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: History

The U.S. Treasury Just Issued a “Buy” Signal for Hard Money Investors

This article was published by The McAlvany Intelligence Advisor on Friday, November 15, 2018:

This writer opined in this space [at The McAlvany Intelligence Advisor] on Wednesday that, due to certain technical and political indicators, this would be an opportune time for hard money advocates to open or add to their holdings of precious metals. That same day, the U.S. Treasury issued its own fundamental “buy” signal. In its monthly statement of receipts and outlays of the U.S. government, it noted that although receipts jumped more than seven percent in October, year-over-year, government spending rose a breathtaking 18 percent compared to October a year ago.

Buried in the various charts and graphs was this note:

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Latest NFIB Report Confirms Robust Health of U.S. Economy

This article appeared online at TheNewAmerican.com on Wednesday, November 14, 2018:  

Just when concerns over the future of the U.S. economy have reached fever pitch thanks to the recent volatility on Wall Street, along comes the National Federation of Independent Business (NFIB) to calm those concerns. Its October report, “Small Business Economic Trends”, was summed up thus:

Overall, small businesses continue to support the 3 percent plus growth of the economy and add significant numbers of new workers to the employment pool.

 

The percent of owners with one or more unfilled openings is at a 45 year record high level.

 

Employment is growing faster than the population (210,000 per month this year to date), so the gains in jobs are being “fueled” in part by increased labor force participation.

 

Consumer optimism is also running at near-record levels, supported by rising wages and plentiful job openings.

After reviewing the numbers in each category (from “plans to increase employment” to “earnings trends”), the authors of the study concluded: “Bottom line, the October report sets the stage for solid growth in the economy and in employment in the fourth quarter, while inflation and interest rates remain historically tame. Small businesses are moving the economy forward.”

Indeed they are. The NFIB boasts membership of 325,000 small business owners, reflective of the estimated 28 million small-to-medium-sized businesses in the United States with fewer than 500 employees. That’s compared to about 20,000 companies with 500 employees or more.

And they swing a big hammer.

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Another Opportunity to Purchase Gold and Silver?

This article was published by The McAlvany Intelligence Advisor on Wednesday, November 14, 2018:

With gold closing at $1,202 an ounce and silver closing below $14 an ounce on Tuesday, safe haven hard money investors have the third opportunity in three years to take advantage of such prices.

In November 2015, gold bottomed at $1,081 an ounce; in December 2016 it found support at $1,169 an ounce, and on Tuesday it dropped $1.50 from Monday’s close to finish at exactly $1,202.

Three separate studies have shown the connection between monetary uncertainty and the behavior of precious metals prices. The first, completed by Jonathan Batten, Cetin Ciner and Brian Lucey, concluded that

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Wall Street Loves Gridlock: Stocks Jump Two Percent Day After Midterms

This article appeared online at TheNewAmerican.com on Thursday, November 8, 2018:

Stocks leapt upward on Wednesday as investors came to realize what the midterm elections meant: gridlock. As analysts from Bank of America Merrill Lynch noted before the election, “Gridlock (nothing done, nothing undone) might not be a bad outcome, and has historically been a good environment for stocks.”

Generally, the year following a gridlocked Congress has been good for stocks, averaging gains of 12 percent. Wednesday’s gain of two percent across all the major averages, and Thursday’s continuing rally, though modest, is a harbinger for a repeat into the next year.

Thanks to gridlock, the president’s second round of tax cuts is DOA. Infrastructure spending is fraught with danger for the Democrats. They’d like to spend the money, but they don’t want to help Trump’s reelection chances in 2020. They’d rather try to impeach him for various reasons — his firing of James Comey for political reasons or the 87 communications the Trump campaign had in 2016 with Russians (whether incriminating or not) or how he might have enriched himself or his family by doing business with foreign interests — but that won’t go anywhere as the president won’t sign anything unless those investigations are ended before they begin.

