Category Archives: Events

World Events

RFK On the Mindless Menace of Violence

Last night we had the pleasure of viewing “Bobby,” a movie which recounts imagined events which occured and persons who were at the Ambassador Hotel the fateful night of June 5, 1968 when Senator Robert F. Kennedy was assassinated at a campaign rally there.

The film was directed by Emilio Estevez and had a cast which was loaded with stars a diverse group of stars including Harry Belafonte, Heather Graham, Helen Hunt, Anthony Hopkins, Demi Moore, Lindsay Lohan, Christian Slater, Elijah Wood, and Estevez himself.

Despite the star-studded cast, it was Senator Kennedy himself who stole the show.  While the entire story revolved around Kennedy, no actor was chosen to play him.  Instead, Estevez included original footage and voice recoordings of Kennedy himself, essentially letting Senator Kennedy star in the film.

Estevez pulled this effect off in spectacular fashion as the presence of Kennedy in the film overwhelms the formidable supporting cast.  In retrospect, the film would have been severly hanicapped had an actor attempted to potray Kennedy.

At the end of the film, a montage of photos is run while the audio of a speech which Senator Kennedy gave at the City Club of Cleveland on the day after Martin Luther King, Jr. was assasinated, April 5, 1968.  It is titled “On the Mindless Menace of Violence,” and it is powerful.  You may read it below or listen to it by clicking here.

On the Mindless Menace of Violence

“This is a time of shame and sorrow. It is not a day for politics. I have saved this one opportunity, my only event of today, to speak briefly to you about the mindless menace of violence in America which again stains our land and every one of our lives.

It is not the concern of any one race. The victims of the violence are black and white, rich and poor, young and old, famous and unknown. They are, most important of all, human beings whom other human beings loved and needed. No one – no matter where he lives or what he does – can be certain who will suffer from some senseless act of bloodshed. And yet it goes on and on and on in this country of ours.

Why? What has violence ever accomplished? What has it ever created? No martyr’s cause has ever been stilled by an assassin’s bullet.

No wrongs have ever been righted by riots and civil disorders. A sniper is only a coward, not a hero; and an uncontrolled, uncontrollable mob is only the voice of madness, not the voice of reason.

Whenever any American’s life is taken by another American unnecessarily – whether it is done in the name of the law or in the defiance of the law, by one man or a gang, in cold blood or in passion, in an attack of violence or in response to violence – whenever we tear at the fabric of the life which another man has painfully and clumsily woven for himself and his children, the whole nation is degraded.

“Among free men,” said Abraham Lincoln, “there can be no successful appeal from the ballot to the bullet; and those who take such appeal are sure to lose their cause and pay the costs.”

Yet we seemingly tolerate a rising level of violence that ignores our common humanity and our claims to civilization alike. We calmly accept newspaper reports of civilian slaughter in far-off lands. We glorify killing on movie and television screens and call it entertainment. We make it easy for men of all shades of sanity to acquire whatever weapons and ammunition they desire.

Too often we honor swagger and bluster and wielders of force; too often we excuse those who are willing to build their own lives on the shattered dreams of others. Some Americans who preach non-violence abroad fail to practice it here at home. Some who accuse others of inciting riots have by their own conduct invited them.

Some look for scapegoats, others look for conspiracies, but this much is clear: violence breeds violence, repression brings retaliation, and only a cleansing of our whole society can remove this sickness from our soul.

For there is another kind of violence, slower but just as deadly destructive as the shot or the bomb in the night. This is the violence of institutions; indifference and inaction and slow decay. This is the violence that afflicts the poor, that poisons relations between men because their skin has different colors. This is the slow destruction of a child by hunger, and schools without books and homes without heat in the winter.

This is the breaking of a man’s spirit by denying him the chance to stand as a father and as a man among other men. And this too afflicts us all.

I have not come here to propose a set of specific remedies nor is there a single set. For a broad and adequate outline we know what must be done. When you teach a man to hate and fear his brother, when you teach that he is a lesser man because of his color or his beliefs or the policies he pursues, when you teach that those who differ from you threaten your freedom or your job or your family, then you also learn to confront others not as fellow citizens but as enemies, to be met not with cooperation but with conquest; to be subjugated and mastered.

We learn, at the last, to look at our brothers as aliens, men with whom we share a city, but not a community; men bound to us in common dwelling, but not in common effort. We learn to share only a common fear, only a common desire to retreat from each other, only a common impulse to meet disagreement with force. For all this, there are no final answers.

Yet we know what we must do. It is to achieve true justice among our fellow citizens. The question is not what programs we should seek to enact. The question is whether we can find in our own midst and in our own hearts that leadership of humane purpose that will recognize the terrible truths of our existence.

We must admit the vanity of our false distinctions among men and learn to find our own advancement in the search for the advancement of others. We must admit in ourselves that our own children’s future cannot be built on the misfortunes of others. We must recognize that this short life can neither be ennobled or enriched by hatred or revenge.

