Demolition Derby in the Gulf
Sat, 15 Jun 2019 04:01:00 +0000

Special for LewRockwell.com Who is attacking oil tankers in the Gulf between Oman and Iran?  So far, the answer is still a mystery.  The US, of course, accuses Iran.  Iran says it’s the US or its local allies Saudi Arabia and the United Arab Emirates. Magnetic mines are blamed for the damage, though there have been claims of torpedo use.  Last month, four moored tankers were slightly damaged, though none seriously.  This time the attacks were more damaging but apparently not lethal. A few cynics have even suggested Israel may be behind the tanker attack in order to provoke war … Continue reading

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The ‘Deficits Don’t Matter’ Folly
Sat, 15 Jun 2019 04:01:00 +0000

Well, that was timely. The US Treasury just posted a record $207 billion deficit for May and record monthly spending of $440 billion. That brought the rolling 12 month deficit to just shy of the trillion dollar mark at $986 billion. The timely part is two-old. First, it just so happens that May marked month #119 of the current expansion, making it tied for the duration record with the 1990s cycle. But even JM Keynes himself would be rolling in his grave in light of the chart below. To wit, even by the lights of hardcore Keynesians of yore, fiscal … Continue reading

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Why Truth Matters
Sat, 15 Jun 2019 04:01:00 +0000

Every time we witness an injustice and do not act, we train our character to be passive in its presence and thereby eventually lose all ability to defend ourselves and those we love. – Julian Assange We are social beings who require relationships with others of our species not only to live well, but to survive. As Franz Oppenheimer reminded us, there are only two systems available to provide for our material needs: the economic and the political means. The “economic” means consists of persons voluntarily exchanging their respective claims of ownership on terms they negotiate for themselves; while the … Continue reading

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The Gulf of Credibility
Sat, 15 Jun 2019 04:01:00 +0000

I really cannot begin to fathom how stupid you would have to be to believe that Iran would attack a Japanese oil tanker at the very moment that the Japanese Prime Minister was sitting down to friendly, US-disapproved talks in Tehran on economic cooperation that can help Iran survive the effects of US economic sanctions. The Japanese-owned Kokuka Courageous was holed above the water line. That rules out a torpedo attack, which is the explanation being touted by the neo-cons. The second vessel, the Front Altair, is Norwegian owned and 50% Russian crewed (the others being Filipinos). It is owned by … Continue reading

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The Deep State
Sat, 15 Jun 2019 04:01:00 +0000

I’d like to address some aspects of the Greater Depression in this essay. I’m here to tell you that the inevitable became reality in 2008. We’ve had an interlude over the last few years financed by trillions of new currency units. However, the economic clock on the wall is reading the same time as it was in 2007, and the Black Horsemen of your worst financial nightmares are about to again crash through the doors and end the party. And this time, they won’t be riding children’s ponies, but armored Percherons. To refresh your memory, let me recount what a … Continue reading

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Tax Breaks Aren’t Subsidies
Sat, 15 Jun 2019 04:01:00 +0000

Capitalism breathes through those loopholes . ~Ludwig von Mises1 I. Introduction A little noted aspect of the media brouhaha that erupted in the wake of Amazon’s reneging on its deal to locate part of its headquarters in New York City was that almost all participants, pro or con, routinely referred to the tax breaks included in the deal as “government subsidies.” Given the abysmal state of economic knowledge prevailing in the mainstream media this was to be expected and is hardly worth noting. What is remarkable is that a great number of free-market economists and policy experts who wrote about the … Continue reading

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A Good Start
Sat, 15 Jun 2019 04:01:00 +0000

Campus Wokesters with boundary problems got “woke” for real on Thursday when an Ohio jury laid an additional $33-million for punitive damages on top of $11-million in compensatory damages already awarded against Oberlin College for running a “social justice” campaign to ruin the business of a four-generation small-town bakery that followed the shoplifting arrest of three black Oberlin College students there in 2016. The precipitating incident happened the day after the presidential election when the Oberlin College campus suffered a collective emotional breakdown over the election results. Gibson’s Bakery and Food Mart, on the Oberlin town square, also sells wine … Continue reading

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The In-Car Checkpoint
Sat, 15 Jun 2019 04:01:00 +0000

A new principle forms the basis of American criminal justice. It is that innocence is irrelevant. More accurately, it is an obstruction. It gets in the way of what government wants – which is to bully and control everyone. The former requirement in law – and general custom – that conviction had to precede punishment and that evidence to suggest wrongdoing had to precede investigation has been thrown in the woods – so to speak – in favor of making things easier for the criminal justice system by assuming everyone is a criminal. And treating all of us presumptively as such. The latest such being a proposal – a threatened law, HR 3374 – purveyed by a termagant … Continue reading

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The Gold Maginot Line Is Broken
Sat, 15 Jun 2019 04:01:00 +0000

The breakout in gold and silver that we have been patiently waiting for is now starting. The long term up move in the precious metals, which have been pausing since 2011, is now resuming. We can with confidence expect all the short term resistance levels to be broken. The first obstacle was the Gold Maginot Line at $1,350. As I have said for quite some while, this 6 year resistance was always guaranteed to break. It has already been broken in most currencies, so gold in dollars was never going to hold out for much longer. And today it happened in Asia … Continue reading

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Misplaced Pride
Sat, 15 Jun 2019 04:01:00 +0000

If we look at these charts, it looks like only the top 10%, or perhaps the top 20% at best, might qualify as “middle class” by the metrics described below. The conventional definition of working class is based on income and education:the working class household earns between $30,000 and $69,000 annually, and the highest education credential in the household is a two-year community college degree or trade certification. The definition of the middle class is also based on on income and education, but adds financial security as a metric: the middle class household earns $80,000 or more, holds 4-year college diplomas or graduate degrees, owns … Continue reading

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The Downing of Malaysian Airlines MH1
Sat, 15 Jun 2019 04:01:00 +0000

Malaysian Prime Minister Mahathir Mohamad sent shock waves in a public speech where he dismissed a Dutch “official” report blaming Russia for the downing of Malaysia Air Flight 17 in July, 2014, weeks after a CIA-led coup toppled the elected President of Ukraine. Despite the downplaying in western mainstream media of the Malaysian leader’s comments, it is creating a major new potential embarrassment for ex-Vice President Joe Biden and his Ukraine collaborators such as Igor Kolomoisky, in their flimsy effort to blame Russia for their own misdeeds. During a dialogue with the Japanese Foreign Correspondent Club May 30, Mahathir challenged the Dutch … Continue reading

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Russiagate Is No Watergate
Sat, 15 Jun 2019 04:01:00 +0000

Shop all books by Pat Buchanan “History is repeating itself, and with a vengeance,” John Dean told the judiciary committee, drawing a parallel between Watergate, which brought down Richard Nixon, and “Russiagate” which has bedeviled Donald Trump. But what strikes this veteran of Nixon’s White House is not the similarities but the stark differences. Watergate began with an actual crime, a midnight break-in at the offices of the DNC in June 1972 to wiretap phones and filch files, followed by a cover-up that spread into the inner circles of the White House. Three years after FBI Director James Comey began … Continue reading

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