Category Archives: Blog Posts

Bipartisan Budget Emerges in Effort to Prevent Government Shutdown

In a March 3rd articleLiberty Weekly commented on an interview of former Reagan White House Budget Director David Stockman, who warned about the possibility of a Government shutdown beginning March 15, 2017.

Stockman explained that on that date, the debt ceiling holiday was set to freeze at $20 trillion. The expert reasoned that, with such strong opposition to Donald Trump, there would be no political energy in Washington to raise the debt ceiling any higher.

The debt ceiling did freeze March, 15. Since then, the Treasury has instituted “emergency measures” to avoid defaulting on its obligations. These emergency measures, along with temporary budget agreements called “continuing resolutions,” have kept the Federal Government operational while Congress attempts to pass a budget agreement that would raise the debt ceiling, thus allowing the Government to borrow more money.

The latest continuing resolution, passed last Friday, April 28, ends May 5–this coming Friday. If Congress does not pass a budget, the Federal Government will be forced to shut down by midnight on Friday night. The shutdown would resemble a similar shutdown that occurred in 2013.

Contrary to Stockman’s predictions, it appears that Congress was able to find the political will to pass a budget agreement–at least for the time being.

Late Sunday night, a 1665-page spending bill emerged as a “bipartisan agreement” between the Republicans and Democrats.
The spending bill would see a $1 trillion increase to the debt ceiling, effectively keeping the Federal Government operational until October 1, 2017.

Ultimately, I disagreed with Stockman’s predictions of a summer budget impasse scenario. This is because I have a great faith in Congress’ ability to pass legislation in the interest of self-preservation, especially when the failure to do so would mean absolute chaos in the markets and less money for the Elite in Washington.

Moreover, the term bipartisan should tell us most of what we need to know about the spending agreement. As George Carlin famously said: “bipartisan usually means that a larger-than-usual deception is being carried out.”

Regardless, it would behoove us to explore what the bill looks like, a task which Ron Paul and Daniel McAdams performed admirably in this Monday’s edition of the Liberty Report:

According to the above video and this article from RT.com, highlights of the spending bill include the allocation of:

On another note, Trump’s battle to secure funding for his programs– namely his hallmark campaign promise, the border wall–will be postponed until October 1. This morning, Trump expressed his understanding of the temporary agreement in two tweets:

Trump’s threat is certainly eyebrow-raising, but how seriously should we take these tweets? Was Stockman’s budget showdown scenario correct, but mistimed? We will see this fall.

Ultimately, it is a safe bet that we, at least for now, in for more of the same: more war, more spending, more inflation, and more subjecting future generations to debt they couldn’t possibly consent to.

For more details concerning the details of the proposed budget, I would urge you to consult the linked sources, with appropriate time-stamps to the Liberty Report.

The general trend of excessive government spending is the inevitable result of our de facto democracy–a republican government stripped bare of the Constitution’s intended safeguards against centralized power and the tyranny of the majority.

To assert the original republican understanding of the Constitution and push back against these unconstitutional exercises of  federal power, we must rediscover the axiom state nullification, a Constitutional mechanism by which states can interpose against unconstitutional federal laws. This principle was asserted by two of America’s most influential Founding Fathers: James Madison and Thomas Jefferson.

In the present day, the Federal Government relies on a substantial degree of cooperation from the states. With the principle of state nullification, we can use the states, as the original agents of the people, to say no to bloated, unconstitutional federal programs which bankrupt us and destroy our liberties. See Tenth Amendment Center.

As part of the planned Liberty Weekly Podcast, I’m looking forward to sharing the story of the Virginia and Kentucky Resolutions and their forgotten chapter in American History. We are currently planning a launch by the end of May!

In the meantime, join the elite on Liberty Weekly’s email subscriber list to receive special perks like more personalized site updates and first access to the release of my upcoming eBook: a comprehensive public policy analysis of the war on drugs and its negative affects on society. Your mind will absolutely devour the info it contains.

