White House shrugs off Polish apology demands
“The White House on Wednesday shrugged off Polish demands to express more than mere ‘regret’ after President Barack Obama mistakenly referred to a Nazi Holocaust site as a “Polish death camp.”
“We regret the misstatement, but that is what it was,” said Obama spokesman Jay Carney, reiterating that the president “misspoke” during a ceremony awarding the highest US civilian honor to late Holocaust hero Jan Karski.
“He was referring to Nazi death camps in German-occupied Poland.”
Poland had earlier insisted that Washington must do more than simply express the “regret” offered by another White House spokesman late on Tuesday, hours after Obama’s use of words deemed offensive by Warsaw.”
Via Yahoo News
“To understand where the money appears, we need to walk through the cycle again. The most important thing to be aware of is the timeline of events.
Adam deposits $1,000. Now, the bank owes Adam $1,000. And the bank, by law, can give out $900 of Adam’s money to Anne. And that is it right there. That is how fractional reserve banking manufactures money in the form of debt. That is, it creates money as debt.“
Via Activist Post
“Money vs. Wealth
Money is an artificial thing. It doesn’t exist in reality. You can’t go out and find “money” anywhere in the physical, non-artificial world. That is to say, money doesn’t grow on trees. It comes out of the mind and is a purely artificial concept. Its only legitimate purpose is to facilitate trade and commerce, or in the words of Aristotle, “Money was intended to be used in exchange.”
Wealth on the other hand differs in that you can find “wealth” in the natural world. Wealth is something that you can touch. It has existence on its own with no reliance on the existence of humanity or any “ideas”.
Wealth has utility in and of itself, and is not reliant on any external acceptance of it for it to have utility.”
Via Activist Post
“Breaking the whole thing down into a simple ordered list, fractional reserve banking follows this pattern:
1. The government issues bonds to the bank.
2. The bank loans out 90% of the money.
3. The borrower spends the money.
4. The seller deposits the money into the bank.
5. Go to point 2 where the bank then lends out the money again.
Step 1 kick-starts the system the same way that you would kick-start a motorcycle. The government can always inject more money into the system, but every time it does, it starts this fractional reserve banking process over again with that money.
Step 2 is where the “magic” of fractional reserve banking happens. The legal requirement to keep only a small portion of a deposit gives the bank the “right” to print money out of nothing. This is explained in detail in Part 3.
Step 5 is nothing more than running through steps 2-4 again for the entire cycle to start over. This is the second “magic” of fractional reserve banking because it creates a an iterative feedback loop for money to multiply itself. Aristotle called the process of money multiplying itself “the most unnatural”. “
Via Activist Post
“I wonder how much this is costing us? Never mind the hypocrisy of Obama railing against global warming then spewing countless tons of CO2 into the atmosphere so he can get a haircut.”
Via Weasel Zippers
“Cities around the country have created staff positions for professional lobbyists whose primary function is to drum up support for anti-gun legislation, ordinances and regulations. Part of these lobbyists salaries are being paid by grants from do-gooder foundations like the Joyce Foundation, but the balance of salaries, benefits and support costs are being borne by you, the taxpayer.
An associate of mine in Florida named Sean Caranna was doing some research for his grassroots rights organization, Florida Carry, Inc., when he came across something on the agenda of the Orlando City Council that he immediately recognized as a serious problem.
The item was for the renewal of a contract for a city employee. That’s mundane enough, but the job title of this particular employee was “Mayors Against Illegal Guns regional coordinator,” and the job description is to “play an integral role in the coordination and planning of gun crime prevention and illegal gun-related initiatives, events and media opportunities in the city and in the region””
Via Alt Market
“Warren Buffett once said that derivatives are “financial weapons of mass destruction”, and that statement is more true today than it ever has been before. Recently, JP Morgan made national headlines when it announced that it was going to take a 2 billion dollar loss from derivatives trades gone bad. Well, it turns out that JP Morgan did not tell us the whole truth. As you will see later in this article, most analysts are estimating that the losses will eventually be far larger than 2 billion dollars. But no matter how bad things get for JP Morgan, it will not be allowed to fail. JP Morgan is the largest bank in the United States, so it is essentially the “granddaddy” of the too big to fail banks. If JP Morgan gets to the point where it is about to collapse, the U.S. government and the Federal Reserve will rush in to save it. Because of this “security blanket”, banks such as JP Morgan feel free to take outrageous risks. Today, JP Morgan has more exposure to derivatives than anyone else in the world. If they win, they win big. If they lose, U.S. taxpayers will be on the hook. Not only that, but thanks to Dodd-Frank, U.S. taxpayers are on the hook for bailing out the major derivatives clearinghouses if there is ever a major derivatives crisis. So when the derivatives market crashes (and it will) you and I will be left holding a gigantic bill.”
“So let’s cut the crap — there is no “trust fund” and there is no “self-funding” system.
But the real scam is much worse, as it resides in two different places both of which are always conflated with Social Security — private and government pensions (e.g. for teachers and such) and Medicare.
The pension systems are unfunded and can’t be fixed as they are assuming 8% average returns. To obtain them without losing years you must have a risk-free rate roughly equal to that 8%. There is no such thing — the 30 year risk-free rate (30 year Treasuries) is currently 2.7%. These systems are all going to go broke. I’ve been warning of this for years and have written multiple Tickers on exactly this point.
Worse is Medicare. The Federal Government’s medical spending has advanced approximately 9.3% annually since 1980, going from $53 billion in 1980 to approximately $820 billion last year. At this rate the amount of spending doubles approximately every 7.5 years. This means that in 15 years it would double twice, or to roughly $3.2 trillion, which is approximately the size of the entire current Federal budget.”
Via Market Ticker
Good News in Wisconsin: Governor Walker Leads Barrett 52%-45% in Recall Poll; Union-Busting is a “Godsend”
“Union-Busting is a “Godsend”
I commend governor Walker for killing collective bargaining of some public union workers in Wisconsin. Here are the results of Walker’s efforts:
Taxpayers are better off.
School kids are better off
Class sizes are down
Struggling school districts now have a budget surplus”