Our lives on this planet are too short and the work to be done too great to let this spirit flourish any longer in our land. Of course we cannot vanquish it with a program, nor with a resolution.

But we can perhaps remember, if only for a time, that those who live with us are our brothers, that they share with us the same short moment of life; that they seek, as do we, nothing but the chance to live out their lives in purpose and in happiness, winning what satisfaction and fulfillment they can.

Surely, this bond of common faith, this bond of common goal, can begin to teach us something. Surely, we can learn, at least, to look at those around us as fellow men, and surely we can begin to work a little harder to bind up the wounds among us and to become in our own hearts brothers and countrymen once again.”

We wish each and every one of you a safe and prosperous new year.

A rebuttal: Ciencias y Cosas: Islandia triplica su crecimiento gracias al FMI y no por encarcelar políticos y banqueros

After our last post regarding Iceland tripling its GDP growth after changing its constitution and throwing corrupt bankers and politicians in prison, we received the IMF’S counter-rumor that it was due to their intervention that Iceland is prospering while Europe continues on the brink of monetary collaspse.

The fact that they cite Paul Krugman should tell the reader all they need to know.  Krugman celebrated the fact that Iceland was implementing capital controls ala Castro’s Cuba.

Socialism can appear to function for a very long time on a small scale, but over time it leaves everyone poor and bitter.  The IMF by definition is the largest sponsor of socialism in the world.

Nonetheless, we present the IMF apologists version here so you can decide for yourself.  Again, in Spanish: http://cienciasycosas.blogspotr.com/2011/12/islandia-triplica-su-crecimiento.html?m=1

MF Global Hearings move to the Senate: Bombs dropping left and right amongst the deaf

12/13/2011 Portland, Oregon – Pop in your mints…

Today the Agricultural committee of the US Senate played host to what has become the political and financial spectacle of the year:  The Hearings on the MF Global collapse.  We have equated these hearings to professional wrestling.  While high in entertainment value, the spectators are left to wonder how much of it is real and how much of the action is staged.

 

Today, Jon Corzine, MF Global’s former CEO, the ultimate insider who has become the poster boy for the corporate and political corruption that seems to rule the day, was joined by Bradley Abelow, former President and COO of MF Global and Henri Steenkamp, who is still acting as the firm’s CFO.

 You can watch the sad spectacle on C-SPAN at the following link: http://www.c-span.org/Events/Senate-Looks-into-MF-Global-Bankruptcy/10737426222/

 

Jon Corzine takes a quick thumb to the eye at MF Global’s Wrestlmania

It appears that the addition of two more members of MF Global’s senior management team was intended to give the illusion that there may be more information forthcoming at this hearing than at the earlier hearing held by the House Agricultural Committee.  That illusion was quickly dispelled as soon as each of them opened their mouths.

 In summary, they are very, very sorry.  They are aware that this situation has undermined confidence in the markets.  They do not know where the $1.2 billion of missing client funds are.  They are pretty sure that the funds went missing from their treasury group, where the funds are held.

 Strangely, the Patriot Act of 2001, in addition to steamrolling the US Constitution, included provisions which required every banking institution in the US to “know their customer,” which in practice means that no transfer from US accounts could have taken place without the authorities being able to quickly track who the money went to.  This provision, which on its face would make theft and money laundering in US Financial institutions impossible, makes “not knowing” who the money went to an untenable defense.

Nonetheless, Corzine and his cohorts stated again and again that they have no idea where it went.

The only revelation, apart from the names of a few MF Global employees who were offered as sacrificial lambs before the inquisition style questioning, was that the CFO of North American division was apparently on vacation when the funds went missing. 

 

They never mentioned whether or not this individual had returned.

 

Corzine went as far to say that nothing he said, such as “I don’t care where you get the money, we have to make this margin call,” for example, “should have been construed” as permission to transfer client funds into MF Global operating accounts and then out to counterparties.  He is obviously slipping towards a plea and hoping to do time with his Goldman buddies at a posh jail in Manhattan.

 

By the end of the morning, nothing that was said, either by a member of the Senate or former MF Global executive, served to instill any measure of confidence.

 

The afternoon, however, looked promising.  The regulators who were on the case and had their noses close to the ground were set to testify.  CME Group Executive Chairman Terrence Duffy, MF Global Trustee James Giddens and CFTC Commissioner Jill Sommers sat down before the committee and took the obligatory oath.

 

Mr. Giddens lead off, restating the obvious.  He is in charge of ensuring that MF Global assets are liquidated and that the proceeds distributed to the creditors based on the criteria laid out in the US Bankruptcy code.  He would later state that efforts to recover assets abroad had been blocked by sovereign governments (those across the Atlantic), who are likely protecting their banks from what would be a devastating clawback of funds.

