lewrockwell--2020-07-14--To Hell in a Hand Basket

To Hell in a Hand Basket

The eruption of government red ink literally defies imagination .
The deficit figure topped $ 863 billion during the month of June alone .
Indeed , the number is so massive that it ’ s hard to put it in context .
But consider this : When your editor joined the Reagan campaign in the summer of 1980 , the public debt was also $ 863 billion and it had taken 192 years and 39 presidents to get there .
So during the last 30 days , the clown brigade which passes for a government in Washington has actually borrowed @ @ @ @ @ @ @ Indeed , the numbers for June are so bad as to give ugly an entirely new definition : Mixology Bartender Kit ... Best Price : $ 67.39 Buy New $ 89.99 • June receipts of $ 242 billion were down by 28 % or – $ 92 billion from last year ; • June outlays totaled $ 1.105 trillion , representing a + $ 713 billion or 182 % increase from last year ; • Leading the charge was SBA outlays of $ 511 billion compared to $ 80 million last year – @ @ @ @ @ @ @ the PPP boondoggle and it amounts to a 4,400 % gain ; • Not far behind was unemployment benefits at $ 116 billion compared to $ 2 billion last year ; • There was also a $ 70 billion increase in the cost of student loans owing to CARES act repayment deferrals and an adjustment for massively higher student loan defaults in the future than had been previously assumed ; • And the red ink total for June , which is usually a low deficit month due to estimated tax payments , rose @ @ @ @ @ @ @ the aforementioned $ 863 billion .
But the issue is far more than the humongous numbers .
There is now at work a trifecta of baleful forces that is literally destroying any semblance of fiscal discipline in Washington .
The first of these , of course , is the Fed .
It has so completely and recklessly monetized the ballooning public debt that Washington officialdom and politicians are getting zero honest price signals from the bond market .
In any practical sense the Brobdingnagian amounts of money they are borrowing is perceived as @ @ @ @ @ @ @ all , as of this morning , 90-day , 2-year and 10-year money costs the Treasury only 0.14 % , 0.17 % and 0.58 % , respectively .
Secondly , there has been what amounts to a highly improbable “ doctors plot ” to take down the already debt-entombed US economy with an unprecedented regime of quarantines , economic locksdowns and drastic social regimentation in response to a virus that is really only an abnormal medical threat to the old and infirm .
The fact that the lockdowns are so wildly disproportionate to @ @ @ @ @ @ @ the Covid is attributable to the rampant Trump Derangement Syndrome ( TDS ) among the Dems , the MSM and the permanent Washington ruling class .
They are so rabid with TDS that they have mindlessly cheered on the health care apparatchiks , mayors and governors in a blunderbuss attack on the US economy that pales all prior recessions in severity .
Peak Trump : The Undrai ... David A. Stockman Best Price : $ 12.72 Buy New $ 43.07 And , thirdly , the elected politicians – beginning with the Donald – @ @ @ @ @ @ @ campaign , deluded by the belief that Washington has the responsibility and means to fund a virtual make-whole for every worker and business in America that has suffered a loss of income and cash flow .
That is to say , America has fallen under the dictatorship of an unaccountable and unconstitutional Virus Patrol .
But there has been almost zero political resistance to its insanities such as closing schools , bars , gyms and air travel because the fiscally incontinent policy-makers of Washington have stood up multi-trillion coast-to-coast soup-lines to ameliorate the @ @ @ @ @ @ @ out loud , this jerry-built trifecta of madness can not possibly be sustained .
Your can ’ t print $ 3 trillion of fiat credit in just four months as the Fed has done and get away with it .
Nor can you spend $ 7 trillion and collect only $ 3 trillion as Uncle Sam will do this year and not expect dire repercussions down the road .
And , for that matter , you can ’ t run-up the NASDAQ to an all-time high in the face of this fiscal , @ @ @ @ @ @ @ the strength of just ten stocks , and not expect that a thundering financial collapse lies just around the corner .
Indeed , as David Rosenberg pointed out this AM , the top 10 stocks in the NASDAQ Composite ( Apple , Microsoft , Amazon , Facebook , Google , Nvidia , Tesla , Intel , Netflix , Adobe ) now make up 48 % of the index ’ s market cap , and an incredible 58 % of the NASDAQ 100 .
So what you see in the chart below is an @ @ @ @ @ @ @ ’ s all-time high is being propped up by a massive bubble in a few stocks , while what is happening down below is more like a foretaste of things to come .
To wit- MW polar Herring Fille ... Buy New $ 24.96 ( $ 0.30 / Ounce ) • The equal-weight S & P 500 is at the same level today as December 18th , 2017 ; • The NYSE Composite is at same level as in Sept. 15th , 2017 ; • The Russell 2000 small cap index is where @ @ @ @ @ @ @ ; More crazy still , during the three years in which the index of America ’ s main street small and mid-cap stocks has gone nowhere , the total return ( price plus coupon ) on the 30-year UST has been a staggering 43 % ; and in the case of the zero-coupon 30-year UST , the return has been 56 % .
Now that ’ s just nuts .
Given the egregious fiscal breakdown and the near $ 80 trillion of public and private debt weighing down upon the nation ’ s @ @ @ @ @ @ @ should be facing severe capital losses , not insanely massive capital gains on top of essentially nonexistent coupons .
Likewise , you have Tesla trading at 288X its pittance of free cash flow and valued more highly than Toyota for the same reason that bond prices are soaring irrationally : Namely , unhinged speculation on Wall Street that is being fueled by grotesque infusions of central bank liquidity .
That ’ s also why in the face of a quarter in which GDP is slated to plunge by upwards of 40 % , @ @ @ @ @ @ @ 33 years ; the S & P 500 posted its best performance since 1998 ; and the NASDAQ had its biggest increase since 1999 – jumping 39 percent in just three months .
Indeed , the chart below is truly grotesque by any other name .
The 4-week moving average of continuing unemployment claims now stands at 19 million or at 6.1X its level at the start of 2013 , when the NASDAQ composite stood at just 3,000 .
Today it closed at 10,617 or 254 % higher and because , why ?
@ @ @ @ @ @ @ or 111X net income or an infinite multiple of free cash flow , of which it has generated negative $ 11 billion during the last 5 years ?
• Amazon is worth $ 1.600 trillion or 151X net income and 83X free cash flow ?
• Facebook is worth $ 700 billion or 33X net income and 30X free cash flow – after two years of low single digit growth and in the face of the biggest impending plunge in advertising revenue in modern times ?
• NVIDIA is worth $ 258 billion @ @ @ @ @ @ @ cash flow ?
• Microsoft is worth $ 1.622 trillion or 35X net income – even though its earnings growth rate over the last 8 years has been just 6.5 % per annum ?
• Apple is worth $ 1.664 trillion or 29X net income – even though its earnings have grown by just 4.5 % per annum since 2012 ?
• Google is worth $ 1.053 trillion – even though its earnings too have plateaued during the last two years and it is now facing a brutal decline in advertising spending ?
@ @ @ @ @ @ @ understates the case because – surprise – the financial press doesn ’ t even report the correct figures for the number of US workers on the unemployment dole at the present time .
In addition to the 18.56 million of continuing claims reported yesterday under the standard state programs , there is another 14.36 million of so-called uncovered employees – gig workers , free lancers , temp agency contractors etc .
– now getting the Federal pandemic unemployment assistance benefit ( PUA ) .
