It should be carved in stone... 

Go to:

http://www.mybillofrights.org 

_____________________

Coming March 15!

    "Another eye-opening, jaw-dropping, blood-boiling fantastic book by Charles Goyette."

       "Loved it!"

                              -  Robert Kiyosaki,  Rich Dad Poor Dad

  

    "Charles Goyette is a real treasure.  For years he has delighted radio and TV audiences with his unwavering devotion to the values of small government and sound money and personal freedom.

    In "Red and Blue and Broke All Over," he has given us a funny and irreverent examination of 'only in America tales of government excess and stupidity.If you have a crazy, Big Government loving brother-in-law who needs a dose of reality, read this book and you will win every argument you have with him. And if you want to know how the government has stolen freedom and property and enriched itself,Charles has it all here for you." 

                          - Judge Andrew P. Napolitano,  Senior Judicial Analyst, Fox News Channel, Anchor "FreedomWatch", Fox Business Network 

                  RED AND BLUE AND BROKE ALL OVER:                  Restoring America's Free Economy 

by Charles Goyette

   Available for pre-order now online or at your favorite bookstore.  

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_______________________________ 

3 Lessons from the European Mess

As the debt crisis unfolds overseas, prepare yourself for a similar fate hitting U.S. shores!

by Charles Goyette

Question:  A Greek, an Italian, and a Spaniard walk into a bar.  Who picks up the tab? 

Answer:  The Americans. 

Must the rest of us be vicitmized by the collapse of European debt and its contagion?  Is there anthing for us to gain from it? 

The answer to both questions is yes...

 

 

More Here: 

http://lewrockwell.com/goyette/goyette21.1.html 

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CASHING IN:  More great judgement from the nation's Republicans!

"Newt leads Republican polls."   

______________________

"We have you surrounded!"

DEMYSTIFYING IRAN:  Each star represents a U.S. military base. 

Why would they possibly want a nucelar weapon?

Tehran Times, Tuesday, 12/13:

Iran to hold war game practice to closing Strait of Hormuz.  "If the worlds wants to make the region insecure, we will make the world insecure," says member of parliament.   

_______________

"Eternal Vigilance is the Price of Liberty"

_________________

Four Way Tie in Iowa!

Ron Paul Moves Into Top Tier!

Congressman Paul shows the most support - 32 percent -  among likely caucus-goers who have made up their minds.  Now how does the mainstream media ignore that? 

The same way the ignored all his other victories!

_______________________________

Charles' Recommended Reading:

The new book by Judge Andrew Napolitano, It's Dangerous to Be Right When the Government Is Wrong: The Case for Personal Freedom.

Judge Napolitano, Fox News Senior Judicial Analyst and Host of FreedomWatch on Fox Business News, is one of America's most effective champions of liberty. 

His new book, which is dedicated to Congressman Ron Paul, asks - and answers -important fundamental questions about liberty: What is the source of our rights?  What are the forces that collaborate to deny us freedom?  Why does government attack instead of defend out rights?  If rights are inalienable, how is it that they are taken away?

An important resource to arm those interested in reasserting a free and open society of opportunity, peace, and prosperity.

________________________________________________

POPPING THE CLUTCH: Money Supply Up Sharply!

M2 money supply (cash, checking accounts, savings acccounts and other liquid assets such as money market funds) is up more than 10 percent over the last 12 months as compared to about 3 percent the prior year.

     "Like a race car revving up at the starting line, nothing happens - until the clutch is popped.  Then it takes off in a cloud of smoke and burning rubber.  Similarly, a resumption of commercial bank lending will release (the) "powerful tool" of bank reserves, a powerful engine of monetary expansion and dollar destruction." 

-- The Dollar Meltdown, page 95.  

___________

Joke of the Day

"Hey!  We don't serve faster than light particles here," said the bartender.

A neutrino walks into a bar.

 

____________________________

Takes One to Know One!

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The Fascist Threat

by Llewellyn H. Rockwell, Jr.

This talk was delivered at the Doug Casey conference, "When Money Dies," in Phoenix on October 1, 2011.

Everyone knows that the term fascist is a pejorative, often used to describe any political position a speaker doesn't like. There isn't anyone around who is willing to stand up and say: "I'm a fascist; I think fascism is a great social and economic system."

But I submit that if they were honest, the vast majority of politicians, intellectuals, and political activists would have to say just that.

Fascism is the system of government that cartelizes the private sector, centrally plans the economy to subsidize producers, exalts the police State as the source of order, denies fundamental rights and liberties to individuals, and makes the executive State the unlimited master of society.

This describes mainstream politics in America today. And not just in America. It's true in Europe, too. It is so much part of the mainstream that it is hardly noticed any more.

It is true that fascism has no overarching theoretical apparatus. There is no grand theorist like Marx. That makes it no less real and distinct as a social, economic, and political system. Fascism also thrives as a distinct style of social and economic management. And it is as much or more of a threat to civilization than full-blown socialism.

This is because its traits are so much a part of life – and have been for so long – that they are nearly invisible to us.

If fascism is invisible to us, it is truly the silent killer. It fastens a huge, violent, lumbering State on the free market that drains its capital and productivity like a deadly parasite on a host. This is why the fascist State has been called The Vampire Economy. It sucks the economic life out of a nation and brings about a slow death of a once thriving economy.

Let me just provide a recent example....

More Here:  http://lewrockwell.com/rockwell/fascist-threat192.html 

_______________________

In One Easy Lesson: 

Why the Free Economy Works and the State Doesn't!

____________________

The Fed's New Open Book Policy

or 

The World According to Herman Cain

Worse than a Ponzi Scheme!

_________

FLASH! 

Money Bomb Raises Over $1,000,000!

THANKS!

___________________________________ 

Charles Hosts the Ron Paul Constitution Day Money Bomb Fundraiser!  Saturday, 9/17

with Special Guests...

... including Senator Rand Paul, Lew Rockwell, Bob Murphy, Patrick Byrne, Chairman and CEO Overstock.com, former CIA Analyst Michael Scheuer, and of course Congressman Ron Paul.

Links to Listen and Donate:

http://www.ronpaul2012.com/radio/ 

____________________________________________________ 

We know how this ends...

 

... with more spending!

-------------------------------------------------

Adjusted Monetary Base

Something's happening here.  What it is is exactly clear...

_____________________________________________

Tim Kelly gets it, as usual!

 

_____________________________________________________________ 

Charles Speaks with Ron Paul on Tuesday, July 19, 2011!

6 p.m. ET!  Listen Online!

Help Congressman Ron Paul's Presidential Campaign!  The all-important Iowa Straw Poll is only weeks away.  It's a crucial test of the candidates and their prospects in the later Iowa caucuses. 

Congressman Paul has been dominaating straw polls elsewhere, and now has turned his attention on Iowa.  He has been winning key endorsements in Iowa and needs your help to make a strong showing in the Iowa Straw Poll to be held in Ames.

Help Ron Paul's Iowa campaign now, when it counts most!  Charles will co-host the the Ready, Ames, Fire! All-Day, Online Ron Paul Fundraiser on Tuesday, July 19, from 5 - 7 pm Eastern Time and will talk with Congressman Paul on at 6 p.m. ET. 

Other great guest you'll hear that day include Congressman Walter Jones of South Carolina; economist Robert Murphy; Senator Rand Paul and many other influential Ron Paul supporters!

Listen Online at READY FOR AMES Here:  http://readyforames.com/

 And Donate at RON PAUL 2012 Here:  https://secure.ronpaul2012.com/

____________________________________________

You didn't think they were going to let you keep it, did you?

___________________

SUCKERPUNCH: 

Inkjet Bernanke and the Prosperity Smackdown! 

Join Charles at The Mises Circle in Las Vegas at this year's annual Freedom Fest! July 14 - 16.

"The World's Largest Gathering of Free Minds!" 

Join Charles, along with a line-up of great conference speakers including Senator Rand Paul, Judge Andrew Napolitano, Doug Casey, Steve Forbes, and many others, for his talk on Saturday, July 16, "SUCKER PUNCH: Inject Bernanke and the Prosperity Smackdown."

And on Friday Charles joins a panel discussion with Peter Schiff, Bob Moffit, and Alison Frazier:

"Solving Once and For All the Unfunded Liability and National Debt Problem!"

More HERE:  Mises Institute  

Don't miss FreedomFest 2011at Bally's Hotel, Las Vegas.

________________________________________________________

Focus Group Testing the Declaration of Independence

______________________________________

Steve Jobs Tells City Sopranos No!

by Charles Goyette 

Apple, the consumer electronics company, has outgrown its headquarters in Cupertino, California. It wants to build a bigger, better campus. That's when the shakedown started. You know the kind: "What are you going to 'give back' to the community?"

Thanks to the success of iPods, iPhones, iTunes, iPads and Macs, Apple's headquarters building in Cupertino is woefully too small. So the company bought some nearby land and in early June co-founder and CEO Steve Jobs went before the City Council to unveil plans for the new headquarters.  It's an innovative design that looks like the mother ship has landed right there in Cupertino, a ring shaped building around a huge central courtyard area. The new headquarters will accommodate 12,000 employees, up from only 2,600 at its present campus.

Jobs displayed a project that any city would love to have. The park-like campus increases the landscaping at the location by 350 percent, almost doubles the trees on the site, and reduces the surface parking by 90 percent.

After his presentation of the stunning project, the very first question from the very first council member was, "What's in it for us?"

Apparently, making innovative and life-enriching products that serve the needs of millions of people and being the largest taxpayer and premier employer in the city isn't enough; what else can we shake you down for?

