Watch this testimony from Treasurer Curtis Loftis. We need transparency in the State Pension fund. We don't even know who is profiting off our retirees, nor if they are ripping off beneficiaries.
Showing posts with label Policy. Show all posts
Showing posts with label Policy. Show all posts
February 2, 2012
Treasurer: Suggests SC Pension Cronyism, Points to High % of Risky, Unusual Investments
January 28, 2012
January 19, 2012
SOPA and PIPA protests change politicians hearts
Yesterday, this blog and many other more consequential web sites went down to protest the legislation intended to regulate "piracy."
SOPA was the name of the law that was under consideration in the House of Representatives. PIPA the law in the Senate.
Both of them included stiff, criminal sanctions against "piracy." The Bill itself purported to regulate "foreign" websites. However, the language was so fuzzy that it could have allowed actionable criminal prosecutions against domestic web sites. The threat of a criminal prosecution, and large fines and even jail for violators, creates a chilling effect on speech.
Many familiar websites would have been in jeopardy if they linked or posted embedded videos and articles. The largest corporations, including most of the large MSM organizations, could have filed complaints and used their influence to attack smaller sites and social media networks for alleged "infringement."
Copyright civil lawsuits (look up Righthaven) have already been used by MSM outlets as revenue sources. They bring frivolous civil suits in distant venues against websites like mine that allegedly infringe on their copyright. Then, because the cost of defending such lawsuits is very high, people pay off the extortionists to make it go away. The blog goes out of business.
That exists now. SOPA and PIPA would have made it so much worse.
That is why this site blacked out yesterday, and why so many others on the web engaged in the protest yesterday.
Read More......
SOPA was the name of the law that was under consideration in the House of Representatives. PIPA the law in the Senate.
Both of them included stiff, criminal sanctions against "piracy." The Bill itself purported to regulate "foreign" websites. However, the language was so fuzzy that it could have allowed actionable criminal prosecutions against domestic web sites. The threat of a criminal prosecution, and large fines and even jail for violators, creates a chilling effect on speech.
Many familiar websites would have been in jeopardy if they linked or posted embedded videos and articles. The largest corporations, including most of the large MSM organizations, could have filed complaints and used their influence to attack smaller sites and social media networks for alleged "infringement."
Copyright civil lawsuits (look up Righthaven) have already been used by MSM outlets as revenue sources. They bring frivolous civil suits in distant venues against websites like mine that allegedly infringe on their copyright. Then, because the cost of defending such lawsuits is very high, people pay off the extortionists to make it go away. The blog goes out of business.
That exists now. SOPA and PIPA would have made it so much worse.
That is why this site blacked out yesterday, and why so many others on the web engaged in the protest yesterday.
January 10, 2012
November 30, 2011
Analysis of Indefinite Detention Language of the National Defense Authorization Act
The Senate this week took up enactment of S.1867, a law that would permit the military to arrest and indefinitely detain U.S. Citizens, on U.S. soil, who are suspected of "terrorism." The offensive provisions of the Senate Bill are located in Sections 1031 and 1032. See Detainment Provisions, S. 1867: National Defense Authorization Act for Fiscal Year 2012.
Congress affirms that the authority of the President to use all necessary and appropriate force pursuant to the Authorization for Use of Military Force (Public Law 107-40) includes the authority for the Armed Forces of the United States to detain covered persons (as defined in subsection (b)) pending disposition under the law of war.Section 1031(a) (emphasis added). The emphasized section indicates that the President can avoid the Due Process provisions of the U.S. Constitution when detaining a "covered person."
The term "covered person" is broadly defined by the Bill. It includes "any person who has committed a belligerent act . . . ." See Section 1031(b)(2).
Once the President decides (unilaterally with no right to challenge his determination) a person is "covered,", then the law allows several options including:
The disposition of a person under the law of war as described in subsection (a) may include the following:See Section 1031(c). These provisions mean that a person designated as a "covered person" may be arrested and denied habeas corpus and jury trial. The person can be sent to places like GitMo and held until the end of "the war on terror." .
(1) Detention under the law of war without trial until the end of the hostilities authorized by the Authorization for Use of Military Force.
(2) Trial under chapter 47A of title 10, United States Code (as amended by the Military Commissions Act of 2009 (title XVIII of Public Law 111-84)).
