Posts tagged monetary policy
Posted by SchiffReport
Peter Schiff on Fox Business (2/18/13)
Most people who pay attention to government stats are now wise to the fact that labor force data is just as important as the employment data in determining the unemployment rate. As pointed out by Santelli today, a few hundred thousand people were disappeared from the labor force to get the unemployment rate down below eight percent.
Even Reuters was forced to admit that the labor force decline was the real issue here. Although backers of the administration, predictably, are claiming that there’s momentum in the economy.
But just to get some perspective, let’s look at the government’s numbers on total payroll employment. The graph shows that with November’s numbers, employment is now back up 2006 levels. That is, we’re down 3.1 million jobs from the peak. Private-sector employment is even worse and is still at 2005 levels and is down 3.9 million from the peak. True, some people are leaving the work force as they retire, which means we now have more people on the dole. But even with retirees, we’re obviously not adding jobs for those entry-level people, which one can also guess from the massive employment among teenagers. One could also note that total private employment is barely above what it was back in 2000.
Robert Wenzel thinks the relatively positive numbers (in a short term analysis) reflect ongoing Fed pumping, and I agree with him, but even with QE3, we’re still looking at four to seven million unemployed people, and this also ignores the underemployed and those forced into part-time employment.
Published on Feb 10, 2012 by FightForLibertyZX
An amazing book featuring 50 topics and what Liberty is all about. Please Support Ron Paul for President of the United States. I’m going to put bookmarks and stuff eventually. This Audio Book is almost 9 hours long.
—– Chapters ———
Intro – 00:38
1 Abortion – 13:54
2 Assassination – 28:57
3 Austrian Economics – 38:04
4 Bipartisanship – 44:26
5 Business Cycle – 49:39
6 Campaign Fiance – 56:07
7 Capital Punishment – 1:01:19
8 Central Intellegence Agency – 01:09:20
9 Civil Disobedience – 01:20:35
10 Conscription – 01:30:41
11 Demagogues – 01:39:17
12 Democracy – 01:50:25
13 Descrimination – 02:07:24
14 Education – 02:16:03
15 Empire – 02:24:26
16 Envy – 02:56:31
17 Evolution vs. Creationism – 03:00:45
18 Executive Power – 03:07:18
19 Foreign Aid – 03:25:04
20 Four Freedoms – 03:33:25
21 Global Warming – 03:51:29
22 Gun Control – 04:11:09
23 Hate Crimes – 04:15:12
24 Immigration – 04:20:06
25 Insurance – 04:36:57
26 Keynesianism – 04:46:39
27 Lobbying – 05:06:00
28 Marriage – 05:13:37
29 Medical Care – 05:19:38
30 Monetary Policy – 05:39:21
31 Moral Hazard – 05:46:44
32 Morality in Government – 05:55:02
33 Noble Lie – 05:58:58
34 Patriotism – 06:07:53
35 Political Correctness – 06:14:51
36 Prohibition – 06:19:22
37 Public Land – 06:28:35
38 Racism – 06:36:56
39 Religion and Liberty – 06:45:19
40 Security – 07:03:38
41 Slavery – 07:14:47
42 States’ Rights – 07:23:14
43 Statistics – 07:34:03
44 Surveilance – 07:39:48
45 Taxes – 07:43:37
46 Terrorism – 07:51:36
47 Torture – 07:58:22
48 Trade Policies – 08:06:55
49 Unions – 08:14:46
50 Zionism – 08:35:23
Afterward – 08:49:25
Appendix – 08:53:22
For those wanting to see the rally in it’s entirety follow the C-Span links below.