Thousands of businesses dealing with thousands of governments at all levels run head on into these rackets. It's like dealing with Tony Soprano: "That's a real nice expansion plan you got there. It'd sure be too bad if something happened to it."

In other words, what can we extort from you in return for approving your project? How about a big donation to some official's favorite cause, or why don't we make you pay for some bad public art, chosen by committee with no taste? In Apple's case it was, "how about giving us all free Wi Fi?"

Jobs' reply should be repeated whenever these shakedowns start. He said, "You see, I'm a simpleton. I've always had this view that we pay taxes and the city should do those things. Now if we can get out of paying taxes, I'd be glad to put up Wi Fi."

Or as Jobs said to the Cupertino city council in so many words, "We can always sell off the land, take our little company, and go somewhere else."

That stopped the shakedown attempt dead in its tracks. Clearly, we need more CEOs like Jobs.

American businesses have been packing up and going somewhere else for years now as they seek to escape shakedowns. After all there is always another state mobster at the door wanting taxes, creating regulations, demanding inspections, setting wages, mandating benefits, restricting business, controlling hiring, and imposing costs. Maybe it will take a further slide in American living standards and the squeeze of a higher unemployment rate for the people to wake up and put a stop to the Tony Soprano state. 

Someone needs to say to those who want Social Security and Medicare to continue on unchanged: "Don't you understand? The money is not there any more."

Many retired people remember the money that was taken out of their paychecks for years and feel that they are now entitled to receive Social Security benefits as a right. But the way Social Security was set up was so financially shaky that anyone who set up a similar retirement scheme in the private sector could be sent to federal prison for fraud. 

But you can't send a whole Congress to prison, however much they may deserve it.

This is not some newly discovered problem. Innumerable economists and others pointed out decades ago that Social Security was unsustainable in the long run, including yours truly on "Meet the Press" in 1981. 

But the long run doesn't count for most politicians, since elections are held in the short run. Politicians' election prospects are enhanced, the more goodies they can promise and the less taxes they collect to pay for them.

That is why welfare states in Europe as well as here are facing bitter public protests as the chickens come home to roost.... 

The money that young workers are paying into Social Security today is not being put aside to pay for their retirement. It is being spent today, paying the pensions of the retired generation – and it can't even cover that in the years ahead.

What needs to be done is to allow younger workers a choice of staying out of a system that is simply running out of money. Nor can the system be saved by simply jacking up taxes on "the rich."

Generations of experience have shown that high tax rates that "the rich" can easily avoid – through tax shelters at home or by investing their money abroad – do not bring in as much revenue as lower tax rates that keep the money here and the jobs here. 

Since the law does not allow private pension plans to be set up in the financially irresponsible way Social Security is, that is where young people's money should be put, if they ever want to see that money again when they reach retirement age.

On Friday:  A Panel Discussion with Bob Moffit, Alison Frazier, and Charles Goyette

"Solving Once and For All the Unfunded Liability and National Debt Problem!" 

(Richard Rahn, moderator)

Charles is speaking on behalf of the Mises Institute .

Don't miss FreedomFest 2011 at Bally's Hotel, Las Vegas

_________________________________________________________

OBAMA SAYS DON'T PANIC!

by Charles Goyette

Expecting insight about the economy from Barack Obama is like hoping to learn about Paul Revere from Sarah Palin.

However, inadvertently, the President seems to have gotten something right.

President Obama stumbled into the truth at an appearance with German Chancellor Angela Merkel when he said that he is not worried about a second recession.

Although the evidence is both mounting and credible that the economy is sinking deeper, it is foolish to think the downturn will mean a second recession. That's because the first recession, the one that officially started in December 2007, never really ended.

The pronouncements by the National Bureau of Economic Research are regarded as definitive statements about when economic downturns begin and end. By their calculation, the worst downturn since the Great Depression ended in June 2009 after eighteen months, and the recovery got underway.

Never mind that it took them more than a year after the fact to reach that conclusion.

Look, if the economy hasn't recovered, then a recovery couldn't have begun. It's like saying an airplane took off, even though it never left the ground.

Something was going on that created the illusion of a recovery, but now, two years after it was supposed to have started, there is no recovery in sight.

The price of oil had been on a tear back when the recession began; it's even higher today. The price of gold has almost doubled.

After three and a half years, GDP is virtually unchanged, while retail sales are actually lower.

Some recovery.

More Americans are on food stamps and the unemployment rate is almost twice what it was when the recession began.

In fact the signs of the economy slowing even more now are visible in the latest jobs numbers. For May the feeble addition of only 54,000 jobs means the unemployment rate ticks up.

Last time the bureau declared a recession over, in November 2001, unemployment didn't pick up for two years.

So where did the bureau get the idea this time that the economy was recovering in June 2009? It must have been influenced by Obama's $830 billion "stimulus" package. While Bush's billions for bankers were still fresh in the their hands, the new president came into office and began throwing more cash around. There was cash for clunkers, cash for automakers and unions, cash for home buyers, cash for transportation boondoggles, cash for politically-connected green projects, cash for government buildings, cash for the arts.

You get the idea. Everybody was high on Obama billions. It was like Saturday  night at the Roxy. But given enough cocaine you can probably even get a corpse to show a pulse.

It must have been a fun party. The Keynesian economists and other statists thought that it would go on and on and the bill would somehow take care of itself.

The takeaway from all this is to beware of all such boards, bureaucrats, and bodies, especially those with designs on managing the economy. The economy lives in the experience of people and not in seasonally adjusted statistics and weighted aggregates. If you and sixteen million people like you don't have a job, you're still in a recession.

So when the president says he's not worried about a second recession, and that you shouldn't panic, he's half right.

The first recession never ended. 

THE DOLLAR MELTDOWN

(돈의 흐름이 바뀌고 있다)

Just Released In South Korea!  On Bestseller List At #6! 

 

_____________________________________

The Ron Paul Debate Day Money Bomb! 

Join Charles Thursday at 3 p.m. ET; 12 Noon PT!

Listen Live and Pledge Your Support! Info here ( web) and here ( facebook) 

 

_____________________________________________

Tim Kelly!  By the Time Standard & Poor's Figures It Out...

______________________________________

LIBERTY DEFINED

New!  By Congress Ron Paul!  Now Available!

FROM THE INTRODUCTION:

The choice we now face: further steps toward authoritarianism or a renewed effort in promoting the cause of liberty. There is no third option. This course must incorporate a modern and more sophisticated understanding of the magnificence of the market economy, especially the moral and practical urgency of monetary reform. The abysmal shortcomings of a government power that undermines the creative genius of free minds and private property must be fully understood.

This conflict between government and liberty, brought to a boiling point by the world's biggest bankruptcy in history, has generated the angry protests that have spontaneously broken out around the country – and the world. The producers are rebelling and the recipients of largess are angry and restless.

The crisis demands an intellectual revolution. Fortunately, this revolution is under way, and if one earnestly looks for it, it can be found. Participation in it is open to everyone. Not only have our ideas of liberty developed over centuries, they are currently being eagerly debated, and a modern, advanced understanding of the concept is on the horizon. The Revolution is alive and well.

The idea of this book is not to provide a blueprint for the future or an all-encompassing defense of a libertarian program. What I offer here are thoughts on a series of controversial topics that tend to confuse people, and these are interpreted in light of my own experience and my thinking. I present not final answers but rather guideposts for thinking seriously about these topics. I certainly do not expect every reader to agree with my beliefs, but I do hope that I can inspire serious, fundamental, and independent-minded thinking and debate on them.

Above all, the theme is liberty. The goal is liberty. The results of liberty are all the things we love, none of which can be finally provided by government. We must have the opportunity to provide them for ourselves, as individuals, as families, as a society, and as a country.

  ORDER HERE:  Liberty Defined

_____________________________________________ 

Et Tu, Sam?

 

________________________________________________________________

A Problem Without A Solution? Government Debt, That Is.

Michael Pollaro writes: we here at THE CONTRARIAN TAKEcannot help but wonder if Washington truly grasps the enormity of the government's increasingly fragile financial condition, whether they truly are seeking a solution to the government's mounting debt problem. So far Washington has done nothing to address these issues. We think time is running out…

... consensus in Washington generally comes about as a result of a crisis. On April 18 th S&P placed the U.S. government's debt on negative watch. Washington has been alerted.

Read More HERE:  THE CONTRARIAN TAKE

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 ________________________________________________________

 

_______________________________________________

  Join Charles at this year's Freedom Fest!  July 4 - 16.  "The World's Largest Gathering of Free Minds!" 

Join Charles, along with a line-up of great conference speakers including Judge Andrew Napolitano, Doug Casey, Steve Forbes, and many others, for his talk, SUCKER PUNCH:  Inject Bernanke and the Prosperity Smackdown.

Charles is proud to be speaking on behalf of the Mises Institute on Mises Circle Day, July 16.

Don't miss FreedomFest 2011 at Bally's Hotel, Las Vegas. 

____________________________________________________

... by any other name would still cost $100 million a day!

Cost of military campaign in Libya could wipe out GOP's spending cuts

U.S. military operations in Libya could wipe out a significant chunk of the budget cuts won by congressional Republicans in recent weeks, defense analysts say. 

GOP leaders have trumpeted enacted spending reductions that amount to more than $285 million per day since the beginning of March. 

But defense analysts say the Pentagon could be burning through more than $100 million per day in Libya, putting those budget savings at risk. 

 -- The Hill

_________________________________

"If nominated I will not run...

