Obama

The Destruction of the US Dollar

Posted by

0

A debate is waging between the deflationists and inflationists.  It will come as no surprise to those who’ve read my previous posts on the subject that I fall into the latter camp.  I have indicated numerous times that I’ve put my money where my mouth is.  In January, I was so convinced that there would be inflation, that I eventually decided to implement a strategy of holding little cash but rather oil and gas and gold mining stocks.  I’ve also shorted the US dollar.  This strategy is paying off handsomely so far.   Besides the inflationists have many decades of contemporary monetary history to back their point of view, and the knowledge that government deficits generally feed inflation.  The current Obama deficit is profligate and never seen in the US before Obama. In Bloomberg, David Reilly asks whose face should go on the $1,000,000 bill, but never suggests Obama, apparently because he is afraid to be put on the President’s enemy list.

It is true that the credit bubble was popped last Autumn, and this caused deflation.  But this has been reversed.  Consumers don’t see it yet because consumer goods haven’t increased in price yet.  But rising prices is not the definition of inflation.  One mustn’t confuse the symptom with the cause.  Inflation is caused by an expansion of the money supply without a corresponding growth in real wealth (i.e., goods and services).  When the supply of money is inflated, prices will rise to accommodate it.  This is what is already happening to gold, oil, and the stock market.  In Canada, there is an increase in real estate prices.  Next, consumer prices will catch up and everyone will feel the pain when their pay cheque won’t go as far.  Witness that oil is already back above $80 per barrel, gold is above 1050, and the Canadian dollar is almost en par with the dollar.  These are all symptomatic of the re-inflation of the US money supply.  Meanwhile, the Koreans are buying Harvest Energy Trust, a sign that the Asian, creditor nations are abandoning the dollar for hard assets in commodity interests around the world, including Africa.

Irwin Seltzer writes in a his column, “The Dethroning of King Dollar?“:

Which puts the ball right back in the Fed’s court. Unless Bernanke drains liquidity from the financial system, and shrinks the Fed’s balance sheet by winding down $2 trillion in support programs — and does so precisely when the recovery takes hold so as not to cause a relapse by moving too early — the dollar’s decline will accelerate, shattering confidence in its long-term value. One well-respected expert tells me that in two-to-five years the dollar will no longer be considered safe enough to be the currency in which the world does business. Its replacement: separate deals in local currencies — the Chinese paying for Brazil’s oil in renminbi, which the Brazilians use to purchase stuff made in China — and the International Monetary Fund’s drawing rights, bits of paper backed by a basket of currencies, including but not limited to the dollar. That would mark the end of an era that has seen world trade flourish and millions emerge from poverty. Sad.

The Obama Dollar

Posted by

2

I wrote back in January that Obama budget deficit would lead to inflation.  Now finally financial writers are calling it the Obama dollar.

In personal finances, debt is not a good thing unless properly managed.  Advisers distinguish between good and bad debt.  Bad debt is spent on consumer goods and services (Christmas gifts, food, vacations, etc.).  Good debt is used to buy appreciating assets like a house or investments which will produce positive cash flow (e.g., Crescent Point Energy Corporation, which pays 23 cents per share Canadian per month).

I lamented that Obama called his profligate budget an “investment”.  But there is no question that government debt is bad debt.  It is used neither to purchase appreciating assets nor cash-producing investments; rather government debt is spent on programs and make-work projects that will never have a profitable rate of return.  1.4 trillion dollars was borrowed in the 2009 budget year and it has led to inflation of the US currency as I predicted in January.  Let’s consider the difference in Canadian dollar:  On Jan 23, the Canadian dollar traded at 1.234 to the US Dollar; now today it is at 1.03 per US.  This is a drop of nearly 17%.  But it is not as though Canadian currency is not also being inflated by low interest rates.  In Canada, most investments, including stocks and real estate, have nearly completely recovered from the downturn.  Housing is now completely recovered in much of Canada, and this has financial writers worried about a bubble in housing prices.

I am still shorting the US dollar (it means that I gave borrowed US to purchase Canadian-based Barrick Gold (ABX: NY), Enerplus (ERF: NY), and Daylight Resources Trust (DAY.UN: Toronto).

Writers and analysts often refer to the Federal Reserve Bank “printing” money.  Actually they don’t have to literally print money, because the central bank has the ability to create money without printing it.  This is done especially well when the Federal Reserve buys US treasury notes.  The dollar is called a “fiat” currency, because money can be made from nothing and out of paper and ink.  Eventually, however, printed money flow will have to increase in order to keep up with prices.  But until then, inflation remains an invisible monster which devours people’s savings and cuts into how much they can earn.

