History of Economic Thought

Alan Greenspan — The Map and The Territory 2.0: Risk, Human Nature, and The Future of Forecasting — Videos

Posted on February 9, 2015. Filed under: American History, Banking, Blogroll, Books, British History, Business, College, Communications, Economics, Education, Employment, Energy, European History, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, Freedom, Friends, government spending, history, History of Economic Thought, Inflation, Investments, Law, liberty, Life, Links, Literacy, Macroeconomics, media, Microeconomics, Monetary Policy, Money, Music, Non-Fiction, People, Philosophy, Photos, Politics, Press, Radio, Rants, Raves, Regulations, Strategy, Talk Radio, Tax Policy, Taxes, Unemployment, War, Wealth, Welfare, Wisdom, Writing | Tags: , , , , , , , , , , , , , |

Alan_Greenspanthe map and terroritory 2.0Alan Greenspan The Map and The Territoryalan greenspan

Alan Greenspan: “I’m afraid (the US is) going to run into some form of political crisis

Greece Will Eventually Leave the Euro – Alan Greenspan Head of US Central Bank Eurozone Crisis

Alan Greenspan: Structure of the Oil Market Has Changed

Alan Greenspan on what’s wrong with the world economy – Newsnight

Alan Greenspan on Central Banks, Stagnation, and Gold

Alan Greenspan, former chairman of the Board of Governors of the Federal Reserve System, joins Gillian Tett, U.S. managing editor at the Financial Times, to discuss current trends in the global economy and solutions for addressing the financial crisis.

Alan Greenspan on Central Banks, Stagnation, and Gold

Alan Greenspan on Gold and The Federal Reserves inability to stop QE

Read Full Post | Make a Comment ( None so far )

Department of Labor Revised Job Numbers in November of 414,000 and December of 329,000 Plus 257,000 in January — Wages Increase 12 Cents Per Hour — Solid Jobs Report — U-3 Unemployment Rate Increased From 5.6% to 5.7% and 9 Million Unemployed — 1 Million Additional Americans Looking For Jobs — Spread The Message of Liberty — Videos

Posted on February 8, 2015. Filed under: American History, Banking, Blogroll, Business, College, Communications, Constitution, Corruption, Crisis, Economics, Education, Employment, Energy, Faith, Family, Federal Communications Commission, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, Freedom, Friends, government, government spending, history, History of Economic Thought, Illegal, Immigration, Inflation, Investments, Law, Legal, liberty, Life, Links, Literacy, Macroeconomics, Microeconomics, Monetary Policy, Money, Money, Natural Gas, Oil, People, Philosophy, Photos, Politics, Press, Private Sector, Public Sector, Rants, Raves, Regulations, Resources, Security, Strategy, Talk Radio, Tax Policy, Taxes, Technology, Terrorism, Unemployment, Unions, Video, War, Wealth, Wisdom, Writing | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

Project_1

The Pronk Pops Show Podcasts

Pronk Pops Show 412: February 6, 2015

Pronk Pops Show 411: February 5, 2015

Pronk Pops Show 410: February 4, 2015

Pronk Pops Show 409: February 3, 2015

Pronk Pops Show 408: February 2, 2015

Pronk Pops Show 407: January 30, 2015

Pronk Pops Show 406: January 29, 2015

Pronk Pops Show 405: January 28, 2015

Pronk Pops Show 404: January 27, 2015

Pronk Pops Show 403: January 26, 2015

Pronk Pops Show 402: January 23, 2015

Pronk Pops Show 401: January 22, 2015

Pronk Pops Show 400: January 21, 2015

Pronk Pops Show 399: January 16, 2015

Pronk Pops Show 398: January 15, 2015

Pronk Pops Show 397: January 14, 2015

Pronk Pops Show 396: January 13, 2015

Pronk Pops Show 395: January 12, 2015

Pronk Pops Show 394: January 7, 2015

Pronk Pops Show 393: January 5, 2015

Pronk Pops Show 392: December 19, 2014

Pronk Pops Show 391: December 18, 2014

Pronk Pops Show 390: December 17, 2014

Pronk Pops Show 389: December 16, 2014

Pronk Pops Show 388: December 15, 2014

Pronk Pops Show 387: December 12, 2014

Pronk Pops Show 386: December 11, 2014

Pronk Pops Show 385: December 9, 2014

Pronk Pops Show 384: December 8, 2014

Pronk Pops Show 383: December 5, 2014

Pronk Pops Show 382: December 4, 2014

Pronk Pops Show 381: December 3, 2014

Pronk Pops Show 380: December 1, 2014

Pronk Pops Show 379: November 26, 2014

Pronk Pops Show 378: November 25, 2014

Pronk Pops Show 377: November 24, 2014

Pronk Pops Show 376: November 21, 2014

Pronk Pops Show 375: November 20, 2014

Pronk Pops Show 374: November 19, 2014

Pronk Pops Show 373: November 18, 2014

Pronk Pops Show 372: November 17, 2014

Pronk Pops Show 371: November 14, 2014

Pronk Pops Show 370: November 13, 2014

Pronk Pops Show 369: November 12, 2014

Pronk Pops Show 368: November 11, 2014

Pronk Pops Show 367: November 10, 2014

Pronk Pops Show 366: November 7, 2014

Pronk Pops Show 365: November 6, 2014

Pronk Pops Show 364: November 5, 2014

Pronk Pops Show 363: November 4, 2014

Pronk Pops Show 362: November 3, 2014

Story 1: Department of Labor Revised Job Numbers in November of 414,000  and December of 329,000 Plus 257,000 in January — Wages Increase 12 Cents Per Hour — Solid Jobs Report — U-3 Unemployment Rate Increased From 5.6% to 5.7% and 9 Million Unemployed — 1 Million Additional Americans Looking For Jobs — Spread The Message of Liberty — Videos

gdp_large

sgs-emp

united-states-inflation-rateAverage-Inflation-in-United-States-by-Year-TableUS-Consumer-Price-Index-Annual-August-2013

Gallup CEO: Labor Department Numbers Are Misleading

Are monthly jobs numbers misleading

Gallup CEO Jim Clifton The “Real” Unemployment Rate In America @ 11.2% Double What Obama Says

Gallup discovers Obama may not be truthful on unemployment (Limbaugh)

 

Latest Jobs Report Sparking Questions About The Quality Of Jobs Being Created – Cavuto

Ep 51: Despite Slowing Economy, Job Growth Speeds Up

Investor Jim Rogers Gives Warning to Investor

US Job Market Improves

US jobs market booms as recovery accelerates

Nightly Business Report — February 6, 2015

February 6, 2015 Financial News – Business News – Stock Exchange – NYSE – Market News

The H1-B visa scam

Bill Gates Asks Senate For Infinite Number Of H 1B Visas

Peter Schiff Inflation Deterring Economic Growth

Taylor at CFR: Rethinking the Fed’s Dual Mandate

Uncommon Knowledge with John B. Taylor

A Discussion of the Fed’s Dual Mandate Responsibilities

The Federal Reserve’s Stanley Fischer on Inflation and Financial Stability

Sessions Calls On All Colleagues To Block President’s Planned Amnesty & Work Permits

Please Spread The Message of Liberty

liberty_bell1

Proclaim liberty throughout the land to all its inhabitants.”

Let Freedom Ring

Gallup CEO Jim Clifton told CNBC he might “suddenly disappear” for telling the truth about the Obama unemployment rate.

The real Obama unemployment rate has never recovered and is still above 10%.
unemployment obama

Wall Street on Parade reported:

Years of unending news stories on U.S. government programs ofsurveillance,rendition and torture have apparently chilled the speech of even top business executives in the United States.

Yesterday, Jim Clifton, the Chairman and CEO of Gallup, an iconic U.S. company dating back to 1935, told CNBC that he was worried he might “suddenly disappear” and not make it home that evening if he disputed the accuracy of what the U.S. government is reporting as unemployed Americans.

The CNBC interview came one day after Clifton had penned a gutsy opinion piece on Gallup’s web site, defiantly calling the government’s 5.6 percent unemployment figure “The Big Lie” in the article’s headline. His appearance on CNBC was apparently to walk back the “lie” part of the title and reframe the jobs data as just hopelessly deceptive.

Clifton stated the following on CNBC:

“I think that the number that comes out of BLS [Bureau of Labor Statistics] and the Department of Labor is very, very accurate. I need to make that very, very clear so that I don’t suddenly disappear. I need to make it home tonight.”

After getting that out of the way, Clifton went on to eviscerate the legitimacy of the cheerful spin given to the unemployment data, telling CNBC viewers that the percent of full time jobs in this country as a percent of the adult population “is the worst it’s been in 30 years.”

 

http://www.thegatewaypundit.com/2015/02/gallup-ceo-i-may-suddenly-disappear-for-telling-the-truth-about-obama-unemployment-rate-video/

Civilian Labor Force

157,180,000

Series Id:           LNS11000000
Seasonally Adjusted
Series title:        (Seas) Civilian Labor Force Level
Labor force status:  Civilian labor force
Type of data:        Number in thousands
Age:                 16 years and over

civilian labor force level

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 142267(1) 142456 142434 142751 142388 142591 142278 142514 142518 142622 142962 143248
2001 143800 143701 143924 143569 143318 143357 143654 143284 143989 144086 144240 144305
2002 143883 144653 144481 144725 144938 144808 144803 145009 145552 145314 145041 145066
2003 145937(1) 146100 146022 146474 146500 147056 146485 146445 146530 146716 147000 146729
2004 146842(1) 146709 146944 146850 147065 147460 147692 147564 147415 147793 148162 148059
2005 148029(1) 148364 148391 148926 149261 149238 149432 149779 149954 150001 150065 150030
2006 150214(1) 150641 150813 150881 151069 151354 151377 151716 151662 152041 152406 152732
2007 153144(1) 152983 153051 152435 152670 153041 153054 152749 153414 153183 153835 153918
2008 154063(1) 153653 153908 153769 154303 154313 154469 154641 154570 154876 154639 154655
2009 154210(1) 154538 154133 154509 154747 154716 154502 154307 153827 153784 153878 153111
2010 153484(1) 153694 153954 154622 154091 153616 153691 154086 153975 153635 154125 153650
2011 153314(1) 153227 153377 153566 153492 153350 153276 153746 154085 153935 154089 153961
2012 154445(1) 154739 154765 154589 154899 155088 154927 154726 155060 155491 155305 155553
2013 155825(1) 155396 155026 155401 155562 155761 155632 155529 155548 154615 155304 155047
2014 155486(1) 155688 156180 155420 155629 155700 156048 156018 155845 156243 156402 156129
2015 157180(1)

Civilian Labor Participation Rate

62.9%

Series Id:           LNS11300000
Seasonally Adjusted
Series title:        (Seas) Labor Force Participation Rate
Labor force status:  Civilian labor force participation rate
Type of data:        Percent or rate
Age:                 16 years and over

Labor Participation Rate

 

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 67.3 67.3 67.3 67.3 67.1 67.1 66.9 66.9 66.9 66.8 66.9 67.0
2001 67.2 67.1 67.2 66.9 66.7 66.7 66.8 66.5 66.8 66.7 66.7 66.7
2002 66.5 66.8 66.6 66.7 66.7 66.6 66.5 66.6 66.7 66.6 66.4 66.3
2003 66.4 66.4 66.3 66.4 66.4 66.5 66.2 66.1 66.1 66.1 66.1 65.9
2004 66.1 66.0 66.0 65.9 66.0 66.1 66.1 66.0 65.8 65.9 66.0 65.9
2005 65.8 65.9 65.9 66.1 66.1 66.1 66.1 66.2 66.1 66.1 66.0 66.0
2006 66.0 66.1 66.2 66.1 66.1 66.2 66.1 66.2 66.1 66.2 66.3 66.4
2007 66.4 66.3 66.2 65.9 66.0 66.0 66.0 65.8 66.0 65.8 66.0 66.0
2008 66.2 66.0 66.1 65.9 66.1 66.1 66.1 66.1 66.0 66.0 65.9 65.8
2009 65.7 65.8 65.6 65.7 65.7 65.7 65.5 65.4 65.1 65.0 65.0 64.6
2010 64.8 64.9 64.9 65.2 64.9 64.6 64.6 64.7 64.6 64.4 64.6 64.3
2011 64.2 64.2 64.2 64.2 64.1 64.0 64.0 64.1 64.2 64.1 64.1 64.0
2012 63.7 63.8 63.8 63.7 63.8 63.8 63.7 63.5 63.6 63.7 63.6 63.7
2013 63.7 63.5 63.3 63.4 63.4 63.4 63.3 63.2 63.2 62.8 63.0 62.8
2014 63.0 63.0 63.2 62.8 62.8 62.8 62.9 62.9 62.7 62.8 62.9 62.7
2015 62.9

