Hat Tip: Brian B.
Here we go…
1. Subtle much NCIS? Last night in their episode, the first and middle name of the guy killed up front was Woodrow Wilson. Coincidence? I think not – more like a subtle slap at Beck…
2. If the launch off the west coast was really an aircraft, why couldn’t our military tell us that 48 hours ago? Something stinks on this one…
3. Why is China buying a stake in GM? Is Government Motors an accurate description if China is now our new overlords?
5. Why do I only hear crickets after it is aired that the White House doctored the drilling safety report so we would ban more off-shore drilling? Blogs reported on it weeks ago…
Gerrymander: It’s a dirty word. Everyone knows it’s a political insult, but not everyone understands exactly what it means. And even many of those who know what gerrymandering is don’t fully grasp how it completely dominates American politics.
Welcome to Gerrymandering 101.
Pundits across the political spectrum are now noting that the 2010 Republican tsunami was bigger and more significant than it might appear on the surface, because the Republicans not only won a record number of federal races, they also utterly crushed the Democrats in local races, winning at least 675 seats in state legislatures. This spells doom for the Democrats because next year the states will re-draw the congressional district lines to accommodate the results of the 2010 census:
When the 2010 Census results are announced next month, the 435 House seats will be reapportioned to the states, and state officials will draw new district lines in each state. … Republicans look to have a bigger advantage in this redistricting cycle they’ve ever had before.
Hat Tip: Brian B.
Hat Tip: Brian B.
Hat Tip: Brian B.
By: T F Stern
T F Stern’s Rantings
Imagine my surprise this morning while reading the latest AP story by Dina Cappiello, White House tweaked drilling report. What’s interesting about it is that Fox ran this story back in June and it was referenced on at least one blog. It took the Associated Press five months to break this headline story.
I think there’s an ethics rule among writers, something about not quoting an entire article; then again there are exceptions to most every rule. In this case I’m not quoting a news piece; it’s really a history article, five months old:
“An inspector general says the White House edited a report about the administration’s moratorium on offshore oil drilling to make it appear that scientists and experts supported the idea of a six-month ban on new drilling.
The Interior Department’s inspector general says the changes resulted “in the implication that the moratorium recommendation had been peer reviewed.” But it hadn’t been.
Still, the report said the administration did not violate federal rules because it had offered a formal apology and already publicly clarified the nature of the expert review.
The Web site Politico was first to report the inspector general’s findings. The Associated Press on Wednesday obtained a copy of the report, which has not been publicly released.”
Five months ago Fox reported the Obama administration altered a significant report in order to make it appear as if the moratorium on drilling for oil had been the result of peer review, when in fact it was just the opposite, quoting the Fox article which ran June 11, 2010:
“The seven experts who advised President Obama on how to deal with offshore drilling safety after the Deepwater Horizon explosion are accusing his administration of misrepresenting their views to make it appear that they supported a six-month drilling moratorium — something they actually oppose.”
Silly me, I keep forgetting Fox isn’t really a news outlet and provides entertainment only. It makes my heart feel all warm and fuzzy knowing the Obama administration “did not violate federal rules because it had offered a formal apology and already publicly clarified the nature of the expert review.”
Isn’t that the same as saying: “We lied, altered part of an official government report and killed off thousands of jobs in the off-shore oil industry; but since we were caught and offered a sincere apology we get a Mulligan?” The word “tweaked” covers a considerable amount of slop, or am I mistaken? A major news media closed its eyes for nearly half a year on a major story making it possible for the Obama administration to destroy America’s off-shore drilling industry and all the AP can say is that the report was “tweaked.”
This article has been cross-posted to The Moral Liberal, a publication whose banner reads, “Defending The Judeo-Christian Ethic, Limited Government & The American Constitution.”
Hat Tip: Brian B.
Hat Tip: Brian B.
Sarah Palin on Monday made a speech at a trade-association convention in Phoenix urging Federal Reserve Chairman Ben Bernanke to “cease and desist” his “pump priming”. Palin said the United States, “shouldn’t be playing around with inflation.” She went on to say, “All this pump priming will come at a serious price. And I mean that literally: everyone who ever goes out shopping for groceries knows that prices have risen significantly over the past year or so. Pump priming would push them even higher.”
After obtaining a copy of her speech, the Wall Street Journal’s Sudeep Reddy wrote an article criticizing Palin’s comments about food inflation, saying that, “Grocery prices haven’t risen all that significantly, in fact. The consumer price index’s measure of food and beverages for the first nine months of this year showed average annual inflation of less than 0.6%, the slowest pace on record.” NIA finds it unfortunate that Reddy has been brainwashed into believing the government’s phony consumer price index (CPI) numbers.
The U.S. Bureau of Labor Statistics (BLS)’s CPI is not a reliable indicator of U.S. food inflation or any type of price inflation. NIA estimates the real rate of annual food inflation in the U.S. to already be 5% and projects that this rate will rise above 10% in early 2011. NIA believes the BLS has been using both geometric weighting and hedonics to artificially manipulate the CPI downward. The U.S. government has a strong motivation to keep CPI increases as low as possible because since the year 1975, retired Americans receive annual Social Security payment increases that are tied to the CPI. NIA calculates that based on the way the BLS’s CPI has understated the real rate of price inflation, Americans on Social Security should be receiving payments that are more than double what they receive today. Unfortunately, the government just announced last month that Americans on Social Security will receive no payment increase in 2011, despite the fact that food inflation will likely become the biggest crisis of the year, much larger than the mortgage crisis we have today.