If elected I'll demand a recount!"

-- Charles Goyette

_____________________

Good Point, Ben.  Good Point!

___________________________________

 THE DOLLAR MELTDOWN - Published in China!

 __________________________________________

Jim Rogers says, "We're at a moment of truth for the dollar!"

"If the dollar breaks and keeps going down now . . .  there's a lot of good news for the dollar: the Middle East is erupting–supposed good news for the dollar.  All of these people are supposed to be fleeing to the U.S. dollar as a currency for safety.  But it's not happening.  When you start seeing good news for something and it goes down, it's usually a good sign that you better get out fast."

The dollar's next move is critical, he said, as a break down to near the all-time lows for the currency at approximately 71 on the USDX achieved just prior to the Bear Stearns meltdown of March 2008 will turn him into a seller of the dollar.

"If it [dollar] keeps going down, I'm going to have to dump the rest of my dollars, and then it's all over for the dollar."

More Here: http://www.beaconequity.com/jim-rogers-u-s-dollar-may-be-near-%E2%80%9Ctipping-point%E2%80%9D-2011-03-21/   

We're Here! We're There!  We're Everywhere!

 

  ____________________________________________

America, Poised for a Hyperinflationary Event? TheRoadmap by Michael Pollaro 

As we write this essay, longer-term U.S. Treasures are getting a bit of a safety bid on the economic impact of a possible nuclear meltdown in Japan.  Understandably, mounting U.S. government debt problems, which Washington has yet to constructively tackle, continued unrest in Africa and the Middle East and a still dovish Federal Reserve are taking a back seat. Such cannot we think last forever.

Suffice to say, we will be tracking developments here, and the supporting numbers at THE CONTRARIAN TAKE.

A March 17 article on CNBC titled "US Cost of Living Hits Record, Passing Pre Crisis High," is about a recently released Department of Labor report which calculates the actual cost of living for Americans hitting record highs in February.  

That same day The House Financial Services Subcommittee on Domestic Monetary Policy and Technology was holding a hearing on the relationship between monetary policy and rising prices.   As a metaphor for Washington's regard for the purchasing power of the dollar, 4 out of the 14 members of the committee actually showed up.   The attendance in the gallery looked about as crowded as a Seattle Mariners home game in September.  

All of the witnesses offered excellent insight, among them James Grant.   The famous hedge fund manager John Paulson has said that banks, "could have spared themselves hundreds of billions of dollars in losses" by listening to Grant and reading his publication, Grants Interest Rate Observer.    In his testimony Grant said, "Today's dollar is weightless, uncollateralized by anything other than the world's faith in us.   That seemingly in history's judgment would be an impossibility, yet here it is."

A recent Rasmussen poll finds that four out of five people in the U.S. are worried about inflation; reports from the Department of Labor justify this fear. It is concerning that many members of the Subcommittee failed to show up for this iumportant hearing.   The media was mainly absent as well.   Maybe it takes a pressing matter like steroids in baseball or car quality to get them to appear.  

Not a word was mentioned about the subcommittee hearing or inflation on the Sunday morning talk shows.   The talk was instead focused on U.S. air strikes against Gadhafi in Libya, a country that poses no threat to the United States.  

The continual apathy for the value of the dollar in Congress and the media will  move us closer to its inevitable collapse. 

Wars, Rumors Of Wars, Skyrocketing Oil Prices And Global Economic Chaos!

The rest of the world does not appreciate all of this "money printing" and the inflation that this is causing is beginning to create massive imbalances on global financial markets.

The world is starting to lose faith in the U.S. dollar.  Right now, approximately 85% of all foreign-exchange transactions in the world involve the U.S. dollar.  Not only that, 60% of all the currency reserves in the world are in U.S. dollars.  With the U.S. dollar rapidly becoming less stable, many are now wondering if it should continue to be used as the reserve currency of the world.

The truth is that if the U.S. dollar falls, it is going to create a tremendous amount of financial chaos in almost every nation on the globe.

Charles Goyette has made an important contribution to the conservative and investment literature by distilling complicated economic and financial matters into an easily digestible volume.  This is a must-read for conservatives and personal investors in search of a better understanding of a host of economic and financial topics including:  the federal bailouts, the national debt, monetary policy and the Federal Reserve, inflation, and the role of gold in currency valuation throughout history.

The author's thesis is simple:  America's massive national debt, coupled with reckless intrusions by government regulators, have put this country on a crash course toward high inflation and dollar devaluation.  Goyette divides the book into four sections:  Where We Are, How We Got Here, What Happens Next, and What to Do.

The author provides common sense strategies for personal investors looking to shield their assets from the dollar devaluation.  Goyette provides the reader with a blueprint for building a diversified investment portfolio with holdings in tangible commodities including gold, silver, and oil.  He even provides information on specific investment vehicles such as the SPDR Gold Shares exchange-traded fund to help you jump-start your investment research.  One of the best features of the book is that it has an appendix full of investment resources.  Of course, before you invest in anything you should always do your own research and never, ever buy on speculation.

This book also highlights the damage that has been done to our economy by incompetent public officials (Republicans and Democrats) in Congress, the Federal Reserve, and the Executive Branch.  Timothy Geithner stands out, though:

Timothy Geithner, soon to be named President Obama's new treasury secretary, was the president of the Federal Reserve Bank of New York at the time.  He had solemnly explained the prior April that but for the Fed's bailout, the failure of Bear Stearns would have led to falling stock prices and downward pressure on real estate prices.  Such a failure, said Geithner, would have led to "a greater probability of widespread insolvencies, severe and protracted damage to the financial system and, ultimately, to the economy as a whole."  This, of course, is precisely what happened after the bailout.  (pg. 14)

Government bailouts and Keynesian economic policies do not work.  Yet we have public officials like Geithner who continue to occupy positions of power despite incredibly poor past performance.  Geithner was dead wrong on the Bear Stearns bailout.  The company failed and was sold in a fire sale to JP Morgan Chase.  So why would Geithner think that an even bigger bailout, the Troubled Asset Relief Program (TARP), would work months later?

Empirical evidence should have told him that bailouts were ineffectual. Government has an innate compulsion to "try to do something."  Instead, they should let the market correct itself.  This means that companies who made poor business decisions should reap the consequences.  The government's meddling in the markets has created an environment of socialized risk and privatized gain.

Go to the HOPE IS NOT A FOREIGN POLICY blog HERE:

http://www.hopeisnotaforeignpolicy.org/2011/02/18/free-book-giveaway-and-review-the-dollar-meltdown-by-charles-goyette/ 

 ____________________________________

In Federalist 45 James Madison wrote, "The powers delegated by the proposed Constitution to the federal government, are few and defined."   He would later write in 1792, "If Congress can do whatever in their discretion can be done by money, and will promote the General Welfare, the Government is no longer a limited one, possessing enumerated powers, but an indefinite one…"

One can safely assume that most members of Congress and President Obama's views on governmental power differ from those of Madison.    In President Obama's budget for the fiscal year of 2012 he proposed $3.73 trillion dollars in government spending.   The deficit is projected to be about $1.1 trillion dollars. The proposed federal budget will surpass  year 2000 spending levels by more than 2 times, and will exceed the GDP of Germany by about $400 billion dollars.   Oddly enough, within the budget message the President writes, "If the recession has taught us anything we cannot go back to an economy driven by too much spending, too much borrowing."  

In the budget message the President also says his administration will make large investments in education and technologies such as cyber security, nano-technology, and biomedicine.   Infrastructure projects such as a high- speed rail will be a priority as well.   The belief is that innovation will drive our economy to prosperity.  

There is no question that innovation is important for a prosperous economy.   Peter Drucker the famous consultant to GE, Coca Cola, and Intel, wrote in his book Innovation and Entrepreneurship, "Innovation is the specific instrument of entrepreneurship.   The act that endows resources with the specific capacity to create wealth."  

The Obama administration believes that they can drive innovation through massive government spending into areas they deem innovative.    However, what would happen if their view on the federal government's powers fell in line with those of Madison, and they suddenly reduced their powers to those only specifically enumerated in the Constitution?   What would happen to innovation if the government refrained from seizing so much money from the private sector, and let it allocate their resources as they please?   We will probably never know, but it is likely we would see less bridge to nowhere type projects and more innovation.

____________________________________________________________

     And while Goyette's libertarian views of government are clearly on display, it is difficult to dispute his contention that that the U.S. is enormously indebted, the dollar is increasingly losing worth, the federal government is gaming the economy, other nations will eventually stop feeding the monster and there will be consequences. Only the ignorant, the irrational or those counting on a collapse to further their own agenda would argue that some sort of reckoning is coming.

     ... it is a first-rate history of money, government economic intrusion, the consequences of debasing a nation's currency and how the U.S. has backed itself into a not easily escapable corner. With efforts like Goyette's no American today has the right to argue they don't know where the nation is heading and how the road there was paved. What remains to be seen is how badly the fall will be and whether Rome can be rebuilt.

Steven Martinovich is the editor in chief of Enter Stage Right.

Read the Review HERE:

www.enterstageright.com/archive/articles/0211/0211dollarmeltdown.htm

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For countless decades, Americans have been responding through protests, lawsuits, and "voting the bums out."  Yet, year in and year out, federal power always grows.  And it doesn't matter which political part is in power, or what person occupies the white house either.

But there's another way – one that people like Thomas Jefferson advised – "Whensoever the general government assumes undelegated powers….a nullification of the act is the rightful remedy."

