline and TV news show in America right now. But, sadly, it is not.
And there are many other life-threatening topics for debate here in America that we should be discussing too (but are not) such as, “Is it really in our best interest to support chaos in the Middle East or be Israeli neo-colonialists’ catspaws?” Or whether corporations really are people, or “Why is election-malfeasance in America is still running amuck?” Or if we really want to be committing climate-change suicide? Or why America now has the same distribution of wealth between the upper classes and the rest of us that it had back in 1910 and that the difference in income between America’s top 1% and the rest of us is further apart now than any other time in history including the Roman Empire, Charles Dickens’ London and Marie Antoinette’s France.
According to economist Thomas Piketty, “Income inequality has exploded in the United States.”
And why the freak is America a member of NATO, the most war-mongering organization in the entire world outside of the US Department of “Defense”?
And — really? Here’s a headline that will warm all those Scrooge-like corporate hearts: “Pentagon preparing for mass civil breakdown“Social science is being militarized to develop ‘operational tools’ to target peaceful activists and non-violent protest movements. Should we not be discussing that too?
And then there’s that good old “New World Order” thingie popping up again, and it no longer even includes America on the list of those giving the New Orders — because the global overlord dudes who are currently drawing up the list to re-order our world seem to have us Americans in mind only to play the minor roles of vassals and serfs.
But none of these other topics are up for debate in America either.
According to journalist Juan Cole, the top five favorite planks for the Republican party platform in 2016 are gonna be torture, war-mongering, bank corruption, tax evasion for the uber-rich and how best to steal elections. Why aren’t we discussing that either?
Frankly, there seems to be no debate in America today on almost any topic that should be of primary concern to We the People who are paying for all this crap. But I digress. Let’s get back on topic, the topic of closing over a thousand US military bases and black-site operations all across the globe.
Of course I myself am obviously an advocate for closing all U.S. bases and black-site operations on foreign soil and bringing all of our troops home where they belong. So. Let’s debate.
Debaters in favor of keeping America’s foreign empire strong and all these bases and black-site operations open might come up with a list of arguments such as:
1. “They” will come here and terrorize us if we let down our guard.
2. We will then have little or no access to raw materials and natural resources. Our economy will shrink.
3. We need the war industry because it produces jobs.
4. We must bring freedom and democracy to the world and stop tyrannies.
These four points are all laughably easy to refute — except for perhaps point number three. Here are my counter-arguments:
1. In the many decades since the end of WW II, America has systematically created more enemies than one can shake a stick at due to its brutal policy of foreign military interference abroad. People all over the world used to love America. But this is no longer true. Obviously. These foreign bases and black-site operations are not keeping America safe. Just look at 9/11. Just look at the Great Recession of 2008. I rest my case.
2. Hey, we can always get access to foreign natural resources by actually paying for them. Now there’s a unique idea. It’s called Capitalism!
Right now, our military mainly serves the purpose of acting as thugs and extortionists for corporations, allowing corporations to go into foreign countries at will and steal their natural resources. Our nation’s finest young men and women are being forced to serve as mega-corporations’ personal security forces and Mafia crews. Hell, let these corporations pay for their own damn security thugs. Why should we taxpayers do the job? We are never the ones who make money off of this deal. Au contraire. We get to pay through the nose for it.
Why should we American taxpayers keep paying out trillions of dollars so that the best and brightest of our young generation can die violent and lonely deaths and leave widows and orphans behind them — in order to “Keep Corporations Strong”? It’s like Vietnam all over again.
3. Yes, the war industry does produce jobs. But working for the Yankee Dollar is a high-risk employment, is morally repugnant and the benefits are few. How about, instead, that we hire all those soldiers to work in the solar industry or to repair our shabby infrastructure? Or train them to become doctors or teachers. Just think of the money we’d save!
4. America doesn’t bring democracy to the world. “We” mostly bring dictators and ruffians and torturers and election fraud. And “we” are currently supporting monsters like ISIS and those neo-Nazis in Ukraine. It’s all about the money. The American dream has become a nightmare if you live overseas (and will probably become more of a nightmare here too if we continue to keep the same vampires and doofuses in charge).
That’s my argument and I’m sticking with it.
Hey, I may be wrong here about proposing that we immediately bring all of “our” weapons and troops home. Or I may be right. Who knows. But shouldn’t we at least be having this debate?
If This Doesn’t Make You Mad…
Why is the Fed threatening to raise interest rates when the economy is still in the doldrums? Is it because they want to avoid further asset-price inflation, prevent the economy from overheating, or is it something else altogether? Take a look at the chart below and you’ll see why the Fed might want to raise rates prematurely. It all has to do with the sharp decline in petrodollars that are no longer recycling into US financial assets. This is from Reuters:
“Energy-exporting countries are set to pull their ‘petrodollars’ out of world markets this year for the first time in almost two decades, according to a study by BNP Paribas. Driven by this year’s drop in oil prices, the shift is likely to cause global market liquidity to fall, the study showed…
This decline follows years of windfalls for oil exporters such as Russia, Angola, Saudi Arabia and Nigeria. Much of that money found its way into financial markets, helping to boost asset prices and keep the cost of borrowing down, through so-called petrodollar recycling.
This year, however, the oil producers will effectively import capital amounting to $7.6 billion. By comparison, they exported $60 billion in 2013 and $248 billion in 2012, according to the following graphic based on BNP Paribas calculations:
‘At its peak, about $500 billion a year was being recycled back into financial markets. This will be the first year in a long time that energy exporters will be sucking capital out,’ said David Spegel, global head of emerging market sovereign and corporate Research at BNP.
In other words, oil exporters are now pulling liquidity out of financial markets rather than putting money in. That could result in higher borrowing costs for governments, companies, and ultimately, consumers as money becomes scarcer.” (Petrodollars leave world markets for first time in 18 years – BNP, Reuters)
Can you see what’s going on?
Now that petrodollar funding has dried up, the Fed needs to find an alternate source of capital to keep the markets bubbly and to shore up the greenback. That’s why the Fed has been talking up the dollar (“jawboning”) and promising to raise rates even though the economy is still pushing up daisies. According to the Fed’s favorite mouthpiece, Jon Hilsenrath:
“Federal Reserve officials are on track to start raising short-term interest rates later this year, even though long-term rates are going in the other direction amid new investor worries about weak global growth, falling oil prices and slowing consumer price inflation…
Many Fed officials have signaled they expect to start lifting their benchmark short-term rate from near zero around the middle of the year. Recent developments in the economy and markets have caused some trepidation among Fed officials and, if sustained, could cause them to delay acting. However several have indicated recently they still expect to move this year and are withholding judgment on delay.” (Fed Officials on Track to Raise Short-Term Rates Later in the Year, Jon Hilsenrath, Wall Street Journal)
And we’re hearing the same from Reuters: “The Federal Reserve is still on track for a potential mid-year interest-rate increase, a top Fed official said on Friday, citing strong U.S. economic momentum and a falling unemployment rate.”
Notice the sudden change in tone from dovish to hawkish? Expect that to intensify in the months ahead as the major media tries to spin the data in a way that serves the Fed’s broader objectives. Like this article in Bloomberg titled, “Yellen Signals She Won’t Babysit Markets in Turmoil”:
“Janet Yellen is leaving the Greenspan ‘put”’behind as she charts the first interest-rate increase since 2006 amid growing financial-market volatility.
The Federal Reserve chair has signaled she wants to place the economic outlook at the center of policy making, while looking past short-term market fluctuations. To succeed, she must wean investors from the notion, which gained currency under predecessor Alan Greenspan, that the Fed will bail them out if their bets go bad — just as a put option protects against a drop in stock prices.
“The succession of Fed puts over the years has led to a wide range of distortions in financial markets,” said Lawrence Goodman, president of the Center for Financial Stability, a monetary research group in New York. “There have been swollen asset values followed by sharp declines. This is a very good time for the Fed to move away.
“Let me be clear, there is no Fed equity market put,” William C. Dudley, president of the New York Fed, the central bank’s watchdog on financial markets, said in a Dec. 1 speech in New York.” (She’s No Greenspan: Yellen Signals She Won’t Babysit Markets in Turmoil)
“There’s no Fed equity put”?
That’s ridiculous. Then how does one explain the way the Fed has launched additional rounds of QE every time stocks have started to sputter? And how does one explain the Fed’s $4 trillion balance sheet all of which was spent on financial assets?
Let’s face it, Central bank intervention has been the only game in town. It’s not just the main driver of stocks. It’s the only driver of stocks. Everyone knows that. Yellen is going to do everything in her power to keep stocks in the stratosphere just like her predecessors, Greenspan and Bernanke. The only that’s going to change, is her approach.
As for the economy, well, just a glance of the headlines tells the whole story. Like this gem from CNBC last week:
“U.S. consumer prices recorded their biggest decline in six years in December and underlying inflation pressures were benign,…The Labor Department said on Friday its Consumer Price Index fell 0.4 percent last month, the largest drop since December 2008, after sliding 0.3 percent in November. In the 12 months through December, CPI increased 0.8 percent…
Darkening prospects for the global economy could also complicate matters for the U.S. central bank.
Inflation is running below the Fed’s 2 percent target, despite a strengthening labor market and overall economy.” (Consumer Price Index drops 0.4% in December, in line with estimates, CNBC)
Think about that for a minute: Consumer prices just logged their biggest drop since the freaking slump of 2008 and, yet, the Fed is still babbling about raising rates.
Talk about lunacy. Not only has the Fed not reached its inflation target of 2%, but it’s abandoned the project altogether. Why? Why has the Fed suddenly stopped trying to boost inflation when the yields on benchmark 10-year US Treasuries have just plunged to record lows (1.70%) and are blinking red? In other words, the bond market is signaling slow growth and zero inflation for as far as the eye can see, but the Fed wants to raise rates and slash growth even more?? It doesn’t make any sense, unless of course, Yellen has something else up her sleeve. Which she does.
Now get a load of this shocker on retail sales in last week’s news. This is from Bloomberg:
“The optimism surrounding the outlook for U.S. consumers was taken down a notch as retail sales slumped in December by the most in almost a year, prompting some economists to lower spending and growth forecasts.
The 0.9 percent decline in purchases …. extended beyond any single group as receipts fell in nine of 13 major retail categories.
Treasury yields and stocks fell as a deepening commodities rout and the drop in sales spurred concern global growth is slowing…
…average hourly earnings falling 0.2 percent in December from the month before in the first drop since late 2012. That limits the amount of spending consumers can undertake without dipping into savings or racking up debt.” (U.S. Retail Sales Down Sharply, Likely Cuts to Growth Forecasts Ahead, Bloomberg)
Remember when everyone thought that low oil prices were going to save the economy? It hasn’t worked out that way though, has it? Nor will it. Falling oil prices usually indicate recession, crisis or deflation. Take your pick. They’re usually not a sign of green shoots, escape velocity, or sunny uplands.
And did you catch that part about falling wages? How do you expand a consumer-dependent economy, when workers are seeing their wages shrivel every month? In case, you haven’t seen the abysmal stagnation of wages in graph-form, here’s a chart from American Progress:
Negative real wage growth means the amount of slack in the market is still considerable.
So while stock prices have doubled or tripled in the last 6 years, wages have basically been flatlining. That’s a pretty crummy distribution system, don’t you think. Unless you’re in the 1 percent of course, then everything is just hunky dory.
But at least Yellen can find some comfort in the fact that unemployment continues to improve. In fact, just two weeks ago unemployment dropped to an impressive 5.4%, the lowest since 2007. So if we forget about the fact that wages are stagnating, that management has nabbed all the productivity-gains for the last 40 years, and that another 451,000 workers dropped off the radar altogether in December, then everything looks pretty rosy. But, of course, it’s all just a bunch of baloney. Take a look at this from Zero Hedge:
“Another month, another attempt by the BLS to mask the collapse in the US labor force with a seasonally-adjusted surge in waiter, bartender and other low-paying jobs. Case in point… the labor participation rate just slid once more, dropping to 62.7%, or the lowest print since December 1977. This happened because the number of Americans not in the labor forced soared by 451,000 in December, far outpacing the 111,000 jobs added according to the Household Survey, and is the primary reason why the number of uenmployed Americans dropped by 383,000.
So, yeah, unemployment looks great until you pick through the data and see it’s all a big fraud. Unemployment is only falling because more and more people are throwing in the towel and giving up entirely.
Finally, there’s the rapidly-expanding mess in the oil patch where the news on layoffs and cut backs gets worse by the day. This is from Wolf Richter at Naked Capitalism:
“Layoffs are cascading through the oil and gas sector. On Tuesday, the Dallas Fed projected that in Texas alone, 140,000 jobs could be eliminated. Halliburton said that it was axing an undisclosed number of people in Houston. Suncor Energy, Canada’s largest oil producer, will dump 1,000 workers in its tar-sands projects. Helmerich & Payne is idling rigs and cutting jobs. Smaller companies are slashing projects and jobs at an even faster pace. And now Slumberger, the world’s biggest oilfield-services company, will cut 9,000 jobs.” (Money dries up for oil and gas, layoffs spread, write-offs start, Wolf Richter, Naked Capitalism)
And then there’s this tidbit from Pam Martens at Wall Street on Parade:
“In a December 15 article by Patrick Jenkins in the Financial Times, readers learned that data from Barclays indicated that “energy bonds now make up nearly 16 per cent of the $1.3 trillion junk bond market — more than three times their proportion 10 years ago,” and “Nearly 45 per cent of this year’s non-investment grade syndicated loans have been in oil and gas.” Raising further alarms, AllianceBernstein has released research suggesting that the deals were not fully subscribed by investors with the potential that “as much as half of the outstanding financing from the past couple of years may be stuck on banks’ books.” (The perfect storm for Wall Street banks, Russ and Pam Martens, Wall Street on Parade)
How do you like that? So nearly half the toxic energy-related gunk that was bundled up into dodgy junk bonds (and is likely to default in the near future) is sitting on bank balance sheets. Does that sound like a potential trigger for another financial crisis or what?
