Phil Orenstein's "Barack Obama Is Herbert Hoover"

Phil Orenstein posts a first-rate blog at Democracy Project, my previous blog home. Phil makes the point that Herbert Hoover raised taxes, regulation and public works in response to the stock market crash, and he is concerned that if Obama gets elected, he will do the same thing. Phil is right that increased socialism, taxes and government intervention would prolong the psychological malaise and harm the country in the long run. Those who feel that Senator Obama cares about humanity might consider that Herbert Hoover, who oversaw the birth of the Great Depression, had similar policies to Obama and, like Obama, saw himself as a "progressive" who loved humanity. Hoover's successor, Franklin D. Roosevelt, prolonged the deprivation caused by Hoover's socialistic policies. By the commencement of World War II, 11 years after the stock market crash of 1929, the depression was not over.

At this point in time, the country has painted itself into a corner. We can choose among (i) a major correction, unemployment and firm bankruptcies followed by a new round of inflation, (ii) hyper-inflation and the dislocation that it would cause and (iii) long term stabilization of monetary growth via a gold standard.

The source of the current problem is the Federal Reserve Bank and big government. Inflation has been causing a decline in innovation, a decline in real wages and transfers of wealth from production to Wall Street and banking for the past 75 years.

Ultimately, the field of economics and "economists" are responsible for this in the sense that they have provided the ideological cover for the looting of the public purse in which the banking system has engaged. Economists claimed that they knew how to manage the economy via the Fed, and now they have turned out not to have known. A banking system that requires massive subsidies and monetary inflation does not function. This is the product of the economists who run the Fed.

The economists who are responsible for the current situation have scoffed at the gold standard, calling it a fetish or nonsense. Alan Greenspan started out in life supporting the gold standard, but then realized that he could become more famous and successful by advocating Keynesianism, and he did so.

Is a trillion dollar subsidy to the banking system superior to a gold standard? Might we not conclude that the Federal Reserve Bank is an antiquated fetish?

David Abramsky Responds to "Sarah Palin, Anti-Semitism and Jewish Prejudice"

I just received the following e-mail from David Abramsky:

Dear Mr. Langbert:

re: Your 10/9/08 blog post: "Sarah Palin, Anti-Semitism and Jewish Prejudice"

I'm not sure who your sources were for the bit about the comments from "an executive" from Jews for Jesus (it was Executive Director, David Brickner). You simply wrote that he said that, " the Jews' refusal to convert to Christianity causes terrorism." A read of Mr. Brickner's ACTUAL sermon would be worthwhile. Go to:

http://www.jewsforjesus.org/blog/20080817

By just printing that one little sentence--without giving it the context it was really in--you have distorted the words (really the meaning) of someone you're reporting about. Yes, you summed up a 30-minute sermon with just one sentence! Unfortunately this is why many people have trouble trusting what they read these days. I wish you had put the Brickner quote in its true context: He paints a picture of his belief that God's love and forgiveness for all people have been offered over and over for centuries. But the world does what it wants. The results we experience are not PUNISHMENT (which is the way you portrayed it) but just that we reap what we sow.

Once again, I was disappointed by how you portrayed the meaning of Mr. Brickner's beliefs.

Sincerely,
- David Abramsky
Richmond CA 94804

$3,500 Gold

I already live in these hills, so please do not head for them.

Currently gold is selling in the low $900s per oz., up from $250 or so earlier in the decade. A recent tidbit of news suggest that the price of the precious metal will skyrocket. As part of the Bush administration's tragic, socialist tap dance, which the New York Times reports may include partial nationalization of banking, the Federal Reserve Bank announces yet another sharp increase in the monetary base. Howard S. Katz just e-mailed me that there has been a 68% increase in the monetary base over the past few weeks.

The inflation of this cycle may turn out to be much worse than that of the late 1970s. The inefficiencies in the economy are greater and there has been a much longer period of withdrawal of commodity production in response to low prices in the 1980s and 1990s. Howard calls this the "commodity pendulum".

Gold has already demonstrated an ability to anticipate inflation. The problem is exacerbated by the Fed's decision to encourage foreign central banks to monetize American debt. The global liquidity excesses of a few years ago are transforming into an inflation stoked by the banking system's addiction to easy money. The shortages will get worse as the old, new and future liquidity slosh through the system over the next few years, bidding up prices.

I'd say head for the hills, but I already live there and I want to keep the traffic down.

Robert P. McCulloch Denies St. Louis Truth Squads

I just received the following denial from Robert P. McCulloch. I had previously written to him about accusations that he was threatening to arrest critics of Barack Obama:

>A recent report on KMOV-TV completely distorted what I and others said about potential campaign ads. We simply said that if the ads were false we would say so. Period. The statement was immediately morphed into something sinister starting with the KMOV lead in to the story and continuing through various blogs and radio talk shows.
As a result, many people were left with the mistaken idea that I threatened to take action against those who criticize Obama. To clear the record, let me state unequivocally:

RUSSELL KINSAUL (KMOV-TV) lead in- "The Obama campaign is asking Missouri law enforcement to target anyone who lies or runs a misleading TV ad." THIS STATEMENT IS ABSOLUTELY FALSE.

DRUDGE and LIMBAUGH (by way of something called Gateway Pundit) – "[McCulloch and Joyce] are threatening to bring criminal libel charges against anyone who levels what turns out to be false criticisms of their chosen candidate for President." THIS STATEMENT IS ABSOLUTELY FALSE (never mind that there is no such animal as criminal libel)

GOV. MATT BLUNT – "What Obama and his helpers are doing is . . . abusing the justice system and offices of public trust to silence political criticism with threats of prosecution and criminal punishment." THIS STATEMENT IS ABSOLUTELY FALSE.

Various local talk radio hosts continued to spread the above falsehoods without bothering to check the facts or even ask me for clarification.

Neither I nor any other person made any of the above statements. Nor did I or any other person say anything from which a responsible journalist could infer or surmise that we said or even intended the above. The mere fact that my statement of

". . . if they’re not going to tell the truth then somebody’s got to step up and say wait a minute that’s not true. . ."

becomes:

". . . threaten[ed] to bring criminal libel charges…"

clearly demonstrates the need for someone to step up and call out those who intentionally distort or ignore the truth.

For 25 years as an Assistant Prosecuting Attorney and the Prosecuting Attorney, I have worked diligently to protect the freedoms of all people in our community. I have always done my very best to earn and retain the trust of the people of St. Louis County and the metropolitan area I serve. I HAVE NEVER BEEN, NOR WILL I EVER BE, AFRAID OR HESITANT TO STAND UP AND SPEAK OUT ON ISSUES IMPORTANT TO THE PEOPLE OF MY COMMUNITY.

What the radio talk show hosts and their cohorts, Matt Blunt, Matt Drudge and Rush Limbaugh, et al, must realize is that they are not the only people in this Country who enjoy the freedoms and rights of the 1st Amendment. The Rights apply to all people-including me.


Robert P. McCulloch

Prosecuting Attorney

St. Louis County, MO