Friday, April 10, 2015

No one really believes the Federal Reserve or the BLS

Federal ReserveLast Friday was anything but good for news on the economy. The Bureau of Labor Statistics (BLS) released a dismal jobs report that missed expectations by fifty percent. This followed a press conference two weeks ago by Federal Reserve Chairman Janet Yellen during which she indicated rate hikes might not come as soon as expected because “room for further improvement in the labor market continues.”

Yellen’s statement would be fairly unremarkable if it were not for one troublesome fact: the U.S. economy is supposedly at “full employment,” according to the measures the Fed uses to guide their interest rate policies. The Bureau of Labor Statistics has it at 5.5% as of today. That is the rate most economists consider full employment for the U.S. economy and we’ve supposedly been there since February.

How could there be room for improvement in the labor market if we’re at full employment? There can’t be. But everybody knows real unemployment is much higher than the manipulated BLS statistics represent. Janet Yellen knows it. The markets know it. Tens of millions of unemployed Americans know it.

Yet everyone keeps talking about the BLS unemployment rate as if it were true.

Read the rest of the article at Rare...

Friday, March 20, 2015

The Federal Reserve runs the economy, not Congress or the President

BUFFALO, March 18, 2015 - Janet Yellen told the markets what they wanted to hear today and the indexes rocketed out of negative territory to finish up over 1 %. As usual, speculation abounds on precisely what was in the minds of investors.

Journalists tend to overstate the causal importance of breaking news when the market makes big moves. Often, those moves were predicted months in advance by serious traders and what happened that day had little to do with what the market did. Not true for the Fed's announcements. They do move the markets immediately.

What most people don't know, or at least don't acknowledge, is that the Federal Reserve really runs the entire economy. When the Fed inflates the supply of money and credit, indexes go up, growth occurs and the economy "improves." When it deflates the supply of money and credit, indexes go down, contraction occurs and the economy "slows."

That's really the whole story of the American economy. Think about that for a moment.

It doesn't matter who is president, which party controls Congress or what any of those people do or don't do. Yes, regulations and tax rates have some effect on the economy. Liberals might say more regulation is a good thing, conservatives might say it is bad.

But taxes and regulations haven't really had much effect at all in the past 40 years. Before that, when taxes were at 90%, they mattered, but not when the top rate fluctuates between 35% and 39%. Do the math. It's not that significant.

Read the rest of the article at The Huffington Post...


Wednesday, March 11, 2015

Republicans like Ben Carson are wrong to make freedom of association about religion

405px-Ben_Carson,_MD
Joe Biden invoked Jesus on Friday responding to Ben Carson’s bizarre argument that prison inmates “turning gay” after going into prison straight proves homosexuality is a lifestyle choice, rather than a genetic or otherwise innate trait.

As a libertarian, this debate holds little interest for me. Even if homosexuality is a lifestyle choice, it is one that does not harm other people and thus falls into that vast category of human behavior called “liberty,” which should be beyond the reach of any government.

What does concern me is Carson’s argument on why homosexuals “don’t have a right to be served in every single store.” Carson argues that store owners should be able to “refuse service if it violates their religious convictions.”

I’m immediately reminded of George Orwell’s Animal Farm, where a law at the beginning of the book reads “No animal should kill another animal,” but by Chapter 8 reads, “No animal shall kill another animal without cause.”

Read the rest of the article at 

LewRockwell.com...


Friday, March 6, 2015

Why Progressives Should Want Republicans to Repeal Obamacare and Close the Borders

obamacareLast week, Senate Republicans were given bad news by Senate Parliamentarian Elizabeth MacDonough. She doesn't believe Republicans can bypass cloture and repeal Obamacare with a simple majority by attaching its repeal to a spending bill.

As a libertarian, I'm glad to hear it. No, I do not like Obamacare any more than I like most other government programs, especially those that further enrich multi-billion dollar corporations on my dime. But I'm glad it's still difficult to get things through the Senate. That's how it's supposed to be.