That means at the time we are supposed to @ @ @ @ @ @ @ the “ V ” , there are actually 32.92 million workers lounging at home and collecting unemployment benefits in lieu of a paycheck .
As Wolf Richter recently demonstrated , there are now nearly 2X more workers getting UI checks than the 17.75 million unemployed workers the BLS reported for June .
That ’ s right .
We have repeatedly reminded that the BLS does not arrive at its jobs and unemployment numbers by counting ; it generates them by modeling , and when the economy is at a big inflection point , @ @ @ @ @ @ @ of the moment , its models are not worth the digital ink they are printed on .
Stated differently , it do make a difference that 15.2 million workers no longer on the job are not accounted for in the BLS ballyhooed monthly jobs report .
In short , the whole shebang is on a razor ’ s edge and there is nothing much immediately ahead except opportunities for the whole system to go tilt .
For instance , the SBA payroll protection program ( PPP ) , which has already shelled out @ @ @ @ @ @ @ 5 million US businesses will expire next month , while the $ 600 per week Federal supplement to average state UI checks of $ 500 per week will expire at the end of July .
What this means is that the whole economy is floating on a massive air mattress of government subsidies and transfer payments which could suddenly evaporate if Washington becomes politically paralyzed ; and , in any event , can ’ t be sustained much longer as a matter of sheer fiscal math .
For want of doubt , here @ @ @ @ @ @ @ flows to the household sector in all of economic history .
To wit , paychecks ( brown line ) are now running $ 524 billion below year ago levels , while transfer payments ( purple line ) are running an incredible $ 2.13 trillion higher .
Self-evidently , without this massive injection of borrowed money , which in turn was 100 % monetized by the Federal Reserve , household spending and confidence would have imploded weeks ago .
In fact , it is only the likes of June ’ s $ 863 budget @ @ @ @ @ @ @ economic and social chaos .
So what happens next ?
We ’ d say nothing very pleasant .
Congress will be in recess until the last week of July , and the two parties have not yet begun to reconcile the Everything Bailout 4.0 passed by the House Dems with a price tag of $ 3.0 trillion and the GOP/White House position , where the Great Capitulator , Senate Leader McConnell , has drawn a wobbly line in the sand at just another , well , $ 1.0 trillion ( on top of @ @ @ @ @ @ @ been approved ) .
But consider just one of the thorny issues that will take until at least Labor Day to solve , if at all .
Namely , extension of the greatest incentive for unemployment ever conceived in the form of the $ 600 per week Federal supplement to regular state UI benefits .
Alex and Ani Men & rsquo ... Buy New $ 128.00 Together , the state plus Federal dole now amounts on average to a $ 57,000 wage at annualized rates .
Of course , there are 80 million @ @ @ @ @ @ @ the total which pay under $ 45,000 per year – so when we say perverse moral hazard that ’ s exactly what we mean .
Apparently , Stevie Mnuchin , the Donald ’ s hapless “ watchdog ” at the US Treasury has finally sobered-up , recently insisting that the impending Everything Bailout 4.0 must ” limit the UI top up ” : Any extension would ensure that jobless benefits would be “ no more than 100 % ” of what workers were earning , Mnuchin said .
“ We knew there was @ @ @ @ @ @ @ certain cases people were paid more than they made in their jobs , ” he said .
“ We ’ ll fix that and we ’ ll figure out an extension to it that works for companies and works for those people who will still be unemployed.
” Well , goodness me , yes .
A National Bureau of Economic Research working paper by researchers at the University of Chicago found that • 68 % of unemployed workers who are eligible for unemployment insurance will get benefits exceeding their lost earnings ; • @ @ @ @ @ @ @ will get at least double their lost earnings ; • The overall median replacement rate of the enhanced benefits is 134 % .
Then you have the collapse of state and local revenues , thank you Lockdown Nation , where the Dems want to toss $ 1 trillion of money Uncle Sam doesn ’ t have into the kitty to help tide them over and preserve the mostly higher paying 18 million jobs dependent on state and local payrolls .
The run-rate of state and local receipts was $ 1.907 trillion during Q1 @ @ @ @ @ @ @ by at least 20 % or $ 400 billion during the current quarter , and continue to bleed profusely for many more quarters to follow .
Again , the Red State/Blue State mud-wrestling match over the amount of and allocation formula for the proposed Federal bailout will be one for the ages , which also won ’ t make the finish line by Labor day or even Election day .
And then comes a food fight over extending the rottenest boondoggle ever conceived in Washington – the PPP programs that has already showered @ @ @ @ @ @ @ Notable recipients include : • The law firm Boies Schiller Flexner , whose chairman David Boies has represented powerful clients such as former Vice President Al Gore and Harvey Weinstein , among notorious others , received between $ 5 million and $ 10 million .
• Several million went to Kanye West ’ s clothing brand , Yeezy , and Grover Norquist ’ s anti-tax group , Americans for Tax Reform .
• Transportation Secretary Elaine Chao ’ s family ’ s business , Foremost Maritime , got a loan valued at between @ @ @ @ @ @ @ Chao is the wife of Senate Majority Leader Mitch McConnell , R-Ky. • Perdue Inc. , a trucking company co-founded by Agriculture Secretary Sonny Perdue , was approved for $ 150,000 to $ 350,000 in loan money .
• Restaurant chains P.F .
Chang ’ s China Bistro and Chop ’ t received aid of between $ 5 million and $ 10 million .
TGI Fridays , which is backed by private equity firm TriArtisan Capital Advisors , received at least $ 5 million .
• The Archdiocese of New York got a @ @ @ @ @ @ @ and $ 10 million , while the Catholic Charities of the Archdioceses of San Francisco , Washington , D.C. , New Orleans and Boston , among others , all received assistance valued at more than $ 2 million .
• The Ayn Rand Institute , named for the objectivist writer cited as an influence on libertarian thought , was approved for $ 350,000 to $ 1 million .
• Joseph Kushner Hebrew Academy in New Jersey , which is named after Trump ’ s son-in-law and advisor Jared Kushner ’ s grandfather , @ @ @ @ @ @ @ $ 1 million to $ 2 million .
Jared Kushner ’ s parents ’ family foundation supports the school , NBC News reported .
• Niche movie theater chain Alamo Drafthouse received a loan of at least $ 5 million .
Theaters have been closed while new film releases have been delayed or pushed to streaming platforms .
• Numerous news organizations received PPP loans : Forbes Media got at least $ 5 million ; The Washington Times got at least $ 1 million ; The Washingtonian got at least $ 350,000 ; @ @ @ @ @ @ @ 350,000 and The Daily Caller News Foundation got at least $ 150,000 ; The American Prospect received at least $ 150,000 .
• Political organizations also received loans : The Ohio Democratic Party got at least $ 150,000 and the Florida Democratic Party Building Fund got at least $ 350,000 , while the Women ’ s National Republican Club of New York got at least $ 350,000 , the Black Republican Caucus in Florida got at least $ 150,000 .
In short , this thing smells so bad that our Capitol Hill legislators @ @ @ @ @ @ @ the negotiating table , and not because of the Covid .
And yet , and yet , the robo-machines and boys and girls on Wall Street keep buying the dip because , apparently , all will be well if the Fed just keeps on printing , Washington keeps on borrowing and speculators keep on pretending that the Virus Patrol is actually battling the Covid .
The Best of David Stockman