 

Then, just as we thought that the afternoon would be a snoozefest, Mr. Duffy of the CME Group dropped a bombshell.  In his opening remarks, he stated that he was “in the room” when a CME employee was on the phone with an MF Global employee who stated that Mr. Corzine had direct knowledge that client funds were missing (or in industry parlance, “loaned out”) well before the weekend of October 31st.

 

This directly contradicted Mr. Corzine’s testimony under oath in which he stated that he had “no knowledge” of the missing client funds until that fateful weekend.

 

Et tu, Brute?

 

The diversion only lasted for a moment.  The committee then proceeded to flagellate Mr. Duffy and the CME Group for defending the idea that their exchanges can properly self regulate themselves.

 

Mrs. Sommers of the CFTC was then flagellated by the committee for the failure of the government agency to regulate entities such as the CME Group and MF Global which are supposed to, if we understand correctly, self regulate themselves.

 

As today’s chapter of the spectacle came to a close, there were more questions than answers.  Like the old WWF, no scores were permanently settled and we will have to tune in Friday to see how the next stage in this drama unfolds.  It promises to be exciting, as the committee includes none other than Ron Paul (R-TX), the one man in Congress who may actually understand what happened.

 

The Witness list for Friday can be found here.

 

For those who have not been following, the MF Global situation is extremely important because a number of things that investors have been able to count on have been called into question.  A brief list of these now invalid assumptions:

 

          Client funds are properly segregated from a brokerage company’s operating funds.

          Exchanges such as the CME Group will backstop (make whole) clients in the event that one of their approved brokerage firms goes bankrupt.

          Exchanges will halt trading in the event of a bankruptcy until any missing client funds can be accounted for and that trades from customers of the bankrupt brokerage can be executed.

          Once a brokerage firm declares bankruptcy, all assets must be handed immediately over to a trustee who from that moment on has a fiduciary duty to sell the bankrupt firms assets to the highest bidder to satisfy as many creditors as possible.

          Regulatory agencies such as the CFTC have controls and monitoring in place which will prevent clients from suffering losses if a brokerage firm misappropriates their funds.

          Sarbanes Oxley has effectively eliminated corporate fraud.

          The commodity exchanges, such as the CME Group, can effectively self regulate.

          Theft is illegal.

 

Every day which passes in which there is not a full recovery of the client funds held by MF Global adds to the list of questions.  And every day that passes serves to call further into question the ability of all brokerage houses, exchanges, and government regulators to make good on their promises.

 

The MF Global situation is not simply about the bankruptcy of a large brokerage, it is about whether or not the rule of law can be trusted to operate in the financial markets of the United States of America.

 

For all of the bankruptcies and bank seizures that have occurred in the wake of the 2008 financial crisis, in most cases there has been confidence that the framework of the markets could be trusted, and that the myriad of regulatory entities which are supposed to make Capitalism safe for all have everyting under control.

 

After MF Global, one has to question whether any asset, paper or physical, entrusted to a financial institution is safe.

 

In related news, Mr. Giddens (the MF Global Trustee above) announced today that JP Morgan would be probed in the MF Global investigation.

 

This can only serve to further disrupt futures markets.  Is the end of the current system nigh?

 

Stay tuned and Trust Jesus.

Stay Fresh!

David Mint

Email: davidminteconomics@gmail.com

Key Indicators for December 13, 2011

Copper Price per Lb: $3.43
Oil Price per Barrel:  $100.02

Corn Price per Bushel:  $5.88  
10 Yr US Treasury Bond:  1.96%

FED Target Rate:  0.07%  ON AUTOPILOT, THE FED IS DEAD!

Gold Price Per Ounce:  $1,632 PERMANENT UNCERTAINTY

MINT Perceived Target Rate*:  2.00%
Unemployment Rate:  8.6%
Inflation Rate (CPI):  -0.1%
Dow Jones Industrial Average:  11,995  

M1 Monetary Base:  $2,255,500,000,000 RED ALERT!!!  THE ANIMALS ARE LEAVING THE ZOO!!!
M2 Monetary Base:  $9,623,700,000,000 YIKES UP $1 Trillion in one year!!!!!!!

O Christmas Tree!

Its that time of year, chestnuts roasting on an open fire, Jack Frost nipping at your nose.  Time to deck the halls, stir the eggnog, and trim the tree.  The Christmas season is a special time of year where time honored traditions surround us.

One of those traditions is conveniently located down the road in Helvetia:  The Helvetia Christmas Tree Farm’s Enchanted Evening.

Like its summertime counterpart, The Oregon Lavender Festival, the Enchanted Evening takes place at the farm of Don and Nancy Miller located at 12814 NW Bishop Road in Hillsboro.

The Enchanted Evening is a wonderful family event which rings in the season with joy, singing, and hobby trains.  The festive atmosphere makes it easy for one to focus on finding what is often the first and most important component of the holiday decor:  The Tree.

