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Bloomberg Reports: The Gold Standard Is Popular Again

in Business and Economy, Economic Liberty, Liberator Online, Trade & Tarrifs by Advocates HQ Comments are off

Bloomberg Reports: The Gold Standard Is Popular Again

This article was featured in our weekly newsletter, the Liberator Online. To receive it in your inbox, sign up here.

Bloomberg has published an article recently discussing the gold standard, its critics, and its backers. And according to the media company’s assessment, “one of the oldest ideas about money” appears to be finally making a comeback.

GoldAssociating the idea of sound money to a “fringe movement,” mainstream economists and former White House officials are quoted in the article as saying that while they do not like the idea of establishing the gold standard, that’s what “we’ll increasingly talk about” in the future.

According to Tony Fratto, who worked as a Treasury and White House official during the George W. Bush administration, the gold standard “let to some of the worst economic downturns and bouts of deflation in history.”

But the kind of deflation he is talking about isn’t a bad thing.

When discussing economics, many believe that both deflation and inflation are all about the drop and rise in prices. Once you look into the definition of these terms, you’re given an opportunity to understand why Fratto is wrong.

When “Austrian economists talk about inflation or deflation,” the Executive Director at the Carl Menger Center for the Study of Money and Banking Paul-Martin Foss once wrote, “they mean an increase or decrease in the money supply.” Therefore deflation, which is a contraction of money supply is, in fact, dangerous. But when mainstream economics use the term, they use it in reference to a fall in prices, not in money supply.

So what Fratto appears to be particularly afraid of isn’t the contraction in supply of cash, but a fall in prices.

He must really hate competition!

As Foss explained in another article, “the gold standard did not fall away because it was inefficient or counterproductive; it was actively destroyed by governments which did not want to continue to be bound by its strictures.” I

f the gold standard is in place, governments are restricted, and their creative methods of expanding power and reach are, as a result, also restricted. What brought the gold standard to an end wasn’t a drop in prices. Instead, governments sought more control and influence. Getting rid of the gold standard gave them power over the currency and over those who use it.

While the Bloomberg piece claims the idea of restoring the gold standard “is almost inconceivable,” the monetary theory’s growing popularity may be a sign that times are, indeed, changing. Take Russia and China for instance. While neither one of those nations are currently serious about instating the gold standard, they are leading the central bank gold buying spree.

As the price of gold increases, more and more individuals begin to wonder whether they too should get into the practice, exchanging failed, inflated, and worthless fiat currency for a commodity whose value has stood the test of time.

Perhaps Bloomberg’s Michelle Jamrisko is right and the gold standard is, indeed, making a comeback. We just hope it sticks this time.

As Presidential Candidates Promise to Use Torture, Pentagon Releases Photos of Detainee Abuse

in Liberator Online, News You Can Use by Comments are off

As Presidential Candidates Promise to Use Torture, Pentagon Releases Photos of Detainee Abuse

This article was featured in our weekly newsletter, the Liberator Online. To receive it in your inbox, sign up here.

The Pentagon recently released nearly 200 photos related to its investigation into the US use—and abuse—of torture against detainees in Iraq and Afghanistan. According to The Intercept, the released images are the most innocuous of the more than 2,000 images the government has been fighting to keep confidential.

The pictures were taken between 2003 and 2006. Most of them are close-up shots of detainees’ limbs. Some of them show scabs or bruises. Faces are covered with black bars to keep the detainees’ identities under wraps.

Torture

According to government attorneys, the release of the 2,000 photos documenting the abuse would harm national security. Admitting that the actions perpetrated by US forces against detainees are used as a recruitment tool, government attorneys have argued that the release of the bulk of images would be used as propaganda by the Islamic State or al Qaeda.

In 2004, the American Civil Liberties Union (ACLU) filed a Freedom of Information Act lawsuit to force the Defense Department to release the 2,000 photographs in the agency’s possession. The request was filed after images from the prison at Abu Ghraib leaked.

According to Vice News, many of the unreleased images show soldiers posing with dead bodies, while others show soldiers punching and kicking prisoners. Many allegedly show detainees stripping naked next to female guards. None of those incidents were documented in the 198 photos released by the Pentagon in response to ACLU’s lawsuit.

To Katherine Hawkins, the senior counsel at the Constitution Project, released images “are only about 10 percent, and presumably the least graphic 10 percent, of the larger set the ACLU sued for.” Despite the lack of graphic content, Hawkins says released photos are enough to prove US forces abused their power.

While the Barack Obama administration initially promised to release the images by 2009, it changed its stance.

The change of heart is reportedly due to pressure from the top US commander in Iraq, Bush-era holdovers at the Defense Department, and the then-Iraqi Prime Minister Nouri al-Maliki.

After the change of policy, the administration reported that the publication of the images would not add “any additional benefit” to the public understanding of what happened. The administration reported that abuse was perpetrated by “a small number of individuals.” The administration also confirmed that the release of the images would “inflame anti-American opinion,” which could put troops in danger.

