Outgoing National Institutes of Health Director Francis Collins told the Washington Post that critics of Fauci and his organization are spreading misinformation and should be “brought to justice.” He continues the “I am science” argument of Fauci even as the multitude of flip-flops and failed promises have undermined public confidence. Also today: Australia goes full gulag, medical devices are “racist,” and the corporate elite are desperate to sell Africa drugs they don’t seem to need…
Whatever temporary gains many workers are experiencing with higher wages, the euphoria is not likely to last long. Furthermore, one doubts that this current bout of inflation is as temporary as Paul Krugman recently claimed. The US economy more and more seems to be running on empty and this means that monetary authorities are going to pump even more new money into the system. Don’t count on this being a windfall for anyone but the wealthiest among us.
With the recent rise in inflation—with subsequent increases in both consumer and producer price levels—one suspects that sooner or later people on the left either would downplay it or find a way to spin the bad news into something positive like an alchemist would want to spin straw into gold. Both accounts have arrived, thanks to the New York Times and the hard-left publication, The Intercept.
The various accounts in the Times hardly are surprising, given the link the paper has to the nation’s political, economic, and academic elites, and given that these are the people that have created the inflation problem in the first place. Not surprisingly, the NYT “experts” (because progressives believe that the “experts” always have the right answers) are playing down the latest spikes as temporary and related to current issues of supply and demand, not any unprecedented increases in the nation’s money supply.
We should not be surprised that the NYT’s resident economic “expert,” Paul Krugman, has debunked any worries of inflation and especially inflation over the long term, instead likening the current price spikes to what happened after World War II ended and the economy moved from one dedicated to total war to one producing capital and consumption goods. Likewise, President Joe Biden is touting an endorsement of his “Build Back Better” initiatives by a number of Nobel economics winners who have claimed the proposed programs included in the legislation would reduce inflation. (One should not forget that while Krugman is a Nobel recipient, his NYT columns go well beyond any economic analysis, establishing him as little more than a partisan political shill.)
There is an important point to be made here: all of these “experts” are willing to say they believe inflation is a problem for most people and the disagreement isn’t so much about the real and potential harm inflation brings, but rather the duration of the current spikes. However, there also exists among radical progressives a belief that inflation actually is a good thing because, in their minds, it transfers wealth from the rich to the poor.
The first time I saw this theme was in an article by the Marxist journalist Alexander Cockburn, who at one time had a regular column in the Wall Street Journal. Writing about the alleged “Hitler Diaries” supposedly unearthed in the early 1980s (and later exposed as forgeries), Cockburn said if one actually could mine Hitler’s thoughts, they would find that he didn’t see the hyperinflation that ravaged Germany in the 1920s as any kind of a threat, and that it actually was good for the economy. (I’m writing from memories, as I have not been able find this column in the WSJ archives.)
The US media is, as usual, complicit in propagandizing the US population. Thus, Russia is said to be “massing troops near Ukraine” without the explanation that “near Ukraine” is actually within Russia. So Russia is threatening war by holding military exercises within its own borders, but the US is entirely peaceful when it sends warships thousands of miles away up to the Russian border.
Nov 22 – President Biden’s approval numbers are dropping like lead. According to a Quinnipiac University poll released last week, only 36 percent of Americans approve of Biden’s performance as president. From Covid, to the economy, to foreign policy, Biden’s numbers are in the tank. Three out of four Americans are dissatisfied with the way things are going in the country today.
Inflation is sky high, gasoline prices are higher than they’ve been since Obama was president, and the store shelves are empty just in time for Christmas. And the president’s illegal and immoral vaccine mandate may result in millions leaving their jobs rather than accept the experimental covid shots. That should do wonders for the “supply chain” problems in the US.
Biden’s ability to drag the economy back from the brink is very limited and the Democrat brand is looking more and more like poison as the US moves into mid-term election season.
That can be dangerous.
