August 11, 2011

Freedom to Feudalism

Activist Post | Ethan Jacobs, J.D.

When the Freemasonic “republic” called the United States was founded in 1776, there was no income tax and the people were generally free to do what they liked, so long as they did not injure the person or property of another. Unfortunately, each year the state and federal governments, which have always been controlled by “special interests,” passed more and more laws, destroying the people’s freedom – death by a thousand cuts. The United States and the rest of the world now live under the New World Order’s refined neo-feudal system.

Feudalism was present in medieval Europe:

Feudal systems in antique societies usually had the common feature of being ruled by an extremely wealthy and powerful upper class (nobles and aristocrats) with nearly complete legal power over the lives and well-being of the impoverished lower classes of laborers, craftsmen, service professionals, farmer workers, and bond-servants (individuals with debts so excessive that their only legal options were debtor’s prison, life as homeless ‘outlaws,’ or service to the upper class as serfs or houseservants). The feudal upper classes were not subject to the same set of laws as the lower classes. Thus one of the basic criteria for categorizing a society feudalistic might be simply that its laws and customs are designed to best

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The Prelude to a Financial Collapse–Part 2

Preparedness Pro | Kellene Bishop

o, S & P downgraded the U.S. credit rating, but what in the world does that mean to you? Well, unfortunately, the personal impact will come at us from several different directions but you’ll be able to see them coming if you understand one fundamental component.

If you recall, in my last article I mentioned financial instruments. A financial instrument is really just a hoity-toity word for an I.O.U. Financial instruments are assigned a value based on what asset is backing them. It could be gold, oil, rare art, or even the faith and name of a creditor. Understand that every single piece of our paper U.S. currency is nothing more than a financial instrument; after all, they are labeled as Federal Reserve Notes. Currency was created because it was much more convenient than carrying around gold and silver to make one’s purchases.

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Silver mining stocks as seen in the front mirror

Stockhouse | Thom Calandra

“The bull market in gold and silver equities started after the 2008 Lehman Bros. bust. If you look at the increased cash flows and raised dividends from miners, their output prices (of gold, silver, etc) are far exceeding the input prices. The major trend is much higher for gold and gold stocks.”

To be candid, puzzlement splayed itself across people’s faces this past week in central London. And this was before the riots started over there in north London.

GATA’s Gold Rush gathering examined gold (and silver) as money, and why governments, central banks and the IMF, among others, have it in their interest to deflate prices for precious metals. And quite possibly, why public institutions mislead market about the number of metric gold tons – is it the World Gold Council figure of 29 thousand tons or is it 19 thousand or nine thousand tons – that central banks hold securely, with no fiscal or figurative tethers attached?

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End This Agony

Mises Daily | Robert P. Murphy

In the wake of the stock-market plunge and S&P downgrade, economic pundits of all stripes are rushing to explain events. But as so often happens in economics, “believing is seeing.” Keynesians, monetarists, and Austrians can all look at the slow-motion train wreck and feel vindicated by the data.

Naturally, I agree with Jeffrey Tucker that of the major schools of economic thought, the Austrians have been the best guides through the crisis. But the champion Keynesian, Paul Krugman, has been running victory laps for a long time now, claiming that he has been right while the free-market folks have been dead wrong. His column late last week beautifully illustrates that the facts can always be molded to fit a preconceived narrative.

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Two Opposite World Views: Agency or Victimhood

The Daily Bell | Joel F. Wade

What causes poverty and hardship? Is it scarcity – not enough stuff to go around? Or is it a result of violence and enslavement of one class of people by another?

Your answer to this question will fundamentally determine whether your political allegiance is with the Right or the Left.

Under the French Monarchy and the Catholic Church of the time, there was some truth to the oppression/victimhood view of poverty. There was a ruling class who were corrupt and an unbelievably impoverished populace – by our standards, and by the standards of the young United States.

Thomas Jefferson wrote about France at the time: “of twenty millions of people… there are nineteen millions more wretched, more accursed in every circumstance of human existence than the most conspicuously wretched individual of the whole United States.”

The French revolution introduced this mass of people living in poverty and misery to the realm of political power. In 1789, most peasants were sharecroppers or laborers on church lands – or lands of feudal lords to a lesser extent. By 1793, they owned their own land bought from the revolutionary government, which had confiscated all church lands. Peasants were now landowners who grew food abundantly and prospered – and thus became the Revolution’s biggest supporters.

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Don’t Bet Against Gold or Silver

USA Watchdog | Greg Hunter

You have to respect the power of the Federal Reserve when just a statement can turn the entire stock market around in a day. Yesterday, the Fed admitted the economy was not good and in a statement said, “. . .downside risks to the economic outlook have increased.” Because the economy is tanking, the Fed promised to keep a key interest rate at near 0% for “. . . at least through mid-2013.” The Fed is essentially handing out free money at negative interest rates for 2 years. The Fed also seemed to signal that a third round of quantitative easing (QE3 or money printing) was being considered. The Fed statement went on to say, “The Committee discussed the range of policy tools available to promote a stronger economic recovery in a context of price stability. It will continue to assess the economic outlook in light of incoming information and is prepared to employ these tools as appropriate.”

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Debt ceiling bill’s super committee has lobbyists preparing

Politico | ANNA PALMER

K Street wasted little time putting clients on notice about the next phase of the debt ceiling debate with a simple message: Nobody is safe from the super committee.

Lobby shops say a much-broader-than-expected range of budget cuts and tax provisions could be in play, especially compared with the relatively small group of industries that were afraid of getting a haircut during the earlier debt ceiling negotiations led by Vice President Joe Biden.

And although the defense and health care industries have the most to lose from the way the debt ceiling bill is set up, that doesn’t mean everyone else can sit on the sidelines

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Helicopter Shootdown in Afghanistan Hits Navy SEALs

Global Research | Patrick Martin

The shooting down of a US Chinook helicopter early Saturday morning in Afghanistan killed 38 soldiers, including 30 Americans and eight Afghans. Among the dead were 22 Navy SEALs, an elite special forces squad. Seven helicopter crew members and air combat controllers, a dog handler, seven Afghan soldiers and an Afghan interpreter died along with the SEALs.

According to press reports citing unnamed military sources, the SEALs were called in for a rescue operation after a small unit of US special forces, from the Army Rangers, was pinned down by Taliban fighters. The SEALs flew in on the helicopter and drove off the Taliban attackers, killing eight of them. They had just reboarded the helicopter for the return flight when a rocket-propelled grenade or surface-to-air missile hit the Chinook and destroyed it in mid-air.

A conflicting account of the attack, also citing military sources, suggested that the Taliban fighters were killed after the helicopter was shot down, not before, when a second US helicopter-borne special forces unit landed, attacked the Taliban, and then sought to retrieve the bodies and the wreckage.

Saturday’s disaster reproduces exactly the pattern of the previous worst tactical defeat for US forces in the war, when a US helicopter was shot down in Kunar province in June 2005, killing 16 soldiers. Those troops were also engaged in a rescue operation for a smaller group of special forces who were surrounded and ultimately killed by Taliban fighters.

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Bull’ market in gold or ‘bear’ market in currencies? | Julian Phillips


Last Friday the S & P ratings agency dared to downgrade U.S. debt from triple to double ‘A’, and quite rightly. It was not a reflection of the ability of the U.S. to pay their obligations, but of the politics that allowed partisan interests to take higher priority.

The message was sent to Congress over the entire period of the ‘debt-ceiling’ soap opera, even by the most responsible of U.S. monetary figures, Treasury Secretary, Timothy Geithner and Federal Reserve Chairman Ben Bernanke -to no avail.

When the wrangling finally stopped and an agreement was reached, it was totally inadequate -cutting spending by 1/2 % of GDP against a deficit of 10% of GDP-for addressing the U.S. debt situation. Confidence visibly withered last week ahead of the downgrade and when it came, the emerging world, the largest of U.S. creditors, ran for the hills and announced the world needs a new global reserve currency.

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A Pyrrhic ‘Victory’ | Thomas Sowell

n Don Marquis’ classic satirical book, “Archy and Mehitabel,” Mehitabel the alley cat asks plaintively, “What have I done to deserve all these kittens?”

That seems to be the pained reaction of the Obama administration to the financial woes that led to the downgrading of America’s credit rating, for the first time in history.

There are people who see no connection between what they have done and the consequences that follow. But Barack Obama is not likely to be one of them. He is a savvy politician who will undoubtedly be satisfied if enough voters fail to see a connection between what he has done and the consequences that followed.

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The Crack in the Ice

Lew Rockwell | Gary North

ce skaters who go out onto lakes or large ponds are told from their early years not to skate on thin ice. The sound of cracking ice is a signal to skate toward the shore.

On Friday, August 5, 2011, the world heard the ice crack. Late in the day, Standard & Poor’s downgraded American government debt by one point: from AAA to AA+.

The decision of the U.S. Congress the previous Tuesday to raise the debt ceiling by over $2 trillion was a real crack in the ice. Standard & Poor’s only made it semi-official. “Yes, the loud noise you heard on Tuesday really was what it sounded like.”

That was not all. The European Central Bank on Friday announced that it would hold yet another a weekend meeting to deal with yet another crisis in the bond market for European national government debt. This time debts issued by the governments of Italy and Spain were coming under attack in the bond market. Lenders were demanding higher rates.

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The Simple Explanation For What’s Happening In Global Markets

Weakonomics |

the last few days of trading, stocks have sort of nose-dived. This was previously a result of people being worried about the economy after we got over the whole debt ceiling thing. But then as we entered the weekend investors started to worry about a possible downgrade on the debt of the United States. The downgrade came and on Monday (call it “Blackish Monday”) stocks were slammed hard. But what does all that even mean?

For the record, I’m going to focus on domestic issues but you should know that Europe is dealing with all kinds of crap too.

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