Its that time of year, chestnuts roasting on an open fire, Jack Frost nipping at your nose.  Time to deck the halls, stir the eggnog, and trim the tree.  The Christmas season is a special time of year where time honored traditions surround us.

One of those traditions is conveniently located down the road in Helvetia:  The Helvetia Christmas Tree Farm’s Enchanted Evening.

Like its summertime counterpart, The Oregon Lavender Festival, the Enchanted Evening takes place at the farm of Don and Nancy Miller located at 12814 NW Bishop Road in Hillsboro.

The Enchanted Evening is a wonderful family event which rings in the season with joy, singing, and hobby trains.  The festive atmosphere makes it easy for one to focus on finding what is often the first and most important component of the holiday decor:  The Tree.

As many can attest, a well chosen tree can turn the holiday season from just another year among many into a Christmas to remember.

With fields full of Nobles and Grands the Helvetia Christmas Tree Farm is bound to have a tree that will look great in your living room.  If cutting the tree is not up your alley, the staff will provide as much assistance as necessary.

Once your tree is shaken, baled, and firmly tied to the roof of the car, you can warm up with some hot cocoa and take a stroll through the gift shop, where all of the proceeds go to benefit children in Africa and the Ukraine.

The Helvetia Christmas Tree Farm’s Enchanted Evening, a local tradition with an international impact.

EU Treaty Exposes English and French Differences

12/9/2011 Portland, Oregon – Pop in your mints…

As many are aware, the EU ramrod “save the currency” treaty was quickly accepted by the countries who are all in on the Euro, while those who saw that drinking the Euro koolaid was likely to kill them, namely England, rejected the treaty.

For us, this exposed the fundamental differences in the English and those on the continent.

One of these differences being that the French tend to think of children as innocents who become corrupted as they age (which is why they are more apt to tolerate the immoral shenanigans of their governing class more than the Brits or Americans do), the English understand that children, as much as adults, are capable of both good and evil at any age.  They hope for the best and, at their best, prepare for the worst.

This is why the French could not believe the premise of the Lord of the Flies.  Why were these children portrayed as being aggressive to eachother?

While this observation is neither here nor there, we leave you with the French and English leaders as they interacted at the EU summit.

 

Stay tuned and Trust Jesus.

Stay Fresh!

David Mint

Email: davidminteconomics@gmail.com

Key Indicators for December 9, 2011

Copper Price per Lb: $3.57
Oil Price per Barrel:  $99.41

Corn Price per Bushel:  $5.85
10 Yr US Treasury Bond:  2.05%
FED Target Rate:  0.07%  ON AUTOPILOT, THE FED IS DEAD!

Gold Price Per Ounce:  $1,711 PERMANENT UNCERTAINTY

MINT Perceived Target Rate*:  2.00%
Unemployment Rate:  8.6%
Inflation Rate (CPI):  -0.1%
Dow Jones Industrial Average:  12,184

M1 Monetary Base:  $2,255,500,000,000 RED ALERT!!!  THE ANIMALS ARE LEAVING THE ZOO!!!
M2 Monetary Base:  $9,623,700,000,000 YIKES UP $1 Trillion in one year!!!!!!!

John Corzine Testifies to a Congressional Panel on MF Global Collapse

12/8/2011 Portland, Oregon – Pop in your mints…

Today the world witnessed one of the most surreal spectacles that we can imagine.  John Corzine, former CEO of MF Global, the Primary Dealer which went bankrupt on October 31st and is now missing $1.2 billion of client funds, was called on to testify by a group of men in the US Congress who are trying to understand what went wrong and how they can prevent it from occuring again.

You can see the agonizing hearing in all of its glory by clicking the link below.  Our humble observations:

1.  Neither Mr. Corzine or Congress said anything that should give any measure of confidence to participants in the global financial markets.

2.  Mr. Corzine is sorry this happened.

3.  One of the members of the panel stated the obvious “we got to find that money.”  Understatement of the year.

4.  Mr. Corzine is so confident that the client funds will be recovered that he mumbled, after being pressed by a member of the panel, that he and the other executives would personally reimburse clients in the event that it wasn’t (NOT!)

5.  Questions about the Federal Reserve’s ability to properly vet firms who are qualified to be Primary Dealers.

We didn’t know whether to laugh or cry.  Mr. Corzine looked like a large elf from the camera angle and the members of congress, in most cases, sounded less than up to the task of understanding what happened, much less being able to craft legislation which would prevent a similar event in the future.

It was like watching political professional wrestling.  The entertainment value was fairly high, excitement filled the room, but it left you wondering if what you saw was real or simply scripted and well acted by all involved.

All in all, it was a synopsis of the level corruption and ignorance that grace the halls of power in America circa 2011.

