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Posts Tagged ‘Joe Biden’

Indications Are That a Biden Administration Would Require the Fed to Adopt a Black Lives Matter Monetary Policy

Posted by M. C. on July 22, 2020

The reason black unemployment lags is because of high minimum wage laws, which no doubt would be boosted by a Biden administration. The only way the Fed could counter that is by creating higher price inflation. That is, there would be a new kind of inflation, blackflation, price inflation created by the Fed at higher rates to raise nominal low-skilled wage rates above the minimum wage rate.

How nutty can you get?

https://www.economicpolicyjournal.com/2020/07/indications-are-that-biden.html

From a Wall Street Journal editorial:

As old-fashioned as it sounds, we’re thumbing through Joe Biden’s economic plan on the theory that someone somewhere might want to know what’s in it. And what should we find, hiding like a presidential candidate in a Delaware basement, but a promise to politicize the Federal Reserve in a whole new way.

Mr. Biden wants to create a third mandate for the Fed. Recall that the current two are price stability and full employment. But, as the policy blueprint Team Biden cooked up with Bernie Sanders’s economic advisers argues, “the Black unemployment rate is persistently higher than the national average, which is why Democrats support making racial equity part of the mandate of the Federal Reserve.” The Fed chairman would be required to collect data and report on “the extent of racial employment and wage gaps” and what the Fed is doing about them.

The Journal notes:

Black employment tends to lag behind other ethnic groups, for complex reasons. This means the economy generally needs to run hotter for longer before lower-skilled black workers start to benefit from more employment and higher pay. That’s an argument for sound economic policies. But this proposal would bake in a bias in favor of ultraloose monetary policy, with racial justice furnishing a formal excuse to overlook inflation risks.

The reason black unemployment lags is because of high minimum wage laws, which no doubt would be boosted by a Biden administration. The only way the Fed could counter that is by creating higher price inflation. That is, there would be a new kind of inflation, blackflation, price inflation created by the Fed at higher rates to raise nominal low-skilled wage rates above the minimum wage rate.

How nutty can you get?

Well, as it turns out, even nuttier.

The Fed could make sure money is pumped into businesses that hire blacks, regardless of skills.

The Journal again:

The Biden monetary mandate also would open the door to regulatory mischief, which is the real prize for the progressive left. Under a diversity mandate, the Fed could require the banks it regulates to collect detailed data about the racial make-up of employees, and their pay, at companies applying for loans.

That data could then form a basis for enforcement action against banks that didn’t do enough to reduce racial pay gaps via their lending decisions, whatever “enough” means in the wilds of social-justice Twitter or a Treasury run by Elizabeth Warren. This would be a back-door way to impose through regulatory pressure various wage and diversity rules that otherwise couldn’t pass Congress or survive the Supreme Court. Such a data trove would provide bottomless fodder for grandstanding politicians on Capitol Hill…

 Under a race mandate, the Fed will have no choice but to obey whatever dictates Congress and a Biden Administration send its way in 2021.

There is a serious group of radical central planners surrounding Biden. A Fed Black Lives Matter monetary policy would be bad enough but it wouldn’t stop there.

RW

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Marxist Angela Davis: Joe Biden Is ‘Candidate Who Can Be Most Effectively Pressured’

Posted by M. C. on July 17, 2020

If by pressure she means money, she is right. Especially if son Hunter is involved.

Still, Biden is fake news. Watch out for his VP.

https://www.breitbart.com/politics/2020/07/16/marxist-angela-davis-joe-biden-is-candidate-who-can-be-most-effectively-pressured/

by Dr. Susan Berry

In a discussion about why she is supporting Joe Biden in the 2020 presidential election, radical Marxist and former Black Panther Angela Davis explained Monday that while Biden is by no means an ideal candidate for the radical left, he is the “candidate who can be most effectively pressured.”…

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Now What? – Kunstler

Posted by M. C. on July 11, 2020

And who is the figurehead leading this Democratic Woke party wrecking crew of coercion? The empty shell of Joe Biden, a bumbling senator turned grifting vice-president, now a mere hologram of a candidate.

Who are they kidding with this pathetic wind-up mummy, this bare ruin of a crooked old pol? What treacherous game are they playing now? What’s next…?

