• Category Archives History
  • Russia’s Alleged Meddling In Catalan Vote: Playing The Blame Game

    Marine Corps veteran Tommy Waller, director of special projects at the Center for Security Policy, has warned President Trump about the EMP threat facing the United States.
    “Winston Churchill once said, ‘History will be kind to me for I intend to write it’…
    The surest way for history to be kind to President Trump is for him to write it, by being the first leader to truly address the existential threat of EMP.
    The first and foremost thing he must write is an Executive Order establishing his own EMP Commission in the White House – a task force that draws from the experience of the previous EMP Commission.”
    The grim warning is directed at North Korea and their ambitions to unleash a devastating atmospheric nuclear explosion above the United States that would collapse the nation’s power grid.

    This post was published at Zero Hedge on Nov 15, 2017.


  • The White House Is Being Warned: North Korea Is Planning A “Devatstaing EMP Attack” On America

    Marine Corps veteran Tommy Waller, director of special projects at the Center for Security Policy, has warned President Trump about the EMP threat facing the United States.
    “Winston Churchill once said, ‘History will be kind to me for I intend to write it’…
    The surest way for history to be kind to President Trump is for him to write it, by being the first leader to truly address the existential threat of EMP.
    The first and foremost thing he must write is an Executive Order establishing his own EMP Commission in the White House – a task force that draws from the experience of the previous EMP Commission.”
    The grim warning is directed at North Korea and their ambitions to unleash a devastating atmospheric nuclear explosion above the United States that would collapse the nation’s power grid.

    This post was published at Zero Hedge on Nov 15, 2017.


  • Cradles of Capitalism: the City-States of Greece and Italy

    There long has been a persistent academic debate as to whether an “ancient economy,’ referring mainly to Greece, even existed at all. In a field dominated by Marx, Marxists, the 19th century sociologist Max Weber, and such scholars of renown as Sir Moses Finley, the lingering image of the economic world of the Greek polis is that of something very static. We imagine a leisure class lounging at the sandaled foot of an orator while slaves tended to the fields, flogging cows harnessed to ploughs stuck in the mud. It is the notion of a “primitive” economy: money made for status, not investment; credit extended for the purchase of slaves, war waged for the capture of booty, elites in control of craft guilds and tyrant-kings keeping the peace by randomly doling out the goods.
    Then there is ancient epic itself, with the noble Odysseus disdaining seafaring for profit (though he did take all the pay-offs he could collect) and the great Achilles pondering a discovery of precious treasure only so far as it might estimate his aristocratic worth. From this rudimentary foundation, an entire field of Socialist-Keynesian views on the Greek economy has prevailed, with occasional libertarian scholars such as Murray Rothbard and Jess Huerta de Soto getting a word in edgewise. In recent time, however, academia has found much more evidence of technological advances and market-driven considerations on the part of the classical polis than previously thought.
    Keeping in mind that in both ancient Greece (and Renaissance Italy) that democracy was not incompatible with aristocracy, and that oligarchies and tyrants were not necessarily illiberal, several points may be made in defense of the economic model of the city-state: 1) that the stronger the city-state, the greater the industrial and economic expansion; 2) that private property was considered a fundamental economic principle; 3) that banking standards were relatively conservative; 4) that the wealthiest city-states were of the most socially dynamic; 5) that city-state competition spearheaded the modern entrepreneurial Europe; and 6) that the visionary tyrant was almost always business-first in his rule.

    This post was published at Ludwig von Mises Institute on 11/14/2017.


  • The Federal Reserve Has Just Given Financial Markets The Greatest Sell Signal In Modern American History

    Why have stock prices risen so dramatically since the last financial crisis? There are certainly many factors involved, but the primary one is the fact that the Federal Reserve has been creating trillions of dollars out of thin air and has been injecting all of that hot money into the financial markets. But now the Federal Reserve is starting to reverse course, and this has got to be the greatest sell signal for financial markets in modern American history. Without the artificial support of the Federal Reserve and other global central banks, there is no possible way that the massively inflated asset prices that we are witnessing right now can continue.
    The chart below comes from Sven Henrich, and it does a great job of demonstrating the relationship between the Fed’s quantitative easing program and the rise in stock prices. During the last financial crisis the Fed began to dramatically increase the size of our money supply, and they kept on doing it all the way through the end of October 2017…

    This post was published at The Economic Collapse Blog on November 5th, 2017.


