News Commentary

‘Neighbor vs. neighbor’ in US cities, Meredith Whitney says

"Meredith Whitney painted a dire picture in a CNBC interview Wednesday of cities slashing services and communities battling for mere survival. The financial advisor and analyst said the financial woes facing bankrupt Detroit will become common around the country as local governments do whatever they can to escape onerous debt burdens. 'I think you're going to see a real issue of neighbor against neighbor on these very issues,' she said during a 'Closing Bell' conversation. 'That has been glossed over for years. What's at stake are social services we count on.'" Continue reading →

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Detroit Bankruptcy: How to Fix Detroit in 6 Easy Steps

"The news is full of stories of Detroit, and understandably so. It’s an unmitigated disaster. But I know how to fix it. Seriously, I do! I have a plan that would cost the state of Michigan nothing – not a cent. It wouldn’t cost DC anything either, and it would turn Detroit into the most thriving city in North America. As a bonus, it would give the remaining property owners in Detroit a financial windfall. Here’s the plan." Continue reading →

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The Gold Roller Coaster

"Gold is not a stock. It does not behave as a stock, and its rewards are not delivered in the manner of stocks. In watching the ups and downs of gold, this is the most important fact to remember. To be sure, some investors treat gold in the same way as a stock – trying to guess its fluctuations – selling after a rise and buying following a correction. However, gold is not like a stock, in that it does not pay dividends. It does not rise and fall based upon the performance of any company. And it is relatively finite. There can be no stock splits. Gold's true value is not as a trading commodity, but as a means to preserve wealth." Continue reading →

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Are You Ready for This Coming Disaster?

"Interest rates will remain at low levels for a very, very long time. The Fed will remove the stimulus in baby steps because it has no other choice. Any significant moves would send world markets into a tailspin. When the money printing finally stops, the Fed will still keep interest rates at zero for a while, just to make sure the economy can stand on its own feet. Only then – and if everything goes well – will the Fed slowly begin to hike rates. Most bubbles burst when the Fed starts to move rates above the inflation rate. As you can see in the chart above, that’s what happened in 2006. But, the Fed will only do that when inflation starts to get out of control." Continue reading →

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The Minimum Wage Is Cruelest To Those Who Can’t Find A Job

"U.S. youth unemployment now stands at 16 percent for 16–24 year olds, 23 percent for teens, and a shocking 40 percent for black teens. Firms that are already paying more than the federal minimum wage do so because their workers are producing more than $7.25 per hour. Moreover, if workers produce at least $12 per hour, then an increase in the minimum to $10.10 would not affect their job status—but the higher minimum wage rate could drive smaller rivals out of business or prevent new firms from entering. Hence, one should be skeptical of businesses that favor raising the minimum wage." Continue reading →

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Bob Higgs: Where’s the Outrage?

"We have now reached a condition in which state authorities know an immense amount about the personal lives of virtually everyone in the U.S. and many foreigners, as well. Do people suppose that this access to personal information will be used only for the pursuit of terrorists? Anyone who has looked even superficially into previous government information-collection programs knows better. State authorities will, at minimum, employ the communications data and other personal information now at their fingertips to pursue various sorts of criminals, especially persons suspected of tax evasion. Moreover, they will almost certainly use the information for partisan political purposes." Continue reading →

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Kafka’s America: Secret Courts, Secret Laws, and Total Surveillance

"A mechanism to protect the American people from unwarranted government surveillance became instead a bureaucratic mechanism to rubber stamp government applications for surveillance. The Court is structured such that applications for surveillance are rarely ever denied. If a judge were to reject an application, that judge would have to immediately write a report detailing every reason for the rejection, then transmit the report to a 3-person court of review. If that court finds that the application was properly denied, it must also write a report, which is then subject to a writ of certiorari by the Supreme Court. No reviews are necessary if an application is granted." Continue reading →

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‘Are We Rome?’ Was A Questioned Asked and Answered Long Ago

"The US hunts down and kills very many innocents abroad by drone. It’s a bit of a sport—so much so that decadent New Rome has even established a 'new medal that honors drone pilots and computer experts' for their long-distance killing prowess. War-time slaughter has just been industrialized, streamlined, made more efficient in our times. Compare the demographic and economic indices of countries the US has invaded—for their own good, of course, but without their consent—before and after the 'merciful' intervention. The latter-day Rome has mechanized the warfare-state’s killing and has refined its propaganda wing to an art." Continue reading →

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Which Countries Can The NSA Whistleblower Escape To?

"An extradition treaty is a legal mechanism that countries use to transfer people to another country for numerous reasons. The terms and conditions of extradition treaties vary due to the circumstances of each individual case and also from country to country. Some countries (like France and Brazil) will not extradite their own citizens no matter what. Generally speaking, in order for extradition to be successful, the suspected criminal act must not be political in nature, it must be recognized as a crime in both jurisdictions, and the suspect must not be in danger of receiving the death penalty or torture if transferred." Continue reading →

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Ron Paul: Bernanke’s Farewell Tour

"Last week Federal Reserve Chairman Ben Bernanke delivered what may well be his last Congressional testimony before leaving the Federal Reserve in 2014. Unfortunately, his farewell performance was full of contradictory comments about the state of the economy and the effects of Fed policies on the market. One thing Bernanke inadvertently made clear was that the needs of Wall Street trump Main street, the economy, and sound money. Quantitative easing (QE) and effectively zero interest rates have created paper prosperity, but now the Fed must continuously assure Wall Street that the QE spigot will not be turned off." Continue reading →

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