A vote for Biden is in reality a vote for the VP candidate.

https://kunstler.com/clusterfuck-nation/now-what/#more-12711′

James Howard Kunstler

Tired of getting mau-maued by the Woke Inquisition? That’s what it is, of course: a supercharged shakedown operation utilizing all the medieval tools of maximum mindfuck to hustle the USA out of its own existence. The animating principle of Black Lives Matter is not justice but coercion, and not just coercion, but the sadistic pleasure of inflicting pain, injury, and humiliation in the process of extracting money and power.

The tools are violent insurrection, bad faith, and unconditional dishonesty, applied like thumbscrews, strappados, and red-hot irons to a nation reeling from the dislocations of a pandemic virus and a financial implosion. Now, several weeks out from the June uproars of looting and burning, the true shape of this racist jacquerie is plain to see: they are the shock troops of the desperate and demented Democratic Party. The smoldering ruins of Minneapolis and Santa Monica are the Party’s policy platform. The Seattle CHOP is its shining city on a hill. Not everybody in the land has gone insane, of course, and not everyone will keep going along with the hustle.

The news media war chiefs of the Woke Inquisition — The New York Times, CNN, and MSNBC — are working overtime to terrorize the public into renewed Covid-19 hysteria, with the bonus of further destruction to America’s daily business by instigating new lockdowns. The nation’s economy was already in enough trouble. The question now is: how will a responsible political establishment manage contraction? The Woke Inquisition’s answer is simply to extend looting operations to whatever isn’t nailed down. The Woke Inquisition is like the parasitic wasp larva trying to eat its way out of a plump caterpillar, leaving nothing but a husk behind. It goes for the brain first and then for the guts.

Who is not impressed by the mindlessness of this vicious rabble? There’s no evidence at the core of their complaint that police nationwide are “hunting down black men.” If anything, black men are hunting each other down — and are oblivious to the collateral damage of infants and children blown away in their shoot-ups. Defund the police and tie their hands behind their backs? Well, the results are already in for that: huge increases in homicide rates in Chicago, New York, Houston, Baltimore, Kansas City, Newark, Nashville, et cetera, overwhelmingly black-on-black crime.

Leading, naturally, to the linchpin of Wokesterism: it’s Whitey’s fault. Whitey is racism incarnate. White Fragility makes redemption impossible. No amount of penance, apology, or remediation can fix it. Which raises another question: why even bother entertaining reparations for slavery? It will never be enough. Which may be exactly why the Woke Inquisition’s real aim is to undermine all of America’s institutions and then bust up the republic.

The petulant “Resistance” that dug in after Hillary’s shocking 2016 election loss did the groundwork by enlisting the FBI, CIA, NSC, DOJ and other federal agencies into seditious intrigues that made the federal apparatus of justice look (and act) corrupt and untrustworthy. Everything about the Mueller inquiry was an exercise in bad faith and perfidy, leaving the engines of official justice so broken that their misdeeds can barely be corrected, let alone prosecuted. To this day, the Lawfare cadres sponsor the continued persecution of General Michael Flynn, months after the DOJ formally dropped its case against him. Do you suppose these turpitudes don’t rankle the substantial number of citizens who still refuse to be driven insane by the Woke terror?

And who is the figurehead leading this Democratic Woke party wrecking crew of coercion? The empty shell of Joe Biden, a bumbling senator turned grifting vice-president, now a mere hologram of a candidate. The renewed campaign of Covid-19 hysteria in the Woke press may be just a psy-op to stuff poor Joe back in his basement and make sure he stays off public view. They took him out for a brief airing yesterday in Pennsylvania, a low-grade fiasco. In a formal speech, Mr. Biden said, “So today, I’m releasing a brewplint [sic] — I think the press had — how to create millions of good-paying union jobs, using Protestant technology [say what?] that we need now, and in the future.” Hmmm. Protestant technology? What could that be? Sounds like another one of Whitey’s endless tricks.

After the speech, some media cornered the candidate beside a campaign limo. He managed to decline taking any questions and waddled stiffly away, glassy-eyed, his hands strangely splayed like seal flippers (another symptom?). Who are they kidding with this pathetic wind-up mummy, this bare ruin of a crooked old pol? What treacherous game are they playing now? What’s next…?