See the entire sorry spectacle courtesy of C-Span:  http://www.c-span.org/Events/Fmr-Senator-Corzine-to-Testify-in-MF-Global-Investigation/10737426111-1/

Perhaps now the Farmer and the Cowman will befriend each other, grab their pitchforks, and storm capital hill until their $1.2 billion is returned.

Stay tuned and Trust Jesus.

Stay Fresh!

David Mint

Email: davidminteconomics@gmail.com

Key Indicators for December 8, 2011

Copper Price per Lb: $3.49
Oil Price per Barrel:  $98.57

Corn Price per Bushel:  $5.90  
10 Yr US Treasury Bond:  1.97%

FED Target Rate:  0.08%  ON AUTOPILOT, THE FED IS DEAD!

Gold Price Per Ounce:  $1,706 PERMANENT UNCERTAINTY

MINT Perceived Target Rate*:  2.00%
Unemployment Rate:  8.6%
Inflation Rate (CPI):  -0.1%
Dow Jones Industrial Average:  11,998  

M1 Monetary Base:  $2,255,500,000,000 RED ALERT!!!  THE ANIMALS ARE LEAVING THE ZOO!!!
M2 Monetary Base:  $9,623,700,000,000 YIKES UP $1 Trillion in one year!!!!!!!

Losing even blind faith in the Euro and USD, remembering Pearl Harbor

12/7/2011 Portland, Oregon – Pop in your mints…

Today we continue to watch the relative calm in both the stock and bond markets with our jaw hanging just inches from the floor.  In our estimation, the calm, or homeostasis, is perhaps the only thing that is completely inexplicable under the current state of affairs.

Just what is that state of affairs, you ask?  A few off the top of our head:

          Downgrades or the threat of downgrades to nearly every sovereign bond on the planet

          A resulting dearth of quality assets to be used as collateral in the financial system

          A debt based economy collectively attempting to live within its means

          The resulting collapse of the debt based economy

          An imminent war in Persia

But these are simply large events that are leading to a great number of small decisions which are in turn causing more unforeseen large scale events, etc.  The result being that, much to the chagrin of the financial authorities, a majority of the world is embracing frugality.

A quick recap for those are joining us for the first time, the powers that be, the current currency regime, rely on an ever expanding amount of debt in order to continue to function.  It is a system that is based on trust and blind faith, for it offers nothing of lasting value.

In the short term, the system, if functioning properly, allows a great deal of power to be centralized.  It also encourages, albeit indirectly, nearly every sort of vice and shuns virtue.  The system tends to reward bad behavior and to promote into leadership those who are least likely to possess a moral compass.

The system is no longer functioning as designed.  The reach of the currency regime is shrinking and will continue to shrink until the only ones who maintain faith in it are the most morally decrepit individuals and institutions on the planet.  They will continue to trade their increasingly worthless paper until they realize that they are simply shuffling paper amongst themselves, long after they have completely lost any semblance of control that they had on the situation.

Much of this paper shuffling is running through the stock and bond markets, and seemingly these markets are calm.  However, the illusion of stability is being maintained at the cost of trillions of new dollars and Euros being created which are rapidly losing value against anything tangible.

In the United States, the dollar will begin to significantly deteriorate sometime in March, according to our crude calculations.  The Euro, whose handlers have been late to start the game of shameless currency debasement, is more likely to implode with the European banking system as they gag on the sewage of assets that are on their balance sheets.

The great irony of the current currency regime is that a currency which has attempted to maintain its value will become extinct, shunned for one whose value is plummeting.

The Euro and US Dollar are showing the world the two paths that a currency regime can follow to destruction.  It will be interesting to see which car ceases to operate first, the motor that runs out of gas or the one that has its gas tank overflow and goes up in flames.

Either way the economy, which is the motor of the vehicle in the metaphor we have just jumped to, is currently being retooled to run on another type of combustible, one that will last much longer than the current blend of currency gasoline which is nothing more than flammable vapors.  If the currency, and the assets which back it have real value, the economic motor will be allowed to run at a more even pace.

Gold and Silver, ready or not, here we come.  Until then, the economy is sputtering and running on fumes.

Pearl Harbor

We cannot let today pass without a few brief words about Pearl Harbor.  Like 9/11, Pearl Harbor served as a national wake-up call.  Both served as the justifications for the largest military actions and suppressions of freedom (which seem to go hand in hand) that America has known. 

The explosion of the USS Shaw during the attack on Pearl Harbor, courtesy of the US National Archives

As this day that lives in infamy passes, we pause to honor those who perished in these events and the subsequent military actions which occurred as a result of these events.  May they rest in peace, and may mankind learn to avoid the suffering and sacrifices they had to endure at all costs.

War is not necessary and must be undertaken only after every other attempt to engage and deter an aggressor has been exhausted.  It is an act of desperation, not a form of economic stimulus, and it troubles us that the widespread loss of life and property has been referred to as the force which lifted the US out of the great depression.