And, no, I am not trying to ignore the fact that third quarter GDP came in at a whopping 5 percent which vastly exceeded all the analysts estimates. But let’s put that into perspective. According to economist Dean Baker, the growth spurt was mainly “an anomaly” …”driven by extraordinary jump in military spending and a big fall in the size of the trade deficit that is unlikely to be repeated.” Here’s more from Baker:
“As usual, just about everything we’ve heard about the economy is wrong. To start, the 5.0 percent growth number must be understood against a darker backdrop: The economy actually shrank at a 2.1 percent annual rate in the first quarter. If we take the first three quarters of the year together, the average growth rate was a more modest 2.5 percent.” (Don’t Believe What You Hear About the US Economy, Dean Baker, CEPR)
So, the economy is growing at a crummy 2.5 percent, but Yellen wants to raise rates. Why? Does she want to shave that number to 2 percent or 1.5 percent? Is that it? She wants to go backwards?
Of course not. The real reason the Fed wants to raise rates, is to attract foreign capital to US markets in order to keep stocks soaring, keep borrowing costs low, and reinforce the dollar’s role as the world’s reserve currency. That’s what’s really going on. The petrodollars are drying up, so US markets need a new source of funding. Direct foreign investment, that’s the ticket, Ducky. All the Fed needs to do is boost rates by, let’s say, 0.5 percent and “Cha-ching”, here comes the capital. Works like a charm every time, just ask former Treasury Secretary Robert Rubin whose strong dollar policy sent stock prices into orbit while widening the nation’s current account deficit by many orders of magnitude. (We never said the plan didn’t have its downside.)
The Fed’s sinister plan to raise interest rates (sometime by mid-2015) will push the dollar’s exchange rate higher thus triggering capital flight in the emerging markets which are already struggling with plunging commodities prices and an excruciating slowdown. The investment flows from the EMs to US financial assets and Treasuries will offset the loss of petrodollar revenue while expanding Wall Street’s ginormous stock market bubble. As for the emerging markets, well, they’re going to take it in the shorts bigtime as one would expect. Here’s a clip from an article by Ambrose-Evans Pritchard that lays it out in black and white:
“The US Federal Reserve has pulled the trigger. Emerging markets must now brace for their ordeal by fire. They have collectively borrowed $5.7 trillion in US dollars, a currency they cannot print and do not control. This hard-currency debt has tripled in a decade, split between $3.1 trillion in bank loans and $2.6 trillion in bonds. It is comparable in scale and ratio-terms to any of the biggest cross-border lending sprees of the past two centuries…
Officials from the Bank for International Settlements say privately that developing countries may be just as vulnerable to a dollar shock as they were in the Fed tightening cycle of the late 1990s, which culminated in Russia’s default and the East Asia Crisis. The difference this time is that emerging markets have grown to be half the world economy. Their aggregate debt levels have reached a record 175pc of GDP, up 30 percentage points since 2009…”
This time the threat does not come from insolvent states. They have learned the lesson of the late 1990s. Few have dollar debts. But their companies and banks most certainly do, some 70pc of GDP in Russia, for example. This amounts to much the same thing in macro-economic terms. ” (Fed calls time on $5.7 trillion of emerging market dollar debt, Ambrose-Evans Pritchard, Telegraph)
The Fed has been through this drill so many times before they could do it in their sleep. (” U.S. interest-rate hikes in 1980s and 1990s played a role in financial crises across Latin America and East Asia.” Foreign Policy Magazine) They’ve learned how to profit off every crisis, particularly the one’s that they themselves create, which is just about all of them. In this case, most of the loans to foreign businesses and banks were denominated in dollars. So, now that the dollar is soaring, (“The dollar’s value has risen about 15 percent relative to the euro and the yen just since the summer.” NPR) the debts are going to balloon accordingly (in real terms) which is going to push a lot of businesses off a cliff forcing sovereigns to step in and provide emergency bailouts.
Did someone say “looming financial crisis”?
Indeed. Bernanke’s “easy money” has inflated bubbles across the planet. Now these bubbles are about to burst due to the strong dollar and anticipated higher rates. At the same time, the policy-switch will send hundreds of billions of foreign capital flooding into US markets pushing stocks and bonds through the roof while generating mega-profits for JPM, G-Sax and the rest of the Wall Street gang. All according to plan.
Naturally, the stronger dollar will weigh heavily on employment and exports as foreign imports become cheaper and more attractive to US consumers. That will reduce hiring at home. Also the current account deficit will widen significantly, meaning that the US will again be consuming much more than it produces. (This took place under Rubin, too.) But here’s what’s interesting about that: According to the Bureau of Economic Analysis: “Our current account deficit has narrowed sharply since the crisis…The U.S. current account deficit now stands at 2.5 percent of GDP, down from more than 6 percent in the fourth quarter of 2005.” (BEA)
Great. In other words, Obama’s obsessive fiscal belt-tightening lowered the deficits enough so that Wall Street can “party on” for the foreseeable future, ignoring the gigantic bubbles they’re inflating or the emerging market economies that are about to be decimated in this latest dollar swindle.
If that doesn’t make you mad, I don’t know what will.
Aside from the three Muslim men who perpetrated the deadliest terror attack in France since 1961, there are some other individuals complicit in the Wednesday massacre. They have names such as Hollande, Merkel, Löfven and Obama. Their connection to the act will largely go unnoticed and unapprehended — and they likely will never be held to account.
In the wake of the brutality at the offices of satirical magazine Charlie Hebdo, socialist French president Francois Hollande called for tolerance.
I call for intolerance.
The difference between us isn’t that, relatively speaking, I lack the quality. I have a lot of practice exercising tolerance because I have far more to tolerate — not the least of which is the political power and policies of people such as Hollande, Merkel, Löfven and Obama. The real difference is that I actually know what tolerance means.
Tolerance always implies a perceived negative. You wouldn’t have to tolerate a delectable meal or a beautiful car; you relish those things. But you would have to tolerate a stubborn cold, a painful rash or foul weather. So Tolerance Lesson One for Leftists:
If you say you’re tolerant of Muslims, it implies that you consider them a negative.
If you don’t — if instead you like them or just view them neutrally — tolerance doesn’t enter the equation.
Of course, not everything we perceive as negative actually is so. We may dislike broccoli, but tolerate it in order to avoid offending a host or for health reasons. In such cases, when the perceived negative is not objectively negative and there are good reasons to put up with it, tolerance can be a great exercise of virtue.
It also can be virtuous when dealing with an objective negative (ON), such as unjust imprisonment or a terminal illness, that you cannot remedy. Soldiering on nobly in such situations often builds great character and provides inspiration for others.
But what of when at issue is an ON that can be remedied? This brings us to Tolerance Lesson Two for Leftists:
The only virtue in this case lies in wiping the negative out.
Unlike when bearing up nobly in the face intractable ONs, tolerating those that could be eliminated renders one guilty of a failure of omission; it is dereliction of moral duty. An example would be a man who could prevent someone from habitually invading his home and endangering his family, but who fails to do so out of neglect, cowardice or in deference to twisted ideology. (This could, by the way, be viewed as a microcosm of something that perhaps, just maybe, we might want to start having an honest national discussion about.) Another example was when the Spaniards encountered the bloody-altar Aztecs in 16th-century Mexico; they didn’t say “Hey, tearing the hearts out of thousands of innocents while they’re still alive and hanging their body parts in the marketplace isn’t our thing, but we’re good multiculturalists and don’t impose values.” They were intolerant — and, thankfully, an intolerable Hades-born “religion” was vanquished.
Also note that since being neglectful, a coward or a twisted ideologue is an ON itself, it generally doesn’t engender respect. Remember that allowing the continued existence of remediable ONs sometimes amounts to a person letting himself be used as a doormat. And people wipe their feet on doormats. Of course, other times an individual won’t perceive the ON as a negative; noteworthy here is that ingested poison will kill you whether you recognize it as poison or not.
Many interesting lessons on tolerance could be learned from the Muslim world. Note that when pious Muslims perceive something as negative (this isn’t to imply that all their perceptions are accurate), they often stop at nothing to wipe it out. Just consider the tens of thousands of non-Muslims killed and thousands of churches burned by jihadists during the last decade, the enforcement of Sharia law, and the Muslim-conquered parts of European cities euphemistically known as no-go zones.
The leftist response to this Islamic chauvinism is well exemplified by the reaction to the 2014 “Trojan horse scandal,” involving the supplanting of Western curricula by Islamist doctrine in seven London schools. Critiquing one offending institution, British officials noted that pupils didn’t “learn about different faiths and cultures” and, critiquing another — and this is the money line — said that students “understanding of…mutual respect and tolerance…is underdeveloped.” “Ah, yes, these Muslims just need to be tolerant like us,” say the good leftists.
Talk about being dimmer than a 15-watt bulb in a North Korean night.
Since these Muslims view other faiths and cultures as inferior to their own, as negatives, they would have to be tolerant of them — if they didn’t think they could vanquish them. But because they’re making great headway on that front, they have no need to be tolerant. You needn’t tolerate what you can terminate.
And they’re really just taking a leaf out of the left’s book. How tolerant are liberals, really? Remember again, the only test of tolerance is how well you abide things you dislike. And no one is more vicious in destroying perceived negatives than leftists. Just ask the people who’ve lost jobs for defending marriage or criticizing homosexual behavior, such as former Mozilla CEO Brendan Eich or ex-Atlanta fire chiefKelvin Cochran. Ask those punished under hate-speech laws or bitten by speech codes on college campuses. Ask the bakers and other Christian businessmen put out of business for refusing to be party to homosexual “weddings.” The reality is that when leftists hate something — and it is all emotion with them — they have no mercy. (Mind you, this is one reason liberals accuse conservatives of being “haters”; it’s projection. Governed by emotion, they only oppose what they despise, so they naturally view opposition as synonymous with hatred.)
So leftists’ calls for tolerance amount to a request that Muslims and others practice what leftists themselves merely preach. But if you consider their working definition of the word — confusing tolerance with affinity or indifference — there is an irony here: these secular fundamentalists have the same message the Islamic fundamentalists do:
Believe what we believe.
Like what we like.
Hate what we hate.
Become one with our collective.
And we can live in peace.
Secular and Islamic fundamentalists have something else in common. Both groups have many perceived negatives that aren’t actually objectively negative, so they try to wipe out the wrong things. Thus do they work together to destroy Christianity and Western civilization. And this is why I named as co-conspirators in the Paris attack Francois Hollande, Angela Merkel, Stefan Löfven and Barack Obama. But this brings me to my last Tolerance Lesson for Leftists, and I direct my words now specifically to leftists: There’s something else pious Muslims perceive as a negative, and it also happens to be something that is an objective negative.
Clearly this subject has already been covered in the media news cycle ad nauseam but I still can’t stop thinking about the “I am Charlie” concept. Was the idea behind all those people who held up “I am Charlie” posters supposed to be about protecting free speech? Really? Then why isn’t everyone carrying “I am Julian Assange, Chelsea Manning and Edward Snowden” posters too? Or demanding that the police stop arresting guys who falsely yell “Fire!” in a crowded theater or deliberately start barroom brawls?
Or if those “I am Charlie” posters are in protest of armed thugs in Paris gunning down civilians in cold blood, then why isn’t everyone in Paris also carrying posters proclaiming “I am Iraq” or “I am Syria” or “I am Palestine” or “I am Ukraine” or Libya or Mali or…. You get the picture.
All those people holding up signs protesting the slaughter on Rue Nicolas-Appert might actually think that they too are “Charlie” — and that’s fine. Terrible things happened to the employees of Charlie Hebdo. No one should ever have to suffer the fate of being shot down in cold blood, and thus the victims deserve to be mourned. However I myself chose NOT to be Charlie Hebdo, a vicious slimy obscene rag clearly designed to stir up religious tensions in France.
And I also choose not to be any other bigots or terrorist troublemakers who clearly delight in trying to stir up religious tensions in France, crassly using others’ religious differences to pave their own way to riches and power — and yet who have the ultimate and offensive hypocrisy and nerve to show up for the French “I am Charlie” marches with innocent smiles on their faces. “Who us?” they innocently proclaim — after doing everything they possibly can to stir up bigotry against Muslims.
I am NOT Avigdor Liberman
I am NOT Naftali Bennet
And I am definitely NOT Bibi Netanyahu.
These three guys and their cohorts seem to be always at the center of any religious tension or terrorist attack almost anywhere in the world — starting in 1948 when the Stern Gang blew up the King David Hotel and Moshe Dayan’s “army” slaughtered Christian and Muslim Palestinians left and right in order to steal their land. “Every time anyone says that Israel is our only friend in the Middle East, I can’t help but think that before Israel, we had no enemies in the Middle East,” a Jesuit priest stated back then. And that’s still true today.
Israel’s sleazy military-industrial complex then went on to be an uber-cheerleader for America when our own sleazy military-industrial complex bombed Kuwait, Afghanistan, Iraq, Libya, Syria, Yugoslavia, Yemen, Pakistan, Somalia and I forget what all else. And Israeli neo-cons themselves have bombed Palestine, Egypt, Iran, Iraq, Lebanon and I forget what all else too — not to mention their documented ongoing support for ISIS and Al Qaeda.
If bombs, missiles, white phosphorus, tanks, false-flag operations, F-16s, tear gas or even bottle-rockets are involved, Bibi and these guys are so there!
Millions dead in the Middle East? I call that terrorism. And yet Bibi and his minions actually had the chutzpah to march in Paris “against terrorism,” according to Paris Match. Yeah, right.
Yet who benefited from the Charlie Hebdo incident? Let’s see. According to Paul Craig Roberts, it’s the American military-industrial complex that benefited. “Not France, not Muslims, but US world hegemony. US hegemony over the world is what the CIA supports. US world hegemony is the neoconservative-imposed foreign policy of the US.”
But as they say in poker, “I’ll see Roberts and raise him.” Netanyahu benefited. Apparently, right before the Charlie Dodo incident was staged, France had just announced that it might be backing off supporting sanctions on Russia. What? No immediate prospect of World War III? No big Israeli weapons sales? Bibi must have been tres disappointed!
France had also just announced that it was gonna recognize the Palestinian state. OMG! That must have totally pissed Netanyahu off.
Also, our Bibi is having trouble finding settlers to occupy his many illegal condos in Palestine’s West Bank. But he just loves French Jews — and hopes to scare them enough to force them to flee to Israel and live rent-free on Palestinian land. Heck, I like Israel well enough. Wouldn’t mind living there myself. It’s a nice place. Heck, even the Palestinians used to like living there too. But it’s the Israeli neo-cons’ blood-thirsty hypocritical scheming military-industrial-complex-
And I’m not being anti-Semitic here. Let’s leave all that religious bigotry to Charlie Hebdo. I am only being a student of American-Israeli neo-con “Realpolitik” (Rāˈälpōliˌtēk/: A system of politics or principles based on practical rather than moral or ideological considerations). And Realpolitik has nothing to do with religion.