Since 2006, the Tenth Amendment Center has been the tip of the spear advancing this message – that when states pass laws to reject and nullify unconstitutional federal "laws" regulations and mandates – it's not rebellion…it's duty."

GENERAL ADMISSION TICKETS ARE FREE. You must reserve seats – RESERVE SEATS HERE, or by calling 888-71-TICKETS

http://www.nullifynow.com/phoenix/

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Hu's Picking Up the Check?

 

 

Speakers will address the implications and what to do about it. They will discuss "free enterprise," words that Obama seems to have difficulty uttering to say nothing of practicing.

Schedule 

8:30 a.m.    Registration begins, coffee, Bookstore open
9:30 a.m.    Welcome, Douglas French
9:45 a.m.    Douglas French"Destroying Capital with the Printing Press"
10:15 a.m.  Charles Goyette"Wreckonomics: While the People Sleep"
10:45 a.m.  Discussion and refreshments, Bookstore open
11:00 a.m.  Bob Higgs"Government is Responding to the Crisis -- Run for Your Life!"
11:30 a.m.  Lunch with Congressman Ron Paul, "Banking and the Fed as Enemies of Prosperity"
 1:15 p.m.    Lew Rockwell"Hazlitt and Keynes"
 2:00 p.m.  Adjourn

January 22-22 2011
Houston, Texas

Register Here

The Shosin Project:  Interview with Charles Goyette

Your book is called The Dollar Meltdown. Where does the dollar stand right now?

I think it's like that hockey stick graph that turns straight up at some point, and we're at that crucial point. As Americans, historically some of the richest people in the world, we have to borrow from some of the poorest people in the world to keep our government's appetite fed. You wonder just how long the fiscal and monetary authorities think that can go on. And the ugly truth is, but for inflating away the debt, they have no contingency whatsoever to get any of this paid by traditional means. We got the revelation with a document dump a couple of weeks ago that the Federal Reserve has been effectively acting as the central bank of the entire world, loaning to foreign central banks and corporations during the heat of the crisis. Under those circumstances, how do they say no to California, or New Jersey, or Texas?

You say we've reached a crisis point-what are the signs?

A great leading indicator is the price of gold. You could call gold a referendum on the quantity and the quality of the US dollar. Historically people have called gold 'capital on strike.' It's not capital that pays an interest return. So normally, people like to have their money in a dependable unit of accounting, and working for them. But under the circumstances, in which the dollar is not a dependable unit of accounting and can be created willy-nilly, people begin to put their money on strike. You see this confirmed in the actions of central bankers around the world. Foreign central banks hold dollars against which they issue their own currency. They have been net sellers of gold for many years, and they have now become net buyers.

What are some of the underlying causes for these developments?

The American dollar has been an irredeemable currency and there's been very little discipline among the political classes in spending money. For a couple of generations, we've seen the governing classes develop the habit of buying reelection with money they don't have. But ultimately, it has to be the fault of the American people too, because the American people have been willing to believe myths a child shouldn't believe. They have believed the myths that this country can spend its way to prosperity, that money can be created out of thin air, that we can recover from a crisis caused by borrowing more money than we're able to pay by borrowing more.

How do you see this actually playing out?

There is a template that these things typically follow. For example, commodity prices have moved way up. These prices have still not even reached the level of the consumer, but they will eventually. If the price of oats has gone up 68%, that will eventually reach the consumer when they go to buy Quaker Oats. So in the new year, your local TV news station will send a camera crew to the local grocery store. And they'll interview people about the rising costs of food. Consumers will be complaining about rising prices. And typically in these currency crises, the political classes say, "Prices are rising too fast, we'll fix them by imposing wage and price controls."

We've lived through this in America. In the 70s, you had Richard Nixon's price control program. And wage and price controls always cause shortages. And then things get really tough, because the self-same people that caused the problem in the first place say we'll fix that with rationing. And then the economy really goes in the tank.

The decisions are yet to be made. But as I wrote in the foreword to the paperback edition of The Dollar Meltdown, you can probably judge the severity of our economic crisis by the cluelessness of the governing officials as it approaches. And if that's the standard that you use, it will be very severe, indeed. Because here we are at the brink, and the federal government is virtually insolvent today, and even so, this year they created a massive new entitlement program. Those are the fiscal authorities. On the monetary side, it's been as insane. It looks like you can be fairly conservative and say the crisis will be very severe.

Do you think wage and price controls are  politically feasible today?

There was a move back in 2008 to freeze oil prices by executive fiat or by congressional fiat. They want to cap returns, they want to cap this, they want to cap that. If you judge by the nationalization of the automobile industry, the banking industry, the health care industry and so on, and say, well, they'll be really reluctant to interfere in the dynamics of the free economy and the free market pricing system, that really doesn't make sense.

What's the solution from a policy perspective, and what's the likelihood Congress will take action?

Before the election, the Republican Party came out with the Pledge to America. And in that, they said, "We will try to get a handle on this problem. In the first year, we will cut spending by $100 billion." They made that announcement September 22. You can follow the visible US debt to the penny on the Treasury website. How long did it take from the day they made that announcement for the national visible debt to increase by $100 billion? One week. Congressman Ron Paul and Robert Higgs at the Independent Institute and others have calculated war and foreign spending at about a trillion dollars a year. That's a place to start. But the American people have not realized that they can't afford to run the globe.

What can individuals do to hedge against this possibility? 

Well, the main thing they need to do is understand that it's a problem with irredeemable fiat currencies. The dollar is the 800-pound gorilla, but all the currencies of the world are fiat. And so people need to take steps to insulate themselves from the dollar crisis. Just as the central banks are starting today to hold their central reserves in gold and try to lessen their exposure to the US dollar, individuals need to do that in their families.

Even more important is that they learn sound monetary economics. This is a monetary crisis, and the American people have not given it much thought. When Tim Geithner went to Beijing and spoke with graduate students at Beijing University, he made them all kinds of assurances that the debt they hold will never be downgraded. And they laughed at him. But here, Moody's comes out six months ago and says that if the US doesn't do something serious, they will have government debt downgraded. So Geithner goes on the Sunday morning shows to say the same things he said in China. But Americans didn't laugh at him, because they haven't given any thought to the underlying issue of the dollar as a unit of accounting, where it comes from, and what gives it value. Even more than the investment strategies, I think it's important for people to arm themselves with all kinds of contingencies by taking some of the other descriptions and lessons in the book, of how these currencies crises have developed throughout history and how they typically unfold.

"Armor Yourself Against the Predator State!"

Against the destitution at our doorstep, governing classes will set wage and price controls, ration goods and services, institute death panels, militarize everything, remove the last little privacy people have, confiscate gold and silver, suppress alternatives to their worthless fiat, escalate their programs of identity theft and blackmail, further dumb us down by mainstream state propaganda media and public education warehouses, and torture ordinary citizens while they pretend that America is still God-chosen. This will be history repeating itself. Thus, in the face of these horrific crises, a remnant will have protected themselves and will survive by arranging to hold and hide physical gold and silver and by arming themselves through studies of Goyette's book, The Dollar Meltdown, and Murray Rothbard's works, with deeper understanding of this grim pattern.

 

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Diplomats.... Sent Abroad to Lie for Their Country!

Charles Goyette Speaking on the Fed, Congress, Gold, and the Dollar.  It's Wealth for Wall Street and Poverty for the People.  And How You'll Feel it in the New Year. December 3 - 4 - 5 at the Sheraton Crescent Hotel, Phoenix

The Freedom Summit is an annual conference dedicated to promoting and advancing human freedom.  Each year the Freedom Summit program schedules speakers who have demonstrated their effectiveness in presenting the intellectual case for freedom.

Past Freedom Summit participants include Congressman Ron Paul, Peter Schiff, Harry Browne, Doug Casey, Jim Bovard, and others.

This year the Freedom Summit Speakers include Professor Don Boudreaux of George Mason University, Larry Reed, President of the Foundation for Economic Education, Law Professor Butler Shaffer, Dr. Jeffrey Singer, and Soctt Horton form AntiWar.com

And get The Dollar Meltdown Outlook for the New Year from Charles Goyette!

To lear more and for registration go to FreedomSummit.wordpress.com  

Imagine an ice cube on an asphalt roadway in the mid-summer heat, quickly melting away to nothing. That's a good way of thinking about what government policy has been doing to the value of our money. In The Dollar Meltdown, investment adviser and former radio talk-show host Charles Goyette explains why the dollar is melting away and offers sound advice for people who prefer that their wealth avoid the fate of that ice cube.

Goyette begins by noting that while the federal government has been going through money like a drunken sailor for decades, the last ten years have been simply devastating. In 2004 Congress had to raise the government's debt ceiling to over $8 trillion. The increase in federal debt just in the first three years of the Bush II presidency was two and a half times greater than the total debt the government had accumulated from 1776 to 1980. Gold, which Goyette calls the canary in the coal mine, rose to $442 per ounce with that increase. Of course, the politicians could not restrain their appetite for spending and in 2006 Congress once again had to raise the debt ceiling (not much of a ceiling!) to $9 trillion. Gold had risen to $554 by then.

That was not a mere coincidence. Gold's price is a referendum on the expected trend of fiat money—the dollar. Gold has been over $1,200 lately, indicating that confidence in the value of the dollar keeps falling. Goyette shows that there are good reasons why people are losing confidence. When the stock market plunged and financial markets hit the panic button in September 2008, President Bush asked his advisers, "How did we get here?" Goyette provides an explanation that even an airhead politician should be able to understand.

