Monthly Archives: May 2010

Six Months Late to a Game That’s Long Been Over: NYT, Newsweek Acknowledge ClimateGate’s Damage

It’s good to see some of the U.S. press finally catching on.  They completely ignored this story for weeks, and then pretended that it didn’t matter at all.

In reality, it was the key to revealing that most of the basis of global warming science is completely made-up.

Parts of the U.S. establishment press have acknowledged “climate science” reality, six months late.

The fallout from ClimateGate (link is to the NewsBusters tag), the name eventually given to the scandal resulting from the unauthorized posting of over 1,000 emails and dozens of documents obtained from University of East Anglia’s Climate Research Unit (CRU) in the UK, goes back a full six months to November of last year.

On November 20, Australia’s Andrew Bolt crisply described the contents of the aforementioned items as providing substantial evidence of: “Conspiracy, collusion in exaggerating warming data, possibly illegal destruction of embarrassing information, organised resistance to disclosure, manipulation of data, private admissions of flaws in their public claims and much more.”

via Six Months Late to a Game That’s Long Been Over: NYT, Newsweek Acknowledge ClimateGate’s Damage | NewsBusters.org.

Guarding Your Money from Government Onslaughts

Well put:

I was the same way! So, like you, I was not ready for him going on to say “Adding this 15% to the 49% spending ratio increases government’s control-share of the economy to 64%”, which bring our taxpayer’s share of income down to 36%.” Wow! The government consumes two-thirds of my income!

And so we learn that in 2009, people worked, “3 times longer per year to pay all taxes, more than they pay for food, housing and clothing combined” when, in reality, the taxpayer is left with much, much, much less than that paltry estimate of 36% of gross income, and everyone is getting lesser and lesser, too, since taxes are rising and there is talk of, and the certainty of, new taxes, while inflation (which has the same effect as a tax) is rising and rising, and destined to rise some more, and then more and more until the very life is being crushed out of you by inflation in prices, which will happen because inflation in prices is caused by inflation in the money supply, which is caused by the monstrous Federal Reserve creating the extra money, which it does so that the despicable federal government can borrow and spend the extra money, which drives up the proportion of the economy that the government consumes, making it all worse and worse in a big, ugly spiral, spinning around and around, spinning, spinning, spinning until you are so dizzy that you are think you are going to throw up, and then you realize that you are not puking your guts out because of vertigo, but because the government has destroyed the country!

via Guarding Your Money from Government Onslaughts.

US money supply plunges at 1930s pace as Obama eyes fresh stimulus – Telegraph

The M3 money supply in the United States is contracting at an accelerating rate that now matches the average decline seen from 1929 to 1933, despite near zero interest rates and the biggest fiscal blitz in history.

The stock of money in the US fell from $14.2 trillion to $13.9 trillion in the three months to April, amounting to an annual rate of contraction of 9.6pc

The M3 figures – which include broad range of bank accounts and are tracked by British and European monetarists for warning signals about the direction of the US economy a year or so in advance – began shrinking last summer. The pace has since quickened.

via US money supply plunges at 1930s pace as Obama eyes fresh stimulus – Telegraph.

We are in a period of “deflation” right now, because most of the money counted in M3 is imaginary – loans and such that were written by banks and funded from fractional reserve money supply expansion.

Basic summary: When you deposit $100 in the bank, the bank can loan out $99.98 (or therabouts, they keep changing how much they have to keep in “reserve”) to someone else.  That person then deposits the $99.98 somewhere, and now there’s $199.98 in circulation.  The next bank can then loan out $99.96, and suddenly there’s $299.94 in circulation.

Let’s say the two people downstream both default on their loans: $199.94 vanishes back into the thin air from whence it came, and unless your bank goes belly-up, only your original $100 still remains in your bank account.

Technically, that’s deflation, but it’s not harmful to the economy, beyond the effects of the defaulted loans.

Unfortunately, the bankers and their pets in government don’t want to suffer the effects of their lousy, corrupt banking practices, so they do everything they can to cover up what happened, and to prop up their banks and investments and keep prices high so the face values of their “assets” remains high.

And so, they are going to go about repeating every single idiotic and stupid error that has always resulted in runaway inflation, crashed markets, incredible busts, and devastated nations.

Now’s a great time to invest in durable goods, food, and things you won’t be able to buy with a wheelbarrow full of worthless paper.

Guns and Ammo as a hedge against inflation

When your paper money is worthless, what durable and edible goods will you have?  The bonus to this method is: Even if the economy doesn’t tank, you’ve still got a stash of guns! Win-win if I ever saw it!

It can be worse… inflation can turn rampant, and many a nation has been brought to its economic knees by triple digit inflation. In every case, heavy debts and overheated printing presses turned that countries cash to toilet paper, and sometimes did so overnight. Cash, especially the American dollar, has long been thought to be a nearly perfect play on security. After all, cash is cash! The problems begin when the government that backs that cash becomes unstable, or loses the trust of those they deal with and govern.

Some people store wealth in valuable metals, such as gold and silver. Since history was first recorded, these have been regarded as stable investments and wise ways to sock away the egg money. While stocks and nations can and do fluctuate, gold retains value, as does silver. I suppose, if one had a large amount of wealth to tuck away, buying gold and silver might make sense.

The problem with precious metals is not buying them, nor in storing them… not really. It's in spending them. During good times, turning them to cash means dealing with a broker who takes a cut. Sometimes a ruinous cut. During bad times, when cash has lost much of i’s value, finding people who will trade goods and services for precious metals can be tough. Not many people anymore know what an ounce of silver is worth, nor do they really care to trade their labor for a lump of metal. Likewise, buying a truckload of produce with an ounce of gold can be difficult.

There are, however, other forms of metal not so precious just now. Not silver, but aluminum. Not gold, but steel. Not platinum, but copper and brass. All these cheaper metals turn into their own kind of precious when worked into firearms and ammunition. In these value is stable in ways that gold lovers only wish their store house of wealth was.

via Carteach0: Guns and Ammo as a hedge against inflation.