What the House Democrats are left with is “drug pricing” and “ethics reform.” Taking on Big Pharma and imposing ethics reform in the House looks to Gary North as just

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The Judge, the Journal, and the Warsaw Ghetto Uprising

This article was published at The McAlvany Intelligence Advisor on Friday, November 2, 2018: 

Back in January 2013, former New Jersey Superior Judge Andrew Napolitano taught a history lesson:

The right of the people to keep and bear arms is an extension of the natural right to self-defense and a hallmark of personal sovereignty. It is specifically insulated from governmental interference by the Constitution and has historically been the linchpin of resistance to tyranny….

 

The historical reality of the Second Amendment’s protection of the right to keep and bear arms is not that it protects the right to shoot deer. It protects the right to shoot tyrants, and it protects the right to shoot at them effectively, with the same instruments they would use upon us.

 

If the Jews in the Warsaw ghetto had had the firepower and ammunition that the Nazis had, some of Poland might have stayed free and more persons would have survived the Holocaust.

The chilling history of the 13,000 Polish Jews who resisted Nazi military forces from April 19, 1943 until they were wiped out by May 19 is told by Marek Edelman, one of the only survivors, in his “The Ghetto Fights.” After efforts to remove the Jews from the Ghetto to transport them to the ovens failed, the Nazis tried a different tactic:

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Wall Street Journal: “How Many Guns Do Americans Own?”

This article appeared online at TheNewAmerican.com on Thursday, November 1, 2018:

In an improbable article from an unlikely source, Wall Street Journal writer Joel Eastwood asks an impertinent question, “How Many Guns Do Americans Own?” Eastwood answers the rhetorical question himself: No one knows because of a lack of a central database. “With no central database,” he states, those interested in finding out “are left to make their own tallies.”

Not surprisingly, among those interested making guesses is the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF). Eastwood reported that the agency was forced to make some estimates on how many guns were manufactured here in the United States, how many were imported from abroad, how many were exported, how many have been destroyed or otherwise lost over the years, and then they came up with a number: 405 million firearms are owned by 323 million Americans. Decried Eastwood, that’s “more guns than Americans!”

The question is impertinent for one simple reason: Why would the Journal, or anyone else for that matter, be interested, unless they had intentions to broach or abrogate the Constitution’s Second Amendment. After all, with a national database including the name and address of every American owning a firearm — all in the name of “public safety” of course — the temptation over time would be overwhelming to come and collect them, in the name of “public safety.”

That’s not how it works, according to former New Jersey Superior Court Judge Andrew Napolitano:

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Gurus at Treasury Jiggering Its Offerings

This article was published by The McAlvany Intelligence Advisor on Wednesday, October 31, 2018:

The announcement from the U.S. Treasury was terse:

Total net marketable securities issued in the fourth quarter will be a projected $425 billion.

 

That will bring total debt issued in 2018 to $1.34 trillion, the highest since $1.59 trillion was issued in 2010.

 

2018 debt issuance also jumped 146% from 2017, when just $546 billion was issued.

It took Liz McCormick at Bloomberg to explain just how Treasury was going to manage all of that: stay short and provide inflation protection. Specifically, Treasury’s latest offerings will focus on five-year maturities or less, and brush the dust off its TIPS – Treasury Inflation-Protected Securities.

But of course that hardly addresses the underlying problem: a government continuing to spend beyond its (taxpayers’) means. The numbers are ugly: The national debt of the United States Government jumped by $1.3 trillion during its fiscal year that ended on September 30. The gap between the government’s spending and its income for that fiscal year was $779 billion, a jump of $113 billion over the year before.

At some point, the question will be raised: Who will buy? That was the question raised back in 2011 when Standard & Poor’s cut the government’s credit rating and put it on its “negative” watch list. Said S&P at the time:

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U.S. Treasury’s Massive Problem: How to Fund Increasing Deficits

This article appeared online at TheNewAmerican.com on Tuesday, October 30, 2018:  

The national debt of the United States government jumped by $1.3 trillion during the fiscal year ending September 30. The gap between the government’s spending and its income for that fiscal year was $779 billion, a jump of $113 billion over the year before. And now, the U.S. Treasury has announced how it’s going to manage all this: It’s going to issue new debt in the amount of $1.34 trillion, a 146 percent increase from 2017 and the highest amount of new debt issued since 2010.

