Category Archives: The West

UPDATED: They Call It "Quantitative Easing"

Debt, Federal Reserve Bank, Inflation, The West

“Quantitative Easing” is state-speak for the government monkeying with the money supply. “Fed head Ben Bernanke,” who tinkers all the time, has announced that inflation is too low, no less. “The solution?” writes Larry Kudlow, is to “punch up the money supply and punch down the dollar.” By another $1 trillion, I believe.

The increase in the money supply is in fact inflation. This legalized counterfeiting raises prices; the new money generates price hikes throughout the economy. However, it reaches the politically connected first. They get fat checks well before the general price increases caused by all the new money affect their purchasing power. Depreciation of the dollar spells higher prices and hardship for those of us who are removed from power and from the new money.

Then there’s hyperinflation.

“In a system with fractional reserve requirements, an increase in bank reserves can support a multiple expansion of deposits,” explains economist Anna J. Schwartz. “An increase in the supply of money works both through lowering interest rates, which spurs investment, and through putting more money in the hands of consumers, making them feel wealthier, and thus stimulating spending.”

They feel wealthier, but they are not, Schwartz ought to have added. Yes, and the outcome of “easing” is “malinvestment,” never sustainable investment. Any “recovery” invariably reported by the polls is a result of this “easing,” which further serves to mask economic reality.

UPDATE (Sept. 29): Such artificial expansions of the money supply cannot but result in a massive misallocation of scarce resources, enormous waste, and, eventually, a drastic lowering of the standards of living for all.

As is argued in the July 2010 issue of The Free Market, a publication of the Ludwig Von Mises Institute, the current, unprecedented expansion, will impact our very civilization, throwing us backwards to more atavistic times.

UPDATED: They Call It “Quantitative Easing”

Debt, Economy, Federal Reserve Bank, Inflation, The West

“Quantitative Easing” is state-speak for the government monkeying with the money supply. “Fed head Ben Bernanke,” who tinkers all the time, has announced that inflation is too low, no less. “The solution?” writes Larry Kudlow, is to “punch up the money supply and punch down the dollar.” By another $1 trillion, I believe.

The increase in the money supply is in fact inflation. This legalized counterfeiting raises prices; the new money generates price hikes throughout the economy. However, it reaches the politically connected first. They get fat checks well before the general price increases caused by all the new money affect their purchasing power. Depreciation of the dollar spells higher prices and hardship for those of us who are removed from power and from the new money.

Then there’s hyperinflation.

“In a system with fractional reserve requirements, an increase in bank reserves can support a multiple expansion of deposits,” explains economist Anna J. Schwartz. “An increase in the supply of money works both through lowering interest rates, which spurs investment, and through putting more money in the hands of consumers, making them feel wealthier, and thus stimulating spending.”

They feel wealthier, but they are not, Schwartz ought to have added. Yes, and the outcome of “easing” is “malinvestment,” never sustainable investment. Any “recovery” invariably reported by the polls is a result of this “easing,” which further serves to mask economic reality.

UPDATE (Sept. 29): Such artificial expansions of the money supply cannot but result in a massive misallocation of scarce resources, enormous waste, and, eventually, a drastic lowering of the standards of living for all.

As is argued in the July 2010 issue of The Free Market, a publication of the Ludwig Von Mises Institute, the current, unprecedented expansion, will impact our very civilization, throwing us backwards to more atavistic times.

UPDATED: Wild About Wilders

Freedom of Religion, IMMIGRATION, Islam, Israel, Jihad, Multiculturalism, Neoconservatism, The West

HERE are some astute observations by Larry Auster (along the lines made a while back in “Dhimmis At Ground Zero?”) prompted by decent (and thus rare) journalism practiced by the Australian media with respect to Geert Wilders. He is the Dutch politician (more like statesman), who speaks clearly (as opposed to our incoherent activists) and honestly about Islam, its religionists and their compatibility with life in the West:

“An Australian TV news program has a long (about 20 minutes) segment on Geert Wilders. Despite the host’s open hostility to Wilders, the program–utterly unlike what would happen on U.S. television–gives a fair view of him and his positions. It is the fullest media presentation of Wilders, and of his place in Dutch politics, that I’ve seen. To be watching a mainstream television news show and see Wilders say, in his reasonable yet firm and determined manner, that Islam is a threat to the West and that its ingress into the Netherlands must be stopped, period, is thrilling. Among other things, he is light years beyond the American conservative anti-jihadists, who to this very moment, and despite their support for Wilders, are unable to state that Islam is the problem, that Islam must be stopped, that Islam doesn’t belong in the West. The anti-jihadists–with their attacks on ‘Islamism,’ not Islam, with their ‘I love Muslims, I just don’t want the mosque to be so close to Ground Zero,’ are frightened and uncertain children who stick their toe into the water of the Islam problem and then run back to mommy. Wilders is an adult who has grasped the simple truth about Islam and states it without equivocation.”