Good grief, I’m so glad that I’m NOT Netanyahu.
And I also feel nothing but compassion for all the billions of Muslims, Christians and Jews who are being subjected to his vile manipulations. I also feel nothing but compassion for the hostages in the kosher supermarket who were also victims of Bibi’s lust for money and power and to create chaos throughout the world. Even if it means putting all the world’s Jews in danger again.
PS: What is going to happen next in France? Or in Israel and the United States too, for that matter. As my friend RJ suggests, let’s follow Norway’s heroic example after the dreadful 2011 massacre there and stop spending our patrimony on guns, bombs, war and alienation and start spending that money on integrating our nations’ diversity into our national bank of excellent human resources instead.
We’ve already wasted a hundred trillion dollars on “war” so far, only to discover again and again that violence doesn’t ever work. Not in the Middle East, not in Ukraine, not in Paris, not at the World Trade Center and not in Ferguson either. Just imagine if we had spent all that money on education, jobs, and integrating our society into a smooth-running democratic machine instead.
To paraphrase Thomas Piketty, “You can’t have a political democracy unless you have an economic democracy too.” And “war” has ruined — absolutely ruined — the economic democracy of both Israel and the USA. And probably France too.
Is Putin Creating A New World Order?
“If undercharging for energy products occurs deliberately, it also effects those who introduce these limitations. Problems will arise and grow, worsening the situation not only for Russia but also for our partners.” – Russian President Vladimir Putin
It’s hard to know which country is going to suffer the most from falling oil prices. Up to now, of course, Russia, Iran and Venezuela have taken the biggest hit, but that will probably change as time goes on. What the Obama administration should be worried about is the second-order effects that will eventually show up in terms of higher unemployment, market volatility, and wobbly bank balance sheets. That’s where the real damage is going to crop up because that’s where red ink and bad loans can metastasize into a full-blown financial crisis. Check out this blurb from Nick Cunningham at Oilprice.com and you’ll see what I mean:
“According to an assessment from the Federal Reserve Bank of Dallas, an estimated 250,000 jobs across eight U.S. states could be lost in 2015 if oil prices don’t rise. More than 50 percent of those job losses would occur in Texas, which leads the nation in oil production.
There are some early signs that a slowdown in drilling could spread to the manufacturing sector in Texas… One executive at a metal manufacturing company said in the survey, “the drop in crude oil prices is going to make things ugly… quickly.” Another company that manufactures machinery told the Dallas Fed, “Low oil prices will drive reductions in U.S. drilling rigs, which will in turn reduce the market for our products.”
The sentiment was similar for a chemical manufacturer, who said “lower oil prices will adversely impact margins. Energy volatility will cause our customers to keep inventories tight.”
States like Texas, North Dakota, Oklahoma, and Louisiana have seen their economies boom over the last few years as oil production surged. But the sector is now deflating, leaving gashes in employment rolls and state budgets.” (Low Prices Lead To Layoffs In The Oil Patch, Nick Cunningham, Oilprice.com)
Of course industries lay-off workers all the time and it doesn’t always lead to a financial crisis. But unemployment is just one part of the picture, lower personal consumption is another. Take a look:
“Falling oil prices are a bigger drag on economic growth than the incremental “savings” received by the consumer…..Another way to show this graphically is to look at the annual changes in Personal Consumption Expenditures (PCE) in aggregate as compared to the subsection of PCE spent on energy and related products. This is shown in the chart below.
Lower Energy Prices To Lower PCE (Personal Consumption Expenditures):
(The Gasoline Price Myth, Lance Roberts, oilprice.com)
See? So despite what you might have read in the MSM, lower gas prices do not translate into greater personal consumption or more robust growth. Quiet the contrary, they tend to intensify deflationary pressures and reduce activity which is a damper on growth.
Then there’s the knock-on effects that crashing prices and layoffs have on other industries like mining, manufacturing and chemical production. Here’s more from Oil Price:
“Oil and gas production makeup a hefty chunk of the “mining and manufacturing” component of the employment rolls. Since 2000, when the oil price boom gained traction, Texas has comprised more than 40% of all jobs in the country according to first quarter data from the Dallas Federal Reserve…
The majority of the jobs “created” since the financial crisis have been lower wage paying jobs in retail, healthcare and other service sectors of the economy. Conversely, the jobs created within the energy space are some of the highest wage paying opportunities available in engineering, technology, accounting, legal, etc. In fact, each job created in energy related areas has had a “ripple effect” of creating 2.8 jobs elsewhere in the economy from piping to coatings, trucking and transportation, restaurants and retail….
The obvious ramification of the plunge in oil prices is that eventually the loss of revenue will lead to cuts in production, declines in capital expenditure plans (which comprise almost 1/4th of all capex expenditures in the S&P 500), freezes and/or reductions in employment, and declines in revenue and profitability…
Simply put, lower oil and gasoline prices may have a bigger detraction on the economy than the “savings” provided to consumers.” (The Gasoline Price Myth, Lance Roberts, oilprice.com)
None of this sounds very reassuring, does it? And yet, all we hear from the media is how the economy is going to reach “escape velocity” on the back of cheap oil. Nonsense. This is just more “green shoots” baloney wrapped in public relations hype. The fact is, the economy needs the good-paying jobs more than it needs low-priced energy. But now that prices are tumbling, those jobs are going to disappear which is going to be a drag on growth. Now check out these headlines I picked up on Google News that help to show what’s going on off the radar:
“Texas is in danger of a recession”, CNN Money.
“Texas Could Be Headed for an Oil-Fueled Recession, JP Morgan Economist Says”, Wall Street Journal “Good Times From Texas to North Dakota May Turn Bad on Oil-Price Drop”, Bloomberg
“Low Oil Prices in the New Year Are Screwing Petrostates”, Vice News
“Top US Oil States Are Taking A Hit From Plunging Crude Prices”, Business Insider
Get the picture? If oil prices continue to fall, unemployment is going to spike, activity is going to slow, and the economy is going tank. And the damage won’t be limited to the US either. Get a load of this from the UK Telegraph:
“A third of Britain’s listed oil and gas companies are in danger of running out of working capital and even going bankrupt amid a slump in the value of crude, according to new research.
Financial risk management group Company Watch believes that 70pc of the UK’s publicly listed oil exploration and production companies are now unprofitable, racking up significant losses in the region of £1.8bn.
Such is the extent of the financial pressure now bearing down on highly leveraged drillers in the UK that Company Watch estimates that a third of the 126 quoted oil and gas companies on AIM and the London Stock Exchange are generating no revenues.
The findings are the latest warning to hit the oil and gas industry since a slump in the price of crude accelerated in November when the Organisation of Petroleum Exporting Countries (Opec) decided to keep its output levels unchanged. The decision has caused carnage in oil markets with a barrel of Brent crude falling 45pc since June to around $60 per barrel.” (Third of listed UK oil and gas drillers face bankruptcy, Telegraph)
“Carnage in oil markets,” you say?
Indeed. Many of the oil-drilling newcomers set up shop to take advantage of the low rates and easy money available in the bond market. Now that prices have crashed, investors are avoiding energy-related junk bonds like the plague which is making it impossible for the smaller companies to roll over their debt or attract fresh capital. When these companies start to default en masse, as they certainly will if prices don’t rebound, the blowback will be felt on bank balance sheets across the country creating the possibility of another financial meltdown. (Now we ARE talking about a financial crisis.)
The basic problem is that the banks have bundled a lot of their dodgy debt into financially-engineered products like Collateralized Loan Obligations (CLOs) and Collateralized Debt Obligations (CDOs) that will inevitably fail when borrowers are no longer able to service the loans. The rot can be concealed for a while, but eventually, if prices don’t recover, a significant number of these companies are going to go under which will push the perennially-undercapitalized banking system to the brink once again. That’s why Washington’s plan to push down oil prices (to hurt the Russian economy) might have made sense on a short-term basis (to shock Putin into submission) but as a long-term strategy, it’s nuts. And what’s even crazier, is that Obama has decided to double-down on the same wacky plan even though Putin hasn’t given an inch. Check this out from Reuters on Monday:
“The Obama administration has opened a new front in the global battle for oil market share, effectively clearing the way for the shipment of as much as a million barrels per day of ultra-light U.S. crude to the rest of the world…
The Department of Commerce on Tuesday ended a year-long silence on a contentious, four-decade ban on oil exports, saying it had begun approving a backlog of requests to sell processed light oil abroad.
The action comes at a critical juncture for the global oil market. World prices have halved to less than $60 a barrel since the summer as top exporter Saudi Arabia, once a staunch defender of $100 oil, refused to cut production in the face of surging U.S. shale output and tempered global demand…
With global oil markets in flux, it is far from clear how much U.S. condensate will find a market overseas.”
(Analysis – U.S. opening of oil export tap widens battle for global market, Reuters)
Does that make sense to you, dear reader? Why would Obama suddenly opt to change the rules of the game when he knows it will increase supply and push prices down even further? Why would he do that? Certainly, he doesn’t want to inflict more pain on domestic producers, does he?
Let’s let Obama answer the question for himself. Here’s a clip from an NPR interview with the president just last week. About halfway through the interview, NPR’s Steve Inskeep asks Obama: “Are you just lucky that the price of oil went down and therefore their currency collapsed or …is it something that you did?
Barack Obama: If you’ll recall, their (Russia) economy was already contracting and capital was fleeing even before oil collapsed. And part of our rationale in this process was that the only thing keeping that economy afloat was the price of oil. And if, in fact, we were steady in applying sanction pressure, which we have been, that over time it would make the economy of Russia sufficiently vulnerable that if and when there were disruptions with respect to the price of oil — which, inevitably, there are going to be sometime, if not this year then next year or the year after — that they’d have enormous difficulty managing it.” (Transcript: President Obama’s Full NPR Interview)
Am I mistaken or did Obama just admit that he wanted “disruptions” in the “price of oil” because he figured Putin would have “enormous difficulty managing it”?
Isn’t that the same as saying that it was all part of Washington’s plan; that plunging prices were just the icing on the cake for their asymmetrical attack on the Russian economy? It sure sounds like it. And that would also explain why Obama decided to allow domestic producers to dump more oil on the market even though it’s going to send prices lower. Apparently, none of that matters as long as the policy hurts Russia.
So maybe the US-Saudi oil collusion theory isn’t so far fetched after all. Maybe Salon’s Patrick L. Smith was right when he said:
“Less than a week after the Minsk Protocol was signed, Kerry made a little-noted trip to Jeddah to see King Abdullah at his summer residence. When it was reported at all, this was put across as part of Kerry’s campaign to secure Arab support in the fight against the Islamic State.
Stop right there. That is not all there was to the visit, my trustworthy sources tell me. The other half of the visit had to do with Washington’s unabated desire to ruin the Russian economy. To do this, Kerry told the Saudis 1) to raise production and 2) to cut its crude price. Keep in mind these pertinent numbers: The Saudis produce a barrel of oil for less than $30 as break-even in the national budget; the Russians need $105.
Shortly after Kerry’s visit, the Saudis began increasing production, sure enough — by more than 100,000 barrels daily during the rest of September, more apparently to come…
Think about this. Winter is coming, there are serious production outages now in Iraq, Nigeria, Venezuela and Libya, other OPEC members are screaming for relief, and the Saudis make back-to-back moves certain to push falling prices still lower? You do the math, with Kerry’s unreported itinerary in mind, and to help you along I offer this from an extremely well-positioned source in the commodities markets: “There are very big hands pushing oil into global supply now,” this source wrote in an e-mail note the other day.” (“What Really Happened in Beijing: Putin, Obama, Xi And The Back Story The Media Won’t Tell You”, Patrick L. Smith, Salon)
Vladimir Putin: Public Enemy Number 1
Let’s cut to the chase: All these oil shenanigans are really aimed at just one man: Vladimir Putin. There are a number of reasons why Washington wants to get rid of Putin, the first of which is that the Russian president has become an obstacle to US plans to pivot to Asia. That’s the main issue. As long as Putin is calling the shots, there’s going to be growing resistance to NATO’s push eastward and Washington’s military expansion across Central Asia which could undermine US plans to encircle China and remain the world’s only superpower. Here’s an excerpt from Zbigniew Brzezinski’s The Grand Chessboard which helps to explain the importance Eurasia is in terms of Washington’s global ambitions:
“..how America ‘manages’ Eurasia is critical. A power that dominates Eurasia would control two of the world’s three most advanced and economically productive regions. A mere glance at the map also suggests that control over Eurasia would almost automatically entail Africa’s subordination, rendering the Western Hemisphere and Oceania (Australia) geopolitically peripheral to the world’s central continent. About 75 per cent of the world’s people live in Eurasia, and most of the world’s physical wealth is there as well, both in its enterprises and underneath its soil. Eurasia accounts for about three-fourths of the world’s known energy resources.” (p.31) (Zbigniew Brzezinski, The Grand Chessboard: American Primacy And It’s Geostrategic Imperatives, Key Quotes From Zbigniew Brzezinksi’s Seminal Book)
Get it? Prevailing in Asia is the administration’s top priority, which is why the US is rapidly moving its military assets into place. Check this out from the World Socialist Web Site:
“Under Obama’s “pivot to Asia,” the Pacific Command will account for more than 60 percent of all US military forces, up from 50 percent under the Bush administration. This includes new US basing arrangements in the Philippines, Singapore and Australia, as well as renewed close military ties to New Zealand, and ongoing US military exercises in Thailand, Malaysia, Indonesia and Taiwan….(as well as) large troop deployments in Japan and South Korea, including nuclear-armed units.” (The global scale of US militarism, Patrick Martin, World Socialist Web Site)
The “Big Shift” is already underway, which is why obstacles have to be removed and Putin’s got to go.
Second, Putin has made himself a general nuisance vis a vis US strategic objectives in Syria, Iran and Ukraine. In Syria, Putin has thrown his support behind Assad who the US wants to topple in order to redraw the map of the Middle East and build gas pipelines from Qatar to Turkey to access the lucrative EU market.
