Posts Tagged ‘intellectuals’

The economic mess and structural problems in EU and USA – Part 2

23 januari, 2013

This is the second part about USA. Again, It ain’t pretty to say the least!

Where the same absurd Alice in Wonderland economic and political farce is playing out in the USA. And as in Europe it is, as usual, the common people who are paying the price.

And as in Europe, the US crisis is anything but over regardless of what the political elites are trying to tell the people in USA. In USA the role of ECB is played by the FED (the Federal Reserve), which creates money out of “thin air” to support the gigantic and increasing debt. And to keep the stock market going and lower the price of the dollar.

So that the federal US government can spend your tax money like a drunken sailor.

(See my posts:                                      

The US election – Yes we have NO bananas

How Obama loves the poor SOOO MUCH, especially the black, that they have had the largest single drop in income ever

In three graphs – Obama Economics)

All graphs get bigger when you click on them

USA_jobs2

                                                 USA

In USA, Goldman Sachs and the other investment banks, plus the big Hedge Funds, are pushing leverage to ridiculous and dangerous extremes.

If you read the Comptroller of the Currency, Administrator of National Banks, report for the second quarter 2012 “Quarterly Report on Bank Trading and Derivatives Activities”, you get utterly horrified of the totals of the open derivatives positions in the US market.

Four of the largest U.S. banks are walking an extreme tightrope of risk, leverage and debt when it comes to derivatives.  Below you are going to find just how utterly exposed they are.

But first what is leverage?

Most people do not understand “leverage” and what it actually means. If they did, they would not sleep at night knowing what’s going on right now.

To put it simple: leverage means that these banks etc use a leverage of say 1:50 or 1:100 in their speculations. Which means that they only put up 1 of their own dollars for an investment worth 50 or 100 dollar. Their dollars are “worth” 50 or 100 times more than they actually are.

It ALSO means that IF “things” goes wrong way they LOSE 50 or 100 dollars for every dollar they invested in that trade or position. Or much, much more.

And usually when things goes wrong, it goes very fast when it comes to trading with these kind of leverages. So very quickly, these sums get astronomical. In a couple of days they can literally lose ALL their capital and more.

Nov deficit

 This has happened time and time again. Just to mention a few:

-         Lehman Brothers (was the 4th largest inv. bank in the US).

-          Bear Stearns

-          American International Group

-          Northern Rock (a medium-sized British bank)

-          Washington Mutual

-          American Savings and Loan

-          Landsbanki and Glitnir

-          Barings Bank

-          Société Générale

-          JP Morgan Chase & Co

-          Morgan Stanley

-          Long-Term Capital Management L.P. (LTCM)

As I said before, this is JUST A VERY SHORT LIST

Avalanche

This would not per se be a problem if this were a truly free and capitalist market. Because then these banks would go bankrupt and the owners and investors would lose their money. As they are supposed to do if the do bad business or trades.

But as we all know, this is NOT a free and capitalist market.  Our “dear” politicians have “decided” that these banks with all their wild speculations are too important or to big, to be allowed to fail.

 So instead, they have used taxpayer’s money and put whole countries at risk and in extreme debt just to bail out these banks.

And the banks knows that whatever speculations they do, REGARDLESS of how much or bad they speculate, and as you can see below their speculations are horrific, the politicians are going to bail them out with our tax money.

JP Morgan Chase

Total Assets: $1,812,837,000,000 (just over 1.8 trillion dollars)

Total Exposure To Derivatives: $69,238,349,000,000 (more than 69 trillion dollars)

 Citibank

Total Assets: $1,347,841,000,000 (a bit more than 1.3 trillion dollars)

Total Exposure To Derivatives: $52,150,970,000,000 (more than 52 trillion dollars)

Bank Of America

Total Assets: $1,445,093,000,000 (a bit more than 1.4 trillion dollars)

Total Exposure To Derivatives: $44,405,372,000,000 (more than 44 trillion dollars)

Goldman Sachs

Total Assets: $114,693,000,000 (a bit more than 114 billion dollars)

Total Exposure To Derivatives: $41,580,395,000,000 (more than 41 trillion dollars)

To sum up – TOTAL EXPOSURE TO DERIVATES for ONLY these four banks:

 207, 375, 086, 000, 000 TRILLION DOLLARS!!!!!!!!!!!