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Joining the Conversation: The Future of Liberty Weekly

I am pleased to announce that Liberty Weekly will be celebrating its first anniversary on June 23, 2017!

One year ago today, I was preparing to write the final round of finals and conclude my first year of law school. The ten months of 1L year contained much self-doubt and anxiety. I even developed a habit of tooth-grinding, which has persisted. Law school is by far the hardest thing I’ve ever had to do.

But, to this point it has been worth it–the unholy magic that is law school did its job. This cushy liberal arts major (English) was pounded into human dust, then reconstructed with a cold, analytical mind and a vampiric lust for blood that only an attorney could possess.

After 1L year, I picked up a data entry job managing the alumni database at my school. I worked with some great people, but the job itself was very mind-numbing. So to stay entertained, I discovered the libertarian podcasting community!

Of course, the Tom Woods Show quickly became a staple in my work routine. Although I was a Misesian free market anarchist before listening to Tom, my knowledge grew exponentially during that summer I spent doing data entry, planning my wedding, and reading Murray Rothbard.

As the dinosaur mainstream media slowly suicides via its blatant lies, obsolete business model, and lap-dog coverage, more and more people are doing what I did and turning to decentralized forms of entertainment and media production. This, my friends, is where the future of the liberty movement lies.

As more and more people turn to these decentralized forms of communication, the marketplace has opened for independent media providers to spread the liberty message. As we know, the free market is the best mechanism for prosperity and true human progress. Why not use it to disseminate the message of liberty and true human progress?

By creating Liberty Weekly, my intent was to simply join in that conversation and spread the message. I did so with the hope that the site could eventually attract enough attention to monetize.

While that is still my intention, it has always been a struggle to produce quality content with the kind of consistency that would grow the site beyond 90 views per week, especially while juggling my marriage, clerking obligations, and law school.

Now that I feel like I have more time and motivation–I want to take Liberty Weekly to the next level!

With that, I am very pleased to announce the return of regular content to Liberty Weekly and the coming launch of the Liberty Weekly Podcast with a pre-June launch date!

The podcast will focus on much of the same content that appears in previous articles published on the site. It will also have guest appearances and will contain more substantive coverage of libertarian theory, economics, and history. Of course, the content is subject to change based on audience input.

I am also pleased to announce that Liberty Weekly will be welcoming a regular co-host to the podcast, who will introduce himself at launch. He very knowledgeable and is great at conveying the message. I am very excited at what he brings to the table.

I will also be updating the free E-Book signup option to consist of a  public policy analysis of the war on drugs from an Austrian market-process approach. It will definitely compliment your logical arsenal for use against the statists. I know that you will love it.

The best way to experience Liberty Weekly and receive updates going forward is by signing up for our email list, where I am launching a new campaign with a more exclusive, personalized feel. Join the Liberty Weekly Elite!

Finally, I would like to extend a heartfelt thanks to all those who have been keeping tabs on my work here. My hope is that we will see Liberty Weekly grow exponentially together. I am thrilled to get started!

Best,

Pat MacFarlane

Be sure to follow Liberty Weekly on social media for any updates!

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Napolitano Indefinitely Suspended from Fox News for Trump “Wiretapping” Comments

Yesterday, Fox News announced their decision to indefinitely suspend Judge Andrew Napolitano’s airtime in response to Napolitano’s assertion that former President Obama conducted surveillance on Trump via British Intelligence.

By using British Intelligence to spy on then-candidate Trump, Obama could avoid leaving a paper trail that would lead to his administration. To prove the veracity of his claim, Napolitano cites various Fox News sources within the US intelligence community. Fox News vehemently denies these claims.

Since 2006, Napolitano has worked as a media commentator for Fox News hosting and appearing in liberty-oriented programming including Freedom Watch. Although Napolitano held the position of Senior Judicial Analyst, his current relationship with Fox News is unclear.