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How Biden’s Foreign-Policy Team Got Rich – The American Prospect

Posted by M. C. on July 7, 2020

There is no Biden Doctrine. “He’s not a guy who knows history. He’s not a guy who is intellectually curious,” said Emma Sky, who advised the U.S. military in Iraq. “It’s all about personal relationships.” Those close bonds may cloud his judgment. He has expressed “love” for Israeli Prime Minister Benjamin Netanyahu even after he had defied the Obama administration and stood by the late Egyptian President Hosni Mubarak as he assaulted protesters. In effect, Biden’s foreign policy is a blank slate, onto which often-conflicted advisers from the traditional national-security establishment will project actual policies.

https://prospect.org/world/how-biden-foreign-policy-team-got-rich/

by

They had been public servants their whole careers. But when Hillary Clinton lost the 2016 election, two departing Obama officials were anxious for work. Trump’s win had caught them by surprise.

Sergio Aguirre and Nitin Chadda had reached the most elite quarters of U.S. foreign policy. Aguirre had started out of school as a fellow in the White House and a decade later had become chief of staff to U.N. Ambassador Samantha Power. Chadda, who joined the Pentagon out of college as a speechwriter, had become a key adviser to Secretary of Defense Ash Carter in even less time. Now, Chadda had a long-shot idea.

They turned to an industry of power-brokering little known outside the capital: strategic consultancies. Retiring leaders often open firms bearing their names: Madeleine Albright has one, as do Condoleezza Rice and former Secretary of Defense William S. Cohen. Their strategic consultancies tend to blur corporate and governmental roles. This obscure corner of Washington is critical to understanding how a President Joe Biden would conduct foreign policy. He has been picking top advisers from this shadowy world.

More from Jonathan Guyer

At the outset of a new administration, high-ranking officials often join one of a dozen such firms, which are surprisingly bipartisan in their makeup, to help companies navigate the areas where their relationships give them power. The model was pioneered by Henry Kissinger, who through Kissinger Associates represented American Express and Coca-Cola, among other banks and transnationals. In Beijing, Washington, and developing countries, strategic consultants help corporations manage tricky regulations, potential crises, and new markets. Their behind-the-scenes work in world capitals can look a lot like lobbying.

The problem for Aguirre and Chadda was that neither young man was a marquee name. Chadda realized that the latest crop of senior officials hadn’t yet started their own named consultancies. “The thought for us was to build a living and breathing platform, with those who are enthusiastic about serving again,” he said. Staying up late one night, they drafted a plan and came up with the first target they would pitch.

Michèle Flournoy had served as undersecretary of defense for policy from 2009 to 2012. Both Aguirre and Chadda had known her well in the Obama administration. Since leaving office, she’d spent several years in consulting and was hitting her stride. With Flournoy as senior adviser, Boston Consulting Group’s defense contracts grew from $1.6 million in 2013 to $32 million in 2016. Before she joined, according to public records, BCG had not signed any contracts with the Defense Department.

Flournoy, while consulting, joining corporate boards, and serving as a senior fellow at Harvard’s Belfer Center, had also become CEO of the Center for a New American Security in 2014. The think tank had $48 million on hand, and defense contractors donated at least $3.8 million while she was CEO. By 2017, she was making $452,000 a year.

If a Democrat were to win office, she would likely become the first woman defense secretary. She had considered an offer to serve as deputy to Trump’s first secretary of defense, Jim Mattis, but ultimately withdrew from the vetting process and stuck to consulting. “That’s more of a labor of love,” she told me. “Building bridges between Silicon Valley and the U.S. government is really, really important.” Read the rest of this entry »

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Biden’s Basement Strategy: Just Say Nothing – LewRockwell

Posted by M. C. on June 27, 2020

If Biden emerges, then he will have to answer why all these
institutions where his party and people are predominant — the media,
Hollywood, the academic community, public schools, big-city governments,
the big foundations, the federal bureaucracy — are apparently shot
through with systemic racism after decades of Democratic dominance.

And, more precisely, what he intends to do about it.

Perhaps it’s better to shelter in place in the basement.

https://www.lewrockwell.com/2020/06/patrick-j-buchanan/bidens-basement-strategy-just-say-nothing/

Some polls now have Joe Biden running ahead of Donald Trump by 10 points and sweeping the battleground states of Michigan, Wisconsin and Pennsylvania. This vindicates the strategy Biden’s advisers have adopted:

Confine Joe to his basement, no press conferences. Trot him out to recite carefully scripted messages for the cameras. Then lead him back to his stall.

This enables Biden to avoid the blazing questions that are dividing not only Democrats and Republicans but liberals and leftists. And most of these issues touch on the explosive subject of race.

Consider. California’s legislature just voted to put to a statewide ballot in November a return to the racial preferences that were banned as discriminatory in a statewide referendum, 25 years ago.

The proposal would reverse the 1995 constitutional amendment, approved by 55% of voters, which outlawed “preferential treatment” based on “race, sex, color, ethnicity, or national origin.”

If the measure carries, California returns to a racial spoils system.

Race preferences are being pushed because they are needed to bring about greater representation of Blacks and Hispanics in the student bodies of elite schools of the state university system like UCLA and the University of California, Berkeley.

Asian students are today “overrepresented” in these prestigious schools, because of their superior test scores.

Where does Biden stand on anti-Asian discrimination?

Earlier this June, the California Assembly voted to establish a task force to make recommendations for reparations for slavery.

Now, California did not enter the Union until 1850, and slavery was outlawed in the state constitution, though several thousand slaves were brought there during the 1849 Gold Rush.

Where does Biden stand on reparations for slavery?

Many of the recent protests in the wake of George Floyd’s death have involved the desecration and destruction of monuments.

What does Biden think about tearing down statues of Christopher Columbus and Robert E. Lee? Where does Biden stand on destroying statues of Presidents Washington, Jefferson, Andrew Jackson, Lincoln, Grant and Theodore Roosevelt?

What did Biden think of the removal of the statue of Caesar Rodney, Delaware statesman and slave owner, who, despite a grave illness, rode to Philadelphia to sign Jefferson’s Declaration of Independence and cast his lot with the American Revolution?

Understandably, Biden would prefer not having to choose between Caesar Rodney and BLM.

Black men are arrested and incarcerated more often than whites because of the systemic racism of law enforcement officials, we are told.

Does Biden believe white cops are congenital racists?

In the great cities where the killing of Black men is today all too common, the regimes that have ruled them for decades have been almost wholly Democratic.

Does Biden believe there is systemic racism in the ruling circles of all these Democratic-run cities?

Over the last month, there has been an explosion of shootings and killings. In Chicago, over Memorial Day, 84 people were shot, 24 mortally.

Last weekend in Chicago, 106 people were shot and 14 killed. New York City is experiencing the worst shooting violence in a quarter century.

Is there systemic racism in the police departments of our great cities? Again, who has been running those cities, if not Democrats?

Is there inequality in wealth between Black and white America because of systemic racism? If so, why did that inequality persist through two terms of our first Black president, with Biden as his VP?

Does Biden believe, with Elizabeth Warren, in wealth taxes on the rich and wealth transfers to close the Black-white wealth gap?

Is there systemic racism in American media?

Our dominant media institutions include The Washington Post, New York Times, ABC, CBS and NBC. All are controlled by liberals.

Is there systemic racism in our great universities and colleges? Yet, Harvard, Yale, Princeton, Columbia, and the rest of the Ivy League have long been run by an entrenched liberal elite.

Is our huge federal workforce permeated by racism?

Though African Americans are 13% of the U.S. population, they occupy 18% of all federal jobs.

Is there systemic racism in our public schools? Who controls the teachers unions? Who fills almost all of the teaching positions?

Is there systemic racism in California? If so, who is at fault? The governor, both senators, both houses of the legislature, all statewide offices, and 46 of 53 U.S. House seats in California are held by Democrats.

If Biden emerges, then he will have to answer why all these institutions where his party and people are predominant — the media, Hollywood, the academic community, public schools, big-city governments, the big foundations, the federal bureaucracy — are apparently shot through with systemic racism after decades of Democratic dominance.

And, more precisely, what he intends to do about it.

Perhaps it’s better to shelter in place in the basement.

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EconomicPolicyJournal.com: Just Who the Hell is Running Joe Biden’s Brain?

Posted by M. C. on June 20, 2020

https://www.economicpolicyjournal.com/2020/06/just-who-hell-is-running-joe-bidens.html

As Joe Biden picks up steam in the presidential campaign, it makes sense to look at which economists are advising him. One problem. It’s a secret.

The New York Times reports:

Few aspects of Joseph R. Biden Jr.’s presidential campaign are shrouded in as much secrecy as the counsel he receives on the economy: which advisers have the most sway with the presumptive Democratic nominee, what ideas have the greatest currency, and what new policies Mr. Biden will ultimately embrace to address the racial inequities now animating protests nationwide.