- Ron Paul Rally in Tampa, FL – Part 1
- Ron Paul Rally – Part 2
- Campaign Rally with Ron Paul & Sen. Rand Paul – Part 3
Social Security is debt slavery for the young. Plain and simple , just one of the many failings of government, who simply is incapable of doing business and can only steal and borrow money in order to spend it.The reward for working hard is to have half your income taken through force and a significant portion of this money is given to those that will not work! If that ain’t killing entrepreneurial spirit then what it is . The funny thing is, you can invest your money in the same place as social security and get more back privately. In fact if you could opt out and invest it in the same place not only could you receive the money for the rest of your life, but your inheritors would actually get the remainder when you die (not just have it go back to the general fund). The stupidest group on the planet are the ones who think that government was meant to provide for everything, and is the answer to everything.In a Ponzi scheme pays off the first few investors. social security does not even do that.A Ponzi scheme is voluntary but Social Security is violent
Austrian Economics Would Save Europe: Nigel Farage Debunks Keynesians
It’s a royal irony that if Brussels somehow found a way to impose political union on the people of Europe, anti-EU iconoclast and UKIP leader Nigel Farage would be its most popular candidate. His speeches regularly become YouTube hits. Widely scorned by British pundits as a xenophobic right-winger, scrolling down through the comments you see that ordinary citizens from Poland, Greece, Ireland, and right across Europe are thanking Nigel Farage for being the only one to speak truth to power.
In a world of grey civil servants, his speeches are rather like the hand that lifts the boulder to reveal the lice (or more accurately… lies) beneath. His latest, addressing the aptly-named Spanish “failout,” Nigel points out the folly of mutual indebtedness.
In this remarkable situation, Farage points out that bailing out Spanish banks makes things worse not better: ”A hundred billion [euro] is put up for the Spanish banking system, and 20 percent of that money has to come from Italy. And under the deal the Italians have to lend to the Spanish banks at 3 per cent but to get that money they have to borrow on the markets at 7 per cent. It’s genius, isn’t it?”
By Justin Sink
Republican presidential candidate Ron Paul and New York Times columnist Paul Krugman faced off for a televised debated on fiscal policy Monday afternoon in a battle likely to appeal to policy wonks on both sides of the political spectrum.
The two staked out positions that predictably offered sharp contrasts, with Paul emphasizing his belief in “very small government” during the appearance on Bloomberg TV.
“I emphasize personal liberties. I don’t like a managed economy, whether it’s through central economic planning or monetary policy or even Congress doing it. It’s a completely different philosophy that markets are supposed to work, you know, in a natural way,” the Texas congressman said.
Krugman, meanwhile, described Paul as “living in the world that was 150 years ago.”
“History tells us that in fact a completely unmanaged economy is subject to extreme volatility, subject to extreme downturns. I know this legend that some people like that the Great Depression was somehow caused by the government or the Federal Reserve, but that’s not true. The reality is it was a market economy run amok, which happens repeatedly,” the Nobel Prize-winning economist said.
That prompted Paul to one-up Krugman, saying the columnist “wants to go back 1,000 years or 2,000 years just as the Romans and the Greeks and all other countries debased their currency.”
“What did the Romans do to their currency? The Byzantine Empire had a gold standard for a thousand years and they did quite well and they didn’t fight wars. But the Roman empire eventually destroyed their currency. They put in wage and price controls before they diluted the metals. They inflated. They thought wealth could come by fooling the people,” Paul said.
Krugman, offering a wiry smile, quipped that, “I’m not a defender of the economic policies of the Emperor Diocletion, let’s make that clear.”
While the two ideological foes broke little new ground, the conversation nevertheless provided a fairly substantive discussion for mid-afternoon cable news.
Paul also pledged to stay in the Republican presidential race until “all the votes are counted.”
“Just look at this last week. The news is very favorable to us. We could even end up winning Iowa, ironically enough. In Minnesota, we’re doing well, and Maine, Nevada and Missouri. We’re doing very, very well. Some of the states we could very well win or come up very much because the delegate process is completely different than these straw votes. We’re pleased … It’s another month or so until they count all the delegates and we find out where we stand,” Paul said.
The Texas congressman added that his support for presumptive nominee Mitt Romney “depends” on what his platform would end up being.
