Americans Are Worrying About the Constitution Again
Posted by admin / Under 1937 Social Credit Backbenchers/\' Revolt
"I don't worry about the Constitution," said Rep. Phil Hare, Democrat of Illinois, at a town hall meeting where voters questioned his support of the legislation that became Obamacare. You can find the clip on youtube.com, where it has 462,084 hits. That was before the 2010 election, in which Hare, running for a third term in a district designed by Democrats to elect a Democrat, was defeated 53 to 43 percent by Bobby Schilling, proprietor of a pizza parlor in East Moline. A lot of politicians are worrying about the Constitution these days. Liberal commentators were shocked this past week...
Published on Tuesday 22nd of May 2012 04:01:42 AM
What caused the recession of 1937-38?
Posted by admin / Under 1937 Social Credit Backbenchers/\' Revolt
The swift policy response to the recent financial crisis helped the world economy avoid a replay of the Great Depression of 1929-32. But can we avoid a replay of 1937-38? With the world economy weakening once again, this column addresses the question with a renewed urgency and comes up with an oft-overlooked explanation – the Treasury Department's decision to sterilise all gold inflows starting in December 1936. The recession of 1937-38 is sometimes called “the recession within the Depression.” It came at a time when the recovery from the Great Depression was far from complete and the unemployment rate was...
Published on Tuesday 22nd of May 2012 04:01:42 AM
That 1937 feeling all over again
Posted by admin / Under 1937 Social Credit Backbenchers/\' Revolt
SINGAPORE (Reuters) - Federal Reserve Chairman Ben Bernanke, an expert on the Great Depression, once promised that the central bank would never repeat its 1937 mistake of rushing to tighten monetary policy too soon and prolonging an economic slump. He has been true to his word, keeping interest rates near zero since late 2008 and more than tripling the size of the Fed's balance sheet to $2.85 trillion. But cutbacks in government spending may end up having a similarly chilling effect on the economy, and there is little Bernanke can do to counter that. Back in 1937, the U.S. economy...
Published on Tuesday 22nd of May 2012 04:01:42 AM
Comparing 2011 with 1937. One more time -- We are NOT in a depression.
Posted by admin / Under 1937 Social Credit Backbenchers/\' Revolt
In today’s article in Bloomberg View I explore reasons for the current weak recovery, and in particular whether there is an analogy with what happened in the recession of 1937-38 which interrupted the recovery from the Great Depression. Several charts elaborate on numbers provided there which argue against such an analogy. The first one relates to fiscal policy. It shows the ups and downs of real GDP growth in the 1930s and the contributions to that growth coming directly from government purchases and other components of GDP. (The data come from this interactive table at the Bureau of Economic...
Published on Tuesday 22nd of May 2012 04:01:42 AM
Does Barack Obama Sing the Tiger Song?
Posted by admin / Under 1937 Social Credit Backbenchers/\' Revolt
How many have heard of Nadhmi Auchi? Why are we not hearing more about him? Nadhmi Auchi was born in 1937. He is an Iraqi born British-resident and Britain's 22nd wealthiest individual. Nadhmi Auchi co-conspired with fellow Baathist Saddam Hussein in 1959 to assassinate then Prime Minister Abd al-Karim Qasim. Rezko and Obama are both financially connected to him. MSNBC reports that Nadhmi Auchi had helped Orascom (which owns Djezzy GSM), owned by Onsi Sawiris, gain a contract to set-up mobile phone networks in post-Saddam's Iraq. As per Orascom's annual report, page 65, Huawei Technologies is listed as a subsidiary...
Published on Tuesday 22nd of May 2012 04:01:42 AM
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