Have nothing to do with the [evil] things that people do, things that belong to the darkness. Instead, bring them out to the light... [For] when all things are brought out into the light, then their true nature is clearly revealed...

-Ephesians 5:11-13

Category Archives: Constitution

The Best Way Back to a Gold Standard

Dollar versus DOW

In his Forbes magazine article published Thursday, Nathan Lewis makes it sound easy to get back to a gold standard. After all, it has been accomplished numerous times in history around the world, including in America following the Civil War.

The first way is a “return to prior parity,” which would mean making a dollar redeemable in gold at $35 an ounce. Lewis points out that this would be impossible as it would entail a huge shrinkage in the money supply and a consequent depression. So option one is out.

The second way is to make a dollar redeemable in gold at a figure close to gold’s current price at between $1,500 and $1,700 an ounce. Lewis notes that this would also require a major restructuring—“a long price adjustment”—in his words, and “would probably cause a recession.” Not such a good option.

Lewis says there is a third option:

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Jon Corzine Proves Regulation is Rigged

Our Governor

After spending the entire weekend trying to sell his company, MF Global, Chairman Jon Corzine finally capitulated, and his board declared bankruptcy on Monday morning, October 31. It was during negotiations with a potential suitor for the business, Interactive Brokers (IB), that word leaked out that customers’ monies were missing, and IB left Corzine to fend for himself. A board meeting was hastily called and ended Corzine’s dream of building another Goldman Sachs with other peoples’ money.

It isn’t as if the regulators were asleep. According to the New York Times, alarm bells went off last June when regulators from the Financial Industry Regulatory Agency (FINRA) first discovered that

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Rick Perry’s “Cut, Balance, and Grow” Plan Doesn’t Cut Much

Rick Perry Speaks at the Values Voter Summit

Texas Governor and Republican presidential candidate Rick Perry spelled out the details of his “Cut, Balance, and Grow” flat tax plan on October 25, saying that “the U.S. government spends too much. Taxes are too high, too complex, and too riddled with special-interest loopholes. And our expensive entitlement system is unsustainable in the long run.” Perry’s plan would offer taxpayers a choice between a new flat rate of 20 percent on incomes over $50,000, or their current income tax rate. The plan would allow them to file their taxes on a postcard, eliminating the enormous current compliance costs in filing their Form 1040s. Various deductions and exemptions would be eliminated, he says, thus improving incentives for entrepreneurs to invest, create, and hire.

In addition, Perry would cap government spending at 18 percent of the country’s Gross Domestic Product (GDP), and put a freeze on

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Harrisburg’s Incinerator: A Story of Unintended Consequences

Northwest Incinerator

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The announcement on Wednesday that the City Council of Pennsylvania’s capital city, Harrisburg, voted to file for bankruptcy was the latest in a long series of federal mandates, bad luck, and poor planning that has plagued the city since the early 1970s.

The Harrisburg Resource Recovery Facility, less elegantly referred to as “the incinerator that burns money,” was built in 1972. The estimated cost to build it was $15 million and was sold to the city based on projections that it could burn enough trash to generate sufficient steam to be sold to cover its costs and debt service. But unexpected repairs required additional financings so that by the time the Environmental Protection Agency (EPA) discovered it was emitting unacceptably high levels of dioxins and shut it down, the city owed

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Top Economists Tell How to Grow Jobs

GROWTH

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Now that the Senate has officially and resoundingly defeated President Obama’s jobs bill (The American Jobs Act), the question remains: just how do real jobs grow?

Matt Welch, writing in the November issue of Reason magazine, reminds his readers of what doesn’t work: government promotion of ideology. The Solyndra debacle is the most recent but not the only example. In May 2010 the President gushed over the positive impact Solyndra was having in growing jobs in the “green” sector:

We invested…in clean energy because not only would this spur hiring by businesses but it creates jobs in sectors with incredible potential to propel our economy for years, for decades to come. And we can see the positive impacts right here at Solyndra…

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The US Post Office: Price it to Sell!

Image taken by User:Minesweeper on December 14...

