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
Why we should end the fed
Mar 2, 2010 Campaign for Liberty, Federal Reserve, Ron Paul, constitution, financial, politics
The answer is simple: we don’t need the fed – we never have. America was far more prosperous without having a privately owned bank issuing our currency (congress has the power to coin money constitutionally – why not restore that power?). We The People are now paying interest on the debt owed to bond holders and private fed member banks – interest that already amounts to half a trillion dollars PER YEAR OR MORE. The fed is robbing us blind, and it seems as if republicans and democrats alike are intent on maintaining the status quo.
Efforts are made by the bankster controlled media to hide the issue of massive debts being purchased by the federal reserve. Mainstream media constantly talks about the debt owed to China – which is important and needs to be addressed – however, foreign investors (foreign central banks, etc) only own roughly 20% of US debt – while the federal reserve owns the other 80%. Shouldn’t the media be talking about that?
The federal reserve, through its inflationary monetary policy, imposes a hidden tax on the people by diluting, or devaluing, the money. Since only the middle class is governed by capitalism and the rich and poor are governed by socialism (the poor receive entitlements and the super rich have access to the fed’s easy credit before the inflationary effects), the middle class is in danger of being destroyed by the fed’s policies.
How did we get from having a currency backed by gold and silver, as mandated by the constitution, to having a fiat, paper currency issued by a private bank which won’t even allow the American people to know its monetary policy? The answer is that we let a group of private banks trick us into thinking that we needed them to stabilize our currency. The truth is, the exact opposite has happened, and the fed has devalued our currency to 5% of its original purchasing power. Sound money, which can only be money that is backed by a hard asset such as gold and silver, is the basis for a true free market economy and no fiat currency will ever bring stability to any economic system, ever.
End the fed, restore prosperity.
Tags: audit the fed, ben bernanke, constitution, end the fed, Federal Reserve, gold, inflation, mises.org, monetary policy, national debt, Ron Paul, silver, sound money
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
