The so-called recovery is only built on debt and printed cash declares our own Byron King. In the long term, the only option for the government to continue financing it's operations is to print too many dollars. Money printing has it's limits, however. It's Byron's opinion that at some point, perhaps very soon, the government will have to turn to more desperate measures. Namely, capital controls. In the following featured essay, Byron outlines 4 probably ways the government will take your cash and one play you can buy through your broker to prepare today. Read on...
Americans expatriate because they want to get out of the country. Corporations expatriate for similar reasons. Clem Chambers explains...
Say goodbye to your boring morning commute. New technologies are changing the way people drive their cars. It’s making them safer, more fuel efficient, and could reshape the way America builds its roads and cities. The only thing that could stand in the way...
In a 2009 article, the Huffington Post went into considerable detail about the number of people with PhD degrees in economics employed by the Board of Governors of the Federal Reserve System. This is the government’s branch of the Federal Reserve. It is not one of the 12 regional Federal Reserve banks, all of which […]
The U.S. dollar is the dominant global reserve currency. All markets, including stocks, bonds, commodities, and foreign exchange are affected by the value of the dollar.The value of the dollar, in effect, its “price” is determined by interest rates. When the Federal Reserve manipulates interest rates, it is manipulating, and therefore distorting, every market in […]
When the NSA surveillance news broke last year it sent shockwaves through CERN, the particle physics laboratory in Switzerland. Andy Yen, a PhD student, took to the Young at CERN Facebook group with a simple message: “I am very concerned about the privacy issue, and I was wondering what I could do about it.”There was […]
The game of speculation is the most uniformly fascinating game in the world. But it is not a game for the stupid, the mentally lazy, the person of inferior emotional balance or the get-rich-quick adventurer. They will die poor.– Jesse Livermore, How to Trade in StocksThe trouble with capitalism’s guardians is that they have no […]
Let’s head back in time…In 2004, a mere decade ago, the US national debt rang the register at $7.4 trillion. That represents “debt per citizen” of over $25,000. You, me, your neighbor, your 4-yr old grandson, you name it and they’re portion of the U.S. debt is $25k.But flash forward to today and you’ll see […]
John Foust, a Democrat running for the 10th congressional seat in Northern Virginia, is — like Gov. Terry McAuliffe and other state Democrats — gung-ho to expand Medicaid. His wife’s position is, shall we say, a bit more nuanced.Foust has slammed his opponent, Republican Del. Barbara Comstock, for her opposition to expansion. He has spoken […]
The midterm election season is upon us, and it’s a tossup whether the Republicans will win the Senate, or if President Obama, seemingly oblivious as conflict flares up around the world, will, through his continuous campaigning, keep Harry Reid in his majority leader seat.The only thing we know for sure is that sociopaths will be […]
Alexander Hamilton was America’s first Secretary of Treasury under President George Washington. When he first entered office in 1789, America was an agricultural nation of just 4 million still broke from its financially costly victory over the British Empire in the Revolutionary War.The states had accumulated relatively massive debts to finance that war, which mostly […]
I was talking with one of my colleagues the other day, and he raised a very interesting question, one that deserves consideration by anyone worried about their digital privacy. He read an article that championed the idea that the more steps one took to protect their privacy by using anonymous Web-browsing tools like Tor, the […]
In the minds of many people around the world, including in the United States, the term “capitalism” carries the idea of unfairness, exploitation, undeserved privilege and power, and immoral profit making. What is often difficult to get people to understand is that this misplaced conception of “capitalism” has nothing to do with real free markets […]
When you type a website address into a browser, you might have noticed that the letters “http” appear at the front. “HTTP” stands for Hypertext Transfer Protocol. In typing a Web address, you are actually sending an HTTP command to transmit that website to you. Hypertext Transfer Protocol is the means by which information is […]
Some people are saying it is just what the doctor ordered. Others are saying that the cure is worse than the disease.The Affordable Care Act? Reengagement in Iraq? Tea Party bullying in the GOP?Not this time. Just as protracted in the corridors of Congress and the White House is the debate over the proposed reform […]
In 2012, money mandarins running the European Union chose stagnation over restructuring. Here’s a consequence of that choice: expectations for a self-sustaining economic recovery keep getting crushed.Two years ago, European Central Bank (ECB) chief Mario Draghi promised to do “whatever it takes” to hold the eurozone together. He bluffed nervous investors into believing in a […]
Picture the scene. It’s 2020. You’re at the checkout in a convenience store with a carton of milk. But you’ve got no cash and you’ve left your cards at home. No problem. You scan your right index finger; the green light flashes. Purchase approved and you leave. Easy.Is this a realistic vision of the future, […]