Our political and media elites, confused and desperate over the economic debacle, advanced the notion that the culprit was "deregulation." Goyette gives that self-serving falsehood the back of his hand, showing that the problem was rooted in massive government intervention in the economy, with meddling in the housing market most prominent. He has a great talent for colorful analogies, writing, "Like pirates whose fake lighthouses drew hapless ships to plunder, political pirates distort otherwise self-regulating economic activity with laws and regulations aimed at winning favor among specific beneficiaries." Politicians—and Goyette correctly holds both major parties to be equally guilty—make off with the booty of campaign support, special interest groups enjoy the subsidies and other favors bestowed by the politicians, and the rest of us suffer the harm.

Bad as the "official" federal debt is, Goyette informs the reader that the situation is actually much worse. The government would need to set aside over $99 trillion to cover just the anticipated shortfall in its spending plans—that's over and above the current taxes (including Social Security "contributions") the government collects. Paying for all the megastate's promises is, Goyette accurately says, "insurmountable."

But of course the politicians will try, and the time-honored method for governments to pay excessive debts is through inflation. Goyette knows his monetary history and observes that monarchs have resorted to monetary debasement, such as making coins from cheap metals and printing up vast amounts of irredeemable paper money, for more than 2,000 years. Inflation, he instructs the reader, means that the supply of money gets inflated, leading to generally rising prices. Knavish government officials may say that the causes of inflation are mysterious—Goyette quotes some astounding nonsense spoken by one of Jimmy Carter's top economists on how inflation is somehow "society's" fault—but misleading ordinary people while looting their wealth is one of the things governments are best at.

Another excellent feature of The Dollar Meltdown is the way it disabuses readers of the foolish notion that the government does all its spending and inflating for the good of the people. Consider this sentence: "Ultimately the survival of the government and the governing classes (at least in the reckoning of those in charge) trumps the resilience of the economy and the well-being of the people." Devastatingly accurate. The State's depredations against us will continue as long as most citizens continue believing that the State acts to serve them. Goyette tells them that it's a gigantic lie.

If you want a good, easy-to-read explanation of gold, fractional-reserve banking, the Federal Reserve, and the nasty side-effects of the politicization of money, this book is excellent. And if you already understand all that and desire good advice on how to protect your wealth when the government means to expropriate people to the fullest, it provides that, too.

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Oh, We Got the Bird Alright!

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Bernanke's QEII As Seen Through Chinese Eyes!

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   To follow Charle Goyette's interview and speaking schedule, click the MELTDOWN button on the right, and go to APPEARANCES. 

Even Before QEII, The Fed Was Sitting On A Major Mess!

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More Book Reviews: THE DOLLAR MELTDOWN

From THE LONELY CONSERVATIVE: The release of the updated paperback edition of Charles Goyette'sThe Dollar Meltdown couldn't be more timely. I just got off the phone with Mr. Goyette. The first thing I asked about was Federal Reserve Chairman Ben Bernanke's plan to spend an additional $900 billion  on Treasury Bonds, the plan known as "Quantitative Easing II" (QE2). Goyette calls it an "absolute disaster." He said it's nothing more than a wealth transfer to Wall Street, from the rest of us.

Goyette believes Rep. Ron Paul is right in his quest to "end the Fed." I told him that many on our side argue that we can't do away with the Federal Reserve because we don't have anything to replace it with. Goyette scoffed at such a notion, saying that since the Federal Reserve was created 98 years ago, 94% of the dollar's purchasing power has been destroyed, and that we've had the worst inflation and depressions in history. He likened it to a family business. If your family business was run by a management company that destroyed 94% of its value, would you say "Well, we can't find new managers!"?

-- Read More HERE

From NOISYROOMnet, by Terresa Monroe-Hamilton:  The Dollar Meltdown by Charles Goyette provides a fascinating look into America's financial collapse.... He gives you a practical plan for protecting yourself, your family and your investments from the all but inevitable fall of the dollar and a worldwide monetary collapse.

Taking a journey through the complexities of America's financial trials that has brought her to the precipice of financial ruin, Goyette lays out our government's part in our economy's downfall. Disparaging of Keynesian theory and instead steeped in the flawless logic of Hayek's Austrian perspective of economics, he shows the progression of doomed economic policies that have lead to our current crises. You'll see the history of our currency and enjoy an in-depth analysis of money and how it functions today in America. Fiat currency is a subject every American should be able to understand and discuss intelligently.

-- Read More HERE

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"The first casualty of war is the truth."

Movie Recommendation: 

FAIR GAME

            Like The Tillman Story, Fair Game evokes all the memories of the Bush adminstration's reckless and deadly disregard for the truth, as well as the ease with which the public can be led to believe a narrative dispensed from the halls of power. 

Fair Game is the story of Valerie Plame and her status as a CIA agent,  revealed by White House officials out to discredit her husband after he wrote a 2003 New York Times op-ed piece saying that the Bush administration had manipulated intelligence about weapons of mass destruction to justify the invasion of Iraq.

MY OWN PART OF THE STORY

On September 11, 2003, I was introduced to Robert Novak, who was the featured speaker, at a Goldwater Institute luncheon at the Ritz Carlton Hotel in Phoenix.

I had been discussing Novak's Valerie Plame column in which he had described her as a "CIA operative," on The Charles Goyette Show since its first appearance in July. I felt that the implications of Novak's column were serious - that it certainly appeared to be the Bush administration attempting to discredit Joe Wilson, a critic of the Iraq war - and that it was not getting the kind of media attention it deserved -- not unlike the Downing Street memos.

Since the story was being so badly neglected, I pressed Novak quite vigorously, both before and after his luncheon talk, for more details about his sources and for his thoughts about the gravity of the column.   It had the fingerprints of Karl Rove, I said.

He was clearly uncomfortable with the topic and would say little.

Finally after the event wound down, we found ourselves side by side out in front of the hotel as we waited for the parking valet to bring our cars around. Again I pursued the question of his sources on the story, to which Novak gave me this very specific reply: "I'll tell you one thing. It wasn't Karl Rove."

"It sure sounds like Karl Rove", I said.

"Well, it wasn't Rove. And that's all I'm going to tell you", said Novak.

I described the conversation with Novak on my show later that day, and have told the story on the air a time or two since. As far as I know, I was the only person who had gotten anything specific from Novak on his sources for the Wilson/Plame story until much later.

Incidentally, a couple of weeks after I spoke with Novak, Rove came to town for a fundraiser for one of Arizona's Republican congressmen.   I gritted my teeth and attended the Camelback Inn luncheon, hoping to press Rove on the topic since nobody in Washington (is everybody there brain dead?) was doing much about it. But he was whisked in and out so fast it was impossible to get anything from him.

Novak's denial notwithstanding, I still thought Rove was one of the "two senior administration officials" that Novak had cited in his Plame/Wilson column.

Three years later, in July 2006, Novak was finally forced to confirm what he had adamantly denied to me in 2003: that Karl Rove was indeed one of the officials who had leaked the name of Valerie Plame, thereby destroying her career as a covert CIA operative.

Of course the supreme irony of the entire affair is that Valerie Plame was actually working to contain the proliferation of real weapons of mass destruction, not the fanciful ones that were the pretext for the endless war.

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THE DOLLAR MELTDOWN:   Book Review by Steven D. Laib

Those of us who listen to Conservative talk radio or financial programming have all heard the advertising for the various gold and silver dealers who loudly trumpet their wares and their predictions.   Goyette counters this last problem with solid advice.   He properly explains what to buy and why, as well as what to avoid.   He provides options for the average person and makes it understandable so that someone could walk into a reputable discount broker and make sense of what is available.

... All things considered The Dollar Meltdown is good, entertaining and easily understandable reading.   For someone who is concerned about protecting their wealth in these troubled times it provides an excellent starting point as well as an occasional reference.

-- IntellectualConservative.com

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STANDING ROOM ONLY

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Bernanke Tells Jacksonville University Students Quantitative Easing  Is Not Inflationary!

Michael Pollaro schools the Chairman:  "It may be time for Money Mechanics 101, for it appears you do not understand the money creation process."    

     "The True Money Supply or TMS, has been growing at double digit rates for some time now, 21 consecutive months to be exact, with the latest month showing a year over year rate of increase of 11.2%.  And what has been the primary cause of this money supply explosion?  QE I... beginning in September 2008"

  - The Contrarian Take,  More HERE

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Wednesday Night The Dollar Meltdown

Goes Coast to Coast!

Either stunningly inept or provocatively cavalier, on the day after the election the Federal Reserve announced its latest money-creating, wealth transferring operation...

 Doubling down with QEII

This spells big problems for us all!

Join Charles Goyette when he talks about the Fed, the new Congress, debt, the dollar and gold with George Noory! 

Coast to Coast AM.com 

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Bernanke:   Wealth for Wall Street,                   Poverty for the People 

by Charles Goyette

It was just two years ago, a wealth transfer so brazen as to leave one breathless.   The $700 billion Bush bailout met with so much hostility from the public that one congressman said his calls were running 50-50: 50 percent "no," and 50 percent "Hell no!"  

Determined not to let it happen again, people across the country began linking arms in activism and tea parties.   By last week they had changed Congress.   Dozens of bailout supporters from the house and the senate had been turned out of office.   So you'd guess that would pretty much put a lid on bailouts and wealth transfers, at least for now, right?  

Wrong.  

With timing either stunningly inept or provocatively cavalier, on the very day after the election the Federal Reserve announced its latest money-creating, wealth transferring operation, euphemistically called Quantitative Easing II (QEII).  

