Peter Schiff is the CEO of EuroPacific Capital. He unsuccessfully ran for U.S. Senate in 2009. You can see him often as a guest on Fox News, Fox business network, and CNBC. He currently has his own radio show on the GCN Radio Network. You can also follow his Video Blog on YouTube - The Schiff Report.
Part 1 - Peter Schiff comments on the Federal Reserve and Cronyism associated with the Government. We are repeating mistakes that got us into this position to begin with. To be on the side of the Working Class, you must support a smaller government. Inflation is the most vicious tax of all. The Federal Reserve has been buying 70% of all Treasuries. This monetization of the debt will cause inflation to grow out of control and that will mean that interest rates will have to rise. That means that the Federal Deficit will feed off of itself and grow exponentially.
Part 2 - The government has postponed the problems we face and this postponement is going to make the issues we face much worse. The government doesn't want us to have an escape valve. The government has undermined our monetary system. Owning precious medals is not undermining our system. Precious metals help to hold the intrinsic value of physical assets. The Government and the Fed do not want to compete against Gold and Silver. The government is failing against the laws of Economics. Controlled Economies do not work and will collapse around the government. The government must stop with stimulus. We have to get back to manufacturing. We need the government to shut down. We need real cuts in government spending. We should be fearful of the government not shutting down. We need to raise interest rates and tighten credit.
Wednesday, April 6, 2011
Tuesday, April 5, 2011
40,000 unique views in 935 days
Yesterday, Monday, April 4, 2011 the Hound went over 40,000 unique views. In keeping a log of these numbers since this blog's inception, we have seen a gathering of momentum that is gradually compounding and feeding off of itself. I was keeping track and informing the public every time we reached a 5,000 unique viewer milestone, but the pace has quickened to the point that to report on an increment that of 5,000 would be irrelevant.
As I previously reported last October, the last 5,000 (25k to 30k) unique view milestone took 82 days compared to the previous 5,000 increment (from 20k to 25k) that took 130 days. That means in total it took 212 days to go from 20,000 to 30,000 unique viewers. To reach this milestone, it only took 179 days to go from the 30,000 to 40,000 unique viewers and this includes the slowest viewership time of the year, the Holidays. It is my hope that we are getting to the point where the next milestone, 50,000 unique views, will be attainable in 5 months or less, but you never know.
We have seen steady progress in the 935 days that this blog has been in existence. I remember in the beginning we received some attention, because people couldn’t believe that we were doing what we were (and are) doing. We had quite a bit of viewership when the Wall Street Journal article came out in January 2009, but of course we had an ebb and flow to the viewership and sometimes there were days when very few, around a dozen, people checked out the blog. We haven't had any days with counts that low in a long, long time.
We are at a point now where an average 50+ viewers read the blog on a daily basis and it is not uncommon to have double that reading on certain days. The reason, I believe, is that we have built an archive of articles and information that have a lot of relevance about Hickory and the times in which we live. I follow the trends and the people that I associate with follow trends and think critically about the issues of the day and we are constantly bouncing ideas off of one another. And I appreciate input from new readers, who take us in new directions, and these people appreciate having a forum that truly listens and carries a dialogue forward in the community.
I truly appreciate those who read and participate with the input of this blog. In my opinion, you give this community hope, because you truly care and are inquisitive about what is going on in our community. It is discouraging when we see the challenges that we face as a community and the ambivalence of some of the stakeholders who just don't get it and so many people who are lost as to what to do. They seem to think we can tweak around the edges and bring back prosperity. Everyone is entitled to their opinion and that is what makes a great community; people coming together from different backgrounds and having different viewpoints, but working together with the ultimate goal being the betterment of the entire community.
Sometimes when I am speaking to groups, I feel like I am from outer space, because the people I am speaking to are on a different wavelength than myself. I speak about a subject and they don't realize that what I am saying is a reflection upon the subject until months later. Most people seem to just be trying to get through the day and worry about only what is right in front of them and obvious. When people don’t look towards the future, then they leave themselves vulnerable to what they refuse to think about and thus they aren’t prepared to take action. When one does not take trends into account, then they can never get ahead, because “Black Swan” events will eventually wipe out those day-to-day wins. By looking at weak signals, we make ourselves more flexible, nimble, and able to adapt quicker and prepare to adapt to extraordinary changes.
You should not be afraid to mention to people that you read this blog. It is not part of the system and it is not mainstream, but that is what gives it it's relevance. We are looking at issues from every angle and that is something that the mainstream media refuses to do. We are not hear to step on toes. We are here to lay out information in its rawest form and if individuals get caught doing something that isn't kosher, then whose fault is that?