TOTAL ASSETS for these four banks:  4,720,464,000,000 TRILLION DOLLARS

So they can “cover” 2,27 % of the Total Exposure with ALL their Assets!

So who is going to pay for the “rest”:  202, 654, 622, 000, 000  TRILLION DOLLARS!!!!!!!!!!! if anything goes wrong?

EmployRecNov2012

Well, we know the answer to that doesn’t we. So far, it’s the common people, i.e. the taxpayers, who had to cover for all the banks bad speculations thanks to our dear politicians.

Take another look at those figures for Goldman Sachs.  If you do the math, Goldman Sachs has total exposure to derivatives contracts that is more than 364 times greater than their total assets!

That is utter insanity, but everyone just keeps pretending that the emperor actually has clothes on.

And why are “our” politicians SO EAGER to protect these speculators?

To put these GIGANTIC sums into perspective lets compare with the GDP from USA and all of EU from 2011

There a lot of different way to calculate GDP and the figures for each year. Add to that exchange fluctuations, conversion rates etc. So the figures below comes from the same source (IMF) to make the comparison easier.  And it is their conversion.

GDP USA 2011 – 15,094,025 billion US dollars

GDP EU 2011 –  17,610,826 billion US dollars

Total GDP for EU and USA 2011: 32,704,851 billion US dollars.

Lets compare these 32,704,851 billion US dollars with TOTAL EXPOSURE TO DERIVATES for  these four above mentioned banks:

207, 375, 086, 000, 000 TRILLION DOLLARS!!!!!!!!!!!

VS

32,704,851 billion US dollars in COMBINED GDP of EU and USA

Anyone see any problem???

Problem solved all right. So just move on, nothing to notice here or worry about.

Because according to out “dear” politicians, bankers and political elites from EU and USA there is NO SERIOUS PROBLEM HERE. The problems in USA and EU are more or less solved etc.

So the ones that put as in the mess in the first place, very “reassuringly” tells us: “We take care of it”.

Yeah sure!

mrzSpendaholic2

Let’s move on to another “bright spot” –the federal budget and debt. The figures are based on the 2012/2013 data:

2012 US Tax Revenue: $2,469,000,000,000

2012 Federal budget: $3,796,000,000,000

2012 Budget deficit: $1,327,000,000,000

US Federal Debt as of January 22, 2013: $16,471,084,067,491

Total interest paid on the debt in 2012: $359,796,008,919

Budget INCREASE between 2012 and 2013: $38,500,000,000

mrzWhat is the

To make these gigantic sums understandable here is how these figures would look like for a “normal” family:

Annual family income: $24,690

Annual family expenses: $37,960.  154% of the annual family income.

Annual family shortfall borrowed from friends/neighbors etc: $13,270.  54% of the annual family income.

Total interest the family paid last year: $3,598 (at near 0% interest).  Nearly 15% of the annual family income

Total family debt (mortgage, auto, credit card): $164,471.This is   666% of the annual family income.

Change in family spending this year: an increase of $385

This looks like a very responsible family wouldn’t you say?

And do you think this family would get any loans from the banks?

When you look at it this way, it really seems absurd. Yet it’s true… a slow motion train wreck. That any person with more than one functioning brain cell can see coming miles away.  Except our “dear” politicians. They are in ACTUAL FACT increasing the spending AND the debt.

Foodstamps%20Oct

Here’s another way to look at the debt ceiling I found in a paper. It’s very symptomatic:

Let’s say you come home from work and find there has been a sewer backup in your neighborhood… and your home has sewage all the way up to your ceilings.

What do you think you should do?

Raise the ceilings, or remove the crap?

Well, or “dear” politicians are franticly at an increasing speed trying to raise the ceiling at the same time as the “sewage” is increasing EVEN MORE.

Yeap, there you have politicians in a nutshell.

Why fix the problem that they themselves caused, when the politicians can pretend that they are the giver of all gods and bearer of all gifts to all the people all the time.

And it doesn’t cost anything for anybody. It’s ALL free forever. And they all lived happily ever after.

Sounds like a wonderful fairytale doesn’t it?

On that “cheerful” note, I stop here.

mrzOur children

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The US election – Yes we have NO bananas

8 november, 2012

I could talk at length of the different aspects of this election and the result. But I will not. That would require a long essay. And that is for another time. So it’s just going to be a quick comment (well sort of), and follow up to my post The betrayal of journalism and the first amendment by the mainstream media in USA

It is a very sad day indeed to see a people voluntarily decide to throw themselves and their country over the cliff.

