Author Archives: eehines

Monetary Misconception

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Judy Shelton, a Senior Fellow at the Independent Institute, has this one. She wants the Federal government to issue a gold-backed bond would strike a blow for sound money.

Mr Trump has criticized currency manipulation in global trade relations. Challenging other nations to emulate the US [gold-backed bond] by guaranteeing some portion of their sovereign debt in gold would demonstrate America’s vision for stable money as the proper foundation for fair trade.

This is naïve. “Other countries” will continue to manipulate their currencies, just as they do now; this move only would add a new tool for manipulation—varying the value of the metal backing their own debt instrument(s).

Governments have been debasing their metal backed currencies ever since money was invented, doing so by shaving coins minted in the metal; by replacing some of the money-backing metal with other, cheaper metals; outright announcing a differing, lower values for a unit of the metal.

The most infamous recent example of the latter was during our own Great Depression when then-President Franklin Roosevelt (D) seized all privately held gold and then promptly devalued the gold in US dollar terms.

All currency is fiat currency, whether it’s minted in the metal or it’s printed on paper formally backed by the metal (at a rate the issuing government has announced for the time being), or it’s printed on paper and allowed to float in the markets for goods and services—and currencies. That currency has the value, in legal terms, that government says it has from time to time.

Backing a bond with a precious metal has no material meaning. What makes a money sound is the stability of the issuing government; the economy it oversees with a light hand; and that government’s ability to protect its people from invasion, whether physical, economic, or political. Nothing else does.

No—All Must Suffer

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Recall House Minority Whip Katherine Clark (D, MA) saying the suffering of Americans during this Schumer Shutdown is leverage for Party. Recall further, Senate Minority Leader Chuck Schumer (D, NY) saying the longer his shutdown continues, the better it is for Party.

Now we have two bills on offer that demonstrate the political bankruptcy of Party’s position, to say nothing of its moral bankruptcy. One is a bill on offer from Senator Josh Hawley (R, MO) that would fund the SNAP program during the shutdown so the needy could retain access to nutrition for themselves and their kids. Ten Republicans have signed on as co-sponsors. Exactly one Progressive-Democrat has.

The other bill is one offered by Senator Ron Johnson (R, WI) that would pay essential Federal workers and those furloughed now rather than after the Schumer Shutdown ends. Many of those employees, furloughed or still working, will without their paychecks find themselves—and in too many cases are alredady finding themselves—in any of a variety of breadlines because they can’t afford groceries. The bill would be especially important for those still required to work since those folks are ineligible for unemployment benefits. Here, too, only one Progressive-Democratic Senator has signed up to support it.

Marie Antoinette was a piker. The Progressive-Democratic Party politicians won’t even let our needy and our Federal employees have any cake* to eat.

*Cake: not the modern-day sweet confection, but for the French of Antoinette’s time, cake was the bread crust burned onto the peasants’ tiny oven walls as the loaves expanded hard onto those walls.

Hysteria

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It runs deep in the Progressive-Democratic Party, even if it is artificial and cynically constructed. The latest example is provided by Congressman Eric Swalwell (D, CA):

Don’t even think of seeking the Democratic nomination for president unless you pledge to take a wrecking ball to the Trump Ballroom on DAY ONE.

Not immigration reform differences, not Obamacare subsidies, not spending or taxing policy differences. Just whether a President is allowed to remodel a portion of the White House.

This is how far Progressive-Democrats’ focus on manufacturing hysteria about anything Trump has taken them from matters important to us average Americans.

More Whining and Bodice Ripping

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This time, it’s from a Wall Street Journal editor, Collin Levy.

President Donald Trump (R) is expanding the East Wing with a ballroom fit for its purpose—to entertain visiting numbers of national leaders, not just any dignitary, and to put on the welcome and entertainment that fits such large gatherings. The expansion is to replace convening those same large gatherings in a collection of tents out on the White House lawn. Levy objects, and she opened her cri de coeur with this:

It [the new ballroom] might have been be tacky, but the republic can withstand some nouveau riche architecture on federal property.

That’s typical journalistic arrogance; she’s masquerading her opinion as received fact. On the contrary, what’s tacky is entertaining foreign leaders outdoors in tents as though the White House lawn is home for trailer park trash.

She closed her tearful piece with this:

It [the White House] is a symbol of power, legacy, and national identity. Respect for the nation and all that it has built still matters. These aren’t trifles or overreactions. They are the foundations of the republic we built. That’s worth defending.

The White House as an edifice is, indeed, a symbol. The larger, more important symbols of our nation’s power, legacy, and national identity, though, are our respect for and rule of law, the integrity of our national borders, and our American culture centered on the idea of inalienable rights coming from our Creator, not any government, and of individual liberty along with liberty’s dual, individual responsibility. And that culture, ideal of law (including those borders), and culture are what the White House stands in symbol of.

Those symbols presently are threatened by domestic terrorism; politicians musing on and hoping for the murder of political opponents and their children; attempts at murdering a President by a Leftist; politicians’ threats of violence against Supreme Court Justices and attempts at murdering one of them; the actual murder by Leftists of a leading Conservative activist; and the divisive likening of political opponents to Hitler and fascism, followed by attempts at mass murder of Republican Congressmen.

Yet, all this WSJ editor can find—all she can think of—to worry about is a needed remodel and expansion of the White House’s East Wing, a modification that will add to the White House’s grandeur.

Schumer Shutdown Food Funds Cutoff

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The Department of Agriculture has run out of funds, due to the Schumer Shutdown, and as a result, food stamps will not be issued in November.

This is what Senate Minority Leader Chuck Schumer (D, NY) has said is good for Democrats. Cutting the needy off from badly needed nutrition resource support is what House Minority Whip Katherine Clark (D, MA) says is a legitimate thing to do because it produces leverage for Democrats.

This is the cynicism of the Progressive-Democratic Party.

All within the Party, nothing outside the Party, nothing against the Party.

Especially nothing from the Party for our nation, nothing from the Party for us average Americans.