Recent Posts From Guy Fawkes
When President Obama arrives in London this week he will meet with the leader of Germany, a nation where his election has brought newfound goodwill towards America; but will the goodwill be enough to force the hands of Germany to conform to Washington’s desires for additional stimulus and bailouts? If the latest media reports, which point towards an Administration attempting to dial down expectations, are any indication, then the answer is most likely a soft no.
The NYT is reporting that little ground is expected to be made in regards to additional German stimulus, with Chancellor Angela Merkel expected to cite fiscal discipline as a reason for German non-cooperation with President Obama’s Administration on the issue-
According to a recent report released by Chicago based research and consulting organization Spectrem Group, examining the effects the recent market downturn has had on America’s affluent, the number of American households with a networth over $1,000,000 has declined dramatically since 2007.
While this statistic is not a direct measure of inequality, this drop in the number of millionaires will inevitably have a significant effect in bringing down total inequality in our economic system.
For most investable assets, the market has been in a 25 year bubble, instigated by the poor monetary, regulatory, and fiscal policies created by our goverment and the institutions (i.e., the Fed) that closely surround it. This bubble artificially created a greater number of affluent than the economy would naturally support, and which could no longer be sustained once the bubble popped.
As the WSJ recently pointed out, the Federal Government has essentially created a new reality television show that could well be named “Survior: Manhattan”. Unfortunately the drama is denominated in the billions, if not trillions of dollars, and the question of who is going to get booted off the island of private ownership (Manhattan) to the relm of the collective (DC) is one that is significantly exacerbating the crisis.
In the aftermath of the Michael Phelps saga the issue of marijuana has been brought back into the public conversation and at least according to recently published Rasmussen Reports polls, legalization of marijuana (40% support) is more popular than the recently passed stimulus package (38% support).
In a new Rasmussen Reports national telephone survey, Americans are closely divided on the question of whether marijuana should be legalized: 40% say it should be, while 46% disagree. Fourteen percent (14%) are not sure which course is better.- Rasmussen 02/19/09
A poll came out today that should give those who believe in economic freedom a slight bit of hope: The public support for radically socializing the financial system in the name of saving it is dismally low. From Today’s Rassmussen Reports-
All sorts of big government solutions are being proposed to combat the country’s economic troubles, but Americans are clear on one thing: 75% say the federal government should not take over the U.S. banking system.
Only nine percent (9%) think nationalization of America’s banks is a good idea, and 16% are undecided in a new Rasmussen Reports national telephone survey.
Support for nationalization is so weak that almost a super-majority of Democrats are opposed to the idea-
With all the talks of trillion dollar Congressional spending programs and multi-trillion dollar FED lending vehicles (and with no apparent end in site), FreedomWorks (inspired by UGA College Republicans) had the wonderful idea to design “Bailout Bucks”, mocking the “endless-spending” Congress.
You can find a PDF with the full image files here at Freedomworks. They are encouraging individuals to print and hand them out to friends (or anyone who will listen for that matter). I also encourage readers to visit and join the new FreedomWorks site.
Gallup released a massive new series titled “State of the States” in which over 355,000 Americans in every state were interviewed regarding a host of political issues. The first issue which was released on Wednesday took an indepth look at political affilliation. The results were not surprisingly heavily in favor of Democrats, but the extent to which is quite dramatic none-the-less. This data below from Gallup.com shows what percent Americans consider themselves Democrats over Republicans in their given states. It includes individuals who lean towards a party with that party, which presumably helps increase the Democratic advantage in traditionally Republican states-
After years of inflation percents that contained about as many zeros as the United States Federal Budget, the government of Zimbabwe admited defeat against market forces and decided to allow foreign currency to be used for internal transactions. From the BBC-
Zimbabweans will be allowed to conduct business in other currencies, alongside the Zimbabwe dollar, in an effort to stem the country’s runaway inflation.
The announcement was made by acting Finance Minister Patrick Chinamasa.
BBC southern Africa correspondent Peter Biles says the Zimbabwean dollar has become a laughing stock. A Z$100 trillion note was recently introduced.
This will most likely lead to “Dollarization” or “Euroization” of the economy of Zimbabwe, which will lead to a dramatically increased standard of living.
After almost four months after the passage of TARP, whether right or wrong, I believe the concensus is clear: TARP, regarding its effectiveness thus far, has been a complete failure. The recent Senate vote on allocation of the remaining $350 billion backs up this claim with only a simple majority supporting Obama’s plea for the remaining cash.
With all the talk of the inevitable “stimulus package” floating around, why is it that most commentators seem to leave out the fact that even without a “stimulus package” the nation is already on track to receive the largest Keynes inspired stimulus since 1945?