The eruption of government red ink literally defies imagination. The deficit figure topped $863 billion during the month of June alone.
Indeed, the number is so massive that it’s hard to put it in context. But consider this: When your editor joined the Reagan campaign in the summer of 1980, the public debt was also $863 billion and it had taken 192 years and 39 presidents to get there.
So during the last 30 days, the clown brigade which passes for a government in Washington has actually borrowed nearly two centuries worth of debt!
Indeed, the numbers for June are so bad as to give ugly an entirely new definition: Mixology Bartender Kit... Best Price: $67.39 Buy New $89.99 (as of 04:08 UTC - Details)
June receipts of $242 billion were down by 28% or – $92 billion from last year;
from last year; June outlays totaled $1.105 trillion, representing a + $713 billion or 182% increase from last year;
or 182% increase from last year; Leading the charge was SBA outlays of $511 billion compared to $80 million last year – and, yes, that’s the PPP boondoggle and it amounts to a 4,400% gain;
compared to $80 million last year – and, yes, that’s the PPP boondoggle and it amounts to a gain; Not far behind was unemployment benefits at $116 billion compared to $2 billion last year;
compared to $2 billion last year; There was also a $70 billion increase in the cost of student loans owing to CARES act repayment deferrals and an adjustment for massively higher student loan defaults in the future than had been previously assumed;
increase in the cost of student loans owing to CARES act repayment deferrals and an adjustment for massively higher student loan defaults in the future than had been previously assumed; And the red ink total for June, which is usually a low deficit month due to estimated tax payments, rose from $8 billion last year to the aforementioned $863 billion.
But the issue is far more than the humongous numbers. There is now at work a trifecta of baleful forces that is literally destroying any semblance of fiscal discipline in Washington.
The first of these, of course, is the Fed. It has so completely and recklessly monetized the ballooning public debt that Washington officialdom and politicians are getting zero honest price signals from the bond market. In any practical sense the Brobdingnagian amounts of money they are borrowing is perceived as free, and rightly so.
After all, as of this morning, 90-day, 2-year and 10-year money costs the Treasury only 0.14%, 0.17% and 0.58%, respectively.
Secondly, there has been what amounts to a highly improbable “doctors plot” to take down the already debt-entombed US economy with an unprecedented regime of quarantines, economic locksdowns and drastic social regimentation in response to a virus that is really only an abnormal medical threat to the old and infirm.
The fact that the lockdowns are so wildly disproportionate to the 5%-of-population threat posed by the Covid is attributable to the rampant Trump Derangement Syndrome (TDS) among the Dems, the MSM and the permanent Washington ruling class. They are so rabid with TDS that they have mindlessly cheered on the health care apparatchiks, mayors and governors in a blunderbuss attack on the US economy that pales all prior recessions in severity. Peak Trump: The Undrai... David A. Stockman Best Price: $12.72 Buy New $43.07 (as of 11:40 UTC - Details)
And, thirdly, the elected politicians – beginning with the Donald – have stood idly by during this economy-wrecking campaign, deluded by the belief that Washington has the responsibility and means to fund a virtual make-whole for every worker and business in America that has suffered a loss of income and cash flow.
That is to say, America has fallen under the dictatorship of an unaccountable and unconstitutional Virus Patrol. But there has been almost zero political resistance to its insanities such as closing schools, bars, gyms and air travel because the fiscally incontinent policy-makers of Washington have stood up multi-trillion coast-to-coast soup-lines to ameliorate the damage and pain.
But for crying out loud, this jerry-built trifecta of madness cannot possibly be sustained. Your can’t print $3 trillion of fiat credit in just four months as the Fed has done and get away with it. Nor can you spend $7 trillion and collect only $3 trillion as Uncle Sam will do this year and not expect dire repercussions down the road.
And, for that matter, you can’t run-up the NASDAQ to an all-time high in the face of this fiscal, monetary and economic mayhem, and on the strength of just ten stocks, and not expect that a thundering financial collapse lies just around the corner.
Indeed, as David Rosenberg pointed out this AM, the top 10 stocks in the NASDAQ Composite (Apple, Microsoft, Amazon, Facebook, Google, Nvidia, Tesla, Intel, Netflix, Adobe) now make up 48% of the index’s market cap, and an incredible 58% of the NASDAQ 100.
So what you see in the chart below is an accident waiting to happen. The NASDAQ’s all-time high is being propped up by a massive bubble in a few stocks, while what is happening down below is more like a foretaste of things to come. To wit- MW polar Herring Fille... Buy New $24.96 ($0.30 / Ounce) (as of 04:08 UTC - Details)
The equal-weight S&P 500 is at the same level today as December 18th, 2017;
The NYSE Composite is at same level as in Sept. 15th, 2017;
The Russell 2000 small cap index is where it was on July 14th, 2017;
More crazy still, during the three years in which the index of America’s main street small and mid-cap stocks has gone nowhere, the total return (price plus coupon) on the 30-year UST has been a staggering 43%; and in the case of the zero-coupon 30-year UST, the return has been 56%.
Now that’s just nuts. Given the egregious fiscal breakdown and the near $80 trillion of public and private debt weighing down upon the nation’s faltering economy, owners of long-term bonds should be facing severe capital losses, not insanely massive capital gains on top of essentially nonexistent coupons.
Likewise, you have Tesla trading at 288X its pittance of free cash flow and valued more highly than Toyota for the same reason that bond prices are soaring irrationally: Namely, unhinged speculation on Wall Street that is being fueled by grotesque infusions of central bank liquidity.
That’s also why in the face of a quarter in which GDP is slated to plunge by upwards of 40%, the Dow booked its best quarter in 33 years; the S&P 500 posted its best performance since 1998; and the NASDAQ had its biggest increase since 1999 – jumping 39 percent in just three months.
Indeed, the chart below is truly grotesque by any other name. The 4-week moving average of continuing unemployment claims now stands at 19 million or at 6.1X its level at the start of 2013, when the NASDAQ composite stood at just 3,000.
Today it closed at 10,617 or 254% higher and because, why?
Netflix is worth $241 billion or 111X net income or an infinite multiple of free cash flow, of which it has generated negative $11 billion during the last 5 years?
Amazon is worth $1.600 trillion or 151X net income and 83X free cash flow?
Facebook is worth $700 billion or 33X net income and 30X free cash flow – after two years of low single digit growth and in the face of the biggest impending plunge in advertising revenue in modern times?
NVIDIA is worth $258 billion or 108X net income and 60X free cash flow?
Microsoft is worth $1.622 trillion or 35X net income – even though its earnings growth rate over the last 8 years has been just 6.5% per annum?
Apple is worth $1.664 trillion or 29X net income – even though its earnings have grown by just 4.5% per annum since 2012?
Google is worth $1.053 trillion – even though its earnings too have plateaued during the last two years and it is now facing a brutal decline in advertising spending?
In fact, the above chart actually understates the case because – surprise – the financial press doesn’t even report the correct figures for the number of US workers on the unemployment dole at the present time.
In addition to the 18.56 million of continuing claims reported yesterday under the standard state programs, there is another 14.36 million of so-called uncovered employees – gig workers, free lancers, temp agency contractors etc. – now getting the Federal pandemic unemployment assistance benefit (PUA) . That means at the time we are supposed to be sharply ascending the other side of the “V”, there are actually 32.92 million workers lounging at home and collecting unemployment benefits in lieu of a paycheck.
As Wolf Richter recently demonstrated, there are now nearly 2X more workers getting UI checks than the 17.75 million unemployed workers the BLS reported for June.
That’s right. We have repeatedly reminded that the BLS does not arrive at its jobs and unemployment numbers by counting; it generates them by modeling, and when the economy is at a big inflection point, to say nothing of the unprecedented turmoil of the moment, its models are not worth the digital ink they are printed on.
Stated differently, it do make a difference that 15.2 million workers no longer on the job are not accounted for in the BLS ballyhooed monthly jobs report.
In short, the whole shebang is on a razor’s edge and there is nothing much immediately ahead except opportunities for the whole system to go tilt.
For instance, the SBA payroll protection program (PPP), which has already shelled out an incredible $521 billion to nearly 5 million US businesses will expire next month, while the $600 per week Federal supplement to average state UI checks of $500 per week will expire at the end of July.
What this means is that the whole economy is floating on a massive air mattress of government subsidies and transfer payments which could suddenly evaporate if Washington becomes politically paralyzed; and, in any event, can’t be sustained much longer as a matter of sheer fiscal math.
For want of doubt, here again is the craziest upheaval of income flows to the household sector in all of economic history. To wit, paychecks (brown line) are now running $524 billion below year ago levels, while transfer payments (purple line) are running an incredible $2.13 trillion higher.
Self-evidently, without this massive injection of borrowed money, which in turn was 100% monetized by the Federal Reserve, household spending and confidence would have imploded weeks ago. In fact, it is only the likes of June’s $863 budget deficit that has prevented the outbreak of economic and social chaos.
So what happens next?
We’d say nothing very pleasant. Congress will be in recess until the last week of July, and the two parties have not yet begun to reconcile the Everything Bailout 4.0 passed by the House Dems with a price tag of $3.0 trillion and the GOP/White House position, where the Great Capitulator, Senate Leader McConnell, has drawn a wobbly line in the sand at just another, well, $1.0 trillion (on top of the $3.3 trillion that has already been approved).
But consider just one of the thorny issues that will take until at least Labor Day to solve, if at all. Namely, extension of the greatest incentive for unemployment ever conceived in the form of the $600 per week Federal supplement to regular state UI benefits. Alex and Ani Men&rsquo... Buy New $128.00 (as of 04:08 UTC - Details)
Together, the state plus Federal dole now amounts on average to a $57,000 wage at annualized rates.
Of course, there are 80 million jobs in America or 50% of the total which pay under $45,000 per year – so when we say perverse moral hazard that’s exactly what we mean.
Apparently, Stevie Mnuchin, the Donald’s hapless “watchdog” at the US Treasury has finally sobered-up, recently insisting that the impending Everything Bailout 4.0 must ” limit the UI top up”:
Any extension would ensure that jobless benefits would be “no more than 100%” of what workers were earning, Mnuchin said.
“We knew there was a problem with enhanced unemployment in that certain cases people were paid more than they made in their jobs,” he said. “We’ll fix that and we’ll figure out an extension to it that works for companies and works for those people who will still be unemployed.”
Well, goodness me, yes.
A National Bureau of Economic Research working paper by researchers at the University of Chicago found that
68% of unemployed workers who are eligible for unemployment insurance will get benefits exceeding their lost earnings;
of unemployed workers who are eligible for unemployment insurance will get benefits their lost earnings; One out of five eligible jobless workers will get at least double their lost earnings;
their lost earnings; The overall median replacement rate of the enhanced benefits is 134%.
Then you have the collapse of state and local revenues, thank you Lockdown Nation, where the Dems want to toss $1 trillion of money Uncle Sam doesn’t have into the kitty to help tide them over and preserve the mostly higher paying 18 million jobs dependent on state and local payrolls.
The run-rate of state and local receipts was $1.907 trillion during Q1 2020, but is slated to drop by at least 20% or $400 billion during the current quarter, and continue to bleed profusely for many more quarters to follow. Again, the Red State/Blue State mud-wrestling match over the amount of and allocation formula for the proposed Federal bailout will be one for the ages, which also won’t make the finish line by Labor day or even Election day.
And then comes a food fight over extending the rottenest boondoggle ever conceived in Washington – the PPP programs that has already showered helicopter money on 4.9 million businesses. Notable recipients include:
The law firm Boies Schiller Flexner, whose chairman David Boies has represented powerful clients such as former Vice President Al Gore and Harvey Weinstein, among notorious others, received between $5 million and $10 million.
Several million went to Kanye West’s clothing brand, Yeezy, and Grover Norquist’s anti-tax group, Americans for Tax Reform.
Transportation Secretary Elaine Chao’s family’s business, Foremost Maritime, got a loan valued at between $350,000 and $1 million. Chao is the wife of Senate Majority Leader Mitch McConnell, R-Ky.
Perdue Inc., a trucking company co-founded by Agriculture Secretary Sonny Perdue , was approved for $150,000 to $350,000 in loan money.
, was approved for $150,000 to $350,000 in loan money. Restaurant chains P.F. Chang’s China Bistro and Chop’t received aid of between $5 million and $10 million.
TGI Fridays, which is backed by private equity firm TriArtisan Capital Advisors, received at least $5 million.
TGI Fridays, which is backed by private equity firm TriArtisan Capital Advisors, received at least $5 million. The Archdiocese of New York got a loan valued at between $5 million and $10 million, while the Catholic Charities of the Archdioceses of San Francisco, Washington, D.C., New Orleans and Boston, among others, all received assistance valued at more than $2 million.
The Ayn Rand Institute, named for the objectivist writer cited as an influence on libertarian thought, was approved for $350,000 to $ 1 million.
Joseph Kushner Hebrew Academy in New Jersey, which is named after Trump’s son-in-law and advisor Jared Kushner’s grandfather, got a loan in the range of $1 million to $2 million. Jared Kushner’s parents’ family foundation supports the school, NBC News reported.
Niche movie theater chain Alamo Drafthouse received a loan of at least $5 million. Theaters have been closed while new film releases have been delayed or pushed to streaming platforms.
Numerous news organizations received PPP loans: Forbes Media got at least $5 million; The Washington Times got at least $1 million; The Washingtonian got at least $350,000; The Daily Caller received at least $350,000 and The Daily Caller News Foundation got at least $150,000; The American Prospect received at least $150,000.
Political organizations also received loans: The Ohio Democratic Party got at least $150,000 and the Florida Democratic Party Building Fund got at least $350,000, while the Women’s National Republican Club of New York got at least $350,000, the Black Republican Caucus in Florida got at least $150,000.
In short, this thing smells so bad that our Capitol Hill legislators will have to wear oxygen masks to the negotiating table, and not because of the Covid.
And yet, and yet, the robo-machines and boys and girls on Wall Street keep buying the dip because, apparently, all will be well if the Fed just keeps on printing, Washington keeps on borrowing and speculators keep on pretending that the Virus Patrol is actually battling the Covid.
We’ll take the unders. Big Time.
PEAK TRUMP, IMPENDING CRISES, ESSENTIAL INFO & ACTION
Reprinted with permission from David Stockman’s Contra Corner.
The Best of David Stockman


