Having already warned that looming political uncertainty is not at all priced-in to US equities, Goldman's Alec Phillips points out that legislation was introduced earlier this week (July 7) in the US House that would attempt to revamp the FOMC's monetary policy process. The bill would require the FOMC to justify to Congress each policy decision relative to a Taylor rule specified in the legislation. While Goldman, do not expect the bill to get very far, but the issue does appear to be a growing focus for some lawmakers and we expect further action on it in the near term.
Global chessboard enthusiast Zbigniew Brzezinski has a plan for Ukraine. In a recent speech to the Woodrow Wilson Center, excerpted by the Atlantic Council, he argues forcefully in favor of the United States providing the Ukrainian military far more weapons. Under the guise of preventing a Russian invasion of Ukraine, which has been the rallying cry of those who seek more US involvement in the region, Brzezinski believes that the US must provide Ukraine with enough weapons to deter Russian aggression toward Ukraine. The odds of defending against the invading Russian military being very low, Brzezinski has a different idea... Ethnic cleansing.
The revolution is already in motion. It is a peaceful and intellectual revolution - not one of violence or force, and that is why it will succeed.
This week Americans will enjoy Independence Day with family cookouts and fireworks. Flags will be displayed in abundance. Sadly, however, what should be a celebration of the courage of those who risked so much to oppose tyranny will instead be turned into a celebration of government, not liberty. The mainstream media and opportunistic politicians have turned Independence Day into the opposite of what was intended. The idea of opposing - by force if necessary - a tyrannical government has been turned into a celebration of tyrannical government itself!
In Reality, War Will Bring An End to the Petrodollar, and Impose Hardship on the Average American ...
In 2006, I invited the late General Bill Odom to address my Thursday Congressional luncheon group. Gen. Odom, a former NSA director, called the Iraq war “the greatest strategic disaster in American history," and told the surprised audience that he could not understand why Congress had not impeached the president for pushing this disaster on the United States. History continues to prove the General’s assessment absolutely correct.
What US Veterans Say About The Iraq Fiasco: "When I Left In 2009, I Said In 5 Years There'll Be A Civil War"Submitted by Tyler Durden on 06/16/2014 13:55 -0500
With Iraq having succumbed to sectarian violence worse than anything observed in recent history, which accordint to many was merely exacerbated by US neocon ambitions to feed the ravenous military industrial complex, one can easily discard the opinion of all those on both sides of the argument - first those who said a US intervention was critical, as well as those who demanded a pull out. In fact, the only person who has preserved any credibility, and has not been "surprised" by the recent developments - is the man who said to never get involved in the first place - Ron Paul. But what about those who were tasked with implementing US foreign policy, flawed as it may have been: America's veteran troops.
President Obama’s recent foreign policy speech, delivered at this year’s West Point graduation ceremony, was a disappointment to anyone who hoped the president might be changing course. The failure of each US intervention thus far in the 21st century might have inspired at least a bit of reflection. However, the president made it clear that interventionism and American exceptionalism would continue to guide his administration in its final two years. The president said, “I believe in American exceptionalism with every fiber of my being,” adding the dubious claim that “because of American diplomacy and foreign assistance, as well as the sacrifices of our military -- more people live under elected governments today than at any time in human history.” There is much to disappoint in Obama’s big foreign policy speech. It represents a continuation of the policy of “do what we say and we will subsidize you, disobey us and we will bomb you.” That approach is a failure, but the neocons who back it show no sign of falling out of favor.
"The meaning of modern existence has devolved to nothing more than comfort and status; discovery is a non-factor. All modern man seeks are food, sex, and comfort, and he/she devotes his/her life to nothing more than mundane things." - Paul Rosenberg
Last week Americans were shocked and saddened by another mass killing, this one near a college campus in California. We all feel deep sympathy for the families of the victims. As usual, many people responded to this shooting by calling for new federal gun control laws, including the mental health screening of anyone attempting to purchase a firearm. There are a number of problems with this proposal. Instead of focusing on passing more laws, our focus should be replacing the entitlement culture with a culture of self-responsibility and respect for the rights of others.
We do not need “monetary policy” any more than we need a paintbrush policy, a baseball bat policy, or an automobile policy. We do not need a monopoly institution to create money for us. Money, like any good, is better produced on the market within the nexus of economic calculation. Money creation by government or its privileged central bank yields us business cycles, monetary debasement, and an increase in the power of government. It is desirable from neither an economic nor a libertarian standpoint. If we are going to utter monetary truths, this one is the most central and subversive of all.
As Americans celebrate the Memorial Day holiday, we should remember that though the VA’s alleged abuse and neglect of US veterans is scandalous, the worse abuse comes from a president and a compliant Congress that send the US military to cause harm and be harmed overseas in undeclared, unnecessary, and illegal interventions. The best way to honor the US military is to honor the Constitution, and to keep in mind the wise advice of our Founding Fathers to avoid all foreign interventionism.
Memorial Day provides the political class countless opportunities to ruin an otherwise thoroughly enjoyable holiday weekend. Like clockwork, local congressmen, mayors, city council members, et al. materialize at parades, picnics, and churches to give speeches about “freedom.” But what does freedom really mean?
Recently, Republican leaders in Congress unveiled a "tax reform" plan that they claimed would provide the American people with a simpler, fairer, and more efficient tax system. While this plan does lower some tax rates and contains some other changes that may make next April a little less painful for Americans, there is little in it to excite supporters of liberty. Sadly, politicians in Washington refuse to consider any tax plan that would decrease government revenue. This is because the prevalent attitude in DC favors protecting the welfare-warfare state over protecting our liberties. As the obsession with the Laffer curve shows, even many alleged supporters of the free market only pretend to support liberty as a means to enhance the well-being of the welfare-warfare state.
The most succinct statement about how governments get their people to support war came from Hermann Goering at the Nuremberg trials after World War II: "Naturally, the common people don’t want war; neither in Russia, nor in England, nor for that matter in Germany. That is understood. But, after all, it is the leaders of the country who determine the policy and it is always a simple matter to drag the people along, whether it is a democracy, or a fascist dictatorship, or a parliament, or a communist dictatorship. Voice or no voice, the people can always be brought to the bidding of the leaders. All you have to do is tell them they are being attacked, and denounce the peacemakers for lack of patriotism and exposing the country to danger. It works the same in any country." It is rather frightening that a convicted Nazi war criminal latched onto an eternal truth!