But progressives should feel differently. The should want to see at least two bills pass both houses, one repealing Obamacare and one blocking the president's immigration policies. Progressives profess a belief in democracy and the Republicans have been democratically elected to both houses. Whether you agree with them or not, there's no question repealing Obamacare and reversing the president's immigration agenda were two of their strongest mandates.

Read the rest at The Huffington Post...


Wednesday, January 22, 2014

Earth to Bill Maher: Edward Snowden isn't the crazy one

GREENWALD-largeTAMPA, January 21, 2014 - Bill Maher interviewed journalist Glenn Greenwald following President Obama's speech on Friday in which the president discussed his proposals to reform the NSA. Greenwald is the journalist who first reported on the information released by Edward Snowden on the government's domestic surveillance activities.

While Maher was respectful of Greenwald and, to some extent, Snowden, he went out of his way to smear some of Snowden's claims about the government's activities as "completely nuts." He also found it necessary to take a shot at Ron Paul, who wasn't even involved in the issue at hand.

For Maher and too many likeminded people, anyone who doesn't view the government as a benevolent force for good is a tinfoil-hat-wearing kook who believes all civilian life is the target of a massive conspiracy involving the government, secret societies, aliens, etc. Thus Maher's retort, "Everyone in the government isn't out to get you."

That's what's known as "framing the debate." You're either with Bill Maher and President Obama or you're with the kooks. You may also be somewhere in the middle, where Maher apparently places Snowden. It completely ignores the many other perspectives one might have, including that of most libertarians.

Libertarians don't believe that the people who work for the government are evil. It's the institution of government itself, a monopoly on the use of force that can martial the resources of the entire nation. That kind of power is dangerous even when used by good people with good intentions.

Read the rest of the article at The 

Huffington Post...


Tuesday, January 21, 2014

Obama’s proposed NSA reforms prove he doesn’t understand checks and balances

utah datacenterPresident Obama delivered a speech on Friday outlining his plans to address the widespread outrage over the domestic surveillance activities of the National Security Agency. However well-intentioned, the president’s proposals indicate he just doesn’t get the constitutional notion of delegated powers.

Implicit in the Fourth Amendment is the principle that the government should remain powerless unless and until an individual is reasonably suspected of having committed a crime. It isn’t even allowed to search one’s person or papers (viz. phone records, emails) to collect the proof it needs until it persuades a judge that it has probable cause.

The only reason the Fourth Amendment offers any protection is it prescribes an adversarial process. The judicial branch is predisposed to refuse to issue a warrant until the executive branch provides sufficient evidence of probable cause.

Read the rest of the article at the Daily 

Caller...


Sunday, January 19, 2014

Obama's NSA speech proves government can't prevent terrorism in a free society

obama911TAMPA, January 18, 2014 – President Obama outlined his proposed reforms of the NSA’s domestic surveillance activities in a speech on Friday. The speech was at times eloquent and the president’s intentions appear genuine, but his recommendations for reform are inadequate. As long as the government is trying to prevent crime or terrorism in the future, it’s going to trample liberty in the present.

The president stated the crux of the problem during his speech:
“So we demanded [after 9/11] that our intelligence community improve its capabilities and that law enforcement change practices to focus more on preventing attacks before they happen than prosecuting terrorists after an attack.”

Freedom requires that the government not attempt to prevent anything. All powers granted to the government relate to crimes committed in the past.

The Bill of Rights rests upon this assumption. Rooted in what is now called the “libertarian” principle of non-aggression, the Fifth Amendment prohibits the government from using force against an individual until it has proven beyond a reasonable doubt that the individual has committed a crime in the past.
The Fourth Amendment goes even farther, prohibiting the government from even searching an individual or his papers (e.g., phone records, e-mails, etc.) without probable cause that the individual has committed a crime in the past.

The entire Bill of Rights supposes that you are beyond the reach of government until you have actually committed a crime. That logically excludes the possibility of the government preventing anything, because the government must employ force against the innocent to do so.

Read the rest of the article at 

Communities Digital News...