“When the West has acquired more adults like Wilders, it will proceed to save itself. And–who knows?–maybe some of the currently still frightened Islamism critics will be among them.”

MORE.

UPDATE: Quote of the Day on LauraIngraham.com:

“In a true peace, Israel will, in our lifetimes, become one more Arab country, with a Jewish minority.”
– Ground Zero mosque Imam Feisel Abdul Rauf, in a 1977 letter to the editor.

The One-State Solution is promoted by many left-liberals, paleo-cons and libertarians; that is true. But not if Geert has anything to do with it.

UPDATE II: Hamasnik Joins hands With B. Hussein (No Faith In Islam)

Barack Obama, Islam, Palestinian Authority, Private Property, Terrorism, The West

“With the president’s intervention,” writes Pat Buchanan, “the issue [of the mega-mosque at Ground Zero] has metastasized into a major clash in America’s religious and culture war. It has gone global, as Hamas has now weighed in on the side of building the mosque near Ground Zero.” Dah.

“We have to build everywhere,” said Mahmoud al-Zahar, a co-founder of Hamas and the organization’s chief on the Gaza Strip.
“In every area we have, [as] Muslim[s], we have to pray, and this mosque is the only site of prayer,” he said on “Aaron Klein Investigative Radio” on WABC. “We have to build the mosque, as you are allowed to build the church and Israelis are building their holy places.”

B. Hussein is seconded by Hamas. The mega-mosque affairs has gone from farce to burlesque. What next in the theater of the absurd?

UPDATE I: SHALOM SHARIA. Writes Diana West:

“Since 2006, Rauf [“of the ground zero mosque”] has coordinated a series of international meetings with Shariah experts ranging from Muslim Brotherhood associates to Iran’s Mohammad Javad Larijani, ‘who,’ as Brim reports, ‘has justified torture of Iranian dissidents as legal punishments under Shariah law.'”

“That’s not all Larijani, who heads Iran’s Human Rights Council (for real), has justified. He has also justified Shariah-sanctioned stoning. As Anne Bayefsky recently reported, Rauf’s picture with Larijani (and former U.S. Ambassador to the Organization of the Islamic Conference Sada Cumber) disappeared from the Cordoba Initiative Web site, too.”

“So much to hide – but the Shariah is out of the bag.

What would expanding Shariah mean here? More halal-butchered livestock leading, as in Europe, to halal-only menus?

More midnight football practice during Ramadan? More sex-segregated swimming pools?

More incitement to jihad in ‘radical’ mosques? More ‘apostates’ living in fear? More self-censorship, I mean ‘respect,’ when it comes to discussing Islam?

An excellent benchmark of Shariah’s remarkable and, think of it, post-9/11 progress is that none of the above manifestations of Islamic law – all designed to synchronize society with Islamic practice – are shocking to us.” …

UPDATE II (Aug. 23): No Faith In Islam. Another community, this time in Murfreesboro, Tennessee, does not wish to see a mosque rise up in its midst.

“The Murfreesboro mosque is hundreds of miles from New York City and the national furor about whether an Islamic community center should be built near Ground Zero. But the intense feelings driving that debate have surfaced in communities from California to Florida,” writes WaPo correspondent, Ann Gowen.

“So many things about Islam are disconcerting,” [another resident] said. “As they get bigger, there will be concerns about the ideology, what they preach and what they believe.”

And it is as I said in “Dhimmis At Ground Zero?” “It’s in the faith of Islam and its adherents that Americans have no faith.”

If Christians raised a cathedral at Liberty St. and Church St., most Americans would not mind. If the Hari Krishna set up a place of worship in the vicinity, and bobbed up and down the exact complex in Lower Manhattan, Americans would smile benignly. Ditto if a Jewish tabernacle were to be erected around the corner; this reaction would not have occurred.

I’ve had it with the incoherent, emotional, asinine refrains I keep hearing from Ground-Zero activists: “I love Muslims; it’s just this one mosque I hate.” Come out with what you mean, already.