Cronyism and Historical Revisionism | Mises Institute
On this episode of Radio Rothbard, Ryan McMaken and Tho Bishop are joined by Patrick Newman.
On this episode of Radio Rothbard, Ryan McMaken and Tho Bishop are joined by Patrick Newman.
Was South Korea on the verge of invading North Korea in 1949? Today Indy looks at the bloody fighting across the Korean border in the years leading up to war. Then he asks the question, why did Kim finally decide to invade South Korea in the early months of 1950?
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S&P Futures are displaying solid gains this morning. Markets await a key employment report this morning, the monthly non farms payrolls data. Retail stocks are gaining as port workers are returning to the job. Apollo is in talks to buy Barnes Group for $45 a share. Spirt airlines is in talks for a bankruptcy filing. The European Union is set to impose tariffs of up to 45% on electric cars made in China. In Europe, markets are mostly higher. Oil prices are higher as risk premium continue to inflate ahead of the expected Israeli strike against Iran.
Ukrainian officials have warned of possible water supply problems in the eastern Donetsk region, after heavy Russian aerial strikes. Moscow has targeted Ukraine’s utility system throughout the two-and-a-half year war, with concerns rising that the country could face its toughest winter yet. Donetsk region Governor Vadym Filashkin said Thursday that 260,000 people could be affected […]
The post Ukraine warns of water shortages in east appeared first on Insider Paper.
by Leo Hohmann, Leo’s Newsletter: FEMA is a fraud. The Federal ‘Emergency’ Management Agency is ‘nowhere to be found’ in hurricane-ravaged areas where decomposing bodies are being discovered amid the rubble and debris. There is a heart-wrenching story developing in the mountans and hills of Western North Carolina and Eastern Tennessee, a story that is […]
Fed’s Rate-Cut Helps Candidate Harris But Will Hurt President Harris (Or Trump)
Authored by Ron Paul via the Ron Paul Institute,
Many investors, businesses, and consumers cheered the Federal Reserve’s first interest rate cut since March of 2020. The Fed’s 50 basis points interest rate reduction was larger than many Fed watchers anticipated and was followed by suggestions that there are more rate cuts on the way.
A drop in borrowing costs following the Fed’s rate reduction can help make people more optimistic about the general economy and their own financial situation. The uptick in consumer sentiment could help Democratic presidential nominee Vice President Kamala Harris who has lagged behind Republican nominee former President Donald Trump on the matter of which candidate is seen as better on economic issues.
Even before the Fed’s rate cut, President Trump and pro-Trump commentators were suggesting that a rate cut would be a “September surprise” designed to boost Vice President Harris. This claim was dismissed by the “mainstream” media as a baseless “conspiracy theory.” However, anyone familiar with the Federal Reserve’s history of tailoring monetary policy to advance political goals would not have any trouble believing that the Fed would cut interest rates to help its preferred candidate.
Federal Reserve Chairman Jerome Powell has an incentive to prevent a Trump return to the Oval Office. While in the White House, President Trump regularly criticized Powell for not further lowering already historically low interest rates.
President Trump has also indicated that, if he wins, he will push Congress to give the president a direct role in monetary policy. Vice President Harris, in contrast, has promised to not interfere with the Fed’s conduct of monetary policy. It is easy to see why Powell and his Fed colleagues might want to help Harris.
Anyone who has been to a grocery store knows the Fed has not “defeated” price inflation. However, even official government data shows “softness” in the labor market. This Fed rate cut likely had more to do with concerns about increasing unemployment than the Fed’s claim that inflation will soon reach the Fed’s two percent target.
The Fed is between a rock and a hard place. If it does not lower rates, there is concern that unemployment will increase as the economy falls into a recession. On the other hand, keeping rates low runs the risk of hyperinflation and a collapse of the dollar’s value. The most likely scenario is a return of “stagflation” where rampant price inflation coexists with high unemployment.
Interest payments on the national debt will exceed one trillion dollars this year, putting more pressure on the Federal Reserve to monetize the debt, thus creating more inflation.
The Fed’s interest rate reduction may have increased Kamala Harris’s chances to win the presidency. However, the rate cut also increases the odds that the next president will face a major economic crisis. The crisis will either be caused by or result in a rejection of the dollar’s world reserve currency status.
The best thing politicians can do in the crisis is to avoid the temptation to “stimulate” the economy. Instead, they should let the recession run its course and begin dismantling the welfare-warfare state and the fiat money system.
Tyler Durden
Fri, 10/04/2024 – 06:30
…LESLIE A LITTLE STRONGER…
As of 5:00 AM AST Fri Oct 4
the center of Leslie was located near 9.8, -32.5
with movement W at 6 mph.
The minimum central pressure was 997 mb
with maximum sustained winds of about 60 mph.
…KIRK REMAINS A LARGE AND POWERFUL MAJOR HURRICANE… …LARGE SWELLS FROM KIRK COULD REACH THE U.S. EAST COAST BY SUNDAY…
As of 5:00 AM AST Fri Oct 4
the center of Kirk was located near 22.3, -48.1
with movement NW at 10 mph.
The minimum central pressure was 934 mb
with maximum sustained winds of about 145 mph.