Tag: News

A text book example of why Keynesian economics does not work

I have said it a thousand times on this blog. Pumping excessive currency into the money supply results in a devalued currency.

Well, this is the fall out from our President pumping currency into the money supply. Now those who trade oil want to stop using the dollar as their currency.

The Story Via the U.K. Independent:

In the most profound financial change in recent Middle East history, Gulf Arabs are planning – along with China, Russia, Japan and France – to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar.

Secret meetings have already been held by finance ministers and central bank governors in Russia, China, Japan and Brazil to work on the scheme, which will mean that oil will no longer be priced in dollars.

The plans, confirmed to The Independent by both Gulf Arab and Chinese banking sources in Hong Kong, may help to explain the sudden rise in gold prices, but it also augurs an extraordinary transition from dollar markets within nine years.

The Americans, who are aware the meetings have taken place – although they have not discovered the details – are sure to fight this international cabal which will include hitherto loyal allies Japan and the Gulf Arabs. Against the background to these currency meetings, Sun Bigan, China’s former special envoy to the Middle East, has warned there is a risk of deepening divisions between China and the US over influence and oil in the Middle East. “Bilateral quarrels and clashes are unavoidable,” he told the Asia and Africa Review. “We cannot lower vigilance against hostility in the Middle East over energy interests and security.”

Ron Paul, of whom I have some disagreements on Foreign policy, has said since he was running for President and even prior to that; that what we are doing to our Economy is the moral equivalent of economic Jones-town massacre mass suicide —- and it turns out that the man was and still is absolutely correct.

Of course, the oil traders are denying that this is taking place; but of course! The last thing that they want is a mass panic by market investors!

Via Fox News:

The world’s oil producers will continue using the U.S. dollar as the currency for buying and selling crude, high-ranking oil and finance officials in the Gulf said on Tuesday, denying a report in a British newspaper.

Earlier, The Independent reported that Gulf Arab states, as well as China, Russia, Japan and France, are in secret talks to end the use of the U.S. dollar to trade oil, causing the American currency to fall in overseas trading Tuesday.

Qatar’s oil minister, Kuwait’s finance minister and sources in the United Arab Emirates and Saudi central banks all denied the report.

The Independent report is “absolutely incorrect” and there has been “absolutely nothing” of that nature discussed between Saudi Arabia, the world’s biggest oil exporter, and other countries, Saudi Central Bank Governor Muhammad al-Jasser told reporters in Istanbul.

We did not discuss this at all,” Russia’s deputy finance minister Dmitry Pankin said on the sidelines of International Monetary Fund meeting.

The newspaper report said, “Secret meetings have already been held by finance ministers and central bank governors in Russia, China, Japan and Brazil to work on the scheme, which will mean that oil will no longer be priced in dollars.”

Lew Rockwell‘s Reaction to the story was not entirely surprising at all:

Though conservatives call this important story “Arabs Plot to Drop the Dollar,” it’s simply self-defense. Or are other peoples just supposed to be kicked in the teeth by the Fed and like it? China, Russia, Japan, France, and Gulf Arab states seek to substitute for the dollar in oil transactions a basket of currencies including the yen, the yuan, the euro, and gold. Heroic. I’d like to use that myself. In fact, why isn’t the Fed’s crazed monetary expansion called a plot to harm others and regular Americans, to the benefit of the US state and its bankster and corporate allies? And if it does indicate another step in “The Demise of the Dollar,” all the fault is in Washington, DC–as usual.

UPDATE From Ryan Cowles:

In light of this, see Ron Paul’s 2006 article on Dollar Hegemony

I could not have said it better myself. 🙂

A funny reaction from Vinnie over at the Jawa Report:

Oh well, I’m good. It takes me 3 minutes to drive to work in traffic. If they go off the dollar in the Scotch industry though, I’m taking up arms.

Heh. In my case, if they go off the dollar in steaks or in coffee; it’s on baby. You can ream my butt for Gas… Hell, I usually just put in five or so bucks to get me around town. Considering the fact, that I drive a piece of crap clunker. But we start fiddling around with my caffeine jolt, or my monthly or so splurge on a good steak; there will be war.

Sammy over at Yid with A Lid quips:

But wait a second this cant happen, don’t they know that Barack Obama is our president, they love him.