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Now that Congress has extended the due date for the Postal Service’s $5.5 billion pension plan payment to November 18th, various proposals to modernize and “rightsize” the service have appeared. The most comprehensive is the Issa-Ross Postal Reform Act, which endeavors to allow the service the freedom to do what needs to be done to keep it operating as a quasi-government agency.

If approved by Congress, the Act would:

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Kucinich Wants to Replace the Fed with a New Monetary Authority

Dennis Kucinich

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Rep. Dennis Kucinich’s recent offering of his “National Emergency Employment Defense Act” (NEED Act) is designed to remove all money creation powers from the Fed to a newly established congressional agency, the Monetary Authority. According to Kucinich, the bill “would reassert congressional sovereignty and regain control of monetary policy from private banks [the Federal Reserve]” by placing that control into the hands of “a separate Monetary Authority made up of experts…responsible for managing monetary policy.” That Monetary Authority would advise the…

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$5 Debit Card Fee: Blame Durbin, Dodd, Frank, the Fed—Not Banks

Sen. Durbin Answers Press

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On Thursday, Bank of America announced that, starting the first of the year, they would be charging debit card users $5 a month for the privilege as a way to recoup lost income under new rules from the Federal Reserve. The rules, which took effect on Saturday, October 1, limit the amount banks may charge merchants accepting debit cards to 21 cents per transaction, down from 44 cents previously. Under the Dodd-Frank bill passed in 2010—initially proposed by former Senator Chris Dodd (D-Conn.) and Representative Barney Frank (D-Mass.)—banks processing the transactions will see their income from those fees drop by about $10 billion a year, all in the name of fairness and equity, according to the Federal Reserve, which determined that the new fees are “reasonable and proportional.” According to industry sources, the real cost of handling each debit card transaction amounts to “a penny or two,” and so politicians decided

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Competing Currencies Would Expand Freedom, Limit Government

Dollar

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One of the expert witnesses testifying before Ron Paul’s Domestic Monetary Policy and Technology Subcommittee on Tuesday was Dr. Lawrence H. White, professor of Economics at George Mason University. His testimony reinforced the case for Paul’s bill, HR 1098, the “Free Competition in Currency Act of 2011” by outlining its benefits in introducing freedom of choice into the realm of currencies.

White compared competition in currencies to competition in package delivery services among Federal Express, United Parcel Service, and the U.S. Postal Service. That competition has lowered

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Ron Paul Calls for Competing Currencies

A Stack of Bills

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On March 15, Rep. Ron Paul (R-Texas) introduced H.R. 1098, better known as the “Free Competition in Currency Act of 2011,” which would repeal the legal tender laws in the United States Code (Section 5103 of Title 31). In its elegant simplicity (the bill is only three pages), it would be the first step to restoring a sound currency by allowing American citizens to choose which currency among competing currencies works best for them.

In his “Texas Straight Talk” for July 11, Paul presented the case for competing currencies and promised that

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Bernanke’s Last Two Economy-Boosting Tools

Tools

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In his talk on Thursday to the Economic Club of Minneapolis, Federal Reserve Chairman Ben Bernanke warned the Congressional Supercommittee not to cut government spending by too much, and that if the economy continues to slide into another recession, the Fed has tools to meet the challenge.

Speaking over the heads of his audience directly to the Supercommittee, Bernanke warned that

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Small Italian Town Bids to Become Sovereign, Prints Its Own Currency

Currency Exchange

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Following the announcement by the Italian Cabinet of additional austerity measures to include plans to combine all 1,963 towns in Italy with populations of fewer than 1,000, some mayors protested by turning in their honorary keys to the city while others began developing marketing plans inviting immigrants to their towns in order to raise their town’s population above the 1,000 minimum and remain independent.

Luca Sellari, mayor of Filettino, had different ideas: he decided to create an independent monarchy with himself as prince, and a new currency, the fiorito (which means small flower) with an exchange rate of

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Legal Fallout From Housing Collapse Continues

gavel

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The announcement by the Federal Reserve of an “enforcement action” against Goldman Sachs for engaging in “a pattern of misconduct and negligence” in its handling of home mortgage loans was entirely predictable. Charges of such misconduct go back for months when it was first discovered that mortgages and other mortgage-related documents had been “robo-signed” and foreclosure documents hadn’t been properly reviewed and that Goldman’s Litton Loan Servicing unit took actions “without always confirming that documentation of ownership was in order.”