Some broad contours have become clear. Mr. Biden plays down concerns about the deficit during this recession, aides say, and he has begun soliciting ambitious plans to bridge the gap in earnings and wealth between black and white Americans. His regular briefings are by a small group of liberal economists and others with roots in the Obama White House and Hillary Clinton’s 2016 campaign. And he sees the economic recovery as his foremost duty if he wins the presidency.

Yet the details of the policymaking process are closely held. Mr. Biden is now seeking input from more than 100 left-leaning economists and other researchers, but there is little clarity on who has true influence…A three-page document, sent last month ahead of the committee’s first online meeting, warned participants not to circulate email from committee leaders or refer to “the candidate or to the campaign” in documents.

“You are not to disclose the names of others who are involved in the committee to nonmembers,” according to the memo, which has not previously been reported.

 Members were allowed to tell friends and colleagues that they are participating, it continued, but “you should not, however, disclose your participation on social media such as Facebook or LinkedIn or in your professional bio.”

A section about press inquiries began, “Simply put, do not talk to the press.”

I am not expecting any sound economic policy if Biden gets elected but at this point, we don’t even know what bad direction he would go in. It might be very bad.

There is a hint that the secrecy may be because the advisers are radical left economists.

The Times again:

Conversations with policy experts close to the Biden campaign suggest that Mr. Biden has thus far leaned on a core group of advisers who roughly match his own ideological standing within a Democratic Party that has steadily moved left since Barack Obama won the White House in 2008. Mr. Biden appears to have widened that group to include some of the young and sharply progressive thinkers who drove the policy debate leftward during much of the 2020 Democratic primary campaign.

To wit: Asked over email if he was advising Mr. Biden, Gabriel Zucman, one of the architects of Senator Elizabeth Warren’s proposed tax on high-wealth Americans, referred a reporter to an email address for Mr. Biden’s press office. That address matched one that campaign officials sent to members of the newly formed economic policy committee, with instructions to give it to reporters in the event of questions about Mr. Biden.

It’s clear that whoever is running Biden wants the radicals in.

More from The Times:

Mr. Biden has faced pressure from progressives who have objected to his receiving advice from Lawrence Summers, a former Treasury secretary under President Bill Clinton and top economic aide to Mr. Obama whom they fault over his record in areas like financial regulation and climate change.

Waleed Shahid, a spokesman for Justice Democrats, a progressive group, warned against relying on what he described as the “old guard” of Democratic economists.

I have written previously about the radical Zucman :

 Cal Berkeley economists Gabriel Zucman and Emmanuel Saez hate capitalism, free markets and the accumulation of wealth.

They are Elizabeth Warren’s two top economic advisers.

And in a post titled Krugman is Promoting Two Tax Maniacs, I wrote::

 Zucman has called for taxing private charities and philanthropic foundations, in addition to wealthy incomes.

Zucman and Saez are also the developers of Elizabeth Warren’s wealth tax.

RW

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The Bonfire of the Insanities – Taki’s Magazine

Posted by M. C. on June 4, 2020

As Frank DeScushin observed:

It’s bizarre to see people Tweet “A riot is the voice of the unheard!” when the black voice on race issues is the one promoted by The Establishment (media, academia, politicians & corporations) with all those same parties censoring or demonizing any dissent.

What America needs to do is treat blacks as human beings with free will who when they make good choices should enjoy the benefits and when they make bad choices should experience the consequences. Instead, The Establishment views blacks as our Sacred Cows, above criticism, but beneath agency.

https://www.takimag.com/article/the-bonfire-of-the-insanities/

Steve Sailer

White elites are currently fantasizing that they can use the People of Color mob of young looters to overthrow Trump, somewhat like in Georgia in 2003 and Ukraine in 2014.

Serious people in Washington and New York take seriously warnings from abroad that the American Empire can endure four years of Trump, but not eight. Granted, the traditional, Constitutional way of bringing about regime change is to wait for the November election.

And, Trump has never been a terribly popular president, even during his three years of peace and prosperity before 2020’s series of unfortunate events. So the notion that he would lose in November seemed pretty plausible.

The Democratic Party, though, saw itself as so morally beholden to blacks that it wound up outsourcing the job of picking its nominee to the church ladies of South Carolina. And they went for that nice Joe Biden, because he was such a properly deferential flunky to America’s first black president.