“In the beginning, all the world was America.” — John Locke“The Garden of Eden was a perfect place,” my friend Manuel explained. “Man had free will. He could live in harmony with nature and God — and everything would be fine. But if he defied God, the stain of original sin would be on his […]
After a week of reckoning about the American oil and gas boom… I’ve got to get something off my chest.I can’t stand it when a coworker takes credit for something I did.Whether it’s a special report I wrote or just a little investing trick I found on my own — if someone takes it and […]
It might sound like the latest new product from Apple, but IPAB is actually the newest major legal challenge to Obamacare.Recently, a three-judge panel in the 9th Circuit Court of Appeals in San Francisco heard arguments about the Independent Payment Advisory Board, or IPAB, a 15-member panel created by the Affordable Care Act and empowered […]
Americans have come to believe that the IRS and the income tax are inevitable parts of our lives. After all, most everyone alive today has lived his entire life under federal income taxation.It wasn’t always that way. For some 125 years, the American people lived without having any tax imposed upon their income.The obvious question […]
Here’s a fun fact: Although we all hate the U.S. dollar, as it continues to hemorrhage wealth, its foothold as the world’s reserve currency isn’t going to disappear overnight.A Russian gas deal with China won’t change that — as we’ll highlight below.But before we get to the nitty-gritty, let’s dive into a story that’s right […]
Franklin Delano Roosevelt famously used the term “forgotten man” in a 1932 speech to describe those at the bottom of the economic pyramid who, he felt, government should aid.But the originator of the phrase “forgotten man” had a whole different meaning in mind. He aimed to expose the seeming good intentions of government to reveal […]
“As the nation’s central bank, the Federal Reserve derives its authority from the Congress of the United States. It is considered an independent central bank because its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government, it does not receive funding […]
The Keynesian disaster recovery plan has been to lower rates, force people to take more risk in search of yield, and entice others to borrow and spend and, magically, more jobs will be created. If people won’t buy stocks, central banks will.Back in 2011, Ben Bernanke, when asked if QE2 was driving up stock prices, […]
In September 2009, when President Obama made a primetime speech pitching his not-yet-passed health care overhaul, he made the following promise: “I will not sign a plan that adds one dime to our deficits — either now or in the future. Period.” To prove his seriousness, he further promised that “there will be a provision […]
Whatever your views on the role of government, one thing is clear: There will be no way to pay for it if the economy doesn’t grow. And I’m not talking by a measly percentage point or two. If we can’t find our way back to 5% annual economic growth or above soon, America’s accumulated federal […]
Twitter began by calling it “libertarian porn” — the longest and most sustained attack on leviathan from the Senate floor in modern history. But then it became more. And more. It went on for 13 hours. It was about halfway through when the junior senator leaned over to an aide and whispered: “Can I get a candy bar?”
He deserved it. Before the end of the night, the significance of what he was doing was being described as “epic.” What began as a surprise political move became a bipartisan cry against all the evils of our times, which somehow all come down to the egregious power of the executive state and its omnipotent power over our lives and property. It became political theater unlike any we’ve seen in many years. The target: all terrible things.
In short, it was a beautiful day on Capitol Hill.
It all came courtesy of Sen. Rand Paul, the man who has brought truth, excitement, fun, and the appearance of real-life morality back to the Senate.
We aren’t used to this. What normal person pays attention to politics, much less to the Senate? Here was something that actually happened — for once. Something important. Something even… epic.
This is a story about one man who decided to say, “Enough.” It’s a so-called “talking filibuster,” a last-ditch effort that stops legislative action completely. Something undertaken only in an epic case, a time when there is a hinge of history. Is this that hinge?
Alice in Wonderland? Nicely played, Senator.
“Stand with Rand” and send a clear message to your senator by clicking here.
Sen. Rand’s action began just before noon. He started by standing alone against the nomination of John Brennan for the head of the CIA. This Brennan guy is the top advocate of the drone program and the White House’s super-creepy claim of the right to kill American citizens on American soil using unmanned aircraft.
The White House that wants him appointed refuses to rule out killing you and me if dear leader thinks it is necessary. The policy as fact has been in place for a long time, but this administration wants it formalized.
Are civil liberties at stake? It’s a no-brainer. Well, why is there any controversy about this at all? How much despotism can the American people stand? How did we come to this point? How long will the politicians in Washington pretend like this isn’t happening?