The Carter years (1979-1981) were formative for me, as I graduated from high school in 1981.  I remember them like yesterday, and I remember its high inflation and how Reagan implemented so-called Reagonomics, reining in profligate Federal Spending.  Reagan halted an out of control Congress and put America back on track.  Being a beneficiary after my mother’s death in 1977, I remember my own Social Security check being cut.  Unfortunately, Obama was apparently too busy taking drugs during those years (marijuana and cocaine when he could afford it) and so has returned us to the pre-Reagan economic policies and ideas; but he has, in collusion with the Democrat Congress, implemented economic policies which are even worse than what we had during the Carter malaise.

I met a man from Singapore whose father lived in want much of his childhood and therefore as an old man hoarded enough rice for many years.  In like manner, I am afraid of inflation, because that’s what I saw as a child, and I have been preparing for this moment since I first heard about the Obama budget.  I fear inflation as much as any other investment risk, perhaps more.  The so-called safe haven of the dollar is a complete myth, all the more so when it is the Obama dollar.

Obama's no author: Bill Ayers wrote Dreams

Posted by

0

Anne Leary of Backyard Conservative ran into Bill Ayers at Washington D.C.’s Reagan National Airport.

Leary, a Chicago resident, who has tracked Barack’s Bomber Buddy for years, started a conversation with the domestic terrorist whom Obama claimed was just a guy in the neighborhood. The conversation turned quickly to Dreams of my Father, which is allegedly Barack Obama’s first autobiographical memoir:

Then, unprompted he said–I wrote Dreams From My Father. I said, oh, so you admit it. He said–Michelle asked me to. I looked at him. He seemed eager. He’s about my height, short. He went on to say–and if you can prove it, we can split the royalties. So I said, stop pulling my leg. Horrible thought. But he came again–I really wrote it, the wording was similar. I said I believe you probably heavily edited it. He said–I wrote it. I said–why would I believe you, you’re a liar.

He had no answer to that. Just looked at me. Then he turned and walked off, and said again his bit about my proving it and splitting the proceeds.

James Simpson, who alerted the readers of the American Thinker of Leary’s blog, comments:

Was he, as she had asked, pulling our collective legs? Other sources report rumors that Ayers is very upset both about not getting any credit for helping Obama on ‘Dreams,’ and may also be put off by being summarily thrown under the bus along with Rev. Wright and everyone else who becomes an inconvenience to this President.
My understanding of communists is that most would know better and keep their mouths shut. But Ayers is a bit different. He is, as he says, a “small ‘c’ communist,” but he is also, in a certain, slimy way, an entrepreneur, as we explained in Monday’s post. (Apologies in advance to entrepreneurs everywhere.) He grew up a very rich kid, used to getting everything he wanted. Even as an adult his career has relied on a hand up from his wealthy father. His past statements and radical activities also mark him as a megalomaniac. In youth he drew attention to himself by blowing things up. As an adult “educator” he merely attempts to subvert children. But that doesn’t seem to be going so well.

The trouble with evil people is that they often want the credit for what they have done.  It is therefore not surprising that Ayers has begun to admit that he wrote Obama’s book.  It has already been proven by Jack Cashill and confirmed by Obama biographer, Christopher Anderson.

Obama is a security risk.  His closest associates are a threat to America.  Bill Ayers is a terrorist.  Obama should resign or be impeached.

Was he, as she had asked, pulling our collective legs? Other sources report rumors that Ayers is very upset both about not getting any credit for helping Obama on ‘Dreams,’ and may also be put off by being summarily thrown under the bus along with Rev. Wright and everyone else who becomes an inconvenience to this President.
My understanding of communists is that most would know better and keep their mouths shut. But Ayers is a bit different. He is, as he says, a “small ‘c’ communist,” but he is also, in a certain, slimy way, an entrepreneur, as we explained in Monday’s post. (Apologies in advance to entrepreneurs everywhere.) He grew up a very rich kid, used to getting everything he wanted. Even as an adult his career has relied on a hand up from his wealthy father. His past statements and radical activities also mark him as a megalomaniac. In youth he drew attention to himself by blowing things up. As an adult “educator” he merely attempts to subvert children. But that doesn’t seem to be going so well.

A dishonest god : Obama Miscellany

Posted by

0

Rush Limbaugh tells a joke:  What do God and Obama have in common?  God doesn’t have a birth certificate either.

I was at the Society of Biblical Literature last year in Boston and I met a childhood friend of one of my professors, who was being honored with a Festshrift.  The elderly gentleman, a longtime resident of Boston, found out I was from Alaska.  He then suddenly turned red-faced and angry.  “What’s wrong with you people?” He asked, “How can you have such a stupid woman as governor.  Are your brains frozen from the cold?”  I told him that I like very much Governor Palin and that our problem in Alaska is that when we are hungry, we have to go out and shoot something.  Then he went on to say how proud he was of Barack Obama because he was so intelligent, and he was just going to be such a good president.   Lee Carey, however, points out that Obama has a questionable work ethic, while others wonder aloud if he is just playing at being president.