Let’s look at the economy (the figures are from the Congressional Budget Office):

In the Fiscal Year 2011, the federal government collected $2.303 trillion in tax revenue. Interest on the debt that year totaled $454.4 billion, and mandatory spending totaled $2,025 billion. In sum, mandatory spending plus debt interest totaled $2.479 trillion -. exceeding total revenue by $176.4 billion.

(Mandatory spending includes entitlements like Medicare, Social Security etc. which are REQUIRED by law to be paid. Congress in practical terms do not see this money, it is automatically deducted.)

For the Fiscal Year 2012, which just ended 37 days ago, that deficit increased 43% to $251.8 billion.

In other words, they could cut the entire Federal Government’s discretionary budget – No military, SEC, FBI, EPA, DHS, IRS, etc.- and they would still be in deficit by a quarter of a trillion dollars.

(Discretionary spending includes nearly everything we think of related to government- the US military, the Department of  Homeland Security, IRS, EPA etc.)

The only thing showing any growth in the US, besides the debilitating regulatory burdens, is the national debt. It took over 200 years for the US government to accumulate its first trillion dollars in debt. It took just 286 days to accumulate the most recent trillion (to $16 trillion).

Last month alone, the first month of Fiscal Year 2013, the US government accumulated nearly $200 billion in new debt in just 31 days.

And the numbers will only continue to get worse. 10,000 people each day begin receiving mandatory entitlements. Fewer people remain behind to pay into the system. The debt keeps rising, and interest payments will continue to rise even more. In addition, the dollar is going to decline.

The result, the US government is legally bound to spend more money on mandatory entitlements and interest than it can raise in tax revenue. It will not make any difference how high the federal, state or local government raise taxes, or even if they cut everything.

Another effect of Obama economics is that the poor are getting poorer, especially the black.  Under Obama the poorest Americans has suffered the single largest drop in income ever.

And the Black Americans in the same lowest income quintile have suffered almost double as the average American in the same quintile under Obama:

The drop is - 11.58% in one year (2010) and is at the lowest level ever.

That’s what I call “change”! But I would not call it “hope”.

And the number of people classified as poor are getting larger and larger.

See also my posts

How Obama loves the poor SOOO MUCH, especially the black, that they have had the largest single drop in income ever

In three graphs – Obama Economics

America, You are at a tipping point and you have your last change to stop it – Part 10

America, You are at a tipping point and you have your last change to stop it – Part 9

America, You are at a tipping point and you have your last change to stop it – Part 8

America, You are at a tipping point and you have your last change to stop it – Part 7

America, You are at a tipping point and you have your last change to stop it – Part 6

America, You are at a tipping point and you have your last change to stop it – Part 5

America, You are at a tipping point and you have your last change to stop it – Part 4

America, You are at a tipping point and you have your last change to stop it – Part 3

America, You are at a tipping point and you have your last change to stop it – Part 2

America, You are at a tipping point and you have your last change to stop it – Part 1

Why, Mr President, are you deliberately destroying the American way and committing economic harakiri?

And then of course we have the very disastrous Obama Care.  I wrote 34 posts about it. You can read them here:

Obama Care 34 – Which system do YOU thinks works best?

Obama Care 33 – President Obama is a willful and certified liar

Obama Care 32

Obama Care 31

Obama Care 30

Obama Care 29

Obama Care 28

Obama Care 27

Etc…

Obama Care

Then on top of that, we have the equally disastrous foreign policy. Where the Obama administration systematically have thrown their former allies (Eastern Europe, Britain, Israel, Egypt, Saudi Arabia  etc) under the bus, and helped parties like the Muslim Brotherhood that hate everything that USA and the western world stands for, to power.

See my 19 posts on Syria etc as some examples of that disastrous foreign policy:

How the Assad regime with the help of Russia, Iran, China and Hezbollah transformed peaceful protester to fighters

Here is links to all my posts

Russia’s solution for Syria – More Carpet bombing and Total Destruction

I could go on with many more examples but I think I will stop here.

But as the old saying goes (Joseph de Maistre in a letter from St Petersburg August 1811): a country has the politicians/government that they deserve.  So enjoy!