Joe, however, is not getting any younger. For example, on Monday he unveiled to a black audience his breakthrough innovation for how to cut down on police shootings of “unarmed” blacks:

“There is the idea that instead of standing there and teaching an agent when an unarmed person comes at him with a knife or something, shoot him in the leg instead of the heart.”

Is Joe’s cognitive level going to bounce back by the fall?

Who knows?

“The Establishment views blacks as our Sacred Cows, above criticism, but beneath agency.”

So, perhaps as Plan B, the Deep State could use the latest Twitter brouhaha over some knuckleheaded black criminal who got himself killed while resisting arrest to gin up a medium-size race war and then…something…something…something…and Trump flees to exile in Dubai!

But, as you may have noticed over the past week, America’s People of Color aren’t really up to the organizational demands of pulling off a Ukraine/Georgia-style Color Revolution. They’re less suited for engineering a coup than for boosting Air Jordans and Yeezys. So, ironically, the blue-state elites’ favorite pets are now smashing up Santa Monica and SoHo, because blue cities have cooler shoe stores than Trump’s Flyover Country.

Indeed, the main strategic innovation of this latest set of riots has been that instead of just robbing the Korean- or Arab-owned liquor store in your own slummy neighborhood, you drive to a nice part of town and steal stuff you saw a Kardashian wear on TV.

So far, the master strategist of the new riots has been Sherelle Smith, the sister of the black criminal whose killing set off the 2016 Milwaukee riot. She then famously explained to her rioting neighbors:

“Y’all burnin’ down shit we need in our community. Take that shit to the suburbs. Burn that shit down! We need our shit! We need our weaves. I don’t wear it. But we need it.”

The George Floyd Riots, such as Monday night’s Sack of Manhattan, are the culmination of the Great Awokening that got going with Trayvon Martin in 2012 and came to monopolize the media’s mindset with Ferguson in 2014. What we are seeing played out in the unfortunate shoe and handbag stores of our big cities is the logic of mainstream anti-racism in action.

As Frank DeScushin observed:

It’s bizarre to see people Tweet “A riot is the voice of the unheard!” when the black voice on race issues is the one promoted by The Establishment (media, academia, politicians & corporations) with all those same parties censoring or demonizing any dissent.

White Americans have made vast efforts over the past sixty years to exterminate all manifestations of white racism. And yet, each new generation of black youths still likes to loot shoe stores.

It’s a puzzlement.

The now-dominant view is not, exactly, that all men are equal. Instead, it’s that all races are equal, but some are much more equal than others. In particular, African-Americans are the equalest people on earth.

Blacks are so equal that they are just racially superior to everybody else at sports, music, dance, acting, and comedy. (Which they might be.)

And blacks are, obviously, no worse than equal to everybody else at theoretical physics, contract law, and mechanical engineering.

Obviously.

Not to mention, their hair is at least as touchable as anybody else’s during World War Hair, if not more so.

Only a vile racist might have any doubts.

The highest priority of our culture in recent years has become to prevent blacks from suffering from any inferiority complexes. In fact, we should stoke their superiority complex. Indeed, inculcating black megalomania is the least we can do.

(Whites find blacks vastly more entertaining than Mexicans, so white elites are much more attracted to harebrained plans to recruit blacks to help them beat the Real Enemy: other whites.)

As we are witnessing in countless videos this week of robbery and assault, this orthodoxy, not surprisingly, doesn’t improve the behavior of blacks. Granted, as a critic I’m biased, but, having been subjected to a lot of criticism myself, I believe that being criticized tends to make us behave better, if only to not give our critics an easy target.

But blacks are increasingly excused from all critique, so their conduct is not improving, as we’ve seen nightly on the local news this week.

What America needs to do is treat blacks as human beings with free will who when they make good choices should enjoy the benefits and when they make bad choices should experience the consequences. Instead, The Establishment views blacks as our Sacred Cows, above criticism, but beneath agency.

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A Black Swan With Teeth | SchiffGold

Posted by M. C. on May 28, 2020

From his basement-based presidential campaign, Joe Biden has repeatedly asserted that trade-offs between safety and economic activity are a “false choice,” and that any policies that may just prevent “one more death” should be implemented, no matter the costs. Such claims are symptomatic of a politician who prefers cheap posturing to reality.