Employment Level

148,201,000

Series Id:           LNS12000000
Seasonally Adjusted
Series title:        (Seas) Employment Level
Labor force status:  Employed
Type of data:        Number in thousands
Age:                 16 years and over

employment level

 

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 136559(1) 136598 136701 137270 136630 136940 136531 136662 136893 137088 137322 137614
2001 137778 137612 137783 137299 137092 136873 137071 136241 136846 136392 136238 136047
2002 135701 136438 136177 136126 136539 136415 136413 136705 137302 137008 136521 136426
2003 137417(1) 137482 137434 137633 137544 137790 137474 137549 137609 137984 138424 138411
2004 138472(1) 138542 138453 138680 138852 139174 139556 139573 139487 139732 140231 140125
2005 140245(1) 140385 140654 141254 141609 141714 142026 142434 142401 142548 142499 142752
2006 143150(1) 143457 143741 143761 144089 144353 144202 144625 144815 145314 145534 145970
2007 146028(1) 146057 146320 145586 145903 146063 145905 145682 146244 145946 146595 146273
2008 146378(1) 146156 146086 146132 145908 145737 145532 145203 145076 144802 144100 143369
2009 142152(1) 141640 140707 140656 140248 140009 139901 139492 138818 138432 138659 138013
2010 138438(1) 138581 138751 139297 139241 139141 139179 139438 139396 139119 139044 139301
2011 139267(1) 139400 139649 139610 139639 139392 139520 139940 140156 140336 140780 140890
2012 141633(1) 141911 142069 141953 142231 142400 142270 142277 142953 143350 143279 143280
2013 143328(1) 143429 143374 143665 143890 144025 144275 144288 144297 143453 144490 144671
2014 145206(1) 145301 145796 145724 145868 146247 146401 146451 146607 147260 147331 147442
2015 148201(1)
1 : Data affected by changes in population controls.

Employment Population Ratio

59.3 %

Series Id:           LNS12300000
Seasonally Adjusted
Series title:        (Seas) Employment-Population Ratio
Labor force status:  Employment-population ratio
Type of data:        Percent or rate
Age:                 16 years and over

employment population ratio

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 64.6 64.6 64.6 64.7 64.4 64.5 64.2 64.2 64.2 64.2 64.3 64.4
2001 64.4 64.3 64.3 64.0 63.8 63.7 63.7 63.2 63.5 63.2 63.0 62.9
2002 62.7 63.0 62.8 62.7 62.9 62.7 62.7 62.7 63.0 62.7 62.5 62.4
2003 62.5 62.5 62.4 62.4 62.3 62.3 62.1 62.1 62.0 62.1 62.3 62.2
2004 62.3 62.3 62.2 62.3 62.3 62.4 62.5 62.4 62.3 62.3 62.5 62.4
2005 62.4 62.4 62.4 62.7 62.8 62.7 62.8 62.9 62.8 62.8 62.7 62.8
2006 62.9 63.0 63.1 63.0 63.1 63.1 63.0 63.1 63.1 63.3 63.3 63.4
2007 63.3 63.3 63.3 63.0 63.0 63.0 62.9 62.7 62.9 62.7 62.9 62.7
2008 62.9 62.8 62.7 62.7 62.5 62.4 62.2 62.0 61.9 61.7 61.4 61.0
2009 60.6 60.3 59.9 59.8 59.6 59.4 59.3 59.1 58.7 58.5 58.6 58.3
2010 58.5 58.5 58.5 58.7 58.6 58.5 58.5 58.6 58.5 58.3 58.2 58.3
2011 58.3 58.4 58.4 58.4 58.4 58.2 58.2 58.3 58.4 58.4 58.6 58.6
2012 58.5 58.5 58.6 58.5 58.5 58.6 58.5 58.4 58.6 58.8 58.7 58.6
2013 58.6 58.6 58.5 58.6 58.6 58.7 58.7 58.7 58.6 58.2 58.6 58.6
2014 58.8 58.8 59.0 58.9 58.9 59.0 59.0 59.0 59.0 59.2 59.2 59.2
2015 59.3

Unemployment Level

8,979,000

Series Id:           LNS13000000
Seasonally Adjusted
Series title:        (Seas) Unemployment Level
Labor force status:  Unemployed
Type of data:        Number in thousands
Age:                 16 years and over

 

unemployment_level

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 5708 5858 5733 5481 5758 5651 5747 5853 5625 5534 5639 5634
2001 6023 6089 6141 6271 6226 6484 6583 7042 7142 7694 8003 8258
2002 8182 8215 8304 8599 8399 8393 8390 8304 8251 8307 8520 8640
2003 8520 8618 8588 8842 8957 9266 9011 8896 8921 8732 8576 8317
2004 8370 8167 8491 8170 8212 8286 8136 7990 7927 8061 7932 7934
2005 7784 7980 7737 7672 7651 7524 7406 7345 7553 7453 7566 7279
2006 7064 7184 7072 7120 6980 7001 7175 7091 6847 6727 6872 6762
2007 7116 6927 6731 6850 6766 6979 7149 7067 7170 7237 7240 7645
2008 7685 7497 7822 7637 8395 8575 8937 9438 9494 10074 10538 11286
2009 12058 12898 13426 13853 14499 14707 14601 14814 15009 15352 15219 15098
2010 15046 15113 15202 15325 14849 14474 14512 14648 14579 14516 15081 14348
2011 14046 13828 13728 13956 13853 13958 13756 13806 13929 13599 13309 13071
2012 12812 12828 12696 12636 12668 12688 12657 12449 12106 12141 12026 12272
2013 12497 11967 11653 11735 11671 11736 11357 11241 11251 11161 10814 10376
2014 10280 10387 10384 9696 9761 9453 9648 9568 9237 8983 9071 8688
2015 8979

Unemployment Rate

5.7%

unemployment_rate

 

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 4.0 4.1 4.0 3.8 4.0 4.0 4.0 4.1 3.9 3.9 3.9 3.9
2001 4.2 4.2 4.3 4.4 4.3 4.5 4.6 4.9 5.0 5.3 5.5 5.7
2002 5.7 5.7 5.7 5.9 5.8 5.8 5.8 5.7 5.7 5.7 5.9 6.0
2003 5.8 5.9 5.9 6.0 6.1 6.3 6.2 6.1 6.1 6.0 5.8 5.7
2004 5.7 5.6 5.8 5.6 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4
2005 5.3 5.4 5.2 5.2 5.1 5.0 5.0 4.9 5.0 5.0 5.0 4.9
2006 4.7 4.8 4.7 4.7 4.6 4.6 4.7 4.7 4.5 4.4 4.5 4.4
2007 4.6 4.5 4.4 4.5 4.4 4.6 4.7 4.6 4.7 4.7 4.7 5.0
2008 5.0 4.9 5.1 5.0 5.4 5.6 5.8 6.1 6.1 6.5 6.8 7.3
2009 7.8 8.3 8.7 9.0 9.4 9.5 9.5 9.6 9.8 10.0 9.9 9.9
2010 9.8 9.8 9.9 9.9 9.6 9.4 9.4 9.5 9.5 9.4 9.8 9.3
2011 9.2 9.0 9.0 9.1 9.0 9.1 9.0 9.0 9.0 8.8 8.6 8.5
2012 8.3 8.3 8.2 8.2 8.2 8.2 8.2 8.0 7.8 7.8 7.7 7.9
2013 8.0 7.7 7.5 7.6 7.5 7.5 7.3 7.2 7.2 7.2 7.0 6.7
2014 6.6 6.7 6.6 6.2 6.3 6.1 6.2 6.1 5.9 5.7 5.8 5.6
2015 5.7

 

Teenage 16-19 Years Unemployment Rate

18.8%

Series Id:           LNS14000012
Seasonally Adjusted
Series title:        (Seas) Unemployment Rate - 16-19 yrs.
Labor force status:  Unemployment rate
Type of data:        Percent or rate
Age:                 16 to 19 years

 

teenage unemployment

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 12.7 13.8 13.3 12.6 12.8 12.3 13.4 14.0 13.0 12.8 13.0 13.2
2001 13.8 13.7 13.8 13.9 13.4 14.2 14.4 15.6 15.2 16.0 15.9 17.0
2002 16.5 16.0 16.6 16.7 16.6 16.7 16.8 17.0 16.3 15.1 17.1 16.9
2003 17.2 17.2 17.8 17.7 17.9 19.0 18.2 16.6 17.6 17.2 15.7 16.2
2004 17.0 16.5 16.8 16.6 17.1 17.0 17.8 16.7 16.6 17.4 16.4 17.6
2005 16.2 17.5 17.1 17.8 17.8 16.3 16.1 16.1 15.5 16.1 17.0 14.9
2006 15.1 15.3 16.1 14.6 14.0 15.8 15.9 16.0 16.3 15.2 14.8 14.6
2007 14.8 14.9 14.9 15.9 15.9 16.3 15.3 15.9 15.9 15.4 16.2 16.8
2008 17.8 16.6 16.1 15.9 19.0 19.2 20.7 18.6 19.1 20.0 20.3 20.5
2009 20.7 22.3 22.2 22.2 23.4 24.7 24.3 25.0 25.9 27.2 26.9 26.7
2010 26.1 25.6 26.2 25.4 26.5 25.9 25.9 25.5 25.8 27.2 24.8 25.3
2011 25.7 24.1 24.4 24.6 23.9 24.6 24.7 25.0 24.4 24.2 24.2 23.3
2012 23.7 23.8 25.0 24.8 24.3 23.4 23.6 24.3 23.7 23.9 24.0 24.1
2013 23.9 25.2 24.1 24.1 24.2 23.3 23.2 22.5 21.1 22.2 20.9 20.4
2014 20.8 21.3 20.9 19.1 19.2 20.7 20.0 19.4 19.8 18.7 17.5 16.8
2015 18.8

U-6 Unemployment Rate

11.3%

Series Id:           LNS13327709
Seasonally Adjusted
Series title:        (seas) Total unemployed, plus all marginally attached workers plus total employed part time for economic reasons, as a percent of all civilian labor force plus all marginally attached workers
Labor force status:  Aggregated totals unemployed
Type of data:        Percent or rate
Age:                 16 years and over
Percent/rates:       Unemployed and mrg attached and pt for econ reas as percent of labor force plus marg attached

U-6 Total Unemployed

 

Employment Situation Summary

Transmission of material in this release is embargoed until                 USDL-15-0158
8:30 a.m. (EST) Friday, February 6, 2015

Technical information: 
 Household data:     (202) 691-6378  •  cpsinfo@bls.gov  •  www.bls.gov/cps
 Establishment data: (202) 691-6555  •  cesinfo@bls.gov  •  www.bls.gov/ces

Media contact:	(202) 691-5902  •  PressOffice@bls.gov


                       THE EMPLOYMENT SITUATION -- JANUARY 2015


  NOTE: This news release was reissued on February 6, 2015, to correct data
  in table C for the employed (Dec.-Jan. change, after removing the population
  control effect). No other data were affected.


Total nonfarm payroll employment rose by 257,000 in January, and the unemployment rate
was little changed at 5.7 percent, the U.S. Bureau of Labor Statistics reported today.
Job gains occurred in retail trade, construction, health care, financial activities,
and manufacturing.

    ____________________________________________________________________________
   |                                                                            |
   |                  Changes to The Employment Situation Data                  |
   |                                                                            |
   |Establishment survey data have been revised as a result of the annual       |
   |benchmarking process and the updating of seasonal adjustment factors. Also, |
   |household survey data for January 2015 reflect updated population estimates.|
   |See the notes at the end of this news release for more information about    |
   |these changes.                                                              |
   |____________________________________________________________________________|


Household Survey Data

The unemployment rate, at 5.7 percent, changed little in January and has shown no net
change since October. The number of unemployed persons, at 9.0 million, was little
changed in January. (See table A-1. See the note at the end of this news release and
tables B and C for information about annual population adjustments to the household
survey estimates.)

