Category Archives: Economics
Sales of silver coins by the U.S. Mint are on track for their best year since statistics began being kept, according to data on the mint’s website. Bloomberg reported in June that sales had already reached $24.03 million ounces. The mint set a one month record with sales of 7.5 ounces in January. Sales had to be suspended that month for over a week. Acting director Richard Petersen said that demand for gold and silver coins remains at an “unprecedented level.”
The brisk sales reflect both bargain prices and investor confidence in paper currencies. Silver has led the way in spot price declines over the past year. Silver futures are down 28 percent in 2013. Gold also remains well off its one year highs with spot prices in the 1300s, down from $1,790.30 in September 2012.
Opencurrency.com - As local, state and federal governments continue to spend more than they take in and provide fewer, lower quality services in return for tax dollars, many local communities have privatized. There are now whole cities that are privately owned, with services previously provided by government now provided by the market. That’s a great opportunity for Open Currency.
The federal government runs the military, Social Security and Medicare, interstate commerce and interstate highways. The state government runs public schools, state roads, Medicaid and polices the highways. The county government runs the sheriff’s office, the county roads, public utilities, the libraries, and administers Medicaid. The city government runs zoning, the city schools, garbage collection and other local services.
None of it works very well, especially financially. Governments at every level are bankrupt. Ironically, a bankrupt city government will sometimes get “bailed out” by the bankrupt state government, which in turn may ask the bankrupt federal government for a bailout if the numbers become too bad to fudge.
Operation Xenios Zeus is underway in Greece, and the Greek government has taken a nasty turn for the worst. In the midst of an economic crisis that has reduced Greeks to bartering for the necessities of life, Greek society is looking for a scapegoat. At first, Operation Zeus focused on rounding up illegal immigrants, and imprisoning them in internment camps.
The problem was that illegal immigrants aren’t readily obvious; the Greek police were fanning out to target individuals who appeared to be foreigners. One of those individuals was South Korean tourist Hyun Young Jung, who found himself stopped by a man speaking Greek on the street. Jung thought the man was a swindler, so he waved the man off and continued walking.
Seconds later, he was approached by a man in a uniform requesting his documents. When Jung requested to see his police I.D., the man punched him the face. The original man who had accosted him joined in, and the two men began kicking Jung while he was on the ground. They then dragged him to the nearest police station, and continued beating him a second time. When that beating stopped, they dragged him to a stairwell and began hitting him a third time while he was handcuffed.
Opencurrency.com – Detroit was one of the epicenters of the 2008 financial collapse. While its economic problems were decades in the making, the failure of two of the three largest automakers and the largest financial and housing crisis since the Great Depression combined to make a perfect storm, leaving the city in ruins. Unemployment is rampant, housing prices have gone subterranean and the city just announced that it will file for bankruptcy.
The news is not all bad. Like any other economy, the bottom formed by a depression represents an opportunity for assets to be purchased cheaply and managed better by new owners. Local writer Karen De Coster has kept a record of the many new projects underway, including an urban agriculture project, building preservation projects and even private police forces. These and a hundred other grassroots efforts are slowly rebuilding the city.
In order for the recovery to take hold, Detroit needs what every economy needs to grow: capital accumulation. That’s where Open Currency can be a game changer. Instead of accumulating U.S. dollars that are losing value, Detroit’s recovery could accelerate geometrically if built upon sound money.
The Inglorious Exploits of Dear Leader, Episode 8: Taxing and Spending, Birthday Golf, Jay Leno, and more!
Dear Leader unveiled his Grand Bargain for the Middle Class in his weekly radio and Internet address. He’d be willing to reform the tax code for businesses, eliminating loopholes and deductions while lowering rates, but he insisted that more money be generated. $2.7 trillion is just not enough, and you can’t expect government at all levels to subsist on just 38% of the Gross Domestic Product. Republicans are going to have to learn to be reasonable and concede at least half of GDP to government spending.
After all, progress has been made. At the start of the 20th century, government spending was less than 7% of GDP, and now we’re at almost 40%! Forward!