The Bill appears to make an exception for U.S. Citizens:
The requirement to detain a person in military custody under this section does not extend to citizens of the United States. See Section 1032(b). The language of the exception quoted above is being used to argue to that the detention provisions of Section 1031 do not apply to U.S. Citizens. However, the Bill is quite explicit in that it limits the U.S. Citizen exception to Section 1032. The Executive Branch may use the detention provisions of Section 1031 against anyone.
Senator Udall submitted an amendment to the Bill to add the exception language to Section 1031.
Extension to United States Citizens and Lawful Resident Aliens.--The authority of the Armed Forces of the United States to detain covered persons under this section extends to citizens of the United States and lawful resident aliens of the United States, except to the extent prohibited by the Constitution of the United States.See Udall Amendment.
Yesterday, the Senate voted against the Udall Amendment 60-38. Both South Carolina Senators DeMint and Graham voted in favor of allowing the President to arrest American Citizens and detain them indefinitely with no exception. Kentucky Senator Rand Paul voted for the Udall Amendment, but he was way outvoted and Udall's amendment was killed.
Notify your Senators and let them know you are appalled by their votes to destroy our Constitutional liberties.
November 28, 2011
November 25, 2011
November 18, 2011
Political Prosecution of Agent Diaz Reveals Danger of Patriot Act Authorities
The Obama Administration's political prosecution of Border Agent Jesus Diaz, Jr., demonstrates the grave danger of trusting Holder's Justice Department with the broad authorities to conduct secret surveillance on U.S. citizens it considers "terrorists."
The Patriot Act gives the Obama federal agencies broad authority to conduct surveillance on U.S. Citizens. Do we really want to trust the Holder Justice Department with such authority considering the political prosecution of Agent Diaz?
Agent Jesus Diaz, Jr., was charged with roughing up a drug dealer carrying 75 pounds of marijuana across the U.S. Border. Diaz picked up the suspect by his handcuffs after arresting him.
After Diaz was twice cleared by investigators of wrongdoing, the Holder Justice Department prosecuted him in two trials in federal court. Diaz was ultimately convicted and sentenced to two years for violating the constitutional rights of an illegal alien and drug smuggler. The trials have been called a "Kangaroo Court." See FREE AGENT DIAZ TRIAL TRANSCRIPTS
After obtaining the conviction, the Holder Justice department calculated the debts associated with the two trials, and ordered Diaz to reimburse the government for its costs.
Now it turns out that the prosecution of Diaz was likely instigated by the Mexican government. Members of Congress have written to President Obama for answers that were not forthcoming from Eric Holder.
Congress asks the President to respond to the decision making involved in prosecuting an agent cleared by two investigations, and to the allegation the prosecution was "instigated by the Mexican government." The government's key witness, the drug smuggler and illegal alien arrested by Diaz, was given a Visa and full immunity from the drug smuggling charge.
A citizen's group, is asking people to sign a Petition asking President Obama to grant a full pardon to Agent Diaz. More information is available at FreeAgentDiaz.com
October 3, 2011
September 28, 2011
September 23, 2011
US Household Income by Age Demographic Chart
An analysis at D. Short, U.S. Household Incomes by Age Bracket: A Disappointing 21st Century So Far, DShort.Com (Sep. 23, 2011), shows an interesting trend in income by age in America.
The chart is scary because it indicates that the older generation is the only age group whose income is stable or increasing. The rest of the Americans face declining income. The writer correctly surmises that the additional Social Security Retirement income is the difference favoring the older demographic.
The Social Security Retirement system cannot continue on its current course. The cost of maintaining it falls disproportionately upon the younger Americans. They cannot opt out, and must contribute more and more of their income to taxes to pay for supporting the older demographic. Yet, the older demographic is the only demographic with income increase.
Because of the class inequities caused by the Social Security Retirement system, this kind of disparity cannot last. It will eventually lead to revolt by the young people. Changes must be made soon if politicians really want to save the system from a complete collapse.
Read More......
The chart is scary because it indicates that the older generation is the only age group whose income is stable or increasing. The rest of the Americans face declining income. The writer correctly surmises that the additional Social Security Retirement income is the difference favoring the older demographic.