Third, Putin has strengthened a number of coalitions and alliances –the BRICS bank, the Eurasian Economic Union, and the Shanghai Cooperation Organization–all of which pose a challenge to US dominance in the region as well as a viable alternative to neoliberal financial institutions like the IMF and World Bank. Going back to Brzezinski’s “chessboard” once again, we see that the US should not feel threatened by any one nation, but should be constantly on-the-lookout for “regional coalitions” which could derail its plans to rule the world. Here’s Brzezinski again:
“…the three grand imperatives of imperial geostrategy are to prevent collusion and maintain security dependence among the vassals, to keep tributaries pliant and protected, and to keep the barbarians from coming together.” (p.40)
“Henceforth, the United States may have to determine how to cope with regional coalitions that seek to push America out of Eurasia, thereby threatening America’s status as a global power.” (p.55) (Zbigniew Brzezinski, The Grand Chessboard: American Primacy And It’s Geostrategic Imperatives, Key Quotes From Zbigniew Brzezinksi’s Seminal Book)
As a founding member and primary backer of these organizations, (and initiator of giant energy deals with China, India and Turkey) Putin has become Washington’s biggest headache and a logical target for regime change.
Finally, Putin is doing whatever he can to circumvent dollar-denominated business and financial transactions. The move away from the buck is a direct attack on the US’s greatest source of power, the ability to control the de facto international currency and to require that other nation’s stockpile dollars for their energy purchases which are then recycled into US financial assets, stocks bonds and US Treasuries. This petrodollar-recycling scam allows the US to run gigantic current account deficits without raising interest rates or reducing government spending. Putin’s anti-dollar policies could diminish the greenback’s role as reserve currency and put an end to a system that institutionalizes looting.
This is why Putin is Public Enemy Number 1. It’s because he’s blocking the US pivot to Asia, strengthening anti-Washington coalitions, sabotaging US foreign policy objectives in the Middle East, creating institutions that rival the IMF and World Bank, transacting massive energy deals with critical US allies, increasing membership in an integrated, single-market Eurasian Economic Union, and attacking the structural foundation upon which the entire US empire rests, the dollar.
Naturally, Washington’s powerbrokers are worried about these developments, just as they are worried about the new world order which is gradually taking shape under Putin’s guidance. But, so far, they haven’t been able to do anything about it. The administration’s regime change schemers and fantasists have shown time-and-again that they’re no match for Bad Vlad who has beaten them at every turn.
Every year about this time, we are inundated with self-proclaimed prognosticators telling us (with great certainty) what the New Year will bring. The vast majority of the time they are wrong; but, somehow, that doesn’t keep people from listening to these pseudo-prophets or from buying their publications and videos. So, let me say upfront: I am not a prophet, nor the son of a prophet. I have no crystal ball; and the Almighty has not privileged me with special revelation regarding future events. However, I can predict with confidence that most of the predictions WON’T come to pass–especially the ones that deal with eschatology.
However, what I can report is the things that are ALREADY happening and the momentum that is driving them. It is an immutable law that, absent a significant force to the contrary, things in motion tend to stay in motion. Therefore, here are a few things that are already in motion as we go into 2015.
*Amnesty For Illegals And Obamacare
Let’s take Obamacare first: It is here to stay. Both major parties in Washington, D.C., overwhelmingly support national health insurance. Had Mitt Romney been elected in 2012, we would be calling it Romneycare instead of Obamacare. In fact, Mitt Romney’s state health insurance plan was the model for what we now call Obamacare. So, if any of you are still harboring any hope that somehow the new GOP Congress will pull a rabbit out of the hat and reverse Obamacare, it’s time to admit reality. Obamacare isn’t going anywhere. Supreme Court Chief Justice John Roberts, who was selected by President G.W. Bush, forever sealed Obamacare into the legal and political bone marrow of America.
And, like Obamacare, both major parties in Washington, D.C., support amnesty for illegals. Oh, I know that the vast majority of grassroots Republicans oppose amnesty, but since when has that mattered to a tinker’s dam to the GOP ruling class? John Boehner and Company has already orchestrated the funding for amnesty with the $1.1 trillion “Cromnibus” bill that recently passed. Another vote that could potentially defund amnesty is expected in Congress by February. But already the GOP leadership is positioning the new Republican majority to provide amnesty with permanent status. The fact that it was mostly anti-amnesty anger that swept Republicans into the majority in both houses of Congress means nothing to the GOP leadership. NOTHING!
Here is the most concise summary I’ve seen to date on what GOP leaders are doing regarding solidifying Obama’s (unconstitutional) amnesty order:
“The plan by GOP leaders to sell out and back up Obama’s executive amnesty is already coming together.
“‘Here’s the architecture of the coming sellout: there will be a show vote on defunding exec amnesty–either as a stand alone or part of the DHS bill,’ a congressional GOP aide told Breitbart News:
“‘But once they’ve let members vote on it, it will fall away. Instead, they’ll attach the McCaul “border securit” bill–what we’ll call free rides for illegal aliens to a city near you. The McCaul bill will follow the Pete Sessions’ rule: no illegal aliens will be deported. No e-verify, no welfare stoppage, a free pass for the 12 million here to stay here. It will just be more money for King Obama to use to help illegals enter the country and get a free education. The White House will play along, pretend it’s a tough bill, and then eagerly sign it–locking in the amnesty and taking real enforcement off the table (they’ll say it’s all done now). Then will come the gifts for the corporate sponsors.’”
The report also quotes George Rasley, the executive editor of Richard Viguerie’s ConservativeHQ, as correctly saying, “Looking at what the Republican Party’s Capitol Hill leaders did in the CRomnibus it’s hard for conservatives to figure out who’s worse: Obama or the GOP leaders who apparently plan to overturn the results of the 2014 midterms by allowing the president’s unconstitutional amnesty to stand and, adding insult to injury, passing the U.S. Chamber of Commerce wishlist of more spending and more visas to displace American workers.”
See the report at:
Folks, please understand that GOP leaders in Congress are not GOING to solidify Obama’s amnesty deal, they are ALREADY solidifying it. Therefore, this is not a prediction; it is simply an accurate reporting of what is already taking place. Republican leaders in Washington, D.C., are going to do what they always do: give grassroots conservative Republicans the royal shaft. But since conservatives seem to suffer from Stockholm Syndrome every election year, it is doubtful that much of anything will change in 2016 either.
The newest NAFTA-style trade agreement, called the Trans-Pacific Partnership (TPP), has been in the works for some time. However, with the Democrats in charge of the Senate, President Obama was not able to push the jobs-killing agreement through Congress. But with the GOP now in charge of both houses of Congress, passage of TPP will be a breeze.
As Rasley observed, Republican congressional leaders are mostly in the pocket of the U.S. Chamber of Commerce, and the TPP trade agreement is perhaps priority number one for the Chamber–and they are already pushing hard for its passage.
The Washington Post noted that “President Obama is preparing a major push on a vast free-trade zone that seeks to enlist Republicans as partners.”
See the report here:
With the GOP controlling Congress, globalist-minded Barack Obama is now able to bypass his own party and partner with internationalist-business-
The Chamber of Commerce spent millions in this last election helping to elect pro-Big Business Republicans to office. They expect payback.
A Breitbart.com report begins, “Not only does the U.S. Chamber of Commerce think it is the only reason the GOP won in November, it is now threatening Republicans with opposition next go round if they don’t lay down and give the Chamber precisely what it wants, including on immigration, increased spending on transportation, and economic deals that sweeten the pot for big business.”
See the report here:
*The American Police State
The American Police State saw a banner year in 2014. The militarization of local and State police, along with the instances of police-bullying, grew to record heights last year–and there is absolutely no sign of a let-up.
Excerpts from Joel Skousen’s December 26, 2014 World Affairs Brief (WAB) are relevant:
“This year we saw government further arrogate to itself broad new power through executive action that went unchecked thanks to a Congress coopted by globalist republican leaders and a neutered Supreme Court, which refuses to declare any of the president’s unilateral actions unconstitutional.”
Skousen continues, “We now live in a surveillance state and its purpose has nothing to do with terrorism: Domestic dissidents are the target; terrorism is just the excuse. The NSA records every type of electronic communication. Despite the initial public outrage over Edward Snowden’s revelation, government hasn’t stopped anything. They’ve made deceptive legislative proposals that claim to limit government’s ability to see content, but those claims are as much a sham and a lie as the government insistence that they only collect metadata. The content comes right along with the metadata, so there’s no way to collect only the metadata.”
Pertaining specifically to domestic police abuse, Skousen notes, “Police aggressiveness and brutality . . . is a precursor to a Police state. It reached a head this year with the Ferguson riots, but sadly the issue was falsely framed as one of racial prejudice and profiling, rather than the danger to all of us from thuggish police behavior. There is a steady increase in the percentage of macho, pushy law enforcement personnel, many of which have a military background. They bring with them their foul-mouthed habits and thuggish behavior. Coupled with police training that talks incessantly about ‘getting killed if you don’t react fast enough’ police are developing a shoot-first-and-ask-question-
“Just as bad is their attitude that ‘you need to do what I say, no questions asked.’ This is not right. Police are not allowed by law to demand the public follow their every order. It has to be a lawful order. Sadly, neither the police chiefs nor the courts are willing to sanction police with strong penalties when they abuse this power.”
To subscribe (paid only) to Skousen’s excellent WAB, go here:
Unfortunately, there are only a precious few who seem to understand this burgeoning Police State and who actively oppose it. A majority of Democrats and Republicans, liberals and conservatives, unbelievers and Christians, all seem to, not only tolerate the police-state mentality, but enthusiastically support it. And there is no momentum whatsoever to stopping it. It will only get worse in 2015.
*Christ And Caesar
True Christianity has never been associated with, supported by, or underneath Caesar’s (civil government’s) auspices or benevolence. For most of the 2,000+ years of Church history, true believers met in non-state-sanctioned or even underground churches and fellowships. In fact, the Early Church was birthed in a baptism of persecution from both the civil government (Rome) and established religion (Judaism) at the time. Not until the unholy union of the Church and State under Theodosius I (almost 400 years after Christ) did Christians accept official sanction from government. And for many centuries to follow, the official merger of Church and state led to the persecutions and deaths of untold thousands of believers deemed heretics and outlaws because their religious beliefs contradicted those of the official state-sanctioned church.
Even in early America, state-approved denominations and churches were guilty of horrific persecutions against independent-minded Christians who refused to submit to the doctrines and liturgies of state-sanctioned churches. These state-church persecutions ultimately led Roger Williams to found the colony of Rhode Island and John Leland to convince James Madison that religious liberty must be the first in our Constitution’s Bill of Rights.
After the acceptance of our Bill of Rights, America’s churches enjoyed complete independent status, being answerable only to their Creator and their own conscience. All of that changed in 1954 when then-Senator Lyndon Johnson (D-Texas) successfully introduced the Johnson Amendment to the code of the Internal Revenue Service: the now-infamous 501c3 nonprofit organization status for churches. This designation made churches a creature of the state–answerable to the direct dictates of government–even regarding speech and activity.
By accepting 501c3 status, America’s churches have effectively become state-licensed or state-sanctioned organizations. In much the same way that churches in Communist China risk vindictive state sanctions for not complying to state control, so, too, churches in the United States risk vindictive IRS sanctions for not complying to state control.
What is more than interesting is the comparison between the churches in China and the churches in America. In China, Christianity is growing exponentially. In fact, there are now more Christians in China than there are communists. Please carefully read this report:
“Though the Chinese Communist Party is the largest explicitly atheist organization in the world, with 85 million official members, it is now overshadowed by an estimated 100 million Christians in China. It is no wonder Beijing is nervous and authorities are cracking down on Christian groups.
“Christianity is growing so fast in China that some predict that it will be the most Christian nation in the world in only another 15 years. By far, the greatest growth is coming outside the official state-sanctioned churches, which are rightly considered subservient to the Communist Party. Numbers are increasing, rather, in unofficial Protestant ‘house churches’ and in the underground Catholic church.”
See the report here:
Did you get that? Let me repeat it: “By far, the greatest growth is coming OUTSIDE [emphasis added] the official state-sanctioned churches, which are rightly considered subservient to the Communist Party [state]. Numbers are increasing, rather, in UNOFFICIAL [emphasis added] Protestant ‘house churches’ and in the UNDERGROUND [emphasis added] Catholic church.”
But what do we see happening in the United States? Christianity is waning BIG TIME. On the whole, churches are in steep decline. For the most part, only the entertainment-oriented, circus variety churches are growing. The numbers of Americans professing Christianity in general and expressing loyalty to a specific church or denomination are at historic lows. And the trend for 2015 and beyond is more of the same.
So, what is the difference? Why is Christianity proliferating in China and declining in America? China has an openly atheistic government. For all intents and purposes, the government in Washington, D.C., is equally atheistic. The federal government in D.C. is responsible for virtually every single attack against the expression of the Christian faith at every level of society. It is the federal government that attacks Christian expression in our local public schools. It is the federal government that attacks Christian expression in local governing bodies. It is the federal government that has all but permanently dismantled the expression of Christianity throughout our country’s public institutions. But so does the government in Beijing. Yet, in China, the Church is mushrooming, while in America, the Church is dying. What’s the difference?
The difference is, in China, Christians understand that to be loyal to Christ, they MUST NOT SUBMIT to state-sanction or license. And they are willing to defy Beijing authorities in order to be faithful to that conviction. However, in America, pastors and churches insist that they MUST SUBMIT to state control–even using Romans 13 to justify this preposterous position. Bottom line: state-sanctioned churches in America are withering, while non-state-sanctioned churches in China are mushrooming. There is no doubt that the trend in both countries will continue into and beyond 2015.
Until America’s pastors and churches “see the light” and consciously withdraw themselves from Caesar’s grasp (at whatever cost), Christianity in this country will continue to evaporate.
Toward the end of 2014, I launched the Liberty Church Project, in which I am traveling the country helping pastors and churches withdraw from the tentacles of 501c3 government sanction and/or helping people start brand new non-501c3 churches and fellowships. So far, we are batting a perfect five-for-five. And I believe that the momentum of establishing “unofficial” or “underground” churches in this country has only begun.
I am absolutely convinced that very soon every pastor and Christian in America will have to make the conscious decision to either deny Christ and remain part of the apostate government-church or be faithful to Christ and become part of the “unofficial” or “underground” church–just as Christians have had to do in China. One will not be able to do both.
I also believe that what we are seeing happening via the Liberty Church Project is just the beginning raindrops of what will one day be a deluge. I am quite confident that I will be very busy in 2015 as we continue to help believers establish non-501c3 churches and fellowships. To learn more about the Liberty Church Project, go here:
Let me say it plainly: the ONLY way America’s Christians and churches are going to experience a true spiritual renewal is to withdraw themselves from state sanction. For all intents and purposes, the establishment Church in America is DEAD. It has forgotten the lessons of history. It would rather please Caesar; it relishes the endorsement of Caesar. By action, our church leaders are saying the same thing Jewish leaders said at the time of Christ: “We have no king but Caesar.”
