Must Reads For The Week 12/9/17

Posted December 10, 2017 by austrianaddict
Categories: Must Reads For The Week

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THE BREAKDOWN OF THE RULE OF LAW

Arizona Cop Acquitted For Killing Man Crawling Down Hotel Hallway While Begging For His Life, by Scott Shackford, at reason.com. Usually headlines are cleverly written to spin a story in a particular direction. But this headline is 100% accurate. Watch the video. It is disgusting. Put yourself in the shoes of the man who gets killed. Is the cops tone, when he is giving commands, way over the top compared to how this man and his girl friend are responding? Would you be scared for your life with a cop acting like this? It’s as if the cop is trying to purposefully confuse these two people. Put yourself in the shoes of the cop. Would you feel threatened by this man at any moment before the cop pulled the trigger even if you were told he had a gun? Since you haven’t been “trained” to deal with these kinds of situations, like the cops have, the answer is; “no, I wouldn’t feel threatened”. But you still have common sense because you haven’t been “trained”.

Speaking of common sense. How could the jury acquit the Cop? The cop has to bear some legal responsibility for the death of this man. Is “fearing for your life” a get out of jail free card for all law enforcement officers? Did the man kneeling on the floor “fear for his life”? Unfortunately he wasn’t alive to play that card.

Police Officer Is Murdered For Her Uniform In The Bronx, at Here is the flip side of the coin. A guy walked up to this female officer and shot her. Situations like this are why police don’t trust anyone they come in contact with. And situations like the previous article are why citizens don’t trust cops. Even though over 99% of citizen cop encounters don’t end in death, the perception is these situations happen all the time. This perception will continue to break down the respect citizens have for law enforcement and law enforcement has for citizens. This lack of respect for each other will increase the tension in every police citizen encounter.

How can the lack of respect for each other be repaired? It will take a conscious effort on both sides over an extended period of time. But it starts with the people who have the power of the state behind them. Police have to treat citizens with  respect before it can be reciprocated. Read this article about how Cincinnati Police Department repaired their damaged relationship with their community in this article, Cincinnati’s Problem-Oriented Police Reform at theatlantic.com.

TRUMP vs. INSIDERS

Insiders don’t want their power taken away. Insiders in politics, Federal bureaucracies and the media will use any means necessary to maintain the status quo. The FBI has lost credibility because the senior level is “colluding” to produce criminal activity that didn’t happen while covering up criminal activity that actually happened. This is another example of the breakdown of the rule of law as well as the loss of trust in politicians, bureaucrats and the media. Here are some articles that show the corruption of the insiders.

Insider Corruption

Why The Deep State Is At War With Trump, by David Stockman, at mises.org. This article explains the battle between the Deep State {entrenched bureaucrats} and outsiders who try to upset the status quo.

Deep State Drained: Top DOJ Official “Demoted” After Working With Fusion GPS To Push Trump Disinformation-Dossier, at zerohedge.com. When you politicize  the legal system corruption follows.

Collusion Conspiracy Continues To Collapse – Rep. Nunes Cleared In Russian Leak Probe, at zerohedge.com. Everything is politicized.

Insiders Protect Their Own

What We Know About The Russian-Clinton Uranium Deal So Far Is Crazy, by James Hyde, at thefederalist.com. This is about political favors paid for with money laundered through the Clinton Foundation.

Dismissed FBI Agent Is One Who Changed Hillary Email Scandal Language From “Grossly Negligent” To “Extremely Careless”, at zerohedge.com. The legal standard for the law related to Hillary’s email scandal is “gross negligence”. Her intent didn’t matter from a legal aspect. Being and insider protected Hillary from prosecution. There is no rule of law when everything is political.

FBI Deputy Director McCabe Told Agents To Lie About Benghazi Investigation, Says GOP Lawmaker, at zerohedge.com. A deputy director of the FBI knowing what truth was lied for the Obama administration.

 Mainstream Media Insiders

Brian Ross Suspended By ABC After Erroneous Trump Flynn Report, at washingtonost.com. The information from his source confirmed what he wanted to be true. So he went with it. Ross doesn’t care if he got suspended as long as he advanced his agenda.