In addition,  this quote from a reader’s commentary in The Prager Zeitung in March 2010 (translated from Czech) sums it up quite well really:

Multitude of Fools

The danger to America is not Barack Obama but a citizenry capable of entrusting a man like him with the Presidency. It will be far easier to limit and undo the follies of an Obama presidency than to restore the necessary common sense and good judgment to a depraved electorate willing to have such a man for their president.

The problem is much deeper and far more serious than Mr. Obama, who is a mere symptom of what ails America. Blaming the prince of the fools should not blind anyone to the vast confederacy of  fools that made him their prince. The Republic can survive a Barack Obama, who is, after all, merely a fool.

It is less likely to survive a multitude of fools such as those who made him their president.“

P.S. If you are wondering about the title, see this video with music by Spike Jones. There is another long story behind the lyrics but that you have to find out yourself. D.S.

Spike Jone – yes we have no bananas

http://www.youtube.com/watch?v=jT6JkceQ9FU

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The election Tsunami wave is just rolling in

3 november, 2010

The first Tsunami wave is just rolling in over the Washington establishment.

Sitting here late at night (02:35 am) and watching the American election drama unfold minute by minute via a lot of different channels; I just want to say one thing – it is an honour to see a democracy in action where the common people are sending a very strong and clear message to the political elite. And are actually throwing them out.

And folks, this could NOT happen in Europe. So you should be really proud of yourself.

And remember, this is just the first wave!

This is a picture of the first early results in the house in the states where the polling stations have closed:

And this is a picture of the first early results in the senate in the states where the polling stations have closed:

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America, You are at a tipping point and you have your last change to stop it – Part 10

2 november, 2010

                   YOU MUST VOTE!

I am going to finish this 10 part series in the same way as I started it: YOU MUST VOTE!

So go and vote for some you can trust (yeah I know it’s hard), some one that upholds the constitution and knows what it actually means (yeah, there are not many left), some one that want to rein in the Big Government Agenda and REALLY means it (yeah I know, there are many turncoats), and some one that want to protect YOUR liberty, freedom and the American way of life (yeah, that’s another hard one).

There is in the end only one way you can judge them – By their actions.

Your vote REALLY MATTERS! This time more than ever!

Sooo much is at stake this time – The constitution, the American way of life with freedom and free markets. America is at a crucial crossroads.

Do you want a government for the elites, of the elites and by the elites?

Or a government for the people, of the people and by the people?

It is YOUR CHOICE! A very clear choice! You have to get out and flood the voting booths November 2.

And if you don’t choose, it’s going to be the former.

The turnout of voting-age population  in the mid term elections 2006 – 37,1%, and 2002 – 37.0% was pathetic and a joke. 63 % of the voting age population apparently doesn’t care what is happening to their country.

If you don’t wake up now when will you ever do? You have to stand up for freedom and liberty. Or sit back and let the American dream become a nightmare.

All tyranny needs to gain a foothold is for people of good conscience to remain silent.” Thomas Jefferson 1743-1826.

America, your whole system has been hijacked, and you have done nothing, so far, to stop it. What the Obama administration has done during the last one and half year makes a mockery of your constitution and the principle of separation of power.”

These are the “representatives” that rammed through the Obama Care, the financial bill, etc., against the will of the people. They don’t care about the constitution, and they don’t know the difference between the declaration of Independence and the Constitution; and they don’t care that they don’t know.

The people in congress who voted for these bills, this is EXACTLY WHAT THEY WANTED AND INTENDED with these bills. But to get it through Congress they gladly and willfully lied through their teeth and ears, they even gladly put their lies in writing.

Why? Because they are ramming through their political agenda which they have been waiting and planning so long for to be able do.

In short, it is very troubling to see a country on a path of economic and political self destruction. But if the present trend continues you are, to put it simple: toast.

It’s time for the people of America to take their country back. Otherwise the consequences for you as a country are going to be devastating. Especially for the common people.

                     So go and vote!

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America, You are at a tipping point and you have your last change to stop it – Part 9

2 november, 2010

The article by P. J. O’Rourke

A direct to the point piece from P. J. O’Rourke:

http://www.weeklystandard.com/articles/they-hate-our-guts_511739.html

They Hate Our Guts

And they’re drunk on power.

Perhaps you’re having a tiny last minute qualm about voting Republican. Take heart. And take the House and the Senate. Yes, there are a few flakes of dander in the fair tresses of the GOP’s crowning glory—an isolated isolationist or two, a hint of gold buggery, and Christine O’Donnell announcing that she’s not a witch. (I ask you, has Hillary Clinton ever cleared this up?) Fret not over Republican peccadilloes such as the Tea Party finding the single, solitary person in Nevada who couldn’t poll ten to one against Harry Reid. Better to have a few cockeyed mutts running the dog pound than Michael Vick.

I take it back. Using the metaphor of Michael Vick for the Democratic party leadership implies they are people with a capacity for moral redemption who want to call good plays on the legislative gridiron. They aren’t. They don’t. The reason is simple. They hate our guts.

They don’t just hate our Republican, conservative, libertarian, strict constructionist, family values guts. They hate everybody’s guts. And they hate everybody who has any. Democrats hate men, women, blacks, whites, Hispanics, gays, straights, the rich, the poor, and the middle class.

Democrats hate Democrats most of all. Witness the policies that Democrats have inflicted on their core constituencies, resulting in vile schools, lawless slums, economic stagnation, and social immobility. Democrats will do anything to make sure that Democratic voters stay helpless and hopeless enough to vote for Democrats.

Whence all this hate? Is it the usual story of love gone wrong? Do Democrats have a mad infatuation with the political system, an unhealthy obsession with an idealized body politic? Do they dream of capturing and ravishing representational democracy? Are they crazed stalkers of our constitutional republic?

No. It’s worse than that. Democrats aren’t just dateless dweebs clambering upon the Statue of Liberty carrying a wilted bouquet and trying to cop a feel. Theirs is a different kind of love story. Power, not politics, is what the Democrats love. Politics is merely a way to power’s heart. When politics is the technique of seduction, good looks are unnecessary, good morals are unneeded, and good sense is a positive liability. Thus Democrats are the perfect Lotharios. And politics comes with that reliable boost for pathetic egos, a weapon: legal monopoly on force. If persuasion fails to win the day, coercion is always an option.

Armed with the panoply of lawmaking, these moonstruck fools for power go about in a jealous rage. They fear power’s charms may be lavished elsewhere, even for a moment.

Democrats hate success. Success could supply the funds for a power elopement. Fire up the Learjet. Flight plan: Grand Cayman. Democrats hate failure too. The true American loser laughs at legal monopoly on force. He’s got his own gun.

Democrats hate productivity, lest production be outsourced to someplace their beloved power can’t go. And Democrats also hate us none-too-productive drones in our cubicles or behind the counters of our service economy jobs. Tax us as hard as they will, we modest earners don’t generate enough government revenue to dress and adorn the power that Democrats worship.

Democrats hate stay-at-home spouses, no matter what gender or gender preference. Democratic advocacy for feminism, gay marriage, children’s rights, and “reproductive choice” is simply a way to invade -power’s little realm of domestic private life and bring it under the domination of Democrats.

Democrats hate immigrants. Immigrants can’t stay illegal because illegality puts immigrants outside the legal monopoly on force. But immigrants can’t become legal either. They’d prosper and vote Republican.

Democrats hate America being a world power because world power gives power to the nation instead of to Democrats.

And Democrats hate the military, of course. Soldiers set a bad example. Here are men and women who possess what, if they chose, could be complete control over power. Yet they treat power with honor and respect. Members of the armed forces fight not to seize power for themselves but to ensure that power can bestow its favors upon all Americans.

This is not an election on November 2. This is a restraining order. Power has been trapped, abused and exploited by Democrats. Go to the ballot box and put an end to this abusive relationship. And let’s not hear any nonsense about letting the Democrats off if they promise to get counseling.

P. J. O’Rourke, a contributing editor to The Weekly Standard, is the author of a new book, Don’t Vote: It Just Encourages the Bastards (Atlantic Monthly Press).

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America, You are at a tipping point and you have your last change to stop it – Part 8

2 november, 2010

                    The speech by Robert  Bidinotto

A speech by Robert  Bidinotto: The Tea Party vs. the Ruling Class

http://biggovernment.com/rbidinotto/2010/10/24/the-tea-party-vs-the-ruling-class/

(See also: America’s Ruling Class — And the Perils of Revolution

http://spectator.org/archives/2010/07/16/americas-ruling-class-and-the/print)

Twenty months ago, on February 19, 2009, business reporter Rick Santelli of CNBC took to the floor of the Chicago Mercantile Exchange to deliver his famous rant against government bail-outs, and call for “a Chicago tea party.”

Santelli may have sparked the Tea Party movement. But he only tapped into outrage that had been growing in many of us for decades.

For too long, you and I have watched helplessly as a clique of politicians, intellectuals, activists, and bureaucrats from both parties have tried to obliterate our Constitution, our capitalist system, and our personal liberty. This “bipartisan Ruling Class”—as scholar Angelo Codevilla describes it—sees itself as a moral, cultural, and intellectual elite. Codevilla says that “Today’s ruling class, from Boston to San Diego, was formed by an educational system that exposed them to the same ideas and gave them remarkably uniform guidance, as well as tastes and habits.”

Oozing sanctimonious arrogance, viewing the rest of us as coarse, unsophisticated rubes who cling bitterly to guns and bibles, this class seeks to impose its own supposedly superior values and visions upon the rest of us, by force of law.

As we know too well, the ultimate goal of our Ruling Class is power. They exist—not to produce, not to invent, not to create—but to manipulate and master others. Ronald Reagan memorably summed up the Ruling Class’s governing outlook this way:If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.”

By contrast, the rest of us Americans seek power over circumstances, but not over each other. We acquire our personal sense of identity and self-esteem through productive work—not through imposing our will, values, and visions on our neighbors. We accept a “live and let live” philosophy.

This is the spirit embodied in our “Declaration of Independence.” That document was more than a declaration of political independence from our European rulers; it was a declaration of the moral independence of every human being. It was a declaration of each individual’s moral right to his own life, his own liberty, his own pursuit of happiness.

This is the vision enshrined in our Constitution. That governing framework grants to public officials only specific, enumerated, and narrowly limited powers. As James Madison and the other Framers made explicitly clear, the Constitution was intended—for the first time in human history—to bridle the authority of politicians and bureaucrats, and thus to protect the moral right of Americans to go about our lives without interference.

So, the Constitution imposes upon government officials a host of constraints: separations of powers, checks and balances, the Bill of Rights. By constraining government, citizens enjoy the fruits of freedom.

Which explains why, since the early twentieth-century Progressive Era, Ruling Class power-seekers have targeted the Constitution for annihilation. The regimes of Woodrow Wilson and Theodore Roosevelt subjected constitutional limitations on power to systematic, bipartisan attack. So did the “New Deal” of Franklin Roosevelt and the “Great Society” of Lyndon Johnson.

In our time, the clamor against individual rights and constitutional constraints on power has risen to a crescendo. And that is why we’re here. Today’s Ruling Class consists of the intellectual heirs of the earlier progressives. From Obama to McCain, from Arianna Huffington to David Gergen, from George Soros to Michael Bloomberg, our Beltway grandees continue to impart their wisdom and good taste upon us by lawtelling us what to eat, what our children should learn and in what kind of schools, what vehicles we should travel in, what fuels should power them, where we should live, where our thermostats should be set, what we should grow, how we should use our land, with whom we should engage in business, what we should sell and at what prices, what portion of our earnings we may be allowed to keep, what “good causes” we must support, what language we must use in conversations about “sensitive” topics ranging from race to romance to religion, what medical coverage we must have, who must provide it, and at what price, and on, and on, and on.

It goes on without limit, because our Ruling Class accepts no limits, legal or moral, on its power to “do good” to us. We are mere mortar and bricks for their social engineering. Like missionaries visiting primitive tribes, they view us as savages, whom they must cage and civilize.

We see their boundless arrogance in Barack Obama, who tells his fellow Ruling Class members that “We are the ones we have been waiting for,” with his nose held so high in the air that any passing rainstorm would waterboard him. We see it in Senator John Kerry when, like some monarch, he refers to himself in the third person. We see it in Barney Frank, the only human on the planet who is able to strut even while sitting. We see it in Harry Reid, who told us the other day that, “But for me, we’d be in a world-wide depression.” We see it in Nancy Pelosi, who—when asked where in the Constitution was Congress granted the power to order us to buy health insurance—replied: “Are you serious? Are you serious?”