Yeah, They love him alright; with that knife behind their backs. If ol’ Big “O” thinks because he’s black and got a funny middle name, is going to stop the Arab Nations from royally screwing America. The President has another thing coming. The Arab nations have hated us; for taking their resources for decades, that goes back to before the President; and myself for that matter, were even born. So, the socialist liberals cannot scream BOOOOSH on this one. This even predates him too.

William Jacobson over at Legal Insurrection writes:

I would like to think someone in the Obama administration would be concerned, but honest reflection leads only to the conclusion that the lowering of U.S. international power will be music to Obama’s ears. He never misses an opportunity to lecture the world about the evils of domination by any one country, by which he means the United States.

A fiddler who is not oblivious to the fire, by any means.

So true, I mean, I have followed politics with some sort of interest since I started voting when I was 18 and I never, ever heard a President apologize for America, Ever. In another time period, President Obama would have been impeached for treason for saying something like that in another Country. But in this day of socialistic rule; nothing happens at all.

I guess time will tell on this one; if it happens, the results will be devastating to our economy. Let us home, for the sake of America, that this is nothing more than poorly sourced rumor story.

The Round Up: Fox News, The Moderate Voice, Guardian, Left Coast Rebel, Credit Writedowns, naked capitalism, Another Black Conservative, ParaPundit, Mish’s Global Economic …, YID With LID, RedState, Townhall.com, The Jawa Report, Le·gal In·sur·rec· tion and LewRockwell.com Blog (via Memeorandum)

So much for that Ahmadinejad Jewish roots business!

I wrote about this earlier this week.

Perhaps not:

In June 2005, Mahmoud Ahmadinejad’s meteoric rise from mayor of Tehran to president of one of the most influential countries in the Middle East took everyone by surprise. One of the main reasons for the astonishment was that so little was known about him.

One recently published claim about his background comes from an article in the Daily Telegraph. Entitled “Mahmoud Ahmadinejad revealed to have Jewish past”, it claims that his family converted to Islam after his birth. The claim is based on a number of arguments, a key one being that his previous surname was Sabourjian which “derives from weaver of the sabour, the name for the Jewish tallit shawl in Persia”.

Professor David Yeroshalmi, author of The Jews of Iran in the 19th century and an expert on Iranian Jewish communities, disputes the validity of this argument. “There is no such meaning for the word ‘sabour’ in any of the Persian Jewish dialects, nor does it mean Jewish prayer shawl in Persian. Also, the name Sabourjian is not a well-known Jewish name,” he stated in a recent interview. In fact, Iranian Jews use the Hebrew word “tzitzit” to describe the Jewish prayer shawl. Yeroshalmi, a scholar at Tel Aviv University’s Center for Iranian Studies, also went on to dispute the article’s findings that the “-jian” ending to the name specifically showed the family had been practising Jews. “This ending is in no way sufficient to judge whether someone has a Jewish background. Many Muslim surnames have the same ending,” he stated.

Upon closer inspection, a completely different interpretation of “Sabourjian” emerges. According to Robert Tait, a Guardian correspondent who travelled to Ahmadinejad’s native village in 2005, the name “derives from thread painter – sabor in Farsi – a once common and humble occupation in the carpet industry in Semnan province, where Aradan is situated”. This is confirmed by Kasra Naji, who also wrote a biography of Ahmadinejad and met his family in his native village. Carpet weaving or colouring carpet threads are not professions associated with Jews in Iran.

via Ahmadinejad has no Jewish roots | Meir Javedanfar | Comment is free | guardian.co.uk.

The short of it is this; him not crazy Jew, Him Crazy Persian! (Not Arab…Persian…)

Others: (on all sides of the aisle…)  Reclusive Leftist, Political Insider, Solomonia, Hot Air, The Reality-Based Community, THE WEEK News & Opinion, Ezra Klein, The Reaction, ATTACKERMAN, Power Line and Politics Daily

Obama not happy with General McChrystal

Oy, this is not good.

According to sources close to the administration, Gen McChrystal shocked and angered presidential advisers with the bluntness of a speech given in London last week.