  • Rewriting History Continues

    A historic Episcopal church in Alexandria, Va., has made the decision to move a pair of plaques that paid tribute to Confederate Gen. Robert E. Lee and President George Washington. Both were former parishioners and the plaques were displayed on either side of the altar at Christ Church in Alexandria.

    This post was published at Armstrong Economics on Nov 5, 2017.


  • George Fitzhugh, the Honest Socialist

    In the mid-nineteenth century debates over the virtues and evils of slavery, the arguments from the pro-slavery southerners evolved from a claim that slavery was a ‘necessary evil’ to arguments that it was a ‘positive moral good.’ A large part of this evolution in perspective was a reaction to the growing moral antipathy toward slavery by the North, breeding the need – from the southern perspective – to find a defense of slavery that they could counter on moral grounds.
    But George Fitzhugh’s defense of slavery was unique. He accepted the paternalist argument that the southerners were increasingly adopting – specifically, that slavery bettered the position of the slave – but he rejected the racial division that they necessarily included in their argument. In his infamous 1954 publication, Sociology of the South, he wrote:
    We abhor the doctrine of the ‘Types of Mankind;’ first, because it is at war with scripture, which teaches us that the whole human race is descended from a common parentage; and, secondly, because it encourages and incites brutal masters to treat negroes, not as weak, ignorant and dependent brethren, but as wicked beasts, without the pale of humanity.
    True to the racist views of the day, Fitzhugh did believe that blacks were ‘weak, ignorant and dependent’ on the superior class of whites, but his racism was part of a class analysis common to socialists. In other words, the benefits that he believed blacks gained from slavery should also be applied to poor, less capable whites.

    This post was published at Ludwig von Mises Institute on November 4, 2017.


  • Trump Will Own The Next Fed But “All Their Models Are In Ruins”

    President Trump is expected to nominate the next Federal Reserve chair within a matter of days.
    As I’ve explained before, Donald Trump has the opportunity to appoint a higher percentage of the Board of Governors of the Federal Reserve system at one time than any president since Woodrow Wilson.
    President Wilson signed the Federal Reserve Act during the creation of the Fed in 1913 when they had a vacant board. At that time, the law said the secretary of the Treasury and the comptroller of the currency were automatically on the Fed’s board of governors. But besides that, President Wilson selected all of the other participating members.
    Due to vacancies he inherited and key resignations, Trump now has the opportunity to fill more seats on the Fed’s Board of Governors than any president since then.
    That’s pretty amazing when you think about it.
    To review, the Federal Reserve’s Board of Governors is made up of seven appointees. That means that they can make a majority decision with four votes. If you’re reading about the Fed, you might also see reference to ‘regional reserve bank presidents.’ These are roles within the Federal Reserve System, but the real power is found on seven-member Board of Governors.
    Trump will own the Fed.
    Meaning, whatever the president wants monetary policy to be, he’ll get. In other words, Donald Trump will be able to shape the Fed’s majority. But the tricky part is figuring out how he plans to shape it…

    This post was published at Zero Hedge on Oct 28, 2017.


  • Is Europe Repeating the 1930s?

    Europe is now replicating the 1930s and the mistakes it made with austerity back then as well outside of Germany. Of course, Merkel has imposed the German view of austerity based on their experience but has ignored the opposite experience of the rest of Europe that led to the 1931 Sovereign Debt Crisis and mass defaults.
    It was the year of 1925 when then chancellor of the Exchequer, Winston Churchill, returned Britain to the gold standard. Britain was trying desperately to reestablish itself as the financial capital of the world as if nothing had taken place. Returning to the gold standard resulted in wages being forced down to compete with America. John Maynard Keynes at the time pleaded that this was madness. The pound was overvalued against the dollar by 10% trying to reestablish confidence in Britain but the net result crippled exports and unemployment began to rise and workers engaged in strikes for having wages reduced even though the pound was worth more officially.