Said the Treasury:

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Ron Paul Is Right: It’s Long Past Time to End the Fed

This article was published by The McAlvany Intelligence Advisor on Friday, October 26, 2018: 

Most people think of the Fed as an indispensable institution without which the country’s economy could not properly function. What most people don’t realize is that the Fed – created by the Morgans and the Rockefellers at a private club off the coast of Georgia – is actually working against their own personal interests.

Want proof? Try the multiple selloffs on Wall Street since the beginning of October. Some people blame them on October. After all, it’s the month when sell-offs happen. It’s in the tides. It’s in the moon’s cycles. It’s a spooky month. Etc., etc.

Others, looking slightly deeper at possible causes, blame them on trade “disputes,” China’s intransigence, the murder in Saudi Arabia, the rise in oil and gas prices, the “caravan” of dissidents headed for the U.S.’s southern border, the rash of fake bomb attacks, fill in the blank.

They came closer to the truth when they considered

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White House Issues Attack on Socialism in Response to Sanders’ “Medicare for All”

This article appeared online at TheNewAmerican.com on Friday, October 26, 2018: 

It’s highly unlikely that Harvard-trained economist Justin Wolfers has ever been to Caracas, Venezuela. It’s also unlikely that he took the time to read the 72-page report “The Opportunity Costs of Socialism” issued by President Trump’s Council of Economic Advisers (CEA) explaining the dangers in enacting Bernie Sanders’ socialist healthcare takeover called “Medicare for All.” But he has an opinion, nevertheless: he called it “dreck” in his tweet: “For several generations the CEA harnessed the best and brightest to serve their country, ensuring White House policy was informed by modern [i.e., Keynesian] economic thinking. It’s sad to see [the present Trump CEA] debase that tradition, spending their time on this dreck.”

Merriam-Webster offers various synonyms for “dreck,” including chaff, deadwood, debris, dross, dust, garbage, junk, litter, offal, refuse, riffraff, rubbish, scrap, trash, truck, and waste. In other words, Wolfer doesn’t think much of the CEA’s effort.

On the other hand,

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The Economy Isn’t the Top Issue in November. The President Is.

This article was published by The McAlvany Intelligence Advisor on Monday, October 22, 2018: 

Political operative James Carville helped engineer Bill Clinton’s victory over George H. W. Bush in the 1992 president campaign. In the campaign’s “war room,” Carville posted three dicta on the wall to remind him and his staff of the strategies to focus on:

Change v. more of the same;

Don’t forget health care; and

The economy, stupid.

Carville is now known for popularizing the third point: “It’s the economy, stupid!” and it has become standard fare in political warfare: people vote their pocketbooks.

In June, Morning Consult, a political polling firm with liberal-left tendencies, decided to test the thesis ahead of the November Midterms. It asked 1,061 registered Republicans and 1,202 registered Democrats “What would you say is the top set of issues on your mind when you cast your vote [in November]?” The top three were health care (#3), the economy (#2), and President Trump (#1).

Even though Mr. Trump isn’t running for anything, he is the issue in November, turning standard political strategy on its ear. According to American Enterprise Institute (AEI),

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Chinese Economy Slowing Down, Government Denies It

This article appeared online at TheNewAmerican.com on Friday, October 19, 2018: 

Thanks to efforts by the Chinese communist government to rein in the country’s horrendous national debt (300 percent of the country’s total annual output of goods and services), the Chinese economy was already slowing. According to “official” numbers released earlier this week (always questionable if not outright false), the economy grew by 6.5 percent in the third quarter on an annualized basis, down from 6.7 percent in the second quarter, and down from 12.2 percent just eight years ago.