When presidents make war they find that political opposition dries up and the media rolls over in gratitude. Is Biden eyeing foreign action to bolster his sagging support back home?
Traditionally, progressives have been wary of aggressive US foreign policy, but four years of phony “Russiagate” lies has left a good deal of the political Left enamored with the CIA, FBI, and warmongering “woke” military officers like Joint Chiefs Chairman Mark Milley. Many of them will likely cheer a military conflict.
When it comes to foreign policy, the Biden White House continues some of the worst policies of the previous Administration. The US continues to sail warships through the South China Sea and when such saber rattling provokes Chinese concern the Chinese are condemned as the aggressors.
Similarly, the US just sent warships into Russia’s backyard in the Black Sea to perform military maneuvers. Imagine Russian wargames off the Texas coast in the Gulf of Mexico! And then the US Administration attacked Russia for “massing troops”… inside Russia!
The US media is, as usual, complicit in propagandizing the US population. Thus, Russia is said to be “massing troops near Ukraine” without the explanation that “near Ukraine” is actually within Russia. So Russia is threatening war by holding military exercises within its own borders, but the US is entirely peaceful when it sends warships thousands of miles away up to the Russian border.
On Friday the Russian military intercepted US warplanes reportedly just 12.5 miles from the Russian border. The US and NATO continue to deliver lethal weapons to the government in Kiev, which only embolden Ukrainian President Zelensky to ratchet up the conflict in eastern Ukraine.
The US foreign policy and military establishment exist in an echo chamber. They believe their rhetoric that the rest of the world is eagerly awaiting its orders from Washington and that the US has the moral right – and the ability – to tell the rest of the world what to do. This sets the stage for a potentially catastrophic miscalculation in the US Administration. Already Russian President Putin complained last week that the US takes its “red lines” too lightly, no doubt referring to Ukraine.
Biden may be calculating that he needs a nice little war to boost back his numbers and rally Americans to his support. Like most everything else in this first year of the Biden Administration, it would be a terrible mistake. — Limited time offer: Get a copy of Ron Paul’s new Mini-Book, “Making Sense of Current Political Idiocies,” as a “thank you” gift for your donation of $50 or more to the Ron Paul Institute. Dr. Paul will hand sign the book for any donation over $100. Make your donation here.
In the absence of government intervention, the price of gasoline would have risen. This would have financed higher wages and better working conditions for the drivers. End of problem. It never would have occurred in the first place. Any incipient tendency in this direction would have been nipped in the bud.
What is going on in England? There are long lines at gas stations and motorists are not allowed to fill ‘er up; they are limited to only a few gallons of gasoline, each. The fuel pumps are in operation. The refineries there are functioning well. There are plenty of trucks fully capable of transmitting the fuel from wholesalers to retailers. The problem? You had better be sitting down for this or you’ll keel right over: there are simply not enough drivers available to transport the fuel to where it is most needed.
Say what? There are millions of motorists in that country. Of course, not that many are capable of driving the heavy tanker trucks; however, more than enough are! But, still, there is something rotten in Denmark, well, England. Either that, or what we teach in introductory economics is all wrong.
What is the lesson stemming from econ 101? It is that whenever there is a shortage, as there is now for English truck drivers, this means demand is greater than supply. And what is supposed to happen when that takes place? Prices, or in this case wages, which are the price of labor, are supposed to rise. These, in turn, are comprised of money payments, salary, plus working conditions. But neither has occurred. Working conditions, in the form of clean rest stops for long distance haulers, have actually deteriorated, and take-home pay has not increased.
Why not? Where is the money for these raises supposed to come from? They are presumed to emanate from the ultimate consumer in the form of derived demand from him. Well, there is indeed a shortage of drivers in England. Motorists are clamoring for more gas. There are long lineups at filling stations. Why haven’t prices risen there, so as to ration limited supply until more is forthcoming?
