Charles C. W. Cooke writes prose like a swashbuckling pirate aboard the U.S.S.Obamcare. Read the whole thing at NRO.
For National Review Online, Charles C. W. Cooke writes: ‘He who controls the past controls the future,” observed George Orwell. “He who controls the present controls the past.” This, in one pithy, symmetrical little maxim, has been the story of Obamacare from its conception…
“That is really the ultimate threat — will people understand that gee, if your governor doesn’t set up an exchange, you’re losing hundreds of millions of dollars in tax credits to be delivered to your citizens.”
The Federal Bureau of Investigation (FBI) turns 106 years old today. Before the FBI was established in 1908, investigations went through the Department of Justice. The Department of Justice lacked internal investigators for years, and any investigators needed were often hired detectives or Secret Services personnel.
Attorney General Charles Bonaparte wanted more control over investigations and…
CNNPolitical Editor Paul Steinhauser reports: The current crisis on the nation’s southern border appears to be fueling a notable shift in American attitudes toward immigration policy with border security growing in importance, according to a new national survey.
According to the poll, 51% now say the government’s focus, when it comes to immigration policy, should be formulating a plan to stop…
A great find. For Reason.com, Emily Ekins writes:A 1940s capitalism cartoon is making a comeback with over 7 million views on YouTube. The cartoon “Make Mine Freedom” was produced by Harding University, a private university in Arkansas in 1948 extolling the virtues of free-market capitalism and inveighing against “isms” particularly communism and statism more generally.
Both conservatives and libertarians tout liberty and virtue as key components of their philosophies. While historically disagreements about what that actually means have taken a back seat (causing the distinct philosophies to often be lumped together), times have changed.
Fox News reports: July 23, 2014: IRS Commissioner John Koskinen testifies before a House oversight subcommittee hearing in Washington.AP
The head of the IRS confirmed Wednesday that investigators looking into missing emails from ex-agency official Lois Lerner have found and are reviewing “backup tapes” — despite earlier IRS claims that the tapes
For National Review Online, Hans A. von Spakovsky writes: And there you have it, ladies and gentlemen: two different federal courts of appeal, issuing completely contradictory rulings on the very same day, on the very same issue.
“An Exchange established by the federal government cannot possibly be ‘an exchange established by the State.’ To hold otherwise would be to engage in distortion, not…
People deposit money at a bank under agreement that whenever they so choose, they can withdraw their money in full. For the bank to be able to fulfill this obligation, it must keep as reserves the total balance deposited by its customers. Banks, then, are nothing more than warehouses for money, issuing receipts (money substitutes) in exchange for deposits. If depositors seek to withdraw their cash but the bank doesn’t have it on hand, the bank will be deemed insolvent – an event referred to as a “bank failure.”
Before the Federal Reserve Act, banks often held only a fraction of their liabilities as reserves because by loaning out a portion of it — even though it was their customers’ property – they could make serious dough through collecting interest. The only problem they encountered were bank runs, when they received more claims for redemption than they had cash available. This meant default and bankruptcy, save some sort of outside help.
Murray N. Rothbard demonstrated thirty years ago in his masterful essay Origins of the Federal Reservethat bankers and big business in the late 1800s began to call for a central bank as a “lender of last resort,” an institution that had the power to perform “bail outs” through printing money. After a massive propaganda campaign, they finally got their way in 1913.
Rather than risk default through fractional reserve banking, the Fed guarantees the banks have nothing to worry about. Today the reserve requirement is only 10%, meaning for every dollar deposited, the bank can lend out (i.e., “create”) an additional 90 cents.
“New” money enters circulation in competition with “old” money, bidding up prices for the first goods bought with it. But prices exist in relation to one another, so even though some prices will rise first, eventually all will rise as the market restores its desired proportions. For this reason, the total size of the money supply is irrelevant: only a change in this quantity matters because it causes a redistribution of wealth to the first receivers of the new money (government, bankers, big business, etc.) from the public at large.
Before the Fed, banks got away with this wholesale rip-off only insofar as the public placed confidence in their solvency. The last century has been distinct with the banks filling their own pockets practically without end. Since 1913, the dollar has lost over 95 percent of its exchange value. …
So much for the Fed as “guardian of the U.S. dollar.”
Until holders of US dollars understand that they are being robbed by the very people who claim to be protecting their money, more of the same will follow. And until then, the intellectual army of economists employed by the Fed and the big banks will be eager to keep the lies going and the people in the dark.
Contrary to the popular notion that the Federal Reserve has the public welfare in mind, the sober observer would have to conclude that the Fed is all about special privileges for the few at the expense of the many.
For The Boston Globe, Jeff Jacoby writes: The Pew Research Center last week released a new survey of American attitudes in the Middle East. The results weren’t surprising. In the conflict between Israel and the Palestinians, 51 percent of Americans say they sympathize more with Israel. Only 14 percent feel greater affinity for the Palestinians.
Synagogues are targets during increasingly violent protests against Operation Protective Edge
For The Times of Israel, Cnaan Lipshiz reports: For the past 14 years, French Jews have grown accustomed to coming under attack during periods of conflict in the Middle East from hostile elements within their country’s large Arab and Muslim communities.
One recent incident, however, stood out: the July…
World’s largest flying aquatic insect, with huge, nightmarish pincers, has been discovered in China’s Sichuan provinceLarge enough to cover the face of a human adult, this scary-looking insect is also known among entomologists as an indicator of good water quality.
(CNN) – According to the Insect Museum of West China, local villagers in the outskirts of Chengduhanded over “weird insects that…
Dan Mangan reports: In a potentially crippling blow to Obamacare, a top federal appeals court Tuesday said that billions of dollars worth of government subsidies that helped 4.7 million people buy insurance on HealthCare.gov are not legal under the Affordable Care Act.
In its decision, a three-judge panel said that such subsidies can be granted only to people who bought insurance in an Obamacare…
A relentlessly stupid New York Times op-ed (“Faith-Based Fanatics”) by Timothy Egan ends thus:
In the United States, God is on the currency. By brilliant design, though, he is not mentioned in the Constitution. The founders were explicit: This country would never formally align God with one political party, or allow someone to use religion to…