It would certainly make logical sense if Obama did, in fact, use British Intelligence to anonymously surveil then-candidate Trump. However, as both Ron Paul and James Corbett point out, Obama would not necessarily have to take this route, because there does not need to be a surveillance paper trail.

We have known for years that NSA routinely conducts warrantless spying on all Americans. It would be foolish to assume that the most politically powerful figures would be exempt from this surveillance. In fact, they are priority number one. The NSA was made for this activity. That is its purpose.

James Corbett and Ron Paul comment on the Trump “Wiretapping” scandal:

So we know that Trump almost certainly was surveilled as a candidate and that he is not the first to be the object of such surveillance. In fact, Obama himself was the object of NSA surveillance as far back as 2004 when he was running for Senate in Illinois. This fact was revealed by NSA whistleblower Russ Tice in 2013.

Moreover, anyone with any political clout is the subject of NSA surveillance. There does not need to be any kind of order to perform this surveillance, the NSA dragnet is already capturing everything.

When it comes to Napolitano’s allegations that British Intelligence tapped Trump’s phones, who knows? It certainly is plausible, but why  would Obama go through the trouble when the NSA already has everything?

While the above questions lack definite answers, one thing we can say with certainty is that Napolitano is a libertarian icon whose presence on Fox News will be missed. Perhaps this schism with Fox News will drive him to more worthwhile pursuits . . . perhaps with the Mises Institute? One may only hope.

Before I conclude today’s content, I wanted to bring the reader’s attention to the Orwellian doublespeak at play behind the very title of this political puppet show: “the Trump ‘Wiretapping’ Scandal.”

The use of the word “wiretapping” seeks to frame public thought by inserting the image of someone physically sneaking into Trump Tower with a written order from Obama to place a bug on Trump’s phone. This subliminal framing is complete garbage. We know that in the modern era of complete government surveillance, this is not at all necessary.

That is all for today! Thanks for stopping by Liberty Weekly. If you have not already, I would urge you to sign up for my email list and follow me on Steemit, Minds, Facebook, and Twitter!

Bitchute: The New Youtube?

As the mainstream media self-destructs, the alternative media  continues to seed the internet with decentralized, homegrown alternatives. To combat the rise of citizen journalism, social media giants like Reddit, Twitter, Facebook, and Youtube have cracked down on their users’ freedom of expression by censoring discussion of taboo topics and labeling alternative news outlets as “fake news.”

For example, in November, Reddit completely  banned r/pizzagate in an attempt to prevent discussion on the platform, citing excessive “witch hunting.”  As a result, much of r/pizzagate’s traffic migrated to alternatives such as Steemit, Youtube, and Minds.

Twitter has also made efforts to suppress unapproved speech by suspending accounts and preventing posts containing certain links and language. Infamously, this happened to alt-right provocateur Milo Yiannopoulos, but has been occurring more and more.

Recently, Twitter didn’t allow Tom Woods to tweet a link to his new Ebook:

In regards to censorship, Youtube has not been innocent, either. Within the past year, several prominent Youtubers have reported significant loss of traffic on videos that criticize government.

Enter BitChute: the decentralized peer-to-peer (P2P) video hosting platform!

BitChute–Homepage Screen capture taken 3/20/2017

Taken from the website’s FAQ page, site’s aim is to encapsulate a complex P2P torrenting system within a streamlined web browser format. By streamlining the format, the hope is that the site would then be ready for mass adoption.

By bringing the decentralized P2P format to video hosting/streaming, users would theoretically be free from arbitrary censorship that centralized platforms like Youtube impose.

BitChute is still under development, but many alternative media outlets like Newsbud, Media Monarchy, and the Corbett Report have already joined the site and are currently posting content regularly.

Once the site gets further developed regular users will be allowed to create their own channels and post videos. After this occurs, the site will be primed for mass adoption. Hopefully, users of other decentralized alternatives like Steemit and Minds will adopt the platform in lieu of Youtube.

Currently, BitChute is working to introduce a monetization platform, but details on their FAQ page are scarce in that regard.