The next day he was summoned to an awkward 25-minute face-to-face meeting on board Air Force One on the tarmac in Copenhagen, where the president had arrived to tout Chicago’s unsuccessful Olympic bid.

Gen James Jones, the national security adviser, yesterday did little to allay the impression the meeting had been awkward.

Asked if the president had told the general to tone down his remarks, he told CBS: “I wasn’t there so I can’t answer that question. But it was an opportunity for them to get to know each other a little bit better. I am sure they exchanged direct views.”

An adviser to the administration said: “People aren’t sure whether McChrystal is being naïve or an upstart. To my mind he doesn’t seem ready for this Washington hard-ball and is just speaking his mind too plainly.”

In London, Gen McChrystal, who heads the 68,000 US troops in Afghanistan as well as the 100,000 Nato forces, flatly rejected proposals to switch to a strategy more reliant on drone missile strikes and special forces operations against al-Qaeda.

He told the Institute of International and Strategic Studies that the formula, which is favoured by Vice-President Joe Biden, would lead to “Chaos-istan”.

When asked whether he would support it, he said: “The short answer is: No.”

He went on to say: “Waiting does not prolong a favorable outcome. This effort will not remain winnable indefinitely, and nor will public support

via Barack Obama furious at General Stanley McChrystal speech on Afghanistan – Telegraph.

I’m with Jimmie over at the Sundries Shack; If I were serving in the Military right now and I were in the Afghan Theater. I would  be just a wee bit worried.

GrayHawk over at Mudville Gazette says:

Seriously, I can think of several alternatives to General McChrystal’s plan for carrying out the administration’s Afghan strategy, but certainly none I’d want my name associated with in any way, shape, or form. In D.C., no one in the administration (or the Pentagon) is willing to have their name associated with any alternative plan, but apparently many are willing to whisper to reporters that there is one and Biden thinks it’s great.

Just something to think about.

Oh Yeah,this is not going to end well, at all. Kind of like watching a train wreak. You hate to look; but curiosity just will not let you look away.

My Prediction: General McChrystal will tell ol’ big ears Bambi, to puff a damn root and will resign, which will leave the President and his staff twisting in the wind; let THEM be responsible for one of the biggest screw ups, since Vietnam.  I mean, seriously, would you want this whole debacle on your shoulders, and have on your conscience the lives of all those men; because the President is more interested in making himself look good; than he is actually interested in being the commander in chief? I think not.

Others Covering: JustOneMinute, American Spectator, And So it Goes in Shreveport, protein wisdom, Flopping Aces and Weasel Zippers (Via Memeorandum)

Cartoons of the Day

Why does the Liberal media continue to lie about the Bill Sparkman death?

You know, there is something to be said about darn good journalism. Once again; Robert Stacy McCain does, what the Main Stream Corporate Media will not do. Report the story accurately.

An Excerpt from the story in The American Spectator: (H/T The Other McCain)

“He knocked on the wrong door,” was the way one resident described what most locals familiar with the case consider the most likely scenario for Sparkman’s killing. As the Newseek story notes, eastern Kentucky is known as a haven of marijuana growers. The weed growers plant their crops in Daniel Boone National Forest, which sprawls across the mountainous region and encompasses half of Clay County.

What would be proven if we knew (as we do not) that Sparkman was engaged in Census work at the time of his disappearance — most likely Sept. 9, three days before his body was discovered in the Hoskins family cemetery some 30 miles east of his home — and “knocked on the wrong door”?

If the fatal door he knocked on was at the home of a marijuana grower or a drug dealer (methamphetamine and other drugs are also problems in the region), who killed him after mistaking Sparkman’s federal identification as evidence that the stranger was a narcotics agent, is that an “anti-government” or “anti-Census” motive? Or is it merely a criminal seeking to prevent detection of his crimes — the kind of killing that happens with unfortunate frequency in America all the time?

That, however, is strictly a hypothetical scenario. The haste of some journalists and bloggers to attribute Sparkman’s mysterious death to a particular motive — to give it a political meaning — based on speculation and assumptions, is irresponsible in the extreme. . . . – Read the Rest, Please.

