Monthly Archives: June 2010

>VDH On Anger

>Victor Davis Hanson details a long train of abuses and usurpations.

I prefer John Robb’s terse assessment at the end of this entry.

>Two Words

Rick Santelli from CNBC condenses the fiscal issue to its essence; hat-tip to John Galt FLA.

Think the nominal “opposition party” will utter those two words, especially after 43’s maniacal spending?

Me neither.

>More On Gear

>Along with the info in this post from last December, an old friend passed along this site as a go-to vendor for current gear with very fair prices.

Better to have and not need than vice versa.

You can always sell it or burn it once the skittles-crapping unicorns have saved us from the coming catastrophe.

>The NRA Judenrat Rides Again

>Mike cites to David and some NRA stooge.

Read ’em all, and consider what value, if any, a continued NRA membership has.

Remember that the Place Where Great Britain Used To Be has a National Rifle Association, too.

Just sayin’……

>Places, Everyone…

>Please read both articles:

Bloomberg News: 46 US State Governments Facing Greek-Style Deficits

Evans-Pritchard: RBS Tells Clients To Prepare For ‘Monster’ Money-Printing By The Federal Reserve

Then direct your attention to the stages in your area.

The show is about to begin.

>The “Overton Window” And How To Apply It

>Hat-tip to Insty for this Chicago Boyz article on the political-science concept of the “Overton window”, which begins as follows:

With Glenn Beck having discovered the “Overton Window” more than 2 years after I did, I thought this would be a great time to re-post my essay/post from Jan. 2008.

Being new here, I thought this might be an nice place to repost it.
Note that this was posted pre-Obama and pre-tea party. I think it is still wholly relevant, but I luxuriate in the fact that the “hand is on the other foot now.”

I found a good post over at a pretty good lefty blog. Apparently, some Champaign-Urbana blogger named “The Squire” started blogging again, and he posted something pretty significant here. (clicking the link will get you an interesting and polite discussion)

The poli-sci concept is called “the Overton Window,” and if you want the very short version of it, I can boil it down to five words.

“The Limits Define the Center”

Read it all, including the embedded links, and think about various applications of the concept as the Endarkenment accelerates.

Then go back and read this post and its comments.

Do you understand yet?

>The McDonald Decision

>Text here.

Thoughts later; Volokh synopsis here:

The Supreme Court holds in
McDonald v. Chicago that the Second Amendment is fully applicable to the states through the 14th Amendment. The opinion for the Court is by Justice Alito. All the opinions together are a whopping 214 pages. Justice Alito, joined by the Chief Justice, and Justices Scalia and Kennedy holds that the Second Amendment is incorporated through the Due Process Clause. Justice Thomas concurs separately (in a fifty-plus page opinion) and would hold that the right to keep and bear arms is a privlege of citizenship protected by the 14th Amendment. Justice Stevens dissents alone, and Justice Breyer dissents joined by Justices Ginsburg and Sotomayor. Justice Scalia has a concurring opinion responding to Justice Stevens’ dissent. [UPDATE: Justice Scalia’s concurrence is a strongly worded attack on Justice Stevens’ concurrence over matters of constitutional interpretation. So much for being nice to the guy on his last day at work. Those who love Scalia opinions will love this one. Those who don’t, well . . . ]


>John Galt FLA delivers the news, as does Insty.

Good riddance.

UPDATE 1318 EDT 28 JUNE 2010: The Other McCain nails it.

UPDATE 1345 EDT 20 JUNE 2010: But Billy Beck gets the last word.

>Muir Gets It

>In his Sunday edition.

I wondering how many other folks do?

>Advice From The Vice-President

>Alvie covers the story, as does Powerline.

I agree with the Veep.

The time for snark and smart-assery is over.

Time to get serious.

>Evans-Pritchard: Ben Bernanke Needs Fresh Monetary Blitz As US Recovery Falters

From the UK Telegraph:

Federal Reserve chairman Ben Bernanke is waging an epochal battle behind the scenes for control of US monetary policy, struggling to overcome resistance from regional Fed hawks for further possible stimulus to prevent a deflationary spiral.

Fed watchers say Mr Bernanke and his close allies at the Board in Washington are worried by signs that the US recovery is running out of steam. The ECRI leading indicator published by the Economic Cycle Research Institute has collapsed to a 45-week low of -5.7 in the most precipitous slide for half a century. Such a reading typically portends contraction within three months or so.

Key members of the five-man Board are quietly mulling a fresh burst of asset purchases, if necessary by pushing the Fed’s balance sheet from $2.4 trillion (£1.6 trillion) to uncharted levels of $5 trillion. But they are certain to face intense scepticism from regional hardliners. The dispute has echoes of the early 1930s when the Chicago Fed stymied rescue efforts.