    This post was published at Armstrong Economics on Oct 24, 2017.


  • “Carnival Barker” Krugman & The Inevitable Weimar Endgame

    Authored by Jeffrey Snider via Alhambra Investment Partners,
    Who President Trump ultimately picks as the next Federal Reserve Chairman doesn’t really matter. Unless he goes really far afield to someone totally unexpected, whoever that person will be will be largely more of the same. It won’t be a categorical change, a different philosophical direction that is badly needed.
    Still, politically, it does matter to some significant degree. It’s just that the political division isn’t the usual R vs. D, left vs. right. That’s how many are making it out to be, and in doing so exposing what’s really going on.
    As usual, the perfect example for these divisions is provided by Paul Krugman. The Nobel Prize Winner ceased being an economist a long time ago, and has become largely a partisan carnival barker. He opines about economic issues, but framed always from that perspective.
    To the very idea of a next Fed Chair beyond Yellen, he wrote a few weeks ago, ‘we’re living in the age of Trump, which means that we should actually expect the worst.’ Dr. Krugman wants more of the same, and Candidate Trump campaigned directly against that. As such, there is the non-trivial chance that President Trump lives up to that promise.
    Again, it sounds like a left vs. right issue, but it isn’t. The political winds are changing, and the parties themselves are being realigned in different directions (which is not something new; there have been several re-alignments throughout American history even though the two major parties have been entrenched since the 1850’s when Republicans first appeared). Who the next Fed Chair is could tell us something about how far along we are in this evolution.
    What Krugman wants, meaning, it is safe to assume, what all those like him want, is simple: success. He believes that the central bank has given us exactly that, therefore it is stupid to upset what works.

    This post was published at Zero Hedge on Oct 21, 2017.


  • Liberals Love Trump’s Tax Plan (When Told It’s Bernie’s)

    President Donald Trump’s proposal for comprehensive tax reform was almost immediately dismissed as heartless and impractical by his political opponents.
    But Campus Reform wondered what would some of those opponents think if they were told the same plan was being proposed by someone they adore – Senator Bernie Sanders?
    To find out, we headed to George Washington University to ask students their opinions on Trump’s new tax plan. WIthout much explanation, the students immediately made clear their distaste for the plan.
    ‘It’s not the most efficient, nor beneficial to the general populus,’ said one student when asked her opinion of Trump’s plan.
    ‘It’s better for the upper class than anyone else,’ added another.
    After watching student after student express their disapproval of the plan, we then asked those same students what they thought of Senator Bernie Sanders’ new tax plan.
    Immediately, they expressed excitement and support after hearing the details of the plan.
    The only problem for them? There was no tax plan for Senator Sanders. The plan they loved was actually President Trump’s.
    How did they react?
    Enjoy…


    This post was published at Zero Hedge on Oct 21, 2017.


  • Here’s Why Bitcoin Won’t Replace Gold So Easily

    What a week it was.
    First and foremost, I’d like to acknowledge the horrific mass shooting that occurred in Las Vegas, the deadliest in modern American history. On behalf of everyone at U. S. Global Investors, I extend my sincerest and most heartfelt condolences to the victims and their families.
    The memory of the shooting was still fresh in people’s minds during last Tuesday’s Hollywood premiere of Blade Runner 2049, which nixed the usual red carpet and other glitz in light of the tragedy. Before the film, producers shared poignant words, saying that in times such as these, the arts are crucial now more than ever.
    I had the distinct privilege to attend the premiere. My good friend Frank Giustra, whose production company Thunderbird Entertainment owns a stake in the Blade Runner franchise, was kind enough to invite me along. Despite the somber mood – a pivotal scene in the film even takes place in an irradiated Las Vegas – I thought Blade Runner 2049 was spectacular. Even if you’re not a fan of the original 1982 film, it’s still worth experiencing in theaters. Hans Zimmer and Benjamin Wallfisch’s synth-heavy score is especially haunting.

    This post was published at GoldSeek on Tuesday, 10 October 2017.


  • Fun on Friday: Gold Quacks and Scammers

    ‘But however mysterious is nature, however ignorant the doctor, however imperfect the present state of physical science, the patronage and the success of quacks and quackeries are infinitely more wonderful than those of honest and laborious men of science and their careful experiments.’ – P. T. Barnum
    Yes. There are plenty of quacks in the world. And you’ll find more than your fair share in the realm of precious metals investing. There are scammers and con artists, and smooth talkers galore out there, eager to separate the unwary from their hard-earned cash.
    Barnum found a certain nobility in the medical quacks of the late 19th century. As a showman, he seemed to admire their ability to peddle the most absurd remedies with an enthusiastic sales pitch. Of course, it didn’t hurt that these ‘medicines’ were often packed with alcohol, opium, and cocaine. It may not have cured you, but once you took it, you really didn’t care.
    I can see where Barnum was coming from. You do kind of have to admire the skill of marketers who could actually convince people to drink a tonic made up of beef blood, glycerine, and salt. Seriously. That was a thing. The Bovinine Company of Chicago sold this concoction under the name BOVININE. A Mental Floss article describes one of the company’s advertising pieces. It’s more like something out of Tales from the Crypt than an advertisement for medicine.

    This post was published at Schiffgold on OCTOBER 6, 2017.


  • Lord Acton on the Meaning of Freedom

    ‘Power tends to corrupt and absolute power corrupts absolutely.’
    Many Americans can identify the author as Lord Acton. But that is about all they know about John Emerich Edward Dalberg Acton – First Baron Acton of Aldenham. That is a pity, because, according to Stephen Tonsor, Professor Emeritus of History at the University of Michigan, Acton was both ‘the most knowledgeable foreign observer of American affairs in the nineteenth century,’ and deeply concerned about ‘the threat to freedom from centralized governmental absolutism, the tyranny of the majority, bureaucratic administration, democracy and socialism,’ threats which have hardly been vanquished today.
    It is worth remembering more of Lord Acton than his most famous quote. After all, as his Acton Institute biography states, ‘he was considered one of the most learned people of his age, unmatched for the breadth, depth, and humanity of his knowledge,’ and ‘became known as one of the most articulate defenders of religious and political freedom’ in the 19th century.
    At all times sincere friends of freedom have been rare…
    In every age [liberty’s] progress has been beset by its natural enemies: by ignorance and superstition, by lust of conquest and by love of ease, by the strong man’s craving for power, and the poor man’s craving for food.
    By liberty I mean the assurance that every man shall be protected in doing what he believes is his duty, against the influence of authority and majorities, custom and opinion.

    This post was published at Mises Canada on OCTOBER 4, 2017.


  • Marxism/Socialism Is On the Decline

    I have warned that we are in a period where SOCIALISM is collapsing – not CAPITALISM. The distinction is manifest in rising retirement ages, reduction in social benefits, and rising taxation. This is also evident in politics. The Democrats really have no face to put forward as their leader. Hillary lost and even Elizabeth Warren is way out of touch for the average American.
    ***
    Nevertheless, we are seeing this trend where socialists in politics are in a major decline. The Democratic Party in the USA has been declining ever since FDR won the first election in 1932. Each time the Democrats win, it has been with lower highs and the declines are always making lower lows. Looking at the map of Democratic states with governors, it is shocking to say the least. This is why the press is fighting so hard against Trump and the Democrats are desperate to keep the proposition that Hillary should be president and was prevented only by the Russians. Of course, there is no allegation that any of the emails released from the Democrats were forged. So the info was real regardless of who hacked the Democrats.

    This post was published at Armstrong Economics on Oct 2, 2017.


  • Stocks and Precious Metals Charts – Organized Money

    ‘We had to struggle with the old enemies of peace – business and financial monopoly, speculation, reckless banking, class antagonism, sectionalism, war profiteering. They had begun to consider the Government of the United States as a mere appendage to their own affairs.
    We know now that Government by organized money is just as dangerous as Government by organized mob.’
    Franklin D. Roosevelt
    Stocks managed to hold their ground today. No worries.
    The metals gained back a little of what they have lost the past few days.

    This post was published at Jesses Crossroads Cafe on 28 SEPTEMBER 2017.


  • ‘Never Let A Good Crisis Go To Waste’ – And Short AMZN

    The ‘crisis’ quote above originated with Winston Churchill. Several U. S. politicians have referenced it since then (most recently Rahm Emanuel when he was Obama’s Chief of Staff). I’m sure the Wall Street snake-oil salesmen and economic propagandists are more than happy to attribute the deteriorating economic numbers to the hurricanes that hit Houston and southwestern Florida.
    Retail sales for August were released a week ago Friday and showed a 0.2% decline from July. This is even worse than that headline number implies because July’s nonsensical 0.6% increase was revised lower by 50% to 0.3% (and it’s still an over-estimate).
    Before you attribute the drop in August retail sales to Hurricane Harvey, consider two things: 1) Wall St was looking for a 0.1% increase and that consensus estimate would have taken into account any affects on sales in the Houston area in late August; 2) Building materials and supplies should have increased from July as Houston and Florida residents purchased supplies to reinforce residences and businesses. As it turns out, building supplies and material sales declined from July to August, at least according to the Census Bureau’s assessment. Furthermore, online spending dropped 1.1%. Finally, the number vs. July was boosted by gasoline sales, which were said to have risen 2.5%. But this is a nominal number (not adjusted by inflation) and higher gasoline prices, i.e. inflation, caused by Harvey are the reason gasoline sales were 2.5% higher in August than July.

    This post was published at Investment Research Dynamics on September 23, 2017.


  • Dallas School Board Designates Founding Fathers As Having “Confederate Links”

    “Just if we saw Confederacy named in it, we then highlighted it” says a school board spokesperson while describing a list which contained Thomas Jefferson, Ben Franklin, and Sam Houston.
    The Dallas Independent School District is in damage control mode after an internal school board list was obtained by local press which shows schools under consideration for name changes due to possible “connections with slavery or the Confederacy.” News of the list, obtained by the Dallas Morning News early this week, caused outrage for the fact that it includes Texas revolutionaries and founders such as Sam Houston, James Bowie and William Travis, as well as Dallas pioneers James Gaston and William Brown Miller. It further names other early American figures who very obviously lived long before the existence of the Confederacy such as U. S. presidents Thomas Jefferson, James Madison and, inexplicably, Ben Franklin.

    This post was published at Zero Hedge on Sep 21, 2017.


  • ‘Never Let A Good Crisis Go To Waste’

    The ‘crisis’ quote above originated with Winston Churchill. Several U. S. politicians have referenced it since thenm (most recently Rahm Emanuel when he was Obama’s Chief of Staff). I’m sure the Wall Street snake-oil salesmen and economic propagandists are more than happy to attribute the deteriorating economic numbers to the hurricanes that hit Houston and southwestern Florida.
    Retail sales for August were released Friday and showed a 0.2% decline from July. This is even worse than that headline number implies because July’s nonsensical 0.6% increase was revised lower by 50% to 0.3% (and it’s still an over-estimate).
    Before you attribute the drop in August retail sales to Hurricane Harvey, consider two things: 1) Wall St was looking for a 0.1% increase and that consensus estimate would have taken into account any affects on sales in the Houston area in late August; 2) Building materials and supplies should have increased from July as Houston and Florida residents purchased supplies to reinforce residences and businesses. As it turns out, building supplies and material sales declined from July to August, at least according to the Census Bureau’s assessment. Furthermore, online spending dropped 1.1%. Finally, the number vs. July was boosted by gasoline sales, which were said to have risen 2.5%. But this is a nominal number (not adjusted by inflation) and higher gasoline prices, i.e. inflation, caused by Harvey are the reason gasoline sales were 2.5% higher in August than July.

    This post was published at Investment Research Dynamics on September 20, 2017.