The insanity of this idea can be seen in California, a state under total control of the Democrats. Despite a per capita death rate that is less than 30% of the national average, based on current data from Wolrldometer, the state seems to be prepared to commit economic suicide.

https://schiffgold.com/commentaries/a-black-swan-with-teeth/

by

For years, I have been warning that during the age of permanent stimulus (which began in earnest with the Federal Reserve’s reaction to the dotcom crash of 2000), each successive economic contraction would have to be met with ever larger, increasingly ineffective, doses of monetary and fiscal stimulus to keep the economy from spiraling into depression. I have also said that the enormity of the asset price gains over the last 10 years had increased the danger because reflating the bloated stock, real estate, and public and private debt markets would bring on doses of stimulus that could prove lethal for the economy. But even though I expected that the next financial crisis would be catastrophic, I thought that it would come into the world in the usual way, as a credit crisis triggered by over-leverage. But the Coronavirus ripped up those stage notes, and instead ushered in a threat that is faster and deeper than I imagined, and I imagined a lot. It’s a perfect storm, a black swan with teeth.

Even in my most pessimistic assessments, I did not expect that so many seemingly distant sectors of the economy would simultaneously evaporate, almost overnight, or that government deficits would expand to nearly $4 trillion in the first wave of the crisis, or that the Federal Reserve would so suddenly launch its largest-ever experiment in quantitative easing, (with almost none of the forward guidance they have used to telegraph lesser moves), which would expand its balance sheet by more than $3 trillion in a matter of just a few months. Nor did I expect that at its outset the Fed’s new buying plan would include, for the first time, corporate bonds and high yield debt ETFs. (I thought those expansions would come eventually, not immediately.)

To make matters even worse, the crisis has struck in the midst of a presidential election year, which guarantees that every policy decision has been made through a political prism. Democrats are seizing on the crisis to paint the Trump Administration as incompetent, ineffective and uncaring, often twisting themselves into knots to do so. (Trump has done himself no favors by using his daily briefings to showcase his inconsistent policy positions, combative political style, and his tenuous grasp of medical concepts.) So, in contrast to prior national crises that had tended to pull the country together (think 9/11), this event is tearing us apart.

But there is one thing upon which both sides seem to agree: the need for the Federal government to shower the economy with newly created money, bail out everyone who can claim that the virus “was not their fault,” and to fully liquefy the financial markets. The result has been an increase in government spending that dwarfs everything we have ever seen in the past, including the government’s response to the 2008 financial crisis. The $3 trillion increase in Federal debt accumulated this spring may just be the beginning.

The major political differences now center on matters of degree, particularly how long the economy should remain closed and how many jobs, businesses, and family financial plans should be exchanged for each life that may be saved through extended lockdowns. This is where it gets ugly. Read the rest of this entry »

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This Should Really Scare You About Joe Biden Domestic Policy

Posted by M. C. on May 17, 2020

As a wise man once said-Deja vu all over again.

Fast and Furious

https://www.economicpolicyjournal.com/2020/05/this-should-really-scare-you-about-joe.html

On Thursday, the Biden campaign revealed the members of six “Biden-Sanders Unity Task Forces” that will develop his policy platform for the general election run, according to a press release.

The six groups will focus on immigration, climate change, criminal justice, the economy, education, and health care. There does not appear to be a sound advisor among them.

Democratic Socialist  Alexandria Ocasio-Cortez will co-chair the working group on climate change.

House Progressive Caucus co-chair Rep. Pramila Jayapal, D-Wash., will co-chair the health care group.  He campaigned for Sanders in early primary states and supports “Medicare for All.”

Former Attorney General Eric Holder, who was part of the Obama administration, will be part of the criminal justice reform group.

And, most concerning, the eonomics task force includes Stephanie Kelton, who promotes modern monetary theory–the idea that you can just print and print and print money out of thin air to solve all the country’s problems.

Let’s hope that these groups won’t actually have any influence over the platform that Biden and the DNC adopt and that it is just a reach out to these mad people.

If Biden’s team actually supports any of the stuff coming out of these groups and he is elected, we will be in worse trouble than we are now.

