Category Archives: political economy

A Valid Beef, But….

Posted on by
Reply

It seems the FBI—in its ongoing rogue-ness as a Federal government institution—obtained individual bank records of individuals about whom they had some curiosity without the nicety of the legally required court orders.

Legal experts are criticizing the FBI for allegedly obtaining the financial records of US customers with Bank of America “without any legal process” following the January 6, 2021, Capitol riot.

And

The allegations about subpoena-less bank-records gathering were included in a staff report from the full, GOP-led House Judiciary Committee that was released about an hour ahead of Thursday’s hearing.

From that report:

Just like FBI whistleblowers…retired FBI Supervisory Intelligence Analyst George Hill provided the Committee with detailed allegations of FBI civil liberties abuses. Specifically, he testified that following the events at the Capitol on January 6, 2021, Bank of America (BoA) gave the FBI’s Washington Field Office a list of individuals who had made transactions in the DC, Maryland, Virginia area with a BoA credit or debit card between January 5 and January 7, 2021.
He also testified that individuals who had previously purchased a firearm with a BoA product were elevated to the top of the list provided by BoA.

All of that is entirely valid, but beyond that is Bank of America’s behavior. Where’s the hue and cry over that bank so willingly giving up its customers’ personal records? Why did that bank’s managers choose to not demand the subpoena that is so clearly required before any bank gives to Government—or to anyone or anything—those personal data?

Alan Dershowitz, Harvard University Professor Emeritus in law:

Banks should not be turning records, private records over, the next thing doctors will be turning over private records and priests and rabbis. You just can’t start violating people’s privacy without a court order.

You bet. And Bank of America needs to be held to account, suitably sanctioned, and required to make serious financial restitution to those of its customers its managers chose to victimize. And those managers should be fired for cause and required to misbehave on some other company’s payroll.

Reparations and Bargaining

Posted on by
Reply

California’s Progressive-Democrat Governor Gavin Newsom convened a “Let’s Give Reparation Payments to the Government-Favored” task force. Kenneth Blackwell exposed part of the purpose in his recent Fox News op-ed.

The idea was simple: the task force would deliberate, generating regular headlines, and then eventually propose something. Either the proposal would be feasible, in which case Black Californians would get some nominal amount of money and Newsom could claim a “win,” or it would be outlandish, in which case legislators would balk and Newsom would claim that he had done everything in his power to correct historic injustices.

The intent is in that “either” part: the proposal would be feasible, in which case Black Californians would get some nominal amount of money. In the so-far realization, California citizens identifying as black and having lived in the State for a nominal period would get hundreds of thousands to perhaps millions of taxpayer—fellow citizens’—dollars, ostensibly because of the sins of a century-and-a-half ago and the claimed continued failures ever since.

That’s the strategy, and it’s a standard bargaining technique. Open with a high bid, let yourself get talked down to a lower amount—this charade is far from played out—and walk away with something that you didn’t have any of at the start. And in the present case, still don’t deserve.

The current phase is epitomized by one California citizen’s mantra: Our vote is for sale. No reparations, no vote. Selling their civic duty to the highest bidder.

Each is an example of the cynicism of the Left and its Party.

A Telling Graph

Posted on by
Reply

This one via The Wall Street Journal in an article positing three scenarios regarding our economy and the existing debt ceiling negotiations. The graph, which the WSJ sourced to the Bipartisan Policy Center, is especially dispositive given the backdrop of Progressive-Democrat President Joe Biden refusing to negotiate over an already House-passed bill that raises the ceiling along with some initial, and small, spending reforms. That backdrop also includes Biden’s, his Progressive-Democratic Party Congressional cronies’, and journalism’s shrill panic-mongering over default if the debt ceiling isn’t raised.Notice that. Interest on our nation’s debt is tiny compared with the revenue flowing in for June; that means there’ll be no default if Biden and his Treasury Secretary obey our Constitution, the latter which makes the situation plain in the Preamble to Article I, Section 8:

The Congress shall have Power…to pay the Debts and provide for the common Defence and general Welfare of the United States….

There’s also plenty of revenue with which to make the scheduled principal payments on our debt. In addition to the lack of default, there’s provid[ing] for the common Defence: DoD, military salaries , and veterans’ benefits together, along with Homeland Security, are similarly tiny compared to the revenue coming in. Biden’s lies about cutting those veterans’ benefits in particular are exposed. Then there’s the general Welfare: these comprise the biggest share of that revenue—and there’s plenty of revenue with which to cover Medicare and Social Security as scheduled and with which to make the Medicaid transfers to the States.

The hard numbers will vary from month to month, but the revenues will be there to make the Constitutionally required payments.

What’s necessary to resolve the current situation are two things: Republicans need to stand firm on passing a debt ceiling increase only with spending reforms in order to reduce the need for future ceiling increases (along with, separately and subsequently, passing out of the House, where such things originate, a budget that reduces spending in the out years. There’s no need to wait for Biden’s foolishness of a sham budget proposal, ever), and for Biden and his Party cronies to get serious about negotiating specifics within that framework instead of blindly following an angry old man’s stubbornness.

Economic Coercion

Posted on by
Reply

The subheadline on The Wall Street Journal‘s Sunday editorial summarizes one spin on the case.

The best defense would be for the West to work together against Beijing’s bullying.

The editors then summarize the related conclusion of a Center for Strategic and International Studies report:

All of this suggests that the West can work together to deter China by increasing the costs of economic coercion.

No.

Rather than wasting time resisting the Peoples Republic of China’s bullying or “deterring” the PRC from its economic coercion, the better move would be for the West to work together to eliminate the PRC’s ability to economically coerce at all: cancel trade relations with the PRC and move supply chains—from dirt in the ground to product components and finished products—out of the PRC altogether.

Time to Stop

Posted on by
Reply

Despite sanctions, Russia is succeeding in importing technical products like computer chips, lasers, and the like, products which are usable in the barbarian’s weapons systems as well as his more general economy. Russia is doing so with the active complicity of a few ex-Soviet republics that remain in the sway of the barbarian.

In total, US and EU goods exports to Armenia, Georgia, Kyrgyzstan, Uzbekistan, and Kazakhstan rose to $24.3 billion last year from $14.6 billion in 2021. These countries collectively increased their exports to Russia by nearly 50% last year to around $15 billion.

They brag about it, too.

Imex-Expert offers to “import sanctioned goods from Europe, America to Russia through Kazakhstan.” Its website boasts: “Bypassing sanctions 100%.”

This graph illustrates the extent of the problem.

It’s time to stop exporting any tech products—all of which are dual-usable—to these nations (Georgia’s complicity is especially disappointing). Not cut sales off company by company; that’s just nickel and dime quibbling. Cut off tech sales to these nations altogether.