Those who hold to such a theory are not only following an indefensible logic, they are hurling the ultimate insult to men and women who have fought to defend Freedom throughout history.  For any “stimulus” which has been observed is not the result of the decision of a politician to go to war, rather, it is a result their tireless efforts and indomitable spirits which lifted this and many other countries from the ashes of war.

We pray that more of these heroic efforts and indomitable spirits will not be squandered in Persia.

Stay tuned and Trust Jesus.

Stay Fresh!

David Mint

Email: davidminteconomics@gmail.com

Key Indicators for December 7, 2011

Copper Price per Lb: $3.53
Oil Price per Barrel:  $100.51

Corn Price per Bushel:  $5.82  
10 Yr US Treasury Bond:  2.12%

FED Target Rate:  0.08%  ON AUTOPILOT, THE FED IS DEAD!

Gold Price Per Ounce:  $1,742PERMANENT UNCERTAINTY

MINT Perceived Target Rate*:  2.00%
Unemployment Rate:  8.6%
Inflation Rate (CPI):  -0.1%
Dow Jones Industrial Average:  12,020  

M1 Monetary Base:  $2,155,200,000,000 RED ALERT!!!  THE ANIMALS ARE LEAVING THE ZOO!!!
M2 Monetary Base:  $9,627,300,000,000YIKES UP $1 Trillion in one year!!!!

Watch “Italy’s Welfare Minister Elsa Fornero In Tears Over Austerity Sacrifices” on YouTube

Elsa Fornero breaks down a she announces Italy’s proposed austerity measures. Nobody in the government likes to see austerity, nobody.

Happy Thanksgiving! The Mint’s Debut at the Moral Liberal

Happy Thanksgiving from The Mint!

We are pleased to let you know that we have contributed the first of what we hope will be many articles for publication at The Moral Liberal.  The first of which you can see by clicking here:

The Tenets and Benefits of True Capitalism

We are grateful for Steve Farrell, who has given us a rare opportunity to contribute to a forum in which we find ourselves aligning ideologically on a great number of issues and are excited for the opportunity to share and further the ideas of freedom and liberty with a greater audience.  Please take time to browse their site as it is full of interesting articles.

Observant readers will notice that our submission has been modified slightly from its original form to remove references to Anarchy, which the Moral Liberal is strictly against.  It is a subtle difference in ideology which we are quite comfortable with.  The general debate, as it has been amongst Libertarians for a good while now, is whether or not the Government must necessarily exist.

Our position here at The Mint is that Anarchy is man’s natural state apart from God.  Government has jumped in to fill the void which naturally begs to be filled in the absence of structure.  We agree with The Moral Liberal that Anarchy is not a desirable nor sustainable state of affairs, but we cannot ignore the fact that it is man’s natural state in the absence of structure.  However, it is not not essential to advancing the cause of true freedom and we respect The Moral Liberal’s position with regards to Anarchy.

We are grateful to Mr. Farrell and everyone over at The Moral Liberal for the privilege of contributing to their site and hope that together we can continue to share ideas which will change the world.

Barnhardt.biz – Commodity Brokerage shuts down citing lack of confidence in wake of MF Global collapse

Ann Barnhardt, on how MF Global really effectively took the system down.  Her parting message is on November 17th. Time to exit and watch the madness from the sidelines:

http://barnhardt.biz/

Barnhardt.biz – Commodity Brokerage

Watch “Farage: What gives you the right to dictate to the Greek and Italian people?” on YouTube

Nigel Farage of Ireland, calling the loss of sovereignty in Europe for what it is. Will Spain be the next country to have a puppet government thrust upon it?

Occupy Portland and Mayor Adams take the high road

The Occupy Portland movement, which has been the focus of much discourse and debate since it was launched on October 6th, faces its first possible confrontation tonight.  Mayor Sam Adams has issued an eviction order to those camping in Chapman and Lownsdale squares effective at midnight tonight.

Outside Occupy Portland November 5th, 2011

Mayor Adams issued the order after a Molotov cocktail had been thrown at the World Trade Center by someone allegedly from the camp.  The Mayor has cited generally rising crime and reports of drug overdoses in and around the camp as additional reasons for ordering that the camp be disbanded.

“I cannot wait for someone to use the camp as camouflage to inflict bodily harm on others,” said Adams in his November 10th statement.

The Mayor has taken what anyone outside of Portland would have considered an unusual step of giving the protesters three days to dismantle the camp.  The protestors, in turn, have complained that three days is too little time.

It is admirable how both sides, the Mayor and police as well as the protesters, have strived to maintain the dignity of and respect for what the protestors are striving to accomplish.

By placing the focus of the action on public safety, Adams appears to be accomplishing what few mayors in the country have been able to do:  Order a peaceful transition of the Occupy Portland movement from the outside.

