| "The point: If we
Americans cannot even agree on which heroes and holidays are to be
celebrated together, does that not tell us something about whether we
are really, any longer, one country and one people?"
Seeking Answers in an
Upside Down World.
Established - 1994
News and opinion
from all over the
of it to be taken with several grains of salt.
"Juneteenth" becomes the 44th annual
federal paid holiday.
Pat Buchanan sees "one nation,
The flag pledge
still states we are recognizing "the republic for which it
stands." Why hasn't it been changed to "the democracy for which it stands?
Make no mistake. A ower living standard is the price the middle
and lower classes pay for years of inflation!
Mr. Buchanan does not raise this
question, but his article in defense of democracy reminded us of
our youth in which patriot speakers on the 4th of July made a point of
pledging to preserve "our republic"
for future generations. After World War 2 we noticed that
politicians had substituted "democracy" for "republic." The words
are not strictly interchangeable.
The article notes that holidays once
celebrated in schools - Christmas, Thanksgiving, et al, are now often
shown on the school calendar as merely "Days Off." He balks at
that. So do we. Killing American Democracy.
you were a child of the Great Depression or the World War 2 years in
the United States you probably have a relatively clear memory of scarce
goods. rationing systems, and general deprivation which was carried by
the populace as a patriotic burden. Remember the $25.00 war bonds
for which you paid $18.75 by laboriously saving the sum through the
purchase of STAMPS saved in little booklets as acquired? You
looked forward to making a tidy profit when the bonds eventually were
paid. The downside was inflation. By the time you cashed in
your $25.00 bond the money would not purchase what $18.75 did when you
paid for it. Such is the sneakiness of money inflation.
With the exception of 1949 and 1955 we have been hammered by money
inflation every year since the war wnich causes the general rise in
prices of goods and services.
No period of price inflation has ever "not
stopped." It'll be replaced by a painful period of bankruptcies
and depression. If we're lucky we will re-establish the dollar's
value to our vast national gold hoard. However, we're not holding
our breath. The bankers and politicians will trot out a few more
attempts to keep the debt balloons afloat before admitting defeat.
"Woke" = An old slang
term now used in Progresive Politics.
The Oxford dictionary expanded its definition of the word "woke" in
2017 to add it as an adjective meaning "alert to injustice in society,
"Woke" currently means being conscious of racial
discrimination in society and other forms of oppression and
injustice. If you label yourself "woke" you probably vote
Democrat and lean to the left of the political spectrum.
"woke" crowd occupies most of the power centers and there's not
much the "non-woke" can do about it except prepare for the economic
upheaval "woke" social programs are causing.
Don't misunderstand our
point. We have long agreed with Martin Luther King that the
content of our character matters and skin color does not. But his
message has been watered down and has been lost in modern American
The U.S. Constitution if now
a battered relic. Even the Federal Reserve has asked its
spokespersons not to use the phrase "Founding Fathers." (!)
Lessons learned in the Great Inflation
of the 1970s.
they be made relevant to today's youth?
own enlightenment in the matter of money began in 1964 when word
circulated that the government planned to eliminate silver from the
common coins that jingled in our pockets. Sure enough, dimes,
quarter-dollars and most half-dollars in 1965 were minted from copper
covered with a veneer of nickel and copper which closely resembled the
familiar silver coins. To this day we clearly recall President Lyndon
Johnson assuring the nation that the cupro-nickel coins had the same
purchasing value of the previous mintages. That was true, but many
Americans realized that the intrinsic value of a coin containing 90
percent silver was more valuable than the new tokens that contained no
silver at all. Hoarding began at once and by the end of 1965 most of
the silver coins had been removed from circulation.
By the mid-seventies we were active with The
Committee for Monetary Research and Education (CMRE) and attended their
annual conferences at Arden House - the Harriman mansion owned by
Columbia University. This gave us a chance to mingle with economists
and financiers such as John Exter, Henry Hazlitt, Carl Weigand, Hans
Senholz, Ed Vieria, and several others. Journalists from as far away as
Australia also showed up.
We came across some notes from these
conferences and shared them with a grandson. His response struck us as
an important reminder that youth of today cannot view the lessons of
the 20th century through the same lens as those who lived it.