My use of the website so far has been pretty great! Playback on any given video is smooth and not choppy. There is also a small satisfaction that comes with supporting a platform that has the potential to supplant Youtube. Hopefully more people can join in this excitement.

That is all today from Liberty Weekly! I would urge all of my readers check BitChute out and integrate its use into their daily internet routines. Follow me on Twitter to receive any BitChute updates that I come across.

If you haven’t already, give me a follow on Steemit at https://steemit.com/@libertyweekly.

This article was concurrently published on Steemit at: https://steemit.com/cryptocurrency/@libertyweekly/bitchute-the-new-youtube

Have a great week everyone!

Trumpcare: What it is and Why it Won’t Work

This week, the Republicans finally revealed their new health care plan meant to replace the Affordable Care Act (ACA). Already branded “Trumpcare,” the new plan repeals some bad parts of the ACA, leaves the worst part, and replaces the bad parts with worse solutions.

Earlier this week, Peter Schiff released a podcast explaining the differences and offering scathing criticism of the plan, which he says, is just another big-government program with Republican wrapping paper. I will summarize his points here, attach his podcast below, and offer my commentary.

Under Trumpcare, the worst mechanism of the ACA, the prevention of discrimination based on pre-existing conditions, will remain. This prevention presents a significant moral hazard that completely undermines the point of selling insurance.

What if we allowed drivers to purchase car insurance to fix their car after they had been in an accident? What if we allowed customers to purchase and collect life insurance after they were already dead, or had contracted a life-threatening illness? Not only is this immoral, it is completely illogical. This extreme intervention in the free market is the main mechanism driving premiums up. Under Trumpcare, this blunder will remain.

The new plan will, however, remove the ACA’s individual mandate, which penalizes those who do not purchase insurance. The ACA attempted to force young, healthy people to buy insurance they didn’t need in order to subsidize older, more unhealthy consumers. Under the ACA, it was cheaper to pay the tax penalty than it was to buy health insurance, therefore preventing young, healthy people from buying insurance and making premiums rise for those who did buy insurance.

Under the new plan, neither individuals, nor companies will be forced to buy insurance. This is a step in the right direction. However, the Republicans aren’t just repealing this aspect and letting the free market work, they have to “fix” it with more government interventionism.

In order to try and “fix” the problem with the ACA’s individual mandate and encourage individuals to buy insurance, Trumpcare will force insurance companies to charge a 30% increase in premiums for any customer whose healthcare coverage has been allowed to lapse for a period greater than 63 days.

Again, because of the moral hazard inherent in preventing insurance companies from discriminating based on pre-exising conditions, premiums will be so high that it will be cheaper for young, healthy people not to buy insurance, and to pay the 30% increase on insurance after they get sick.

In fact, Peter Schiff jokes that, under Trumpcare, a new insurance product will develop in which customers will buy insurance to reimburse them for their healthcare insurance premiums once they get sick and have to pay the 30% increase, plus the high premiums from the moral hazard. They will basically be buying insurance for their insurance payments.

Additionally, Trumpcare will be removing Obama’s 3.9% tax on capital gains and dividends that were meant to help subsidize the ACA. As a replacement, Trumpcare offers an advance tax credit for purchasing health insurance. Peter Schiff explains that this really is just a welfare program, because you get the credit even if you don’t owe any taxes. He elaborates this point at 15:26 of his podcast:

So the government is giving out these welfare payments. This is a brand new entitlement, every American is entitled to get a check from the government that they can use to buy insurance. Now, one good part of it is,  if you don’t spend all the money, right, if you are a family of four and you get $14,000 to buy insurance–if you can find the insurance for $12,000 you can pocket the difference, you can put the $2,000 into a health savings account. So that, in theory, should help Americans to try to bargain for better insurance coverage, cause they can get the money they save . . . Of course these subsidies are only for people who do not get insurance through their employer.