CNN Botches “Bombshell” Report “Proving” Collusion Between Trump Jr and Wikileaks, at zerohedge.com. Another example of confirmation bias by the mainstream media.

INSIDERS ARE LOSING POWER

Trump is disrupting the status quo and they are fighting back. Here are some of the reasons Trump has a target on his chest.

Trump, In Utah, Takes Unprecedented Step To Reduce 2 National Monuments, at nbcwashington.com. Trump is undoing Federal land grabs of State owned land by the Obama administration. All the usual suspects are up in arms about this.

Trump’s Jerusalem Decision: Democrats Accuse President Of Playing Politics, at nationalreview.com. The three previous Presidents promised the same thing that Trump promised during the campaign. He made good his promise, the other three did not. Insiders don’t want Jerusalem recognized as Israel’s capital and are not happy.

CARTOONS from therightreason.net.

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Take A Break And Enjoy Old Movie Stars Dancing To Uptown Funk

Posted December 7, 2017 by austrianaddict
Categories: Hall of Fame, Miscellaneous

Tags: ,

I came across this video which edits Old Movie Stars Dancing To Uptown Funk. This is great editing by Nerd Fest UK.

Enjoy!

I bet you replay this.

Must Reads For The Week 12/2/17

Posted December 3, 2017 by austrianaddict
Categories: Must Reads For The Week

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FAKE NEWS?

ABC news reported early Friday an unnamed source said Flynn is prepared to testify that then candidate Trump instructed him to contact Russian officials during the campaign. But this wasn’t true. Either the story was reported this way as an “honest mistake” or it was reported this way because it confirm the Russian collusion bias the main stream media has been hoping to prove since the election. ABC retracted the story 8 hours later. Read about the retraction in this story ABC Makes “Epic Mistake”, Retracts Bombshell Flynn Story, at zerohedge.com, and this story ABC News Corrects Bombshell Flynn Report, at cnn.com.

The Truth is: shortly after the election, not during the campaign, President-elect Trump, not candidate Trump, instructed Flynn to contact Russia to see if they could work together to fight ISIS in Syria. I went to zerohedge and read the full statement in this article, “Statement Of The Offense”: Here is Mueller’s Full Case Against Flynn, to find the truth behind the initial story because I knew from experience the media’s initial story or headline has resemblance to the truth. They are trying to push their narrative.

So what is this all about? The insiders in the media and D.C. don’t want an outsider in a position that is reserved for insiders. Since the election insiders have been trying to get rid of our undermine Trump. Trump colluding with Russia during the election is the narrative they think will serve their purpose. Special Council Mueller is investigating “Russian collusion”. He was the FBI Director appointed by Bush and retained by Obama. Serving under Republican and Democrat presidents shows that he is a true insider. New he has an unlimited budget. His search is not limited to Russian collusion. He is going to set perjury traps for everyone he questions in an attempt to get them on a process crime which has nothing to do with collusion.When he charges them with the process crime of perjury, he can then pressure them to give up Trump or go to jail, even if there is nothing to give up. He wants them to make up something in exchange for a lesser penalty, or use their admission of quilt about perjury to push the narrative of collusion. (Here is some friendly advice. If you are ever questioned by the FBI, plead the fifth. Don’t answer any questions because they are trying to set a perjury trap. They to find somebody to hang, and they don’t care if the charge has anything to do with their investigation. Remember Scooter Libby read here.)

The insiders are trying to get us to believe that collusion is illegal. Collusion is not illegal. Colluding to break the law is illegal. Ohio State football coaches and players colluded last week to beat Michigan. But beating Michigan is not illegal. Is colluding with a foreign country to win an election illegal? only if the specific actions taken are illegal.

Conclusion: If you are not an outsider you are the enemy of the insiders and must be taken down. Insiders will use the full force of the Federal Government and their allies in the media to get rid of outsiders. Trump is a big threat to the insiders and their power. This is why insiders in both parties, the media, entertainment, and education seem so unhinged by everything Trump does. I think it is hilarious. Of course I see the R and D insider game for what it is, pitting us against each other so insiders can maintain their positions of power and wealth. (And remember this, never talk to the FBI.)

INSIDERS VS OUTSIDERS

Over-Reaching Prosecutors Run The Country, at bigleaguepolitics.com. Individuals in positions of power can never be trusted. Remember Mike Nifhong and the Duke Lacrosse case.