Mr Bernanke is so worried about the chemistry of the Fed’s voting body – the Federal Open Market Committee (FOMC) – that he has persuaded vice-chairman Don Kohn to delay retirement until Janet Yellen has been confirmed by the Senate to take over his post. Mr Kohn has been a key architect of the Fed’s emergency policies. He was due to step down this week after 40 years at the institution, depriving Mr Bernanke of a formidable ally in policy circles.

The Fed’s statement this week shows growing doubts about the health of the recovery. Growth is no longer “strengthening”: it is “proceeding”. Financial conditions are now “less supportive” due to Europe’s debt crisis.

The subtle tweaks in language have been enough to set bond markets alight. The yield on 10-year Treasuries has fallen to 3.08pc, the lowest since the gloom of April 2009. Futures contracts have ruled out tightening until well into next year.

Yet the statement may understate the level of angst at the Board. New home sales crashed 33pc in May to an all-time low of 300,000 after the homebuyer tax-credit expired, confirming fears that the housing market has been propped up by subsidies. Unemployment is stuck at 9.7pc. Manufacturing capacity use is at 71.9pc. The Fed’s “trimmed mean” index of core inflation is 0.6pc on a six-month basis, a record low.

“The US recovery is in imminent danger of stalling,” said Stephen Lewis, from Monument Securities. “Growth could be negative again as soon as the fourth quarter. There is no easy way out since fiscal stimulus has already been pushed as far as it can credibly go without endangering US credit-worthiness.”

Rob Carnell, global strategist at ING, said the Obama fiscal boost peaked in the first few months of this year. It will swing from a net stimulus of 2pc of GDP in 2010 to a net withdrawal of 2pc in 2011. “This is very substantial fiscal drag. On top of this the US Treasury is talking of a ‘Just War’ against the banks, which will further crimp lending. It is absolutely the wrong moment to do this.”

Kansas Fed chief Thomas Hoenig dissented from Fed calls for ultra-low rates to stay for an “extended period”, arguing that loose money risks asset bubbles and fresh imbalances. He recently called for interest rates to be raised to 1pc by the autumn.

While he has been the loudest critic, he is not alone. Philadelphia chief Charles Plosser says the Fed has blurred the lines of monetary and fiscal policy by purchasing bonds, acting as a Treasury without a legal mandate. Together with Richmond chief Jeffrey Lacker they represent a powerful block of opinion in the media and Congress.

Mr Bernanke has fought off calls from FOMC hawks for moves to drain stimulus by selling some of the Fed’s $1.75 trillion of Treasuries, mortgage securities and agency bonds bought during the crisis. But there is little chance that he can secure their backing for further purchases at this point. “He just has to wait until everybody can see the economy is nearing the abyss,” said one Fed watcher.

Gabriel Stein, from Lombard Street Research, said the US is still stuck in a quagmire because Mr Bernanke has mismanaged the quantitative easing policy, purchasing the bonds from banks rather than from the non-bank private sector.

“This does nothing to expand the broad money supply. The trouble is that the Fed does not understand broad money and ascribes no importance to it,” he said. The result is a collapse of M3, which has contracted at an annual rate of 7.6pc over the last three months.

Mr Bernanke focuses instead on loan growth but this has failed to gain full traction in a cultural climate of debt repayment. The Fed is pushing on the proverbial string. The jury is out on whether or not his untested doctrine of “creditism” will work.

“We are now walking on deflationary quicksand,” said Albert Edwards from Societe Generale.

>The Purificationist Dream

>Please take the time to read this article from American Thinker.

Do you understand yet?


>David explains.

And the beat goes on…..

>RTC Blog’s Discussion Of Vitriolage (acid attack) Picked Up By Global Guerrillas

>Read it all.

>Bayonetting The Dead

>Jennifer III explains.

Do you understand yet?

>The New Frontier Freedom Movement: Part II

>John Galt’s latest is here.

Prior chapter is here.


>More On Coercive Games

>John Robb posts this follow-up entry to this post.

Read both pieces, please.


>Jennifer III delivers the bad news.

To it, I suggest this theme:

>Sowell: Is America Now On Slippery Slope To Tyranny?

>Sowell’s latest begins:

When Adolf Hitler was building up the Nazi movement in the 1920s, leading up to his taking power in the 1930s, he deliberately sought to activate people who did not normally pay much attention to politics.

Such people were a valuable addition to his political base, since they were particularly susceptible to Hitler’s rhetoric and had far less basis for questioning his assumptions or his conclusions.

“Useful idiots” was the term supposedly coined by V.I. Lenin to describe similarly unthinking supporters of his dictatorship in the Soviet Union.

Put differently, a democracy needs informed citizens if it is to thrive, or ultimately even survive.

In our times, American democracy is being dismantled, piece by piece, before our very eyes by the current administration in Washington, and few people seem to be concerned about it…
Read the rest.

>The Dollar Falls By Fall

>Read this article.

Prepare accordingly.