Useful Idiots

Paul Krugman Is Wrong: Bitcoin Isn’t Evil, But Monetary ‘Stimulus’ Is

"Krugman asserts that bitcoin is evil because it is a 'weapon intended to damage central banking' and makes it harder for states to tax and monitor people. He gets it exactly backwards. A weapon is a tool used to attack someone. But bitcoin users aren’t attacking anyone; they are avoiding an attack. As the tax burden grows heavier, and surveillance intrudes more deeply, it’s reasonable for people to seek shelter. They just want to protect themselves." Continue reading →

Continue ReadingPaul Krugman Is Wrong: Bitcoin Isn’t Evil, But Monetary ‘Stimulus’ Is

Alan Greenspan: Bitcoin Is a Bubble Without Intrinsic Currency Value

"The former Federal Reserve chairman said Bitcoin prices are unsustainably high after surging 89-fold in a year and that the virtual money isn’t currency. 'It’s a bubble,' Greenspan, 87, said. 'It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven’t been able to do it. Maybe somebody else can.' 'I do not understand where the backing of Bitcoin is coming from,' the former Fed chief said. 'There is no fundamental issue of capabilities of repaying it in anything which is universally acceptable, which is either intrinsic value of the currency or the credit or trust of the individual who is issuing the money.'" Continue reading →

Continue ReadingAlan Greenspan: Bitcoin Is a Bubble Without Intrinsic Currency Value

Economist Recommends ‘E-Dollar’ That Loses 5% Of Its Value Per Year

"'If you care at all about the future of this country, one of the things you need to realize is we need to solve the demand side so we can get back to the supply side issues that are really the tricky thing for the long run,' he said. 'The way to solve the demand side issues that is the most consistent with not messing up our supply side is monetary policy and making it so we can have negative interest rates.' At the moment, e-dollars are still only a theoretical concept, but Kimball is hopeful that they could be put into action in the near future. He believes that if a government bought in, it could be using an electronic currency in three years and reap the benefits of it soon after." Continue reading →

Continue ReadingEconomist Recommends ‘E-Dollar’ That Loses 5% Of Its Value Per Year

Alan Greenspan Sees ‘Double Digit’ Inflation Ahead

"Alan Greenspan, the former Federal Reserve chairman, has largely avoided public comment on the Fed’s efforts to stimulate the economy, but he has said enough to make it clear that he is not a fan. It’s been a long time since anyone accurately predicted higher inflation. Instead, inflation has sagged to the lowest levels on record. But here’s why Mr. Greenspan is worried. Each time the Fed buys a bond, it pays the bank that sells the bond by creating money and putting it into an account that the bank keeps at the Fed. Mr. Greenspan’s inflation prediction is based on his estimation of the consequences as that money flows out into the economy." Continue reading →

Continue ReadingAlan Greenspan Sees ‘Double Digit’ Inflation Ahead

Mob Violence and Mistaken Identity

"The mob that beat Professor Singh called him 'Osama' and accused him of being a terrorist. This kind of thing is hardly uncommon: Since 9/11, scores of Sikhs have been beaten or abused – or murdered -- by people mistakenly believing them to be Arab terrorists. Commercial trucker Jageet Singh was the victim of an even worse variety of mob violence in Mississippi. When he suffered a flat tire last January, police officers who arrived on the scene accused him of being a terrorist, made derogatory remarks about his religion, forced him to circle his truck with his hands on his head while the vehicle was searched, and then arrested him for supposedly refusing to obey an officer." Continue reading →

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Felony Friday: Man Charged For Killing Deer That Ate His Weed Plants

"Felony charges were filed against one poor soul, which highlights the State’s refusal to recognize property rights and the idiocy of the drug war. A Glasco, N.Y. man had his world come crashing down after a neighbor snitched on him for killing the deer that were eating his marijuana plants. Barry J. Brice learned a hard lesson from his run-in with the law. Not only does the State own the deer that destroy your garden, they also dictate what plants are allowed to be grown. Statists would claim that Mr. Brice got what he deserved for growing an illegal plant and killing deer without a license. They would rejoice at the prospect of Mr. Brice being locked in a cage for committing 'crimes' without victims." Continue reading →

Continue ReadingFelony Friday: Man Charged For Killing Deer That Ate His Weed Plants

Putin was wrong: The exceptionalism of the United States is alive and real

"Exceptional can also mean exceptionally bad in some or all respects. And here I would like to enumerate a points on which I can easily affirm the concept of American exceptionalism: The United States enjoys the highest obesity rate among 28 major nations. This is due in large part because of the government sponsored carbohydrate bubble. The United States has killed thousands of people through unmanned drones; the ratio of innocent to terrorists is perhaps 50 to 1. The United States is running the biggest budget deficit and borrows over 40 cents for every dollar it spends. It must borrow more money to be able to claim that it is not a banana republic. [..]" Continue reading →

Continue ReadingPutin was wrong: The exceptionalism of the United States is alive and real

Solutions: Overcoming Stockholm Syndrome

"In the 1970s, a strange psychological phenomenon was identified: in traumatic abduction situations, a certain percentage of the population is prone to falling in love with their abductors. But if we are living in a societal prison of the mind, then are there those who have fallen in love with their mental jailers? Find out more about societal Stockholm syndrome in this week's edition of The Corbett Report." Continue reading →

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Even When Politicians Are Right, They’re Still Wrong

"'Brazil’s president, Dilma Rousseff, has launched a blistering attack on US espionage at the UN general assembly, accusing the NSA of violating international law by its indiscriminate collection of personal information of Brazilian citizens and economic espionage targeted on the country’s strategic industries.' Dilma is furious because the NSA spied on her personally as well as on Brazil’s 'state oil corporation.' Her solution to the NSA’s snooping? The United Nuts should 'oversee a new global legal system to govern the internet.' Whoa! Just when you thought the panopticon couldn’t possibly get any worse, this dingaling manages to conjure an even more frightening scenario." Continue reading →

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Just Say the Magic Word

"When your government starts arbitrarily seizing skyscrapers, the time to start thinking about and devising an internationalization strategy was yesterday. If you have not already started, I'd suggest that it is high time to get going. This goes double for libertarians and anyone else who could one day become the government's next enemy du jour. All the government has to do is say the magic T-word, and poof: your rights, your assets, and even your life can be taken from you in an instant, without due process, and the vast majority of people will approve of it." Continue reading →

Continue ReadingJust Say the Magic Word