This ordinary economic response has been rejected, and for two reasons. One, it would be considered price gouging. And that would be unconscionable in these politically correct times. Second, if the price of gas doubled, tripled, or even quadrupled, who would still be able to purchase it, and who would be left out in the cold? This much is clearer: the rich would get the lion’s share, and the poor would pretty much have to do with their leavings, or do without. But we can’t have that, not in this epoch.
In the absence of government intervention, the price of gasoline would have risen. This would have financed higher wages and better working conditions for the drivers. End of problem. It never would have occurred in the first place. Any incipient tendency in this direction would have been nipped in the bud.
Market prices are a signal. If they are squelched, they cannot do their jobs. Economics chaos of the sort we now see in England results. Suppose we all decide we are too fat. We want to go on diets. We don’t desire as much ice cream, cake, cookies, and instead demand more carrots, apples, string beans. But the farmers, bakers, manufacturers have as yet no idea of our change in tastes. Do we have to petition the government to get entrepreneurs to produce more rabbit food and less of what makes life worth living? No. We simply buy more of the former and less of the latter. This raises the prices and profits in veggies and lowers it for sugary substances. Business is led by an “invisible hand” to do our bidding. This is despite the fact that some don’t like it since some get rich (low calorie food producers) and some suffer a loss (the producers of high calorie food). But if this market signal is not allowed to function, we stay obese.
There are analogous signals in numerous other walks of life. If your bridge partner opens with a one heart, he is signaling something different than a three diamonds bid. If these signals are disallowed, the game is ruined. The conductor of the orchestra also signals. He indicates he wants the music to go faster, slower, louder, softer, etc. If he is not allowed to gesture, wave his arms about, if his signals are truncated, the quality of the music is reduced. Words, too, whether spoken or written, are signals. So are musical scores, facial expressions and hand gestures. Communication depends upon signals. Most people appreciate all this, and would be horrified if they were rendered impotent. Temple of Babble, here we come.
But prices, too, are every bit as much a signal as any of these others. The only difference is that they are not at all generally appreciated. Rather, we tolerate rent controls, minimum wages and outlaw price “gouging.” All this at the loss of a civilized order. Who wants to wait on line for several hours for two gallons of gas at an artificially lower price?
Which was the chicken and which the egg in this case? It is unclear as to whether the low price and restrictions on quantity were the cause or the result of the problem. What is clear is that one way to ameliorate the problem is to allow market prices to operate. When they do, in a shortage, initially prices will rise. But that will attract greater supply, and prices will fall once again. Meanwhile, no shortages.
Walter E. Block is Harold E. Wirth Eminent Scholar Endowed Chair and Professor of Economics at Loyola University New Orleans
The key is for individuals to continue developing their own minds regardless of whether they are college students or carving their own path. Pursuing one’s dreams without a degree requires more self-discipline than “paying one’s dues” and serving four years on campus. One of Nietzsche’s best lines offers both an inspiration and a warning: “He who cannot obey himself will be commanded.”
President Biden is tub-thumping for Congress to create new federal handouts to make college free for the vast majority of students. But as Ryan McMaken and other commentators on mises.org have pointed out, college is vastly overpriced and overrated nowadays.
My view on college stems from my experience as a two-time dropout. I was frightfully bored in high school and had mediocre grades. Almost immediately after my compulsory schooling ended, my long-lost love of reading revived. A month before I began attending Virginia Tech, a kindly neighbor gave me the University of Chicago Great Books list, which became my road map to the best writings of Western civilization. Reading authors such as Montaigne, Voltaire, Nietzsche, Emerson, and John Stuart Mill awoke portions of my mind that I never knew existed. I was unaware that I was loitering in mental neutral until those classics jolted my mind into a higher gear.
Early in my first quarter at college, I aspired to getting all As. But, after a few hooey-laden tests, I recognized that professors were demanding something different than what I was seeking. Many of the textbooks felt like heavy blankets smothering my mind. I was confounded to see most fellow students never venture beyond the books professors assigned them. They acted as if a secret zoning mandate permitted using only government-approved building materials for their own minds.