Obama-Appointed Federal Inspector Threatened By Clinton Campaign Over Email Investigation, at zerohedge.com. Another example of insiders using threats to protect their status quo position.

DNC Lawyer Scrambles To Block Evidence From Hidden Laptop Tied To Wasserman Schultz, at zerohedge.com. Democrat insiders trying to cover up their pile of crap so outsiders don’t figure out what is going on.

Fight Over CFPB Director Shows – Again! – How Powerful Government Entities Backfire On Their Creators, by Eric Boehm, at reason.com. Insiders created a position of power to implement their agenda. When it looks like an outsider may take over the position they created they don’t like it.

 

Net Neutrality And The Resistance To Restoring Internet Freedom, by Mark J. Perry, at carpediemblog. Net Neutrality is an example of government insiders trying to reign in the freedom of outsiders by disguised their regulations as helping outsiders. Excerpt from the article: “Net Neutrality was sold as a solution to problems that did not exist (problems being hypothetical cases of Internet service providers blocking content they don’t like). Predictably, it hasn’t worked out well for consumers. As FCC Chairman Ajit Pai has noted, investment in broadband networks has declined for two years in a row for the first time in the history of the Internet, not counting recessions.” Why does government think it has to get involved in industries that are doing just fine without them?

Net Neutrality: Government Can’t Know The “Correct” Price For Internet Service, by Nicholas Freiling, at mises.org. The economic realities of insider intervention into the free market (aka outsider milieu). Excerpt from the article: “A pure net neutrality view is difficult to sustain if you also want to have continued investment in broadband networks. ….If you have these pure net neutrality rules where you can never charge a company like Netflix anything, you’re not ever going to get a return on continued network investment – which means you’ll stop investing in the network. And I would not want to be sitting here 10 or 20 years from not with the same broadband speeds we’re getting today.

Tax Bill Attacked For Loss Of Electric Car Subsidy – But Most Americans Don’t Want Electric Cars, at masterresource.com. Government subsidizing electric cars with outsiders tax dollars is another example of insiders thinking they know what is bets for outsiders.

Conyers Lawyer Hints Racism As Pelosi Asks Conyers To Go – But Not Franken, at politico.com. Excerpt from the article: “Nancy Pelosi is going to have to explain what is the discernible difference between Al Franken and John Conyers,” Arnold Reed Conyers’ attorney, told reporters after the House Minority leader Said Conyers should resign.” I get a feeling of shadenfreude when people like Pelosi are hoist on their own petard.

Must Reads For The Week 11/25/17

Posted November 25, 2017 by austrianaddict
Categories: Must Reads For The Week

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The Public Are All Alone: Understanding How The Enemy Of Your Enemy Is Not Your Friend, at zerohedge.com. Big government insiders in both parties, along with the mainstream media, the Hollywood elite, and the education establishment are the enemies of individual liberty. These people are no longer hiding the fact that they want to use the force of big government to centrally plan your life and my life. The election of Trump was a push back against the establishment. Even though Trump is not a small government guy, he is not a part of the establishment. The insiders in the establishment don’t want an outsider in their club. Being an outsider he doesn’t know that Republicans are supposed to surrender their position after any criticism by insiders (even his own parties insiders). This is why Trump is driving the establishment out of their minds. He doesn’t play the role like establishment Republicans. He doesn’t concede an inch when attacked by the establishment. He doubles down. He gives them a taste of their own medicine. Trumps presidency will be a success if all it does is open all of the outsiders eyes to the reality of the insiders game. I think outsiders are beginning to see this because of how insane the insiders react to everything Trump says or does. Defeating the establishment, aka draining the swamp, takes someone who doesn’t care what the establishment thinks. Insiders always care. Trump doesn’t!

Trumps Constructive Chaos, at victorhanson.com. Excerpt from the article: “Polls, to the extent they retain any credibility, are ambiguous about Trump’s chaotic leadership style. They show that the public is in agreement with Trump on most of these hot button issues, while not being especially fond of Trump himself—perhaps in the manner that patients may fear their oncologists but ultimately appreciate their treatments for metastasizing cancers.”