In an operation larger than either Bush's $700 billion bailout or Obama's $787 billion stimulus bill, the Federal Reserve Open Market Committee has decided to buy $900 billion in "longer-term" U.S. treasury bonds by the middle of next year; $600 billion in new purchases and $300 billion more by re-investing principal payments from assets it already holds.  

That the policy is aimed at inflating stock prices is widely understood on Wall Street.   As Art Cashin of UBS Financial Services wrote, its apparent purpose is "to lift the stock market and promote a wealth effect."   In his Washington Post defense of the move, Bernanke admitted as much, saying stock prices got a boost last time and "higher stock prices will boost consumer wealth."    

There may be some truth in Peter Schiff' suggestion that the Fed's new policy is an attempt to make a virtue out of necessity: that the government foresees increasing difficulties finding enough lenders for its runaway debt.   In any event, it should be noted that the $900 billion QEII operation is close to the amount of U.S. treasuries held by China, $868 billion.   But when the Chinese buy U.S. treasuries, they do so with real money they earned from actually making and selling things.   The Fed buys them with money it created out of nothing.  

As the Fed adds $6oo billion in treasuries to the asset side of its balance sheet, at the same time it adds to the liabilities side of its balance sheet by creating reserves in the banking system to the same extent.   In other words the act adds to commercial banks' deposits with the Fed by the amount of the purchases, $600 billion.      

While we use the term money printing as a euphemism for these activities by the Fed, it is a process vastly more efficient than just printing cash and shoving it out helicopter doors.   Because of the fractional reserve nature of the U.S. banking system, banks are empowered to lend out multiples of their reserves.   When bank lending gets going in earnest, these new enlarged bank reserves created by the Fed become the basis for the expansion of money and credit many times over.   In The Dollar Meltdown: Surviving the Impending Currency Crisis with Gold, Oil, and Other Unconventional Investments, I liken this to a car at the race track.   Revving its engines at the starting line, nothing happens—until the clutch is popped. Then it takes off in a cloud of smoke and burning rubber. Similarly, these bank reserves are a powerful engine of monetary expansion and dollar destruction that will take off in earnest as commercial bank lending gets underway.  

In the meantime, the dollar is already plunging and commodity prices are beginning to run in the manner described in the book, even before the massive inflationary effects of QEI – $1.7 trillion in Fed securities purchases   - have begun to be meaningfully assimilated in consumer prices.    By the first quarter of next year today's commodity price hikes will be hitting hard at the consumer level.     The burden of these higher prices on the household budget will be like any tax, borne at the expense of cutbacks elsewhere.   This is how stagflation is created.   In a depressed economic environment, higher prices – the result of the Fed's monetary policy – impede savings, slow growth, and depress conditions further, even as prices continue to rise.   And now the Fed has decided to double down with QEII.   All this for the sake of another wealth transfer to Wall Street from the taxpayers of America who will bear the cost in lower living standards.    

Is that what the election last week was supposed to accomplish?   If not, then Dr. Paul is right and it's high time to put the Fed out of our misery.  

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How Republicans Can "Man Up" on the Debt

By Charles Goyette

There was a lot of talk by Republican candidates during the campaign about the need to "man up."   Sarah Palin and Chris Christie both used the term.   Christine O'Donnell told her primary opponent to "get your man pants on."   Georgia gubernatorial candidate Karen Handel told her run-off opponent that it was "time to put the big-boy pants on."

But it was most widely noted when Sharron Angle told Harry Reid to "man up" and face the problem of Social Security solvency.

Good advice.   Especially for Republicans in the new congress who will need to man up and face the accelerating monetary and fiscal crisis I describe in The Dollar Meltdown.   And the only way they can face it head on is to refuse to increase the national debt ceiling.

Today's $13.7 trillion debt is racing to the statutory debt limit of $14.3 trillion.   Expect the collision in February or March.   While Bush presided over seven increases in eight years, Obama, going for a new world indoor record, already has signed off on three hikes in less than two year.  

His last, a debt increase on steroids was $1.9 trillion, which Republicans voted against, knowing full well it would pass without them.   Now for his fourth hike, House Republicans won't be able to stand on the sidelines.

There is no chance that office-holding, power loving politicians are going to let the government default, and end the Washington party.   With the ball in the Republican court this time, Democrats will expect them to take the blame for allowing for more federal debt. But Republicans need to exact a price for doing so.    

That price is meaningful and across the board budgets cuts.  

Meaningful:   The Republican's Pledge to America to save "at least $100 billion in the first year alone" doesn't qualify as meaningful.    A mere one percent rise in interest rates alone would increase the cost of funding federal debt by more than that amount.   The Heritage Foundation's call for cutting $170 billion in fiscal year 2012, is closer, but it is still only $550 per American.   A federal budget that spends $12,000 per American can surely do better than that.  

Across the Board:   The Heritage Foundation's paper "How to Cut $343 Billion from the Federal Budget," although still not ten percent of the budget, gets closer to being meaningful.   But it fails by leaving the cost of the U.S. empire intact.    Pentagon spending is set to roll past $700 billion, while Congressman Ron Paul and others calculate total war and foreign spending at about $1 trillion a year.   That's a rich target of budget cutting opportunity.   To minimize the claims and counterclaims of the cuts being unfair and favoring powerful industries, cuts must be across the board, applied equally across the budget.

It will always sound shocking to members of the governing classes and the D.C. commentariat – the requirement for the government to live within its means – but only because they have become accustomed to what are now clearly unsustainable levels of irresponsibility.    And they will make the expected noise when there is pain associated with the cuts –which there will be.   But the people need to be reminded it is the pain of the Sunday morning hangover and the time to avoid it was Saturday night.   Or as Henry Hazlitt once said, 'Today is already the tomorrow which the bad economists yesterday urged us to ignore."

Whatever Washington experiences, it will be far less disrupting than what the American people have had to live through in the current economic debacle.   And it is nothing compared to the calamity the entire country will experience if we don't stop ourselves from borrowing money we cannot pay back except by destroying the currency with   printing press money.  

For if we don't stop ourselves while our fate is in our own hands, our creditors will stop us when it isn't.  

Still gun-shy from the public's take on the last shutdown fifteen years ago, Republicans may recoil from the prospect of using the tactic again.   But haven't we heard it's time to man up?   And unlike last time, there is nothing distracting this time about where Newt Gingrich got to ride on Air Force One.   The equation is simple.  

The government cannot be allowed to borrow more money until it agrees to cut spending.   Meaningfully.   Across the board.   It even makes a good sound bite:   "Either Washington cuts the spending or we cut up their credit card."

They sure sounded sincere on election night, Republicans did, about having found religion.    Serial apologies from the winners about how they went astray last time they were in the big city of Majorityville.   Over and over we were told by party leaders and candidates that Republicans will have to earn back the people 's trust .  

Now, in the glow of their victory and the Democrats fear of defeat, they can put on their man pants and get started.   "Either Washington cuts the spending or we cut up their credit card."

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Make Plans to Attend the Annual Freedom Summit in Phoenix December 3 - 5

Charles to Speak at Freedom Summit along with Don Boudreaux, Larry Reed, Scott Horton and others!

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What Is the Gold Price Saying?

Would you like to know what is going to happen to the purchasing power of the U.S. dollar at the consumer level in the months ahead?

Consider the cash market prices on some basic commodities.  Food costs have increased by an incredible 48% over the last year, while energy costs are up 23% on average.

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Gerald Celente, Trends Research Institute

On THE DOLLAR MELTDOWN:

"A comprehensive and clear-eyed depiction of how the US dollar ended up losing almost 100% of its value on the Fed's watch, and how Washington enabled the theft.   By outlining likely scenarios and identifying alternative currencies and investment strategies, Charles Goyette has written an economic survival manual for the everyman, filled with  practical information on protecting your assets during the coming dollar unwind."

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The Paperback Edition of THE DOLLAR MELTDOWN will be released on October 26!   

 

With a new preface by Charles!

 

 

 

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When Helicopter Money Drops Aren't Enough!

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Gold Market on U.S. Elections:  "So What?"

by Charles Goyette

For those of us who recognize the complicity of both Republicans and Democrats in our economic calamity, it has been satisfying to see the party establishments of each pummeled this election season.   But as far as averting the currency crisis I describe in The Dollar Meltdown, the gold market says it's too little, too late.

It's no surprise that politicians hear only what they want to hear, but the Democrats take a new world indoor record for tone-deafness into the election.   As the year opened with real unemployment at double-digit levels, all the President and the Democrat establishment could think about was passing Obamacare.   They may be proud that they stayed on message, never mind that for most people a health care plan starts with a job and some savings.

With polls suggesting Republicans are set to re-take the House, it looks like the Democrats have a glass jaw to go along with that tin ear.   And while scattered tea party victories gave the Republican establishment the thrashing it so richly deserved, the bad news is that none of it matters to our financial prospects.   At least that's the message from the gold market.

Who can disagree?   Unless you think that Republicans will want to go into the next election cycle having taken on Social Security, Medicare, Medicaid and other entitlements, there is not much hope that they will do anything meaningful about fiscal policy.   Announced on September 23, the Republican Pledge to America promised to save "at least $100 billion in the first year alone."   $100 billion a year?   They can't be serious.   By the end of September, just a week later, the federal debt had already grown by another $100 billion.   Of course Republicans will tinker with the hated Obamacare just enough to deliver up some form of Boehner-care.   Sorry, but the chance to earn lobbyist affection and future campaign contributions trumps any thoughts about simply facing up to federal insolvency and getting government out of health care.