You can listen to the rest of his podcast in the video below:

Now, there are many reasons that healthcare in America is so expensive, but explaining them all would divert from the purpose of this article. Suffice to say, pretty much all of them have to do with government intervention in the free market. We need to let the market function!

Until the idiots in Washington realize this, we are all in for a bad time. Thankfully, Rand Paul, Justin Amash, and Thomas Massie, are spearheading the Republican Liberty Caucus’ resistance to any and all big government healthcare proposals. Let’s hope they are successful.

Thanks for stopping by Liberty Weekly for today! I hope that you now have a better understanding of how Trumpcare and the ACA are working to make healthcare even more expensive for us all.

Follow Liberty Weekly on Steemit, Twitter, Facebook, and Minds!

 

The End of Dow 20,000?! A Boon for Gold and Cryptocurrencies?

Since President Trump’s inauguration, the markets have seen a massive glut of speculation, especially in regards to the Dow Jones Industrial Average, which rose to above 20,000 this January for the first time in world history.

For perspective, in 1994, before the Dot-com Bubble (when the era of bubble finance began in earnest), the Dow index was priced below 4,000. Since then, central bank policy has become more and more radical. While real growth has taken place since 1994, reckless monetary policy has encouraged asset price inflation.

As a candidate, Donald Trump lambasted the stock market as “one big fat, ugly bubble.” Since then, Trump has made an about-face and embraced the bubble, tweeting his approval on Jan. 25, 2017:

By embracing and not condemning it, the bubble is now Trump’s. He owns it.

The bull market began in earnest on the heels of Trump’s victory, when the markets decided that his “free market” reforms and spending stimulus would be a boon for the economy. But, the bubble is not Trump’s bubble. That is to say, he is not responsible for it. That honor belongs to Ben Bernake and Janet Yellen.

Even though he didn’t cause the bubble, Trump will not create any real grown without major pain. Economist Peter Schiff states that the the economy is like a heroin addict. It needs monetary stimulus to survive. Without it, the bubble will deflate, and we will all be in for rough times.

Because of artificially low interest rates, Americans have absolutely no savings. In order to wipe clear out the poor investments made by artificial interest rates, those investments need to be allowed to fail, interest rates need to be raised, and Americans need to start saving again so they can invest in business measures based on interest rates set by the free market and not the Federal Reserve. This is basic Austrian business cycle theory.

Just like a real heroin addict, the economy needs to kick the habit in order to make any real, meaningful recovery. If Yellen continues shooting the economy up with this “monetary heroin” (as Mr. Schiff calls it) we will eventually overdose, and hyper-inflate the dollar in a Wiemar Republic-style meltdown.

Despite that historical parallel, we are essentially in uncharted economic territory. Interest rates have been at, or near zero for longer than ever before in financial history. In many facets, our “recovery” from the 2008 financial collapse has been worse than the accompanying recession.

Despite the rosy picture painted by the mainstream media, Americans have been hurting, and they’ve been hurting bad. According to Zerohedge and USA Today, “7 in 10 Americans have less than 1,000 dollars in savings.” Throughout the “recovery,” cracks like these have shown through the stock market’s buying euphoria.

This week, the Dow has made its biggest losses since the post-election rally, falling a .9% total. Earlier today, Zerohedge dropped an article whose title speaks for itself: “Cudmore (Bloomberg) Calls it: The Correction Has Started.” 

Could this really be the correction that we’ve been waiting for? Could this decline signal the end of the markets’ irrational buying euphoria? Right now, that markets are built on hopes that Trump’s reforms will bring prosperity.

I’m sorry to say that this will not happen. When the markets realize that, or the Fed finally raises interest rates more than just .25%, hold onto your butts.

If the markets tank, what will that mean for gold, emerging markets, and other cryptocurrencies like Bitcoin, Steem, and Ethereum?

——————————————————————————-

Thanks for reading today’s content at Liberty Weekly!