Among the major worker groups, the unemployment rate for teenagers (18.8 percent)
increased in January. The jobless rates for adult men (5.3 percent), adult women
(5.1 percent), whites (4.9 percent), blacks (10.3 percent), Asians (4.0 percent),
and Hispanics (6.7 percent) showed little or no change. (See tables A-1, A-2,
and A-3.)

In January, the number of long-term unemployed (those jobless for 27 weeks or more)
was essentially unchanged at 2.8 million. These individuals accounted for 31.5 percent
of the unemployed. Over the past 12 months, the number of long-term unemployed is down
by 828,000. (See table A-12.)

After accounting for the annual adjustments to the population controls, the civilian
labor force rose by 703,000 in January. The labor force participation rate rose by
0.2 percentage point to 62.9 percent, following a decline of equal magnitude in the
prior month. Total employment, as measured by the household survey, increased by
435,000 in January, and the employment-population ratio was little changed at
59.3 percent. (See table A-1. For additional information about the effects of the
population adjustments, see table C.)

The number of persons employed part time for economic reasons (sometimes referred to
as involuntary part-time workers) was essentially unchanged in January at 6.8 million.
These individuals, who would have preferred full-time employment, were working part
time because their hours had been cut back or because they were unable to find a
full-time job. (See table A-8.)

In January, 2.2 million persons were marginally attached to the labor force, down by
358,000 from a year earlier. (The data are not seasonally adjusted.) These individuals
were not in the labor force, wanted and were available for work, and had looked for a
job sometime in the prior 12 months. They were not counted as unemployed because they
had not searched for work in the 4 weeks preceding the survey. (See table A-16.)

Among the marginally attached, there were 682,000 discouraged workers in January, down
by 155,000 from a year earlier. (The data are not seasonally adjusted.) Discouraged
workers are persons not currently looking for work because they believe no jobs are
available for them. The remaining 1.6 million persons marginally attached to the labor
force in January had not searched for work for reasons such as school attendance or
family responsibilities. (See table A-16.)

Establishment Survey Data

Total nonfarm payroll employment rose by 257,000 in January. Job gains occurred in
retail trade, construction, health care, financial activities, and manufacturing.
After incorporating revisions for November and December (which include the impact of
the annual benchmark process), monthly job gains averaged 336,000 over the past
3 months. (See table B-1 and summary table B. See the note at the end of this news
release and table A for information about the annual benchmark process.)

Employment in retail trade rose by 46,000 in January. Three industries accounted
for half of the jobs added--sporting goods, hobby, book, and music stores (+9,000);
motor vehicle and parts dealers (+8,000); and nonstore retailers (+6,000). 

Construction continued to add jobs in January (+39,000). Employment increased in
both residential and nonresidential building (+13,000 and +7,000, respectively).
Employment continued to trend up in specialty trade contactors (+13,000). Over the
prior 12 months, construction had added an average of 28,000 jobs per month. 

In January, health care employment increased by 38,000. Job gains occurred in
offices of physicians (+13,000), hospitals (+10,000), and nursing and residential
care facilities (+7,000). Health care added an average of 26,000 jobs per month 
in 2014.

Employment in financial activities rose by 26,000 in January, with insurance 
carriers and related activities (+14,000) and securities, commodity contracts,
and investments (+5,000) contributing to the gain. Financial activities has added
159,000 jobs over the past 12 months. 

Manufacturing employment increased by 22,000 over the month, including job gains
in motor vehicles and parts (+7,000) and wood products (+4,000). Over the past
12 months, manufacturing has added 228,000 jobs. 

Professional and technical services added 33,000 jobs in January, including
increases in computer systems design (+8,000) and architectural and engineering
services (+8,000).

In January, employment in food services and drinking places continued to trend
up (+35,000). In 2014, the industry added an average of 33,000 jobs per month.

Employment in other major industries, including mining and logging, wholesale
trade, transportation and warehousing, information, and government, showed little
change over the month.

The average workweek for all employees on private nonfarm payrolls was unchanged
at 34.6 hours in January. The manufacturing workweek edged up by 0.1 hour to 41.0
hours, and factory overtime edged down by 0.1 hour to 3.5 hours. The average
workweek for production and nonsupervisory employees on private nonfarm payrolls
edged down by 0.1 hour to 33.8 hours. (See tables B-2 and B-7.)

In January, average hourly earnings for all employees on private nonfarm payrolls
increased by 12 cents to $24.75, following a decrease of 5 cents in December. Over
the year, average hourly earnings have risen by 2.2 percent. In January, average
hourly earnings of private-sector production and nonsupervisory employees increased
by 7 cents to $20.80. (See tables B-3 and B-8.)

The change in total nonfarm payroll employment for November was revised from +353,000
to +423,000, and the change for December was revised from +252,000 to +329,000. With
these revisions, employment gains in November and December were 147,000 higher than
previously reported. Monthly revisions result from additional reports received from
businesses since the last published estimates and the monthly recalculation of
seasonal factors. The annual benchmark process also contributed to these revisions.

_____________
The Employment Situation for February is scheduled to be released on Friday,
March 6, 2015, at 8:30 a.m. (EST).



                       Revisions to Establishment Survey Data


In accordance with annual practice, the establishment survey data released today have
been benchmarked to reflect comprehensive counts of payroll jobs for March 2014. These 
counts are derived principally from the Quarterly Census of Employment and Wages (QCEW),
which enumerates jobs covered by the unemployment insurance tax system. The benchmark
process results in revisions to not seasonally adjusted data from April 2013 forward.
Seasonally adjusted data from January 2010 forward are subject to revision. In addition,
data for some series prior to 2010, both seasonally adjusted and unadjusted, incorporate
revisions.

The total nonfarm employment level for March 2014 was revised upward by 91,000 (+67,000
on a not seasonally adjusted basis, or less than 0.05 percent). The average benchmark
revision over the past 10 years was plus or minus 0.3 percent. Table A presents revised
total nonfarm employment data on a seasonally adjusted basis for January through
December 2014.

An article that discusses the benchmark and post-benchmark revisions and other technical
issues can be accessed through the BLS website at www.bls.gov/web/empsit/cesbmart.pdf.
Information on the data released today also may be obtained by calling (202) 691-6555.


Table A. Revisions in total nonfarm employment, January-December 2014, seasonally adjusted
(Numbers in thousands)

__________________________________________________________________________________________
                    |                                    |                                
                    |                Level               |      Over-the-month change     
                    |____________________________________|________________________________
    Year and month  |    As     |           |            |    As    |         |           
                    |previously |    As     | Difference |previously|   As    | Difference
                    |published  |  revised  |            |published | revised |           
____________________|___________|___________|____________|__________|_________|___________
                    |           |           |            |          |         |           
          2014      |           |           |            |          |         |           
                    |           |           |            |          |         |           
 January............|  137,539  |  137,642  |     103    |    144   |    166  |      22   
 February...........|  137,761  |  137,830  |      69    |    222   |    188  |     -34   
 March..............|  137,964  |  138,055  |      91    |    203   |    225  |      22   
 April..............|  138,268  |  138,385  |     117    |    304   |    330  |      26   
 May................|  138,497  |  138,621  |     124    |    229   |    236  |       7   
 June...............|  138,764  |  138,907  |     143    |    267   |    286  |      19   
 July...............|  139,007  |  139,156  |     149    |    243   |    249  |       6   
 August.............|  139,210  |  139,369  |     159    |    203   |    213  |      10   
 September..........|  139,481  |  139,619  |     138    |    271   |    250  |     -21   
 October............|  139,742  |  139,840  |      98    |    261   |    221  |     -40   
 November...........|  140,095  |  140,263  |     168    |    353   |    423  |      70   
 December (p).......|  140,347  |  140,592  |     245    |    252   |    329  |      77   
____________________|___________|___________|____________|__________|_________|___________

    p = preliminary


               Adjustments to Population Estimates for the Household Survey

Effective with data for January 2015, updated population estimates have been used in the
household survey. Population estimates for the household survey are developed by the
U.S. Census Bureau. Each year, the Census Bureau updates the estimates to reflect new
information and assumptions about the growth of the population since the previous
decennial census. The change in population reflected in the new estimates results
from adjustments for net international migration, updated vital statistics and other
information, and some methodological changes in the estimation process.

In accordance with usual practice, BLS will not revise the official household survey
estimates for December 2014 and earlier months. To show the impact of the population
adjustments, however, differences in selected December 2014 labor force series based on
the old and new population estimates are shown in table B.

The adjustments increased the estimated size of the civilian noninstitutional population
in December by 528,000, the civilian labor force by 348,000, employment by 324,000, and
unemployment by 24,000. The number of persons not in the labor force was increased by
179,000. The total unemployment rate, employment-population ratio, and labor force
participation rate were unaffected.

Data users are cautioned that these annual population adjustments can affect the
comparability of household data series over time. Table C shows the effect of the
introduction of new population estimates on the comparison of selected labor force
measures between December 2014 and January 2015. Additional information on the 
population adjustments and their effect on national labor force estimates is
available at www.bls.gov/cps/cps15adj.pdf.


Table B. Effect of the updated population controls on December 2014 estimates by sex,
race, and Hispanic or Latino ethnicity, not seasonally adjusted
(Numbers in thousands)

_______________________________________________________________________________________
                              |      |     |      |       |        |       |           
                              |      |     |      |       |  Black |       |           
                              |      |     |      |       |    or  |       |  Hispanic 
            Category          |Total | Men | Women| White | African| Asian | or Latino 
                              |      |     |      |       |American|       | ethnicity 
                              |      |     |      |       |        |       |           
______________________________|______|_____|______|_______|________|_______|___________
                              |      |     |      |       |        |       |           
  Civilian noninstitutional   |      |     |      |       |        |       |           
   population.................|  528 | 173 |  354 |  139  |  114   |  243  |     243   
    Civilian labor force......|  348 | 131 |  218 |  101  |   81   |  144  |     141   
      Participation rate......|   .0 |  .0 |   .0 |   .0  |   .0   |  -.1  |      .0   
     Employed.................|  324 | 120 |  204 |   94  |   72   |  138  |     133   
      Employment-population   |      |     |      |                        |           
       ratio..................|   .0 |  .0 |   .0 |   .0  |   .0   |  -.1  |      .0   
     Unemployed...............|   24 |  10 |   14 |    7  |    9   |    7  |       7   
      Unemployment rate.......|   .0 |  .0 |   .0 |   .0  |   .0   |   .0  |      .0   
    Not in labor force........|  179 |  42 |  137 |   38  |   33   |   99  |     102   
______________________________|______|_____|______|_______|________|_______|___________

   NOTE:  Detail may not sum to totals because of rounding. Estimates for the above race
groups (white, black or African American, and Asian) do not sum to totals because data
are not presented for all races. Persons whose ethnicity is identified as Hispanic or
Latino may be of any race.


Table C. December 2014-January 2015 changes in selected labor force measures,
with adjustments for population control effects
(Numbers in thousands)

______________________________________________________________________________
                                       |           |            |             
                                       |           |            |  Dec.-Jan.  
                                       | Dec.-Jan. |    2015    |   change,   
                                       |  change,  | population |  after re-  
                Category               |    as     |   control  |  moving the 
                                       | published |   effect   |  population 
                                       |           |            |   control   
                                       |           |            |  effect (1) 
_______________________________________|___________|____________|_____________
                                       |           |            |             
  Civilian noninstitutional population.|    696    |     528    |     168     
    Civilian labor force...............|  1,051    |     348    |     703     
      Participation rate...............|     .2    |      .0    |      .2     
     Employed..........................|    759    |     324    |     435(c)     
      Employment-population ratio......|     .1    |      .0    |      .1     
     Unemployed........................|    291    |      24    |     267     
      Unemployment rate................|     .1    |      .0    |      .1     
    Not in labor force.................|   -354    |     179    |    -533     
_______________________________________|___________|____________|_____________
                                                                              
   c = corrected.
   1 This Dec.-Jan. change is calculated by subtracting the population 
control effect from the over-the-month change in the published seasonally
adjusted estimates.
   NOTE: Detail may not sum to totals because of rounding.