RW

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How Long Can Biden Stay in His Basement? – LewRockwell

Posted by M. C. on May 6, 2020

With that flat denial, Biden put his credibility on the line — in defense of his character. For one cannot equate what Reade claims Biden did with the reputation he has built over half a century as a decent and honorable man. Biden now has to persuade the nation this woman is deluded, wildly exaggerating, misremembering — or is deliberately lying.

https://www.lewrockwell.com/2020/05/patrick-j-buchanan/how-long-can-biden-stay-in-his-basement/

By

Where Barack Obama achieved notoriety for “leading from behind,” Joe Biden, these last two months, has been leading from the basement.

And, one must add, doing so quite successfully.

Since his rout of Bernie Sanders on Super Tuesday, Biden has led President Donald Trump in every national poll and, lately, opened up a lead in Michigan, Wisconsin, Pennsylvania and Florida. One poll has him tied with Trump in Texas.

Last week, however, reality intruded. Biden was forced to defend himself against the lurid charge of ex-aide Tara Reade that, as a senator in 1993, he had groped and assaulted her inside the Capitol complex.

Why did Biden go public? 

Because witnesses were coming forward to say Reade told them of Biden’s misconduct years ago, and major media outlets began to give the charge credibility by moving the allegation onto Page One.

Media allies were signaling that they could not forever give Biden a pass on this, and he had to speak to the charges. Which is what Biden did Friday as he told MSNBC’s Mika Brzezinski:

“This never happened … and it’s as simple as that.”

With that flat denial, Biden put his credibility on the line — in defense of his character. For one cannot equate what Reade claims Biden did with the reputation he has built over half a century as a decent and honorable man. Biden now has to persuade the nation this woman is deluded, wildly exaggerating, misremembering — or is deliberately lying.

If “nothing happened,” Biden must explain how well he knew Reade and why she left a plum job in the office of a U.S. senator after only nine months.

This is not a matter any presidential candidate wants to discuss while conducting his campaign. But this is only the beginning of Biden’s problems — and of his party’s problems with Biden.

With four months left before his nomination in Milwaukee, and six months before the November election, there are still among Democrats gnawing concerns based on Biden’s performance in the debates and primaries, and since, that he has lost the ability to articulate issues clearly and cogently, or to complete complex thoughts.

The worry is that he is suffering from mental decline and could be destroyed by Trump in a presidential debate. Biden forgets, mumbles, misspeaks, loses his train of thought and appears, at times, confused.

Moreover, Biden is no spring chicken. He would take office at 78, one year older than Ronald Reagan, our oldest president, was when he left office.

Biden has also signaled, by his references to being a “bridge” president, that he will be serving only the single term that would end in 2025 with him having celebrated his 82nd birthday.

“I view myself as a transition candidate,” Biden conceded last week.

This makes his vice presidential choice crucial. For that individual would not only become president instantly should something happen to a President Biden, but he or she would also become the leader of the Democratic Party, the probable presidential nominee in 2024, and possibly president.

Who will Biden select as America’s future leader, after him?

First rule: No white men need apply. Biden has ruled them out.

Indeed, no male candidate of any race or ethnicity need apply. The vice presidential nomination has been set aside for a woman.

A woman of color? Not necessarily. 

But here Biden has another problem. It was a huge turnout among African Americans in South Carolina that rescued Biden’s failing candidacy and propelled him to his Super Tuesday triumph three days later.

Should Biden choose Minnesota Sen. Amy Klobuchar as his running mate in a party that celebrates diversity above all, that all-white ticket would dismay and conceivably enrage the political elites of the black and Hispanic communities in the Democratic coalition.

If he chooses Sen. Elizabeth Warren, that ticket would also be all white. Moreover, it would point to a Democratic Party future far to the left of the constituencies that turned out in panic for Joe Biden because he was the last man standing athwart the forced march to the left of democratic socialist Bernie Sanders.

If Biden chooses an African American like Stacey Abrams, who lost the Georgia governor’s race in 2018, or Sen. Kamala Harris, who did poorly in the primaries and savaged Biden for his opposing forced busing to integrate public schools in the 1970s, would Democrats welcome either as the party’s designated future leader?

Michelle Obama, as Biden wistfully says, would fit the bill perfectly.

But the former first lady is unavailable. And while Biden is mulling over his choice in his basement, Republicans will be attacking his character, credibility and mental competence. Before the fall campaign begins, they will have soiled his candidacy good.

“It has been said that democracy is the worst form of Government except for all those other forms that have been tried,” said Winston Churchill, after the British gave him “The Order of the Boot” in 1945.

Campaign 2020 may show us our own democracy at its worst.

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