When calculating food inflation, the government uses deceptive geometric weighting, which gives a lower weighting to goods that are rising in price and a higher weighting to goods that are falling in price. If the price of steak is rising while the price of hamburgers is falling, the CPI will give a lower weighting to steak and a higher weighting to hamburgers. The government justifies this by saying that expensive steak prices mean Americans are more likely to eat hamburgers. Therefore, the CPI no longer accounts for the price to maintain the same standard of living. The CPI is now calculated based on the realization that America’s standard of living has been in decline and the expectation that it will continue to decline in the future.
Americans subconsciously realize that it is becoming a lot harder for them to make ends meet and put food on the table, but they don’t realize that inflation is the cause of it. All Americans have heard stories from older relatives about how Hershey bars 45 years ago cost only 5 cents. Americans are aware that the U.S. has already experienced massive price inflation, but they don’t look at inflation as a problem because these food price increases occurred over a very long period of time. NIA estimates that at a very minimum, the same U.S. price inflation that occurred over the past 100 years, will occur again over the next 10 years as the Federal Reserve’s money printing causes the world to lose confidence in the U.S. dollar.
There is a misconception in America that wages have risen at the same rate as price inflation, when this is simply not the case. The median household income in the U.S. was $11,800 in 1975 and today is $49,777. If you go by the government’s CPI, $11,800 in 1975 dollars equals $47,208 in today’s dollars. If the government’s CPI is to be believed, Americans are earning higher real incomes today than 35 years ago. However, the truth is, once you discount the effects of geometric weighting and hedonics, the median household income in 1975 of $11,800 actually equals $154,000 in today’s dollars. This explains how in 1975, a father was able to support a family on just one income and college students were able to afford their own tuition with just a part-time summer job. Today, both parents need to work and families need to get deeply into debt just to survive.
The U.S. government is currently printing money just to survive. The Federal Reserve has held the Fed Funds Rate at 0-0.25% for nearly two years and just announced that it will be printing an additional $600 billion in new U.S. dollars by the end of June 2011. Since the beginning of September until now, just in anticipation of the Fed’s upcoming quantitative easing, we have experienced the largest ever short-term increase in the history of agricultural commodity prices with corn rising by 32%, soybeans rising by 32%, orange juice rising by 12%, coffee rising by 19%, and sugar rising by 66%. These agricultural commodity price increases will begin to work their way into grocery stores nationwide in the weeks and months ahead, as food manufacturers and retailers are forced to raise their prices.
Food manufacturers and retailers who don’t immediately raise prices and pass their rising costs on to U.S. consumers will likely go out of business. Sara Lee just announced yesterday that their first quarter profit fell 32% as price increases it enacted during the quarter were not enough to cover steep increases for agricultural commodities. Dean Foods saw their stock decline 18% yesterday to a new 52-week low due to escalating costs for butterfat, a key ingredient in its creamers and ice creams. Dean Foods’ butterfat costs were up 70% over the same 2009 period.
The U.S. has no way of paying off its $13.7 trillion national debt and $80 trillion plus in unfunded liabilities without printing the money and creating massive price inflation. China’s Dagong Global Credit Rating Co. lowered its credit rating for the U.S. to A+ from AA on Tuesday with an outlook of “negative”, saying the Fed’s plan to buy government debt will erode the value of the dollar and “entirely encroaches” on the interests of creditors. The Fed, by buying U.S. treasuries, is effectively monetizing the debt. In fact, Federal Reserve Bank of Dallas President Richard W. Fisher admitted yesterday that the Fed is monetizing the debt, saying in a statement, “For the next eight months, the nation’s central bank will be monetizing the federal debt.”
Bernanke testified under oath on June 3rd, 2009 in front of Congress saying, “The Federal Reserve will not monetize the debt.” This was a lie and perjury. With baseball great Roger Clemens being indicted for lying to Congress under oath about a personal matter that is trivial compared to this, Bernanke should also be charged with similar crimes.
Although NIA believes Palin made a major mistake by supporting the government’s $700 billion ‘Emergency Economic Stabilization Act of 2008’, we give her credit for helping expose to the mainstream public that a massive inflationary crisis is ahead due to Bernanke’s destructive monetary policies. On December 16th, 2009, the same day Time Magazine named Bernanke ‘Person of the Year’, NIA named Bernanke ‘Villain of the Year’ and said in an article that day, “When it costs $20 for a gallon of milk in a few years, Americans will have nobody to thank more than Bernanke.”
The average American family currently spends 13% of their total annual expenditures on food compared to 34% on housing. As the Federal Reserve monetizes our debt and creates massive price inflation, these two numbers will reverse. For every 1% rise in consumer wages, NIA expects to see about a 4% rise in food prices. There are currently 42.4 million Americans on food stamps, up 17% from one year ago. The government does not have the resources to make these entitlement payments without printing the money and creating massive food price inflation. Ironically, food stamps are actually making those who receive them, need them even more.
If the U.S. government is somehow able to make it to the 2012 election without going bust due to a worthless U.S. dollar, by then it is likely that the average middle-class American will be dependent on the government to survive. Obama’s strategy to get re-elected is to make as many Americans as possible dependent on him and scared to elect a true Libertarian candidate like Ron Paul, who will dramatically reduce government spending in an attempt to prevent hyperinflation. We must all work together to spread the word about NIA and educate as many Americans as possible to the truth about the U.S. economy and inflation.
It is important to spread the word about NIA to as many people as possible, as quickly as possible, if you want America to survive hyperinflation. Please tell everybody you know to become members of NIA for free immediately at: http://inflation.us.