The Social Security Retirement system cannot continue on its current course. The cost of maintaining it falls disproportionately upon the younger Americans. They cannot opt out, and must contribute more and more of their income to taxes to pay for supporting the older demographic. Yet, the older demographic is the only demographic with income increase.
Because of the class inequities caused by the Social Security Retirement system, this kind of disparity cannot last. It will eventually lead to revolt by the young people. Changes must be made soon if politicians really want to save the system from a complete collapse.
September 14, 2011
August 25, 2011
On China's Missile Threat Against the U.S.A. and the START Treaty
In 2010, a lame duck Democrat Congress rammed through the Obama Administration's New Start Treaty with the Soviet Union. That agreement limits America's ability to construct a strategic missile defense system.
The Chinese, meanwhile, continue to develop their long-range nuclear missile capability. See the chart here.
Department of Defense Annual Report to Congress, Military and Security Developments Involving the People's Republic of China (2011).
Our numerous and sundry military operations overseas are costly and counter-productive adventures. The money being spent on these operations could and should be re-directed into truly necessary defense spending initiatives. One such area of needed defense spending is the development and deployment of an advanced anti-missile defense shield to protect the United States population.
It is simply insane that the Democrats and the Obama Administration abandoned this critical area of self-defense of our homeland. It is like their decision to conduct a war on terror in Afghanistan while you leave your entire southern border undefended.
Read More......
The Chinese, meanwhile, continue to develop their long-range nuclear missile capability. See the chart here.
Department of Defense Annual Report to Congress, Military and Security Developments Involving the People's Republic of China (2011).
Our numerous and sundry military operations overseas are costly and counter-productive adventures. The money being spent on these operations could and should be re-directed into truly necessary defense spending initiatives. One such area of needed defense spending is the development and deployment of an advanced anti-missile defense shield to protect the United States population.
It is simply insane that the Democrats and the Obama Administration abandoned this critical area of self-defense of our homeland. It is like their decision to conduct a war on terror in Afghanistan while you leave your entire southern border undefended.
August 19, 2011
What the Philly Fed Index Means
The survey's indicators for activity, shipments, and new orders all declined sharply from their readings in July. The diffusion index of current activity decreased to -30.7 in August from 3.2 in July. The broadest indicator of future activity decreased to 1.4 from 23.7 in July.Federal Reserve Bank of Philadelphia Newsroom, August 18, 2011.
Along with a financial liquidity panic in the EuroZone, this Index set off the S&P sell-off yesterday. Hopefully, the gloomy Index does not really suggest the United States is headed toward a double dip recession as many of the previously wrong Wall Street touts now believe.
August 10, 2011
August 9, 2011
Super Committee Disaster
Harry Reid, the Democrat Senate Majority Leader, has selected John Kerry, Patty Murray and Max Baucus. Kerry is one of the Senate's most liberal members. Murray is the chairperson for the Democratic Senatorial Campaign Committee. The Senatorial Campaign Committee is the political committee organizing the campaign for the 23 Democrat Senate seats up for re-election across the country.
Do you think that the negotiations of the super committee will be politicized by the Democrat demagoguery?
In addition, President Obama has already threatened to get heavily involved in the Committee work on a compromise solution. That means that he will be frequently using the bully pulpit to bash republican members that won't capitulate to Democrat tax hike demands.
Moderate Mitch McConnell gets to make his choice of the three Senate Republican picks. Please do not pick John McCain, or Lindsay Graham. Instead, I suggest the following Senators would make ideal picks for the Republican members of the Committee: Jim DeMint, Rand Paul, and Marco Rubio.
August 7, 2011
zero hedge bearish on U.S. stocks
The chart below, however, showing a new record high in the number of long-term unemployed people, demonstrates that the unemployment news was definitely not all good.
Even worse news came Saturday, and it came on the European front. Let me explain.
A lot of people attributed the cause of the huge Thursday stock market sell-off to the fact that market recognized the budget deal touted by the Obama Administration and the "bi-partisans" in Congress as a life-saver, as a lipsticked-up pig. The bi-partisan budget deal was a negligible factor in Thursday's crash. The main factor was Eurozone.