Some real money could be saved rolling back the American empire.   Congressman Ron Paul and others calculate total war and foreign spending at about $1 trillion a year.   In this context, a return of the Republicans reminds us of Talleyrand's comment on the Bourbon dynasty that returned to the throne of France after the abdication of Napoleon:   They "had learned nothing and forgotten nothing."   Republicans seemed to have learned nothing and forgotten everything.   Betraying a hubris not seen since Bush set off to "rid the world of evil," the pledge from November's likely winners includes "bringing certainty to an uncertain world."   Republicans do take their military Keynesianism seriously.   Just months ago Republican congressmen came together to support President Obama's surge in Afghanistan with a $59 billion emergency spending bill.   Now they are campaigning about a "robust defense," one category of spending that even the new members from the tea parties aren't inclined to resist.

On the monetary front, Federal Reserve officials, having forgotten at least the French Revolution and probably the 1970's as well, are counting on inflation to kick start economic growth.   Money printing is the Fed's old time religion, but at least they are going to the trouble of bottling it under new names:   liquidity operations, deficit accommodating, and quantitative easing.   When chairman Bernanke said something euphemistic lastweek about "additional purchases," gold shot up again, joined by silver and oil.   And the dollar moved decisively lower. It's now down 12 percent since June, resuming its long-term slide.   Markets are said to be pretty good at discounting future events.   Haven't they heard that the fiscal conservatives will re-take Washington? 

It is clear that the rest of the world is similarly unimpressed by Fed euphemisms or the dollar's prospects, no matter who wins.   Like the picnic ramada at the park where people take cover for a while when it begins to rain, investors take cover with the dollar briefly during a crisis.   They did so in the 2008 mortgage meltdown and again during the Euro debt crisis.   But like a ramada, nobody wants to live there.   Or wait out a really bad storm.  

Where does one weather a currency crisis?   Take a look around.   Reuters reported this week on a Swiss private banker who handles clients with at least $50 million to invest that they are buying gold, sometimes by the ton, and moving it out of the financial system.   According to the Financial Times, JPMorgan, having recently built a vault in Singapore, has reopened an underground gold vault in New York, while Deutsche Bank and Barclays may be opening new vaults in London.   India illustrates the trend: investment demand in India has grown to 92.5 tons in the first six months of this year, compared to 25.4 tons a year earlier; this time last year India's central bank lightened its dollar reserves substantially, taking down 200 tons of gold in one move.   They aren't alone.   Central banks around the world, long net sellers of gold reserves, have become buyers, among them China and Russia.   Gold keeps making new all-time highs.   And it doesn't seem to care about the Republican's prospects this fall.

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Tom Woods Speaking in Phoenix, October 20! 

"The Free Market and the Financial Crisis: 
Not Guilty as Charged."

 Tom Woods, the author of several bestsellers including  "Nullification: How to Resist Federal Tyranny in the 21st Century" and "Meltdown: A Free-Market Look at Why the Stock Market Collapsed and How Government Bailouts Will Make Things Worse"  will add much-needed clarity to the public debate about the badly damaged U.S. economy when he speaks in Phoenix on Wednesday, October 20. 

The event is at Grand Canyon University, North Building, 3300 West Camelback Road.  7:00 p.m.  Tom's Website:  http://www.tomwoods.com/

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"So let's do it again," he said!

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5o Mind-Blowing Facts...

...about modern America that our Founding Fathers never would have believed!

#1 In 2010, not only does the United States have a central bank, but it also runs our economy and issues all of our currency.  The Federal Reservehas devalued the U.S. dollar by over 95 percent since 1913 and it has been used to create the biggest mountain of government debt in the history of the world. 

#2 The U.S. Court of Appeals for the Ninth Circuit has ruledthat U.S. government agents can legally sneak onto your property in the middle of the night, place a secret GPS device on the bottom of your car and keep track of you everywhere that you go.

#4 The U.S. government has accumulated a national debt that is rapidly approaching the 14 trillion dollar mark.

#5 All over the United States, asphalt roads are being ground up and are being replaced with gravel because it is cheaper to maintain.  The state of South Dakota has transformed over 100 miles of asphalt road into gravel over the past year, and 38 out of the 83 counties in the state of Michigan have now turned some of their asphalt roads into gravel roads.

#8 The city of Cleveland plans to sort through curbside trash to ensure that people are actually recycling properly.  If it is discovered that some citizens are not recycling they will be hit with very large fines.

#11 Having one out of every eight Americans enrolled in the food stamp program is now considered "the new normal" and Americans continue to drop into poverty in astounding numbers.

#12 One out of every six Americans is now being served by at least one government anti-poverty program.

#14 Barack Obama is backing a proposal to create a national database that will store the DNAof all individuals who have been arrested, even if they end up not being convicted of a crime.

#16 The U.S. government has made some parts of Arizona off limits to U.S. citizens because of the threat of violence from Mexican drug smugglers.  The federal government has actually posted signsmore than 100 miles north of the Mexican border warning travelers that certain areas are unsafe because of drug and alien smugglers.

#18 In one of the very first military commissions held under the Obama administration, a U.S. military judge ruled that confessions obtained by threatening the subject with rape are admissible in court.

#19 The average American worker now pays literally dozens of different kinds of taxeseach year.

#20 In recent years the U.S. government has spent $2.6 million tax dollars to study the drinking habits of Chinese prostitutes and $400,000 tax dollars to pay researchers to cruise six bars in Buenos Aires, Argentina to find out why gay men engage in risky sexual behavior when drunk.

#23 Organic milk is now considered such a national crisis that the FDA has been conducting military style raidson Amish farmers in the state of Pennsylvania.

-- Read the entire list HERE

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Spending Fatigue!

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Charles Joins Judge Andrew Napolitano This Weekend! 

Don't Miss "Freedom Watch" on Fox Business Network

Labor Day Weekend - Private and Public Sector Unions

Saturday  10:00 a.m. and 8:00 p.m. EDT  and 

Sunday 7:00 p.m. and 11:00 p.m.  EDT.     

"The Freedom Watch Starts Now!"

 

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"American consumers are trying their best to deleverage."

"In terms of the story, the patient is actually trying to lose weight. But the government is blocking deleveraging and trying to boost consumption. They are forcing food down the patient's throat. According to the Flow of Funds Report, households reduced debt at a 2.4% annualized rate ($330 billion) during Q1 of 2010. Meanwhile, the federal government was piling on debt at an 18.5% annual rate ($1.44 trillion). Since every dollar of government debt is a promise to tax the private sector in the future with interest, this public spending spree effectively negated the Herculean efforts of the private sector to return to a sustainable path. That's where the arrogance of Washington is really apparent.

Scores of millions of American consumers have made the decision that reducing their debt burden is in their best interests right now. But a few hundred individuals in government believe they know better than the collective wisdom of the entire free market. By leveraging up the public sector, they have used their power to confiscate our savings. In short, they are forbidding us from following the common sense path to fiscal health."

 - Michael Pento, via ZeroHedge.com HERE 

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Tim Kelly puts it more graphically...

THE OLD HAIR OF THE DOG CURE!      

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They First Make Mad:                                                     Summertime Tales of National Bankruptcy 

by Charles Goyette

Perhaps it's because the daylight lingers, but the season seems especially revealing of the madness of those who have the nation staring into the abyss of bankruptcy. Among the summer's disclosures is news that the monetary authorities have topped their refusal to be audited with an indifference to the truth of their testimony before congress. July has also provided a reemergence of the harebrained Treasury officials in charge of hustling the people's billions in the meltdown two years ago.

Both Federal Reserve Chairman Ben Bernanke and then New York Fed President Tim Geithner assured senators in April 2008 banking committee testimony that the assets assumed by the Fed in its bail-out of Bear Stearns were "investment grade." In loading its own balance sheet with unprecedented credit risk, the Fed not only made the American people guarantors of toxic paper – and placed the value of the US dollar at greater risk – it materially misrepresented the quality of the securities involved. While credit quality and credit risk were at the heart of the unfolding banking crisis, the Fed itself was claiming that $30 billion in collateral it assumed consisted of only currently performing and investment grades assets. But the collateralized debt obligations and mortgage-backed bonds involved had already been downgraded at the time of the testimony.

In the face of Fed stonewalling, Bloomberg News had to go to federal court to get documents in the transaction released to the light of day. Finally this summer Bloomberg was able to report that the government "became the owner of $16 billion of credit-default swaps, and taxpayers wound up guaranteeing high-yield, high-risk junk bonds."

Senate Banking Committee member Richard Shelby told Bloomberg that despite his efforts to discover the quality of the assets during the 2008 testimony, "It is apparent that the Fed withheld from the Congress and the public material information about the condition of these securities."

July also brought sightings within days of one another of former Treasury secretary Henry Paulson and his former Goldman Sachs colleague and Treasury sidekick Neel Kashkari. Each was found in the pages of the Washington Post shining light on matters of our economic health going forward. Paulson wrote about housing policy and the roots of the crisis, but one searches in vain for a word about the Federal Reserve's role in the debacle. Kashkari, who ran the $700 billion dollar TARP program conceived by Paulson, offered his thoughts about "the collective good."

The appearance of the pair should help dispel any pretenses about governmental competence, all the illusions of special expertise and the engineering conceit that the economy can somehow be managed by the brightest technocrats with Harvard (Paulson) and Wharton (Kashkari) MBAs and Goldman Sachs on their résumés.

