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

Tag Archives: Economy

Pawlenty: “I’m Running for President—Soon”

Tim Pawlenty speaking, Dec 29, 2007

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When former Minnesota Governor Tim Pawlenty (pictured) was being interviewed on CNN last week, he was asked if he would accept the position as Donald Trump’s running mate for President, he responded: “I’m running for President. I’m not putting my hat in the ring rhetorically or ultimately for vice president so I’m focused on running for president. ” Host Piers Morgan jumped on his statement immediately:

Governor, unless I was mistaken you just said you were running for President. Can we take that as a formal announcement?

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Donald Trump the Populist and Pragmatist

Donald Trump & Melania enter the Oscar De LA R...

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The February 22nd Newsweek poll followed by the Wall Street Journal/NBC poll showing billionaire Donald Trump eclipsing his nearest Republican rivals and even challenging incumbent President Obama has caused some commentators to look past his rhetoric to see where “The Donald” really stands on major issues. Jonathan Hoenig, writing for SmartMoney.com, says that “Trump’s primary appeal is undoubtedly his business experience.

Given the nation’s festering inflation, exploding deficit and still moribund economy, there’s obvious interest in leaders who promote fiscal conservatism, capitalism and growth. The problem is: Donald Trump isn’t one of them.”

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Investors in U.S. Debt at Tipping Point?

Teeter-Totter Crossing

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When Terence Jeffrey, writing for CNSNews.com, noted that true federal spending for the fiscal year 2010 wasn’t $3.7 trillion after all, but closer to $11 trillion, he discovered an old accountant’s trick to make things look worse (or better) than they are: either double count, or don’t count at all.

In the process of sorting out the accountant’s trick, however, Jeffrey uncovered an unnerving fact:

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The Panic of 1893: Boosting Bankers’ Money and Power

Caption said: "MR. J. PIERPONT MORGAN, WH...

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Junius Morgan was, at best, a third-tier English banker in the 1850s, who was fortunate to have had a hand in a number of lucrative financings, mostly for industries seeking seasonal financing. His conservative nature was partly a cause of his lack of distinction. He’d inherited a substantial sum when his father died and was exceedingly careful when risking any part of it. One of the maxims Junius instilled into his son, John Pierpont Morgan, was, “Never under any circumstances do an action which could be called into question if known to the world.”

The two first-tier international banking families were the Baring Brothers and the Rothschilds. Barings financed the Louisiana Purchase and the French indemnity payment after Napoleon’s loss to the Duke of Wellington at Waterloo. So influential was Barings that the Duke of Richelieu commented:

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Paul Ryan’s Plan Unveiled, Reviled, Applauded

Rep. Paul Ryan (R-WI)

Rep. Paul Ryan (R-WI) (Photo credit: Wikipedia)

Now that Rep. Paul Ryan (R-Wis.) has unveiled his “Path to Prosperity” budget, nearly all discussion is focusing on the details and not on the proper role of government. Writing in the Wall Street Journal on Sunday, Ryan said that “our budget … cuts $6.2 trillion in spending from the president’s budget over the next 10 years, reduces the debt as a percentage of the economy, and puts the nation on a path to actually pay off our national debt.” He also said that it

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$4 Trillion in Cuts Proposed by GOP Rep. Paul Ryan

Paul Ryan

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During an interview on “Fox News Sunday”, Rep. Paul Ryan (R-Wisc.), chairman of the House Budget Committeeoutlined many of the details of the GOP‘s 2012 budget proposal that will officially be announced on Tuesday. He said, “We can’t keep kicking this can down the road. The President has punted. We’re not going to follow suit. ” Implying that the proposal would cut the deficit by “much more than” $4 trillion over the next decade, he offered a synopsis of what to expect on Tuesday:

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A Harvard Professor’s Goofs, Gaffes, and Blind Spots

N. Gregory Mankiw

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Harvard Professor Gregory Mankiw, in writing a hypothetical speech in the New York Times for the President in the year 2026, thinks politicians can kick the entitlements can down the road for another 15 years. His opening could come from any politician’s current teleprompter:

My fellow Americans, I come to you today with a heavy heart. We have a crisis on our hands. It is one of our own making. And it is one that leaves us with no good choices.

For many years, our nation’s government has lived beyond its means. We have promised ourselves both low taxes and

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Funding of Bretton Woods II by George Soros Exposed

DAVOS/SWITZERLAND, 27JAN10 - George Soros, Cha...

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When billionaire George Soros wrote two years ago that what the world needed now was “a new world architecture,” he was already laying plans for Bretton Woods II, April 8-11, 2011, to be held at the Mount Washington Hotel in Bretton Woods, New Hampshire.

Soros wrote:

While international cooperation on regulatory reform is difficult to achieve on a piecemeal basis, it may be attainable in a grand bargain that rearranges the entire financial order.

A new Bretton Woods conference, like the one that established the international financial architecture after World War II, is needed to establish new international rules…reconstitute the International Monetary Fund (IMF)…[and] to reform the currency system…

Claiming that the international monetary system “cannot survive in its present form,” Soros argues that it could and should be revamped so that American leadership would be “re-established…in a more acceptable form.”

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Portugal PM Resignation Rattles EU

Sócrates

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When the Portuguese Parliament failed to pass an austerity bill on March 23, the country’s Prime Minister, Jose Socratesresigned. That move leaves Portugal leaderless for at least two months while facing a significant financial crisis: it must refinance nearly $13 billion of short-term debt by June. Investors have already pushed interest rates on Portugal’s sovereign 10-year debt to almost 8 percent, while credit-rating agencies Fitch and Standard & Poor’s both downgraded that debt’s quality on March 24.