In a gesture that speaks to the maturity of the Occupy Portland movement, it appears that a majority of those taking part in the protest camps are heeding Mayor Adam’s eviction notice.

By choosing to embrace and cooperate with the Occupy movement, the City of Portland has a chance to not only peacefully dismantle the camps, which threaten to become a public safety hazard, but to give those drawn to the Occupy movement a model of truly peaceful and powerful resistance in place of the confrontation which has marred gatherings in other cities.

True lasting change can only come about through the superiority of ideas, not arms or the willingness to engage in violence.  This is something that Portlanders, whether they occupy a tent in Chapman Square or a house on NE Glisan, can all agree on.

Greece, Inc., Anarchy in action!

11/1/2011 Portland, Oregon – Pop in your mints…

You can’t make this stuff up.  In case you are unaware, today, Greek Prime Minister George Papandreou made a surprise call for a referendum on the most next round of bailout funding that its big Euro brothers, Germany and France, spent so much time and political capital to arrange.  From Reuters:

The Greek government faced possible collapse on Tuesday as ruling party lawmakers demanded Prime Minister George Papandreou resign for throwing the nation’s euro membership into jeopardy with a shock call for a referendum.

Caught unawares by his high-stakes gamble, the leaders of France and Germany summoned Papandreou to crisis talks in Cannes on Wednesday to push for a quick implementation of Greece’s new bailout deal ahead of a summit of the G20 major world economies.

Apparently, it was a surprise even to those in Athens, the article continues:

Papandreou did not even inform Finance Minister Evangelos Venizelos he was going to announce the referendum on the latest EU aid deal, a government official told Reuters.

“They must be crazy… this is no way to run a country,” said a senior executive of one of Greece’s biggest firms, speaking on condition of anonymity.

Yes, Anarchy is now trumping the nation state.  Let us examine the phenomenon which is currently playing out in Greece, for it is highly likely to play out in nearly every Western Democracy before Anarchy comes in to give its people a bear hug.

Allow us to present this development in terms of Greece as a Corporation to make clear the absurdity of the present situation. 

Greece Inc., the security and welfare agency, is one of the oldest in the Western world.  It is currently running an unbelievable operating deficit and is awaiting 8 Billion Euros payable in mid November under a financing deal that its largest creditors have essentially negotiated for it.

George Papandreou Jr - CEO Greece, Inc.
George Papandreou Jr - CEO Greece, Inc.

Mr. Papandreou, the CEO of Greece, Inc., along with Greece Inc.’s creditors, has been negotiating a new, complex financial deal which will allow the bankrupt corporation to continue to fund its security and welfare activities, albeit at reduced levels.  Without this deal, Greece, Inc. will run out of cash in January 2012.

Mr. Papandreou has been slashing the preferred dividends (welfare payments) and salaries of the Greece, Inc.’s shareholders and employees in order to comply with the terms of the current financing deal.

Looking ahead to January 2012, Greece Inc.’s lenders have “negotiated” yet another deal for it to be able to fund its operations past the corporation’s next D-Day.  Naturally, the deal includes a lot more “shared pain” in the form of further reductions to employee salaries and preferred dividends.  Naturally, this comes as unwelcome news to the employees and shareholders.

Sensing that he is losing control of the company, Mr. Papandreou suddenly feels the need to get “buy in” for the new deal from all affected parties.  Today, without consulting its creditors, Mr. Papandreou announced that he is presenting the complex financial deal for the formal approval of his enterprise’s (Greece) captive shareholders.

To make matters more interesting, he is scheduling the approval vote (aka the referendum) to occur at about the same time that Greece, Inc. is scheduled to run out of cash in January of 2012.  This may be the ultimate in financial brinksmanship.

Naturally, the potential funders (Germany, France, China, etal) are taken aback at the sudden “need” to gain shareholder approval.  This is something that is, while perfectly legal, completely unexpected and has introduced yet one more variable in what is already a complex deal.

Naturally, the introduction of this new variable has sparked anyone who is currently owed money by Greece, Inc. at a future date now trying to sell Greek bonds for whatever they can get for them, virtually eliminating the market for Greek debt and, in the process, making the creditors who are ready to sign the new deal with Greece, Inc. look extremely foolish. 

Beyond foolish, it naturally calls into question the motives, decision making ability, and ultimately the creditworthiness of said creditors Germany, Inc., France, Inc., and China, Inc. and their banking subsidiaries.

Crony Capitalism, there is nothing natural about it.

Stay tuned and Trust Jesus.

Stay Fresh!

David Mint

Email: davidminteconomics@gmail.com

Key Indicators for November 1, 2011

Copper Price per Lb: $3.51
Oil Price per Barrel:  $91.50

Corn Price per Bushel:  $6.54  
10 Yr US Treasury Bond:  2.00%

FED Target Rate:  0.09%  ON AUTOPILOT, THE FED IS DEAD!

