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randomactsofchaos: Matt Wuerker/Politico (11/14/2011)

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I’m pretty sure if Aquaman dropped into the race right now and just said “Washington outsider” and “regulations are killing us” for two weeks, he would be the frontrunner for the Republican Presidential nomination through December. Unless, of Course, Aquaman Is a Mormon…

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In Democrat-world, up is up and down is down. Raising taxes increases revenue, and cutting spending while the economy is still depressed reduces employment. But in Republican-world, down is up. The way to increase revenue is to cut taxes on corporations and the wealthy, and slashing government spending is a job-creation strategy. Try getting a… Continue reading Untitled

How we can succeed through supercommittee’s ‘failure’

How we can succeed through supercommittee’s ‘failure’

Here is a surefire way to cut $7.1 trillion from the deficit over the next decade. Do nothing. That’s right. If Congress simply fails to act between now and Jan. 1, 2013, the tax cuts passed under President George W. Bush expire, $1.2 trillion in additional budget cuts go through under the terms of last summer’s debt-ceiling deal, and a variety of other tax cuts also go away.

The GOP can not be counted on to do nothing in a way that doesn’t harm the public interest.

Bank Of America Dumps $75 Trillion In Derivatives On U.S. Taxpayers With Federal Approval

Bloomberg reports that Bank of America (BAC) has shifted about $22 trillion worth of derivative obligations from Merrill Lynch and the BAC holding company to the FDIC insured retail deposit division. Along with this information came the revelation that the FDIC insured unit was already stuffed with $53 trillion worth of these potentially toxic obligations,… Continue reading Bank Of America Dumps $75 Trillion In Derivatives On U.S. Taxpayers With Federal Approval

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The point of view underlying von Mises’s–and von Hayek, and Marx, and Ron Paul–complaint against fiat money in general and monetary management of the business cycle in particular is this: that value comes from human sweat and toil, not from being clever. Thus it is fine for money to have value if it is 100%… Continue reading Untitled