Stop back in tomorrow for the third installment of Thoughtcrime Thursdays, which I promised would be about The Moon Is a Harsh Mistress, but in light of Wikileak’s Vault 7 release, I might talk about how Orwell’s 1984 is LITERALLY becoming our reality.

If you haven’t yet, you really need to check out Steemit.com! My mind has repeatedly been blown open with this platform’s potential. I have also decided to open an account on www.minds.com, which is another encrypted social media platform where you can openly talk about taboo political topics without being censored.

I’d implore you to follow me on Steemit at https://steemit.com/@libertyweekly. You can also find me on Minds.com at https://www.minds.com/libertyweekly.

Until tomorrow!

 

Arizona Bill Seeks to Make Gold and Silver Legal Tender

On Wednesday, the Arizona Senate Finance and Rules Committees will take a look at House Bill 2014 (HB 2014), a piece of legislation that will officially define gold, silver, and other precious metals as legal tender. Under the bill, transactions made in precious metals will be exempted from capital gains taxes. This bill could help to effectively end the dollar’s monopoly as legal tender in Arizona.
In 2011, Utah became the first state in over 80 years to create such legislation by passing the Utah Legal Tender Act, which enjoys its own–very scant–Wikipedia article. In furtherance of this policy, Utah Rep. Ken Ivory (R-West Jordan) introduced Utah House Bill 224 (HB 224) on January 27, 2017.
 
Specifically, HB224 would authorize the investment of public funds in specie legal tender held in a commercial specie repository. Under existing code, ‘specie legal tender’ means gold or silver coin and bullion. ‘Commercial specie repository’ means an institution that holds or receives deposits of specie legal tender that is located within the state. Practically speaking, passage would give the state the option to hold funds in gold and silver instead of Federal Reserve notes.
Why is this such a big deal? Because legalizing the use of gold, silver, and other precious metals evens the playing field for alternative forms of money to directly compete with the dollar–thus ending its legal monopoly on money. By pegging the dollar to precious metals, it effectively limits government’s ability to inflate the currency.
This Wednesday, Ron Paul will be in Arizona to support HB 2014. The former congressman and anti-Fed icon will speak to the Arizona Senate Finance Committee at 9:00 a.m. He will follow his testimony up with an anti-Fed rally at noon at the Arizona state capitol in Phoenix.
If HB 2014 passes, residents of Arizona will be able to enjoy a certain level of protection if the value of the dollar were to collapse. Upon its passage, it will be interesting to see if other states begin to follow suit as the economy continues to grind to a halt.
 
If you haven’t read yesterday’s article about Steemit, check it out here. I’ve been having several great experiences on the site. The community is full of liberty-minded people. 
If you haven’t already, follow me on Steemit at https://steemit.com/@libertyweekly. I add back!
Sources: 

Steemit–The Social Media Platform that Pays You

I have a confession to make–I am a complete newbie when it comes to cryptocurrencies.  What? A libertarian that does doesn’t use bitcoin!?  By now, readers might have gleaned that I’m an old-school gold bug (more on that later).

But, as of yesterday, I am a crypto-virgin no longer! Liberty Weekly has boldly embarked upon a great crusade into the cryptoverse with Steemit!

Steemit is a social media platform (like reddit) that is powered by Steem, a blockchain cryptocurrency like Bitcoin. There are three different forms that digital Steem takes within Steemit: Liquid Steem, Steem Power, and Steem Dollars.

By submitting and curating content, you earn  different kinds of Steem: Steem Power and Liquid Steem. Adding or subtracting from your Steem Power is called “Powering Up” and “Powering Down,” through this process, one can buy or sell their amount of influence in Steem.

Liquid Steem is an intermediary phase between Steem Power and Steem Dollars. It is the most liquid form of currency on Steemit.

Steem Power measures the amount of influence that any given user can wield on Steemit. The more Steem Power you have, the more influence you have in curating content on the site (and the more Steem you earn for doing so).

Steem Dollars are the actual blockchain, “market powered token” that is pegged to the US Dollar.

