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Jim Cook



Every once in a while I switch the TV channel from Fox to CNBC to see what the liberals are saying.  After listening awhile I get a deep sense of hopelessness and foreboding for our country.  The most important thing for the left is giving money to people.  They are happy to see the growth of food stamps, disability payments, housing subsidies, free healthcare and all the other welfare benefits.  They utterly fail to see the damage it is doing to the recipients.  Whole cities that once flourished have deteriorated into rotting eyesores populated with shambling hulks of chemically dependent drones.  These people are no longer employable.  They have become incompetent and helpless and the liberals can’t see that it’s their doing.

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The Best of Jim Cook Archive

Best of Bill Buckler
December 3, 2008
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We live in astonishing financial times. In its latest reports, the US Fed has let it be known that total Fed lending has climbed above $US 2 TRILLION for the first time. That is a rise of 140 percent - or $US 1.172 TRILLION - in SEVEN WEEKS!! The total includes a $US 788 Billion increase in loans to banks through the Fed and another $US 474 Billion in other lending, mostly through the central bank's purchase of Fannie and Freddie bonds. Here comes the problem. The Fed has refused to identify the recipients of almost $US 2 TRILLION of emergency loans and what the Fed has accepted as collateral!

Bloomberg has sued the Fed under the US Freedom of Information Act, trying to get this information, but the issue is stuck in Federal Court. Somebody out there got this $US 2 TRILLION from the Fed but they are not talking. The Fed, in turn, got some financial paper as collateral, but it won't say what it is…..

Governments across the world are now diving into deficit spending, chosen as a means with which to "stimulate" their national economies. The US is leading the global parade. Only two weeks ago, the deficit estimates for next year were between $US 1.5 TRILLION to an average of $US 2.1 TRILLION. But in an interview last weekend, President-elect Obama said that the government should not worry about deficits over the next two years while spending money to

jumpstart the ailing economy.

This is economic primitivism of the first order. It presupposes that the basic problem is that there is not enough money in circulation, so the government will borrow that money and spend it all into circulation. Presto, the economic problem is solved. The REAL problem is the mountain of debts piled on top of American households and businesses and the stark lack of savings. The solution is to cut taxes as well as spending but to cut spending faster than taxes to leave more real economic and financial resources in private and individual hands so that they can repair their balance sheets. On top of that, interest rates must be raised - not lowered - to reward savers for producing more than they now consume.

Ó 2008 – The Privateer

(reproduced with permission)


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