Two weeks ago, eurozone leaders agreed to expand the powers of its euro440 billion ($623 billion) rescue fund that helped bail out Greece, Ireland and Portugal. Since then, Italy's financial system began to crumble. However, the rescue fund lacked sufficient funds to pay for Italy's bailout on top of the others.
Late Friday, it appeared that promises by Premier Silvio Berlusconi of Italy to enact a constitutional balanced budget amendment would persuade an additional bailout from the European banksters. But Saturday German Chancellor Angela Merkel indicated she would not commit German assets to a further bailout. That was bad news on the eurozone front. An Italian collapse, an economy linked to the rest of the countries in the Eurozone, threatens the entire financial system of Europe.
My favorite financial news blog, Zero Hedge, has the details on this story. T. Durden, It Just Went From Bad To Far, Far Worse As Germany Says Italy Is Too Big For EFSF To Save, Refuses To Carry Euro Bailout Burden, Zero Hedge (Aug. 6, 2011).
Meanwhile, here in America, a lot of financial advisors are on the American cable news programs telling us not to sell stocks and are actually recommending this period of fear is an opportunity for investors to buy under-valued stocks. Perhaps they are right.
But, the Saudi stock market closed out Saturday down five percent. The chart at the top of this post shows the graphical display of the Saturday Saudi blood-letting.
My recommendation, for what its worth, is to pull out of stocks and seek safety until this financial storm blows over. That would mean selling stocks and putting the cash into U.S. Treasury funds. Despite the downgrade on Saturday, U.S. Treasuries are still one of the safest places to park your cash, and fear of a Eurozone crash is going to drive investors into U.S. Treasuries.
The other safe place to park money is gold and silver. You are better off acquiring physical gold and silver. Short of that, you should find a good gold and silver ETF and buy those shares.
If you move immediately, perhaps it will not be too late to preserve what is left of your retirement account.
July 18, 2011
HR 1098: Free Competition in Currency Act 2011
The one-page Bill is beautiful in its simplicity. First, it repeals the federal legal tender statute, 31 U.S.C. § 5103, which deems federal reserve notes “legal tender for all debts, public charges, taxes, and dues.”
The effect of repealing this federal legal tender law is that it expands freedom of contract in America. Under current law, Americans cannot enforce a contract that specifies payment of the consideration in in precious metals like gold or silver. Such a provision would be unenforceable in court. One party could decide not to honor that aspect of the contract, and insist instead, that the other party accept Federal Reserve notes as full payment of the debt. If the aggrieved party brought a lawsuit, the Defendant would just site 31 U.S.C. § 5103 and the lawsuit would be dismissed as a frivolous claim.
The second part of Free Competition in Currency Act of 2011 is that it adjusts tax laws for both federal and state tax systems. The federal tax provision in Section 3(a)(1) of the Bill states as follows:
“no tax may be imposed on (or with respect to the sale, exchange, or other disposition of) any coin, medal, token, or gold, silver, platinum, palladium, or rhodium bullion, whether issued by a State, the United States, a foreign government, or any other person”
The federal government currently taxes the appreciation on gold and silver as a “capital gain.” Section 32(a)(1) would remedy the federal inflation tax. (See Inflation is a Regressive Tax on the Poor for more on this ultra-regressive and insidious means of taxing the poor and middle class.) As the Federal Reserves prints money it depreciates the value of the dollar. Federal Reserve printing of trillions of new dollars causes other currencies and precious metals to appreciate in value as the Dollar declines. The federal government then taxes the appreciation of the commodities as a capital gain.
Section 32(a)(1) makes it illegal for the federal government to tax any gold or silver coins, including coins issued by private mints. This provision protects persons who wish to transact business in other forms of currency from being unfairly taxed.
The state tax provision in Section 3(a)(2) states:
no State may assess any tax or fee on any currency, or any other monetary instrument, which is used in the transaction of interstate commerce or commerce with a foreign country, and which is subject to the enjoyment of legal tender status under article I, section 10 of the United States Constitution.
Article I, Section 10 of the Constitution contains a list of powers prohibited of the states. Among these are, "No State shall . . . coin Money [or] . . . make any Thing but gold and silver Coin a Tender in Payment of Debts." The obvious intent of this prohibition is the limitation of State power to issue paper money. By specific authorization in Article I, Section 10, the Constitution allows States to make gold and silver legal tender.
