Congratulations – you won! Oh my you have a lot of campaign debt to pay off though. Hey I know, maybe we at Supermagacorp can help retire some of that debt for you, SENATOR.
Yep, that’s the truth. Thank God for the Internet. You know, maybe it’s not such a good idea to have the FCC screw it up in the name of “net neutrality.”
Houses, at least most houses, really aren’t that good an investment. Don’t get me wrong, I own a house. I’m rooting for a housing recovery. And I know some people are upside down on their houses and are hoping to get back above water sometime this decade. They don’t want to believe that their largest asset really isn’t that great an asset. But alas, in many cases, perhaps most, this is true.
We’ve written about the petrodollar a number of times. I even wrote 2/3 of a novel around the petrodollar a few years ago. It is important and it is not widely understood.
In a nutshell oil is traded in dollars and only dollars. (Almost entirely, countries have tried to set up side deals without the dollar but for the most part the dollar is where it’s at.) That means if country A wants to buy oil from country B country A better have some dollar reserves. Of course we get to “print” dollars which is nice for us.
The dollar is the world reserve currency. But if that were ever to change, especially if somehow it changed quickly, things would get pretty crazy economically pretty fast, think 2008 times 5. The “good” news is we have a bunch of aircraft carriers on call 24/7 to make sure that doesn’t happen. At least the US thinks it’s sure it won’t happen.
Always makes sense to watch the petrodollar but especially in times like these.
Let’s get one thing straight from the outset. The Republicans winning big yesterday was not necessarily a win in the fight against crony capitalism. It is a mixed bag at best. Sure Harry Reid, a consummate crony capitalist was kicked out of majority leadership, but we got Mitch McConnell in his place who is more than happy to boondoggle when it suits him.
Sadly The Hill reports that one of the first things on McConnell’s agenda is the reintroduction of CISPA, the Cyber Intelligence Sharing and Protection Act, a terrible piece of legislation which (among other things) gives immunity to Internet companies which give your information over to the government. The government may soon be able to troll through your browsing history (legally) without a warrant with help from your ISP. Not exactly progress on the freedom front.
It is also very unlikely that the Ex-Im Bank will be defunded. Something which would appear to be a no-brainer for a Republican Party really interested in reducing the size and scope of government.
And don’t forget that there’s a war on – again – in the Middle East. Increased funding for the military and for military contractors is very likely. Again, not exactly what a small government party would do.
In many ways last night was a win for the establishment GOP, the generally large government, corporate inclined GOP.
But it’s not all grumbles.
Scalise discusses a number of things in the attached interview, including the Keystone Pipeline, the minimum wage, and “bipartisanship” (fear bipartisanship). But the most important nugget is that it looks like Congress will force a Fed audit onto Obama’s desk and he will have to sign it or veto it.*
We are sorry to see Senator Coburn go. And for this site to say that about a politician is pretty rare. Coburn did what he could to bring attention to a bloated Washington DC.
Was he perfect? No. But he definitely was a friend of the taxpayer as is exhibited in the below report. He calls Boehner out by name and explains that the House Speaker lied to the American public about the amount of spending in the recent continuing resolution.
If you want to see what happens when the Keynesian virus truly takes hold of an economy and a society check out Japan. The once juggernaut of economic power, The Land of the Rising Sun, is now a great example of economic and social zombification as Charles Hugh Smith illustrates below.
It took 1 generation.