The European Union (EU) has already bailed out Greece and Ireland, and a top official announced that the EU has the resources to rescue Portugal, if necessary. The bailout would cost an estimated $60 billion to $80 billion.

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Federal Red Ink Forever

Deputy Secretary of State for Management and R...

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When the Congressional Budget Office’s preliminary analysis of the Obama Administration’s 2012 budget was announced last week, observers were shocked—shocked!—to learn that deficits over the next 10 years would be nearly $10 trillion, almost $2½ trillion more than the administration’s estimate.

The CBO had to modify many of the administration’s assumptions, and address at least one major error, in order to come up with its conclusion. First, the CBO assumed that the economy wouldn’t rebound nearly as strongly as projected by

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Trillion-dollar Tax Holiday Sought by Multinationals

Oracle logo at the Oracle headquarters.

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Claiming that granting a “tax holiday” for her company (and other large multinationals) would be beneficial to the United States, Oracle president Safra Catz said that such a holiday would allow earnings sitting in idle accounts abroad to be “repatriated” and freed up for better use here in the United States. “It’s an absolute no-brainer,” she said. If the money flows back to the United States, “it will

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CFR: Tea Party Dangerous, Obstructive

Walter Russell Mead

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When the internationalist-minded Council on Foreign Relations (CFR) decided it was time to take a hard look at the growing influence of the Tea Party movement in America, it selected “one of the country’s leading students of American foreign policy,” Walter Russell Mead, to do the study. Appearing as the headline article in Foreign Affairs for March/April 2011, his article is entitled “The Tea Party and American Foreign Policy.”

Mead’s credentials for representing one of the leading lights of the Anglo-American Establishment are impeccable:

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Shutting Down Fannie and Freddie: Locking the Barn Door

House key

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It appears that there is at least one thing the Obama administration and the GOP can agree on, and that is that Fannie Mae and Freddie Mac have got to go.

Given the immense role these two government-sponsored enterprises (GSEs) had in the Great Meltdown, they remain an embarrassment for every politician even remotely related to them. As noted cryptically in his latest book, Rollback, Professor Thomas Woods said,

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Increasing Gas Prices: What’s Seen and Not Seen

Pumping Fuel

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With the national average price of gasoline hitting the highest level in history for this time of the year, the impact of that increase reaches far beyond the pocketbook of the average worker driving off to work in the morning. For every 25-cent increase in the price of gas (which has increased almost 70 cents per gallon in the last year, and by nearly 30 cents in just the last month), consumers are forced to spend an extra $3 billion that

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The Great Recession and American Boomer Reality

Gold Rolex Oyster Perpetual Date

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In its extensive study of how the Boomer generation is faring, the Wall Street Journal focused mostly on their difficulties, challenges, disappointments and missed opportunities. It had little to say about the outside event no one saw coming, the Great Recession, and nothing at all about the resilience of the individuals moving into what used to be called the “golden” years.

For example, Steven Rutschmann, age 60, has a 401(k) plan with about $500,000 in it, and his wife also has a 401(k) plan and is expecting a small pension when she retires from her nursing position. They went to see a financial planner who told them that

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Defense Department Builddown Coming?

Thirteen C-17 Globemaster III aircraft fly ove...

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As calls for cuts in the defense budget increased, Secretary of Defense Robert Gates knew what he would have to do: throw the cutters a bone, and then dig in against any further reductions. By admitting that he could shave $78 billion out of the defense budget over the next five years, Gates then went to work defending any further suggested incursions into the future spending plans by the military-industrial complex.

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Obama Budget Sleight of Hand

Of all the explanations, statistics, projections, and conjecture about the Obama administration’s new budget, nothing has had the impact of this simple graph in showing the assumptions, misstatements, and downright falsehoods that are required to “make the numbers work.”

The source for this very telling graph is the Obama administration’s Office of Management in budget. Below is the graph, as it appears in the Wall Street Journal.

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Spending on Military and Wars Rising but Cuts are Off-Limits

USS DWIGHT D EISENHOWER CVN-69: Iranian aircra...

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In an exciting, well-researched and gripping novella in the December issue of Popular Mechanics, author Erik Sofge concludes that the war between China and the United States in the year 2015 will be won by China.

It is August, 2015 and the fight is over whether Taiwan’s status as an independent nation will remain intact, or whether it will become, finally and forever, part of the People’s Republic. The big fight, however, is “between an old superpower and a new one.” Using the latest technology, the United States finds itself at a major disadvantage when China is able to render useless the high-tech and very expensive communications network relied upon by the United States. Says the author,

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Are Living Standards Improving?

CD, DVD and SACD player.

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Five years ago Donald Boudreaux, Economics Professor at George Mason University and author of the website Café Hayek, bought a used 1975 Sears catalog on Amazon, and started comparing prices to those current in 2006. His results, at the time, were quite remarkable, and generated much traffic and conversation on the matter. For instance, the lowest-priced electronic calculator in 1975 was $13.88, and with six digits, it allowed one to add, subtract, multiply and divide. When updated for inflation through the Bureau of Labor Statistics (BLS) website, that would be $56.21 in today’s money. Of course, it’s hard to draw any sort of hard conclusion from a single example. First of all, that calculator is no longer available. Those available today are vastly more powerful and versatile and sell now for just a few dollars.

Here are some others that he found, with updated 2011 prices from Sears.com:

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Reagan Centennial: Facts are Stubborn Things

President Ronald Reagan appointed 376 federal ...

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As political commentator for the Concerned Women for American’s Legislative Action Committee and former speechwriter for former President George H. W. Bush, Janice Shaw Crouse celebrated Ronald Reagan’s 100th birthday with a paean of praise for the former President‘s skills as “The Great Communicator” which perfectly illustrates the perception of Reagan as a good conservative, at least when he spoke.

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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.