lewrockwell--2020-07-14--Covid Madness: How Can So Few Control So Many?

“ I should like merely to understand how it happens that so many men , so many villages , so many cities , so many nations , sometimes suffer under a single tyrant who has no other power than the power they give him ; who is able to harm them only to the extent to which they have the willingness to bear with him ; who could do them absolutely no injury unless they preferred to put up with him rather than contradict him .
Surely a striking situation !
Yet it is so common that one must grieve @ @ @ @ @ @ @ the spectacle of a million men serving in wretchedness , their necks under the yoke , not constrained by a greater multitude than they… ~ Étienne de la Boétie , 1552 to 1553—The Politics of Obedience : The Discourse of Voluntary Servitude What causes man to bow to impotent authority , to cower in the face of one or a few tyrants , to lack the will to be free ?
This question has haunted me since I was very young , but the answer it seems is as La Boétie so clearly @ @ @ @ @ @ @ that is that that common people are consumed by indifference .
Surely with over 300 million people living in this country , it would take only a small percentage practicing disobedience to eliminate the governing power and claim liberty .
Why has this not happened ?
Why do so many obey so few ?
Without a strong desire to be free , the fate of man will always fall to rule , and that rule can lead only to a life of servitude .
Being free means to not conform to the illegitimate @ @ @ @ @ @ @ orders , to not comply with tyranny , and to stand against any and all totalitarian mandates .
None can force others to claim their own freedom ; they have to come to that position on their own .
If they choose not to do so , or if they choose to be obedient fools , then they will be left to conform to the invalid laws of their accepted masters , and to live a life in slavery .
Many have suggested the proper ways to avoid this , but if the @ @ @ @ @ @ @ along without resistance , to be indifferent to their own best interests , then everything that is offered , suggested , or given as a plan to recapture freedom , will be worthless .
If the desire to be free is not in the hearts and minds of the population at large , liberty becomes unattainable .
As incredible as it might seem in this time of the lie of the existence of a ‘ deadly pandemic , ’ this current life of servitude , of emptiness and despair , of the purposeful @ @ @ @ @ @ @ divisiveness , and of the constant fear of fellow human contact , brings about a feeling among conscientious men that life is not worth living and death is salvation .
This is a human tragedy .
Why would any accept this misery when the cure for tyranny is so simple to achieve due to the obvious fact that there are so many millions of us and only a few tyrants ?
One of the misconceptions that persist in the minds of people is that they need a leader or authoritative figure to guide @ @ @ @ @ @ @ in this country .
This thinking is not natural , but has been embedded in the minds of men throughout history by long-term indoctrination .
The population at large holds reverence for rulers and dishonestly claimed heroes , whether the president , military commanders , political party heads , or for the so-called ‘ famous ’ in society .
Instead of acting on their own , the masses actually beg for someone to tell them what to do , and continually ask for guidance .
Instead of looking to self for answers , @ @ @ @ @ @ @ them what to do in order to gain their own freedom .
This subservient behavior is bred into the common people through a state education system planned and implemented by those that desire a compliant society in order to hold power and gain control over the masses .
By taking control of the education system in America , the state eliminated the individual and individual intellect in favor of the collective .
Collective societies function on the premise of the greater good instead of the needs of the individual , and this alone @ @ @ @ @ @ @ loss of all liberty .
The current ruling class is using a fake virus instead of monsters from afar to corral this illiterate and pathetic herd of Americans , and keep them in check .
Orders are coming from every insidious level of false authority from the president down to the local dogcatcher , and the bulk of the people are voluntarily complying with self-destructive mandates that have in many cases turned out to be fatal .
As ludicrous as the lies about this purposely created coronavirus farce have been , the people @ @ @ @ @ @ @ , and continue to jump through every hoop put in front of them by the governing horde .
This has led to despondency , financial ruin , divisiveness , and anger , and has altered the lives of most all in this country , harming millions in the process .
People have become accustomed to tyranny , and accept it without question .
They have allowed the few to make laws restricting freedom ; they have become accustomed to being ruled , and are simply rule-takers and rule-followers instead of freethinking individuals .
@ @ @ @ @ @ @ for any that go their own way .
They live in a land of confusion that they themselves created .
The ruling elites have accomplished every aspect of this heinous plan to take over humanity due to the voluntary acceptance of all of it by the people .
None of this evil plan could have even been attempted unless the people allowed it .
This is the truth of the matter , and is a most pathetic example of universal apathy and weakness .
All tyrannical governments , all despotic rule , all @ @ @ @ @ @ @ including democracy , can only exist if the people voluntarily accept it and allow it to occur and perpetuate .
No tyranny can be created or endure in any free society , and no free society can claim to exist in the presence of any authoritarian rule .
There is no legitimacy for complaint by those that voluntarily accept and submit to any dictatorial or oligarchic system .
The people themselves are responsible , and only those that refuse to accept rule have any right to object .
“ The fundamental political question @ @ @ @ @ @ @ .
The answer is that they tend to enslave themselves , to let themselves be governed by tyrants .
Freedom from servitude comes not from violent action , but from the refusal to serve .
Tyrants fall when the people withdraw their support.
” Introduction to Étienne de La Boétie ’ s Politics of Obedience : The Discourse of Voluntary Servitude ( 1975 ) , p. 39 The Best of Gary D. Barnett

“I should like merely to understand how it happens that so many men, so many villages, so many cities, so many nations, sometimes suffer under a single tyrant who has no other power than the power they give him; who is able to harm them only to the extent to which they have the willingness to bear with him; who could do them absolutely no injury unless they preferred to put up with him rather than contradict him. Surely a striking situation! Yet it is so common that one must grieve the more and wonder the less at the spectacle of a million men serving in wretchedness, their necks under the yoke, not constrained by a greater multitude than they…
~ Étienne de la Boétie, 1552 to 1553—The Politics of Obedience: The Discourse of Voluntary Servitude
What causes man to bow to impotent authority, to cower in the face of one or a few tyrants, to lack the will to be free? This question has haunted me since I was very young, but the answer it seems is as La Boétie so clearly stated almost 500 years ago, and that is that that common people are consumed by indifference. Surely with over 300 million people living in this country, it would take only a small percentage practicing disobedience to eliminate the governing power and claim liberty. Why has this not happened? Why do so many obey so few? Without a strong desire to be free, the fate of man will always fall to rule, and that rule can lead only to a life of servitude. The Politics of Obedie... Etienne de la Boetie Best Price: $7.00 Buy New $7.00 (as of 05:45 UTC - Details)
Being free means to not conform to the illegitimate rule of others, to not obey orders, to not comply with tyranny, and to stand against any and all totalitarian mandates. None can force others to claim their own freedom; they have to come to that position on their own. If they choose not to do so, or if they choose to be obedient fools, then they will be left to conform to the invalid laws of their accepted masters, and to live a life in slavery. Many have suggested the proper ways to avoid this, but if the people in mass voluntarily choose to follow along without resistance, to be indifferent to their own best interests, then everything that is offered, suggested, or given as a plan to recapture freedom, will be worthless. If the desire to be free is not in the hearts and minds of the population at large, liberty becomes unattainable.
As incredible as it might seem in this time of the lie of the existence of a ‘deadly pandemic,’ this current life of servitude, of emptiness and despair, of the purposeful elimination of pleasure and joy, of divisiveness, and of the constant fear of fellow human contact, brings about a feeling among conscientious men that life is not worth living and death is salvation. This is a human tragedy. Why would any accept this misery when the cure for tyranny is so simple to achieve due to the obvious fact that there are so many millions of us and only a few tyrants? School World Order: Th... Klyczek, John Adam Best Price: $15.95 Buy New $15.95 (as of 05:29 UTC - Details)
One of the misconceptions that persist in the minds of people is that they need a leader or authoritative figure to guide them, and that is very evident in this country. This thinking is not natural, but has been embedded in the minds of men throughout history by long-term indoctrination. The population at large holds reverence for rulers and dishonestly claimed heroes, whether the president, military commanders, political party heads, or for the so-called ‘famous’ in society. Instead of acting on their own, the masses actually beg for someone to tell them what to do, and continually ask for guidance. Instead of looking to self for answers, they whine that no one is telling them what to do in order to gain their own freedom. This subservient behavior is bred into the common people through a state education system planned and implemented by those that desire a compliant society in order to hold power and gain control over the masses. By taking control of the education system in America, the state eliminated the individual and individual intellect in favor of the collective. Collective societies function on the premise of the greater good instead of the needs of the individual, and this alone sets the stage for mass compliance and loss of all liberty.
Anatomy of the State Murray Rothbard Best Price: $5.00 Buy New $5.82 (as of 05:45 UTC - Details) The current ruling class is using a fake virus instead of monsters from afar to corral this illiterate and pathetic herd of Americans, and keep them in check. Orders are coming from every insidious level of false authority from the president down to the local dogcatcher, and the bulk of the people are voluntarily complying with self-destructive mandates that have in many cases turned out to be fatal. As ludicrous as the lies about this purposely created coronavirus farce have been, the people of this country remain oblivious to reality, and continue to jump through every hoop put in front of them by the governing horde. This has led to despondency, financial ruin, divisiveness, and anger, and has altered the lives of most all in this country, harming millions in the process.
People have become accustomed to tyranny, and accept it without question. They have allowed the few to make laws restricting freedom; they have become accustomed to being ruled, and are simply rule-takers and rule-followers instead of freethinking individuals. They move in unison and show contempt for any that go their own way. They live in a land of confusion that they themselves created. The ruling elites have accomplished every aspect of this heinous plan to take over humanity due to the voluntary acceptance of all of it by the people. None of this evil plan could have even been attempted unless the people allowed it. This is the truth of the matter, and is a most pathetic example of universal apathy and weakness.
The Law Frederic Bastiat Best Price: $2.98 Buy New $4.00 (as of 10:45 UTC - Details) All tyrannical governments, all despotic rule, all dictatorships, and all totalitarian systems, including democracy, can only exist if the people voluntarily accept it and allow it to occur and perpetuate. No tyranny can be created or endure in any free society, and no free society can claim to exist in the presence of any authoritarian rule. There is no legitimacy for complaint by those that voluntarily accept and submit to any dictatorial or oligarchic system. The people themselves are responsible, and only those that refuse to accept rule have any right to object.
“The fundamental political question is why do people obey a government. The answer is that they tend to enslave themselves, to let themselves be governed by tyrants. Freedom from servitude comes not from violent action, but from the refusal to serve. Tyrants fall when the people withdraw their support.”
Introduction to Étienne de La Boétie’s Politics of Obedience: The Discourse of Voluntary Servitude (1975), p. 39
Additional source: Here
The Best of Gary D. Barnett


lewrockwell--2020-07-14--Will the Federal Reserve Finally Wreck America?