Never mind that the Ruling Class and its progressive policies have failed miserably to achieve their announced objectives. For more than a century, countless government programs have plundered untold trillions of dollars from taxpayers, then redirected them, supposedly to eradicate poverty, to end unemployment, to prevent disastrous business cycles, to put everyone in his own home.

But what do we see? Record levels of people on food stamps; soaring unemployment rates; a recession longer and deeper than any since the 1930s; a debacle in the housing market. Yet, what does the Ruling Class do in response? It demands more power to enact more of the same.

They say that a sure sign of insanity is doing the same thing over and over, while expecting a different outcome. By that criterion, progressives are bat-crap crazy.

But then, what are we, if we re-elect them?

Bad as this is, it is even more sickening to watch ambitious young men and women trying desperately to enter the Ruling Class, then rise through its corrupt ranks, in their lust for power and position. For an example, look no farther than our freshman congressman in Maryland’s First District. In his disgustingly dishonest campaign ads, as well as his voting record, Frank Kratovil has demonstrated that he’ll eagerly sell his soul for a seat at a Ruling Class table.

Mr. Kratovil has spent most of his campaign running away from his voting record—even from his party affiliation. From his ads, you would think he’s running as an “Independent,” not a Democrat. He demonstrates this independence by voting with his party 84.6 percent of the time—then accepting well over a million dollars in campaign contributions from party coffers.

Consider his votes on ObamaCare. Like Hamlet, Mr. Kratovil spent a year in anguished public indecision. This waffling persisted all the way to the last week before the final vote, while Nancy Pelosi collected the backing she needed to pass the bill. Then, after Pelosi had lined up enough support to let him off the hook, Kratovil first voted for ObamaCare to proceed to a final vote, then announced he would vote against the final bill on the floor. But since then, he has refused to back a bill to repeal ObamaCare.

Doing John Kerry one better, Kratovil was for ObamaCare before he was against it, before he was for it once again. This, he says, demonstrates his independence from the Democratic party line.

On the other big bills of the past two years—namely, the “stimulus” and “cap and tax” bills—this self-described “fiscal conservative” voted to add more than one-and-a-half trillion dollars to the government credit card. The stimulus boondoggle poured billions of tax dollars into pork projects for public-employee unions. Meanwhile, cap-and-tax was designed to clobber the oil, coal, and natural-gas industries, and to raise your energy costs $1600 per household. Kratovil voted for other earmarks and pork projects, too.

Two years ago, Frank Kratovil boarded a flight headed into Ruling Class territory. He’s well on his way—unless you cancel his flight on November 2nd.

Happily, I think that will happen. And it will happen to many other members of the self-appointed elite. Signs are everywhere that people are, at last, wising up and fighting back. Your presence here today is one of those signs.

Ladies and gentlemen, I’ve been paying close attention to politics since I was a teenager in the 1960s. I’ve never been so optimistic about America’s future—and you are a major reason for that. For nearly half a century, I wrote and preached about our lost liberties and endangered rights, feeling like a lonely voice in the wilderness. But now, millions of voices are carrying that message.

However, we can’t stop on November 2nd. Our next task must be to transform the Republican Party into something more than an auxiliary chapter of the Ruling Class clique. The GOP has pretended for decades to be the party of freedom, capitalism, and limited government. And it has betrayed those principles repeatedly.

But we have not just a political party, but a cultural legacy, to reclaim—a legacy often described as American individualism. From our nation’s earliest days, when our pioneer ancestors blazed trails through forbidding frontiers, we Americans have never viewed ourselves as victims of circumstances. Fiercely self-assertive, proudly independent, we, more than any other people on earth, view ourselves as masters of our fates, as captains of our souls.

The spirit of American individualism, and the moral quest for personal liberty, motivated the Founders to pledge their lives, their fortunes, and their sacred honor to the cause. It is a cause for which many have fought and died, so that we don’t have to.

So, let us win a peaceful victory for that cause on November 2nd—and then, in the words of Washington, let us continue in the months and years ahead to raise a standard to which the wise and honest can repair.

Thank you.”

Läs även andra bloggares åsikter om  <a href=” http://bloggar.se/om/yttrandefrihet” rel=”tag”>yttrandefrihet</a>, <a href=”http://bloggar.se/om/fri-+och+r%E4ttigheter” rel=”tag”>fri- och rättigheter</a>,  <a href=” http://bloggar.se/om/USA” rel=”tag”>USA</a>


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