Saturday Night Live – Cold Opening: Sequester
"With government sequestration looming, President Obama show cases how deep cuts will impact ordinary working Americans." Continue reading →
Don’t Hold Bitcoins; Krugman Won’t Like It
"Paul Krugman has written about Bitcoins, and he has come to the conclusion that they represent a grim development. Fortunately, no one is asking for Krugman’s permission to mine, hold, or use Bitcoin. He is not in charge of designing this emerging alternative money. As for making society rich, a main reason why Bitcoin is taking off is because people want to flee government paper money or at least have some hedge against government money and all that it brings with it. Bitcoin might someday save the economy from being destroyed by government and its economic advisers." Continue reading →
Bernanke Saying He’s Dispensable Suggests Tenure Ending
"Rates have been low for so long that they have continued to facilitate rash borrowing. Now rates literally cannot be lifted without causing extreme pressure on US disbursements. Second, to keep rates down, Bernanke has virtually doomed the Fed to perpetual monetary debasement. No matter what happens, boom or bust, the Fed will need to promote huge inflationary programs. Perhaps it is unfair to Ben Bernanke, but anyone examining the totality of his actions and their likely result would be tempted to come to the conclusion that he wants to leave before the proverbial house of cards comes tumbling down." Continue reading →
Bernanke: ‘Bank Confiscation Unlikely In America’; ‘No Idea How Much Money We’re Giving The Banks’
"Ben Bernanke does not say bank or wealth confiscation, like we’re seeing in Cyprus, would be impossible here in the U.S. But rather he says it would be extremely unlikely. My question is; Would it have been extremely unlikely for such a thing to happen in Cyprus a few years ago?" Continue reading →
JPMorgan Chase CEO Jamie Dimon is accused of hiding information about big losses
"Washington dealt a double blow Thursday to JPMorgan Chase as a Senate report accused its iconic chief executive of hiding information about a massive loss from regulators while the Federal Reserve unexpectedly said it had found a 'weakness' in the bank’s capital plans. The report takes the bank to task for hiding losses for three months last year, overstating the value of its trading positions and ignoring red flags. When regulators grew concerned, JPMorgan withheld information about the nature of the portfolio, Senate investigators say." Continue reading →
Gold Rises, Dollar Rises, Stocks Fall: The Cyprus Disaster Begins
"Over the weekend, Eurozone bureaucrats at a closed meeting came up with a plan. The committee demanded that the government of Cyprus impose a tax of 3% on all bank accounts under $130,000, and close to 10% on all accounts over $130,000. If the government refuses, the Eurozone will not provide a $13 billion bailout for the banks of Cyprus. The story is all over the European press, for good reason. The Eurocrats had always said that bank accounts would be sacrosanct. This announcement says, 'We lied.' But they also assured depositors that this will never happen again. 'Trust us.'" Continue reading →
Believe a Politician and You Will Lose Your Money
"The president of Cyprus assured voters that he would never, ever tax their bank accounts. Now he says the government must do this. Any voter who heard this assurance should have gone to his bank immediately and withdrawn half of his money. Then he should have sent another 40% to a German bank. The other 10% he might have left in his bank to meet existing expenses. Anyone who left all of his money in the bank was a fool. He trusted the head of the country." Continue reading →
In Fight Over Marijuana’s Scheduling, Appeals Court Rules in Favor of DEA and Schedule I
"The U.S. Circuit Court of Appeals for Washington, D.C. ruled today in favor of the DEA's decision to keep marijuana a Schedule I drug--a classification for substances that are highly addictive and have no widely accepted medical benefits. 'On the merits, the question before the court is not whether marijuana could have some medical benefits,' reads the court's ruling in Americans for Safe Access v. Drug Enforcement Administration. Rather, the court was tasked with deciding whether the DEA was following its own rules in refusing to initiate reschedule proceedings for marijuana." Continue reading →
Marijuana Legalization’s Biggest Enemies
"Before marijuana legalization spreads from Washington and Colorado to other states, it will have to get past a group of hardened drug warriors, many of whom have developed a personal interest in maintaining prohibition. While most of these ideologues lack the authority to actually change laws, their larger purpose is to maintain the marijuana propaganda machine and push back against pro-legalization rhetoric. Here are the top five people threatening to halt the state-by-state legalization domino effect that many pot activists hope is coming soon." Continue reading →
Court: CIA cannot continue to deny basic information on drone program
"The D.C. Circuit Court of Appeals held in a 3-0 vote on Friday that the CIA must reveal whether it has any 'involvement' or 'interest' in the U.S. drone program, saying its refrain that the agency cannot acknowledge the program’s existence is undermined by officials’ public statements. Those public statements came from President Barack Obama, newly-minted CIA director John Brennan and former CIA Director Leon Panetta, all of whom have confirmed that some agency of the U.S. government uses drone aircraft to drop bombs." Continue reading →
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