Dreams of my Father Just some guy in my Neighborhood

Prof. Jack Cashill has followed up on his previous post at American Thinker with “Andersen Claims ‘Two Sources’ for Ayers’ Role in Dreams“.  He has interviewed the author and journalist Chris Anderson:

Andersen claims that the “hopelessly blocked” Obama turned to the unrepentant terrorist Bill Ayers to help him write his much acclaimed 1995 memoir, Dreams From My Father.
When I asked about Andersen’s sources, Andersen said that he had two separate sources “within Hyde Park” but, understandably, would not elaborate.
Andersen, who was gracious throughout, insisted that he had made no claim that Ayers wrote Dreams but he did not deny Ayers’ deep involvement, conceding that Dreams is much the better book than Obama’s 2006 Audacity of Hope. This, of course, has to trouble the Obama acolytes who insist that Obama is a uniquely gifted writer.
Thomas Lifson concludes, as I have, that Obama has been unmasked as a fraud:

Now, thanks to Jack Cashill, the literary mask has been removed. Obama is a literary pretender. Case closed. The evidence is overwhelming that Bill Ayers ghost-wrote Dreams from my Father, the book which established Obama’s pose as a brilliant writer (and therefore a fine mind, in the estimation of many). The stylistic resemblance between the Dreams and Ayers’ work is stunning. Now we know, thanks to Chris Andersen’s new book,that Obama hit a brick wall trying to fulfill his contract to produce a book, and shipped off his notes and tapes to Ayers. That is the classic description of a ghost writer’s assignment. And it completely fits the theories Cashill had inferentially reasoned from the data of his literary studies.

Sarah Palin has finished her book, Going Rogue, early; unlike Obama, she has publicly acknowledged her use of a professional writer.  Yet the main stream media is still chanting the canard that Obama is a great writer.  Matthew Shaer writes:

Fair enough. November is holiday book-buying season, and Sarah Palin is a hot commodity. No reason to think Palin’s book won’t skyrocket to the top of the best-seller list. But let’s pause for a second: Did Palin really write “Going Rogue” all by herself? As MSNBC’s Chris Matthews noted back in May, “She’s got this book deal, she obviously is not gonna write it.”

Matthews was right. Palin had help.

Not that there’s anything wrong with that – unofficially, we’d estimate that 90 percent of the books published by politicians are heavily ghost-written. (A notable exception: Barack Obama, whose “Dreams from My Father” was considered by many critics to have real literary merit.) In Palin’s case, help came in the form of Lynn Vincent, a senior writer for the conservative Christian publication World Magazine.

Mr. Shaer, via the illustrious Chris Matthews, here implies that Palin has not been honest in acknowledging the use of a professional writer, as if that was ever in question; thus, he ironically tries to accuse her of the crime of which Barack I-actually-wrote-them-myself Obama is guilty.  Mr. Shaer writes for the Christian Science Monitor, but he obviously is a sub-par journalist, who is unaware that Prof. Jack Cashill has argued definitively that Bill Ayers had a major hand in ghost writing Dreams of my Father.  But don’t expect anyone in the mainstream media to deal with this story soon (except perhaps Glenn Beck), since they are incompetent.  The Associated Press will now even make up a quote out of whole cloth  if necessary to provide their tendentious version of the news.

Obamalatry Worshipping a Man
The Bible says that when Herod Agrippa was hailed by the crowd as a god,  “Immediately an angel of the Lord smote him, because he did not give God the glory; and he was eaten by worms and died “(Acts 12:23).  Yet many of Obama’s followers have become Obamalators.  Many noticed that there seemed to be a cult of Obama during the election, beginning with Oprah’s endorsement that he’s “the One”.  But this worship is intensifying in certain quarters, with public school children being taught to sing hymns to Obama and now a new video surfaced (hat tip Red State) in which a liturgy offers prayers to Obama (see below); Obama must reject this worship publically, lest he fall under the same divine punishment as Herod Agrippa.
And this meeting of the Gamaliel Foundation:
Vodpod videos no longer available.

more about “Community Organizer Group Prays to Ob…“, posted with vodpod

Facebook Poll on whether Obama should be assasinated: Fake hate crime?

Posted by

0

http://www.abcnews.go.com

The thing about something like this is that we know that it is a trick of the Left to do outrageous things like this and then get the media to blame it on conservatives.  Michelle Malkin calls such acts “fake hate crimes”.  Mark my words, I wouldn’t be surprised if this was done by pro-Obama people.

Here is the difference between the September 12, 2009, conservative protestors and Obama supporters:

washington mall