    ___________________________________________________________________________
   |                                                                           |
   |              Changes to The Employment Situation News Release             |
   |                                                                           |
   |Effective with this release, the U.S. Bureau of Labor Statistics introduced|
   |several changes to The Employment Situation news release tables.           |
   |                                                                           |
   |Household survey table A-2 introduced seasonally adjusted series on the    |
   |labor force characteristics of Asians. These series appear in addition to  |
   |the not seasonally adjusted data for Asians displayed in the table. Also,  |
   |in summary table A, the seasonally adjusted unemployment rate for Asians   |
   |replaced the not seasonally adjusted series that was previously displayed  |
   |for the group.                                                             |
   |                                                                           |
   |Household survey table A-3 introduced seasonally adjusted series on the    |
   |labor force characteristics of Hispanic men age 20 and over, Hispanic women|
   |age 20 and over, and Hispanic teenagers age 16 to 19. The not seasonally   |
   |adjusted series for these groups continue to be displayed in the table.    |
   |                                                                           |
   |The establishment survey introduced two data series: (1) total nonfarm     |
   |employment, 3-month average change and (2) total private employment,       |
   |3-month average change. These new series have been added to establishment  |
   |survey summary table B. Additionally, in the employment section of summary |
   |table B, the list of industries has been expanded to include utilities     |
   |(also published in table B-1). Also, hours and earnings of production and  |
   |nonsupervisory employees were removed from summary table B, although these |
   |series continue to be published in establishment survey tables B-7 and B-8.|
   |___________________________________________________________________________|



 

Employment Situation Summary Table A. Household data, seasonally adjusted

HOUSEHOLD DATA
Summary table A. Household data, seasonally adjusted
[Numbers in thousands]

CategoryJan.
2014Nov.
2014Dec.
2014Jan.
2015Change from:
Dec.
2014-
Jan.
2015

Employment status

 

Civilian noninstitutional population

246,915248,844249,027249,723-

Civilian labor force

155,486156,402156,129157,180-

Participation rate

63.062.962.762.9-

Employed

145,206147,331147,442148,201-

Employment-population ratio

58.859.259.259.3-

Unemployed

10,2809,0718,6888,979-

Unemployment rate

6.65.85.65.7-

Not in labor force

91,42992,44292,89892,544-

Unemployment rates

 

Total, 16 years and over

6.65.85.65.7-

Adult men (20 years and over)

6.35.45.35.3-

Adult women (20 years and over)

5.95.25.05.1-

Teenagers (16 to 19 years)

20.817.516.818.8-

White

5.74.94.84.9-

Black or African American

12.111.010.410.3-

Asian

4.84.74.24.0-

Hispanic or Latino ethnicity

8.36.66.56.7-

Total, 25 years and over

5.34.74.54.6-

Less than a high school diploma

9.68.58.68.5-

High school graduates, no college

6.55.65.35.4-

Some college or associate degree

5.94.94.95.2-

Bachelor’s degree and higher

3.33.22.92.8-

Reason for unemployment

 

Job losers and persons who completed temporary jobs

5,3544,4804,3254,242-

Job leavers

815835798851-

Reentrants

2,9112,7612,7012,829-

New entrants

1,1811,0459711,033-

Duration of unemployment

 

Less than 5 weeks

2,4492,5052,3752,383-

5 to 14 weeks

2,4282,3782,2932,318-

15 to 26 weeks

1,6991,4031,2741,380-

27 weeks and over

3,6282,8222,7852,800-

Employed persons at work part time

 

Part time for economic reasons

7,2746,8516,7906,810-

Slack work or business conditions

4,4194,0684,0614,012-

Could only find part-time work

2,5922,4472,4322,460-

Part time for noneconomic reasons

19,31719,97119,73019,822-

Persons not in the labor force (not seasonally adjusted)

 

Marginally attached to the labor force

2,5922,1092,2602,234-

Discouraged workers

837698740682-

- December – January changes in household data are not shown due to the introduction of updated population controls.
NOTE: Persons whose ethnicity is identified as Hispanic or Latino may be of any race. Detail for the seasonally adjusted data shown in this table will not necessarily add to totals because of the independent seasonal adjustment of the various series. Updated population controls are introduced annually with the release of January data.

 

 

 

Employment Situation Summary Table B. Establishment data, seasonally adjusted

ESTABLISHMENT DATA
Summary table B. Establishment data, seasonally adjusted
Category Jan.
2014
Nov.
2014
Dec.
2014(p)
Jan.
2015(p)

EMPLOYMENT BY SELECTED INDUSTRY
(Over-the-month change, in thousands)

Total nonfarm

166 423 329 257

Total private

183 414 320 267

Goods-producing

90 76 73 58

Mining and logging

5 1 3 -3

Construction

69 30 44 39

Manufacturing

16 45 26 22

Durable goods(1)

4 28 21 18

Motor vehicles and parts

-6.1 9.3 6.2 6.7

Nondurable goods

12 17 5 4

Private service-providing

93 338 247 209

Wholesale trade

17.5 8.0 11.3 12.7

Retail trade

-16.5 61.2 7.2 45.9

Transportation and warehousing

-2.7 25.9 33.8 -8.6

Utilities

-1.8 2.8 1.9 0.5

Information

0 7 4 6

Financial activities

4 28 9 26

Professional and business services(1)

36 96 80 39

Temporary help services

-5.2 30.8 25.0 -4.1

Education and health services(1)

19 51 48 46

Health care and social assistance

14.5 61.9 47.2 49.7

Leisure and hospitality

28 42 47 37

Other services

10 16 5 4

Government

-17 9 9 -10

(3-month average change, in thousands)

Total nonfarm

197 298 324 336

Total private

203 289 317 334

WOMEN AND PRODUCTION AND NONSUPERVISORY EMPLOYEES
AS A PERCENT OF ALL EMPLOYEES(2)

Total nonfarm women employees

49.4 49.3 49.3 49.3

Total private women employees

47.9 47.9 47.9 47.8

Total private production and nonsupervisory employees

82.6 82.5 82.5 82.5

HOURS AND EARNINGS
ALL EMPLOYEES

Total private

Average weekly hours

34.4 34.6 34.6 34.6

Average hourly earnings

$24.22 $24.68 $24.63 $24.75

Average weekly earnings

$833.17 $853.93 $852.20 $856.35

Index of aggregate weekly hours (2007=100)(3)

99.6 102.4 102.7 102.9

Over-the-month percent change

0.4 0.4 0.3 0.2

Index of aggregate weekly payrolls (2007=100)(4)

115.1 120.6 120.7 121.5

Over-the-month percent change

0.6 0.8 0.1 0.7

DIFFUSION INDEX
(Over 1-month span)(5)

Total private (263 industries)

62.4 75.3 69.0 62.4

Manufacturing (80 industries)

57.5 76.3 64.4 58.1

Footnotes
(1) Includes other industries, not shown separately.
(2) Data relate to production employees in mining and logging and manufacturing, construction employees in construction, and nonsupervisory employees in the service-providing industries.
(3) The indexes of aggregate weekly hours are calculated by dividing the current month’s estimates of aggregate hours by the corresponding annual average aggregate hours.
(4) The indexes of aggregate weekly payrolls are calculated by dividing the current month’s estimates of aggregate weekly payrolls by the corresponding annual average aggregate weekly payrolls.
(5) Figures are the percent of industries with employment increasing plus one-half of the industries with unchanged employment, where 50 percent indicates an equal balance between industries with increasing and decreasing employment.
(p) Preliminary

NOTE: Data have been revised to reflect March 2014 benchmark levels and updated seasonal adjustment factors.

US gains strong 257K jobs, pay jumps; jobless rate 5.7 pct.


By CHRISTOPHER S. RUGABER


 U.S. employers added a vigorous 257,000 jobs in January, and wages jumped by the most in six years — evidence that the job market is accelerating closer to full health.

The surprisingly robust report the government issued Friday also showed that hiring was far stronger in November and December than it had previously estimated. Employers added 414,000 jobs in November — the most in 17 years. Job growth in December was revised sharply up to 329,000 from 252,000.

Average hourly wages soared 12 cents in January to $24.75, the sharpest gain since 2008. Over the past 12 months, hourly pay, which has long been stagnant, has now risen 2.2 percent. That is ahead of inflation, which rose just 0.7 percent in 2014.

The unemployment rate last month rose to 5.7 percent from 5.6 percent. But that occurred for a good reason: More than 1 million Americans — the most since January 2000 — began looking for jobs, though not all of them found work, and their numbers swelled the number of people counted as unemployed. An influx of job hunters suggests that Americans have grown more confident about their prospects.

“For the average American, it’s certainly good news — 2015 is going to be the year of the American consumer,” said Russell Price, senior economist at the financial services firm Ameriprise. “With job growth being strong, we’re going to see a pickup in wages and salaries.”

Investors immediately responded to the better-than-expected jobs figures by selling ultra-safe U.S. Treasurys, sending yields up. The yield on the benchmark 10-year Treasury note rose to 1.88 percent from 1.81 percent shortly before the jobs report was released.

Stock market index futures also edged higher in pre-market trading. Futures that track the Standard & Poor’s 500 index and the Dow Jones industrial average each rose about 0.4 percent.

A sharp drop in gas prices has held down inflation and boosted Americans’ spending power. Strong hiring also tends to lift pay as employers compete for fewer workers. A big question is whether last month’s jump in wages can be sustained.

Job gains have now averaged 336,000 for the past three months, the best three-month pace in 17 years. Just a year ago, the three-month average was only 197,000.

“The labor market was about the last thing to recover from the Great Recession, and in the last six months it has picked up steam,” said Bill Hampel, chief economist at the Credit Union National Association. “The benefits for the middle class are now solidifying.”

The stepped-up hiring in January occurred across nearly all industries. Construction firms added 39,000 jobs and manufacturers 22,000. Retail jobs jumped by nearly 46,000. Hotels and restaurants added 37,100, health care 38,000.

The Federal Reserve is closely monitoring wages and other job market data as it considers when to begin raising the short-term interest rate it controls from a record low near zero. The Fed has kept rates at record lows for more than six years to help stimulate growth. Most economists think the central bank will start boosting rates as early as June.

Steady economic growth has encouraged companies to keep hiring. The economy expanded at a 4.8 percent annual rate during spring and summer, the fastest six-month pace in a decade, before slowing to a still-decent 2.6 percent pace in the final three months of 2014.

There are now 3.2 million more Americans earning paychecks than there were 12 months ago. That tends to boost consumer spending, which drives about 70 percent of economic growth.

More hiring, along with sharply lower gasoline prices, has boosted Americans’ confidence and spending power. Consumer confidence jumped in January to its highest level in a decade, according to a survey by the University of Michigan. And Americans increased their spending during the final three months of last year at the fastest pace in nearly nine years.

A more confident, free-spending consumer could lend a spark that’s been missing for most of the 5½bd}-year-old economic recovery. Americans have been largely holding the line on spending and trying to shrink their debt loads. Signs that they are poised to spend more have boosted optimism that the economy will expand more than 3 percent this year for the first time in a decade.

One sector that has benefited from consumers’ increased willingness to spend has been the auto industry. Auto sales jumped 14 percent in January from the previous year, according to Autodata Corp. Last month was the best January for sales in nine years.

 

http://apnews.myway.com/article/20150206/us–economy-5c2022abd1.html

 

NET U.S. JOB GAINS SINCE THE RECESSION HAVE GONE TO FOREIGN-BORN WORKERS

 

In the months and years since the recession began in December 2007, foreign-born workers have experienced a net increase in employment, while native-born Americans have experienced a net loss.

The Bureau of Labor Statistics released updated employment data Friday.

The new BLS figures reveal that since the start of the recession in 2007 — which is said to have ended in June 2009 — the number of foreign workers employed in the United States rose by 1.7 million.

In December 2007 the number of foreign-born workers was 22,810,000 by January 2009 the number has increased to 24,553,000.

Meanwhile the number of American-born workers employed decreased by 1.5 million, from 123,524,000 to 121,999,000.

While the foreign-born and American-born population experienced different statistical employment fates, both categories of adults experienced net growth.

The numbers come as Congress continues to debate a Department of Homeland Security appropriations bill that would defund President Obama’s executive amnesty, which has opened the door for millions of illegal immigrants to legally work in the United States.

Sen. Jeff Sessions (R-AL), Immigration Subcommittee Chairman, has been one of the most vocal opponents of the president’s actions and the administration’s immigration policies, which he argues harms American workers.

