Faber: Fed is making rich richer, causing increase in income inequality
The Federal Reserve is expected to announce another $10 billion worth of tapering on Wednesday, reducing the size of its monthly asset purchase program to $35 billion, from $85 billion at the height of the program. And though the hyper inflation many warned would be a consequence of its stimulative policies has not yet reared its head, Fed skeptics like Marc Faber s... (more)
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Self-Described “Austrian Economics Geek,” Defender of Personal Self-Defense, Reads LewRockwell.com, Wants to Abolish the FDA, Supports the Right of Secession, Reads Fred Reed on LRC, Volunteered for Ron Paul CampaignThis is how Zachary Werrell, the twenty-three-year-old campaign manager of the man who defeated Eric Cantor (Professor David Brat) described himself on Facebook. Sadly, this was all “scrubbed” from his Facebook account last night. The “mainstream” media is already acting like he’s hidden a dead body in his trunk.
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Snow JobEconomists, investment analysts, and politicians have spent much of 2014 bemoaning the terrible economic effects of the winter of 2014. The cold and snow have been continuously blamed for the lackluster job market, disappointing retail sales, tepid business investment and, most notably, much slower than expected GDP growth. Given how optimistic many of these forecasters had been in the waning months of 2013, when the stock market was surging into record territory and the Fed had finally declared... (more)
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Taxpayers Are Shocked to Discover That When They Vote for Government Services, They Have to Pay for ThemTaxpayers in Austin, Texas, are upset that their property tax bills are rising. This article reports that taxpayer Gretchen Gardner is "at the breaking point" because of her increasing property taxes.
Gardner says, "I have voted for every park, every li... (more)
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No Joke, Paul Krugman Praised Veterans Health System As National ModelIn 2011, New York Times columnist Paul Krugman wrote that the federal Veterans Affairs (VA) healthcare system is a "huge policy success story, which offers important lessons for future health reform."
Let's examine Krugman's arguments for why the VA is a national model for healthcare in light of recent revelations:
1) Krugman says the VA has "le... (more)
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For The First Time Ever, More Than Half The Members Of Congress Are MillionairesWealthy members of Congress are living the high life at taxpayer expense, while most of the rest of the country continues to suffer through one of the worst economic periods in our lifetimes. According to an analysis conducted by the Center for Responsive Politics earlier this year, more than half of the members of Congress are millionaires. This is the first time that this has ever happened in U.S. history. In addition, the same study found that... (more)
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Piketty's Envy ProblemThere can be little doubt that Thomas Piketty's new book Capital in the 21st Century has struck a nerve globally. In fact, the Piketty phenomenon (the economic equivalent to Beatlemania) has in some ways become a bigger story than the ideas themselves. However, the book's popularity is not at all surprising when you consider that its central premise: how radical wealth redistribution will create a better society, has always had its enthusiastic champions (many of whom instigated revolts and revo... (more)
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Once Again, Government Displaces Real AidThe history of the growth of government is riddled with government programs driving out well-functioning arrangements for the private provision of assistance and social services, including welfare, healthcare and hospital services, unemployment assistance, disaster relief and more.
So it should come as no surprise that now Obamac... (more)
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See No EvilIn this week’s release of the minutes from its April 29-30 meeting, Federal Reserve policymakers made clear that they see little chance of inflation moving past their 2% target for years to come. In order to make such a bold statement, Fed economists not only had to ignore the current data, but discount the likelihood that their current stimulus will put further upward pressure on prices that are already rising.
Even if you believe the highly manipulated government CPI data, April... (more)
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27 Huge Red Flags For The U.S. EconomyIf you believe that the U.S. economy is heading in the right direction, you really need to read this article. As we look toward the second half of 2014, there are economic red flags all over the place. Industrial production is down. Home sales are way down. Retail stores are closing at the fastest pace since the collapse of Lehman Brothers. U.S. household debt is up substantially, and in 20 percent of all U.S. families everyone is unemployed. In so many ways, what we are w... (more)
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The Belgian ConnectionOne of the biggest questions at the end of 2013 was how the Treasury market would react to the reduction of bond buying that would result from the Federal Reserve’s tapering campaign. If the Fed were to hold course to its stated intentions, its $45 billion monthly purchases of Treasury bonds would be completely wound down by the 4th quarter of 2014. Given that those purchases represented a very large portion of Treasury bond issuance at that time, it was widely assumed by many, me in particular,... (more)
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Meet The Man Who Killed KeystoneOn May 12, the United States Senate fell 5 votes short of the 60 required to invoke cloture. (Cloture is a way to close debate and cause an immediate vote on a bill.) The measure in question was the first energy bill to have hit that chamber since 2007. It was killed by the Keystone XL Pipeline project which would funnel Canadian crude oil from Alberta down to Texas refineries.
Republicans wanted to add an amendment to approve the project. Democrats wanted a stand-alone vote on i... (more)
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The Student-Loan ScamThe federal student loan program ranks among the biggest scams of the welfare-state way of life that modern-day Americans have embraced.
An article in the Washington Post entitled "College Debt Is Still Keeping Grads from Buying Homes," points out that "young people are still drowning in student loans, and that debt is holding them back from reaching grow... (more)
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