“So is Trump creating chaos, or simply cleaning up the political and cultural messes of the past decade—or both? The answer is complex. To achieve perceived noble ends, the Obama administration often used dubious means, mostly through executive orders and by deceiving the public about Obamacare, illegal immigration, and the Iran deal. Now, Trump is using Obama’s own tools to reverse what Obama wrought.”

“The Obama presidency was atypical in many ways—even when compared to other Democratic administrations, such as Bill Clinton’s. Obama tried to move the country hard to the left and, in the process, radicalized and then eroded the Democratic Party at the local, state, and federal levels. And with the loss of a once solidly Democratic Congress, Obama was reduced to running the government by fiat and edict rather than through legislative compromise and cooperation.”

“The national debt doubled to $20 trillion. The economy stagnated. Labor non-participation rates soared. Near zero interest rates wiped out the purchasing power of middle-class savers. Scandals at the IRS, the GSA, and the VA abounded; the Secret Service, the FBI, and the Justice Department were all politicized. The country divided further along racial and ethnic lines.”

“……To address these challenges, Trump could have tried carefully to patch things up in a makeshift and incremental fashion. Or he could have found such ad hoc mending largely a waste of time, and instead found a better solution in slashing and burning the mess that was left, in order to create new policies from scratch. Trump chose the latter option—and predictably, as the old order declined chaos has followed ever since.”

The Demise Of Dissent: Why The Web Is Becoming Homogenized, by Charles Hugh Smith, at oftwominds.com. Excerpt from the article: “We’ve all heard that the problem with the web is fake news, i.e. unsubstantiated or erroneous content that’s designed to mislead or sow confusion. The problem isn’t just fake news – it’s the homogenization of the web, that is, the elimination of marginalization of independent voices of skepticism and dissent…..In other words, we’ll be left with officially generated and sanctioned fake news and “approved” dissent.

This Obamacare Enrollment Assistance Group Got $200,000 In Federal Funds, Enrolled 1 Person, at zerohedge.com. This reminds me of one of my favorite quotes by Thomas Sowell: “The first rule of economics is scarcity. There is not enough of anything to satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.” Politicians and bureaucrats forget the simple fact that healthcare is an economic good. It is controlled by the laws of economics, not the wishes of utopian central planners.

30 Million Americans Were Just Diagnosed With High Blood Pressure, Here’s Why….. at zerohedge.com. The American College of Cardiology has changed the definition of what constitutes high blood pressure. This will make big Pharma happy. More hypertension medication will be sold. Which begs the question; Which members of the American College of Cardiology invested in pharmaceutical companies before they changed the definition?

Always Ready, Always There, by Maggie Koerth Baker, at fivethirtyeight.com. This is a in-depth analysis of suicides in the military. Excerpt from the article: “When service members die by suicide, their deaths look a lot like civilian suicides – the same people, the same risk predictors, and the same means.

Are Electric Cars As Clean As They Seem?, at zerohedge.com. Here are the list of environmental problems related to electric cars that are usually over looked. Excerpt from the article: “…pollution issues from the extraction of rare earth minerals, the disposal of lithium-ion batteries, and the sourcing of the energy that powers charging stations….plague the future of the green argument for electric vehicles.”

Germany’s “Green Energy” Dream Is Falling Apart, at cfact.org. The economic realities of mandating high cost green energy and phasing out less expensive carbon based energy has political consequences. Just ask Angela Merkel.

Are You Paying For A Colossal Fraud? by Joseph Mercola, at lewrockwell.com. Is bottled water cleaner than tap water? What about the cost of tap water compared to bottled water? Excerpt from the article: “Water sold in a bottlee may be labeled distilled, spring, mineral, artesian or sparkling to name a few. More than 17 Million barrels of oil are used in the manufacture of bottled water and 50 billion water bottles are used and discarded every year. The cost of bottled water may be as much as 2,000 times more than tap water; eight glasses of water each day from your tap costs approximately 49 cents per year while the same amount in bottled water costs $1,400.”

 

CARTOONS

from therightreason.net.

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Thanksgiving 2017

Posted November 22, 2017 by austrianaddict
Categories: Miscellaneous

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Here is my thanksgiving post from 2015. It seems more appropriate today than when I originally posted it.

