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
Peter Schiff on US bond market bubble and an Obama economy
Jan 13, 2009 economy
In this video, Peter Schiff, President of Euro Pacific Capital and economic adviser to Ron Paul, discusses the current bubble in the Bond markets and the economy under Barack Obama.
Tags: barack obama, bond market, economics, Peter Schiff
My response to Ann Coulter’s article “The Reign of Lame Falls Mainly on McCain”
Nov 6, 2008 politics
The Reign of Lame Falls Mainly on McCain
While Coulter made some excellent points in her article, such as the fact that we can’t blame Obama for raising taxes on the rich since McCain voted (twice) against Bush’s tax cuts because they favored the rich, and that we couldn’t go after Obama’s illegal alien aunt because of McCain’s stance on amnesty for illegal aliens, she made one point that I strongly disagreed with:
Have you ever noticed that whenever Democrats lose presidential elections, they always blame it on the personal qualities of their candidate? Kerry was a dork, Gore was a stiff, Dukakis was a bloodless android, Mondale was a sad sack.
This blame-the-messenger thesis allows Democrats to conclude that their message was fine — nothing should be changed! The American people are clamoring for higher taxes, big government, a defeatist foreign policy, gay marriage, the whole magilla. It was just this particular candidate’s personality.
The part I strongly disagree with is her assertion that in order to be conservative republicans, we must not adopt what she calls a “defeatist foreign policy”. The truth is, as I point out in my reply, that we cannot continue our current foreign policy if we are to return to the traditional conservative roots of the Republican party:
Ann, unfortunately, the Republican party can’t change as long as it advocates this imperialist, interventionist foreign policy that you apparently advocate as well. Part of changing the GOP back to its conservative roots is appreciating a sensible, non-interventionist foreign policy like traditional republicans supported, Robert A. Taft for example (Mr. Republican). Neoconservatives promote the warfare state, and neoliberals promote the welfare state. The constitution provides for neither. If we are to change the GOP, we must adopt a sensible foreign policy and it must stop with the scare tactic propaganda to promote unnecessary (and extremely expensive) war in order to achieve its imperialist agenda.
“It does not take a majority to prevail… but rather an irate, tireless minority, keen on setting brushfires of freedom in the minds of men.” – Samuel Adams
Tags: 2008 election, Ann Coulter, barack obama, constitution, foreign policy, GOP, John McCain, neoconservative, Robert A. Taft
Obama wins and is congratulated by Hugo Chavez
Last night Barack Obama won by a landslide and became the president elect of the People’s Republic of Amerika, and was congratulated by Hugo Chavez, president of Venezuela, shortly thereafter.
Said Chavez, “the historical election of an Afro-descendant to rule the most powerful nation of the world is a symptom that the epoch change that has been gestated from the South of America could be knocking the doors of United States.”
Huh?
Anyway, I’m sure Hugo Chavez is hoping that U.S. spy planes won’t be flying in his no-fly zone anymore, but my advice to Chavez is, don’t count on it. Obama is an imperialist just like George W. Bush, except Obama wants to extend the welfare to people in the U.S. as well, and not just third world dictators like Kim Jung Il and Robert Mugabe.
Regardless, Chavez is hopeful that Venezuelan-American relations can be mended. In a press release, Chavez stated, “The Government of the Bolivarian Republic of Venezuela ratifies its will and determination to build, based on a full respect to sovereignty, a constructive bilateral agenda for the welfare of Venezuelan and North American peoples”. Yeah.
Seriousness aside, I’m sure last night was a powerful moment for socialists all around the world.
Tags: 2008 election, barack obama, George Bush, Hugo Chavez, Venezuela
Tuesday, November 4th is election day
Nov 4, 2008 politics
The choice is yours: elect a moderate Democrat, or a Socialist? (or a statesman?)
Of course, the moderate Democrat is John McCain, and the Socialist is Barack Obama. Of course, Democrats will defend Barack Obama to their grave that he is not a Socialist, but his words speak otherwise. Although Democrats have a great point that Republicans have supported Social Security, Medicare, and a progressive income tax, all socialist ideas, coming right out and saying that you want to implement wealth redistribution is rather frightening. It should be no wonder that Obama has socialist tendencies after being mentored by Frank Marshall Davis.
Republicans, however, are not off the hook. Besides the above mentioned, McCain is pro-amnesty, anti-gun, pro stem cell research, anti-free speech (McCain-Feingold), and loves to vote with Joe Lieberman, a man who also should not have a big “R” in front of his name, for obvious reasons. McCain either swindled the American people or the American people are in fact more liberal than I thought. Then again, why did both candidates have to shift right in their rhetoric in order to gain acceptance? Why did McCain have to choose Governor Sarah Palin in order to appeal to his conservative base? That begs the question then, are conservatives just plain ignorant? I think the answer is plainly obvious.
The only real choice today is a third party candidate, and preferably Chuck Baldwin of the Constitution Party. The only real hope for America (sorry Barack) is to restore the principles of the Constitution of these United States of America.
Now, get out and vote!
Tags: 2008 election, barack obama, chuck baldwin, constitution, constitution party, democrats, John McCain, republicans
The things some people will do… another reason to vote for Chuck Baldwin
Oct 24, 2008 politics
This idiot from College Station, Texas lied about being attacked by a robber who she says mugged her and carved a “B” into her cheek with a dull knife because of her support for John McCain. Later, when confronted, she admitted that she made the whole thing up. She showed no sign of remorse.
The article says that she is a McCain campaign volunteer, but the campaign will come out and denounce her actions (unless they are complete idiots).
To be fair, Obama supporters have really been much worse:
Campaign headquarter manager’s home shot at because of a McCain/Palin sign in his yard
6 Republican politician’s homes defaced
Pretty crazy stuff. Down with the 2 party system.
I might as well plug a good liberty minded website while I’m at it too. And don’t forget Chuck Baldwin for President 2008.
Tags: barack obama, chuck baldwin, John McCain
