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: FDR

Frederic Bastiat Wouldn’t Approve of Social Security

This article was published by The McAlvany Intelligence Advisor on Wednesday, October 12, 2016:  

Frédéric Bastiat

Frédéric Bastiat

Frederic Bastiat was a “classical liberal” who lived briefly in the first half of the 19th century in France. But his legacy, including his development of the fallacy of the broken window through his Parable of the Broken Window continues to resonate today. He is perhaps best known for his definition of “legal plunder”:

But how is this legal plunder to be identified? Quite simply. See if the law takes from some persons what belongs to them, and gives it to other persons to whom it does not belong. See if the law benefits one citizen at the expense of another by doing what the citizen himself cannot do without committing a crime.

When it was enforced at the point of a pistol by a government bureaucrat, Bastiat opposed it:

I do not dispute [politicians’] right to invent social combinations, to advertise them, to advocate them, and to try them upon themselves, at their own expense and risk. But I do dispute their right to impose these plans upon us by law – by force – and to compel us to pay for them with our taxes.

There’s little doubt, then, that Bastiat would support the philosophy of The Bastiat Society, founded a dozen years ago:

Capitalism is the only economic system to produce widespread peace and prosperity. But if those in the private sector do not understand the intellectual and cultural institutions that make entrepreneurship and peaceful trade possible, what chance do they have to withstand a steady series of attacks from those who desire to bring capitalism and personal freedom to an end?

One of the battles that freedom lost was Social Security. Enacted as part of FDR’s Great Society, it remains a fixture that appears to be immovable. Today the only conversation heard is how to keep it from going bankrupt.

All manner of “fixes” are proposed. Obama’s National Commission on Fiscal Responsibility and Reform came up with ten fixes while The Motley Fool proposed 15:

  1. Cut benefits across the board right now;
  2. Change the COLA;
  3. Raise the earnings cap;
  4. Allow beneficiaries to invest in the stock market;
  5. Do nothing and cut benefits when the [trust fund] is depleted;
  6. Do nothing and enact payroll tax hikes when the [trust fund] is depleted;
  7. Offer a buyout [to the wealthy, removing them from the program];
  8. Link life expectancies to benefit levels;
  9. Means-test [to qualify] for benefits;
  10. Raise the full retirement age;
  11. Use the Estate Tax to cover Social Security [shortfalls];
  12. Freeze the purchasing power of benefits [i.e., eliminate COLA altogether];
  13. Freeze the … benefits on a sliding scale;
  14. Transfer [some] costs to [the] government [now]; and/or
  15. Increase the payroll tax on everyone right now.

Social Security has the peculiar characteristics similar to Bernie Madoff’s Ponzi scheme: eventually it is exposed and it ends in bankruptcy. The difference is that Social Security is enforced by people with guns and badges: everyone must be covered and forced to support everyone else, or else.

No one questions the math: the program’s “trust fund” is slowly being liquidated to cover the annual shortfalls between revenues and benefits. Thanks to the Baby Boomers, the liquidation is increasing more rapidly: those Boomers have developed the nasty habit of living longer, far beyond the original mortality tables predicted back in the mid-1930s. There’s also the declining birth rate, which is reducing the number of new entrants into the system whose taxes are needed to support it.

It’s the ideology: freedom versus force. So-called conservatives want to fix it, as do liberals. Conservatives, when pressed, question the intergenerational conflict that requires young people to contribute to a plan paying benefits to seniors. They question the use of resources: tax and spend now, or save and invest for later. Conservatives even argue over who should control the money. They never question its morality.

Liberals think it’s a proper function of government, going along with the Supreme Court’s decision in Helvering v. Davis that the program is constitutional, the Tenth Amendment notwithstanding.

As economist Herb Stein noted: “If something cannot go on forever, it will stop.” With Social Security it will continue as long as it can be patched up with temporary fixes. Eventually the mathematics and the bond market will end it.

Pearl Harbor Day: Day of Infamy? No. Day of Deceit

I was taught – deliberately taught – that those nasty Japanese sprung a surprise attack on us on December 7, 1941. That’s what I was taught. That’s what I believed.

Imagine my surprise and disgust that the attack was no surprise, but carefully plotted and planned by FDR and his henchmen well in advance. This was a major life lesson for me about how the world really works. In the 45 years since that revelation I have seen not a single reason or any new facts or additional information to cause me to change my mind.

Here’s what Roosevelt said  to open his speech the day after the attack, to both houses of Congress:

Mr. Vice President, Mr. Speaker, Members of the Senate, and of the House of Representatives:

Yesterday, December 7th, 1941 — a date which will live in infamy — the United States of America was suddenly and deliberately attacked by naval and air forces of the Empire of Japan.

The United States was at peace with that nation and, at the solicitation of Japan, was still in conversation with its government and its emperor looking toward the maintenance of peace in the Pacific.

There are so many lies and distortions of the truth crammed into just those brief paragraphs that even today it takes my breath away.

My own moment of revelation and clarity on the matter came while I was reading Harry Elmer Barnes’ “Perpetual War for Perpetual Peace,” when he quoted Eleanor Roosevelt as saying “They hit us harder than we expected.” That simple phrase, backed up with sources (which I checked for validity, of course), simply, suddenly and permanently changed my life.

One of the reviewers of this book on Amazon put it as well as anyone:

[This is a] classic revisionist study of how FDR maneuvered America, against the wishes of most of its citizens, into war against Germany and Japan, and how FDR’s war policy ended in betrayal, disillusion and endless conflict. [It] establishes convincingly that U.S. participation in World War II was neither necessary, nor desirable, nor just. Edited by one of this century’s most influential American scholars, this is a work in the front rank of American historical scholarship.

The book available at Amazon has a publishing date of 1982. The book I read was, obviously, published much earlier, so this must be a revised edition.

Another book that built on Barnes’ is “Day of Deceit” by Robert Stinnett, if you care to chase after that one or need more evidence to prove the lie of the surprise attack. This is from the dust cover of the book:

In Day of Deceit, Robert Stinnett delivers the definitive final chapter on America’s greatest secret and our worst military disaster. Drawing on twenty years of research and access to scores of previously classified documents, Stinnett proves that Pearl Harbor was not an accident, a mere failure of American intelligence, or a brilliant Japanese military coup. By showing that ample warning of the attack was on FDR’s desk and, furthermore, that a plan to push Japan into war was initiated at the highest levels of the U.S. government, he ends up profoundly altering our understanding of one of the most significant events in American history.

“Profoundly altering” indeed. From that moment on I knew the world as it appeared top be much different from what it really is, and I’ve done what I could to shine a little light (from the right!) into some dark corners, believing that sunshine is the best disinfectant.

 

The Story Behind Black Friday

Black Friday shoppers at Walmart

Black Friday shoppers at Walmart (Photo credit: Wikipedia)

As usual, there’s more to the story than meets the eye. Retailers discovered the benefits of promoting Christmas shopping earlier and earlier, pushing Franklin D. to move Thanksgiving Day back a week:

Before 1930s: Unwritten Rules

In the early 1900s it was an unwritten rule that no retail store would promote Christmas items until after Thanksgiving. (Wow, can you imagine?) Instead of holiday sales in October, companies would spend lots of money on parades the day after Thanksgiving.

You can still see evidences of these parades today in the Macy’s Day Parade and others. Retail stores would sponsor giant parades the day after Thanksgiving and you could bet that one of the final floats in the parade would include Santa Claus, reminding all people to buy their Christmas gifts from the sponsoring store.

But then an interesting concept began to emerge: today we call it “crony capitalism.” It’s the conjunction of interests of some/many in the private sector seeing the advantages of

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Ann Coulter’s True Colors

English: Commentator and author at CPAC in .

English: Commentator and author at CPAC in . (Photo credit: Wikipedia)

For the most part I enjoy reading Ann Coulter’s columns. True, sometimes she is over the top with her vitriol, but most of the time her targets deserve it.

But her column today betrays her. She makes two mistakes immediately – two incorrect assumptions in my view – and comes out with the inevitable wrong conclusion: Romney is our man!

Assumption number one:

The single most important issue in this election is ending the national nightmare of Obamacare.

If Obamacare if not stopped, it will permanently change the political culture of this country. There will be no going back. America will become a less productive, less wealthy nation. What wealth remains will have to be plowed into Obamacare — to the delight only of the tens of thousands of government bureaucrats administering it.

Has she been away? There is credible persuasive evidence that the slide – the push – into socialism began in 1887 when President Cleveland signed into law the Interstate Commerce Act. Others say it began in earnest under

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America Has Always Been Deeply Divided

Voting

Voting (Photo credit: League of Women Voters of California)

George Friedman, writing for Stratfor’s Geopolitical Weekly, puts the humbug into next Tuesday’s doings:

Many say that the country has never been as deeply divided. In discussing the debates last week, I noted how this year’s campaign is far from the most bitter and vitriolic. It might therefore be useful also to consider that while the electorate at the moment appears evenly and deeply divided, unlike what many say, that does not reveal deep divisions in our society…

Surprisingly, most elections over the last two hundred years have been close. Only four presidents over that span won with

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Another Obama Executive Order Allows Seizure of Americans’ Bank Accounts

English: Seal of the President of the United S...

Seal of the President of the United States (Photo credit: Wikipedia)

The latest executive order (EO) emanating from the White House October 9 now claims the power to freeze all bank accounts and stop any related financial transactions that a “sanctioned person” may own or try to perform — all in the name of “Iran Sanctions.”

Titled an “Executive Order from the President regarding Authorizing the Implementation of Certain Sanctions…” the order says that if an individual is declared by the president, the secretary of state, or the secretary of the treasury to be a “sanctioned person,” he (or she) will be unable to obtain access to his accounts, will be unable to process any loans (or make them), or move them to any other financial institution inside or outside the United States. In other words, his financial resources will have successfully been completely frozen. The EO expands its authority by making him unable to use any third party such as “a partnership, association, trust, joint venture, corporation, subgroup or other organization” that might wish to help him or allow him to obtain access to his funds.

And if the individual so “sanctioned” decides that the ruling is unfair, he isn’t allowed to sue. In two words, the individual has successfully been

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Bernanke is Bankrupting Social Security

The Fed Is Systematically Destroying Social Security And The Retirement Plans Of Millions

The Social Security trust fund needs to earn interest to achieve levels that will preserve it till 2033; with interest rates close to zero, the trust fund is projected to be depleted ten years earlier – by 2023.

By law, the money deposited in the SS trust fund must be invested in U.S. government securities…In order for SS Ponzi to work, the trust fund, invested in government securities, needs to produce healthy returns. It won’t; it can’t. Thanks QE-genie Bernanke

Social Security Card

Social Security Card (Photo credit: 401(K) 2012)

I learned years ago that Social Security is a Ponzi scheme which would have failed and collapsed (like all of them do eventually) except that it is enforced at the point of a gun.

I remember a conversation with my father-in-law about this. My company was paying a lot of money into Social Security, and he had just started drawing “his money” out. I suggested, tongue-in-cheek, that since it was my company’s money he was getting, why not just let me write him a check directly and save all the trouble of the round trip to Washington.

He was outraged! I mean, his face got all red, and he blustered and fumbled. He could scarcely believe his ears. His favorite FDR program – which was working “so well” he assured me – was being gored, logically, by one of his (not-so-bright) students! But he had no answer. And that ended, for all time, any further conversations about the matter.

Michael Snyder, of Economic Collapse, explains that low interest rates are devastating Social Security, and hastening its eventual demise:

By keeping interest rates at exceptionally low levels, the Federal Reserve is absolutely crushing savers and is systematically destroying Social Security.

Of course, financial viability was never a concern with Social Security. The bulk of the payouts would be coming from payroll taxes and not from earnings. But every little bit helps put off the day of reckoning. That day is getting closer.

They’re Coming For Your Gold Coins

Jared Cummans – Marc Faber Warns: Store Your Gold Overseas

You ought to own some gold but don’t store it in the U.S., the Fed will take it away from you one day.

Hoard of ancient gold coins

(Photo credit: Wikipedia)

My reaction to this statement by Faber, otherwise known as Dr. Doom, is just short of incredulity. He’s been right, albeit early, about a number of predictions, including that the US is already in a recession and that gold will eventually hit $10,000 or higher as the currency debauchery continues and accelerates with the Fed’s new QE3 program.

But coming to take it away from us? Why would they do that?

Gary North is full of reactions to Faber’s statement:

  1. The Fed doesn’t have the authority.
  2. It doesn’t have the police power.
  3. Such a move would further sully its already grievously damaged credibility.
  4. It would admit that it has been playing with monopoly money all along.
  5. Why bring attention to gold? Everyone knows it’s a relic from the dark ages.
  6. There would be lawsuits.
  7. How could such a decree be enforced? Who would actually come to the door and demand your gold?
  8. In the 1930’s when FDR confiscated gold coins from the people, the people were a lot more trusting of government than they are now.
  9. Faber says to hold gold outside the US. Why? In order to do that a citizen will leave all sorts of tracks that would lead confiscators to the gold.

I have some further thoughts on the matter. If the president (Obama, Romney, Biden, Ryan…take your pick) were to issue an executive order, who would enforce it? Would that be Treasury agents swarming all over the countryside? IRS agents? BATF agents? And while they’re at it, how about guns and ammo: “While we’re here we might as well pick these nasty items up as well.” Who’s going to go along with that?

Such an announcement or decree would be extremely costly to enforce. Where would the money come from? Wouldn’t the House of Representatives, where all spending bills start, begin to hear howls of outrage from you and me?

How would they “know” that we have a cache of coins, anyway? If we have been buying them for cash over the past many years, where is the paper trail?

I think North is right. Here is what he said about Faber’s statement:

When I hear that the federal government is going to confiscate all of our gold coins, I am amused. When I hear the Federal Reserve is going to do this, I am amazed that anybody who knows anything about gold owners of the United States would believe this is probable, let alone inevitable.

Census Bureau Ignores Slowing Energy and Transportation Sectors

fedex 3-holer

fedex 3-holer (Photo credit: pdx.rollingthunder)

The Associated Press got a sneak preview of the soon-to-be-released Census Bureau’s take on the economy, and were muted in their enthusiasm. On the surface, the numbers looked pretty good: Americans are moving again, more young people are moving away from home, and the precipitous decline in the birth rate is slowing.

Andrew Cherlin, a professor at Johns Hopkins University, was tentative: “We may be seeing the beginning of the American family’s recovery from the Great Recession,” while Richard Freeman, an economist at Harvard, said the data show only a “fragile recovery” from the longest recession since FDR.

The numbers supporting such strained enthusiasm were unimpressive. Just 12 percent of the nation’s population moved to a new home, up from 11.6 percent last year. Even among the most mobile cohort, young adults between 25 and 29, 24.6 percent of them moved to a new residence compared to 24.1 percent a year ago. Such improvements are scarcely statistically significant, but the commentators were trying to see the positives.

Mark Mather, an associate VP at the Population Reference Bureau, was hard-pressed to put a smiley face on 

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Social Security is Cratering

WaPo: FACT CHECK: Social Security adds to budget deficit

“Over 77 years and now through 13 recessions, Social Security has not added one penny to our deficit or our debt,” Rep. Xavier Becerra, D-Calif., said at a recent hearing by the House Ways and Means Social Security subcommittee. Becerra is the top Democrat on the panel.

Roosevelt Signs The : President Roosevelt sign...

President Roosevelt signs Social Security Act (Photo credit: Wikipedia)

Becerra is a fool. He sports an impeachable 17 (on a scale of 100) Freedom Index rating based on his voting record’s hewing (or not!) to the limitations of the Constitution. So his economic ignorance is only exceeded by his Constitutional treachery!

Social Security is broke. It was broke from the moment it started back under FDR because it was based on the flawed premises of a Ponzi scheme. It’s just taken this long for its unwinding to become obvious. So obvious, in fact, that politicians like Becerra are forced to make stupid statements in order to defend it.

WaPo (The Washington Post)—the liberal establishment’s most trusted mouthpiece) admitted:

For nearly three decades Social Security produced big surpluses, collecting more in taxes than it paid in benefits. The government, however, spent that money on other programs, reducing the amount it had to borrow from the public, including foreign investors. That’s why some advocates complain that Congress has “raided” Social Security…

Social Security is now spending a portion of the interest because it needs cash to cover monthly benefit payments. This year Social Security is projected to pay $789 billion in benefits and administrative costs and collect $623 billion in payroll taxes and taxes on benefits, a shortfall of $166 billion.

About $112 billion of the shortfall is from a temporary reduction in the payroll tax that is scheduled to expire in January. There is no question that money adds to the budget deficit because Congress financed the tax cut through borrowing. (my emphasis)

Do you see what just happened here? A liberal politician is trying to defend Social Security, and the liberal WaPo is saying he’s wrong, that Social Security “adds to the budget deficit.”

That’s really quite remarkable, when you think about it.

Just How Important is the Vice President, Anyway?

Dan McLaughlin: The Vice Presidential Stakes

Ten of the last twenty presidents, dating back to 1900, have been forced from office or come close: one was forced to resign (Nixon), one was impeached (Clinton), two were assassinated (Kennedy and McKinley), one was shot (Reagan), one was shot at twice in three weeks (Ford), two died in office of natural causes (FDR and Harding), one was incapacitated by a stroke (Wilson), and one nearly died of a massive heart attack (Eisenhower).

Romney - Ryan 2012

Romney – Ryan 2012 (Photo credit: DonkeyHotey)

I’ve been staying away from the presidential election for all the obvious reasons: the contenders are part of the same group that’s been leading us into slavery for years: two wings of the same bird of prey, as some wag cleverly stated. Besides, the real action is in the House and the Senate, in my opinion, as well as on the state and local levels.

So I could care less about who Mittens picks for vice president. It won’t matter anyway as the vice president never gets to influence policy.

But McLaughlin has challenged me to consider the chances of the vice president taking over the presidency. That possibility gets me excited. And the statistics are quite remarkable. After iterating additional statistics to show how important the vice president position could become, McLaughlin sums it up:

All of which is a way of saying that Mitt Romney’s choice of a running mate could have very important repercussions whether or not that choice makes much impact on the outcome of the 2012 election.

Romney seems to be a man of unusual health, vigor and personal ethics, and so less likely than most to leave the Oval Office before his term is out if he’s elected, but he’s also 65 years old; things happen.

Indeed, they do.

Are Conservatives Growing a Backbone?

Jonah Goldberg: Business vs. Markets

Sweet fancy Moses! What’s next? Will conservatives come out in favor of bears doing their bathroom business in the woods without government oversight? Will the market fundamentalists soon argue that children eat candy for the sweet, sweet taste? Is there no end to their ideological madness?

Jonah Goldberg

Jonah Goldberg (Photo credit: Gage Skidmore)

What a great way to start the day! Jonah Goldberg, writing in National Review, thinks the resistance to renewing authorization for the “corporatist carbuncle”—as he calls the Export-Import bank—is a very good thing. And so do I.

Usually that authorization is rubber-stamped by Democrats and Republicans alike—another example of how different they aren’t—as evidenced by their willingness to use our money to fund the bank two dozen times since its birth under FDR in 1934, with nary a dissenting voice.

But not this time. According to the AP it took months of negotiations and pleas and bargainings and, no doubt, some backroom deals, to get the recalcitrant objectors into line and obtain the authorization finally rendered.

And who are these “recalcitrant” throwbacks? Why free market supporters, that’s who! As Goldberg said, “Conservatives—and especially libertarians but also some leftists—have been building the case against corporatism for a very long time.”

Partly it’s Obama’s fault, says Goldberg:

President Obama is easily the most corporatist president since FDR. He bought a couple of car companies. His health-care law turns insurance companies into utilities. He increasingly speaks the language of economic nationalism used by the two Roosevelts.

But it also has to do with what Goldberg calls a “growing philosophical consistency on the right.” Where did that come from?

I like to think that the so-obvious attempts by Obama to impose his socialist mandates onto the American people are causing many of them to reconsider exactly what kind of government they want. And that’s a good thing.

I have been hard-pressed to find any good thing to say about Obama and his attempts to impose Alinsky-ite authoritarian rule onto the country. But I have found one: he is galvanizing opposition like no president before him.

I find that reassuring. And so does Goldberg.

The Batman Massacre Has Too Many Coincidences

Paul Joseph Watson: Eerie Coincidence: Colorado University Had Identical Drill On Same Day As ‘Batman’ Massacre

A Colorado university just 16 miles away from the site of Friday morning’s deadly Batman massacre staged an identical exercise the very same day in which students were trained how to react to a gunman firing at people in a movie theater.

For an old conspiratorialist like me (as FDR once said: “In politics if something happens you can bet it was planned that way”) this article by Paul Joseph Watson illustrated way too many coincidences.

In my heyday of giving speeches around the country, I was challenged one night by a member of the audience who asked me why I thought I saw a communist behind every tree. I responded: “Because that’s where they hide!”

Now they are out in the open. The school not only used an example eerily identical with that in the Aurora shootings, it was also complete with bombs being thrown by the mock assailant. As noted in the article, the dean of the school said, “The irony is amazing, just amazing.”

The article notes another coincidence, if you didn’t read it: a preview for another film called “Gangster Squad” that played just before the start of the Batman film that horrific night featured—are you ready?—gangsters emerging from behind the movie screen and shooting up the members in the audience.

Warner Bros. frantically pulled the preview. That’s an “oops” of the first magnitude.

The Denver Post tried to downplay to coincidence by quoting the dean who added:

[The students at Rocky Vista University College of Osteopathic Medicine] are trained to respond to every type of disaster.

[The class] made these medical students very aware that these kinds of things can happen anywhere. The events of this tragedy have helped to drive that home.

In other words, it’s normal for Osteopaths to receive training on how to handle shooters in darkened theaters? I don’t think so. But maybe that’s just me.

Myths About the Marshall Plan

Logo used on aid delivered to European countri...

When establishment historians consider the Marshall Plan, its intents and purposes and alleged successes, they typically make at least two errors–one in logic and the other in history. First, they assume that since Europe began to revive at about the time the Marshall Plan was implemented then that revival must have been because of the plan, not in spite of it.

Second, they fail to make any mention of the forces in the background that had a much different purpose in mind: specifically, how to use the Marshall Plan to further their internationalist agenda.

One example of a “court historian” providing his readers with the accepted view of the Marshall Plan is Robert V. Remini, professor emeritus at the University of Chicago, and author of numerous books on the American republic’s early figures, such as Andrew Jackson, Henry Clay, John Quincy Adams and Daniel Webster. In 2005 Remini was appointed the Historian of the U.S. House of Representatives. Remini thus serves as the perfect example of someone who knows his history but fails to tell all he knows, especially when it comes to the Marshall Plan.

In his “A Short History of the United States” Remini had this to say about the Marshall Plan:

Secretary of State, George C. Marshall, then devised a plan, which he outlined in a speech at Harvard University on June 5, 1947, by which the United States would assist European nations to rebuild their shattered economies…

Between April 1948 and December 1951, the United States contributed a little over $12 billion to Europe…

By 1951 Europe had not only achieved its prewar level of production but its level of industrial production rose to virtually guarantee prosperity for the future…

There it is: the United States, out of the goodness of its heart, gave five percent of its gross national product with no strings attached to European nations to help them get back on their feet. And it worked!  Look! By 1951 Europe had fully recovered!

It is tempting to ascribe malevolent intentions to Remini. But that does not preclude asking some questions and pointing out some errors of commission and omission in his establishment view. For instance, who

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The Fed’s Projections Are Too Rosy, Again

Seal of the United States Federal Reserve Syst...

Image via Wikipedia

The economic projections released by the Federal Reserve on Wednesday estimated that in less than two years the unemployment rate would be down to 7 to 7 ½ percent, with the economy growing at an inflation-adjusted rate of nearly 4 percent. And in the next three to five years, the unemployment rate would likely be back to normal: between 5.2 and 5.6 percent.

This is wishful thinking. Okun’s Law (or rule of thumb) says that it’s going to take

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Pearl Harbor Was No Surprise

United States President Franklin D. Roosevelt ...

Image via Wikipedia

True history is not served if all that is remembered about December 7 is that it is the anniversary of Japan’s surprise attack on Pearl Harbor. On that day America lost 18 naval vessels including eight battleships, 188 airplanes, over 2,000 servicemen—and its innocence about government lies, coverups, and deceit.

Hundred of books have been written about that fateful day, and yet only a few have dared to expose the whole story.

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Bank Failures: 127 Down, 800 to Go

FDIC placard from when the deposit insurance l...

Image via Wikipedia

When Zacks Equity Research announced on Monday the failure of two more banks in the current recession, the silence was deafening. The report blamed the usual suspects: “tumbling home prices, soaring loan defaults, and a high unemployment rate continue to take their toll on such institutions.”

But buried in the report was the much more ominous forecast of the “increasing … possibility of more bank failures.” Zacks said that any bank which makes the FDIC’s problem bank list is essentially doomed. “As of now, only 13 percent of banks on [that list] have actually failed.” The number on that list? 829, up from 775 in the last quarter.

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Yemen: Intervention, Nation-building, and the Constitution

Map of the modern state of Yemen. Map of Yemen...

Image via Wikipedia

When Rep. Ron Paul (R-Texas) vented his frustration at further involvement by the United States in foreign countries despite constitutional limitations against such involvement, he declared:  “Stay out of Yemen!” Unfortunately, almost no one is listening.

Yemen is located on the southern tip of the Arabian Peninsula, bordered by Saudi Arabia on the north, the Red Sea on the west, the Gulf of Aden on the south, and Oman on the east. It is one of the poorest countries in the world, with unemployment exceeding 40 percent and the average citizen living on less than $1.25 a day. Its history is a running sore of intervention by outside influences and internal civil wars. It could be a vital, prosperous country by dint of its strategic location alone. Instead, it is best known for internal political corruption and increasing dependence upon foreign aid.

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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 © 2021 Bob Adelmann