Thanksgiving Proclamations

George Washington made the first Proclamation of Thanksgiving in 1789 (read here). But Thanksgiving wasn’t made an official holiday until Abraham Lincoln proclaimed it in 1863 during the middle of the Civil War. Here is Lincoln’s proclamation.

Washington, D.C.
October 3, 1863

By the President of the United States of America.

A Proclamation.

The year that is drawing towards its close, has been filled with the blessings of fruitful fields and healthful skies. To these bounties, which are so constantly enjoyed that we are prone to forget the source from which they come, others have been added, which are of so extraordinary a nature, that they cannot fail to penetrate and soften even the heart which is habitually insensible to the ever watchful providence of Almighty God. In the midst of a civil war of unequalled magnitude and severity, which has sometimes seemed to foreign States to invite and to provoke their aggression, peace has been preserved with all nations, order has been maintained, the laws have been respected and obeyed, and harmony has prevailed everywhere except in the theatre of military conflict; while that theatre has been greatly contracted by the advancing armies and navies of the Union. Needful diversions of wealth and of strength from the fields of peaceful industry to the national defence, have not arrested the plough, the shuttle or the ship; the axe has enlarged the borders of our settlements, and the mines, as well of iron and coal as of the precious metals, have yielded even more abundantly than heretofore. Population has steadily increased, notwithstanding the waste that has been made in the camp, the siege and the battle-field; and the country, rejoicing in the consciousness of augmented strength and vigor, is permitted to expect continuance of years with large increase of freedom. No human counsel hath devised nor hath any mortal hand worked out these great things. They are the gracious gifts of the Most High God, who, while dealing with us in anger for our sins, hath nevertheless remembered mercy. It has seemed to me fit and proper that they should be solemnly, reverently and gratefully acknowledged as with one heart and one voice by the whole American People. I do therefore invite my fellow citizens in every part of the United States, and also those who are at sea and those who are sojourning in foreign lands, to set apart and observe the last Thursday of November next, as a day of Thanksgiving and Praise to our beneficent Father who dwelleth in the Heavens. And I recommend to them that while offering up the ascriptions justly due to Him for such singular deliverances and blessings, they do also, with humble penitence for our national perverseness and disobedience, commend to His tender care all those who have become widows, orphans, mourners or sufferers in the lamentable civil strife in which we are unavoidably engaged, and fervently implore the interposition of the Almighty Hand to heal the wounds of the nation and to restore it as soon as may be consistent with the Divine purposes to the full enjoyment of peace, harmony, tranquillity and Union.

BE THANKFUL

Even though it seems we are in conflict about everything. Each of us should be thankful that we live in a country that protects our right to complain. We should be thankful our founding principles have led to the creation of a standard of living that other countries could only dream of.

We take our individual freedom and our countries wealth for granted, even though they are rare indeed when compared to other countries throughout the history of the world. Be Thankful!

 

That was 2015. How much more do we seem separated because of politics than we were two short years ago?

 

THE ORIGINAL THANKSGIVING STORY

CELEBRATING THE BIRTH OF AMERICAN FREE ENTERPRISE, by Richard Ebeling, at mises.org.

We have written in the past about the failure of the collective sharing experiment tried by the Pilgrims who came to the New World on the Mayflower. Here are some excerpts from the article:

“The Plymouth Colony was planned as a collectivist utopia. In the New World, they wanted to erect a New Jerusalem that would not only be religiously devout, but be built on a new foundation of communal sharing and social altruism. Their goal was the communism of Plato’s Republic, in which all would work and share in common, knowing neither private property nor self-interested acquisitiveness.”

“What resulted is recorded in the diary of Governor William Bradford, the head of the colony. The colonists collectively cleared and worked the land, but they brought forth neither the bountiful harvest they hoped for, nor did it create a spirit of shared and cheerful brotherhood.”

“The less industrious members of the colony came late to their work in the fields, and were slow and easy in their labors. Knowing that they and their families were to receive an equal share of whatever the group produced, they saw little reason to be more diligent in their efforts. The harder working among the colonists became resentful that their efforts would be redistributed to the more malingering members of the colony. Soon they, too, were coming late to work and were less energetic in the fields. Collective work equaled individual resentment.”