Dear Leader felt as though his plan was reasonable, and would resonate with his base of voters. After all, he had offered a GRAND BARGAIN FOR THE MIDDLE CLASS.
With his gridlock shattering triumph all but in hand, Dear Leader departed for Camp David for his birthday weekend of golf with a side of skeet shooting. He’d turn 52 on Sunday, and so it was that he jaunted over to Andrews Air Force Base to partake of some of that fine government financed golf. With 234 golf courses around the world, nobody can beat the U.S. military when it comes to critical investment of taxpayer dollars in golf.
During this speech offering an amendment to stop aid to Egypt, Rand Paul goes after the Obama Administration for aiding a country that had a military coup.
‘Let’s take the billions of dollars illegally giving to Egypt and spend it at home’ said the Senator from Kentucky.
Below is the video of his speech.
Senator Rand Paul (R-KY) offered an amendment to a transportation bill to cut off aid to Egypt until it holds democratic elections.*The measure would redirect $1.5 billion to bridge construction and repair in the U.S.
Armed Services Committee Ranking Member James Inhofe (R-OK) and Foreign Relations Chairman Bob Menendez (D-NJ) spoke in opposition to the amendment.
On July 29, Senator Rand Paul (shown, R-Ky.) sent a message to members of the Campaign for Liberty asking for help in a project very familiar to that organization:
I’ve introduced S. 209, the Audit the Fed bill, and I’m going to do everything I can to expose the Fed and stop Ben Bernanke’s economic snake oil “solutions” from wrecking our fragile economy.
Your action today in support of my father’s Campaign for Liberty will help turn up the heat on my colleagues to pass Audit the Fed.
In February, Senator Rand Paul (R-Ky.) offered the Federal Reserve Transparency Act of 2013, also known as “Audit the Fed.” The bill would eliminate restrictions on Government Accountability Office (GAO) audits of the Federal Reserve. Additionally, the bill would give Congress oversight of the Fed’s credit facilities, securities purchases, and quantitative easing activities.
TAMPA, July 26, 2013 – Plagued by ongoing scandals and perhaps regretting an ill-advised speech on the Zimmerman murder case, President Obama attempted on Wednesday to shift the focus to the economy. There’s only one problem. The news is all bad there, too.
The president continued attempting to blame the Bush administration, but it’s doubtful anyone besides his diehard supporters was buying it. It’s been over four years now. If what the president does actually affects economic conditions, this is Obama’s economy and it’s in shambles.
There is not much reason to believe that the president is going to help, either. His speech was remarkable for only one reason: the extent to which it illustrated how out of touch with reality he is.
Dear Leader has decided to pivot and focus on the economy. Yes, the economy, with its 16 percent of unemployed African-Americans, instead of the Stand Your Ground law in Florida. Yes, the Stand Your Ground law in Florida, which was always the real focus on Dear Leader’s agenda, because ideas mean more to Dear Leader than people, and Trayvon Martin was a human being instead of an idea or a policy point.
Dear Leader has renewed his focus on the economy, because it’s the economy that matters. It’s not Dear Leader’s four months wasted on gun control, where he armed Syrian and Libyan rebels via Qatar, but refused to endorse allowing Chicago residents to arm themselves in order to defend against record violence against their person and property. Yes, the economy is the most important issue, which doesn’t explain why we’re almost to August and Dear Leader has finally come around to focusing on the economy. It doesn’t explain why Dear Leader spent months attempting to erect greater barriers to gun ownership by law-abiding Americans while facilitating easier access to assault weapons for jihadist fanatics in North Africa and the Middle East.
Seems like once every few months we go through this exercise. Democrats make demands with regards to Government spending, Republicans threaten to shut down the Government, Democrats threaten Republicans with bad Press, GOP “leadership” caves, Democrats win.
Once again, dear readers, we have reached the Great Debt Ceiling Crisis! Yep, it’s only July and the Federal Government is already on the verge of running out of money. Apparently the FED hasn’t printed enough and Congress hasn’t authorized borrowing enough.