Federal Reserve Chair Jerome Powell and San Francisco Fed President Mary Daly both recently denied that the Federal Reserve ’ s policies create economic inequality .
Unfortunately for Powell , Daly , and other Fed promoters , a cursory look at the Fed ’ s operations shows that the central bank is the leading cause of economic inequality .
The Federal Reserve manipulates the money supply by buying and selling government securities .
This means that when the Fed decides to pump money into the economy , it does so by putting it in the pockets of wealthy , and @ @ @ @ @ @ @ to spend the new money before the Fed ’ s actions result in widespread inflation .
Wealthy individuals also tend to be among the first to invest in the bubbles that form when the Fed distorts interest rates , which are the price of money .
These investors may lose some money when the bubble bursts , but these losses are usually outweighed by their gains , so they end up profiting from the Fed-created boom-bubble-bust cycle .
End The Fed Ron Paul Best Price : $ 2.18 Buy New $ 5.68 In @ @ @ @ @ @ @ well as savings , houses , and other assets when bubbles burst .
They will also not benefit as much as the rich and well-connected from government bailouts and stimulus schemes .
Middle- and working-class Americans also suffer from a steady erosion of their standard of living because of the Fed ’ s devaluation of the currency .
This is the reason why so many Americans rely on credit cards to cover routine expenses .
The Federal Reserve is thus the reason why total US credit card debt is almost one trillion dollars @ @ @ @ @ @ @ the fiat money system .
The Fed ’ s purchases of US debt enable Congress to massively increase welfare and warfare spending without increasing taxes to politically unacceptable levels .
The people pay for the welfare-warfare state via the Fed ’ s hidden and regressive inflation tax .
Mission Meats Keto Sug ... Buy New $ 21.95 ( $ 1.83 / Count ) Low interest rates also benefit politicians by keeping the federal government ’ s interest payments low .
This is an unstated reason why the Fed will keep interest rates near @ @ @ @ @ @ @ zero .
In response to the government-caused economic collapse , the Federal Reserve increased the money supply by about a trillion dollars from mid-April to early June .
In contrast , it took the Fed all of 2019 to grow the money supply by 921 billion dollars .
Even before the lockdown , the Fed was massively intervening in the economy in a futile attempt to prevent economic crisis .
A coming crisis will likely be triggered by a collapse in the dollar ’ s value and a rejection of the dollar ’ @ @ @ @ @ @ @ economic collapse will be worse than the Great Depression .
This will result in widespread violence along with government crackdowns on liberties , accelerating the US slide into authoritarianism .
The only way to avoid this is for Congress to make drastic cuts in spending — starting with defunding the military-industrial complex — and to audit then end the Fed .
The Best of Ron Paul

Federal Reserve Chair Jerome Powell and San Francisco Fed President Mary Daly both recently denied that the Federal Reserve’s policies create economic inequality. Unfortunately for Powell, Daly, and other Fed promoters, a cursory look at the Fed’s operations shows that the central bank is the leading cause of economic inequality.
The Federal Reserve manipulates the money supply by buying and selling government securities. This means that when the Fed decides to pump money into the economy, it does so by putting it in the pockets of wealthy, and oftentimes politically-connected, investors who are able to spend the new money before the Fed’s actions result in widespread inflation. Wealthy individuals also tend to be among the first to invest in the bubbles that form when the Fed distorts interest rates, which are the price of money. These investors may lose some money when the bubble bursts, but these losses are usually outweighed by their gains, so they end up profiting from the Fed-created boom-bubble-bust cycle. End The Fed Ron Paul Best Price: $2.18 Buy New $5.68 (as of 09:55 UTC - Details)
In contrast, middle-class Americans lose jobs as well as savings, houses, and other assets when bubbles burst. They will also not benefit as much as the rich and well-connected from government bailouts and stimulus schemes. Middle- and working-class Americans also suffer from a steady erosion of their standard of living because of the Fed’s devaluation of the currency. This is the reason why so many Americans rely on credit cards to cover routine expenses. The Federal Reserve is thus the reason why total US credit card debt is almost one trillion dollars.
Big-spending politicians are also beneficiaries of the fiat money system. The Fed’s purchases of US debt enable Congress to massively increase welfare and warfare spending without increasing taxes to politically unacceptable levels. The people pay for the welfare-warfare state via the Fed’s hidden and regressive inflation tax. Mission Meats Keto Sug... Buy New $21.95 ($1.83 / Count) (as of 04:10 UTC - Details)
Low interest rates also benefit politicians by keeping the federal government’s interest payments low. This is an unstated reason why the Fed will keep interest rates near zero or even lower interest rates below zero.
In response to the government-caused economic collapse, the Federal Reserve increased the money supply by about a trillion dollars from mid-April to early June. In contrast, it took the Fed all of 2019 to grow the money supply by 921 billion dollars. Even before the lockdown, the Fed was massively intervening in the economy in a futile attempt to prevent economic crisis.
A coming crisis will likely be triggered by a collapse in the dollar’s value and a rejection of the dollar’s world reserve currency status. The economic collapse will be worse than the Great Depression. This will result in widespread violence along with government crackdowns on liberties, accelerating the US slide into authoritarianism. The only way to avoid this is for Congress to make drastic cuts in spending — starting with defunding the military-industrial complex — and to audit then end the Fed.
The Best of Ron Paul, MD


lewrockwell--2020-07-14--Equality Is Good—Believe It or Else

Equality Is Good—Believe It or Else

Samuel Scheffler is one of the most prominent contemporary moral and political philosophers .
He is especially well known for his ability to come up with arguments and counterarguments to any position .
He is also a committed egalitarian .
In a recent column that appeared in the New York Times , Scheffler responds to an argument against equality of wealth , income , and other desirable social goods .
He recognizes the strength of the argument and tries to show that it doesn ’ t undermine the case for equality .
I don ’ t think he succeeds .
@ @ @ @ @ @ @ those already committed to this view .
The argument he ’ s trying to answer was raised by another famous philosopher , Harry Frankfurt , in an essay that appeared in 1987 .
It is an argument that most people who read Mises Institute articles will know already .
In brief , the argument is that what matters to someone is how well he himself is doing .
So long as a person has enough to lead a satisfying life , why should it matter whether there are other people who have more @ @ @ @ @ @ @ in this way : Resurrecting Marx : The ... Gordon , David Best Price : $ 27.94 Buy New $ 36.56 It does not matter whether some people have less than others .
What matters is that some people do not have enough .
They lack adequate income , have little or no wealth and do not enjoy decent housing , health care or education .
If even the worst-off people had enough resources to lead good and fulfilling lives , then the fact that others had still greater resources would not be @ @ @ @ @ @ @ t have enough and others have vastly more than they need , it is easy to conclude that the problem is one of inequality .
But this , according to Professor Frankfurt , is a mistake .
The problem isn ’ t inequality as such .
It ’ s the poverty and deprivation suffered by those who have least .
I must here avert a possible misunderstanding .
Frankfurt is by no means a supporter of the free market .
He is in most respects a standard welfare-state liberal .
But he denies @ @ @ @ @ @ @ sake .
When Frankfurt reiterated his contention in a short book that appeared in 2015 , he became the object of severe attack .
Colleagues shunned this once revered figure .
As Scheffler realizes , if you deny Frankfurt ’ s claim and maintain that equality has value in itself , you must confront an objection .
And Professor Frankfurt , it seems , has a point .
Those in the top 10 percent of America ’ s economic distribution are in a very comfortable position .
Those in the top 1 percent @ @ @ @ @ @ @ than those in the other 9 percent .
But few people find this kind of inequality troubling .
Inequality bothers us most , it seems , only when some are very rich and others are very poor .
Summer Sausage Gift Set Buy New $ 30.97 ( $ 10.32 / Count ) Even when the worst-off people are very poor , moreover , it wouldn ’ t be an improvement to reduce everyone else to their level .
Equality would then prevail , but equal misery is hardly an ideal worth striving for @ @ @ @ @ @ @ ?
After making a few suggestions that aim to show that egalitarian measures are instrumentally good , he says : This brings us to a more fundamental point .
The great political philosopher John Rawls thought that a liberal society should conceive of itself as a fair system of cooperation among free and equal people .
Often , it seems , we do like to think of ourselves that way .
We know that our society has always been blighted by grave injustices , beginning with the great moral catastrophe of slavery , @ @ @ @ @ @ @ of equals , and we are proud of the steps we have taken toward that ideal .
But extreme inequality makes a mockery of our aspiration .
In a society marked by the spectacular inequalities of income and wealth that have emerged in the United States in the past few decades , there is no meaningful sense in which all citizens , rich and poor alike , can nevertheless relate to one another on an equal footing….If extreme economic inequality undermines the ideal of a society of equals , then is that merely @ @ @ @ @ @ @ its corrupting influence on the political process ?
Or , instead , is that simply what it is for economic inequality to matter as such ?
An Introduction to Eco ... Gordon , David Best Price : $ 2.00 Buy New $ 1.99 I don ’ t think this argument achieves very much .
Of course , people can not regard themselves as a society of equals in the sense that Rawls and Scheffler favor if the society allows “ extreme ” inequalities .
But unless you already regard equality as a good @ @ @ @ @ @ @ of a society of equals appeal to you ?
Invoking this ideal doesn ’ t help the case for equality .
Scheffler might respond in two ways .
He might say that if we do accept the value of equality , we will also see that there is a good related to it , that of a society of equals , which has independent value .
In that way , we get “ two goods for the price of one.
” He might also say that someone could first find the notion of @ @ @ @ @ @ @ that way come to accept the value of equality .
I don ’ t think either of these responses gets the egalitarian very far .
The fact that a philosopher as skilled as Scheffler fails to come up with anything better should lead us to suspect that there isn ’ t much of a case for equality .
It doesn ’ t amount to more than “ You must believe in equality—because you must !
” Note : The views expressed on Mises.org are not necessarily those of the Mises Institute .
The @ @ @ @