The Defense Department has claimed that the investigations tied to the released images were associated with 14 allegations of abuse that resulted in “some form of disciplinary action.” At least 65 service members were reprimanded in some capacity.

As presidential election debates force candidates to share their views on torture and whether US forces should make use of it in the country’s efforts to combat terrorism, many believe candidates sound somewhat desperate to please the pro-war crowd. Among conservatives, however, many have made the case against torture in the past by claiming that the policy signals that the “beacon of freedom is lowering the legal bar on what it means to be a human being.”

Senator Rand Paul, one of the few Republican presidential candidates who made anti-torture comments in the past, has recently dropped out of the race. Democratic candidate Hillary Clinton has had different opinions on the use of torture in the past, while Senator Bernie Sanders opposes the practice.

Despite the antiwar rhetoric, candidates like Sanders have voted to fund wars and US bombing campaigns in the past.

Without a consistent voice against torture and intervention in the election cycle, Americans lose the opportunity to hear different perspectives. With so many candidates making pro-torture comments, it’s hard to see the mainstream political discourse shifting any time soon.

Oh, for the Love of Everything: CNN Poll Finds Bush with a Positive Favorability Rating

in Foreign Policy, Issues, Liberator Online, News You Can Use, War by Comments are off

Oh, for the Love of Everything: CNN Poll Finds Bush with a Positive Favorability Rating

This article was featured in our weekly newsletter, the Liberator Online. To receive it in your inbox, sign up here.

Remember President George W. Bush? He’s the guy who ran huge budget deficits because of his addiction to spending, led the country into an unnecessary war in Iraq that led to the deaths of nearly 4,500 American soldiers, greatly expanded the powers of the executive, and bailed out Wall Street.

With a record like that, which only touches the surface of how bad of a president Bush was, one would think Americans wouldn’t think too fondly of him. Well, apparently, one would be wrong.

CNN

A new CNN poll finds that Bush, who left office in January 2009, actually view Bush positively. “According to the poll, 52% of adults had a favorable impression of George W. Bush, 43% unfavorable,” CNN reported on Wednesday. “When Bush left office in 2009, only about a third of Americans said they had a positive opinion of him.”

Amazingly, it’s not just Republicans and conservatives driving Bush’s numbers upwards. CNN notes that his favorability has grown even among those who opposed most of his policies.

“Bush remains broadly unpopular among groups that made up his main opponents during his time in office: Democrats (70% unfavorable), liberals (68% unfavorable) non-whites (54% unfavorable), and those under age 35 (53% unfavorable),” CNN explained. “But even among these groups, he’s gained some ground since leaving office. In February 2009, 85% of Democrats and 90% of liberals had a negative take on the president, as did 75% of non-whites and more than 6 in 10 young adults.”

Some would argue that President Barack Obama, who received an even split at 49%, is just that bad. Certainly, Obama hasn’t been an improvement over his predecessor and, in many ways, has been much worse. But the absence of Bush in the Oval Office doesn’t mean that voters should have a favorable view of him.

The tension in the Middle East over the Islamic State of Iraq and the Levant (ISIL) may be part of the reason why Bush is rising and Obama is falling. At the same time, voters should remember that Iraq and the rise of ISIL is a failure of the Bush administration.

Certainly, Obama’s foreign policy has been hawkish in some respects, such as Libya, and disastrous in others, like Ukraine, where tensions with Russia have boiled over. But that it doesn’t compare to the utter disgrace that was Bush’s foreign policy.

And again, it’s not just Bush’s foreign policy. He was bad on almost everything. It’s been said voters have a short-term memory; that they’re willing to forgive and move on. That may be true, but failing to remember the lessons of bad presidents means we’re doomed to repeat them again and again.

The Vast Graveyard

in Communicating Liberty, Liberator Online, One Minute Liberty Tip by Sharon Harris Comments are off

(From the President’s Corner section in Volume 20, No. 11 of the Liberator Online. Subscribe here!)

Who’d have thought it?

In 2008, in order to deal with the problem of obesity, the Los Angeles city council banned the opening or expansion of “stand-alone fast-food restaurants” in low-income areas of the city, where about 700,000 people lived.

Now the results of that experiment in nanny-state tyranny are in. And according to a study by the RAND Corporation, financed by the National Institutes of Health, and published in the journal Social Science & Medicine, it has been… a total failure. Overweight and obesity rates actually increased in the area covered by the fast-food ban from 2007 to 2012 — and faster than the rest of the city or county.

Further, the consumption of fast food increased at the same rate as outside the area of the The Vast Graveyardban. And as an unintended consequence, desperately needed restaurant jobs in that area never came into being, thanks to the ban.

Libertarians aren’t surprised. We’ve watched, time after time, government attempts to control the peaceful lifestyle choices of adults crash, burn, and backfire.