Gold Price Per Ounce:  $1,720 PERMANENT UNCERTAINTY

MINT Perceived Target Rate*:  2.00%
Unemployment Rate:  9.1%
Inflation Rate (CPI):  0.3%
Dow Jones Industrial Average:  11,658  

M1 Monetary Base:  $2,071,500,000,000 RED ALERT!!!
M2 Monetary Base:  $9,607,200,000,000 YIKES UP $1 Trillion in one year!!!!!!!

All Aboard the Cow Train at the Pumpkin Patch on Sauvie Island

The Harvest Season is in full swing at The Pumpkin Patch.  The time of year when this Sauvie Island mainstay draws swarms of city-dwellers to its gourd-filled fields and welcomes them with a combination of activities and hospitality which have made it a great Northwest pumpkin patch experience for a generation.

The pumpkin patch, apart from serving as a warm up for the all important Christmas tree selection season, is a wonderful family tradition in its own right.  It involves, in no particular order, eating, hayrides, climbing hay pyramids, tromping through corn mazes, petting farm animals, and of course, locating the perfect pumpkin to display on one’s front porch.

The Pumpkin Patch on Sauvie Island
A Beautiful Autumn Day at the Pumpkin Patch on Sauvie Island

On Sauvie Island’s Pumpkin Patch Farm, located at 16511 NW Gillihan Road, the regular festival fare is supplemented by their outstanding produce market and, what just may be the highlight of the pumpkin patch season, the Cow Train.

What exactly is the Cow Train?  In literal terms it is a small tractor pulling about a dozen modified barrels with names like Bessie and Chloe over a course through pumpkin and corn fields at moderate speeds to give the rider the perfect balance of velocity and agitation.

Who thought cows and tractors could be so much fun?

If it is not in your autumn plans already, we encourage you to participate in this Great Northwest tradition at The Pumpkin Patch on Sauvie Island or any of the other great family farms in the area which open their fields annually to give the city dwellers a taste of fun on the farm.

Your pumpkin is waiting!

Occupy Portland: Widespread Discontent meets Acceptance in Portland

On October 6th, Portland joined other US cities by kicking off its own version of the increasingly popular Occupy Wall Street protests with approximately 5,000 people amassing at Tom McCall Waterfront Park where SW Ankeny meets Naito Parkway.  While no specific manifesto has come forth, the group generally comes across as unified against corporate greed and corruption.

Approaching Occupy Portland’s ground zero, it became apparent that the perhaps the only thing that unified this loose coalition of protesters was a general feeling of discontent.  It was equally apparent that general discontent can be a powerful unifying force, and that as the marches and occupation got underway, the protesters found in one another the camaraderie that is inherent in common struggle and sacrifice.

Amongst the many and varied grievances that could be observed by reading the protesters’ signs, flags, and slogans, were:  support for the cause of the Palestinians, pleas to tax the rich, outrage against corporate greed, and long-suffering environmental concerns.   While these grievances have been longstanding for certain sectors of the population, what was most striking was the breadth of demographic and socio-economic makeup of those gathering to launch Occupy Portland.

Protesters of all Stripes Gathering to kick off Occupy Portland on Thursday, October 6th 2011

 

While students resembling John Lennon and Guy Fawkes masks tended to stand out in the crowd, the presence of veterans, college students, retirees, and stay at home mothers spoke to the wide ranging discontent that has gripped Americans who are increasingly identifying themselves as the “other 99%” in sharp contrast to the top 1%, the label that has come to represent the wealthy and corporate interests.

As the exuberance of the protesters grew and their numbers at Waterfront Park began to swell, a few blocks away, up Burnside and 5th, the mood was quite different.

Despite assurances by both the protesters and Portland Mayor Sam Adams that the protests would be peaceful, financial and governmental institutions, which imagined themselves in the path of the unannounced route of the march, were taking precautions.  Banks planned to lock their doors and the increased Police and private security presence in the neighborhood was conspicuous.

There were rumors of Anarchists from Eugene coming to cause trouble.  Adding to this perceived threat was the uncertainty of the effects on transportation in the downtown core.  Needless to say, on this autumn day, Portland did not feel like the relaxed City in which we dwell.

Thankfully, these fears were unfounded.  Both Protesters and Police are to be commended for tacitly working together to maintain the peace and dignity of the protest.  Mayor Adams went as far as to waive the City’s no camping ordinance so that protesters could pitch their tents and stay the night.

Whatever the outcome, it is refreshing to see that Occupy Portland is helping so many people to find their voice and the City of Portland, true to form, welcoming them with open arms.

Watch “Ron Paul: We Have Crossed the Rubicon towards Empire and Tyranny” on YouTube

Ron Paul further expounding on his platform of Liberty at the National Press Club.  Brilliant:

Watch “Ron Paul: Gov. doesn’t have authority to tell us what to do” on YouTube

This is why Ron Paul will be the next President: