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Tag Archives: Federal Reserve

Dividing the spoil$ (In the new Congress)

This essay is pretty good with a couple of important exceptions.

Even though Moyers and Winship take the Dems to task for being a part of the crony capitalist game in Washington DC they still clearly see the Dems as preferable to the GOP which they refer to as the Guardians of Privilege. Though there is some truth to this jab the Dems are absolutely a party of privilege also, perhaps even worse than the GOP. That said, both parties are terrible.

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GOP megadonor Sheldon Adelson (and casino tycoon) faces conservative rebellion over online gambling (his opposition to it)

Adelson has a giant checkbook. He has done very well over the years as the head of Las Vegas Sands. That is why nearly every GOP presidential hopeful (except Rand Paul) went to Las Vegas earlier this year to see if they could wrangle some of the magnate’s largess. Kiss the ring and then perhaps political funding will be showered upon you. A jackpot of sorts. Adelsohn is in the business of “jackpots.”

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Why the New York Fed Annoys Republicans and Democrats Alike

By far the most secret and least accountable operation of the federal government is not, as one might expect, the CIA, DIA, or some other super-secret intelligence agency. The CIA and other intelligence operations are under control of the Congress. They are accountable: a Congressional committee supervises these operations, controls their budgets, and is informed of their covert activities. It is true that the committee hearings and activities are closed to the public; but at least the people’s representatives in Congress insure some accountability for these secret agencies.
It is little known, however, that there is a federal agency that tops the others in secrecy by a country mile. The Federal Reserve System is accountable to no one; it has no budget; it is subject to no audit; and no Congressional committee knows of, or can truly supervise, its operations. The Federal Reserve, virtually in total control of the nation’s vital monetary system, is accountable to nobody – and this strange situation, if acknowledged at all, is invariably trumpeted as a virtue. – Murray N. Rothbard from The Case Against the Fed

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Bill Black: Why and how Holder let all the big bank CEOs off the hook (Video)

“Responsibility remains so diffuse, and top executives so insulated that any misconduct could again be considered more a symptom of the institution’s culture than a result of the willful actions of any single individual.” -Eric Holder on why he “could not” prosecute anyone in the top echelons of the big banks. What a guy.

Bill Black is no ideologue. He is someone who is committed as far as I can tell to legitimate justice in massive system of financial fraud we know today as “banking.” No doubt he and I would disagree about the size and power of government generally and probably about the fundamental nature of money itself. However, he helped prosecute the case against bankers during the S&L crisis and he is extremely knowledgeable, not to say was also effective.

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Why you perhaps you should rethink your pro-“Net neutrality” position (Short video)

I have to say that I am all “Net neutralitied” out today. I spent more time than normal in the comments section of a previous post today on the subject and I’ve been reading about the arcane aspects of Net neutrality for a week. Time for a break.

But you know I saw this great little video on the subject on Twitter and I just felt like it deserved a post. The guy appears (like me) to live a lot of his life on the Web. He also (like me) has evolved on the subject of Net neutrality. I think many people have recently as they’ve learned more about what “Net neutrality” actually is.

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Huffington Post: I’m a Liberal Democrat. I’m Voting for Rand Paul in 2016. Here Is Why.

What is interesting particularly to me is that on economic issues Rand Paul is by FAR FAR FAR the most “conservative” of the likely GOP candidates. On other issues I think he just takes a pragmatic and grown up approach. This is a winning combination. Jeb and Christie ain’t going to do it folks. They won’t get elected. Rand has a real shot and he has a chance at winning the presidency in a completely unique way which will totally screw with the political consultant class in DC. And let’s be honest, liberal,or conservative, or whatever, we all want to see those guys get it.

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World Economy Worst in Two Years, Europe Darkening, Deflation Lurking: Global Investor Poll

Indeed. Europe is pretty much in depression. So is Japan. (But so what’s new?) And by the way deflation is not necessarily a bad thing. We had mild price deflation through the most prosperous part of American history between the Civil War and the Fist World War. Things should naturally trend toward being less expensive as innovation increases, delivery streamlined, and competition increases.- Just had to get that in.

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