“Because of the disincentives and resentments that spread among the population, crops were sparse and the rationed equal shares from the collective harvest were not enough to ward off starvation and death. Two years of communism in practice had left alive only a fraction of the original number of the Plymouth colonists.”

“Realizing that another season like those that had just passed would mean the extinction of the entire community, the elders of the colony decided to try something radically different: the introduction of private property rights and the right of the individual families to keep the fruits of their own labor.”

“The Plymouth Colony experienced a great bounty of food. Private ownership meant that there was now a close link between work and reward. Industry became the order of the day as the men and women in each family went to the fields on their separate private farms…….Hard experience had taught the Plymouth colonists the fallacy and error in the ideas that since the time of the ancient Greeks had promised paradise through collectivism rather than individualism.”

“In the wilderness of the New World, the Plymouth Pilgrims had progressed from the false dream of communism to the sound realism of capitalism. At a time of economic uncertainty and growing political paternalism, it is worthwhile recalling this beginning of the American experiment and experience with economic freedom.”

 

LETS LAUGH

I saw this rerun of the Johnny Carson Show last week. It is Johnny and Doc talking about what they were going to do for Thanksgiving. It is hilarious. I was reminded of it again when I saw this clip on theburningplatform today. Take a look.

Johnny Carson was the best. Especially when he bombed during his monologue.

Must Reads For The Week 11/18/17

Posted November 19, 2017 by austrianaddict
Categories: Must Reads For The Week

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Tom Coburn Has A Plan To Fight Washington And Save America, by Mark Hemingway, at thefederalist.com. What can be done to shrink the power of the Federal government over our lives if our elected representatives won’t do it? Excerpt from the article: “Coburn’s latest book, Smashing The DC Monopoly: Using Article V to Restore Freedom and Stop Runaway Government, …..spells out exactly what’s wrong with Washington……..Coburn’s….. book really serves two purposes. The first is to convince ordinary Americans that the problems in Washington are so dire they require dramatic action that elected politicians are unwilling to take. The second is to explain how ordinary voters and state politicians have the power to exploit an obscure constitutional process, known as an Article V convention, to bypass Washington and amend the Constitution to institute badly needed reforms, such as a balanced budget amendment and term limits……Much of the book, however, is dedicated to explaining what Coburn believes is America’s last best hope: an Article V convention….. the founders always intended this provision to be a significant check on the growth and abuses of the federal government, and it’s actually surprising that this method for passing amendments has never been exercised. Hamilton argued in the Federalist papers that this mechanism was put in place so Americans could “safely rely on the disposition of the state legislatures to erect barriers against the encroachments of the national authority.”

Congress Owes Taxpayers Answers About Its Harassment ‘Shush’ Fund, at thehill.com. Here is a perfect example of the ruling aristocracy not living under the same set of rules it places on us. Congress has set up a fund using taxpayer dollars to settle sexual harassment accusations against their members. And the perps names are sealed. This fund was created (slipped in) after a Republican Congress passed the 1995 Congressional Accountability Act. Do you think this constrains sexual harassment by members of congress? Or does it incentivize sexual harassment?

“Economic Development” Is A Corporate Welfare Scheme, by Nathan Keeble, at mises.org. Many think Government subsidies and tax breaks to certain businesses will spur economic development. But they are incorrect. Excerpt from the article: “Corporate welfare must come to an end if we want an economy which best fulfills its purpose, improving the lives of the most amount of people. The truth is that good businesses simply do not need the state’s handouts. Only bad ones do. If legislators truly wish to see their community grow and develop, they would be wise to pursue other reforms. The best path for a legislature to take is to get themselves out of the private sector’s way. Economic growth is slowed, halted, or even reversed when the state taxes, regulates, or otherwise violates private property rights. Removing licensing laws, lowering taxes, and repealing burdensome regulations would all be great choices to accelerate economic development and promote the welfare of local communities. Crucially, these reforms should be as generally applicable as possible to avoid the same harmful and distorting effects of the current corporate welfare programs.

We Are Living In The Age Of Capital Consumption, Ronald Peter Stoferle, at mises.org. Excerpt from the article: “Capital formation is always an attempt to generate larger returns in the long-term by adopting more roundabout methods of production. Such higher returns….. result in greater productivity. It is therefore fair to assume that a more capital-intensive production structure will generate more output than a less capital-intensive one. The more prosperous an economic region, the more capital-intensive its production structure is. The fact that the generations currently living in our society are able to enjoy such a high standard of living is the result of decades or even centuries of both cultural and economic capital accumulation by our forebears……Once a stock of capital has been accumulated, it is not destined to be eternal. Capital is thoroughly transitory, it wears out, it is used up in the production process, or becomes entirely obsolete. Existing capital requires regularly recurring reinvestment, which can usually be funded directly out of the return capital generates. If reinvestment is neglected because the entire output or more is consumed, the result is capital consumption……..Once zero or even negative interest rate territory is reached, the return on saved capital is obviously no longer large enough to enable one to live from it, let alone finance a reasonable standard of living. Consequently, saved capital has to be consumed in order to secure one’s survival. Capital consumption is glaringly obvious in this case……At the same time, the all-encompassing redistributive welfare state, which either directly through taxes or indirectly through the monetary system continually shifts and reallocates large amounts of capital, manages to paper over the effects of capital consumption to some extent. It remains to be seen how much longer this can continue. Once the stock of capital is depleted, the awakening will be rude”

Read my simpler explanation about capital consumption in this article, Capital consumption, aka, Eating Our Seed Corn.

Looking For Inflation In All The Wrong Places, at zerohedge.com. Printing money is the definition of inflation. Central banks hide inflation by pointing to the movement in the price of a “basket of goods” which they track over time. But the  printed money has not significantly raised the price of the ‘basket of goods’ over the last decade. So where did the printed money end up. First of all it has allowed the Federal government to grow because it has funded the government’s debt. And It has found its way into stocks, bonds, real estate, fine arts, collectibles and cryptocurrencies. The spike in the prices of these things shows us where the money is flowing. These central bank produced bubbles will eventually correct when the money printing stops. Government intervention into the free market, especially Federal Reserves money printing, only helps individuals directly involved with government or individuals in orbit around government. The rest of us are funding these individuals.

The Free Market Levels The Playing Field, by Jacob Hornberger, at mises.org. Excerpt from thee article: “Consumers in a free market, not the government, do the equalizing and leveling, and, unlike the government, they do it peacefully and voluntarily. It is consumers who decide who is going to prosper and who isn’t. They not the government, is sovereign in a free market. How do consumers redistribute and equalize wealth? Through their decisions on what to buy and not to buy. By making those decisions, they decide who is going to be rich, poor, or middle class. In a free market there is only one way that a well-established, wealthy company can retain its position in the market. It must continue to satisfy the consumer by providing him with goods and services that he is willing to pay for. A company cannot force its customers to patronize it or forcibly take money from people to subsidize its operations. It must serve people by providing them with goods and services that they are voluntarily willing to pay for. Leftists are wrong. We don’t need government to destroy freedom and private property by coercively confiscating and redistributing wealth. The free market does a fine job redistributing wealth all by itself, and entirely voluntarily.”

Must Reads For The Week 11/11/17

Posted November 11, 2017 by austrianaddict
Categories: Must Reads For The Week

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Donald Trump Didn’t Create Danger Of Presidential Dictatorship…..He Inherited It, at zerohedge.com. Over time the Presidency has incrementally stolen more power than the Constitution allows.      Excerpt from the article: “The sheer amount of punitive power possessed by the federal government is one of the best gauges of potential tyranny. do we really need 4,000 federal criminal laws and 200,000 regulations with criminal penalties to punish wayward citizens? As Benjamin Constant wrote in 1815, “It is in fact the degree of force, not its holders, which must be denounced. …There are weights too heavy for the hand of man.” Unfortunately, many Trump opponents will never make an adverse inference against arbitrary power because they seek to put government itself back on a pedestal. Trump won the election last year in part because he promised to “make America great again.” But America will not be great again until people expect and tolerate far less from presidents. And Only illiterates believe that toppling Trump is the only “dictator insurance: that America needs.”     The executive, legislative and judicial branches of our government have far exceeded their constitutional limits. It is time to rein them in.