Samuel Scheffler is one of the most prominent contemporary moral and political philosophers. He is especially well known for his ability to come up with arguments and counterarguments to any position. He is also a committed egalitarian. In a recent column that appeared in the New York Times, Scheffler responds to an argument against equality of wealth, income, and other desirable social goods. He recognizes the strength of the argument and tries to show that it doesn’t undermine the case for equality. I don’t think he succeeds. His defense of equality will convince only those already committed to this view.
The argument he’s trying to answer was raised by another famous philosopher, Harry Frankfurt, in an essay that appeared in 1987. It is an argument that most people who read Mises Institute articles will know already. In brief, the argument is that what matters to someone is how well he himself is doing. So long as a person has enough to lead a satisfying life, why should it matter whether there are other people who have more?
Scheffler states Frankfurt’s argument in this way: Resurrecting Marx: The... Gordon, David Best Price: $27.94 Buy New $36.56 (as of 04:10 UTC - Details)
It does not matter whether some people have less than others. What matters is that some people do not have enough. They lack adequate income, have little or no wealth and do not enjoy decent housing, health care or education. If even the worst-off people had enough resources to lead good and fulfilling lives, then the fact that others had still greater resources would not be troubling. When some people don’t have enough and others have vastly more than they need, it is easy to conclude that the problem is one of inequality. But this, according to Professor Frankfurt, is a mistake. The problem isn’t inequality as such. It’s the poverty and deprivation suffered by those who have least.
I must here avert a possible misunderstanding. Frankfurt is by no means a supporter of the free market. He is in most respects a standard welfare-state liberal. But he denies that equality is good for its own sake. When Frankfurt reiterated his contention in a short book that appeared in 2015, he became the object of severe attack. Colleagues shunned this once revered figure.
As Scheffler realizes, if you deny Frankfurt’s claim and maintain that equality has value in itself, you must confront an objection.
And Professor Frankfurt, it seems, has a point. Those in the top 10 percent of America’s economic distribution are in a very comfortable position. Those in the top 1 percent are in an even more comfortable position than those in the other 9 percent. But few people find this kind of inequality troubling. Inequality bothers us most, it seems, only when some are very rich and others are very poor. Summer Sausage Gift Set Buy New $30.97 ($10.32 / Count) (as of 04:10 UTC - Details) Even when the worst-off people are very poor, moreover, it wouldn’t be an improvement to reduce everyone else to their level. Equality would then prevail, but equal misery is hardly an ideal worth striving for.
How does Scheffler answer this point? After making a few suggestions that aim to show that egalitarian measures are instrumentally good, he says:
This brings us to a more fundamental point. The great political philosopher John Rawls thought that a liberal society should conceive of itself as a fair system of cooperation among free and equal people. Often, it seems, we do like to think of ourselves that way. We know that our society has always been blighted by grave injustices, beginning with the great moral catastrophe of slavery, but we aspire to create a society of equals, and we are proud of the steps we have taken toward that ideal. But extreme inequality makes a mockery of our aspiration. In a society marked by the spectacular inequalities of income and wealth that have emerged in the United States in the past few decades, there is no meaningful sense in which all citizens, rich and poor alike, can nevertheless relate to one another on an equal footing….If extreme economic inequality undermines the ideal of a society of equals, then is that merely one of its bad effects, like its corrupting influence on the political process? Or, instead, is that simply what it is for economic inequality to matter as such?
An Introduction to Eco... Gordon, David Best Price: $2.00 Buy New $1.99 (as of 07:55 UTC - Details) I don’t think this argument achieves very much. Of course, people cannot regard themselves as a society of equals in the sense that Rawls and Scheffler favor if the society allows “extreme” inequalities. But unless you already regard equality as a good in itself, why should the notion of a society of equals appeal to you? Invoking this ideal doesn’t help the case for equality.
Scheffler might respond in two ways. He might say that if we do accept the value of equality, we will also see that there is a good related to it, that of a society of equals, which has independent value. In that way, we get “two goods for the price of one.” He might also say that someone could first find the notion of a society of equals valuable and in that way come to accept the value of equality.
I don’t think either of these responses gets the egalitarian very far. The fact that a philosopher as skilled as Scheffler fails to come up with anything better should lead us to suspect that there isn’t much of a case for equality. It doesn’t amount to more than “You must believe in equality—because you must!”
Note: The views expressed on Mises.org are not necessarily those of the Mises Institute.
The Best of David Gordon


CDC Churches

The Centers for Disease Control and Prevention ( CDC ) , it should never be forgotten , is an agency of the federal government under the umbrella of the Department of Health and Human Services .
The CDC ’ s official mission is : CDC works 24/7 to protect America from health , safety and security threats , both foreign and in the U.S .
Whether diseases start at home or abroad , are chronic or acute , curable or preventable , human error or deliberate attack , CDC fights disease and supports communities and citizens to do the same @ @ @ @ @ @ @ our nation .
As the nation ’ s health protection agency , CDC saves lives and protects people from health threats .
To accomplish our mission , CDC conducts critical science and provides health information that protects our nation against expensive and dangerous health threats , and responds when these arise .
Police Handcuffs Thin ... Buy New $ 14.90 • Base all public health decisions on the highest quality scientific data that is derived openly and objectively • Place the benefits to society above the benefits to our institution • Treat all @ @ @ @ @ @ @ respect But then there is the small matter of the coronavirus .
Here we have seen that the CDC ruins lives and businesses while pretending to protect people from a minimal health threat .
The CDC ignores high-quality scientific data that does not line up with its agenda .
The CDC has destroyed rather than benefited society .
And the CDC only treats with dignity , honesty , and respect those who believe its dictates and obey its pronouncements .
The CDC it should never be forgotten , is an agency of the @ @ @ @ @ @ @ , corrupt , and evil governments in history .
One would think that churches in America—and especially conservative , evangelical churches—would be just a little leery of the CDC , and especially since the CDC thinks we need more sex education in schools and wastes taxpayer dollars on transgender beauty pageants , safe-sex events featuring a sex-video star , and pushing gun control .
Some churches are still closed because they have the coronavirus instead of the fear of the Lord .
But many churches that are open are what I call CDC @ @ @ @ @ @ @ CDC churches : CDC churches encourage or require their members to wear face masks .
Steve Madden Men & rsquo ... Buy New $ 35.99 CDC churches have every other pew blocked off .
CDC churches deep clean and sanitize the inside of the church every week , not because it is dirty , but because they believe everything the news media says about the coronavirus .
CDC churches no longer have nurseries for babies and young children .
CDC churches require people to register online to be able to attend services .
@ @ @ @ @ @ @ in the choir to maintain social distancing .
CDC churches encourage their members to stay home if they may have come into contact with someone who may have come into contact with someone who might possibly have the coronavirus .
CDC churches release their congregations by sections so the people can maintain social distancing as they leave the church .
CDC churches have cancelled all communion services .
Donald Trump Coin 2020 ... Buy New $ 5.35 CDC churches limit the number of members who can attend services .
CDC churches have installed @ @ @ @ @ @ @ building .
CDC churches have signs posted throughout the church telling everyone to maintain social distancing .
CDC churches have turned off their water fountains .
CDC churches have canceled all weekly Bible studies .
Farmers Market Wiscons ... Buy New $ 17.99 ( $ 0.37 / Ounce ) CDC churches check everyone ’ s temperature before they are allowed into church .
CDC churches have announcements on a screen before the church services about the need to maintain social distancing .
CDC churches are ready to close again on a moment ’ @ @ @ @ @ @ @ by a mayor or governor .
CDC churches believe that everything the CDC says is the gospel truth .
Not every CDC church does every one of these things , but they would probably do more of them if they could get away with it ; that is , they would do even more of these things if they didn ’ t think that church attendance would drop off and offerings would fall .
Is your church CDC approved or God approved ?
Does your church have the fear of the coronavirus or @ @ @ @ @ @ @ Best of Laurence M. Vance

The Centers for Disease Control and Prevention (CDC), it should never be forgotten, is an agency of the federal government under the umbrella of the Department of Health and Human Services.
The CDC’s official mission is:
CDC works 24/7 to protect America from health, safety and security threats, both foreign and in the U.S. Whether diseases start at home or abroad, are chronic or acute, curable or preventable, human error or deliberate attack, CDC fights disease and supports communities and citizens to do the same.
CDC increases the health security of our nation. As the nation’s health protection agency, CDC saves lives and protects people from health threats. To accomplish our mission, CDC conducts critical science and provides health information that protects our nation against expensive and dangerous health threats, and responds when these arise. Police Handcuffs Thin ... Buy New $14.90 (as of 05:20 UTC - Details)
The CDC pledges to
Base all public health decisions on the highest quality scientific data that is derived openly and objectively
Place the benefits to society above the benefits to our institution
Treat all persons with dignity, honesty, and respect
But then there is the small matter of the coronavirus.
Here we have seen that the CDC ruins lives and businesses while pretending to protect people from a minimal health threat. The CDC ignores high-quality scientific data that does not line up with its agenda. The CDC has destroyed rather than benefited society. And the CDC only treats with dignity, honesty, and respect those who believe its dictates and obey its pronouncements.
The CDC it should never be forgotten, is an agency of the U.S. federal leviathan—one of the most bloated, corrupt, and evil governments in history.
One would think that churches in America—and especially conservative, evangelical churches—would be just a little leery of the CDC, and especially since the CDC thinks we need more sex education in schools and wastes taxpayer dollars on transgender beauty pageants, safe-sex events featuring a sex-video star, and pushing gun control.
Some churches are still closed because they have the fear of the coronavirus instead of the fear of the Lord. But many churches that are open are what I call CDC churches. Here are the characteristics of CDC churches:
CDC churches encourage or require their members to wear face masks. Steve Madden Men&rsquo... Buy New $35.99 (as of 05:20 UTC - Details)
CDC churches have every other pew blocked off.
CDC churches deep clean and sanitize the inside of the church every week, not because it is dirty, but because they believe everything the news media says about the coronavirus.
CDC churches have ceased all congregational singing.
CDC churches no longer have nurseries for babies and young children.
CDC churches require people to register online to be able to attend services.
CDC churches limit the number of people in the choir to maintain social distancing.
CDC churches encourage their members to stay home if they may have come into contact with someone who may have come into contact with someone who might possibly have the coronavirus.
CDC churches have cancelled all potluck dinners.
CDC churches release their congregations by sections so the people can maintain social distancing as they leave the church.
CDC churches have cancelled all communion services. Donald Trump Coin 2020... Buy New $5.35 (as of 05:19 UTC - Details)
CDC churches have cancelled all fellowship activities.
CDC churches no longer allow hand shaking.
CDC churches limit the number of members who can attend services.
CDC churches print hand-washing tips in their bulletins.
CDC churches no longer allow hugging.
CDC churches have installed hand sanitizer stations all over the church building.
CDC churches have signs posted throughout the church telling everyone to maintain social distancing.
CDC churches have turned off their water fountains.
CDC churches have quit passing offering plates.
CDC churches print CDC guidelines in their bulletins.
CDC churches no longer have Sunday School classes.
CDC churches have canceled all weekly Bible studies. Farmers Market Wiscons... Buy New $17.99 ($0.37 / Ounce) (as of 05:20 UTC - Details)
CDC churches check everyone’s temperature before they are allowed into church.
CDC churches have postponed all baptisms.
CDC churches have announcements on a screen before the church services about the need to maintain social distancing.
CDC churches are ready to close again on a moment’s notice if ordered to do so by a mayor or governor.
CDC churches believe that everything the CDC says is the gospel truth.
Not every CDC church does every one of these things, but they would probably do more of them if they could get away with it; that is, they would do even more of these things if they didn’t think that church attendance would drop off and offerings would fall.
Is your church CDC approved or God approved? Does your church have the fear of the coronavirus or the fear of the Lord?
The Best of Laurence M. Vance