“If I disagree with every single thing in his platform, it’s going to be tough. If it’s 100 percent opposite on everything I have said on civil liberties, on war issues, on spending cuts, on monetary policy, you know, what can I do?” Paul said. “We have millions of people now supporting our campaign, and millions that haven’t been heard from because they’re independents and Democrats that are unhappy with Obama. To support somebody that might have 100 percent opposite views of mine would be difficult. Hopefully [Romney] sticks to his guns about not raising taxes.”
Ron Paul is America’s leading voice for limited, constitutional government, low taxes, free markets, sound money, and a pro-America foreign policy.
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Although he campaigns on his disdain for government involvement in the private sector, Republican presidential candidate Ron Paul on Wednesday said that he would preserve health care entitlements, including the Medicare program for the elderly and disabled, while trying to transition Americans into medical savings accounts.
“Probably the worst thing that we ever did was make medical care the responsibility of the government,” Paul said at a meeting of the Republican Congressional Health Care Caucus. “I don’t think our federal government should be any more involved in medical care delivery than they should be in delivering education to our children.”
The House member from Texas, who was for many years a practicing physician, recalled the days before Medicare and Medicaid were created in the 1960s, when government was only accountable for the care of veterans — and even there, government did a poor job, he said.
But Paul noted that as president, he would not immediately cut health care benefits, especially for the elderly and children. Instead, he wants to transition out of the current system by allowing people to set up personal medical savings accounts and letting young people opt out of Social Security.
“I take a very moderate approach,” he said. “I’d be willing work toward sanity by not cutting health care benefits until we solve our problems with this horrendous financial crisis.”
Paul also has called for the elimination of five cabinet departments — Energy, Housing and Urban Development, Commerce, Interior, and Education — in order to cut $1 trillion in government spending in one year.
Earlier in the day, Paul took aim at one his favorite targets: the Federal Reserve. He has been one of the fiercest critics of the Fed, even before it became a punching bag for other GOP presidential candidates.
Paul, who is enjoying a bump in recent polls in Iowa, called on voters to reject “fear tactics” on Election Day.
“There’s no reason to fully trust everything our government tells us, especially when things are going badly,” Paul said. “Whether it’s on foreign policy or monetary policy, because they use the fear tactics to frighten people into ‘Boy, the whole world is going to collapse unless we bail out the big banks and the big corporations.’ ”
Paul decried “the endless fear-mongering to scare the people and the Congress into spending money. If you didn’t have the Federal Reserve, it would come to a halt. It wouldn’t happen…. This has been such a grand deception.”
Paul has argued that the crisis in the money markets in Europe and elsewhere can be resolved only when currency is sound and “when it is recognized and accepted as such by individuals, through the actions of the market, without coercion.” He has pushed for a return to the gold standard.
“Confidence in the dollar is plummeting, confidence in the euro has been shattered by the European bond crisis, and beleaguered consumers and investors are slowly but surely awakening to the fact that government-issued currencies do not hold their value,” Paul wrote in a recent op-ed. ” … Throughout history, gold and silver have been the two commodities that have most fully satisfied the requirements of sound money. This is why people around the world are flocking once again to gold and silver as a store of value to replace their rapidly depreciating paper currencies.”
After his speech, Paul told reporters that he thinks he got only 90 seconds in the last candidate debate on Saturday “because I go after the status quo, and I’m afraid that they don’t like to hear about that. Because I challenge the welfare state as well as the banking system as well as our foreign policy.”
” I mean, the bailouts. Look at who they bail out. They bail out the wealthy and that’s how the monetary system works at the top,” Paul said. “The Federal Reserve serves the interests of these very rich people.”
Murray Sabrin nails it, Ron Paul wants to correct it and the lame stream media wants to hide it.
Professor Murray Sabrin spills the beans on why Congressman Ron Paul is disregarded by the Media Establishment.