The panic among top Chinese communist officials is palpable:

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The US Economy is No Eric Liddell

This article was published by The McAlvany Intelligence Advisor on Wednesday, October 17, 2018: 

There was a moment in the 1981 film Chariots of Fire when Eric Liddell was bumped onto the grassy infield during a quarter mile race. Once he recovered, he was 30 yards behind the pack of runners. Let Simon Burnton of The Guardian tell the story:

In Stoke on Trent in July 1923, in a race run over a quarter of a mile, England saw just how true this was. At the first bend he tripped over the legs of the English runner JJ Gillies, falling off the track. By the time he was back on his feet, the last of the other runners was 30 yards away and moving fast, but Liddell attacked them with such pace that he finally overtook Gillies three yards from the line to win before collapsing, spent, to the ground.

 

“The circumstances in which Liddell won the event made it a performance bordering on the miraculous,” wrote The Scotsman. “Veterans, whose memories take them back 35 years, and in some cases even longer, in the history of athletics, were unanimous in the opinion that Liddell’s win in the quarter-mile was the greatest ever track performance that they had ever seen.”

The U.S. economy, as astonishing as its performance is, is no Eric Liddell. JJ Gillies [the federal government] is just too far ahead.

On Monday, the White House officially announced

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Growing U.S. Economy Unable to Keep Up With Growing Government Spending

This article appeared online at TheNewAmerican.com on Tuesday, October 16, 2018:  

The White House just officially announced the final numbers for Fiscal Year 2018, which ended September 30. They are ugly: The gap between revenues and spending widened to $779 billion over the previous year, a jump of $113 billion (or 17 percent), despite increased revenues. This is the third consecutive year of rising deficits, with no apparent end in sight.

The White House blamed the usual suspects: the rising costs of “entitlement” benefits (i.e., Social Security, Medicare, Medicaid, and others) and increasing interest costs to service the rising national debt.

Those interest costs increased by one-quarter this year over last, from $263 billion in 2017 to $325 billion in 2018. By 2020, the Congressional Budget Office (CBO) estimates that interest costs will increase by another 50 percent, to nearly $500 billion.

There is no more talk of how the expanding economy will throw off revenues sufficient to start shrinking the national debt. Now, according to Office of Management and Budget (OMB) Director Mick Mulvaney, the best that can be hoped for is some eventual shrinking of the government’s annual deficits:

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Voters Turning Democrat Blue Wave Hopes into Disaster

This article was published by The McAlvany Intelligence Advisor on Friday, October 12, 2018: 

The Democrats not only expect to take back control of the House of Representatives in the November midterm elections, they’re already planning what to do when they do: impeach the president, continue to investigate Kavanaugh, repeal Trump’s tax reforms, and raise taxes. They think they will turn between 30 and 50 seats from red to blue.

After all, they have history and The Cook Political Report on their side. History says that the party occupying the White House will lose seats in the midterms, especially if it’s the president’s first term, and especially if his approval rating is in the 40s or lower. According toCook, 38 Republican-held seats are rated as “toss-up” or worse, with another 27 seats in the “lean Republican” category, meaning Republicans have a tentative advantage but the races are competitive. According to Dan Balz, writing in the Washington Post, “The party that holds the White House almost always loses seats in midterm elections, especially during a president’s first term, and especially when a president’s rating is below 50 percent.”

Almost always.

The Democrats’ biggest enemy is themselves. First,

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Kavanaugh Hearings Blunted Democrat “Blue Wave”

This article appeared online at TheNewAmerican.com on Wednesday, October 10, 2018:  

Disgust over how the confirmation hearings of Justice Brett Kavanaugh were handled by Democrats on the Senate Judiciary Committee is just now showing up in polls taken following those hearings. CNN’s poll released on Monday showed severe damage being done to the most critical part of the electorate the Democrats were hoping to capture in the upcoming midterm elections: independent voters. When asked, “Do you approve or disapprove of the way the Democrats in the U.S. Senate handled Kavanaugh’s confirmation hearing?” 58 percent of independent voters disapproved, compared to just 30 percent who approved — a jaw-dropping 28-percent margin.

An NPR/PBS NewsHour/Marist poll taken during the hearings showed

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Investors Remember William McChesney Martin, and Sell

This article was published by The McAlvany Intelligence Advisor on Monday, October 8, 2018:  

William McChesney Martin served as the ninth and the longest-running chairman of the Federal Reserve, from April 1951 to January 1970. He served under five presidents. But when people think of him, they remember him saying that:

Our purpose [at the Fed] is to lean against the winds of deflation or inflation, whichever way they are blowing.

 

The Federal Reserve … is in the position of the chaperone who has ordered the punch bowl removed just when the party was really warming up.

It’s not known if he was trying to be funny or merely ironic. But history records that the last 12 economic U.S. expansions were doused when the Fed raised interest rates, ending the parties.

The current Fed chair, Jerome Powell, is in full party mode. Last week he made an astonishing four public appearances, serving as the Number One (well, Number Two) cheerleader for the Trump economy. He called the economy “remarkably positive,” “extraordinary,” and its outlook “particularly bright.”

Added Powell on Tuesday:

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60th Anniversary: Celebrating The John Birch Society’s Epic Journey

The John Birch Society was just 10 years old when I joined back in 1968. The reasons then are the same reasons I remain active today. This is from my friend and publisher of The New American, Bill Jasper, published today, Friday, October 5, 2018:

Sixty years of unflinching service to God, family, country. Six decades of uncompromising dedication to truth and principle. In December 1958, when Robert Welch summoned together 11 prominent American patriots to found The John Birch Society, our nation was in deadly peril — from without and within. Communism was sweeping the world, while here at home Democrats and Republicans alike were embracing welfare-state socialism. Politicians from both parties were not only lauding and funding the recently formed United Nations organization, but were practically tripping over each other to transfer more and more powers to that global body.

World War II, in which totalitarian collectivism — in the form of communism, Nazism, and fascism — had ravaged the planet, had ended only 13 years earlier. The Korean War, fought under United Nations command and with incredible restrictions on U.S. forces, had ended only five years earlier, in 1953. But it had not really ended; our leaders had settled for a cease-fire and the abandonment of American POW/MIAs to communist North Korea. President Harry Truman had sent America’s fighting men into that cauldron of death without a declaration of war by the U.S. Congress, as demanded by our Constitution. He and his enablers in Congress and the media got around that by claiming that the Korean “conflict” was a “police action” authorized by the United Nations. There was no need, they said, for a formal declaration of war.

More than 36,000 Americans gave their lives in the UN’s Korean “police action” — and a dangerous precedent was set for sending America’s armed forces to far-flung battlefields on open-ended missions, based merely on presidential whim and the supposed demands of the “international community.” Another consequence of that conflict was

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In Baseball Lingo, Conor Lynch Thinks the U.S. Economy is in Its Final Innings

This article was published by The McAlvany Intelligence Advisor on Friday, October 5, 2018:  

Conor Lynch is a New York City liberal whose writings have appeared on Salon, AlterNetCounterpunch, and openDemocracy. But in his latest blog at TheWeek.com, he left all that baggage behind and instead focused on the harbingers for a downturn in the U.S. economy. He wrote:

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Clouds Appearing on the Economic Horizon

This article appeared online at TheNewAmerican.com on Thursday, October 4, 2018:

The bright blue sky that represents the U.S. economy got a little brighter on Wednesday with the release of ADP’s jobs report for September. Not only did the 230,000 new jobs beat forecasters’ estimates, ADP also adjusted upward August’s jobs numbers by 5,000. That means that since the first of the year, the booming U.S. economy has added nearly two million new jobs. Mark Zandi, chief economist at Moody’s Analytics, which partners with ADP in its jobs reporting, declared that “this labor market is rip-roaring hot.”

And then Zandi went and spoiled it all by adding,

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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.
Copyright © 2018 Bob Adelmann