I spent far more time reading old books unrelated to my courses that quarter than I did on class assignments. The more active my mind became, the less I could endure tenured droning. I believed that I was more likely to develop my potential on my own than by hunkering down in a classroom. After sloughing most of my teenage years, I felt like I was far behind mentally compared to where I should have been.
As in high school, my grades that quarter were mediocre—Bs and Cs. When I dropped out after that first quarter, I wasn’t sure what I wanted to do with my life. A few months later, I decided to become a writer. My ego was more robust than the articles I submitted, and my bedroom wall was soon papered with reject slips. Just because I could read a great book didn’t mean I could write a coherent paragraph. I belatedly realized that if I wanted to be a writer, I needed to learn how to write. I needed expert assistance in my fight against my literary chaos.
I side railed my swagger and returned to Virginia Tech.
It is “uncouth” in mainstream media to say that the Foundation for Defense of Democracies and Republican funder Miriam Adelson are devoted to the pro-Israel cause, Eli Clifton says.
The skyrocketing “cases” and death rate (always a questionable figure) of the vaccinated vs unwashed, unvaxxed, raises questions that are obvious even to me.
As vaxxed “cases” and “deaths” are climbing faster than unvaxxed, does the “vaccine” actually inhibit the bodies fight against the virus?
As I understand it the “vaccines” do not kill the virus but suppress symptoms. Does the live virus fester in the vaxxed body and figure out (evolve) how to suppress the vaccine and get stronger in the process? Does the virus perform gain of function on itself?
In an interview with the New York Times earlier this month, Fauci made a startling revelation: the vaccine wanes so seriously that it doesn’t even protect against hospitalization and death! His solution? MORE shots. Will America keep listening to him?
Also today: South Korea got fully vaxxed…then they all got covid! What’s going on here? Get Ron Paul’s new Mini-Book as a “thank you” for your donation to the Ron Paul Institute! Send $50 or more for the book as a gift; for $100 or more Ron Paul will personally sign it! Donate here: http://ronpaulinstitute.org/support/
Dan Gainor, VP of the Media Research Center, said Big Tech’s attempts to stifle discussions about Rittenhouse proves how much control it has in societal and political issues. “It’s dangerous that they have this much power over what can be discussed in a public forum,” he said. “They could prevent free elections in every free country in the world if they wanted to.”
A Wisconsin jury finding Kyle Rittenhouse acted in self-defense, when he shot three people at a BLM protest in Kenosha last year, makes more apparent the dangerous powers of Big Tech. Within days of the August 2020 shootings, Facebook labeled Rittenhouse a mass murderer, telling Breitbart: “We’ve designated the shooting in Kenosha a mass murder and are removing posts in support of the shooter.” It also blocked search results on “Kyle Rittenhouse.”
In September 2020, Twitter suspended the account of Rittenhouse’s attorney for attempting to raise funds for the teenager’s defense. GoFundMe cited its policies against supporting those charged with violent crimes when thwarting efforts to pay for Rittenhouse’s legal fees, despite plenty of similar fundraisers remaining live. Only after the verdict of innocence was reached would GoFundMe allow campaigns to help pay for the teen’s legal fees and living expenses.
During Rittenhouse’s trial, Facebook again blocked search results on his name, leaving users to converse about it only on their profiles or in their subscribed feeds. And YouTube suspended live streams about the trial hosted by independent legal analysts.
In America, alleged criminals are presumed innocent until proven guilty. The court of Big Tech social media, however, is anything but impartial. And their actions regarding this particular case should concern us all.
Dan Gainor, VP of the Media Research Center, said Big Tech’s attempts to stifle discussions about Rittenhouse proves how much control it has in societal and political issues. “It’s dangerous that they have this much power over what can be discussed in a public forum,” he said. “They could prevent free elections in every free country in the world if they wanted to.”
What do you think? Should Big Tech protect its users from the “bad side” of a criminal case? Talk about it on Parler.