So, while I am not a prognosticator or a prophet, I can easily see the trends listed above. There is absolutely no doubt in my mind that these trends will continue into 2015 and beyond.
Ferguson, Missouri with its race-riots; Chicago, Illinois with its 50 black on black shootings over the 4th of July weekend and New York City’s latest African-American death portend something deeper and much deadlier than a Grand Jury verdict that exonerated a white police officer.
Today in America, a sizeable population of Americans shoplift $25 million daily out of mercantile stores. Millions drive drunk in the face of strict and punishing laws for intoxicated driving. Tens of thousands text while driving at 70 mph, which kills 3,000 people annually. It matters not that it’s against the law and against common sense. Thousands of black on white and black on black murders accelerate into the national news. Black on black rapes, black on white rapes and violence toward children in the inner cities continues without causing riots or national concern.
In Detroit, Chicago, New York, Denver, LA, New Orleans and elsewhere across America, black schools suffer 50 to as high as 76 percent flunkout-dropout rates. Result: millions of teens hit the streets illiterate every June. Currently in America today, 42 million people cannot read or write—which equates to functional illiteracy. Note: we feed 48 million people on food stamps because they cannot earn money with a job.
A profoundly disturbing 73 percent of African-American children arrive out of wedlock to single mothers who subsist on welfare. One famous video of an African-American woman in Florida with 15 children living in a motel defies understanding. She screamed at the news reporter, “Somebody’s got to take responsibility for all these kids.”
A sense of personal responsibility and accountability never occurred to her. It’s everyone else’s fault that her illegitimate kids don’t enjoy a home or three meals a day or a father(s).
In Ferguson, 6’4”, 290 pound, 18 year old, African-American Michael Brown robbed a convenience store, and nearly choked the storeowner when the owner tried to stop Brown. A few minutes later, Officer Darren Wilson stopped the giant of a teenager who boasted a rap sheet history of robberies. The teen attacked the officer in his own squad car. Then, minutes later, after being shot in the hand, the teenager ran, but turned back to charge toward the police officer. After many shouts to halt, the officer, fearing for his life, shot the young man dead.
A Grand Jury, including six African-Americans, heard all the facts and all the witnesses to the case. They voted to not indict Officer Wilson because the behemoth of a man charged toward him with the ability to crush the officer, take his gun and kill the officer.
That decision, made by lawful citizens, morphed into the Ferguson riots and burnings. It caused race-baiter Al Sharpton to create the false flag of, “Hands up, don’t shoot” motto.
Also, when the 6’4”, 350 pound, 45-year-old Eric Garner, died because of an arrest chokehold that cut off his air, more demonstrations raged across the country.
While emotions ran high, Sharpton raced to the head of the crowd to claim his almighty righteousness. Burning buildings and cars costs millions, but settles nothing. Blaming everyone else for personal behavior solves nothing.
When a police officer stops me for a traffic infraction, I say, “Yes sir and yes ma’am.” I don’t argue. I don’t make excuses. I don’t attempt to fight them. I don’t try to pull their gun. I keep my hands on the wheel and look them in the eye. If I get a ticket, I sign for it and pay for it. Yes, it ruined my day, but I got caught speeding. I am responsible. When a police officer has you in his or her sights, you don’t argue because they command you for time being. If you don’t want a police officer to stop you, obey the law.
Both Brown and Garner broke the law and fought the police officers. If they chose to put their hands into cuffs and be led away to their day in court, both would be alive today. They didn’t so they died. If you break the law, you pay the consequences.
That’s why we engage laws to maintain a civil society.
Right now, the African-American community, black on black crime, suffers 6,000 murders annually. You never hear a word about it. With 73 percent of African-American children living with a single mother, the African-American “family” lives in shambles that create more anger, illiteracy, violence, poverty and killings. It’s the greatest tragedy since slavery. But in this case, African-Americans do it to themselves. No other ethnic group in America suffers so much death and poverty. Why? My bet: it started with Lyndon Baines Johnson’s “War on Poverty” and the “Great Society” that created endless welfare for those who enjoy doing nothing with their lives.
How about this idea? Why doesn’t the Congressional Black Caucus investigate the “whys” of black poverty, crime and killings? Then, pass laws to create jobs, fund schooling and vocational training. How about a national network to educate teen African-American girls on the dangers of early pregnancy. Intense-disciplined training and schooling must be introduced into the inner city ghettos. Separate male and female schools to cut down on the sexual intrigue that creates so many fatherless children.
How about the African-American educated leaders like Barack Obama, Eric Holder, Colin Powell and mega-rich black entertainers step up to the plate to solve the problems facing African-Americans in America—rather than ignore them as they have for the past 40 years?
Instead of sending foreign aid over to countries that hate us, why not spend it on our own citizens for their and our benefit? Instead of 10 to 13 year wars overseas that accomplish nothing, why not use the money for jobs and training for African-Americans? And all our poor citizens?
How about a Master Mind Group Think Tank that coordinates to discover the causes of black poverty and crime—then solve it, change it and turn it around?
We cannot endure high school kids marching down the streets of our cities yelling, “F*** the cops.”
I think Bill O’Reilly presented America with the best five-minute speech on the African-American predicament.
We need to teach young people personal accountability, personal responsibility and a sense of community. We need to teach respect for law. We need to teach all teens the ramifications of teen pregnancies and how to prevent them. We need to examine ourselves as a society, what means something to us, and how to regain the family unit.
If not, millions of Michael Brown’s and Eric Garners will kill each other, steal and cheat, and impregnate endless teen girls into motherhood without fathers. We need to get this done. If not, more Ferguson riots face all of them and all of us.
Emperor Barack Hussein Obama once again broke the U.S. Constitution this past week by illegally mandating that our laws as a sovereign country mean nothing. He illegally overstepped his office as president by using an executive order that takes the law into his own hands and away from “We the people.”
He insured that anyone who illegally jumps our borders, overstays a visa or crosses during pregnancy may become a U.S. citizen without warrant of any kind. Obama insured that millions of people expect to storm our borders in the coming years—thus rending our country—no longer a country, but a destination.
At this point in our “open borders” history, we find no purpose for the United States to maintain a military since our president and Congress refuse to secure our borders against the entry of illegal aliens and contraband.
Borders define a nation and the primary reason for our armed forces remains to keep our enemies as far from our shores as possible. Foreign nationals easily enter the U.S. today and evade the scrutiny of the CBP (Customs and Border Protection) inspectors at ports of entry. Terrorists, spies and enemy combatants easily enter our country and pose a threat to national security and public safety. But that doesn’t bother Obama or Congress. The past five presidents failed to secure our borders.
If history illustrates our predicament, the next five presidents and Congresses won’t secure our borders, either.
Any unilateral Executive action on immigration by Barack Obama is a blatant subversive act and an open attempt to usurp the constitutional authority of Congress. It may in fact rise to the level of an act of treason against the U.S. Constitution and the American people, as an overt breach of trust and violation of Barack Obama’s oath of office.
There is nothing in Article II of the U.S. Constitution granting the Oval Office the power to usurp, subvert or ignore the laws of the United States as established by Congress.
For America’s enemies, the goal of going behind ‘enemy lines’ equates with getting past our borders and the officials whose mission secures the borders. When aliens manage to evade the inspections process or otherwise gain entry into the U.S. intent on violating our immigration laws, an effective interior enforcement program must stand ready, willing, and able to identify these people, locate them, arrest them, and seek their removal from the U.S. to backstop the Border Patrol and the inspections process conducted at ports of entry.
Our immigration laws do not make any distinctions that involve race, religion, or ethnicity — only to keep out aliens, such as criminals and terrorists, who pose a threat to the safety and well-being of America and Americans. Title 8, U.S.C. § 1182 provides a list of the classes of aliens who are supposed to be prevented from entering the U.S. Without such an effective and credible program in place, for aspiring illegal aliens from around the world, the ‘finish line’ is the border of the U.S.
This past month, Obama mandated printing of 34 million Green Cards, but he tells us only 4.6 million illegals will enjoy amnesty. Is he a bald-faced liar? What do you think?
Why does Obama call them “immigrants”?
Trying to confuse “illegal aliens” with “immigrants” must be defined instead of painted over in glossy, rose-colored glasses. Obama says Americans welcome “immigrants” – “yes” – we welcome “immigrants” because “immigrants” arrive legally and they respect Americans by respecting our laws.
All 20 million illegal aliens jumped our borders, broke our laws, forged SS#’s, work and live in violation of our laws. They stole jobs from our citizens as well as shoplifting, murders, drunk drivers, rapes, driving illegally and using our welfare systems. You might give a word: Obama comment line: 1(202)456-1111 or 1414!
We now face a man in the White House who doesn’t mind breaking our Constitution, paid for with the blood of millions of men and women. In his youth, he chose to smoke pot, do drugs and lie his way through college and into Congress. He lacks any comprehension of what America stands for because he still hasn’t proven he’s an American.
History will discover his true identity at some point. History will prove where his grandmother lifted his Social Security Card number because he didn’t possess a valid U.S. birth certificate. He didn’t register for the draft, but somehow obtained a backdated draft card. He registered as a foreign student when attending Columbia and on to Harvard with grades that couldn’t get him out of high school.
At some point, the hammer of truth will descend on Obama. In the meantime, he violates our laws, he gifts lawbreakers with amnesty, and at some point, he better grant himself amnesty from his own larceny of the truth he keeps from the American people.
Historians will not be kind to the foremost liar in American history.
Does the Name “Strauss-Kahn” Ring a Bell?
The International Monetary Fund has finally admitted that it was wrong to recommend austerity as early as it did in 2010-2011. The IMF now agrees that it should have waited until the US and EU economies were on a sustainable growth-path before advising them to trim their budget deficits and reduce public spending. According to a report issued by the IMF’s research division, the Independent Evaluation Office (IEO): “IMF advocacy of fiscal consolidation proved to be premature for major advanced economies, as growth projections turned out to be optimistic…This policy mix was less than fully effective in promoting recovery and exacerbated adverse spillovers.”
Now there’s an understatement.
What’s so disingenuous about the IMF’s apology, is that the bank knew exactly what the effects of its policy would be, but stuck with its recommendations to reward its constituents. That’s what really happened. The only reason it’s trying to distance itself from those decisions now, is to make the public think it was all just a big mistake.
But it wasn’t a mistake. It was deliberate and here’s the chart that proves it:
(Democrats Reap What They Sowed, Rob Urie, CounterPunch)
There it is, six years of policy in one lousy picture. And don’t kid yourself, the IMF played a critical role in this wealth-shifting fiasco. It’s job was to push for less public spending and deeper fiscal cuts while the Central Banks flooded the financial markets with liquidity (QE). The results are obvious, in fact, one of the Fed’s own officials, Andrew Huszar, admitted that QE was a massive bailout for the rich. “I’ve come to recognize the program for what it really is,” said Huszar who actually worked on the program, “the greatest backdoor Wall Street bailout of all time.” There it is, straight from the horse’s mouth.
So now the IMF wants to throw a little dust in everyone’s eyes by making it look like it was a big goof-up by well-meaning but misguided bankers. And the media is helping them by its omissions.
Let me explain: Of the more than 455 articles on Google News covering the IMF’s mea culpa, not one piece refers to the man who was the IMF’s Managing Director at the time in question. Doesn’t that strike you as a bit odd?
Why would the media scrub any mention of Dominique Strauss-Kahn from its coverage? Could it be that (according to NPR):
“The IMF’s managing director wanted to give Greece, Portugal and Ireland the time needed to put their accounts in order, and he also argued for softening the austerity measures associated with the bailouts for those countries.
Greek economists say that under Strauss-Kahn’s leadership, the IMF was a counterbalance to the strict austerity policies favored by northern European leaders. In fact, according to the daily Le Monde, Strauss-Kahn is fond of calling those who argue for tighter austerity “fous furieux,” which roughly translates as “mad men.”
Strauss-Kahn’s view is that shock-therapy measures imposed on Greece and other European countries with sovereign debt crises will lead only to economic recession and severe social unrest.
Several commentators pointed out Monday that at a time of turmoil in the eurozone and division among European leaders, it was the IMF, under Strauss-Kahn’s leadership, that kept the eurozone’s rescue strategy on track.
The Financial Times said that the IMF’s single most important influence in the resolution of the eurozone crisis was political — amid a lack of political leadership, the paper said, the IMF filled a vacuum.
(IMF Chief’s Arrest Renews Euro Debt Crisis Fears, NPR)
Ah-ha! So Strauss-Kahn wasn’t on board with the IMF’s shock doctrine prescription. In fact, he was opposed to it. So there were voices for sanity within the IMF, they just didn’t prevail in the policy debate.
But why would that be, after all, Strauss-Kahn was the IMF’s Managing Director, his views should have carried greater weight than anyone else’s, right?
Right. Except DSK got the ax for a sexual encounter at New York’s ritzy Sofitel Hotel. So the changes he had in mind never took place, which means that the distribution of wealth continued to flow upwards just like the moneybags constituents of the IMF had hoped for.
Funny how that works, isn’t it? Funny how it’s always the Elliot Spitzers, and the Scott Ritters, and the Dominique Strauss-Kahn’s who get nailed for their dalliances, but the big Wall Street guys never get caught.
Why is that?
The fact is, Strauss-Kahn was off the reservation and no longer supported the policies that the establishment elites who run the IMF wanted to see implemented. They felt threatened by DSK’s Keynesian approach and wanted to get rid of him. That’s it in a nutshell.
Do you know why the bigwig plutocrats hated DSK?
It had nothing to do with his sexual acrobatics at the Sofitel Hotel. Nobody cares about that shite. What they were worried about were his plans for the IMF which he laid out in a speech he gave at the Brookings Institution in April 2011, one month before he got the boot. The speech got very little attention at the time, but– for all practical purposes– it was DSK’s swan song. And, I think you’ll see why.