However, Section 3(a)(2) would not prohibit a State from taxing any gold and silver coins that are not recognized as currency by foreign governments or the United States. Appreciation of the coins of a private mint could be taxed by a State under the Bill's provisions. This makes the Bill faithful to the Tenth Amendment.
On the other hand, a State could not tax U.S. issued gold and silver coins (American Eagle) nor currencies of other countries. Thus, if the Dollar collapsed substantially in value, a state could not tax citizens that had diversified their risk against inflation by buying Yuan or Euros to protect their savings. This is a sensible provision that would protect life savings. It also would permit a person to escape from a theoretical hyper-inflation scenario.
Finally, Section 4(a) decriminalizes the minting and use of gold silver for conducting business.
However, Section 3(a)(2) would not prohibit a State from taxing any gold and silver coins that are not recognized as currency by foreign governments or the United States. Appreciation of the coins of a private mint could be taxed by a State under the Bill's provisions. This makes the Bill faithful to the Tenth Amendment.
On the other hand, a State could not tax U.S. issued gold and silver coins (American Eagle) nor currencies of other countries. Thus, if the Dollar collapsed substantially in value, a state could not tax citizens that had diversified their risk against inflation by buying Yuan or Euros to protect their savings. This is a sensible provision that would protect life savings. It also would permit a person to escape from a theoretical hyper-inflation scenario.
Finally, Section 4(a) decriminalizes the minting and use of gold silver for conducting business.
“In General- Title 18, United States Code, is amended by striking sections 486 (relating to uttering coins of gold, silver, or other metal) and 489 (making or possessing likeness of coins).”
Whoever, except as authorized by law, makes or utters or passes, or attempts to utter or pass, any coins of gold or silver or other metal, or alloys of metals, intended for use as current money, whether in the resemblance of coins of the United States or of foreign countries, or of original design, shall be fined under this title or imprisoned not more than five years, or both.
(Emphasis added.) The federal criminal code make it a crime to run a private mint and make gold and silver coins. It also makes it a federal crime to "pass" such gold and silver coins as currency. Repeal of this criminal statute would immediately create numerous jobs in the United States as private mints would spring up to issue gold and silver coins, which are in great demand. The market place would determine the credibility of the coins. Clearly, the law is aimed at production of any coin as it prohibits even minting of coins of an original design.
Note that the Free Currency Bill would not prohibit prosecution of mints for fraud, such as might take place if a mint was misrepresenting the purity and weight of its coins. In fact, the Bill leaves two of the federal counterfeiting statutes, 18 U.S.C. § 487 and 18 U.S.C. § 488, on the books.
July 15, 2011
July 12, 2011
Debt Limit Crisis?: Chance to Rescind Previously Appropriated Funds for ObamaCare
Most thinking people realize that the government does not have to default on loans if the debt limit is not raised. There is more than enough income to pay our obligations. Plus, you have the Federal Reserve, whose borrowing the government need not pay back at all.
What gets dicey about not raising the debt limit, however, is the continued funding to pay for already enacted programs. Federal government programs will definitely risk losing a percentage of funding if the debt limit law is not passed soon. So the actual question is not whether we will default, but whether we should allow the government continue to fund lavish government programs?
Clearly, that answer to the true question is a resounding NO. Programs like ObamaCare are colossally dangerous spending programs for which the United States simply cannot afford to pay.
Unlike most laws, the 2,700 page ObamaCare law contained provisions that funded $105 billion for its implementation. M. Brownfield, Rep. Bachmann Helps Expose Secret Stash of Obamacare Cash, The Foundary (Mar. 7, 2011).
One big step in the right direction for handling the allegedly disastrous debt ceiling crisis (a manufactured crisis) is H. R. 1213. H.R. 1213 rescinds the previous appropriation of ObamaCare funding for its implementation.
Raum Emanuel, the former Obama Chief of Staff, advised us that one should never "let a crisis go to waste." With Tim Geithner and others in the Obama Administration alleging that the United States will plunge the world into financial Armageddon without passing a debt ceiling law, perhaps its time for Republicans to take Emanuel's advice. This "crisis" is a perfect time to argue for defunding the unpopular ObamaCare law. If we don't pass H.R. 1213 immediately, then our world will end.
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