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Belmont Club

Monthly Archives: June 2012

The End of Westphalia

June 22nd, 2012 - 11:38 am

You know there’s a chance that hell has frozen over when you see an article titled “A Stealth Coup d’État in the United States” published in Pravda, quoting Thomas Jefferson and authored by a retired United States Army colonel.

Democrat and Republican elected officials continue to block any objective investigation of Barack Obama’s personal history because it would reveal dereliction of duty by most and criminal conspiracy by many.

The politicians recognize that if the truth was told about the depth of the corruption and the extent of the criminality in the government, the American people would rise up in open rebellion against those who have undermined the Constitution and flouted the rule of law.

As Abraham Lincoln said, the American people are the rightful masters of both Congress and the courts, not to overthrow the Constitution but to overthrow the men who pervert the Constitution. The loyalty of the American people is to our country and our Constitution, not to shady officeholders or petty bureaucrats.

Between now and Election Day on November 6, 2012, there is a window of opportunity to stop the coup d’état, restore the Constitution, uphold the rule of law and pave the way for the election and appointment of honest members of government.

Thomas Jefferson wrote:

“And what country can preserve its liberties, if its rulers are not warned from time to time, that this people preserve the spirit of resistance?”

The battle line of the Second American Revolution has been drawn: expose Obama and the entire corrupt system protecting him will also be exposed.

The time for education and persuasion is over. The time for resistance has come.

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More Money

June 21st, 2012 - 7:54 am

Money, according to Paul Krugman, is the solution to the world’s problems. Writing in the New York Times Krugman expressed amazement in the inability of people to understand that government hasn’t spent enough of it.

It’s frustrating but not surprising that we’re still talking about fiscal policy in the frame of “Keynesians said the Obama stimulus would work, but the economy is still depressed”. It’s actually a trivial though telling point that this narrative requires fudging or outright lying about the point that prominent Keynesians warned in advance that the Obama stimulus was inadequate.

The obvious thing to do is for government to find ways to lay its hands on more of this vital item in order to spend it. Congress has proved obstructive in the the process to borrow more. Nancy Pelosi, who was once the Speaker of the House, has a wonderful idea to get around this. Why doesn’t the President just interpret the Constitution to mean that he can borrow any amount of money that he likes? Slate has the details:

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The Iron, the Brass and the Clay

June 20th, 2012 - 6:45 pm
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The Chairman of the Federal Reserve announced that it would attempt to further stimulate the economy to create growth. The Daily Telegraph reported Fed Chairman Ben Bernanke as saying:

“We’ve taken a step today which is a substantive step which will provide additional accommodation for the economy.

Moreover, we have stated that that we are prepared to take further steps if necessary to promote sustainable growth and recovery in the labour market.

So, we are prepared to do what is necessary. We are prepared to provide support for the economy.”

The central bank expanded its ‘Operation Twist’ by $267 billion, meaning it will sell short-term securities and buy long-term ones in an effort to keep borrowing costs down.

The programme, which was due to expire this month, will now run through the end of the year.

At the G20 summit, President Obama had earlier expressed concern that a European downturn could affect his re-election chances.

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Fast And Furious Ongoing

June 20th, 2012 - 12:49 pm

Those who want to follow Fast and Furious go to the contempt proceedings. As per the feed, which has ended, a contempt report has been approved by the Committee and sent to the House. The stage is set for a vote next week unless the President can persuade Congress to desist.

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The White House vs the Other Branches

June 20th, 2012 - 10:01 am

The refusal by the White House to release documents pertaining to the “Fast and Furious” gun release operation to Mexican gangs on the grounds of Executive Privilege, coming as it does on the heels of President’s announced intention not to enforce certain parts of immigration law reflects the simple calculation by the President that he can get away with it.

In legal possession of the executive power and in political possession of many parts of the bureaucracy as well as the media he may believe that there is simply no way anyone can make him follow the law, should he choose to defy it in any non-obvious way.

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The Seven Hundred Fifty Billion and Change

June 19th, 2012 - 2:53 pm

The Telegraph says that European leaders have agreed to bail out Spain and Italy to the tune of 750 billion Euros. “Under the proposed deal, two European rescue funds – the £400 billion (€500  billion) European Stability Mechanism (ESM) and the £200 billion (€250  billion) European Financial Stability Facility (EFSF) – will buy bonds issued by European countries. … Under the new plan, the money in these funds will not be given directly to governments but will instead be used to buy up debts on the financial markets.”

In the other news, Mubarak is reported clinically dead after a stroke. The Pakistani Prime minister has been disqualified from running for office by that country’s Supreme Court. And President Obama has been lectured to on subjects unknown by Vladimir Putin.

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Changing Times

June 19th, 2012 - 11:36 am

There is in the every day’s news the fleeting impression of passage; stories of things passing away, reaching fulfillment or coming into being. This is true not only of people, as expressed in notices of birth and in the obituaries, but of paradigms as well. John Adams, in describing the American Revolution noted that its subtle changes crept up upon his generation and passed through them, as it were, without they being consciously aware of it.

As to the history of the revolution, my ideas may be peculiar, perhaps singular. What do we mean by the revolution? The war? That was no part of the revolution; it was only an effect and consequence of it. The revolution was in the minds of the people, and this was effected from 1760 to 1775, in the course of fifteen years, before a drop of blood was shed at Lexington.

Adams was describing what management consultants and historians today would call a paradigm shift. Unlike shifts which we can objectively watch from afar, like astronomers watching the collision of distant galaxies, paradigm changes involve the observers themselves. In consequence they cannot watch them well; they cannot readily see the transformation until it is upon them, for the power to observe comes almost simultaneously with the removal of the old blinkers. Roger Simon describes how the realization that what you once thought was “cool” has become “square” can come almost overnight.

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From Madrid to Mexico

June 18th, 2012 - 5:01 pm

Spanish borrowing costs rose above the notionally unsustainable 7% mark as the ‘pro-European’ result of the Greek election failed to calm markets.  Spain appeared to be on the brink of requiring a global bailout, according to the Telegraph.

Herman von Rompuy and Jose Manuel Barroso joined the G20 in Mexico, where Barroso promptly declared that “we are not coming here to receive lessons in terms of democracy   or in terms of how to handle the economy”. However, if he did not expect advice, he clearly expected money.

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The Three Seas

June 18th, 2012 - 2:29 pm

Even as the administration plans to pivot to Asia, China is pivoting toward the Pacific. And the point of intersection between the America and China are the “near seas”. Beijing divides the maritime realm into three areas: the Far, Middle and Near Seas as shown by the map below.

The Three Seas

It has also acquired weapons systems to prevent the United States from approaching even as close as the Middle Seas, as illustrated in the chart below.

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