One need only think of Paulson himself lurching from one iteration of the "Paulson plan" to the next. One day he favored buying distressed assets from the banks, arguing that injecting capital into the banks hadn't worked for Japan. The next he was presenting leading banks a "take it or take it" offer to sell the government preferred shares.

Any remaining illusions vanish with a glimpse at the precision with which they arrived at the amount of the $700 billion boondoggle.

It would be a mistake to think the calculations involved analysts, risk managers, statisticians, and banking regulators burning the midnight oil at the Treasury. "Seven hundred billion was a number out of the air," the aptly named Kashkari said. Actually he did it all on his Blackberry. When Paulson told him he couldn't get a trillion dollars, Kashkari put his investment banking skills to work in earnest. "We have $11 trillion residential mortgages, $3 trillion commercial mortgages. Total $14 trillion. Five percent of that is $700 billion. A nice round number."

A nice round number, indeed, although one suspects that Kashkari and Paulson are not quite so cavalier when someone offers to back the truck up to their own bank accounts.

But it is not just Fed and Treasury officials who are responsible for our national insolvency. Before July melted into August, the elected wing of the governing classes added to our dependency on Chinese creditors. Republican congressmen came together to support President Obama's surge in Afghanistan with a $59 billion emergency spending bill. Within days of the vote we learned that July was the deadliest month for U.S. troops in America's longest war. The news came just as Congress left on its summer recess.

No wonder they had to get away. It's already been a long, hot summer and it's not over yet. Who knows what disclosures will come to light as we swelter through August and race to the destruction promised those the gods have made mad.

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Two from the pen of Tim Kelly:

THE COUNTRY THAT WOULD NOT BE OCCUPIED!

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JAWS 2010

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Why You Must Not Rely on BubbleVision or Other Corporate Media Outlets for Economic Insight! 

              In The Dollar Meltdown, you may have noticed my recommendation of John Williams' valuable website, ShadowStats.com, for its eye-opening description of how the government cooks it's economic reports. 

 

  The lapdog financial press is complicit is this widespread deception.

In this account Williams describes a joint appearance with an extablishment economist as well and the not-so-secret and all too typical agenda of corporate news operations:  

"We got on the air, I gave my recession pitch, and he proclaimed a booming economy for the year ahead. He was a good economist and knew what was happening, but he had to put out the story mandated by his employer, or he would not have had a job. More recently, following an interview on a major cable news network (not CNBC), I was advised off-air by the producer that they were operating under a corporate mandate to give the economic news a positive spin, irrespective of how bad it was. " And that is how the free media operates in this now doomed country, programmed from above to lie to its viewers."

- ZeroHedge.com

      I have numerous media experiences of my own that corroborate John William's anecdotes.   

-- Charles

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COINED LIBERTY!Or Token Statism!

How to Gauge the State of Liberty by Reaching into Your Pocket!

by Scott Rentschler, Awakening to Liberty

In the last chapter of The Dollar Meltdown, Charles Goyette makes a fascinating observation about what has been depicted on American coins over the years:

America's earliest coins portrayed Liberty. Not rulers and politicians. Just Liberty. A symbolic representation of the country's highest ideal. In the beginning Americans had an affair of the heart with Liberty. She was their muse and they were aflame in their love for her. They talked about her everywhere, in their churches and taverns and town squares. But she hasn't appeared on our circulation coinage for more than sixty years, not since the beautiful "Walking Liberty" half-dollar. It represented Liberty striding gracefully into the rising sun of the future, arm extended in peace and carrying a bounty of riches. It was a beautiful representation, well chosen, because abundance accompanies Liberty wherever she goes. Our devotion to her would be no less if it were not true, but it is one of her secrets: Liberty creates prosperity.

Today's coinage, looking each year more like subway tokens, celebrates the state. Just as words replace deeds and paper substitutes for gold, politicians have displaced ideals. The American state, which was created to serve Liberty, is now commemorated instead.

If you are like me, you have probably never seen most of the portrayals of Liberty on early American coins. Therefore, I thought it would be instructive for us to look at a few examples of American coinage through the years, contrasting the early portrayals of Liberty and prosperity with the more recent portrayals of politicians and state monuments.

Illustrationsand more at LewRockwell.com HERE

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This Week U.S. Federal Debt (the visible debt) Hits $13 Trillion!

 

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"When the dollar melts, how not to join it..." 

A Lew Rockwell Podcast.  Lew talks with Charles Goyette:

"Libertarian hero Charles Goyette pegs Obama and company as clueless about economics. The only thing they know how to do is to print and spend more fiat money, and redistribute other people's property. DC politicians across the board are displaying arrogance and ignorance, and sometimes malevolence, as they create a global currency crisis. Energy and food prices have gone up 19% in the past twelve months, the agencies that rate Wall Street bonds are government monopolies, and Treasury securities are junk bonds. What to do?

Goyette warns that some unfortunate history will be repeated. We might even face wage and price controls, capital controls, rationing, and bank holidays. And it can happen very fast. Consider holding physical silver and gold, along with cash, outside the banks. Charles judges the severity of the coming meltdown by the recklessness of the governing classes, and they are behaving now with wild abandon. One antidote: Charles Goyette's libertarian and Austrian THE DOLLAR MELTDOWN.

Listen Here:  http://www.lewrockwell.com/lewrockwell-show/2010/05/16/151-how-not-to-be-melted/

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The Canary Died!

It Must Be a Defective Bird! 

                             

quote of the day!

Mish:  "Gee, fancy that. The world needs more dollars to defend the Euro."

Read more HERE

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In Space No One Can Hear You Scream!

 

YOU HAVE A RIGHT TO PRIVACY... PROTECT IT!

Times Online:

Back in January last year, David Bond packed a rucksack, kissed his pregnant wife Katie and toddler Ivy, climbed into his Toyota Prius and drove away from home. Nobody knew where he was going – he didn’t even know himself. One thing he was sure about was this: “I’m going to leave my life behind and disappear,” he said.

A 38-year-old Oxford graduate with a solid if unspectacular career in media, Bond wasn’t your typical runaway. But then, you might have said the same about Will Smith in Enemy of the State, or Robert Donat in The 39 Steps – two of Bond’s favourite films. For Katie, left alone with a toddler, his disappearance could not have come at a worse time. “I had to juggle the childcare and work,” she says, “and I was seven and a half months pregnant.”

Bond might never have thought of running away if he’d not received a letter, some months earlier, informing him that his daughter was among 25 million Britons whose records had been lost by the Child Benefit Office, along with bank details and other private information.

He “became obsessed”, Katie remembers, about the amount of information on him and his family that was already out there. As he looked into it, he found that the UK, once a bastion of freedom and civil liberties, is now one of the most advanced surveillance societies in the world, ranked third after Russia and China. The average UK adult is now registered on more than 700 databases and is caught many times each day by nearly five million CCTV cameras. Increasingly monitored, citizens are being turned into suspects. Within 100 yards of Bond’s home, he discovered, there were no fewer than 200 cameras.
Read it...

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The job before Congress is to bring the fear of God back to Wall Street!

"Not to stifle enterprise but quite the opposite: to restore real capitalism. By all means, let the bankers savor the sweets of their success. But let them, and their stockholders, pay dearly for their failures. Fair's fair."

More from James Grant: The trouble with Wall Street isn't that too many bankers get rich in the booms. The trouble, rather, is that too few get poor -- really, suitably poor -- in the busts. To the titans of finance go the upside. To we, the people, nowadays, goes the downside. How much better it would be if the bankers took the losses just as they do the profits.

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THE HANGOVER HEARINGS

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GODS AND MONSTERS

What these people do they do in our name. We are responsible.Are you a citizen or a subject?

Think about it. -flynn

Having watched the video of the death of the 22-year-old Reuters photographer Namir Noor-Eldeen in that July 2007 video, his father said: "At last the truth has been revealed, and I'm satisfied God revealed the truth... If such an incident took place in America, even if an animal were killed like this, what would they do?"

Read this article.

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PLANNING FOR DISASTER

A New Review of THE DOLLAR MELTDOWN

by Patrick Krey, The New American
Radio host and author Charles Goyette has no doubt about the future of the U.S. dollar. The question isn’t whether the U.S. currency will become virtually worthless but when it will happen. Goyette wrote The Dollar Meltdown: Surviving the Impending Currency Crisis with Gold, Oil and Other Unconventional Investments for the express purpose of giving people an opportunity to protect themselves and their families in the face of what he contends is an inevitable collapse of the U.S. dollar, owing to the federal government’s outrageous inflationary spending.

There are numerous other books out there offering financial advice, proclaiming to help the reader get rich quick. Unlike those, this book instead attempts to help the readers preserve whatever they can of their existing savings in the face of the ongoing destruction of the U.S. fiat currency by the “wizards in Washington.”

... Through anecdotal examples and witty analysis, Dollar Meltdown is a much more readable book than others on a similar subject. It is informative but also keeps the reader engrossed enough to keep turning the pages. There are many amusing quotes and a few of his most memorable ones will stick with you after you’re done.

That is not to say the book is light-hearted. If anything, it’s a massive downer, as it takes a sober look at what lies ahead. America is on a collision course with bankruptcy. The Federal Reserve Notes we currently exchange as money are IOUs that our national leaders have overextended beyond the point of no return. “America’s national government has moved way beyond a political spoils system…. It has become a piñata: everybody gets a crack at it…. But the piñata does not survive the party. It is bashed to bits.”
Read the entire review HERE

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Lonely... I'm Mister Lonely!

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QUESTIONABLE COMPANY?

 

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