"I wish I could have been a fly on the wall at those meetings.
sure many of those men lived through the thick of the depression and
even both world wars. I think younger people like myself feel so far
removed from those world shaking events that we may never understand
how good we have it until something comes along and turns our world on
its head. So far we've been successful at putting off the inevitable,
but it is only a matter of time before decades of overspending and
carelessness come back to bite us as a country. I think the words of
[Henry] Hazlitt and his peers will come in handy once we are really in
trouble, but at this rate it seems no one is going to find their wisdom
until they absolutely need it to put the pieces of our economy back
Copeland G. Haynes
From his perspective, though, trouble may be on the way. From our perspective it's already
Williams, the veteran ShadowStats. com guru, sees hyperinflation in the
offing and suggests investing in TANGIBLE assets.
He might be all
another gold bug."
Lotta guessing going on these days about where all the confusion about
money is leading. For one thing, the actual definition of money is all
over the place. Some fans swear bitcoin is the new money. Others are
waiting for the Federal Reserve to introduce its exciting printed
currency replacement, Fed digital
"money" created in computers and tracked by computers. The "I
have nothing to hide" crowd won't mind, but there is bound to be a hue
and cry and much gnashing of teeth by the stalwart supporters of the
U.S. Constitution who point out there is no lawful Constitutional
provision permitting banks to define "money" and create it at will.
Mr. Williams maintains that the present rate of
price inflation, when calculating according to a former official
formula, is 11 percent - not the 4.25 percent officially announced last
week for April. (Annualized basis.) We personally have a sum of money
"high yield savings account" that presently pays us 0.40 percent
annually. It's a cruel joke! We're losing purchasing power on our
savings and no one at the bank has explained why the original rate of 2.10 percent has tumbled so
sharply or whether it will dip into
negative territory and we find ourselves paying a fee to let the bank
our hard won savings. The smart thing to do is withdraw most of it and
spend it on something tangible that will rise in value as infation
Clouding this plan, however, is the fact that
no inflation runs on forever. Ever and always they run out of steam and
the shadow of economic depression falls across the land. We
cannot begin to guess how the present long-running price inflation
episode will play out. We do know that since the Fed went into
in 1914 U.S. dollar purchsing power has fallen from $1.00 to
less than 4˘.
"[Since] 1971, US federal and total
debt as well as money supply has gone Exponentially Parabolic and the
dollar, the world’s reserve currency,
has lost 98%."
~Egon von Greyerz
you constantly print such negative garbage?" asks a reader.
Because we have lived long anough to detect a
distinction between propaganda and reality. Mr. Von Greyerz,
writing from Switzerland, is predicting a realistic monetary/economic
future based on the fact that all bubbles eventualy burst.
We have reached the unfortunate stage where average people expect their
government to hand them "free monay" in order to stimulate a stagnating
domestic economy. The laws of nature rule and no government can
endlessly produce paper and digital currency without creating an
unsustainable bubble. And bubbles eventualy burst.
The late economist Milton Friedman was not
wrong when he coined the phrase. "There's no such thing as a free
lunch." Democracies always perish when a majority of voters
discover they can vote themselves money out of the national treasury,
and that's exactly what we've been doing for decades by borrowing
trillions of fiat dollars to sustain the illusion of general
Here's the link to Mr. Greyerz's current
IS ON FIRE
the printed promise to redeem federal reserve notes in "lawful money"
disappeared from the notes. The first skidload of Fed notes sans
the promise of redeemability in lawful money left the Bureau of
Engraving and Printing in November,
1963, as the nation mourned its
assassinated president. Yet the last time we checked the U.S.
Code - 2 Sect. 411, it said:
reserve notes, to be issued at the discretion of the Board of Governors
of the Federal Reserve System for the purpose of making advances to
Federal reserve banks through the Federal reserve agents as hereinafter
set forth and for no other purpose, are authorized. The said notes
shall be obligations of the United States and shall be receivable by
all national and member banks and Federal reserve banks and for all
taxes, customs, and other public dues. They shall be redeemed in lawful
on demand at the Treasury Department of the United States, in the city
of Washington, District of Columbia, or at any Federal Reserve bank."
So, why can't
the money muddle be reveiwed in a national debate and settled once and
for all? "WHAT is a dollar?"