I like to tease Robert Stacy McCain quite a bit; it is because I happen to like the old chap. But, in reality I know damn well, that Mr. McCain is one of those rare reporters; who tells the truth, puts his political beliefs aside and tells the straight story. It is a great pity, that some of his equals among the liberally financed media, are not able to do the same thing. It is pretty bad; when someone like me or anyone else in America, has to go to a Conservative Blog or a Conservative-owned and financed magazine to get to the straight truth about a story.

My question to you is this; what does it say about the status of the American media, when you go to sites like Newsweek and you happen to read stories like the one about Bill Sparkman, which are outright fabrications of the truth?  The answer is quite and painfully obvious; that the Socialist Liberal-funded Media, in it’s desire to please the new Black President of the United States of America; has, in fact, sacrificed its integrity at the alter of the Socialist, Anti-Conservative agenda.  Bill O’Reilly has said this for years; and nobody believed him; now it is getting harder and harder to ignore or even to dismiss that fact. In fact, I used to laugh at Bill for even making that accusation. However, it is now becoming more and more apparent to this writer, that the liberal-funded media is not interested in reporting the fact,  but is more interested in further the agenda of the far, far left and possibly even the agenda of the White House itself.

What does this mean for Blogs, Conservative websites and Blogs? It means that the rest of America; who are not committed leftists, are going to start reading these sites to see anything, that is even remotely critical of the President or to see any true accurate reporting. I believe it is sad too; because there was a time, when one could actually get decent reporting out of the Corporate funded media. Honestly, if it were not for Rupert Murdoch; I believe much of the honest and critical reporting of President Barack Obama would be limited to Blogs and small Conservative media outlets. Honestly? There was a time, when I used to grind my teeth and curse the fact that Rupert Murdoch even existed; but now, quite frankly, I am eternally grateful for the man and his media outlet. Further more, I am eternally grateful for those, who stick their necks out and choose to do battle with the Socialists, who dominate the media circus. There are many of them; and they know who they are and how much I am grateful for them.

My friends, it is going to be long painful four to eight years in America; we must choose now, if we stand and fight or if we decided to shrink away and allow our freedoms to be taken from us.  There will be personal risks involved and the rewards will be minimal, but if we are to save this might Republic from those who want to see it destroyed, we are going to have to count the cost and work. Who of among you will join us?

The harvest is vast, but the laborers are few.

Mahmoud Ahmadinejad a Jew?

Oh, now this is just rich….

A photograph of the Iranian president holding up his identity card during elections in March 2008 clearly shows his family has Jewish roots.

A close-up of the document reveals he was previously known as Sabourjian – a Jewish name meaning cloth weaver.

The short note scrawled on the card suggests his family changed its name to Ahmadinejad when they converted to embrace Islam after his birth.

The Sabourjians traditionally hail from Aradan, Mr Ahmadinejad’s birthplace, and the name derives from “weaver of the Sabour”, the name for the Jewish Tallit shawl in Persia. The name is even on the list of reserved names for Iranian Jews compiled by Iran’s Ministry of the Interior.

via Mahmoud Ahmadinejad revealed to have Jewish past – Telegraph.

Now that is something; the reason why the experts believe that he is basically crazy is this:

Experts last night suggested Mr Ahmadinejad’s track record for hate-filled attacks on Jews could be an overcompensation to hide his past.

Ali Nourizadeh, of the Centre for Arab and Iranian Studies, said: “This aspect of Mr Ahmadinejad’s background explains a lot about him.

“Every family that converts into a different religion takes a new identity by condemning their old faith.

“By making anti-Israeli statements he is trying to shed any suspicions about his Jewish connections. He feels vulnerable in a radical Shia society.

Kind of reminds me of another Jew, who slaughtered a few of his own; to cover for his own past. Adolf Hitler. Although, there are those that claim that is untrue. It would not surprise me one iota.

Does this change my opinion of the man? No. I still think that he is a horrible human being. But it does explain as to why he is a horrible human being.

Huzzah! Good News from the War zone!

Sweet!

Pakistan’s paramilitary forces say they have killed 27 militants, including two important commanders, in on ongoing operation in the northwestern Khyber tribal region.

A statement from the Frontier Corps said the troops also destroyed two militant hideouts in Friday’s operations. An explosives-laden vehicle and 18 other vehicles also were destroyed.

