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    • Is the Fed Losing Control of the Narrative? – Ep. 339
      Fed Surprised No One Today, the Federal Reserve surprised nobody. They raised interest rates by 25 basis points; the 6th rate hike since the Fed began, in December of 2015.  The rate is now between 1.5% and 1.75%, so the midpoint of that is around 1.635. So we’re still significantly below 2%, but I guess […] The post Is the Fed Losing Control of the Narrativ […]
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      Tomorrow is the first of the Fed’s 2-day Federal Open Market Committee Meeting, and it’s going to be the first meeting where there is supposed to be a rate hike and a press conference for the new chairman, Jerome Powell.  The markets are pretty much at 100% probability that the Fed is going to raise […] The post Is the March Rate Hike Really a Lock? – Ep. 33 […]
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      NASDAQ New High The stock market had one of its best days of the year; I think it was the second best day.  The Dow was up 440 points – just under 1.8%.  The NASDAQ was up 132 points; about the exact same percentage as the Dow.  The NASDAQ is now at an all-time record […] The post Tariffs Are Not Good for Workers appeared first on Schiffradio.com.
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Mainstream Media Blackout of Ron Paul Exposed!

After statistically tying Michelle Bachman in the Ames Straw Poll last weekend (being 152 votes away from first, which was about 0.9% of the overall votes), Ron Paul has been completely shut out in the mainstream media when discussing the “top tier candidates” in the GOP.  Instead, all the news was about Michelle Bachman “stunning” victory in Iowa and Rick Perry entering the race as an instant front runner (after having done virtually no campaigning thus far).  However, after the bias became so obvious and apparent, certain media hosts are starting to call it out.  Here are a number of clips and articles from the past few days that detail the disgraceful nature of the mainstream media regarding Ron Paul (the Jon Stewart clip is my favorite):





Ron Paul Remains Media Poison (Politico)

Ron Paul Shines in Iowa; Major Media Cheats Him (The Hill)

Ron Paul Deserves More Respect (AntiWar)


Schooling Matt Damon

Last week a Reason.tv video went viral when a reporter gave Matt Damon the “absurd” suggestion that job insecurity makes people work harder.  Matt Damon gives the rebuttal that teachers aren’t motivated by financial incentive to teach, but are basically saints who just want to teach children.  You can see the short clip here:

According to Matt Damon, because teachers have to work long hours and receive shitty pay, they must due it for the love of teaching.  Thus, a worker at Taco Bell who works long hours and receives minimum wage must do it because he loves making tacos.  Okay, perhaps comparing a teacher to a low skilled worker’s need to work isn’t exactly fair.  Let’s take the notion that teachers receive poor wages.  Perhaps at one time this was true, but due to the teachers unions being in bed with liberal politicians and voting themselves greater benefits each year, this isn’t exactly the case anymore.  Conservatives will be the first to attack this claim, and one can hop on any website such as the Heritage Foundation to find charts showing how public sector teachers jobs are starting to earn wages comparable to average private sector jobs.  Then when you factor in benefits such as summer and holiday vacations, as well as health and retirement benefits then this can tip the scale in favor of the teacher.

But let’s take the biggest fallacy of his argument, that teachers are not motivated by financial incentives.  If history has taught us anything, it’s that one of the things driving human nature is self interest.  The communists tried to remove this incentive, and you all know how that went.  Sure, there are a lot of teachers out there who love to teach, are good at what they do, and care about a child’s education.  But by claiming that financial motives play no rule at all in a teacher’s job is completely absurd and without reason.  Being able to provide a house over one’s head and food on the table is typically the biggest motivating factor of why anyone works, and the fear and insecurity of possibly living on the street is a pretty strong motivating factor that makes people do the jobs that they do (thus the Taco Bell worker, or janitors, or garbage collectors, ect.).  Matt Damon can claim that actors and teachers are above all of this, but this is completely elitist in thinking and removed from reality.  Liberals like Damon need to come down from their high horses and not be afraid to admit that people are self interested.  In fact, there is nothing wrong with this notion, and as Adam Smith famously claimed in his theory of capitalism is that when people act based on self interest, it helps not only themselves directly, but also the community as a whole indirectly.  Thus, it’s not only the most practical and successful economic system, but also the most compassionate and compatible with human nature.

And as one final jab to Damon, he tries to sound all smart by saying this line of thinking is “intrinsically paternalistic.”  Honestly, I don’t even think he knows what he means by this and is just saying it to confuse the reporter and everyone around him.  But if you think about what he said, isn’t the federal government and the Department of Education “intrinsically paternalistic?”  It’s basically setup as a central planning authority with a hierarch on top, ie President Obama.  Thus, proponents of a free market who argue for the abolition of the Department of Education and a more decentralized control of education are arguing for a system that is completely not paternalistic.

The Debt Ceiling Charade

Last week Congress passed a debt ceiling deal that allows the US to borrow even more money.  This bill increases the debt ceiling limit by $400 billion and gives the president the option to raise it again by $500 billion in the next several months.  Additionally, a $1.2 trillion debt ceiling increase will be available after a “super committee” figures out a way to make that many cuts between Thanksgiving and Christmas of this year.  In the end, it seemed like no groups on the left or right really liked this deal, and only felt like they needed to pass it in order to meet the August 2nd deadline enacted by Obama so he could get back to campaigning for his re-election.  Many members of the House also wanted were eager to be done with it so they could go on vacation.  Sadly, a majority of Americans who wanted no debt ceiling increase were screwed, as well as those who wanted a balanced budget.

To put things into perspective, our debt is now 100% of our GDP, which is roughly $16 trillion.  In addition, this deal does nothing to cut our budget or annual debt immediately, but makes vague promises to cut in the future.  It was a completely gutless move by our Congress to ignore the problem now and postpone the tough decisions until the future.  In other words, it was politics as usual.  Despite the deal, S&P still downgraded America’s sovereign debt rating from AAA to AA+, another gutless move that came completely after the fact, just like their rating of mortgage backed securities during the housing crisis.  The markets are still scared by the uncertainty that Washington is causing, and this was reflected by the 500 point stock market drop last Thursday.

Despite the debt ceiling charade going on in Washington, the real concern for American citizens should be inflation and the Fed.  Conveniently, the Fed’s been without scrutiny during this whole debate, despite some disturbing information that was released by an audit sponsored by Bernie Sanders’ financial bill last year.  While the Democrats and Republicans fight over what amounts to straws, the audit revealed that the Fed has loaned out $16 trillion dollars to domestic and foreign banks the past three years.  This amount of money printed is equal to our national debt from the founding of our country up to the present day.  All of this was done without Congressional approval or oversight, at the expense of the American taxpayer whose currency is being devalued as a result.  While the mainstream media gawks at the numbers proposed in the debt ceiling bill and the Democrats claim the tea party proposals are “satan sandwiches,” the Fed is printing money like it’s going out of style and no one is giving a damn about it.  The fact that we might have defaulted on our payments shouldn’t worry people.  What should worry people is the mountain of paper dollar bills being printed, which will ultimately make it harder to afford basic necessities.  We can’t claim we have avoided a default crisis when we’re about to enter a dollar crisis of epic proportions.  Once no one is willing to finance our debt and our interests payment shoot up past the $1 trillion per year mark, then a true crisis will be at hand instead of this phony debt ceiling crisis.  At that point we’ll only have a few options left on the table, cut spending drastically or continue to print until we inflate our debts away.  Based on this current debacle, I think we all know what the answer will be.  Crank the printing presses!