Disaster In Red: The Hundredth Anniversary Of The Russian Socialist Revolution, by Richard Ebeling, at mises.org. Maybe the reason many young people think socialism is a wonderful economic system is because our education system hasn’t taught these kids about the deadly history of socialist central planning. The fall of the USSR in the early 90’s should have settled the argument. Excerpt from the article. “The battle between the ideologies of freedom and individualism versus political planning and collectivism, therefore, continues in slightly different forms and permutations than those expressed in the communist slogans and ideological language of 1917 and after. But the combat is no less real and is no less the same at its foundational basis.”

How Central Banks Widen Wealth and Income Gaps, by Hal Snarr, at mises.org. Excerpt from the article: “Federal Reserve (Fed) board member Kevin Warsh referred to the Fed’s monetary policy during the financial crisis as being “reverse Robin Hood.” This view has merit because the Fed’s purchases of securities push interest rates down and expand the money supply. The expansion of money then inflates the prices of financial assets, which are disproportionately owned by the rich…..Although the Federal Reserve was created to provide the US with a flexible and stable monetary and financial system, it has not. Its policies have caused economic booms and busts, reduced the value of the dollar to about a penny in just over 100 years, and may be causing substantial income and wealth inequality.”

The Ponzi Scheme That’s Over 100% The Size Of Madoff, at zerohedge.com. Pension plans are underfunded just like Social Security. When economic reality hits pensioners will have to take cut, or tax payers will be forced to pay the bill. Read this, It Begins: Pensions Bailout Bill To Be Introduced This Week.

Unions Want Freedom Of Association – But Only For Themselves, by Gary Galles, at mises.org. Unions are in favor of freedom of association. As long as the worker associates with the Union. Freedom of association is not a one way street. It means you can voluntarily decide to associate with someone, and they can voluntarily decide to associate with you. It also means each has the freedom not to associate with the other. It is a two-way street.

Diplomats Fear Tillerson Transparency Push Is Linked To Clinton Emails, by Nahal Toosi, at politico.com. State department employees who are complaining show their political bias. I thought government employees were non political public servants. Just do your job and shut up. This is how you drain the swamp. Here is an excerpt from the article: “Secretary of State Rex Tillerson’s assignment of as many as several hundred State Department officials to quickly clear a huge backlog of public records requests is being met with deep skepticism by rank-and-file employees…..The staffers also suspect the move — which will reassign many of them from far more substantive duties and has already sparked a union complaint — is meant to force many of them to resign out of frustration with what are essentially clerical positions. The issue spotlights the deepening distrust toward Tillerson at Foggy Bottom, where his attempts to restructure the department, cut its budget and centralize policymaking have already hurt morale.”

Ninety percent of ‘public servants’ are for increasing the size of government. And any individual or group of individuals who want to shrink government is the enemy. (Remember what the IRS did to tea party and liberty groups.)

When Gunmen Strike, You’re On Your Own, by Ryan McMaken, at mises.org. In any situation you are the first responder, no matter what you decide to do. Because how you respond is the first response. Here is an example- Men with Guns Save More People Than Cynics Like Stephen Colbert, by Eric Hoover, at thefederalist.com. The mass shooting at a church in Sutherland Springs Texas was stopped by NRA member Stephen Willeford. He used his AR-15.

What Nation On Earth Has Reduced Its Carbon Emissions More Than Any Other, by Mark J. Perry, at carpediemblog. Was it China the communist utopia? Or was it the evil capitalist United States? It’s the USA. Thanks to fracking and efficiency.

Facebook Founder Warns “God Only Knows What It’s Doing To Kids’ Brains“, at zerohedge.co. You should think about limiting the time you let your kids spend on social media. Excerpt from the article: Founding president of Facebook: “I don’t know if I really understood...the unintended consequences of a network when it grows to a billion or 2 billion people and ….it literally changes your relationship with society, with each other.….It probably interferes with productivity in weird ways. God Only knows what it’s doing to our children’s brains…..The thought process that went into building these applications….was all about: ‘How do we consume as much of your time and conscious attention as possible?‘.

Senate Passes Measure Requiring Sexual Harassment Training For Senators And Aides, at politico.com. I think the members of this august body already know how to sexually harass women. It is too bad Ted Kennedy isn’t with us anymore. He could teach these Senators a few tricks about how to sexually harass women. Oh! You mean anti sexual harassment training.

 

CARTOONS at therightreason.net.

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