It was not possible to independently confirm the statements. Access to Khyber is restricted.

Under pressure from the U.S., Pakistan launched the operation weeks ago after insurgents stepped up attacks on trucks carrying supplies to American and NATO forces fighting the Taliban in Afghanistan.

via 27 Militants Killed, Hideouts Destroyed in Pakistan Operation – FOXNews.com.

It is always good to know that our troops are making gains. Huzzah! 😀

The 'Hey, that's a pretty new gun!' posting of the month

I’m a bit overdue.

I had an interesting morning today. I went down to pick up a few new arrivals and saw a blue gun case, instantly tagging it as a Sig. So I thought to myself, “Why are we getting our third 556 in the past three weeks?” I opened the box and realized…this isn’t a 556, this is an AR! I ran up to the offices grabbed the Rifleman crew who assured me I wasn’t going insane. The Sig 516 is the new AR. Here’s a picture for you, but don’t tell anyone because it doesn’t exist.

Since we’re talking about a new gun, here’s what you need to know:

1. It’s piston operated and has an adjustable gas regulator similar to the Ruger 556.

2. It has an ambidextrous safety.

3. Comes with Yankee Hill folding rear and front sights.

4. It’s an AR.

via This is my Job: The SIG 516.

Ain’t it purdy? 😉

I must admit; that is a bit much for fire power for me personally. I’d be happy with a .357 glock or something of that nature. I mean, I want self defense; not start a war! 😛 😆

Anyhow, she is pretty. 😀

Does President Obama want to impose a VAT tax?

Great, that is all we need. 🙄

(H/T to Reason)

Does President Obama have a secret plan to raise taxes on middle-class Americans — and,well, pretty much everybody else — with a European-style, value-added tax? Actually, it’s not such a big secret. Connect the dots:

1) The joint statement from the just-concluded G20 Summit in Pittsburgh called for balanced global growth — which means Americans must spend less and save more and reduce its budget deficit.

2) That same weekend, John Podesta, co-chairman of Obama’s presidential transition team and an outside White House adviser, tells a Bloomberg reporter that a value-added tax is “more plausible today” than ever, adding that “there’s going to have to be revenue in this budget.” A VAT is a kind of consumption tax.

3) Yesterday, the Center for American Progress, the liberal think tank with close White House ties, holds a conference on the rising national debt. While speaker after speaker — Paul Krugman, Roger Altman, CAP President Podesta (again), Laura Tyson — admits entitlement spending must be reduced, they also agree that taxes must be raised. Altman suggests $400 billion in new tax revenue is needed almost immediately to calm financial market fears, and a VAT would be a great way of doing it. That’s $400 billion a year, by the way, not over ten years.

4) Also, yesterday was the first meeting of President Obama’s tax reform panel led by former Federal Reserve Chairman Paul Volcker. In a two-part interview with Charlie Rose airing yesterday and today, Volcker says that if Washington can’t get spending under control, either a VAT or a carbon tax would be effective revenue raisers. “Those are two big ones,” he says.

5) As they used to say in the Soviet Union, “It’s no coincidence.” This is also the conclusion of one Washington insider with ties to the White House economic team: “Does this all add up to a trial balloon? Of course, it’s a trial balloon. And I expect the administration will propose major tax reform, including a VAT.”

via James Pethokoukis – Obama’s not-so-secret plan to raise taxes

Terrific. First Obama wants to shove healthcare down our throats and then he wants to tax the living hell out of us; to pay for it. Fantastic. 🙄

Somewhere, John McCain is smiling. Because he warned America, that if they elected Obama to be President; that this would be the result. Did America listen? Of course not. Because of mean ol’ Bush; people wanted change. While I can understand the desire for change. But did America want this sort of change? Of course not. However, elections have consequences; and this is one of them.

Realistically however, I doubt that the White House would be able to get something of this nature. It just does not seem feasible. The reason being that Congress knows that they are on borrowed time.  The midterms are coming; and I highly doubt that anyone in Congress would be that crazy to try and pass anything of this nature. Heck, there already is great infighting over the “Public Option” in that healthcare bill. So, this would even lead to more that.

So, while it would not hurt to be vigil for something of this nature. I highly doubt that the Democrats are going to attempt to do something this hair-brained.