lewrockwell--2020-07-14--Can Trump Pull a Truman?

Can Trump Pull a Truman?

On July 22 , 1988 , after the Democratic National Convention in Atlanta , the party nominee , Gov .
Michael Dukakis , enjoyed a 17-point lead over Vice President George W. Bush .
Five weeks later , on Labor Day , Dukakis was down eight points , the same margin by which he would lose the election .
He had lost 25 points in one month .
What had happened ?
During August , Republican attack groups elevated and relentlessly pounded what might be called Dukakis ’ Bay State radical liberalism .
He had proudly called himself a card-carrying @ @ @ @ @ @ @ vetoed a bill requiring the Pledge of Allegiance in Massachusetts ’ schools .
He was against imposing the death penalty .
He had issued weekend passes to convicted killers such as the infamous Willie Horton , who had used his get-out-of-jail-free card to go to Maryland and rape and murder .
Is this possible today ?
Because a turnaround of that magnitude appears to be needed by Donald J. Trump .
Over the weekend , the bad news on the virus front turned awful , for the country and Trump .
The U.S. @ @ @ @ @ @ @ COVID-19 deaths , whose weekly average had been falling since April , began to rise again .
New cases of the infection began appearing in previously unseen numbers across the Sun Belt .
Florida set a U.S. record with more than 15,000 new cases in one day .
This surge in infections is occurring as the nation debates whether to send its young back to schools .
Children , teachers and students could arrive in classrooms in the millions in late summer only to be sent home in a new shutdown as a @ @ @ @ @ @ @ .
Were that not enough to concentrate the mind , an economy that was as strong as any in modern history last winter now looks to be in a depression .
The good news of the May-June revival could be canceled out by shutdowns mandated by the new infections .
Beyond this , America ’ s racial divide has reopened .
The attacks on cops and their demonization in the wake of the killing of George Floyd , has led to demoralization , resignations and retirements , and , from there , to @ @ @ @ @ @ @ major cities .
And we have witnessed the outbreak of a cultural revolution , which holds that as America has , from birth , been a slave-owning society whose policies toward the native-born amounted to cultural and ethnic genocide , the statues of those generations of men who produced such a history should all be pulled down and smashed .
A medical crisis , an economic crisis , and a cultural and social crisis , have hit us all at once , raising some fundamental questions .
Does America retain the unity , @ @ @ @ @ @ @ the world ?
Is American democracy still the model for mankind ?
Trump is not responsible for the COVID-19 pandemic .
And the shutdowns that induced today ’ s depression were as much the decisions of governors and mayors as of the president .
Yet , he is the one whose fate is tied to the state of the economy in November 2020 .
And , politically , Trump is the one paying the price .
Several national polls have Joe Biden up by 10 points or more , and polls in swing @ @ @ @ @ @ @ for Trump such as Florida , have Biden leading .
In the money primary , Biden and the Democrats turned May and June into winning months .
Their Senate candidates are awash in cash in states where they had been seen as sacrificial lambs .
The pundits , following the polls , are giddily predicting a Biden win , a recapture of the Senate and the retention of Democratic control of the House .
What can Trump do ?
What should Trump do ?
In 1948 , Harry Truman looked like a certain @ @ @ @ @ @ @ So he sent a raft of liberal legislation to the Hill and challenged the Republican Congress to enact it .
When Congress airily dismissed his proposals , Truman barnstormed the country , calling on America to help him rid the nation of this “ no-good , do-nothing 80th Congress.
” Which the country proceeded to do , as it elected Truman and threw out the first Republican Congress to sit since before the Depression .
What the Trump folks must do now is to zero in on Biden ’ s vulnerabilities , personal @ @ @ @ @ @ @ Biden ’ s transparently diminished verbal and mental capacity .
He is no longer the man who bested Paul Ryan in the vice presidential debate of 2012 .
Even during controlled appearances where he reads from a teleprompter , Biden emits a sense of unease that he will lose control of his ghostwritten script .
Second , the Biden campaign has embraced an agenda that is , in part , Bernie Sanders-AOC-Black Lives Matter .
The Trump folks need to force Biden to come out of his basement and either embrace or renounce @ @ @ @ @ @ @ They need to do for Biden what Lee Atwater & Co. did for Dukakis .
The Best of Patrick J. Buchanan

Shop all books by Pat Buchanan
On July 22, 1988, after the Democratic National Convention in Atlanta, the party nominee, Gov. Michael Dukakis, enjoyed a 17-point lead over Vice President George W. Bush.
Five weeks later, on Labor Day, Dukakis was down eight points, the same margin by which he would lose the election. He had lost 25 points in one month.
What had happened? During August, Republican attack groups elevated and relentlessly pounded what might be called Dukakis’ Bay State radical liberalism.
He had proudly called himself a card-carrying member of the ACLU. He had vetoed a bill requiring the Pledge of Allegiance in Massachusetts’ schools. He was against imposing the death penalty. He had issued weekend passes to convicted killers such as the infamous Willie Horton, who had used his get-out-of-jail-free card to go to Maryland and rape and murder. Where the Right Went W... Buchanan, Patrick J. Best Price: $0.35 Buy New $9.93 (as of 03:07 UTC - Details)
Vice President Bush ended up winning 40 states.
Is this possible today? Because a turnaround of that magnitude appears to be needed by Donald J. Trump.
Over the weekend, the bad news on the virus front turned awful, for the country and Trump.
The U.S. dead from the coronavirus hit 135,000. COVID-19 deaths, whose weekly average had been falling since April, began to rise again.
New cases of the infection began appearing in previously unseen numbers across the Sun Belt. Florida set a U.S. record with more than 15,000 new cases in one day.
This surge in infections is occurring as the nation debates whether to send its young back to schools. Children, teachers and students could arrive in classrooms in the millions in late summer only to be sent home in a new shutdown as a second wave of COVID-19 hits this fall.
Suicide of a Superpowe... Patrick J. Buchanan Best Price: $1.50 Buy New $17.29 (as of 01:00 UTC - Details) Were that not enough to concentrate the mind, an economy that was as strong as any in modern history last winter now looks to be in a depression. The good news of the May-June revival could be canceled out by shutdowns mandated by the new infections.
Beyond this, America’s racial divide has reopened. The attacks on cops and their demonization in the wake of the killing of George Floyd, has led to demoralization, resignations and retirements, and, from there, to an explosion of shootings and killings in major cities.
And we have witnessed the outbreak of a cultural revolution, which holds that as America has, from birth, been a slave-owning society whose policies toward the native-born amounted to cultural and ethnic genocide, the statues of those generations of men who produced such a history should all be pulled down and smashed.
A medical crisis, an economic crisis, and a cultural and social crisis, have hit us all at once, raising some fundamental questions.
Does America retain the unity, strength and sense of purpose to lead the world? Is American democracy still the model for mankind?
Trump is not responsible for the COVID-19 pandemic. And the shutdowns that induced today’s depression were as much the decisions of governors and mayors as of the president. Yet, he is the one whose fate is tied to the state of the economy in November 2020.
And, politically, Trump is the one paying the price. The Death of the West:... Patrick J. Buchanan Best Price: $1.83 Buy New $12.40 (as of 06:40 UTC - Details)
Several national polls have Joe Biden up by 10 points or more, and polls in swing states, as well as must-carry states for Trump such as Florida, have Biden leading. In the money primary, Biden and the Democrats turned May and June into winning months. Their Senate candidates are awash in cash in states where they had been seen as sacrificial lambs.
The pundits, following the polls, are giddily predicting a Biden win, a recapture of the Senate and the retention of Democratic control of the House.
What can Trump do? What should Trump do?
In 1948, Harry Truman looked like a certain loser to Gov. Tom Dewey. So he sent a raft of liberal legislation to the Hill and challenged the Republican Congress to enact it. When Congress airily dismissed his proposals, Truman barnstormed the country, calling on America to help him rid the nation of this “no-good, do-nothing 80th Congress.”
Which the country proceeded to do, as it elected Truman and threw out the first Republican Congress to sit since before the Depression.
What the Trump folks must do now is to zero in on Biden’s vulnerabilities, personal and political.
First among these is Biden’s transparently diminished verbal and mental capacity. He is no longer the man who bested Paul Ryan in the vice presidential debate of 2012. Even during controlled appearances where he reads from a teleprompter, Biden emits a sense of unease that he will lose control of his ghostwritten script.
Second, the Biden campaign has embraced an agenda that is, in part, Bernie Sanders-AOC-Black Lives Matter.
The Trump folks need to force Biden to come out of his basement and either embrace or renounce the radical elements of his agenda. They need to do for Biden what Lee Atwater & Co. did for Dukakis.
The Best of Patrick J. Buchanan


lewrockwell--2020-07-14--Living in the Roach Motel

Living in the Roach Motel

Roach motels are a marvellous invention , as far as humans are concerned .
The roaches can check in , but they can never check out .
In our formative years , we were led to believe that governments exist to serve the people , but as we matured , we ( hopefully ) came to realise that this is not at all the case .
Governments by their very nature , are parasitic .
They produce nothing and live off wealth created by the electorate .
In order to advance themselves , they learn to squeeze the people as @ @ @ @ @ @ @ , with the claim that they will then redistribute the wealth .
But , as we know , their real goal is to use as much of that wealth as possible to increase their own wealth and power .
They do their best to create rhetoric that implies that one political party or another is quite guilty of this , whilst they ( and their political party ) are entirely innocent .
Black Flag 8 traps Roa ... Buy New $ 9.00 But the sad fact is that all political parties , in @ @ @ @ @ @ @ the desire to grab all they can , while they can , and why not ?
After all , the subjugation and sheering of the sheep is their life ’ s blood .
But there is that one caveat mentioned above : “ as much as they can get away with.
” A strong electorate will resist the attempts of politicians to tax them .
And this is a never-ending task .
The electorate must never become complacent , because politicians never will .
They will be unrelenting , in every administration .
@ @ @ @ @ @ @ new measures that will diminish the retention of wealth amongst the electorate .
After all , it ’ s their full-time job .
Never in the history of any nation has this been truer than when that nation is in a state of decline .
The more politicians extract from their electorate , the less healthy the economy becomes .
The less healthy the economy becomes , the less revenue the government receives in tax .
The less revenue they receive in tax , the more taxes they create .
In a major @ @ @ @ @ @ @ witnessing in most of the former Free World , people have begun to do what they always do when their government has overreached .
They begin to leave .
At first , a government is likely to wash its hands of those who choose to seek greener pastures in other countries , but it soon becomes apparent that people tend to leave from the top down – those who contribute the most in tax are the ones most likely to seek a better country in which to live .
When that occurs , @ @ @ @ @ @ @ – seek to trap the people ( and their wealth ) within the country .
They create capital controls and , later , migration controls to ensure that the sheep will remain in place to be sheared as often as need be .
MW Polar Seafood , Boil ... Buy New $ 41.24 ( $ 0.43 / Ounce ) We are now witnessing this throughout the former Free World , but most notably in the US .
• Senator Chuck Schumer has proposed a bill to dictate that those who choose to relinquish @ @ @ @ @ @ @ tax equal to thirty percent of whatever property they had liquidated in the US .
• Hillary Clinton has sought to tax corporations who relocate to other countries – a thirty-five percent exit tax .
But as the decline in the US becomes exacerbated , the ante is being raised further .
In the runup to the 2020 presidential election , candidates have been competing to be seen as the leader in punishing those who seek freedom from their government .
• Senators Elizabeth Warren and Bernie Sanders have both proposed an exit @ @ @ @ @ @ @ to be applied to all assets that an American has accumulated in his lifetime .
It should be borne in mind that each individual who is exiting has already been paying a property tax and/or income tax on his assets prior to the exit tax .
Therefore , this is a double tax on the same earned wealth .
And the above individuals are not alone in their desire to bleed those citizens who are simply seeking the ability to move on to a location that offers more opportunity than the US .
@ @ @ @ @ @ @ subject , as well .
However , the discussion has become muddied by the fact that so many legislators are proposing so many new taxes , in order to keep the sinking ship of state afloat .
Little wonder , then , that so many people are throwing up their hands .
As one expatriated American recently said to me , “ I ’ ve always thought of myself as a patriot .
But the US isn ’ t American anymore .
It ’ s been taken over by political robber barons.
” @ @ @ @ @ @ @ the reader , if he happens to be a US citizen ?
Well , he may rightly feel that time is running out .
After the 2020 election , the fur will begin to fly in the legislative houses as regards taxation .
He therefore has very little time in which to decide whether he ’ s living in the right place .
Mens Sterling Silver T ... Buy New $ 66.95 At present , US citizens are able to seek greener pastures with a minimum of pillaging by their government .
However @ @ @ @ @ @ @ Certainly , the US is heavily in debt , and except for dramatically increased taxation , there ’ s no way for the next government to pay for its voracious fiscal appetite .
Increased taxation will therefore be the first focus after the election .
Regardless of which party wins the presidency , both houses will be active in passing legislation to allow for aggressively increased taxation .
There can be little doubt that , within this package , there will be a crippling exit tax .
Therefore , for many US citizens @ @ @ @ @ @ @ election may be the last opportunity to escape with the majority of the wealth they have spent their lives building up .
To be sure , the US was once the envy of the world , as it was the foremost example of a free society , where its people had the liberty to prosper as a result of their labours .
Sadly , that greatness is no more .
The proof of that is in the fact that its political class intends soon to convert it into a roach motel – one @ @ @ @ @ @ @ .

Roach motels are a marvellous invention, as far as humans are concerned. The roaches can check in, but they can never check out.
In our formative years, we were led to believe that governments exist to serve the people, but as we matured, we (hopefully) came to realise that this is not at all the case.
Governments by their very nature, are parasitic. They produce nothing and live off wealth created by the electorate. In order to advance themselves, they learn to squeeze the people as much as they can get away with, with the claim that they will then redistribute the wealth. But, as we know, their real goal is to use as much of that wealth as possible to increase their own wealth and power.
They do their best to create rhetoric that implies that one political party or another is quite guilty of this, whilst they (and their political party) are entirely innocent. Black Flag 8 traps Roa... Buy New $9.00 (as of 05:24 UTC - Details)
But the sad fact is that all political parties, in the end, are equally guilty of the desire to grab all they can, while they can, and why not? After all, the subjugation and sheering of the sheep is their life’s blood.
But there is that one caveat mentioned above: “as much as they can get away with.”
A strong electorate will resist the attempts of politicians to tax them. And this is a never-ending task. The electorate must never become complacent, because politicians never will. They will be unrelenting, in every administration. Their primary purpose will be to introduce new measures that will diminish the retention of wealth amongst the electorate. After all, it’s their full-time job.
Never in the history of any nation has this been truer than when that nation is in a state of decline. The more politicians extract from their electorate, the less healthy the economy becomes. The less healthy the economy becomes, the less revenue the government receives in tax. The less revenue they receive in tax, the more taxes they create.
In a major decline, such as we’re witnessing in most of the former Free World, people have begun to do what they always do when their government has overreached. They begin to leave.
At first, a government is likely to wash its hands of those who choose to seek greener pastures in other countries, but it soon becomes apparent that people tend to leave from the top down – those who contribute the most in tax are the ones most likely to seek a better country in which to live.
When that occurs, politicians – especially the more rapacious ones – seek to trap the people (and their wealth) within the country. They create capital controls and, later, migration controls to ensure that the sheep will remain in place to be sheared as often as need be. MW Polar Seafood, Boil... Buy New $41.24 ($0.43 / Ounce) (as of 05:24 UTC - Details)
We are now witnessing this throughout the former Free World, but most notably in the US.
Senator Chuck Schumer has proposed a bill to dictate that those who choose to relinquish their US citizenship must pay an exit tax equal to thirty percent of whatever property they had liquidated in the US.
Hillary Clinton has sought to tax corporations who relocate to other countries – a thirty-five percent exit tax.
But as the decline in the US becomes exacerbated, the ante is being raised further. In the runup to the 2020 presidential election, candidates have been competing to be seen as the leader in punishing those who seek freedom from their government.
Senators Elizabeth Warren and Bernie Sanders have both proposed an exit tax of 40%. This is to be applied to all assets that an American has accumulated in his lifetime.
It should be borne in mind that each individual who is exiting has already been paying a property tax and/or income tax on his assets prior to the exit tax. Therefore, this is a double tax on the same earned wealth.
And the above individuals are not alone in their desire to bleed those citizens who are simply seeking the ability to move on to a location that offers more opportunity than the US. Other legislators are weighing in on the subject, as well.
However, the discussion has become muddied by the fact that so many legislators are proposing so many new taxes, in order to keep the sinking ship of state afloat.
Little wonder, then, that so many people are throwing up their hands. As one expatriated American recently said to me, “I’ve always thought of myself as a patriot. But the US isn’t American anymore. It’s been taken over by political robber barons.”
So, what does this say to the reader, if he happens to be a US citizen? Well, he may rightly feel that time is running out. After the 2020 election, the fur will begin to fly in the legislative houses as regards taxation. He therefore has very little time in which to decide whether he’s living in the right place. Mens Sterling Silver T... Buy New $66.95 (as of 05:24 UTC - Details)
At present, US citizens are able to seek greener pastures with a minimum of pillaging by their government. However, those days may be numbered.
Certainly, the US is heavily in debt, and except for dramatically increased taxation, there’s no way for the next government to pay for its voracious fiscal appetite. Increased taxation will therefore be the first focus after the election. Regardless of which party wins the presidency, both houses will be active in passing legislation to allow for aggressively increased taxation.
There can be little doubt that, within this package, there will be a crippling exit tax.
Therefore, for many US citizens, the time remaining prior to the election may be the last opportunity to escape with the majority of the wealth they have spent their lives building up.
To be sure, the US was once the envy of the world, as it was the foremost example of a free society, where its people had the liberty to prosper as a result of their labours.
Sadly, that greatness is no more. The proof of that is in the fact that its political class intends soon to convert it into a roach motel – one from which it is impossible to leave.
Reprinted with permission from International Man.