There is an elephant in the living room. That elephant has been nominated to head an agency that has been up to no good since its inception after World War II. An agency that operates in secrecy and embodies everything that is wrong with the whole institution of government. And now some guy who favors the right to kill you and me on a whim has been tagged to head the agency.
Something’s gotta give.
Sen. Paul seemed to break the taboo. He finally said it: This winner of the Nobel Peace Prize is asserting the right to kill citizens right here, without any recourse to courts or law or anything related to the dead letter called the Constitution. His appointee is ready to do the deed.
In his first hours, Sen. Paul said:
“When I asked the president, can you kill an American on American soil, it should have been an easy answer. It’s an easy question. It should have been a resounding and unequivocal, ‘No.’ The president’s response? He hasn’t killed anyone yet. We’re supposed to be comforted by that.”
Again, his one question: Why won’t the president say that he won’t kill noncombatants with drones on American soil? The White House pretended none of this was happening.
Just before noon yesterday, Rand Paul stood alone. Then others joined him. Still others. Rand talked and talked. He went on and on. The online crowd began to grow. And grow. The tweets grew and grew. Facebook went nuts. It went on all day. The Senate chamber filled up by the evening. The fracas became frenzy and then became a mania. Hashtag #StandWithRand became the Internet meme of the night.
Here is how the global Twitter map looked a few hours before the filibuster ended, with #StandWithRand as the top hashtag used around the world (the larger the hashtag, reflects a larger number of tweets emanating from that area.)
Everyone else is talking about what this means for the senator’s political career. I have high respect for him, but truly, this is not the point. It is not about who is up and who is down. It is about the power of the government over the individual. It’s been growing egregiously for a century. It’s become absurd to the point that the “peace president” claims the right to kill us. When do we say no?
Sen. Paul spoke for the multitudes. And he continued. And continued. It was brilliant. It stopped only once biological needs called.
It’s pathetic that it had to come to this to see some meaningful protest. Still. It’s thrilling that this protest has finally come. That The Wall Street Journal and The New York Times heaped disdain on the Senator confirms that he was on the right track.
I have my own theory about the meaning of all of this. I think it is about the digital revolution finally reaching the most impenetrable apparatus on the planet. Sen. Paul was the instrument, but the tune is made of technology.
I must invoke the memory of the prophet of our age Aaron Swartz. He is dead due to horrible hounding by the government. But before he died, he was working on a new software package that was extremely powerful. It offers a way to apply digital media to the cause of politics. He showed the power of his model with the 2012 attack on SOPA. Pretty much working alone, he defeated this cursed legislation that would have disabled the Internet.
Like most people, I long ago lost faith in the political process. It is a waste of time. It is a game for suckers and fools. The government owns the system, and it will always be so, no matter who is ostensibly in charge.
Yet… I respect Swartz. He might have been on to something. He posited that there is power when the people can swarm the state apparatus with digital communications: emails, petitions, tweets, memes, digital protests. This is different from regular politics. It is turning the machine upside-down and inside out, bypassing the lobbying, rallies, voting, and electing entirely in favor of direct confrontation between the ruled and the rulers.
Remember that government is the most paranoid institution on the planet. It is extremely jumpy for that reason. You know how the petty thief is always watching his back, worried that he is going to get caught? Government is like that. It is always and everywhere engaged in criminal activity. It mainly worries about being found out. It fears discovery. Digital media permit every American to say, “You have been found out!”
Is that what’s going on? It has made a difference in this case. The drone issue, which has been a big one for Laissez Faire — our petition against Brennan and his drone policies gathered 10,000 signatures — has been one that has sent a powerful signal to the power elite.
Sen. Paul is a great political entrepreneur. He stepped out in front — alone at first, but with the whole body behind him eventually, and today a large whole of the people too.
Government should fear the people. Today, at least some sectors of the government are a bit more afraid than they used to be. My friends, that’s victory. It is not about who will gain power next. It is about dismantling power completely, one step at a time.
“Can I get a candy bar?”
Someday, that candy will be freedom itself. It’s coming. It’s going to happen — with or without our political leaders.
P.S. To all people who are sending me evidence of Rand Paul’s various heresies, you can save your bandwidth. I’m not interested in saint making or witch burning. I’m only interested in one thing: progressive reductions of the role of all government power in people’s lives all the way to zero if possible. Whatever brings that about, in whatever sector it happens, and whether it happens slowly by steps or all in one fell swoop, I’m for it. I really don’t care who or what makes a contribution to this end or how it comes about, so long as it is ethical and it actually achieves the aim of human liberation, the mother of all progress, order, and higher civilization.