Let's continue forward down this road with pride, because we are doing this together. We should hold our heads up high, because those of us who are trying to change this community know that eventually there will be a tipping point and we will be the people who turn around the economic and social plight of this community.
Peace be with You All!!!
As I previously reported last October, the last 5,000 (25k to 30k) unique view milestone took 82 days compared to the previous 5,000 increment (from 20k to 25k) that took 130 days. That means in total it took 212 days to go from 20,000 to 30,000 unique viewers. To reach this milestone, it only took 179 days to go from the 30,000 to 40,000 unique viewers and this includes the slowest viewership time of the year, the Holidays. It is my hope that we are getting to the point where the next milestone, 50,000 unique views, will be attainable in 5 months or less, but you never know.
We have seen steady progress in the 935 days that this blog has been in existence. I remember in the beginning we received some attention, because people couldn’t believe that we were doing what we were (and are) doing. We had quite a bit of viewership when the Wall Street Journal article came out in January 2009, but of course we had an ebb and flow to the viewership and sometimes there were days when very few, around a dozen, people checked out the blog. We haven't had any days with counts that low in a long, long time.
We are at a point now where an average 50+ viewers read the blog on a daily basis and it is not uncommon to have double that reading on certain days. The reason, I believe, is that we have built an archive of articles and information that have a lot of relevance about Hickory and the times in which we live. I follow the trends and the people that I associate with follow trends and think critically about the issues of the day and we are constantly bouncing ideas off of one another. And I appreciate input from new readers, who take us in new directions, and these people appreciate having a forum that truly listens and carries a dialogue forward in the community.
I truly appreciate those who read and participate with the input of this blog. In my opinion, you give this community hope, because you truly care and are inquisitive about what is going on in our community. It is discouraging when we see the challenges that we face as a community and the ambivalence of some of the stakeholders who just don't get it and so many people who are lost as to what to do. They seem to think we can tweak around the edges and bring back prosperity. Everyone is entitled to their opinion and that is what makes a great community; people coming together from different backgrounds and having different viewpoints, but working together with the ultimate goal being the betterment of the entire community.
Sometimes when I am speaking to groups, I feel like I am from outer space, because the people I am speaking to are on a different wavelength than myself. I speak about a subject and they don't realize that what I am saying is a reflection upon the subject until months later. Most people seem to just be trying to get through the day and worry about only what is right in front of them and obvious. When people don’t look towards the future, then they leave themselves vulnerable to what they refuse to think about and thus they aren’t prepared to take action. When one does not take trends into account, then they can never get ahead, because “Black Swan” events will eventually wipe out those day-to-day wins. By looking at weak signals, we make ourselves more flexible, nimble, and able to adapt quicker and prepare to adapt to extraordinary changes.
You should not be afraid to mention to people that you read this blog. It is not part of the system and it is not mainstream, but that is what gives it it's relevance. We are looking at issues from every angle and that is something that the mainstream media refuses to do. We are not hear to step on toes. We are here to lay out information in its rawest form and if individuals get caught doing something that isn't kosher, then whose fault is that?
Let's continue forward down this road with pride, because we are doing this together. We should hold our heads up high, because those of us who are trying to change this community know that eventually there will be a tipping point and we will be the people who turn around the economic and social plight of this community.
Peace be with You All!!!
Monday, April 4, 2011
The One Percent - Documentary by Jamie Johnson
(From Wikipedia) - The One Percent is a 2006 documentary about the growing wealth gap between America's wealthy elite and the citizenry on the whole. It was created by Jamie Johnson, an heir to the Johnson & Johnson fortune, and produced by Jamie Johnson and Nick Kurzon. The film's title refers to the top one percent of Americans in terms of wealth, who controlled 38% of the nation's wealth in 2001.[1]
The film premiered on April 29, 2006, at the Tribeca Film Festival. It was reported to have been purchased by HBO and a revised version of the film, substantially re-edited and incorporating footage shot since the 2006 festival screening, premiered on Thursday, February 21, 2008 at 6:30pm ET/PT on HBO's Cinemax.
It was stated in the Page Six column of the New York Post that Warren Buffett had written a letter to Nicole Buffett, daughter of his son Peter's ex-wife from another marriage. In response to her participation in the film, distancing himself from her, he wrote "I have not emotionally or legally adopted you as a grandchild, nor have the rest of my family adopted you as a niece or a cousin."[2]
Sunday, April 3, 2011
Economic Stories of Relevance in Today's World -- April 3, 2011
2/3rds of US Corporations Pay Zero Federal Taxes: US Uncut Movement Builds to Make Them Pay Up - The Nation - Alison Kilkenny - March 31, 2011 - “I’m tired of people calling for shared sacrifice and it’s all coming from the workers and nothing’s coming from the top,” says protester Dave Sonenberg. “I’m sick of companies like Bank of America not paying their taxes.”....
