Thursday, May 17, 2012

Educating Rush Limbaugh Conservatives About The Perils Of Central Banking

Educating Rush Limbaugh Conservatives About The Perils Of Central Banking
Many self-described "fiscal conservatives" incorrectly believe that America's economic and fiscal woes will disappear if Republicans take Congress and the White House. While it is true that Republicans are typically less damaging than Democrats to the economy and the American taxpayer's wallet, the GOP has in recent times demonstrated the capability of being fiscally reckless when it occupies both Congress and the White House. In terms of fiscal policy, the Republican/Democrat, left/right paradigm is incorrect, anyway. The correct paradigm should be statist/non-statist, pro-central control/pro-free market.

Ironically, many who claim to be "fiscally conservative" and opposed to overreaching government intervention in the economy have little to say about overreaching government intervention in the monetary system, which should be every fiscal conservative's top issue. But even many high-profile, highly-opinionated "fiscal conservatives" such as Rush Limbaugh, Mark Levin, Charles Krauthammer, and George Will have little to say about the Federal Reserve's stewardship of the monetary system, even after the cataclysmic financial crash of 2008 and the subsequent economic depression. It's particularly heartbreaking to hear Krauthammer and Will, who can write and speak so eloquently about domestic and international politics, resort to platitudes when commenting on the Fed. Rush largely ignores the Fed, and Levin actually lambasts people who believe the Fed should be ended.

Wednesday, May 16, 2012

California: The GDP, Budgetary Woes, And Resistance To Austerity Of A PIIGS Nation

California: The GDP, Budgetary Woes, And Resistance To Austerity Of A PIIGS Nation
California Governor Jerry Brown announced last Saturday that his state's annual budget deficit had grown to $16 billion, nearly twice what he projected when he released his initial budget proposal in January. Governor Brown released yesterday his revised budget, which includes what the mainstream media are calling "deep cuts" to address the country's most populous state's unprecedented budget shortfall.

One oft-cited example of Governor Brown's proposed "deep cuts" is a 5% reduction in payroll costs. While a 5% cut may sound like aggressive belt tightening, we must remember that we're talking about California, where state employees' compensation packages are so overly-generous that teachers can earn up to $125K+ per year (.pdf) in salary and benefits and retire with pension having put in just 20 years of service (.pdf). The proposed 5% reduction in payroll costs is woefully insufficient given California state employees' stratospheric compensation packages, and the manner in which the Governor proposes to attain the 5% savings--cutting the number of hours worked--does nothing to address state employees' unrealistic salaries. California government workers made in 2010 an average of $65,640, the highest of any state (.pdf) and 32% higher than the national average.

Governor Brown's anemic payroll cost reduction plan should be of concern to every American. California, whose fiscal woes rival those of the PIIGS nations, has an economy larger than any of the PIIGS nations, with the exception of Italy. In terms of GDP and fiscal woes, California is to the U.S. what Spain is to the Eurozone. California, unlike Spain, however, cannot be forced out of its currency union should it become insolvent. Thus, unless Governor Brown makes real "deep cuts" such as across-the-board reductions in salaries, there will soon come a day when the cash-strapped Federal Government must consider bailing out the Golden State, whose debt currently stands at $362 billion and whose unfunded liabilities stand at more than $612 billion.

Tuesday, May 15, 2012

Ocean Of Oil Discovered In Western Site! Now Only The Government Blocks U.S. Energy Independence

Oil! U.S. Could Have Energy Independence
Yesterday, the Government Accountability Office reported that the Green River Formation, a largely vacant area of mostly federal land that covers the territory where Colorado, Utah and Wyoming meet, contains "about as much" recoverable oil as all the rest of the world’s proven reserves combined. (.pdf)

Unfortunately, the Government has made it clear that, until it is faced with public pressure to recover the oil at GRF, it will continue to resist efforts to increase domestic oil excavation. The report noted that recovering the oil would have an "environmental impact "and pose “socioeconomic challenges”, including “a sizable influx of workers who...put additional stress on local infrastructure” and “making planning for growth difficult for local governments."

Sunday, May 13, 2012

VIDEO: Texas Legislators Commit Voter Fraud On Floor Of The State Legislature

This is the most egregous example of voter fraud I have ever seen. An investigative report from a Texas newscast revealed that several Texas legislators commit voter fraud on the floor of the state legislature by taking the votes of non-present members.