Perfect April fool’s day joke from Jonathan Lebed of Lebed.biz
Apr 1, 2010 Federal Reserve, Gold and Silver, Jonathan Lebed, economy, investing, politics
For those who don’t know Jonathan Lebed’s positions on the U.S. economy and monetary policy, this won’t be funny. But for the rest of us, hilarious.
As most of you know, I have been bullish on gold/silver now for many years. Starting in late/2005-early/2006 I urged you repeatedly in countless email alerts to get out of Real Estate (which I predicted would crash into the ground) and accumulate gold (which was around $450 per ounce at the time).
I have remained bullish on gold/silver consistently and never flip-flopped once… until now. Today, I officially am a bear on gold/silver and believe we have a gold/silver bubble.
There is nothing really special about gold and silver. You can’t eat it. You can’t even go to the store and buy anything with it. Americans have become used to fiat currencies and I doubt we will ever go back to the “stone age” of bartering with gold and silver.
Bernanke, Paulson and Geithner did an amazing job at solving the financial crisis of 2008 and we should all bow down and salute them, we owe them a lot. It took a lot of courage from Bernanke to expand the Fed’s balance sheet as much as he did with his brilliant quantitative easing, and it took equally as much courage from Paulson and Geithner to bailout “too-big-to-fail” banks like Citigroup, Bank of America and JP Morgan, but we are all now better off because of it.
Unemployment may be high at 9.7%, but we would likely have 15% or higher unemployment right now if Bernanke, Paulson and Geithner didn’t do what they did. Today, we are on a road towards recovery.
Obama is now making it his main focus to reduce our budget deficit and I predict within a few years we will have a balanced budget. Obama is already taking steps to freeze government spending and I am sure the debt ceiling won’t ever have to be raised again.
I am also extremely confident that Bernanke’s exit strategy will work and he will be able to successfully mop up the excess liquidity before the U.S. experiences hyperinflation. In fact, there are absolutely no signs of inflation anywhere and we might even experience deflation in the years ahead.
With gold up $12 today to $1,126.50 per ounce and silver up $0.429 today to $17.955 per ounce, today could be the perfect exit point and a top for precious metals before a decline similar to what we experienced in late-2008.
The U.S. economy isn’t out of the woods yet, but as bad as things are in the U.S. they are worse everywhere else. China needs the U.S. to police the rest of the world and I am sure the Chinese will continue propping up the U.S. dollar forever because they need Americans to consume their goods. Without the U.S., where would the Chinese export to? Europe? Give me a break… with the crisis in Greece, the Euro is a lot more fundamentally flawed than the U.S. dollar.
The U.S. dollar will always remain the world’s reserve currency. Gold and silver are pretty much useless.
I think this takes the cake for the best April fool’s day 2010 joke.
Tags: barack obama, ben bernanke, economy, gold, Henry Paulson, Jonathan Lebed, silver, Timothy Geithner
Health care bill passes senate (HR 3590)
Mar 21, 2010 Federal Reserve, barack obama, economy, financial, news, politics
What a historic day. Today, in the halls of congress, our Senators drove the last nail in the coffin of the US economy. It is logical to believe that since the government has never been correct in their cost estimates, the health care bill, also known as the Patient Protection and Affordable Care Act, will cost hundreds or even thousands percent more than estimated. In 1966, Medicare was estimated to cost $12 billion per year in 1990. Instead, it cost $107 billion, and today costs $408 billion per year. The Iraq war was estimated to cost $50-$60 billion, and today has cost more than $713 billion – and rising. Why should we believe that this health care bill will be any exception?
If indeed the true cost of the health care bill follows the historical pattern, we could see $10 trillion or more added to the already staggering $12.67 trillion. Tax receipts will not even pay for the interest on public debts. We are already at a point where even if the government taxed Americans 100% of their income, it would not be enough to balance the budget. Rather than taxing Americans 100% of their income, or cutting 100% of spending and entitlement payments such as Medicare, Medicaid, and Social Security, the government will more likely keep borrowing money from the federal reserve in order to monetize the debt – which will cause hyperinflation.
Expect double digit inflation by 2014. This is the new reality – no more fun and games America!
Tags: barack obama, economy, Federal Reserve, financial, health care bill, hr 3590, news
HR 1207 – Audit the Fed – now has 290 cosponsors
Sep 17, 2009 Campaign for Liberty, Federal Reserve, Ron Paul, constitution, economy, financial, news, politics
HR 1207 now having 290 cosponsors is a significant number because now two thirds of the house of representatives is cosponsoring the bill, which means that now the bill is eligible for consideration under suspension of house rules. What that means is that the bill can be expedited through the house, by means of being considered “under suspension”, allowing a two-thirds vote for final passage and limiting floor debate and prohibiting floor amendments. By prohibiting floor amendments, the house votes on the bill as amended, which is what Ron Paul and his cosponsors want for this bill – HR 1207 needs to stay exactly as it is – short and to the point – without being watered down and made ineffective by the global elite controlled politicians that wish to keep the Federal Reserve exactly where it is today – with a stranglehold on the American people.