Real estate crash catches up to cities as property taxes slide - Bloomberg - By William Selway and Henry Goldman - March 29, 2011 - Local officials are now facing the consequences. Property- tax revenue dropped in the last three months of 2010 at the fastest pace since home prices slipped from their peak more than four years ago, the Census Bureau said yesterday. The decline may continue as values fall further, adding strains to cash- strapped localities that already fired workers, halted projects and cut spending because of the recession that began in 2007.
Foreign Banks Tapped Fed’s Secret Lifeline Most at Crisis Peak - Bloomberg - April 1, 2011 - “What in the world are we doing thinking we can pass out tens of billions of dollars to banks that are overseas?” said Paul, who has advocated abolishing the Fed. “We have problems here at home with people not being able to pay their mortgages, and they’re losing their homes.” ...
Fed's Rules Let Brokers Turn Junk Into Cash at Height of Financial Crisis - Bloomberg - By Matthew Leising - Mar 31, 2011 - At the height of the financial crisis, the Federal Reserve allowed the world’s largest banks to turn more than $118 billion in junk bonds, defaulted debt, securities of unknown ratings and stocks into cash.... Collateral of those asset types made up 72 percent of the total $164.3 billion in market-rate securities pledged to the Fed on Sept. 29, 2008, two weeks after the bankruptcy of Lehman Brothers Holdings Inc., according to documents released yesterday. The collateral backed $155.7 billion in loans on the largest day of borrowing from the Primary Dealer Credit Facility, which was created in March 2008 to provide loans to brokers as Bear Stearns Cos. collapsed....
Gross Echoes Buffett Saying Treasuries Have ‘Little Value’ on Debt, Dollar - Bloomberg - By Wes Goodman - Mar 30, 2011 - By Wes Goodman - Mar 30, 2011 - The U.S. has unrecorded debt of $75 trillion, or close to 500 percent of gross domestic product, counting what it owes on its bonds plus obligations for Social Security, Medicare and Medicaid, Gross wrote in his monthly investment outlook. The U.S. will experience inflation, currency devaluation and low-to- negative interest rates after accounting for consumer-price gains if it doesn’t reform its entitlement programs, he said... Pimco “has been selling Treasuries because they have little value within the context of a $75 trillion total debt burden,” ... President Barack Obama’s government has increased the U.S. publicly traded debt to a record $9.05 trillion, leading Gross to compare the nation to Greece, which had its credit ratings cut two steps by Standard & Poor’s on March 29... “We are out-Greeking the Greeks,” he wrote.
Underemployment Rises to 20.3% in March - Gallup - April 1, 2011 - Jenny Marlar - Despite the Obama administration's March 16 announcement that unemployment would remain high or increase in coming months, the underemployed in March became neither more nor less hopeful about finding work soon. Six in 10 underemployed Americans are not hopeful they will find work or move from part-time to full-time work in the next four weeks. That translates to 12% of the workforce that is both underemployed and not hopeful they will find their desired amount of work. The lack of change suggests that underemployed Americans anticipated long-term difficulties in finding work well before the administration's formal announcement was made...
Keiser Report: Food Stamp Army
Real estate crash catches up to cities as property taxes slide - Bloomberg - By William Selway and Henry Goldman - March 29, 2011 - Local officials are now facing the consequences. Property- tax revenue dropped in the last three months of 2010 at the fastest pace since home prices slipped from their peak more than four years ago, the Census Bureau said yesterday. The decline may continue as values fall further, adding strains to cash- strapped localities that already fired workers, halted projects and cut spending because of the recession that began in 2007.
Foreign Banks Tapped Fed’s Secret Lifeline Most at Crisis Peak - Bloomberg - April 1, 2011 - “What in the world are we doing thinking we can pass out tens of billions of dollars to banks that are overseas?” said Paul, who has advocated abolishing the Fed. “We have problems here at home with people not being able to pay their mortgages, and they’re losing their homes.” ...
Fed's Rules Let Brokers Turn Junk Into Cash at Height of Financial Crisis - Bloomberg - By Matthew Leising - Mar 31, 2011 - At the height of the financial crisis, the Federal Reserve allowed the world’s largest banks to turn more than $118 billion in junk bonds, defaulted debt, securities of unknown ratings and stocks into cash.... Collateral of those asset types made up 72 percent of the total $164.3 billion in market-rate securities pledged to the Fed on Sept. 29, 2008, two weeks after the bankruptcy of Lehman Brothers Holdings Inc., according to documents released yesterday. The collateral backed $155.7 billion in loans on the largest day of borrowing from the Primary Dealer Credit Facility, which was created in March 2008 to provide loans to brokers as Bear Stearns Cos. collapsed....
Gross Echoes Buffett Saying Treasuries Have ‘Little Value’ on Debt, Dollar - Bloomberg - By Wes Goodman - Mar 30, 2011 - By Wes Goodman - Mar 30, 2011 - The U.S. has unrecorded debt of $75 trillion, or close to 500 percent of gross domestic product, counting what it owes on its bonds plus obligations for Social Security, Medicare and Medicaid, Gross wrote in his monthly investment outlook. The U.S. will experience inflation, currency devaluation and low-to- negative interest rates after accounting for consumer-price gains if it doesn’t reform its entitlement programs, he said... Pimco “has been selling Treasuries because they have little value within the context of a $75 trillion total debt burden,” ... President Barack Obama’s government has increased the U.S. publicly traded debt to a record $9.05 trillion, leading Gross to compare the nation to Greece, which had its credit ratings cut two steps by Standard & Poor’s on March 29... “We are out-Greeking the Greeks,” he wrote.
Underemployment Rises to 20.3% in March - Gallup - April 1, 2011 - Jenny Marlar - Despite the Obama administration's March 16 announcement that unemployment would remain high or increase in coming months, the underemployed in March became neither more nor less hopeful about finding work soon. Six in 10 underemployed Americans are not hopeful they will find work or move from part-time to full-time work in the next four weeks. That translates to 12% of the workforce that is both underemployed and not hopeful they will find their desired amount of work. The lack of change suggests that underemployed Americans anticipated long-term difficulties in finding work well before the administration's formal announcement was made...
Keiser Report: Food Stamp Army
Friday, April 1, 2011
Proposed N.C. Bill would stop excess fees by Merchants for using Credit or Debit cards
Here is a proposed Bill to regulate surcharges and fees by convenience stores and other merchants in North Carolina. NC House Representative Hugh Blackwell (R-Burke-Valdese) has created this Bill, which has not yet been introduced. Hopefully consumers will embrace this as a means of paying exactly what they should and not paying additional fees and charges to use a debit or credit card in North Carolina. Please help me get the word out to the public so they will ask their local congressman or senator to support this legislation.
A BILL TO BE ENTITLED:
AN ACT TO PROHIBIT THE CHARGING OF A SURCHARGE ON PERSONS WHO ELECT TO USE A CREDIT CARD, OR DEBIT CARD IN LIEU OF PAYMENT BY CASH, CHECK, OR SIMILAR MEANS.
A BILL TO BE ENTITLED:
AN ACT TO PROHIBIT THE CHARGING OF A SURCHARGE ON PERSONS WHO ELECT TO USE A CREDIT CARD, OR DEBIT CARD IN LIEU OF PAYMENT BY CASH, CHECK, OR SIMILAR MEANS.
The General Assembly of North Carolina enacts:
SECTION 1. Article 1 of Chapter 75 of the General Statutes is amended by addinga new section to read:
" 75-43. Surcharge for payment by credit card prohibited.
(a) Prohibition. - A person who sells or leases goods or services in this State shall not impose a surcharge on a person who elects to use a credit card, charge card, or debit card in lieu of payment by cash, check, or similar means. As used in this section, the term 'surcharge' means any additional amount imposed at the time of the sales or lease transaction that increases the charge to the buyer or lessee for the privilege of using credit, charge card, or debit card.
(b) Exception. - A person may offer discounts for the purpose of inducing payment by cash, check or other means not involving the use of a credit card, charge card, or debit card, provided that the discount is offered to all prospective buyers.
(c) Violation an Unfair Trade Practice. - A violation of this section shall be an unfair and deceptive trade practice under G.S. 75-1.1."
SECTION 2. G.S. 159-32.1 reads as rewritten:
" 159-32.1. Electronic payment.
Notwithstanding G.S. 75-43, a unit of local government, public hospital, or public authority may in lieu of payment by cash or check, accept payment by electronic payment as defined in G.S. 147-86.20 for any tax, assessment, rate, fee, charge, rent, interest, penalty, or other receivable owed to it. A unit of local government, public hospital, or public authority may pay any negotiated discount, processing fee, transaction fee, or other charge imposed by a credit card, charge card, or debit card company, or by a third-party merchant bank, as a condition of contracting for the unit's or the authority's acceptance of electronic payment. A unit of local government, public hospital, or public authority may impose the fee or charge as a surcharge on the amount paid by the person using electronic payment."
SECTION 3. This act becomes effective October 1, 2011.
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