From what I understand, Liquid Steem can be sold on an internal market, or bought directly with bitcoins. Steem’s creators are currently working on a means for Steem to interact directly with fiat currencies. Since there is a rather steep learning curve to Steemit, I am still trying to figure out how this part works.

Steem and Steemit have been around for about a year now. Although it has seen growth and success, current challenges facing Steemit have been summed up in an article and comments made this morning titled: “What is Driving the Price of Steemit Downward? Answer Questions, EARN Steem!!!”

In the comments, Steemit user @lpfaust reasons:

Currently, the only real reason to purchase STEEM would be to power up STEEM Power (and by extension vote strength) in Steemit. The market has consistently been repricing the value of that utility lower with every passing day, and the velocity of STEEM as a currency is grinding to a halt because liquid STEEM is not being soaked up faster than it is getting dumped out of STEEM Power.

My understanding is that currently, Steemit has plateaued at about 120,000 users. In order to be successful, Steemit needs to start absorbing the user base of other platforms like Twitter and Facebook. It also needs to streamline the Steem investment process by allowing users to purchase Steem directly with fiat and not just Bitcoin. Currently, Steem is not a great monetary investment, but is interesting and exciting enough for low-level participation just to see where it goes.

When it comes to the whole blockchain vs gold debate, I do think that blockchain technology is awesome, and that cryptocurrencies have their place. But, to me, gold’s 8,000 year track record proves that it is currently a better means of preserving wealth. Ideally, gold and cryptocurrencies would be allowed to compete on the free market.

That being said, I would definitely urge anyone and everyone to check this out. Since Steemit is a decentralized block-chain social media site, the community has so far been very friendly and receptive to ancaps, voluntaryists, and libertarians. Some of the most active topics (think subreddits) are liberty related.

In fact, last night I republished my June 28, 2016 article “Starship Troopers” and Conditioned Killing on Steemit. As of this posting, my article has earned a total of $24.11 in Steem.

While there is a steep learning curve involved with Steemit, the concept is incredibly exciting. Could you imagine if a site like Reddit or Facebook adhered to the concept presented by Steemit?

Hopefully decentralized blockchain platforms are the future of social media. In the meantime, I suppose we will see.

For now, follow Liberty Weekly on Steemit!

Steemit FAQ; More Steemit FAQ; Steemit Beginner’s Guide

 

David Stockman: a “Fiscal Bloodbath” to Hit this Summer

Former Reagan White House Budget Director David Stockman is predicting a “fiscal bloodbath” to be unleashed upon the United States starting March 15th.

According to Stockman, March 15th, 2017 is when the debt ceiling holiday will freeze at $20 trillion. The expert reasons that, with such strong opposition to Donald Trump, there is no political energy in Washington to raise the debt ceiling any higher. Stockman has been ringing warning bells in several recent interviews.

After the debt ceiling freezes, the government will have to rely on Treasury reserves to fund its operation. According to Stockman, the Treasury currently holds about $200 billion in cash. Since the government spends $75 billion a month, our treasury reserves will run out over the summer.

Stockman claims that the Federal Reserve will have to raise interest rates on March 15th. There will be no more stimulus. Without any stimulus, the mountain of hope upon which the markets are perched will crumble into dust.

After the markets collapse and the Treasury runs out of money, Stockman says that Trump will receive the authority to allocate spending. This will set the stage for an immense political showdown that Stockman describes as a political “maelstrom.”

Personally, I don’t see the Federal Reserve just allowing this to happen. While David Stockman insists that the Fed will raise rates in March, it was unclear how much he thinks they will be raised. Currently, March rate hike odds are locked in at 90% for another small rate hike of 25 basis points.

While the FOMC could raise rates in March, it is too little, too late. Interest rates have been at or near zero for the past 100 months. If Congress is unable to raise the debt ceiling, I would predict that Yellen will step in with QE4. In fact, Deutsche Bank analysts have reported that the Fed has primed $1 trillion dollars for QE4 to be used during the next recession.

Additionally, I do not think Congress would fail to raise the debt ceiling. While establishment opposition to Trump is deep-seated, I don’t see the elites sinking the whole ship unless it is part of their plan. If sinking the ship is part of the grand plan, I think they would jack rates up substantially and let the asset bubble collapse once their investments have been protected.

While I am an amateur “Fed watcher,” and no financial expert, I remain skeptical of David Stockman’s predicted scenario. Since Janet Yellen just finished giving a speech on March’s expected rate hike, I assume that Peter Schiff will be coming out with a podcast episode later on this afternoon, which I will link here.

If you would like to watch David Stockman’s dire prediction, you may find his interview with USAwatchdog.com below:

David Stockman has most recently released a book: Trumped! A Nation on the Brink of Ruin…and How to Bring It Back. You can pick up a copy from my Amazon Affiliate link below.

 

Stockman also runs http://davidstockmanscontracorner.com/–a subscription blog which offers some free content.

That just about does it for today’s content. Have yourselves a great weekend. If Mr. Schiff releases a podcast later today, I will re-issue this article with a recap.

Thanks for stopping by Liberty Weekly. We’ll see you next time.

 

 

 

“Arrival,” Market Anarchy, and the Kardashev Scale

So, apparently the Oscars were held last night.

I don’t really pay attention to what happens in Hollywood, but I like films (who doesn’t). I particularly enjoyed the murky tone and feeling of Arrival, which won an Oscar in the category of “Best Sound Editing.”

–There are no spoilers in this article–

The film employs an overarching plot device in order to tell a very intimate story of loss, personal conflict, and discovery. In this respect, it is very similar in construction to other recent films like Interstellar [2014] and Moon [2009].

Of course the overarching plot in Arrival is first contact with extraterrestrials, who arrive on Earth in 12 separate, but identical spacecraft. Even though the film itself is about first contact with aliens, the  movie’s overall message has nothing to do with aliens, and instead grapples with questions of determinism and the Sapir-Worf Hypothesis.

However, I wanted to use Arrival to discuss my theory that mankind’s use of government is merely an evolutionary stage in our development as a species–one that we either will, or must outgrow in order to continue our existence.

While the alien species does seem to be organized in some general way, it is not apparent in the film whether if that organization is governmental. There is nothing in the film to suggest that it is. I would argue that interstellar travel would effectively be impossible unless human civilization can shed itself from the yoke of government.

As I touched on in an earlier piece, Star Wars–Rogue One: Why I Wouldn’t Join the Rebel Alliance, I do not think that a single government could encompass an entire planet, much less a planetary system, star cluster, or an entire galaxy.

I believe that the rise of populist nationalism signifies the unsustainable nature of global governance. Across history, humans time and time again have yearned for local governance. There is a reason that colonies almost always become independent nations.

Therefore, the future of human civilization is decentralization or radical secession down to the level of the individual. In fact, this is a necessity if we are to evolve to level I on the Kardashev scale of civilizational advancement and harvest all the Sun’s energy that falls upon Earth.

In fact, this idea was blindly stumbled upon by Stephen Hawking, who isn’t necessarily a champion of liberty. In 2015  he stated that “human aggression could destroy us all.” Did he stumble upon the non-aggression principle?

Stephen Hawking is considered by many to be the most intelligent human being alive, but is wrong from time to time. Politically speaking, he supports universal health care and political action against “climate change.”

He has also been wrong scientifically with his condemnation of the black hole information paradox which relates to the idea of the holographic universe and string theory.

Ron Paul and Daniel McAdams discuss Hawking’s 2015 comments below (apologies for the poor audio):

Hopefully the rise of national populist movements is a net-positive for liberty and leads to decentralization, which we know is a  necessary prerequisite for liberty and real human progress.

That concludes today’s content. Thanks for stopping by Liberty Weekly. Have a great Monday evening!