  • Remember in 2002, when all illegal drug use in America ended, thanks to the efforts of 32 Republican congressmen? Oh wait… that didn’t happen. But that’s what House Speaker Newt Gingrich’s “Speaker’s Task Force for a Drug-Free America” boldly promised on March 24, 1998: a “drug-free America by 2002.” Yes, they said that with a straight face. What did happen, of course, was a continuation and escalation of military-style Drug War tactics that have gutted civil liberties, encouraged drug abuse, led to the creation of ever-worse drugs, made vicious gangsters rich, spread AIDS and other diseases, and produced many other negative consequences. Rumor has it that illegal drugs can still be found in America as of 2015.
  • The Bush administration’s 2001 No Child Left Behind (NCLB) program said that by 2014 every child in America was supposed to achieve grade level or higher in reading and math. Libertarian scholar Charles Murray memorably described the law: “The United States Congress, acting with large bipartisan majorities, at the urging of the President, enacted as the law of the land that all children are to be above average.” To make this happen, the federal government poured tens of billions of dollars into this (arguably unconstitutional) scheme. Of course, NCLB has been a failure, and government education remains a disaster.
  • Alcohol Prohibition began on January 16, 1920. America’s most famous evangelist, Dr. Billy Sunday, boldly proclaimed: “The reign of tears is over. The slums will soon be only a memory. We will turn our prisons into factories and our jails into storehouses and corncribs. Men will walk upright now, women will smile and the children will laugh. Hell will be forever for rent.” Well, it didn’t quite work out that way.


We could go on and on. No one ever 
summed this up quite as succinctly as the great libertarian writer and Libertarian Party presidential candidate Harry Browne: “Libertarians understand a very simple fact of life: Government doesn’t work. It can’t deliver the mail on time, it doesn’t keep our cities safe, it doesn’t educate our children properly.”

Libertarians also know what does work: liberty. Let people be free to live in any peaceful way they choose, to exchange goods and services as they see fit, and the results will be extraordinary: a flourishing of peace, harmony, creativity, and abundance. Over and over again, history shows this. Indeed, it is the story of the progress of the human race.

That’s why I call libertarianism “the great Cause that makes all other great causes possible.” One day people will look back at the vast graveyard of failed government programs… and wonder how anyone could have ever believed that bullying and coercion could possibly work better than liberty.

Thank you for your devotion to our great Cause!

MintPress: Young Libertarians and Progressives Redefining American Politics

in Liberator Online by James W. Harris Comments are off

(From the Intellectual Ammunition section in Volume 19, No. 5 of the Liberator Online. Subscribe here!)

“Libertarians, Progressives Poised to Redefine American Politics” is the title of a Feb. 25, 2014 article by Frederick Reese at MintPress News, a new independent online journalism site.

“With an historically high 42 percent of Americans identifying themselves as independents as of January, the United States is becoming a nation increasingly not served by either the Republican or Democrat label,” Reese writes. “According to a December 2013 Gallup poll, 72 percent of all Americans believed that Big Government is a bigger threat to the United States than Big Business (21 percent) or Big Labor (5 percent).

“While this may be burn-out from years of government malpractice — an increase in unmanned drone usage, the largest government surveillance apparatus; several scandals involving the Executive Branch; a government shutdown in an attempt to repeal the patient Protection & Affordable Care Act followed by more than 40 repeal attempts — the general feeling is that the young vote has been moving away from the ‘Big Government’ parties.”

This portends huge change in the near future for American politics, the article predicts. Reese noted that young progressives and libertarians share many concerns on civil liberties and foreign policy issues — and those concerns are not being addressed by the two-party Establishment.

“As Millennials may represent the most Progressive or Libertarian generation ever, and as Millennials are expected to constitute 75 percent of the workforce by 2020, one might be tempted to say that the fate of the ‘Big Two’ parties lies in the embrace of their small-government cousins,” says Reese.

The article quotes Carla Howell, political director of the National Libertarian Party, on this coming sea-change:

“As the views of Americans, and especially young voters, converge with the Libertarian platform, we are attracting more votes than the party has ever seen,” Howell told MintNews. “Over 15,000,000 votes were cast for Libertarians in 2012. The Robert Sarvis for governor campaign in Virginia last year garnered 6.5 percent of the vote, the highest vote total for a candidate who was neither a Democrat nor a Republican in a southern state in over 40 years. His vote among those aged 18-29 stood at 15 percent.

“Both Democrats and Republicans have expanded Big Government to the limit that they could get away with for years, especially in the last 14 years during both the Bush and Obama administrations,” Howell continued. “Bailouts, FEMA, needless wars, Obamacare, the Drug Prohibition and NSA spying — all of which have failed their stated mission. They failed to create jobs, failed to stop the escalation of health care costs, violate personal liberties and put people and our country more — not less — at risk. Young voters have witnessed these abysmal failures and see that government is not the place to turn to solve human problems.”

(Hat tip to Libertarian Party blog)