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: Technology

Bernanke Defensive as the Fed Loses its Luster

Protest against the Federal Reserve during eve...

Fed Chairman Ben Bernanke’s news conference on November 2 included the admission that the Fed is depending on hope and patience to see if its continuing strategies of Operation Twist and zero interest rates will grow the economy out of recession. In his session with reporters, Bernanke defended Fed actions in the face of increasing criticism from both the left and the right.

Three years after the Federal Reserve’s massive and continuing interventions in the financial markets, Bernanke was forced to admit that “recent indicators point to continuing weakness in overall labor market conditions and the unemployment rate remains elevated…and consequently [the Fed] anticipates that the unemployment rate will decline only gradually…. Moreover, there are significant downside risks to the economic outlook.” He added that “we did underestimate the pace of recovery for some fundamental reasons,” including the continuing declines in the real estate markets and “a certain amount of bad luck.”

Bernanke was forced to reduce further his estimates about the rate of

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American Oil Development Undermines Green Movement, OPEC

Oil Derrick

The September 15 report from the National Petroleum Council expressed surprise at how much has changed just since their “Hard Truths” report of 2007 that domestic energy development was falling behind escalating demand.

The “Hard Truths” report stated that although “the world is not running out of energy resources…there are accumulating risks to continuing expansion of oil and natural gas production…[which] create significant challenges to meeting projected total energy demand.” As a result, the concept of “Energy Independence” is “not realistic in the foreseeable future” and therefore “the United States must moderate the growing demand for energy.”

In NPC’s letter to Secretary of Energy Steven Chu introducing the latest study, chairman James Hackett said

Extraordinary events have affected energy markets in the years since the NPC reported on the “Hard Truths” about energy in 2007. That study concluded that the world would need increased energy efficiency and all economic forms of energy supply.

This is still true today, but since then,

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The Oil Map of the World Is Shifting to the West

Trans-Alaska Oil Pipeline

Writing in the Washington Post on Friday, Daniel Yergin, author of The Prize: The Epic Quest for Oil, Money and Power (which was adapted into a mini-series by PBS in 1992) explored the shift of oil’s epicenter from the Middle East to the Western Hemisphere, expressing his surprise that “what appeared to be irreversible is being reversed.” He explains:

The new energy axis runs from Alberta, Canada, down through North Dakota and South Texas, past a major new discovery off the coast of French Guyana to huge offshore deposits found off Brazil.

The transformation is happening not as part of some grand design or major policy effort, but almost accidentally. This shift was not planned—it is a product of

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Producers Drive the Economy, Not Consumers

shipping containers at clyde

In Commerce Secretary John Bryson’s announcement that the nation’s Gross Domestic Product (GDP) grew at an annual rate of 2.5% last quarter, he came close to disclosing the real driver of the economy: producers:

In spite of headwinds hitting the U.S. economy, today’s GDP report—the ninth straight positive quarter—reflects strong consumer spending and export growth and continued investment by American businesses (emphasis added).

But then he had to go and spoil it all by touting the Keynesian response to lack of jobs and turning to shill for more government spending:

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The Internet: Gutenberg Press of the 21st Century

Gutenberg Press Replica

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Introduction

In a remarkable coalescence of time and circumstance, Michael Hart typed the Declaration of Independence into his computer on July 4th, 1971, Independence Day, and launched Project Gutenberg, the world’s largest non-profit digital library available on the Internet.

On his way home from a fireworks display, Hart stopped in at a grocery store and was given a copy of the Declaration of Independence, printed on parchment. He typed the text into his computer, intending to send it as an email to his friends on Arpanet. A colleague persuaded him that his message would cause the system to crash and so Hart merely posted a note that the full text could be downloaded instead. And thus, according to the obituary noting his passing on September 6th, 2011 in the New York Times, “Project Gutenberg was born.”

Project Gutenberg now has more than 36,000 free eBooks in 60 languages available to download to a computer, Kindle, Android, iOS or other handheld devices in a number of text formats, and the number is growing daily. Hart’s goal, formulated on that day in 1971, was “to encourage the creation and distribution of e-books to help break down the bars of ignorance and illiteracy.” Even in its early stages, Hart saw the power of the Internet that would allow for the infinite reproduction of information with the potential, according to the Times, of “overturning all established power structures.” (emphasis added) In 1995, Hart wrote:

For the first time in the entire history of the Earth, we have the ability for EVERYONE to get copies of EVERYTHING…to all the people on the Earth, via computers. Think about what you have just read for a moment, please: EVERYTHING FOR EVERYONE…

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Is Rogue Trader Taking a Fall for Corrupt UBS?

UBS sign featuring logo including three keys

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Swiss bank UBS trader Kweku Adoboli was arrested early Thursday morning and charged with two counts of false accounting and one count of “suspicion of fraud by abuse of position.”  His position was director of the Delta One trading desk at UBS in London, where he had worked as a trader for the past three years and as a technical advisor for two years before that.

The desk specializes in Exchange Traded Funds (ETFs) which allow investors to take a position in an index without having to purchase each stock represented by that index. Trades were profitable when positions were taken that move higher (long) and the index rises, or that move lower (short) and the index declines. Adoboli had learned the system well, and he lived well, paying

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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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Steve Jobs’ Charitable Contributions: He Gave at the Office

Steve Jobs shows off iPhone 4 at the 2010 Worl...

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Writing for the New York TimesAndrew Sorkin was puzzled that he couldn’t find any evidence that Steve Jobs, Apple’s founder, had given away any part of his significant $8.3 billion personal wealth. What he did find is that when Jobs returned to his old company in 1997, he canceled Apple’s philanthropic programs and they have remained dormant ever since.

Sorkin explained:

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Technology Keeping Internet Freedom Ahead of Censorship

Internet

Image by Shahram Sharif via Flickr

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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Some Unintended Consequences of Raising CAFE Again

New fuel economy label in 2008 shows estimated...

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With the President’s announcement of higher mileage requirements—to 54.5 mpg on new cars and trucks sold in the United States by the year 2025—came the usual promises of less dependence upon foreign oil and reduced “greenhouse gas” emissions. Said the White House blog, “Taken together, the standards established under this Administration span Model Years 2011-2015. They will save consumers money, reduce our

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Good News: North Dakota’s Economy Doing Just Fine, Thank You

Artist's rendition of a shale oil extraction p...

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Finally, some good news about the economy, from an unlikely place: North Dakota. CNNMoney reported that while the United States’ economy grew at less than 3 percent last year, North Dakota’s grew by more than 7 percent. And with national unemployment over 9 percent, in North Dakota it is just over 3 percent (and hasn’t touched 5 percent there in more than 20 years).

The prime driver is the discovery of

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McKinsey Report: Unemployment to Stay High for Ten Years

Burton Blumert, Lew Rockwell, David Gordon, an...

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Even under the “high-job-growth” scenario offered by the McKinsey Global Institute (MGI), it will take ten years for the U.S. economy to generate the 21 million new jobs necessary to rehire the current unemployed as well as new entrants to the workforce. And the unemployment rate would still be at

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Beginning of the End for Ethanol Subsidies

Ethanol

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On Thursday the United States Senate voted to end the 45 cents-per-gallon subsidy currently supporting the ethanol industry. The bill, offered by liberal Senator Dianne Feinstein (D-Calif.) and conservative Senator Tom Coburn (R-Okla.), was passed overwhelmingly, 73-27. Said Feinstein, “We’ve got to change the way we carry out business. This is going to be the first of many coming down the line. We might as well get used to it now.”

Opposition to ethanol subsidies has been building for years, but the green lobby has successfully overcome all attempts to repeal them, until now. Starting out as a

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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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Bill of Rights Slows Government Probe of WikiLeaks

Julian Assange

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On Tuesday, the quiet subterranean fishing expedition by the government into the WikiLeaks document disclosures last fall came to light for the first time in the courtroom of U. S. Magistrate Judge Theresa Carroll Buchanan in Alexandria, Virginia. In its search for incriminating evidence, the government demanded that Twitter release information about three suspects linked to WikiLeaks’ founder Julian Assange:

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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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Super Bowl Ads: Watch for Chrysler

Pentastar Chrysler Dodge

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Tomorrow, millions of Super Bowl fans will most likely ignore the huge investment Chrysler is making in television ads in promoting its new 2011 models. Those ads are part of the vehicle manufacturer’s efforts to revive the company and start making some money.

Despite ending 2010 with a $652 million net loss, Sergio Marchionne, Chrysler’s chief executive officer, was determinedly optimistic, even though the company didn’t meet its net revenue objectives, and had to shut down some of its factories in December, despite providing more than $3,600 in vehicle incentives to move its older models off the showroom floors.

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Freedom of Information Act: Shield or Bludgeon?

Look, it's AT&T!

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The Supreme Court is about to hear arguments in the case of FCC v. AT&T which could have significant negative impacts on privately-held companies as well as public and private corporations.

It began in 2004 when AT&T discovered that it might have overcharged the federal government for some work it was doing under the E-Rate program (to bring technology to classrooms) in New London, Connecticut. When it notified the FCC of the possible over-billing, the FCC launched a full investigation, requiring (and receiving) all manner of

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Prof. Alfred Kahn, Father of Airline Deregulaton, Passes Away

Pan Am 747-121. Most of its parts have been re...

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Professor Alfred Kahn, best known as “the father of airline deregulation,” died last month at age 93. His obituary from Cornell reminded his students and friends of his surprisingly significant influence in rolling back oppressive government regulation of the airline industry in the late ’70s: “He was largely instrumental in garnering the support necessary for the federal legislation that deregulated the airline industry and was the first thorough dismantling of a comprehensive system of government control since 1935.” (Emphasis added.)

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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 © 2020 Bob Adelmann