This is great news – and if your congressman/woman hasn’t cosponsored HR 1207, ask them to cosponsor it today! Also ask your senators if they will cosponsor S 604!
For reference, the house bill HR 1207 is called the “Federal Reserve Transparency Act of 2009″ and S 604 is called “Federal Reserve Sunshine Act of 2009″.
FREEDOM!!!!
Tags: Campaign for Liberty, constitution, economy, financial, HR 1207, news, politics, Ron Paul, S 604
HR 1207 hearing official! Audit the Fed
Sep 10, 2009 Campaign for Liberty, Ron Paul, constitution, economy, financial, news, politics
Hearings on HR 1207, Ron Paul’s Federal Reserve transparency bill, will be conducted on Friday, September 25th at 9 AM. This is confirmed by Ron Paul, who has confirmed with Barney Frank, the House financial services committee chairman.
Hopefully, HR 1207 will receive a standalone up or down vote on its own merits and will not be tacked onto another bill and watered down. Please contact your representatives and request that they first cosponsor the bill, and if they already have, ask that they support a standalone vote on HR 1207.
Why the not-so-federal reserve has been able to conduct its operations in near total secret to this date is completely beyond me. The American people are ready to find out where all the money has gone. Once they know, they will hopefully realize that the Federal Reserve has never been, and certainly is not now, necessary for the US economy to thrive. Congress should take back the power of money creation from the greedy, power hungry, unconstitutional financial overlord known as the federal reserve. Only then will we have a stable economy and a government that is truly limited in its spending abilities.
Be sure to watch the hearings on Friday, September 25th at 9:00 AM! This is history in the making!
Tags: Campaign for Liberty, constitution, HR 1207, Ron Paul, S 604
Ben Bernanke re-nominated for Fed chairman; why do Obama and Congress love Bernanke so?
Aug 31, 2009 Peter Schiff, economy, financial, politics
It is official, Obama re-nominated Ben Bernanke for chairman of the federal reserve. Bernanke still has to be confirmed by the Senate, but that is likely to happen. Why? Why do Obama and the Congress love Ben Bernanke so much?
Obama and the Congress love Bernanke because he makes their lives very easy. Obama can’t run his huge deficits without Bernanke. Congress doesn’t have to cut spending with Bernanke. Obama wants desperately to keep Bernanke around in order to run his socialized health care system. All of the deficit spending is possible because unlike Paul Volker, Ben Bernanke is letting Obama and Congress off the hook by monetizing all the debt.
Politicians hated Paul Volker because he raised interest rates to over 20% during his chairmanship. They all wanted him to resign because they could no longer run deficits that they thought they needed to get re-elected. Alan Greenspan, often heralded as the greatest Fed chairman ever, lowered interest rates to 1%, effectively monetizing debt through the expansion of the money supply via wide open credit from the Fed. Ben Bernanke is doing the same thing – delaying the inevitable economic pain and suffering – by lowering interest rates to a staggering all time low of 0%. Of course Obama and the Congress love Bernanke! They can continue to spend, spend, spend, with no short term consequences. The consequences are delayed and transferred to our children, who will inherit the debt and won’t be able to repay it.
See Peter Schiff’s great video below.
Tags: ben bernanke, congress, economy, Federal Reserve, Peter Schiff
Help Peter Schiff raise cash for his Senate run!
Aug 31, 2009 Campaign for Liberty, Peter Schiff, economy, financial, news, politics
Help Peter Schiff raise enough money ($1.5 million) to make a senate run that will give hardcore liberal Christopher Dodd a run for his money in Connecticut. Peter Schiff stands for small government, fiscal responsibility, and he has an extraordinary focus on monetary policy that we desperately need in the US Senate. Check out Peter Schiff for Senate online and if you can, donate to his campaign. Remember, you have nothing to lose by donating to Schiff’s campaign, because if he decides not to make his senate run official, he will refund every dollar he raises. However, we really want him to run, and WIN!
Tags: Peter Schiff
Follow Peter Schiff on Twitter!
Jul 29, 2009 Campaign for Liberty, Peter Schiff, economy, financial, news, politics
Follow Peter Schiff on Twitter, and you won’t regret it, I promise. Not only will you get regular updates on Peter Schiff’s run for the senate and updates on when Peter Schiff is appearing on the news, but you will also get tasty tidbits of economic goodness like these:
“You don’t drive an economy by consuming – the consumer is not the engine, the consumer is the caboose.”
“Minimum Wage Goes up—The only way to increase wages is to increase worker productivity. Wages cannot be raised simply by government mandate.”
“If wages could be raised simply by government mandate, we could set the minimum wage at $100 per hour and solve all problems.”
Great stuff. Follow Peter Schiff on Twitter, and support Peter Schiff for Senate.
Tags: Peter Schiff