Friday, his office highlighted the employment discrepancies between native- and foreign- born employment.

“There are two jobs narratives: the one from the Administration, and the one lived and experienced by American workers. Fewer American workers are employed today than when the recession began.  The President’s policies have profited the corporate immigration lobby and no-borders contingent, but have been only deleterious for wage-earners,” Session’s spokesman Stephen Miller emailed Breitbart News.

Miller highlighted that in addition to the annual flow of over 1.7 million permanent legal immigrants and nonimmigrant workers, as the Center for Immigration Studies recently exposed,  since 2009 the administration has also provided another 5.5 million immigrants with employment authorization documents (EAD).

“What we are seeing in the BLS stats is the human fallout from the President’s actions,” Miller continued. “Figures such as these should be leading the nightly news. One of the first questions posited ought to be: will Minority Leader [Harry] Reid’s (D-NV) caucus continue to shield the issuance of 5 million more EADs for those illegally here?”

http://www.breitbart.com/big-government/2015/02/06/net-u-s-job-gains-since-the-recession-have-gone-to-foreign-born-workers/

The Federal Reserve’s Dual Mandate

What Is the Dual Mandate?

In 1977, Congress amended The Federal Reserve Act, stating the monetary policy objectives of the Federal Reserve as:

 

“The Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long run growth of the monetary and credit aggregates commensurate with the economy’s long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices and moderate long-term interest rates.”

 

This is often called the “dual mandate” and guides the Fed’s decision-making in conducting monetary policy. On January 25, 2012, the Federal Open Market Committee (FOMC) released the principles regarding its longer-run goals and monetary policy strategy.

The statement notes that:

 

“The FOMC is firmly committed to fulfilling its statutory mandate from the Congress of promoting maximum employment, stable prices, and moderate long-term interest rates. The Committee seeks to explain its monetary policy decisions to the public as clearly as possible. Such clarity facilitates well-informed decision making by households and businesses, reduces economic and financial uncertainty, increases the effectiveness of monetary policy, and enhances transparency and accountability, which are essential in a democratic society.

 

Inflation, employment, and long-term interest rates fluctuate over time in response to economic and financial disturbances. Moreover, monetary policy actions tend to influence economic activity and prices with a lag. Therefore, the Committee’s policy decisions reflect its longer-run goals, its medium-term outlook, and its assessments of the balance of risks, including risks to the financial system that could impede the attainment of the Committee’s goals.

 

The inflation rate over the longer run is primarily determined by monetary policy, and hence the Committee has the ability to specify a longer-run goal for inflation. The Committee judges that inflation at the rate of 2 percent, as measured by the annual change in the price index for personal consumption expenditures, is most consistent over the longer run with the Federal Reserve’s statutory mandate. Communicating this inflation goal clearly to the public helps keep longer-term inflation expectations firmly anchored, thereby fostering price stability and moderate long-term interest rates and enhancing the Committee’s ability to promote maximum employment in the face of significant economic disturbances.

 

The maximum level of employment is largely determined by nonmonetary factors that affect the structure and dynamics of the labor market. These factors may change over time and may not be directly measurable. Consequently, it would not be appropriate to specify a fixed goal for employment; rather, the Committee’s policy decisions must be informed by assessments of the maximum level of employment, recognizing that such assessments are necessarily uncertain and subject to revision. The Committee considers a wide range of indicators in making these assessments. Information about Committee participants’ estimates of the longer-run normal rates of output growth and unemployment is published four times per year in the FOMC’s Summary of Economic Projections. For example, in the most recent projections, FOMC participants’ estimates of the longer-run normal rate of unemployment had a central tendency of 5.2 percent to 6.0 percent, roughly unchanged from last January but substantially higher than the corresponding interval several years earlier.”

 

Effective communications of the Committee’s objectives and economic forecasts increases the transparency, accountability, and effectiveness of policy decisions. To this end, the FOMC publishes the participants’ projections for the key economic variables and their estimates of the longer-run normal rates of output growth and unemployment four times a year in the Summary of Economic Projections. The projections are made by all FOMC participants, irrespective of whether they are voting members or not. The projections are prepared ahead of the FOMC meetings and do not necessarily reflect the discussions at the meetings that inform the FOMC’s decisions.

https://www.chicagofed.org/publications/speeches/our-dual-mandate-background

What Are the Dual Mandate Projections?

Inflation and Unemployment

Chart of inflation

 

Chart of unemployment rate

 

These charts plot the current rates of inflation and unemployment, as well as the FOMC participants’ most recent projections over the next three years and in the longer run. The dots show the median forecasts for the next three years and the dashed lines give the upper and lower ranges of the central tendency of the long-run projections.

 

 

Policy

Chart of fed funds rate

This chart plots the federal funds rate and the rate after adjusting for the annual change in the price index for personal consumption expenditures excluding food and energy prices. Read more…

 

 

Federal Reserve Balance Sheet

Charts of assets and liabilitiesDuring the financial crisis and in the period since the fed funds rate neared the zero lower bound, the FOMC has employed unconventional tools to improve the functioning of financial markets and to provide additional policy accommodation.

Federal Reserve Balance Sheet

ChartDuring the financial crisis and in the period since the fed funds rate neared the zero lower bound, the FOMC has employed unconventional tools to improve the functioning of financial markets and to provide additional policy accommodation. As seen in the chart above, the use of these tools has increased the size of the Federal Reserve’s balance sheet and altered its composition. At the same, the increase in assets has been accompanied by an increase in liabilities of a similar magnitude, driven primarily by an increase in the reserve balances of depository institutions held at the Federal Reserve.

 

 

Federal Funds Rate Projections

Chart of target fed funds rate

In addition to its interest rate and balance sheet policies, the FOMC has enhanced its communications and increased transparency regarding its outlook, objectives and policy strategy. The dots represent individual policymakers’ projections of the appropriate federal funds rate target at the end of each of the next several years and in the longer run. It should be noted that these projections reflect the views of all the participants, irrespective of whether they are a voting member or not.

Federal Funds Rate Projections

ChartIn addition to its interest rate and balance sheet policies, the FOMC has enhanced its communications and increased transparency regarding its outlook, objectives and policy strategy. Forward guidance regarding the likely future path of policy is one such communications tool. In its March 2009 statement, the FOMC stated that it anticipates rates to remain at low levels for an extended period. At its August 2011meeting, the Committee elaborated further by stating that economic conditions are likely to warrant exceptionally low rates “at least through mid-2013.” In the January 2012 statement, in response to changes in current and expected economic conditions, the Committee altered its forward guidance regarding the period of exceptionally low rates to “at least through late-2014.” To further enhance its communications, the FOMC also published the participants’ projections for the federal funds rate in January 2012. In this chart, the dots represent individual policymakers’ projections of the appropriate federal funds rate target at the end of each of the next several years and in the longer run. It should be noted that these projections reflect the views of all the participants, irrespective of whether they are a voting member or not. Moreover, the projections are made in advance of the FOMC meetings and do not reflect how the participants’ views are enhanced from the discussions at the meetings. The statements released after each FOMC meeting reflect the policy decision of the voting members of the FOMC and their consensus view regarding the likely path of the federal funds rate in the future.

https://www.chicagofed.org/publications/speeches/our-dual-mandate

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The Federal Reserve Opposes More Congressional Oversight and Audit Proposed By Senator Rand Paul — Audit The Fed and Then End The Fed — Videos

Posted on February 8, 2015. Filed under: American History, Banking, Blogroll, Business, College, Economics, Education, Employment, Faith, Family, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, Freedom, government, government spending, history, History of Economic Thought, Homes, Illegal, Immigration, Inflation, Investments, Law, Legal, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, Money, People, Philosophy, Photos, Politics, Press, Raves, Resources, Strategy, Talk Radio, Tax Policy, Taxes, Unemployment, Video, War, Wealth, Welfare, Wisdom, Writing | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

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Story 1: The Federal Reserve Opposes More Congressional Oversight and Audit Proposed By Senator Rand Paul — Audit The Fed and Then End The Fed — Videos

rand Paul

janet-yellen

Fed-Funds 03_Fed Balance SheetCentral-bank-balance-sheetsfed_funds_rate_qe_1_2_3Fed-AssetsFed-Balance-sheetFed-Balance-Sheet-SP500-010815 Fed-Balance-Sheet-VS-SP500-112013Federal-Reserve-Asset-Composition-QE (1)
gold federal balance sheet Mortgage-Backed-Securities-held-by-the-Federal-Reserve-All-Maturities.1 peter-catranis-fed-funds1 sp federal balance sheet

Rand Paul – Audit the Fed!

Major Move! House Passes Bill to Audit Federal Reserve!

Senator Vitter (R-LA) asks Janet Yellen about Audit the Fed (S.209)

Rand Paul on Janet Yellen, Transparency At The Fed, And Nsa Spying Bloomberg

Rand Paul: ‘Audit the Fed’ – CNBC 5/22/2013

Audit the Fed. by Ron Paul. Harry Reid gets slammed -

Fed fires back at Rand Paul

The Federal Reserve is lashing out at Sen. Rand Paul’s plan to give Congress more oversight over the central bank, a proposal that could gain traction in the new Republican-led Congress.

The Kentucky Republican reintroduced his “Audit the Fed” legislation last month with 30 co-sponsors, including other potential 2016 GOP hopefuls, Sens. Ted Cruz (Texas) and Marco Rubio (Fla.).

The proposal — once championed by his father, former Rep. Ron Paul (R-Texas) —would subject the central bank to an audit by the Government Accountability Office (GAO).

Regional bank presidents from around the country are decrying the plan, which they argue could damage the economy.

“Who in their right mind would ask the Congress of the United States — who can’t cobble together a fiscal policy — to assume control of monetary policy?” Richard Fisher, president of the Federal Reserve Bank of Dallas, said during an interview with The Hill.

Fed Chairwoman Janet Yellen has already vowed to fight the legislation, and President Obama would likely veto it.

Still, Fed watchers note that Paul has become emboldened by the new Republican majority in Congress. And he possesses an ever louder national microphone, as he moves closer to a 2016 presidential run.

Together, those factors could elevate the issue in the coming months, a prospect that has spurred strong words from bank officials.

Philadelphia Fed President Charles Plosser told The Hill that financial auditing “already exists” for the Fed, and warned that Paul’s plan would empower Congress “to audit and question monetary policy decisions in real time.”

“This runs the risk of monetary policy decisions being based on short-term political considerations instead of the longer-term health of the economy,” Plosser said.

Paul pushed back against the criticism, saying Fed officials “will say and do anything to keep their business hidden from the American people.”

For Paul, the legislation allows him to burnish his Republican-libertarian credentials.

And he appears to want to make it part of his early presidential campaigning. On Friday, Paul will hold an Audit the Fed rally in Des Moines, Iowa, as part of a weekend trip to the early presidential caucus state.

The issue could give Paul an opening to tap into the public’s mistrust of the government, more than six years after the federal bailouts that followed the 2008 economic crisis.

“This secretive government-run bureaucracy promotes policies that have impacted the lives of all Americans,” Paul said. “Citizens have the right to know why the Fed’s policies have resulted in a stagnant economy and record numbers of people dropping out of the workforce.”

Fisher said lawmakers are looking to shift blame, having proven “unable to get together with their own colleagues on a working fiscal policy or construct a regulatory regime that incentivizes investment and job creation.”

“So they simply find it convenient to create a boogeyman out of an entity that does its job efficiently — the Federal Reserve,” Fisher said. “To some outsiders the Fed appears to be some kind of combination of Hogwarts, the Death Star, and Ebenezer Scrooge — especially to those who don’t take the time to read the copious amounts of reports and speeches and explanations we emit.”

The twelve presidents of the Fed’s regional banks are well connected, their boards of directors stacked with influential business leaders. They are likely to intensify their opposition to Paul’s proposal.

On Wednesday, Cleveland Fed President Loretta Mester criticized the legislation as “misguided” during public remarks in Columbus, Ohio.

“They really are about allowing political considerations to influence monetary policy decisions,” Mester said in her speech. “This would be a tremendous mistake, because it would ultimately lead to poorer economic performance.”

Yellen, who met with Senate Democrats last week on Capitol Hill, is scheduled to testify before Congress later this month. The appearance will be her first since Republicans seized control of the Senate, and she will likely face questions on the legislation.

Senate Banking Committee Chairman Richard Shelby (R-Ala.), whose panel has jurisdiction on the bill, has also said he is interested in holding hearings on the issue.

http://thehill.com/policy/finance/231822-fed-fires-back

Rand Paul Slams Federal Reserve’s Secrecy, Reintroduces Bill to ‘Audit the Fed’

Sen. Rand Paul is reviving his push to audit the Federal Reserve.

The Kentucky Republican and presumptive 2016 presidential candidate said he wants to bring several of the Fed’s monetary activities under congressional oversight.

In a statement released Monday, Paul said it was time to end the secrecy behind the Fed. He believes an audit is the best way to do it.

“[An] audit of the Fed will finally allow the American people to know exactly how their money is being spent by Washington.” Paul said.
He slammed the Fed’s current operating practices, saying it works “under a cloak of secrecy and it has gone on for too long.”

Paul concluded that “the American people have a right to know what the Federal Reserve is doing with our nation’s money supply.”

>>> Much More to Friedman Than Rule-Based Monetary Policy

Calls for a Fed audit increased after the 2008 financial crisis. The ensuing collapse in the housing market and financial industry sparked an ongoing effort to bring more sunlight to the agency.

Norbert Michel, a research fellow in financial regulations at The Heritage Foundation, told The Daily Signal he agreed with the senator.

“There is no justification for secrecy,” Michel said. “They should have a full policy audit and the Federal Open Market Committee’s full transcript, not just the minutes, should be released.”

Although the main goal of Paul’s legislation is to have a full audit of the Fed, completed within six months, there are several other reforms he’d like to implement. They include eliminating restrictions on the Government Accountability Office’s ability to conduct oversight and giving Congress oversight of Fed policies like quantitative easing.

>>> House Republicans Attempt to Lift ‘Veil of Secrecy’ From Federal Reserve

The bill has already gained popularity in the Republican caucus with 30 co-sponsors, including Sens. Ted Cruz, R-Texas, and Marco Rubio, R-Fla., potential presidential rivals in 2016.

“The Fed has expanded its balance sheet fivefold, yet economic growth is still tepid, businesses are sitting on cash, and median income and household wealth are depressed,” Cruz noted in a statement.

Cruz also slammed the Fed for its secrecy.

“Enough is enough,” Cruz said. “The Federal Reserve needs to fully open its books so Congress and the American people can see what has been going on. This is a crucial first step to getting back to a more stable dollar and a healthy economy for the long term.”

http://dailysignal.com/2015/01/29/rand-paul-slams-federal-reserves-secrecy-reintroduces-bill-audit-fed/

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Murray Rothbard — Strictly Confidential: The Private Volker Fund Memos of Murray N. Rothbard — Videos

Posted on February 8, 2015. Filed under: American History, Banking, Blogroll, Books, College, Communications, Economics, Education, Faith, Family, Federal Government, Fiscal Policy, Friends, government, government spending, history, History of Economic Thought, Inflation, Language, Law, liberty, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, Non-Fiction, People, Philosophy, Photos, Politics, Radio, Rants, Raves, Talk Radio, Video, Welfare, Wisdom, Writing | Tags: , , , , , , , , , , , , , , , , , , , , , , , |

murray_boardStrictly Confidential

Strictly Confidential: The Private Volker Fund Memos of Murray N. Rothbard

Murray Rothbard is widely known for his vast literary output, but a great deal of his work has never been published until now. During the late 1950s and early 60s he worked for the William Volker Fund, one of the few organizations willing to fund classical liberal scholars at the time. In that capacity, he wrote memos and reviews that offer insights on history, economics, foreign policy, and political theory.

Rothbard’s view and understanding of world events was unique and prescient. Strictly Confidential is an illuminating commentary on the feisty early years of the libertarian movement, and the fledgling intellectual base that became the root of today’s libertarianism.

No one tells it like it is better than Rothbard.

http://mises.org/library/strictly-confidential-private-volker-fund-memos-murray-n-rothbardmurray rothbard keynesian

rothbardMurray_Rothbard

How Murray Rothbard Became a Libertarian

A prolific author and Austrian economist, Murray Rothbard promoted a form of free market anarchism he called “anarcho-capitalism.”

In this talk, given at the 1981 National Libertarian Party Convention, Rothbard tells the story of how he came to learn about economics and libertarianism as he grew up in the Bronx and attended Columbia University in the 1930s and 40s. He reminisces about meeting Frank Chodorov, Baldy Harper, George Stigler and Ludwig von Mises, and takes a number of audience questions.

The Future of Austrian Economics | Murray N. Rothbard

This is the famous speech by Murray Rothbard given in the days following the collapse of the Soviet empire. His exuberance is palpable has he explains the meaning of it all for the place of liberty in the history of civilization.
A brilliant scholar and passionate defender of Liberty, Professor Murray Rothbard (1926-1995) was dean of the Austrian School of economics, holder of the S.J. Hall Chair at the University of Nevada, Las Vegas, and Academic Vice President of the Ludwig von Mises Institute.

The author of 17 books and thousands of articles, the foremost Misesian economist, the father of modern freedom theory, and the most delightful personality in the profession, this great teacher here spellbinds an audience of students, faculty, and business leaders in the “Future of Austrian Economics,” at the 1990 Mises University at Stanford.

Only Austrian economics, Rothbard shows, can explain the collapse of socialism/communism and tell us what should replace it: laissez-faire capitalism. There is a lesson here as well, he shows, for dealing with the Leviathan in Washington, D.C.

The Founding of the Federal Reserve | Murray N. Rothbard

Libertarianism | Murray N. Rothbard

Murray Rothbard: Six Stages of the Libertarian Movement

Murray Rothbard – The Government Is Not Us

The Gold Standard Before the Civil War | Murray N. Rothbard

Rothbard on the ‘best’ US president

Keynes the Man: Hero or Villain? | Murray N. Rothbard

415. Murray Rothbard: Who He Was and Why He’s Important

Gene Epstein: Murray Rothbard’s Mixed Legacy

How Murray Rothbard Changed my Mind on War | Thomas E. Woods, Jr.

Murray Rothbard as Academic Role Model | Gary North

The Worldview of Murray Rothbard | Gerard Casey

Two Roads, One Truth | Gerard Casey

inflation

 

For A New Liberty For A New Liberty 2America's Great DepressionLThe Case Against The FedRothbard-MESstateMurray_Rothbard (1)

 

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Laurence H. Meyer — A Term At The Fed — Videos

Posted on February 7, 2015. Filed under: American History, Banking, Blogroll, Books, College, Communications, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, history, History of Economic Thought, Inflation, Investments, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, Money, Non-Fiction, People, Philosophy, Photos, Politics, Radio, Rants, Raves, Regulations, Talk Radio, Tax Policy, Taxes, Wisdom, Writing | Tags: , , , , , , , , , , , , , , , |

Lawrence Meyera term at the fed_

Interview with Laurence Meyer :: Forefront :: Part 1

Interview with Laurence Meyer :: Forefront :: Part 2

Interview with Laurence Meyer :: Forefront :: Part 3

Laurence Meyer

From Wikipedia, the free encyclopedia
Laurence Meyer
Born March 8, 1944 (age 70)
Bronx, New York
Nationality United States
Field Macroeconomics
School or tradition
Neo-Keynesian economics
Alma mater MIT (Ph.D., 1970)
Yale (B.A., 1965)
Influences Hyman Minsky

Laurence Meyer (born March 8, 1944) is an economist and was a United States Federal Reserve System governor from June 1996 to January 2002.

Meyer received a B.A. (magna cum laude) from Yale University in 1965 and a Ph.D. in economics from the Massachusetts Institute of Technology in 1970. He then taught at Washington University in St. Louis for 27 years. Meyer also ran an economic consulting firm, Laurence H. Meyer and Associates, with two former students. After he moved to the Fed, he sold his interest in the firm and it renamed itself Macroeconomic Advisers. He won several economic forecasting awards while running the company.

He was nominated to the Fed by President Bill Clinton along with Alice Rivlin in 1996. At the Fed, Meyer was one of the Governors most ready to raise interest rates, because he believed that the economy was operating near full capacity, and especially that employment was near the non-accelerating inflation rate of unemployment, or the rate that would cause inflation. Alan Greenspan, the Chairman at that time, was one of the leaders of the idea that improved productivity would allow the Fed to keep interest rates low without causing inflation.

After leaving the Fed, Meyer became a Distinguished Scholar at the Center for Strategic and International Studies. He also resumed working with Macroeconomic Advisers.

Publications

  • Meyer, Laurence (2004). A Term at the Fed : An Insider’s View. Collins. ISBN 0-06-054270-5.

External links

http://en.wikipedia.org/wiki/Laurence_Meyer

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Glenn Hubbard and Tim Kane — The Economics of Great Powers Balance From Ancient Rome To Modern America — Videos

Posted on January 2, 2015. Filed under: Agriculture, American History, Blogroll, Books, Business, College, Computers, Data, Demographics, Diet, Disease, Documentary, Economics, Education, Employment, Energy, Faith, Family, Farming, Federal Government, Federal Government Budget, Fiscal Policy, Food, Foreign Policy, Freedom, Genocide, government, government spending, history, History of Economic Thought, Illegal, Immigration, Inflation, Investments, IRS, Language, Law, Legal, liberty, Life, Links, Literacy, Macroeconomics, Math, media, Microeconomics, Money, Non-Fiction, People, Photos, Politics, Radio, Rants, Raves, Regulations, Religion, Science, Strategy, Talk Radio, Tax Policy, Taxes, Technology, Terrorism, Transportation, Unemployment, Video, War, Wealth, Weather, Welfare, Wisdom, Writing | Tags: , , , , , , , , , , , , , , |

Glenn Hubbard, “Balance” | Authors at Google

Q&A with R. Hubbard on “Balance: The Economics of Great Powers from Ancient Rome to Modern America”

Book TV: Glenn Hubbard and Tim Kane, “Balance”

Dr. Tim Kane: “America and the Ghost of Great Powers Past”

Romney’s top economist talks taxes, Ben Bernanke, and bailouts – Freeland File

 

Glenn Hubbard (economist)

From Wikipedia, the free encyclopedia
Glenn Hubbard
Glenn Hubbard portrait.jpg
Dean of Columbia Business School
Incumbent
Assumed office
July 1, 2004
Preceded by Meyer Feldberg
20th Chairman of the Council of Economic Advisers
In office
May 11, 2001 – February 28, 2003
President George W. Bush
Preceded by Martin Neil Baily
Succeeded by N. Gregory Mankiw
Deputy Assistant Secretary at the United States Department of the Treasury
In office
1991–1993
President George H. W. Bush
Personal details
Born September 4, 1958 (age 56)
Orlando, Florida
Political party Republican
Alma mater University of Central Florida(B.A., B.S.)
Harvard University (A.M., Ph.D.)
Profession Economist, professor
Religion Presbyterian
Signature
Website www.GlennHubbard.net

Robert Glenn Hubbard (born September 4, 1958) is an American economist and academic professor. He is currently the Dean of the Columbia University Graduate School of Business, where he is also Russell L. Carson Professor of Finance and Economics.[1] Hubbard previously served as Deputy Assistant Secretary at the U.S. Department of the Treasury from 1991 to 1993, and as Chairman of the Council of Economic Advisorsfrom 2001 to 2003.

Hubbard is a Visiting Scholar at the conservative American Enterprise Institute, where he studies tax policy and health care.[2]

Early Life

Born September 4, 1958, Hubbard was raised in Apopka, Florida, a suburb of Orlando, Florida. His father taught at a local community college and his mother taught at a high school. Hubbard’s younger brother, Gregg, is a member of the country-pop band Sawyer Brown.[3]

Hubbard is an Eagle Scout. A member of the chess team, he was a stellar student who graduated at the top of his class. He scored well enough on his College Level Examination Program to enter the University of Central Florida with enough credits to graduate with two degrees in three years. He obtained his B.A. and B.S. degrees summa cum laude from the University of Central Florida in 1979, and his masters and Ph.D. in economics from Harvard University in 1983.[3]

Career

Academic

Hubbard has been at Columbia University since 1988, being Russell L. Carson Professor of Finance and Economics since 1994.[4]

He was named dean of Columbia Business School on July 1, 2004.

Government

Hubbard was Deputy Assistant Secretary at the U.S. Department of the Treasury from 1991 to 1993.[2]

From February 2001 until March 2003, Hubbard was chairman of the Council of Economic Advisors under President George W. Bush. A supply-side economist, he was instrumental in the design of the 2003 Bush Tax cuts[5]—an issue which split the economics profession on ideological lines, with those leaning left opposed and those leaning right supportive. See Economists’ statement opposing the Bush tax cuts.

He was tipped by some media outlets to be a candidate for the position of Chairman of the Federal Reserve when Alan Greenspan retired, although he was not nominated for the position.[5]

Political advisor

Hubbard served as economic advisor to the 2012 presidential campaign of Mitt Romney, a position he also held during Romney’s 2008 presidential campaign.[6] In August 2012, Politicoidentified Hubbard as “a likely Romney appointee as Federal Reserve chairman or Treasury secretary“.[7]

Other

Hubbard serves as Co-Chair of the Committee on Capital Markets Regulation.

“Hubbard is a member of the Board of Directors of Automatic Data Processing, Inc., BlackRock Closed-End Funds, Capmark Financial Corporation, Duke Realty Corporation,KKR Financial Corporation and Ripplewood Holdings. He is also a Director or Trustee of the Economic Club of New York, Tax Foundation, Resources for the Future, Manhattan Council and Fifth Avenue Presbyterian Church, New York, and a member of the Advisory Board of the National Center on Addiction and Substance Abuse… Director of MetLife and Metropolitan Life Insurance Company since February 2007.”[4]

Hubbard is currently a board member of:

Inside Job interview and aftermath

Hubbard was interviewed in Charles Ferguson’s Oscar-winning documentary film, Inside Job (2010), discussing his advocacy, as chief economic advisor to the Bush Administration, of deregulation. Ferguson argues that deregulation led to the 2008 international banking crisis sparked by the collapse of Lehman Brothers and the sale of Merrill Lynch. In the interview, Ferguson asks Hubbard to enumerate the firms from whom he receives outside income as an advisory board member in the context of possible conflict of interest. Hubbard, hitherto cooperative, declines to answer and threatens to end the interview with the remark, “You have three more minutes; give it your best shot.”[11] After the release of the film, Columbia ramped up ongoing efforts to strengthen and clarify their conflict of interest disclosure requirements.[12] (Columbia Business School professor Michael Feiner, a member of the faculty committee of Columbia’s Sanford C. Bernstein and Co. Center for Leadership and Ethics, has recommended that the film be shown to all business school students.[12]) One of Hubbard’s consulting contracts was examined in a deposition in 2012. His work for Countrywide Financial for $1200/hr, attesting that the lender’s loans were no worse than a control group of mortgages and not fraudulent, was examined by an attorney for MBIA. MBIA was suing Countrywide over its mortgage practices.[13]

Columbia Business School (CBS) Follies

Hubbard is also frequently featured in skits by Columbia Business School’s “Follies” group, ranging from videos of him monitoring students on classroom video cameras[14] to songs about his relationship with Presidential candidate Mitt Romney.[15]

References

  1. Jump up^ Glater, Jonathan D. (April 1, 2004). “Former Bush Aide Will Lead Columbia Business School”.New York Times. Retrieved 2008-12-15.
  2. ^ Jump up to:a b American Enterprise Institute, R. Glenn Hubbard
  3. ^ Jump up to:a b Segal, David (October 13, 2012). “Romney’s Go-To Economist”. The New York Times. Retrieved October 13, 2012.
  4. ^ Jump up to:a b c “Director – R. Glenn Hubbard”. Metlife. Retrieved 2008-12-15. R. Glenn Hubbard, Ph.D., age 50, has been the Dean of the Graduate School of Business at Columbia University since 2004 and the Russell L. Carson Professor of Finance and Economics since 1994. Dr. Hubbard has been a professor of the Graduate School of Business at Columbia University since 1988. He is also a visiting scholar and Director of the Tax Policy Program for the American Enterprise Institute, and was a member of the Panel of Economic Advisers for the Congressional Budget Office from 2004 to 2006. From 2001 to 2003, Dr. Hubbard served as Chairman of the U.S. Council of Economic Advisers and as Chairman of the Economic Policy Committee of the Organization for Economic Cooperation and Development. Dr. Hubbard is a member of the Board of Directors of Automatic Data Processing, Inc., BlackRock Closed-End Funds, Capmark Financial Corporation, Duke Realty Corporation, KKR Financial Corporation and Ripplewood Holdings. He is also a Director or Trustee of the Economic Club of New York, Tax Foundation, Resources for the Future, Manhattan Council and Fifth Avenue Presbyterian Church, New York, and a member of the Advisory Board of the National Center on Addiction and Substance Abuse… Director of MetLife and Metropolitan Life Insurance Company since February 2007. Link.
  5. ^ Jump up to:a b Andrews, Edmund L.; David Leonhardt, Eduardo Porter, and Louis Uchitelle (October 26, 2005). “At the Fed, an Unknown Became a Safe Choice”. New York Times. Retrieved2008-12-15.
  6. Jump up^ Romney Taps Bush Hands to Shape Economic Policies, February 24, 2012
  7. Jump up^ “Who’s on the inside track for a Romney Cabinet” by MIKE ALLEN and JIM VANDEHEI,Politico, August 28, 2012, Retrieved 2012-08-28
  8. Jump up^ “Directors and Corporate Officers”. ADP : Automatic Data Processing, Inc. Retrieved2008-12-15.
  9. Jump up^ “BlackRock Corporate High Yield Fund III Inc (CYE.N) Officers”. Reuters. Retrieved2008-12-15.
  10. Jump up^ “dukerealty.com – Investor Relations – Management”. Duke Realty. Retrieved 2008-12-15.
  11. Jump up^ Transcript excerpt on “A Searing Look At Wall Street In ‘Inside Job’, Charles Ferguson interviewed by Melissa Block”, which aired October 1, 2010 on NPR‘s All Things Considered. During the program, Ferguson explained to Ms. Block, “Well, the entire interview was fairly contentious, as you can imagine. It surprised me somewhat to realize that these people were not used to being challenged, that they’d never been questioned about this issue before. They clearly expected to be deferred to by me and I think by everybody.”
  12. ^ Jump up to:a b “‘Inside Job’ prompts new look at conflict of interest policy,” published April 13, 2011, in the Columbia Spectator.
  13. Jump up^ Taibbi, Matt, “Glenn Hubbard, Leading Academic and Mitt Romney Advisor, Took $1200 an Hour to Be Countrywide’s Expert Witness”, Rolling Stone Taiblog, December 20, 2012. Retrieved 2012-12-26.
  14. Jump up^ ECHO 360. CBS Follies. December 16, 2011 – via YouTube. Those ECHO 360 cameras in every room at CBS aren’t just recording lectures so you can skip class on Jewish holidays. They’re Hubbard’s eyes and ears. He’s watching you.
  15. Jump up^ White House Dream. CBS Follies. April 16, 2012 – via YouTube. From the Columbia Business School Follies Spring 2012 Show

External links

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Niall Ferguson — The Ascent of Money: A Financial History of The World, Financial Crisis, Empire, Descent of Money and Beyond The War of The World — Videos

Posted on December 24, 2014. Filed under: American History, Banking, Blogroll, Books, College, Communications, Computers, Corruption, Crisis, Documentary, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, Freedom, government, government spending, history, History of Economic Thought, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, Money, People, Philosophy, Photos, Politics, Psychology, Rants, Raves, Tax Policy, Technology, Video, War, Wealth, Welfare, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , |

Ascent_of_Moneyascent of moneyferguson_2164225b

The Ascent of Money: A Financial History of The World by Niall Ferguson Epsd 1 5 Full Documentary

Professor Niall Ferguson – The Descent of Money

Niall Ferguson on importance of civil institutions and more, at Norwegian Nobel Institute

Niall Ferguson on the recent financial meltdown

Niall Ferguson – The Ascent of Money

Niall Ferguson at Charlie Rose 2011

[BBC Parliament] Niall Ferguson Lecture on his new book, The Ascent of Money – 14-12-08

Niall Ferguson Interview: Books, Financial History, Cash Nexus, Economics, Ascent of Money (2004)

Ferguson: Fiscal Crises and Imperial Collapses

Niall Ferguson: Fiscal Crises and Imperial Collapses: Historical Perspective on Current Predicaments

China and the West: Divergence and Convergence

NEED TO KNOW Niall Ferguson on the Tea Party, budget cuts and the economy

Niall Ferguson – Empire: How Britain Made the Modern World – Why Britain? 1/5

Niall Ferguson – Empire: How Britain Made the Modern World – Why Britain? 2/5

Niall Ferguson – Empire: How Britain Made the Modern World – Why Britain? 3/5

Niall Ferguson – Empire: How Britain Made the Modern World – Why Britain? 4/5

Niall Ferguson – Empire: How Britain Made the Modern World – Why Britain? 5/5

Conversations with History: Niall Ferguson

war of the world

The War of the World — Episode 1

The War of the World — Episode 2

The War of the World — Episode 3

The War of the World — Episode 4

The War of the World — Episode 5

The War of the World — Episode 6

 

Niall Ferguson

From Wikipedia, the free encyclopedia
Not to be confused with Niels Ferguson.
Niall Ferguson
Born Niall Campbell Douglas Ferguson
18 April 1964 (age 50)
Glasgow, Scotland
Nationality British
Fields International history, economic history, American and British imperial history
Institutions Harvard University
Stanford
New York University
New College of the Humanities
Jesus College, Oxford
Alma mater Magdalen College, Oxford
Known for Empire: How Britain Made the Modern World
Influences Thomas Hobbes, Norman Stone,A. J. P. Taylor, Kenneth Clark,Adam Smith, Friedrich Hayek,Milton Friedman, John Maynard Keynes, David Landes
Spouse Sue Douglas (1987–2011)
Ayaan Hirsi Ali (2011–present)

Niall Campbell Douglas Ferguson (/ˈnl ˈfɜr.ɡə.sən/; born 18 April 1964)[1] is a Scottish historian. He is the Laurence A. Tisch Professor of History at Harvard University. He is also a Senior Research Fellow of Jesus College, University of Oxford, a Senior Fellow of the Hoover Institution, Stanford University and visiting professor at the New College of the Humanities. His specialties are international history, economic history, particularly hyperinflation and the bond markets, and British and Americanimperialism.[2] He is known for his provocative, contrarian views.[3]

Ferguson’s books include Empire: How Britain Made the Modern World, The Ascent of Money: A Financial History of the World and Civilization: The West and the Rest, all of which he has presented as Channel 4 television series.

In 2004, he was named as one of the 100 most influential people in the world by Time magazine. Since 2011,[dated info] he has been a contributing editor for Bloomberg Television[4][5] and a columnist for Newsweek.

Ferguson was an advisor to John McCain’s U.S. presidential campaign in 2008, and announced his support for Mitt Romney in 2012 and has been a vocal critic of Barack Obama.[6][7]

Early life

Ferguson was born in Glasgow, Scotland, on 18 April 1964. His father was a doctor and his mother a physics teacher.[8][9] He attended The Glasgow Academy.[10] He was brought up as, and remains, an atheist.[11]

Ferguson cites his father as instilling in him a strong sense of self-discipline and of the moral value of work, while his mother encouraged his creative side.[12] His journalist maternal grandfather encouraged him to write.[12] Unable to decide on studying an English or a history degree at university, Ferguson cites his reading of War and Peace as persuading him towards history.[9]

University of Oxford

Ferguson received a Demyship (half-scholarship) at Magdalen College, Oxford.[13] While there he wrote the 90 minute student film ‘The Labours of Hercules Sprote’ and became best friends with Andrew Sullivan, based on a shared affinity for right-wing politics and punk music.[14] He had become a Thatcherite by 1982, identifying the position with “the Sex Pistols‘ position in 1977: it was a rebellion against the stuffy corporatism of the 70s.”[9] While at university “He was very much a Scot on the make … Niall was a witty, belligerent bloke who seemed to have come from an entirely different planet,” according to Simon Winder.[14]Ferguson has stated that “I was surrounded by insufferable Etonians with fake Cockney accents who imagined themselves to be working-class heroes in solidarity with the striking miners. It wasn’t long before it became clear that the really funny and interesting people on campus were Thatcherites.”[14]

He graduated with a first-class honours degree in history in 1985.[13] He received his D.Phil from Magdalen College in 1989, and his dissertation was entitled “Business and Politics in the German Inflation: Hamburg 1914–1924″.[15]

Career

Academic career

Ferguson is a Senior Research Fellow of Jesus College, University of Oxford, and a Senior Fellow of the Hoover Institution, Stanford University. He is a resident faculty member of the Minda de Gunzburg Center for European Studies, and an advisory fellow of the Barsanti Military History Center at the University of North Texas.

In May 2010, he announced that the Education Secretary Michael Gove in the UK’s Conservative/Lib Dem government had invited him to advise on the development of a new history syllabus—”history as a connected narrative”—for schools in England and Wales.[17][18] In June 2011, he joined other academics to set up the New College of the Humanities, a private college in London.[19]

Fellow academics have questioned Ferguson’s commitment to scholarship. Benjamin Wallace-Wells, an editor of The Washington Monthly, comments that

The House of Rothschild remains Ferguson’s only major work to have received prizes and wide acclaim from other historians. Research restrains sweeping, absolute claims: Rothschild is the last book Ferguson wrote for which he did original archival work, and his detailed knowledge of his subject meant that his arguments for it couldn’t be too grand.”[20]

John Lewis Gaddis, a Cold War era historian, characterised Ferguson as having unrivaled “range, productivity and visibility” at the same time as criticising his work as being “unpersuasive”. Gaddis goes on to state that “several of Ferguson’s claims, moreover, are contradictory”.[21]

Marxist historian Eric Hobsbawm has praised Ferguson as an excellent historian.[22] However, he has also criticised Ferguson, saying, on the BBC Radio programme Start the Week, that he was a “nostalgist for empire”.[23] Ferguson responded to the above criticisms in a Washington Post “Live Discussions” online forum in 2006.[24] [clarification needed]

Business career

In 2007, Ferguson was appointed as an investment management consultant by GLG Partners, focusing on geopolitical risk as well as current structural issues in economic behaviour relating to investment decisions.[25] GLG is a UK-based hedge fund management firm headed by Noam Gottesman.[26]

Career as commentator

In October 2007, Ferguson left The Sunday Telegraph to join the Financial Times where he was a contributing editor.[27][28] He also writes for Newsweek.[17]

Ferguson has often described the European Union as a disaster waiting to happen,[29] and has criticised President Vladimir Putin of Russia for authoritarianism. In Ferguson’s view, certain of Putin’s policies, if they continue, may stand to lead Russia to catastrophes equivalent to those that befell Germany during the Nazi era.[30]

Books

The Cash Nexus

In his 2001 book, The Cash Nexus, which he wrote following a year as Houblon-Norman Fellow at the Bank of England,[28] Ferguson argues that the popular saying, “money makes the world go ’round”, is wrong; instead he presented a case for human actions in history motivated by far more than just economic concerns.

Colossus and Empire

In his books Colossus and Empire, Ferguson presents a reinterpretation of the history of the British Empire and in conclusion proposes that the modern policies of the United Kingdom and the United States, in taking a more active role in resolving conflict arising from the failure of states, are analogous to the ‘Anglicization’ policies adopted by the British Empire throughout the 19th century.[31][32] In Colossus, Ferguson explores the United States’ hegemony in foreign affairs and its future role in the world.[33][34]

War of the World

The War of the World, published in 2006, had been ten years in the making and is a comprehensive analysis of the savagery of the 20th century. Ferguson shows how a combination of economic volatility, decaying empires, psychopathic dictators, and racially/ethnically motivated (and institutionalised) violence resulted in the wars and the genocides of what he calls “History’s Age of Hatred”. The New York Times Book Reviewnamed War of the World one of the 100 Notable Books of the Year in 2006, while the International Herald Tribune called it “one of the most intriguing attempts by an historian to explain man’s inhumanity to man“.[35]Ferguson addresses the paradox that, though the 20th century was “so bloody”, it was also “a time of unparalleled [economic] progress”. As with his earlier work Empire,[36] War of the World was accompanied by aChannel 4 television series presented by Ferguson.[37]

The Ascent of Money

Published in 2008, The Ascent of Money examines the long history of money, credit, and banking. In it he predicts a financial crisis as a result of the world economy and in particular the United States using too much credit. Specifically he cites the ChinaAmerica dynamic which he refers to as Chimerica where an Asian “savings glut” helped create the subprime mortgage crisis with an influx of easy money.[38] While researching this book, in early 2007, he attended a conference in Las Vegas where a hedge fund manager stated there would never be another recession, Ferguson stood up and challenged him on it. Later the 2 agreed a 7 to 1 bet, that there would be another recession, for $14,000, with Ferguson paying that amount if he lost and winning $98,000. “I said, ‘Never is a very bad timeframe,'” Ferguson said. “‘Let’s say five years.'” Ferguson collected his winnings as he knew having researched the book and written several papers on economics in history, so knew another recession would definitely occur and with this bet placed a timeline of it occurring before 2012.[39]

Civilization

Published in 2011, Civilization: The West and the Rest examines what Ferguson calls the most “interesting question” of our day: “Why, beginning around 1500, did a few small polities on the western end of the Eurasian landmass come to dominate the rest of the world?” He attributes this divergence to the West’s development of six “killer apps” largely missing elsewhere in the world – “competition, science, the rule of law, medicine, consumerism and the work ethic”.[17] A related documentary Civilization: Is the West History? was broadcast as a six-part series on Channel 4 in March and April 2011.[40]

Opinions and research

World War I

In 1998, Ferguson published the critically acclaimed The Pity of War: Explaining World War One, which with the help of research assistants he was able to write in just five months.[13][14] This is an analytic account of what Ferguson considered to be the ten great myths of the Great War. The book generated much controversy, particularly Ferguson’s suggestion that it might have proved more beneficial for Europe if Britain had stayed out of the First World War in 1914, thereby allowing Germany to win.[41] Ferguson has argued that the British decision to intervene was what stopped a German victory in 1914–15. Furthermore, Ferguson expressed disagreement with the Sonderweg interpretation of German history championed by some German historians such as Fritz Fischer, Hans-Ulrich Wehler, Hans Mommsen and Wolfgang Mommsen, who argued that the German Empire deliberately started an aggressive war in 1914. Likewise, Ferguson has often attacked the work of the German historian Michael Stürmer, who argued that it was Germany’s geographical situation in Central Europe that determined the course of German history.

On the contrary, Ferguson maintained that Germany waged a preventive war in 1914, a war largely forced on the Germans by reckless and irresponsible British diplomacy. In particular, Ferguson accused the British Foreign Secretary Sir Edward Grey of maintaining an ambiguous attitude to the question of whether Britain would enter the war or not, and thus confusing Berlin over just what was the British attitude towards the question of intervention in the war.[42] Ferguson accused London of unnecessarily allowing a regional war in Europe to escalate into a world war. Moreover, Ferguson denied that the origins of National Socialismcould be traced back to Imperial Germany; instead Ferguson asserted the origins of Nazism could only be traced back to the First World War and its aftermath.

Ferguson attacked a number of ideas which he called “myths” in the book. They are listed here, (with his counter-arguments in parentheses):

  • Germany was a highly militarist country before 1914. (Ferguson argued that Germany was Europe’s most anti-militarist country when compared to countries like Britain and France.)[43]
  • The naval threat posed by Germany drove Britain into an informal alliance with France and Russia before 1914. (Ferguson argues that the British decided to align themselves with Russia and France seeing them as more influential and powerful than Germany.)[44]
  • British policy was due to a legitimate fear of Germany. (Ferguson shows how Germany posed no significant threat to Britain and British fears were driven by propaganda and economic self interest.)[45]
  • The pre-1914 arms race was consuming increasingly larger portions of national budgets at an unsustainable rate. (Ferguson demonstrates using actual budget information of the European powers that the only limitations on more military spending before 1914 were political, not economic.)[46]
  • That World War I was an act of aggression on the part of Germany that provoked the British to stop Germany from conquering Europe. (Ferguson infers that if Germany had been victorious over France and Russia, something like the European Union would have been created in 1914. It would have been for the best if Britain had chosen to opt out of war in 1914, as Germany just wanted its “place in the sun.”)[47]
  • Most people were enthusiastic when the war started in 1914. (Ferguson claims that most Europeans were saddened by the start of war, especially when it dragged on long after it was supposed to end.)[48]
  • That propaganda was successful in making men wish to fight. (Ferguson states that propaganda was not nearly as effective as most experts argue.)[49]
  • The Allies utilized their economic resources to the fullest. (Ferguson argues that the allies made poor use of their vast economic resources such as those coming from their colonies as well as corruption in the war time governments. France and Britain both possessed huge colonial possessions that offered a plethora of resources as well as man power.)[50]
  • That the British and the French possessed better armies than the central powers. (Ferguson claims that the German Army was superior, with better equipment and leadership.)[51]
  • The Allies were better at killing Germans throughout the war. (Ferguson statistically shows that the Germans were actually far superior in exacting casualties than the Allies, this is due to German strategy and use of poison gas.)[52]
  • The majority of soldiers hated fighting in the war due to intolerable conditions. (Ferguson asserts that most soldiers fought due to nationalism and a sense of duty.)[53]
  • The British treated German prisoners more humanely than the Germans did. (Ferguson cites numerous occasions in which British officers ordered the killing of German prisoners of war.)[54]
  • Germany was faced with reparations that could not be paid except at the expense of the German economy. (Ferguson attempts to prove that Germany could have paid reparations if they had been willing.)[55]

Another controversial aspect of The Pity of War is Ferguson’s use of counterfactual history also known as “speculative” or “hypothetical” history. In the book, Ferguson presents a hypothetical version of Europe being, under Imperial German domination, a peaceful, prosperous, democratic continent, without ideologies like communism or fascism.[56] In Ferguson’s view, had Germany won World War I, then the lives of millions would have been saved, something like the European Union would have been founded in 1914, and Britain would have remained an empire as well as the world’s dominant financial power.[56]

Rothschilds

Ferguson wrote two volumes about the prominent Rothschild family:

  • The House of Rothschild: Volume 1: Money’s Prophets: 1798–1848[57]
  • The House of Rothschild: Volume 2: The World’s Banker: 1849–1999[58]

The books won the Wadsworth Prize for Business History and were also short-listed for the Jewish Quarterly-Wingate Literary Award and the American National Jewish Book Award.[28]

Counterfactual history

Ferguson sometimes champions counterfactual history, also known as “speculative” or “hypothetical” history, and edited a collection of essays, titled Virtual History: Alternatives and Counterfactuals (1997), exploring the subject.

Ferguson likes to imagine alternative outcomes as a way of stressing the contingent aspects of history. For Ferguson, great forces don’t make history; individuals do, and nothing is predetermined. Thus, for Ferguson, there are no paths in history that will determine how things will work out. The world is neither progressing nor regressing; only the actions of individuals determine whether we will live in a better or worse world.

His championing of the method has been controversial within the field.[59]

In a 2011 review of Ferguson’s book Civilization: The West and the Rest, Noel Malcolm (Senior Research Fellow in History at All Souls College at Oxford University) stated that: “Students may find this an intriguing introduction to a wide range of human history; but they will get an odd idea of how historical argument is to be conducted, if they learn it from this book.”[60]

Henry Kissinger

In 2003, former U.S. Secretary of State Henry Kissinger provided Ferguson with access to his White House diaries, letters, and archives for what Ferguson calls a “warts-and-all biography” of Kissinger.[61]

Colonialism

Ferguson is critical of what he calls the “self-flagellation” that he says characterises modern European thought.

“The moral simplification urge is an extraordinarily powerful one, especially in this country, where imperial guilt can lead to self-flagellation,” he told a reporter. “And it leads to very simplistic judgments. The rulers of western Africa prior to the European empires were not running some kind of scout camp. They were engaged in the slave trade. They showed zero sign of developing the country’s economic resources. Did Senegal ultimately benefit from French rule? Yes, it’s clear. And the counterfactual idea that somehow the indigenous rulers would have been more successful in economic development doesn’t have any credibility at all.”[17]

Richard Drayton, Rhodes Professor of Imperial History at the University of London, has stated that it is correct to associate “Ferguson with an attempt to ