Korelin Radio recorded February 21, 2009
I will be on Michael Campbell’s “Money Talk” show Saturday February 28th at 12:10PM EST. You can hear it live
My hero David Walker God Bless Mr. Walker
Here’s all you need to know about debt
Agoracom Blog
Grandich on Radio
Posted by
at 9:30 PM on Friday, February 27th, 2009
Stocks bear market has years to run: Prechter
artticle here:
http://www.reuters.com/article/hotStocksNews/idUSTRE51Q48420090227
Reserve my place, please. I’ll be right back to answer Jim Rogers on Education & Health Care. There’s something that he said that irked me and I want to get it off my chest. Sorry everybody.
I will be tuned into Mike Campbell’s show tomorrow, Peter, as I am every Saturday.
Ron in Vancouver
Educational Achievement -OR- Political Gamesmanship
Jim Rogers did say that we have to invest in education, and perhaps that should be taken to mean that we have to throw more money at teachers. A bright man, he has fallen into the political trap.
Yes, it’s true that student achievement has fallen behind some other nations, but the shortcoming is the responsibility of parents. For decades upon decades the teachers have been blamed and the solution is usually to throw more money into the system for ‘Quality’ teachers.
There’s a two fold benefit for the politicians to blame achievement shortcomings on the educational system. When you throw more money at the teachers, they’ll support you and it’s a major political group and the only growth sector perhaps left in America – Teaching.
The second benefit is to comfort parents by instilling belief that insufficient government spending is the reason for their children’s flagging results. It’s just what the parents want to hear – (Your children are doing poorly because we don’t have quality teachers. We’ll spend more money and everything will be fine). This gamesmanship has been going on for decades now.
The parents would never want to hear about their lack of involvement in their children’s development. How much of failure is directly attributable to poor work habits ? Who do you blame – the State or the parents? Does television dominate the after school time? Are there any disciplines in these homes where the children do poorly ?
Is parenthood trending toward laziness and self interest in personal comforts ? Do they extend the time and inconvenience for their children’s interests ? Maybe it’s always been that way, but throwing more money at the teachers is just political gamemanship that’s been going on for generations.
Greetings, Peter, I know how highly you think of Mr. Walker. You must certainly know more about him than I do. I can only go by what I see and hear. I have one several questions that comes to mind. I don’t know if you have the answers. Mr. Walker had been Comptroller for 10 years. Why did we only hear about this true fiscal situation a year or 18 months ago? And why was IOUSA ‘created’ by some almost unknown producer and his wife? And why was Addison Wiggins, of the Daily Reckoning fame, never spoken of, for his part in the production, but only briefly noted in the movie credits? Why was he not interviewed? And is it merely co-incidental that the movie was released only AFTER Obama became president elect? The issue was barely even touched upon in the election debates for all of America to see then and to have the chance to question the candidates about.
And the second question that still is unanswered for me is how in the heck are we supposed to right the fiscal boat if the parasitical monetary system of the Federal Reserve, the Treasury and the decades of deadbeat Congressmen and Senators continue in their seats of power, compounding malinvestment after malivestment.? I have neither seen nor heard nor read anything from Mr. Walker about this. ( And I have been to his website)
Mr. Walker has said we need reform and genuine patriotic leadership at the highest levels( re: “the leadership deificit”). I agree heartily. But his and Mr. Peterson’s program for fiscal responsibility is laid, in the final analysis, right on the doorstep of the whole population of America, an apparently great majority of whom have been generally fiscally responsible. Peter, doesn’t it ring a bell with you that Obama is saying AND DOING essentially the same thing, and proposing that he and his team are the ONES entrusted to do it! Both Mr. Walker and President Obama speak of the need for immediate shoring up of the “capital” ( read ‘debt’) positions of the banks and a stablization of the housing market etc.. But long term they BOTH have the same view: Americans must ‘bite the bullet’ as a whole and must be taxed more and work more and save more ( putting it into the same old mega banks,essentially, so that THEY can fund ‘worthy’ enterprise ( making outrageous profits all over again, no doubt). Don’t you get it?
Fractional reserve banking is the con game. Ninety-eight percent of all money is merely debt. ( That is why the dollar is worth only 2 cents of what it was when the Fed was created). They talk about funding banks with savings. Hah! . . .HAH! They then take those savings and mulitply them 9 times into debt vehicles which they call money, upon which usury/interest is exacted, and the only way the economy can prosper is through the creation of more debt to cover the compounded interest. In order to make more debt ‘taste good’ you have to make it cheap, which robs savers all over again, because they never really get out from under negative real rates of return. This is the whole meaning of the business cycles which are intentionally created in order to effect a continual series of debt/equity swaps on the part of those who have unlimited credit ( the insider banks and their friends) . Why do you think that the rich get richer and the poor get poorer? The rich are not smarter, necessarily, and the poor are not lazier. 99% of the population just don’t have unlimited, or effectively uncallable credit because they don’t have Secretaries of the Treasury and Federal Reserve Chairman as their friends to bail them out and reward them for their malinvestment Many have written that the hedge funds were getting slaughtered by the major banks on the basis of margin calls. Hmmmm. And what about the rest of the population?
Mr. Walker and Mr. Peterson don’t even attempt to deal with this issue and yet it is THE fundamental one, as Ron Paul, most publically, and many others have shown. Sure they talk about restructuring the IRS and the SS System, but not a peep about ‘restructuring’ the collusion between the Fed the Treasury and JP Morgan et all. This cabal purposely caused the credit crisis, with the collusion of the SEC and the underwriting banks credit rating companies. They knew they could count on the small players to cheat when no one was getting slammed for it. They know all about greed and how to manipulate it among the masses in order to pick up equity for next to nothing when blood runs in the streets. They have been doing it over and over and over again. This one is the big one however.
Peter, if you know something different, I would sure like to know. I’m willing to be educated. As for now however, I think what is going on is the purposeful impoverishment of as much of the population of the USA as can possibly be accomplished, once and for all. They know that the population has no savings! They have been the ones who have essentially forced the population to abandon conseervative cash savings because of intentionally keeping savings interest at or below the level of inflation for going on 40 years! Fractional reserve banking creates inflation ON PURPOSE while funding malinvestment continually in favor of the parasitical financial system of money as a debt instrument. It has forced pension funds and 401k’s to hold riskey investments in hopes just to break even. Then along comes ‘87 and ‘94′(?) and 2001 and now 2008′. ( And all the while the Fed innocently talks about a 2% inflational target, for decades, always managing to overshoot it by one or two percent, or much more occassionaly, essentially making it so the Federal Gov’t can pay 0% or even get paid 1 or 2 % for BORROWING money from Americans and the rest of the world. Check out John Williams and Shadow Stats for real rates of return over the last 30-40 years. And don’t forget that anyone in America has been paying taxes on the interest, further eroding the principle of their SAVINGS.
By the way Rob Kirby of Kirby Analytics has been surmising how a huge % of JP Morgan’s multi-multi trillion dollar derivatives book has been established especially to manipulate Treasury interest rates lower for over 15 years now. I has been all a set up for the yen carry trade, and for hedge fund explosions, and leveraged stock market bubbles and mortgages bubbles, all those wonderful low interest rates that sucked so many in. They knew full well what they were doing and still do. And it is not just about money. It’s about social ‘engineering’, Peter. The executive branch of the American gov’t is NOT interested in the life and liberty and justice for all of the American nation.
Well, Peter, I am thankful for you patience in allowing many words, too many perhaps. I won’t labor the subject any more. But I exhort you to think this through, and your readers.
I wish this all was not happening. There were days in my life when I was more happily ignorant. Fred
Nick – I’ve know Robert for almost 20 years and he’s a very nice man. But allow me to point out that Robert has been bearish on stocks for over a decade and has predicted gold to fall to $200 or so for 15 years.
Fred – I welcome comments like yours. David Walker didn’t start his campaign 18 months ago. In the early part of this decade, he was already speaking out. Three years before he left his position, he began a campaign going across the nation with people from both sides of the aisle because Congress wouldn’t listen.
You need to appreciate that he was doing this long before Americans and most in the financial media paid any attention to it. Ron Paul is another champion.