The experience must have been a real shocker for the gaggle of tycoons and hangers-on who attend these typically-tedious gatherings. Instead of praise for “market discipline”, “labor flexibility” and “fiscal consolidation”, Strauss-Kahn delivered a rousing 30 minute tribute to leftist ideals and wealth-sharing sounding more like a young Leon Trotsky addressing the Forth International than a cold-hearted bureaucrat heading the world’s most notorious loan sharking operation. By the time the speech ended, I’m sure the knives were already being sharped for the wayward Managing Director. To put it bluntly, DSK’s goose was cooked. Here’s a clip from the speech that will help to explain why:
“…The outstanding faults of the economic society in which we live are its failure to provide for full employment and its arbitrary and inequitable distribution of wealth and incomes”…
Not everyone will agree with the entirety of this statement. But what we have learnt over time is that unemployment and inequality can undermine the very achievements of the market economy, by sowing the seeds of instability…
.. the IMF cannot be indifferent to distribution issues…
Today, we need a similar full force forward response in ensuring that we get the recovery we need. And that means not only a recovery that is sustainable and balanced among countries, but also one that brings employment and fair distribution…
But growth alone is not enough. We need direct labor market policies…
Let me talk briefly about the second lung of the social crisis—inequality…IMF research also shows that sustainable growth over time is associated with a more equal income distribution…
We need policies to reduce inequality, and to ensure a fairer distribution of opportunities and resources. Strong social safety nets combined with progressive taxation can dampen market-driven inequality. Investment in health and education is critical. Collective bargaining rights are important, especially in an environment of stagnating real wages. Social partnership is a useful framework, as it allows both the growth gains and adjustment pains to be shared fairly…
We have also supported a tax on financial activities (and) organized jointly with the ILO … to better understand the policies behind job-creating growth…
Ultimately, employment and equity are building blocks of economic stability and prosperity, of political stability and peace. This goes to the heart of the IMF’s mandate. It must be placed at the heart of the policy agenda. Thank you very much.” (The Global Jobs Crisis— Sustaining the Recovery through Employment and Equitable Growth, Dominique Strauss-Kahn, Managing Director IMF, April 13, 2011)
Can you imagine the chorus of groans that must have emerged from the crowd when Strauss-Kahn made his pitch for “progressive taxation”, “collective bargaining rights”, “protecting social safety nets”, “direct labor market policies” and “taxes on financial activities”? And how do you think the crowd reacted when he told them he’d settled on a more enlightened way to distribute the wealth they’d accumulated over a lifetime of insider trading, crooked backroom deals and shady business transactions?
Do you think they liked that idea or do you suppose they lunged for their blood pressure medication before scuttling pell-mell towards the exits?
Let’s face it; Strauss-Kahn was headed in a direction that wasn’t compatible with the interests of the cutthroats who run the IMF. That much is clear. Now whether these same guys concocted the goofy “honey trap” at the Sofitel Hotel, we may never know. But what we do know is this: If you’re Managing Director of the IMF, you’d better not use your power to champion “distribution” or collective bargaining rights or you’re wind up like Strauss-Kahn, dragged off to the hoosegow in manacles wondering where the hell you went wrong.
DSK was probably done-in by the people who hated his guts. Now they want to polish-up their image by rewriting history.
And, you know, they’re rich enough to pull it off, too.
To many, the above title may seem much like speaking of the bright side to malignant cancer. And did it really come out of this writer’s pen? Long a staunch immigration critic, I’ve written many articles on the subject; Pat Buchanan used one of my lines in his book Death of the West; and Congressman John Conyers quoted me in the House on May 16, 2007, saying, “[C]onservative commentator Selwyn Duke just yesterday inveighed against any immigration (legal or not). He warned, ‘[R]eplace our population with a Mexican or Moslem one and you no longer have a Western civilization, you no longer have America. You have Mexico North or Iran West.’” (Conyers wasn’t exactly in agreement.) And, no, it’s not that a pod from outer space has taken over my body or, worse yet, that I’ve become a liberal. I inveigh against all immigration still. I still oppose amnesty in all forms and under all guises. Nonetheless, the latter would have, perhaps, a small bright side.
This cannot be understood without grasping that illegal migration is not the problem.
It is an exacerbation of the problem.
What does this mean? Aren’t the only problems posed by migration ones unique to the illegal variety, such as an uncontrolled entry into our country that can allow diseases, terrorists and WMDs to cross our borders?
The real problem — the only one that really matters over the long term — is that we are importing socialist-oriented voters with mindsets contrary to Western ideals. This is because of the Immigration and Nationality Act of 1965 (INA65), which created a situation wherein 85 percent of our new immigrants hail from the Third World and Asia. Moreover, the legislation has led to an increase in overall immigration from a historic average of 250,000 a year to approximately 1,000,000.
If you’re Obama and his fellow travelers and believe in “fundamentally” changing America, you love this because, upon being naturalized, approximately 80 percent of these newcomers will vote for you. You know Republicans get close to 90 percent of their votes from whites, so the formula for ideological conquest is simple: reduce the percentage of whites in America as much and as fast as possible. And INA65 certainly fits that bill. Non-Hispanic whites were close to 90 percent of the population in 1965.
Now they’re just under 63 percent.
And California is the model for the leftist hegemony in question. Once a solidly Republican state that launched Ronald Reagan to national prominence, it would not be carried by him in a presidential election today. The last time the state went Republican was 1988, when George H.W. Bush edged Michael Dukakis by four points. Since then no Democrat has carried the state by less than a double-digit margin; the best showing the GOP had was when it held Lurch-like John Kerry to 10 points. Obama won the state by 24 points in 2008 and 23 points in ’12. And in this year’s Republican wave election, it was considered an accomplishment that the GOP denied the Democrats supermajorities in CA’s legislative chambers.
Oh, did I mention that whites in CA are no longer even a plurality?
And here’s the reality:
Once the rest of the country looks like CA demographically, it will look like it politically.
This isn’t to say Republicans would disappear. They’d reinvent themselves as parties and politicians do, winning some elections by moving, to use our provisional terminology, “left.” It also must be mentioned that immigration isn’t the only factor in our decline; the media, academia and entertainment arena do a superb job fashioning leftist foot soldiers. And we should also note that with a world generally to the “left” of the US, it’s hard to imagine where we could find traditionalist immigrants; importing socialist Swedes, Germans and French is problematic as well. (A notable difference, however, is that while the latter assimilate into our more conservative white population, Hispanics often operate within America’s Hispanic milieu, which reinforces their socialist beliefs.)
Yet this is simply another reason why I adamantly oppose all (im)migration. When Ben Franklin famously answered the question of whether the 1787 Constitutional Convention had given us a republic or a monarchy by saying “A republic, if you can keep it,” there would have been no “ifs” about it if our nation had comprised mainly monarchical Englishmen. So the message here is simply a statement of the obvious: foreigners cannot be relied upon to preserve authentic Americanism because they’re not American. Full stop.
This is especially true when they harbor deep-seated un-American ideologies, hail from non-Western cultures and enter a multiculturalism-infected land that tells them “When in Rome…feel free to do as Ostrogoths would do.”
Despite this, most conservatives don’t get it. Imbued with what I’ve termed “immigrationism” and Proposition Nation pap, they’re very diligent about conserving the Immigration and Nationality Act status quo. An example that will shock many is Senator Ted Cruz, who last year proposed not only increasing the number of “high-skilled temporary workers fivefold” — as if there aren’t high-skilled Americans looking for jobs — but, unbelievably, also the doubling of legal immigration (the relevant portion of the video starts at 3:27).
Given that Cruz seems like a good man, I’ll just assume he’s out to lunch (in Tijuana) on this issue. But let’s be clear: if you had to pick your poison and choose just one culture-rending policy, a giant amnesty one year would be preferable to a giant legal-immigration increase applicable every year.
So what’s the bright side to amnesty? The well-known metaphor about a frog in a frying pan of water tells us that since frogs can’t sense incremental temperature changes, a very low flame under that pan may mean the creature will remain fixed in his position until he boils to death. In contrast, turn the burner up high enough and he’ll jump out and save himself.
Along with our many other problems, “Americans” (insofar as they still exist) are enduring the slow boil of cultural and demographic genocide. And executive amnesty, as with other kinds of leftist overreach, just may serve to turn that flame up high and rouse people from their torpor.
Yet this is the dimmest of bright sides, a 1-in-50 shot whose mention is mainly valuable in service to a larger point: we do need fundamental change. We need a revolution of mind, heart and spirit in which we return to our Christian foundation and dispense with moral relativism and all its corollaries — of which cultural relativism is one. Related to this, John Jay wrote in Federalist No. 2:
Providence has been pleased to give this one connected country to one united people — a people descended from the same ancestors, speaking the same language, professing the same religion, attached to the same principles of government, very similar in their manners and customs….
The “American experiment” was never meant to be one in which we could learn if, for the first time in history, a nation could intensely balkanize itself and — by rebranding it “diversity” — survive.
I do not believe the US will survive long in its present form. And when chroniclers finally write The Rise and Fall of the American Republic, they may record that the Immigration and Nationality Act of 1965 was the most destructive legislation in her history, a turning point from which there was no turning back.
How is your life going under the Global Empire? If you answer honestly, for non billionaires, the response must reflect disappointment if not immense distress. Middle America stands on the precipice of oblivion. While the recent past decades have shown steep declines in financial security and net wealth, the future looks much more ominous. The link between the shift to an internationalist de-industrialization economy and open border immigration has hit the United States hard. This harsh reality is routinely denied in the financial press, but the social chaos that engulfs society is largely caused by this betrayal mindset. Corporatists are waging war against the American public.
Summing up the battle lines is the quintessential voice of an America First philosophy. Pat Buchanan on Free Trade is a collection of quotations and references that should be a must read for every displaced citizen. And that group includes virtually everyone.
“Good for global business” isn’t necessarily good for US
“Global capitalists have become acolytes of global governance. They wish to see national sovereignty diminished and sanctions abolished. Where yesterday American businesses suffered damage to their good name for selling scrap iron to Japan before Pearl Harbor, today [war materiel is routinely exported] to potentially hostile nations. Once it was true that what was good the Fortune 500 was good for America. That is no longer true, and what is good for America must take precedence.”
Source: “A Republic, Not an Empire,” p.349 , Oct 9, 1999
The most puzzling malady that penetrates the “PC” culture is a fear of confronting the direct consequences of encouraging an invasion of illegal’s into the country. The disconnect that sweeps across national borders is not isolated just to the United States. Western Europe is not only in decay but is on the verge of social and economic collapse.
Demetrios Papademetriou, PhD, Director of the Migration Policy Institute, wrote in his Sep. 2005 Migration Policy Institute essay “The Global Struggle with Illegal Migration: No End in Sight”: How Are Illegal Immigration and Globalization Related?
“For nearly two decades now, capital and the market for goods, services, and workers of many types have weaved an ever more intricate web of global economic and social interdependence… No aspect of this interdependence seems to be more visible to the public of advanced industrial societies than the movement of people. And no part of that movement is proving pricklier to manage effectively, or more difficult for publics to come to terms with, than irregular (also known as unauthorized, undocumented, or illegal) migration…”
Dr. Papademetriou’s assumption that interdependency is the new normal may be supported with the procession of the Trilateral Commission’s “New International Economic Order”. Nonetheless, the destruction of national sovereignty is a price that no country can afford to adopt, much less pay and remain a nation. Interdependency is the death knell of traditional values, autonomous commerce and individual civil liberties. With the ringing of the bell at the NY Stock exchange, the sound of prosperity goes deaf for the populist, while globalist elites extract the last pound of flesh from an intentionally designed consolidation of a Corporatocracy economy.
The fate of the world is at stake if the forces of globalization are left to complete their total domination of monetary and financial control. It is just as important to prevent the next bipartisan arrangement to grant effective amnesty to millions of illegal foreigners, who have shown little interest to assimilate or adopt the heritage and values of our founding principles.
Warren Mass wrote over a year ago in Permanent Amnesty, Temporary Border.
“An important part of regulating legal immigration, in addition to evaluating each prospective immigrant’s ability to become a productive, law-abiding citizen, is to determine how many immigrants the United States is capable of absorbing each year, taking into consideration the impact on our nation’s economy and culture.”
If this standard needs to apply to those who apply for citizenship, by what absurd twist of logic or sanity pertains to President Obama’s intentions of issuing executive orders that are clearly unconstitutional? How insulting it is to hard press citizens, relegated to enduring impoverishment from off shoring livable wage jobs, while awarding effective amnesty to illegals.
Columnist Glenn R. Jackson review of author Kenneth Buchdahl’s book, Dismantling The American Dream: Globalization, Free Trade, immigration, Unemployment, Poverty, Debt, Foreign Dependency hits the mark.
“First and foremost it is good to see the recognition by Buchdahl of American culture as critical to the building of the American Dream. As Buchdahl writes the development of a culture is grounded in a unique American personality and intricate system of values and beliefs that is responsible for America’s enviable situation. And it is that enviable situation that has contributed to creating the forces that are working rapidly, knowingly or not, to dismantle the American Dream.
Dismantling the American Dream chronicles the unintended impact of America’s pop culture belief in globalization as a force for good in our economy and the failure of leadership to recognize that belief gone awry. America’s political leaders continued belief in free trade and give-away trade deals, in the face of the near deathblow of NAFTA to American manufacturing is but one of the delusions of globalization that Buchdahl lays bare.”
The interjection of cultural aspects may well be the missing link that escapes most chronicles on current events. Documenting the actual results from Free Trade Treaties, should in and of itself win the intellectual argument that economic destruction of Middle America has already happened. Add in the deliberate call for mass migration and social incentives to cross the border has created the latest flood in undocumented aliens.
When Democracy Now asks, Obama & McConnell Pledge Cooperation; Will Fast-Tracking Secretive TPP Trade Deal Top Their Agenda?, and presents Ralph Nader on TPP and the “Unstoppable” Left-Right Anti-Corporate Movement, one has hope that the Buchanan Brigades message is being heard.
With the celebrity coronation that the Democrats are showering on their new favorite daughter, the “Pocahontas Princess”, Elizabeth Warren’s Crusade Against Disastrous “Free Trade” Agreements, is welcomed.
An inquiry was made to NY Senator Charles E. Schumer on the TPA, Trade Priorities Act of 2014 (S.1900). His reply can be read on this link.
An alliance among anti-free trade factions from all ideological camps is necessary to stop the globalist juggernaut. Even if such a coalition could be grown, the likelihood that linkage to the need to stop illegal immigration and opposition to amnesty, would be frosty.
This brings up the opportunity to interject the appeal, WE MUST NOT SURRENDER TO IMMIGRATION AMNESTY, by Frosty Wooldridge. ““Why would any member of Congress who opposes executive amnesty provide President Obama the funds to carry it out? A Republican majority must force congressional Democrats to answer this question through their votes”.
Likewise, why would as covered in the New American essay, Republicans to Obama: We Will Give You Trade Promotion Authority, patriots want to grant “fast track” authority to a President, who is defiant to congressional constitutional separation of powers?
“Fast track authority eventually expired on April 16, 1994, and was not reauthorized by Congress until the passage of the Bipartisan Trade Promotion Authority Act (BPTAA) of 2002. BPTAA reinstated fast track authority renamed as “trade promotion authority” (TPA), which expired in 2007. In 2012, President Obama requested renewal of TPA/fast track authority to complete negotiations for the TPP and TTIP.”
The answer should be apparent that any support of “fast track” or for TPP is a vote bought with globalist control. If it is so obvious that such influence is at play in trade deals, why are so many confused activists not able to see through the “Open Border” fraud and act upon the best interests for American workers and families?
That taboo culture factor, covered in the Buchdahl book explains the blind spot from the Loony Left. A review of a pro immigration site, Open Borders will demonstrate a systemic disconnect from reality. Often Libertarian purists, also fall under the spell of a transcendental fantasy. To their credit, Open Borders presents the concept of CITIZENISM and provides the following its key features.
Citizenism places substantially greater weight on the rights and interests of citizens than non-citizens, though it operates within moral side-constraints.
Citizenism is about current citizens, not about the people who may become citizens as a result of immigration or deportation policy.
Citizenism, as conceived by its original proponent Sailer, is both about the individual ethics of voters and about the responsibilities of elected representatives.
Citizenism is about loyalty, not admiration, toward one’s fellow citizens.
If you understand the destructive nature of corporatist trade agreements that only benefit transnational conglomerates, while poisoning economic commerce for Middle Americans, why would you not oppose the lunacy of unrestrictive mass migration? The imperative moral directive is to protect and defend your own nation, its traditional culture and responsible citizens.
Saving the world is a concept that resides in the sick minds of the Save the Planet Kill Yourself mindset. If they are so devoted to a globalist utopia, the influx of trespassers must be leaving their own homeland in better shape. Just how well is life south of the border doing?
There’s stupid. There’s really stupid. There’s really, really stupid.
Then there’s Democrat stupid.
A prime example is a Friday Wall Street Journal article titled “This Democrat Is Giving Up on ObamaCare.” It’s penned by one Burke Beu, someone I describe as “ethnically Democrat,” as he says “I grew up in a Democratic family. I have been a registered Democrat since age 18.” He also tells us, “[I was] a Democratic candidate for statewide office in Colorado and a party precinct captain in that caucus state. I’ve volunteered for numerous Democratic candidates and contributed to party causes and campaigns. The 2014 election results were extremely disappointing for me….”
And, of course, Mr. Beu has soured on ObamaCare. In fact, he wants it repealed. All good so far. Except that he doesn’t have any explicitly harsh words for Obama, hasn’t given up on his party, wants a single-payer system and seems to believe Hillary Clinton is the solution in 2016. (Note: In fairness, Clinton is different from Obama — she has two X chromosomes.) But here are the money lines:
I voted for Barack Obama in 2008, then lost my job in the Great Recession. I was lucky; my brother lost his job and his house. I survived on part-time jobs while paying out-of-pocket for my health insurance.
I voted for President Obama again in 2012, then received a cancellation notice for my health insurance. This was due to ObamaCare, the so-called Affordable Care Act. However, I couldn’t afford anything else.
Does this guy wear a “Kick me” sign?
He wears a “Kick me harder” sign.
There’s a saying, “Fool me once, shame on you. Fool me twice, shame on me.” What do you say about a guy whose life consists of being fooled?
Beu believes Medicare should be “a model for health-care reform” and says “We Democrats need to get over ourselves, start anew on a national health-care policy, and return to our progressive principles.”
Actually, sir, you need to get over your party.
First, “progressive principles” is an oxymoron; liberals don’t have principles, but provisional positions. This is because they’re governed by emotion, which changes with the wind. As G.K. Chesterton put it, “Progress is a comparative of which we have not settled the superlative.” No, I won’t explain that, Mr. Beu. You figure it out.
Beu also mentions the “stupidity of the American voter” remark by ObamaCare designer Jonathan Gruber, taking umbrage and saying “Such comments…are insults to every citizen regardless of party.” So Goober is offended by Gruber.
And Beu is one of those very “useful” people. He doesn’t get that elitist snobbery and superciliousness define the left. Just think of the revelations about socialist French president François Hollande, who is “a cold, cynical cheat and a Socialist who ‘doesn’t like the poor,’” writes National Post about insights provided by the leftist’s ex-girlfriend Valérie Trierweiler. “He presents himself as the man who doesn’t like the rich. In reality, the president doesn’t like the poor” and in private calls them “the toothless ones,” reports Trierweiler. Oh, too anecdotal? “Hell hath no fury like that of a woman scorned”? Then read the 2008 piece “Don’t listen to the liberals — Right-wingers really are nicer people, latest research shows.” It relates what some of us without “Kick me” signs figured out for ourselves long ago.
Beu also says, when pointing out that Democrats need to exhibit humility and admit error on ObamaCare, “We resent Republicans who act morally superior and pretend to have a monopoly on patriotism, but….”
It’s not pretense, Bucko. As this Pew poll from this summer shows, while 72 percent of “steadfast conservatives” and 81 percent of “business conservatives” “often feel proud to be American,” only 40 percent of “solid liberals” do. That, Mr. Beu, is by liberals’ own admission. (Pew also has a category in the poll called “Faith and Family Left.” I’ve never heard of such a thing — unless it refers to faith in government and the family of the person the liberal is cheating on his spouse with.)
Note also that when liberals and conservatives don’t feel proud to be American, it’s for very different reasons. Liberals don’t like what America was, was meant to be, and what they often imagine it to be (“We’re so Puritan!”); conservatives don’t like the cesspool the liberals are turning it into.
I know schadenfreude isn’t a feeling reflective of a charitable spirit, but the best I can say about the Beus of the world is that they need tough love. Mr. Beu reminds me of a guy who’s being held by the back of the neck, is being repeatedly and violently kicked, and complains about how something needs to be done about the foot. Tend to the foot. Regulate the foot. Repeal the foot.
Mr. Beu, that foot happens to be attached to a man, a being with intellect and free will. And he is not your friend.
“It’s not the underlying economics that’s driving things, it’s central bank liquidity.”
— Matt King, Citigroup
Soaring auto sales are not so much a sign of a strong economy as they are an indication of financial hanky-panky. We saw this same type of fakery play out in housing between 2004 – 2006, when prices went through the roof due to a mortgage-lending scam (“subprime”) that crashed the stock market and sent the economy reeling. Now the bigtime money guys are at it again, writing up auto loans for anyone who can sit upright in a chair and scribble an “X” on the dotted line. As a result, car sales have surged to over 16 million for the last 6 months. (A full 7 million more than the low point in January, 2009.) And it’s not hard to see why either. The finance gurus are packaging these sketchy subprimes into bonds, offloading them on eager investors, and recycling the profits into more crappy loans. It’s a perfect circle and it won’t end until the loans start blowing up, jittery investors head for the exits, and Uncle Sugar rides to the rescue with more bailouts.
But we’re getting ahead of ourselves. First take a look at these charts by House of Debt which shows the disparity between auto spending and other types of spending since the end of the slump in 2009.
House of Debt: “New auto purchases have driven the consumer spending recovery to a large degree. The chart below shows the spending recovery for new auto sales and for all other retail spending…
From 2009 to 2013, spending on new autos increased by 40% in nominal terms. All other spending increased by only 20%. Further, excluding autos, 2013 saw lower growth in nominal retail spending than 2012…
The concern is that a lot of auto purchases are being fueled with debt, given a strong recovery in the auto loan market. Below is the net flow of auto loans from 2002 to 2013. It is a net flow because it includes pay downs in addition to new originations. As it shows, auto lending in 2012 and 2013 tops any other year during the previous expansion from 2002 to 2007 (although it is still below the amount of new auto loans in 2000 and 2001).
(“Another Debt-Fueled Spending Spree?” House of Debt)
How about that? So there’s a bigger debt bubble in auto loans today than there was before the bust. But why? Is it because demand is strong, jobs are plentiful, wages are rising, the economy is growing, and people are optimistic about the future?
Heck, no. It’s because rates are low, credit is easy, and dealers are ready to put anyone with a license and a heartbeat into a brand-spanking new car no questions asked. Here are the details from an article in the New York Times titled “In a Subprime Bubble for Used Cars, Borrowers Pay Sky-High Rates” by Jessica Silver-Greenberg and Michael Corkery:
”Auto loans to people with tarnished credit have risen more than 130 percent in the five years since the immediate aftermath of the financial crisis, with roughly one in four new auto loans last year going to borrowers considered subprime — people with credit scores at or below 640.
The explosive growth is being driven by some of the same dynamics that were at work in subprime mortgages. A wave of money is pouring into subprime autos, as the high rates and steady profits of the loans attract investors. Just as Wall Street stoked the boom in mortgages, some of the nation’s biggest banks and private equity firms are feeding the growth in subprime auto loans by investing in lenders and making money available for loans.
And, like subprime mortgages before the financial crisis, many subprime auto loans are bundled into complex bonds and sold as securities by banks to insurance companies, mutual funds and public pension funds — a process that creates ever-greater demand for loans.
The New York Times examined more than 100 bankruptcy court cases, dozens of civil lawsuits against lenders and hundreds of loan documents and found that subprime auto loans can come with interest rates that can exceed 23 percent. The loans were typically at least twice the size of the value of the used cars purchased, including dozens of battered vehicles with mechanical defects hidden from borrowers. Such loans can thrust already vulnerable borrowers further into debt, even propelling some into bankruptcy, according to the court records, as well as interviews with borrowers and lawyers in 19 states.
In another echo of the mortgage boom, The Times investigation also found dozens of loans that included incorrect information about borrowers’ income and employment, leading people who had lost their jobs, were in bankruptcy or were living on Social Security to qualify for loans that they could never afford.” (“In a Subprime Bubble for Used Cars, Borrowers Pay Sky-High Rates”, New York Times)
Can you believe that this kind of chicanery is going on in broad daylight without the regulators stepping in? Think about it for a minute: If the NYT’s journalists can find “dozens of loans that included incorrect information about borrowers’ income and employment”, then why can’t the government regulators? It’s ridiculous. What we’re talking about here is a new version of “liar’s loans” where dealers are helping people who don’t have the means to repay the debt, to fudge the details on their loan application so they can drive off in a shiny new Impala.
Haven’t we seen this movie before?
Here’s more from USA Today: “In the first quarter of 2014, 24.9% of all new-car loans were 73 to 84 months long. Four years ago, less than 10% of loans were that long. In fact, such lengthy terms have pulled the average new-car loan to 66 months. That’s an all-time record.”
7 years to pay off a car? You got to be kidding me? It’s like a second mortgage. And there’s more, too. The average monthly payment and average amount financed hit record highs in the first quarter too. This is from Auto News:
“The average monthly new-vehicle payment was $474 in the first quarter, up 3.3 percent from a year ago. The average monthly used-vehicle payment was $352, up 1.1 percent, Experian Automotive said.
Also in the first quarter, the average amount financed on a new-vehicle loan was $27,612, an increase of $964, or 3.6 percent. For used vehicles, the average amount financed was $17,927, up $395 or 2.3 percent.”
So Americans are not just loading on more debt, they’re also assuming that they’re financial situation is going to be stable enough to make these large payments well into the future. Good luck with that.
It’s also worth noting that, in many transactions, dealers are actually lending more than the value of the vehicle. According to Reuters David Henry,
“The average loan-to-value on new cars rose to 110.6 percent… On used cars it rose to 133.2 percent…
Auto lenders often provide loans that exceed the value of cars they are financing because borrowers want cash to pay sales taxes and fees.”
(“U.S. car buyers borrow more as rates fall and standards loosen“, David Henry, Reuters)
Let me see if I got this straight: You walk onto a car lot without a dime in your pocket, and drive off in a brand new car with everything paid for upfront? Such a deal! Can you see why we think that the sales numbers are a big fake? This isn’t the sign of a strong economy. It’s the sign of another gigantic credit bubble rip-off. But what do the dealers get out of this thing? Is it really worth their while to botch the underwriting when they know that eventually they’ll have to repossess the vehicle? Sure, it is, because there’s big money in stuffing people into loans they can’t afford.
Here’s how the Times explains it: ”Auto loans to borrowers considered subprime, those with credit scores at or below 640, have spiked in the last five years. The jump has been driven in large part by the demand among investors for securities backed by the loans, which offer high returns at a time of low interest rates. Roughly 25 percent of all new auto loans made last year were subprime, and the volume of subprime auto loans reached more than $145 billion in the first three months of this year.”
Bingo. So not only do they make dough on the high interest rates they charge their subprime borrowers, (Sometimes 23 percent or more.) they also make it by selling the loan to investors who are eager to buy any manner of crappy bond provided it offers a better return than US Treasuries. This is the mess Bernanke created by fixing interest rates at zero for nearly 6 years. Zirp (zero interest rate policy) unavoidably leads to excessive risk taking by yield-crazed speculators. The voracious appetite for subprime securities (ABS–Asset-Backed Securities) has even surprised the bond issuers who are constantly beating the bushes looking for sketchier products. This is from the same article by the NY Times:
“Investors, seeking a higher return when interest rates are low, recently flocked to buy a bond issue from Prestige Financial Services of Utah. Orders to invest in the $390 million debt deal were four times greater than the amount of available securities.
What is backing many of these securities? Auto loans made to people who have been in bankruptcy.
An affiliate of the Larry H. Miller Group of Companies, Prestige specializes in making the loans to people in bankruptcy, packaging them into securities and then selling them to investors.
“It’s been a hot space,” Richard L. Hyde, the firm’s chief operating officer, said during an interview in March. Investors are betting on risky borrowers. The average interest rate on loans bundled into Prestige’s latest offering, for example, is 18.6 percent, up slightly from a similar offering rolled out a year earlier…. To meet that rising demand, Wall Street snatches up more and more loans to package into the complex investments.” (NYT)
HA! Now there’s a good way to feather the old retirement fund; load up on bonds made up of loans to people who’ve gone bust.
This is the impact that zero rates have on investor behavior. The abundance of cheap and plentiful liquidity invariably leads to trouble. And there are victims in this Central Bank-authored gold rush too, namely the unsophisticated borrowers who pay prohibitively high rates on beater vehicles that are typically worth less-than-half the value of the loan. (Check the NYT article for examples.)
The Times also notes that the ratings agencies have been playing along with the finance companies just as they did during the subprime mortgage fiasco. Here’s more from the Times:
“Rating agencies, which assess the quality of the bonds, are helping fuel the boom. They are giving many of these securities top ratings, which clears the way for major investors, from pension funds to employee retirement accounts, to buy the bonds. In March, for example, Standard & Poor’s blessed most of Prestige’s bond with a triple-A rating. Slices of a similar bond that Prestige sold last year also fetched the highest rating from S.&P. A large slice of that bond is held in mutual funds managed by BlackRock, one of the world’s largest money managers.” (NYT)
Ask yourself this, dear reader: How are the ratings agencies able to give “many of these securities top ratings”, when the investigators from the Times found “dozens of loans that included incorrect information about borrowers’ income and employment, leading people who had lost their jobs, were in bankruptcy or were living on Social Security to qualify for loans that they could never afford”?
Let’s face it: The regulatory changes in Dodd-Frank haven’t done a damn thing to protect the victims of these dodgy subprime schemes. Borrowers and investors are both getting gouged by a system that only protects the interests of the perpetrators. The sad fact is that nothing has changed. The system is just as corrupt as it was when Lehman went down.
So, how long can this go on before the market implodes?
According to the Times:
“financial firms are beginning to see signs of strain. In the first three months of this year, banks had to write off as entirely uncollectable an average of $8,541 of each delinquent auto loan, up about 15 percent from a year earlier, according to Experian…
In another sign of trouble ahead, repossessions, while still relatively low, increased nearly 78 percent to an estimated 388,000 cars in the first three months of the year from the same period a year earlier, according to the latest data provided by Experian. The number of borrowers who are more than 60 days late on their car payments also jumped in 22 states during that period….” (NYT)
(According to Amber Nelson at loan.com: “In the second quarter, the value of all auto loans late by 60 days or more was more than $4 billion, up 27 percent from the prior year, according to Experian.”)
So, yeah, the trouble is mounting, but that doesn’t mean that this madness won’t continue for some time to come. It probably will. It’ll probably drag-on until the economy turns south and more borrowers start falling behind on their payments. That will lead to more defaults, heavier losses on auto bonds, and a hasty race to the exits by investors. Isn’t that how the subprime mortgage scam played out?
Indeed. But at least there are signs of hope on the regulatory front. Check out this clip from an article at CNBC:
“In August, both Santander Consumer and General Motors Financial Co. acknowledged receiving Justice Department subpoenas in connection with a probe over possible violations of civil-fraud laws. And the Consumer Financial Protection Bureau and the Securities and Exchange Commission have both stepped up their scrutiny of the auto-loan market.” (“New debt crisis fear: Subprime auto loans“, CNBC)
So the SEC, the DOJ, and the CFPB are actually investigating the underwriting practices of these behemoth finance companies to see if they violated “civil fraud laws”?
Will wonders never cease?
Just don’t hold your breath waiting for convictions.
15 Reasons Why Americans Think We’re Still in a Recession…
1: Wage Stagnation: Why America’s Workers Need Faster Wage Growth—And What We Can Do About It, Elise Gould, EPI
Economic Policy Institute:
“The hourly compensation of a typical worker grew in tandem with productivity from 1948-1973. …. After 1973, productivity grew strongly, especially after 1995, while the typical worker’s compensation was relatively stagnant. This divergence of pay and productivity has meant that many workers were not benefitting from productivity growth—the economy could afford higher pay but it was not providing it.
Between 1979 and 2013, productivity grew 64.9 percent, while hourly compensation of production and nonsupervisory workers, who comprise over 80 percent of the private-sector workforce, grew just 8.0 percent. Productivity thus grew eight times faster than typical worker compensation…” (EPI)
(Note: Flatlining wages are the Number 1 reason that the majority of Americans still think we’re in a recession.)
2: Most people still haven’t recouped what they lost in the crash: Typical Household Wealth Has Plunged 36% Since 2003, Zero Hedge
“According to a new study by the Russell Sage Foundation, the inflation-adjusted net worth for the typical household was $87,992 in 2003. Ten years later, it was only $56,335, or a 36% decline… Welcome to America’s Lost Decade.
Simply put, the NY Times notes, it’s not merely an issue of the rich getting richer. The typical American household has been getting poorer, too.
The reasons for these declines are complex and controversial, but one point seems clear: When only a few people are winning and more than half the population is losing, surely something is amiss. (chart)”
3: Most working people are still living hand-to-mouth: 76% of Americans are living paycheck-to-paycheck, CNN Money
“Roughly three-quarters of Americans are living paycheck-to-paycheck, with little to no emergency savings, according to a survey released by Bankrate.com Monday.
Fewer than one in four Americans have enough money in their savings account to cover at least six months of expenses, enough to help cushion the blow of a job loss, medical emergency or some other unexpected event, according to the survey of 1,000 adults. Meanwhile, 50% of those surveyed have less than a three-month cushion and 27% had no savings at all…
Last week, online lender CashNetUSA said 22% of the 1,000 people it recently surveyed had less than $100 in savings to cover an emergency, while 46% had less than $800. After paying debts and taking care of housing, car and child care-related expenses, the respondents said there just isn’t enough money left over for saving more.”
4: Millennials are Drowning in Red Ink: Biggest economic threat? Student loan debt, USA Today
“Total student loan debt has grown more than 150% since 2005… We have more than $1.2 trillion of student loan debt…
And while 6.7 million borrowers in repayment mode are delinquent, the sad fact is that many lenders aren’t exactly incentivized to work with borrowers. Unlike all other forms of debt, student loans can’t be discharged in bankruptcy. Moreover, lenders can garnish wages and even Social Security benefits to get repaid…
In 2005 student loans accounted for less than 13% of the total debt load for adults age 20-29. Today, student loans account for nearly 37% of that group’s outstanding debt. Student loan debt’s slice of the total debt pie for the age group nearly tripled! The average loan balance for that age group is now more than $25,500, up from $15,900 in 2005.”
5: Downward mobility is the new reality: Middle-Class Death Watch: As Poverty Spreads, 28 Percent of Americans Fall Out of Middle Class, Truthout
“The promise of the American dream has given many hope that they themselves could one day rise up the economic ladder. But according to a study released those already in financially-stable circumstances should fear falling down a few rungs too. The study… found that nearly a third of Americans who were part of the middle class as teenagers in the 1970s have fallen out of it as adults… its findings suggest the relative ease with which people in the U.S. can end up in low-income, low-opportunity lifestyles — even if they started out with a number of advantages. Though the American middle class has been repeatedly invoked as a key factor in any economic turnaround, numerous reports have suggested that the middle class enjoys less existential security than it did a generation ago, thanks to stagnating incomes and the decline of the industrial sector.”
6: People are more vulnerable than ever: “More Than Half Of All Americans Can’t Come Up With $400 In Emergency Cash… Unless They Borrow“, Personal Liberty
“According to a Federal Reserve report on American households’ “economic well-being” in 2013, fewer than half of all Americans said they’d be able to come up with four Benjamins on short notice to deal with an unexpected expense…
Under a section titled “Savings,” the report notes that “[s]avings are depleted for many households after the recession,” and lists the following findings:
*Among those who had savings prior to 2008, 57 percent reported using up some or all of their savings in the Great Recession and its aftermath.
*39 percent of respondents reported having a rainy day fund adequate to cover three months of expenses.
*Only 48 percent of respondents said that they would completely cover a hypothetical emergency expense costing $400 without selling something or borrowing money.
7: Working people are getting poorer: The Typical Household, Now Worth a Third, New York Times
“The inflation-adjusted net worth for the typical household was $87,992 in 2003. Ten years later, it was only $56,335, or a 36 percent decline, according to a study financed by the Russell Sage Foundation.
Those are the figures for a household at the median point in the wealth distribution — the level at which there are an equal number of households whose worth is higher and lower. But during the same period, the net worth of wealthy households increased substantially….“The housing bubble basically hid a trend of declining financial wealth at the median that began in 2001,” said Fabian T. Pfeffer, the University of Michigan professor who is lead author of the Russell Sage Foundation study.
The reasons for these declines are complex and controversial, but one point seems clear: When only a few people are winning and more than half the population is losing, surely something is amiss.”
8: Most people can’t even afford to get their teeth fixed: 7 things the middle class can’t afford anymore, USA Today
“A vacation is an extra expense that many middle-earners cannot afford without sacrificing something else. A Statista survey found that this year 54% of people gave up purchasing big ticket items like TVs or electronics so they can go on a vacation. Others made sacrifices like reducing or eliminating their trips to the movies (47%), reducing or eliminating trips out to restaurants (43%), or avoiding purchasing small ticket items like new clothing (43%).
3–To pay off debt…
According to the U.S. Department of Health and Human Services, “the U.S. spends about $64 billion each year on oral health care — just 4% is paid by Government programs.” About 108 million people in the U.S. have no dental coverage and even those who are covered may have trouble getting the care they need, the department reports.”
9: The good, high-paying jobs have vanished: Recovery Has Created Far More Low-Wage Jobs Than Better-Paid Ones, New York Times
“The deep recession wiped out primarily high-wage and middle-wage jobs. Yet the strongest employment growth during the sluggish recovery has been in low-wage work, at places like strip malls and fast-food restaurants.
In essence, the poor economy has replaced good jobs with bad ones. That is the conclusion of anew report from the National Employment Law Project, a research and advocacy group, analyzing employment trends four years into the recovery.
“Fast food is driving the bulk of the job growth at the low end — the job gains there are absolutely phenomenal,” said Michael Evangelist, the report’s author. “If this is the reality — if these jobs are here to stay and are going to be making up a considerable part of the economy — the question is, how do we make them better?”
10: More workers are throwing in the towel: Labor Participation Rate Drops To 36 Year Low; Record 92.6 Million Americans Not In Labor Force, Zero Hedge
“For those curious why the US unemployment rate just slid once more to a meager 5.9%, the lowest print since the summer of 2008, the answer is the same one we have shown every month since 2010: the collapse in the labor force participation rate, which in September slid from an already three decade low 62.8% to 62.7% – the lowest in over 36 years, matching the February 1978 lows. And while according to the Household Survey, 232,000 people found jobs, what is more disturbing is that the people not in the labor force, rose to a new record high, increasing by 315,000 to 92.6 million!
Bottom line: Unemployment has gone down because more people aren’t working and have fallen off the radar.”
11: Nearly twice as many people still rely on Food Stamps than before the recession: Food-stamp use is falling from its peak, Marketwatch
“Food-stamp use is finally moving away from the peak. At 46.1 million people, total food-stamp usage is down about 4% from its high in December 2012 of 47.8 million. Only eight states in March (the latest data available) were up from the same month of 2013.
It’s still not great news, however, considering there were 26.3 million people receiving food stamps in 2007…”
12: The ocean of red ink continues to grow: American Household Credit Card Debt Statistics: 2014, Nerd Wallet Finance
Nerd Wallet Finance:
U.S. household consumer debt profile:
*Average credit card debt: $15,607
*Average mortgage debt: $153,500
*Average student loan debt: $32,656
In total, American consumers owe:
*$11.63 trillion in debt
*An increase of 3.8% from last year
*$880.5 billion in credit card debt
*$8.07 trillion in mortgages
*$1,120.3 billion in student loans
*An increase of 11.5% from last year
13: No Recovery for working people: The collapse of household income in the US, World Socialist Web Site
“The US Federal Reserve’s latest Survey of Consumer Finances, released last Thursday, documents a devastating decline in economic conditions for a large majority of the population during the so-called economic recovery.
The report reveals that between 2007 and 2013, the income of a typical US household fell 12 percent. The median American household now earns $6,400 less per year than it did in 2007.
Source: Federal Reserve Survey of Consumer Finances
Much of the decline occurred during the “recovery” presided over by the Obama administration. In the three years between 2010 and 2013, the annual income of a typical household fell by an additional 5 percent.
The report also shows that wealth has become even more concentrated in the topmost economic layers. The wealth share of the top 3 percent climbed from 44.8 percent in 1989 to 54.4 percent in 2013. The share of wealth held by the bottom 90 percent fell from 33.2 percent in 1989 to 24.7 percent in 2013.”
14: Most people will work until they die: The Greatest Retirement Crisis In American History, Forbes
“We are on the precipice of the greatest retirement crisis in the history of the world. In the decades to come, we will witness millions of elderly Americans, the Baby Boomers and others, slipping into poverty.
Too frail to work, too poor to retire will become the “new normal” for many elderly Americans.
That dire prediction… is already coming true. Our national demographics, coupled with indisputable glaringly insufficient retirement savings and human physiology, suggest that a catastrophic outcome for at least a significant percentage of our elderly population is inevitable. With the average 401(k) balance for 65 year olds estimated at $25,000 by independent experts …the decades many elders will spend in forced or elected “retirement” will be grim…
The signs of the coming retirement crisis are all around you. Who’s bagging your groceries: a young high school kid or an older “retiree” who had to go back to work to supplement his income or qualify for health insurance?”
15: Americans are more pessimistic about the future, Polling Report
According to a CNN/ORC Poll May 29-June 1, 2014:
“Do you agree or disagree? The American dream has become impossible for most people to achieve.”
According to a NBC News/Wall Street Journal Poll conducted by the polling organizations of Peter Hart (D) and Bill McInturff (R). April 23-27, 2014:
“Do you agree or disagree with the following statement? Because of the widening gap between the incomes of the wealthy and everyone else, America is no longer a country where everyone, regardless of their background, has an opportunity to get ahead and move up to a better standard of living.”Agree: 54%
Also, according to a CBS News Poll. Jan. 17-21, 2014. N=1,018 adults nationwide.
“Looking to the future, do you think most children in this country will grow up to be better off or worse off than their parents?”Better off: 34%
Worse off: 63%
The majority of people in the United States, no longer believe in the American dream, or that America is the land of opportunity, or that their children will have a better standard of living than their own. They’ve grown more pessimistic because they haven’t seen the changes they were hoping for, and because their lives are just as hard as they were right after the crash. In fact, according to a 2014 Public Religion Research Institute poll– 72 percent of those surveyed said they think “the economy is still in recession.”
Judging by the info in the 15 links above, they’re probably right.