The ruling requires Goldman to

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The Postmaster General’s Challenges

USPS_

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In his report to a Senate subcommittee Postmaster General Patrick Donahoe spelled out clearly why the U.S. Postal Service can’t make any money: too many cooks in the kitchen. Hamstrung and limited by rules and “stakeholders” with differing and often competing agendas, what’s remarkable is that the postal service isn’t deeper in the hole.

Heaven knows, he’s trying. Through agreements finally reached with the letter carrier unions, he has been able, over the past two years, to eliminate 12,000 carrier routes and to consolidate others, saving

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White House to NY: Accept Bank Foreclosure Deal

P1210013

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New York’s Eric Schneiderman (right) is the only Attorney General who doesn’t like the foreclosure settlement agreed to by the major banks behind the mortgage-backed-securities (MBS) and foreclosure (robo-signing and faked-documents) frauds that helped bring on the economic crisis in 2008. And he is feeling the heat. In exchange for a small fine, the settlement agreement would end the years-long investigations by New York and other states into the frauds, and would prevent them or any of the investors hurt by the frauds from ever bringing additional charges in the future.

But Schneiderman’s investigation into the shady practices behind the development and sale of MBSs isn’t complete, and signing off on such an agreement now would end his efforts and forever protect the banks from further public exposure to their back office practices.

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Technology Keeping Internet Freedom Ahead of Censorship

Internet

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Efforts by the Federal Communication Commission (FCC) to regulate the Internet may become irrelevant if the new technology being developed succeeds as expected. When the U.S. Court of Appeals for the District of Columbia ruled against the FCC last December, the FCC rewrote its rules to allow them to regulate the Internet anyway through the whitewash called “net neutrality.” Verizon immediately filed suit to overrule the new attempt, and a House subcommittee in March voted to invalidate the actions of the FCC. But the new rules remain in place until the issue is decided.

All of which may be irrelevant as new technology, called Telex, is being developed as a “work-around” for

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Private Contractors Feeding at the Public Trough

The latest ranking of contractors providing services to the federal government reveals that at least nine of the top 10 are tied to the Department of Defense and took in nearly $70 billion of the government’s money in 2010. Leading the pack as it has for the past 17 years is Lockheed Martin, with $17 billion, followed by Northrop Grumman, Boeing, Raytheon, and General Dynamics.

The top 27 contractors each received at least $1 billion in contracts from the government last year, with Number 100 on the list, Teledyne, getting $170 million. This reflects the enormous growth of government spending in general, and on outside vendors in particular, growing from $207 billion in 2000 to

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Nine of 12 Super Committee Members Named: Tea Party Marginalized

May_30_Health_Care_Rally_NP (207)

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Senate Majority Leader Harry Reid was the first to announce his three nominees to the “Super Committee” created by the recent debt ceiling increase, and all three fit the mold of big-spending liberals: Senators John Kerry (D-Mass.), Max Baucus (D-Mont.), and Patty Murray (D-Wash, right.), the latter of whom will also serve as co-chairman of the committee. Reid observed of his picks:

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FTC Probes Google in Fishing Expedition

Google 的貼牌冰箱(Google refrigerator)

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Google announced on its blog on June 24th that the Federal Trade Commission had launched “a review of our business. We respect the FTC’s process and will be working with them over the coming months to answer questions about Google and our services. ” But Google doesn’t know what the FTC is looking for:

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Is the Debt Ceiling Unconstitutional?

Charles Evans Hughes (1862 - 1948), lawyer and...

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If the current debt ceiling negotiations fail in time to avoid the drop-dead default date of August 2, liberal law professor Garrett Epps has the answer for President Obama: Ignore the ceiling and keep on spending.

He even has a speech for the President ready to go:

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Many of the articles on Light from the Right first appeared on either The New American or the McAlvany Intelligence Advisor.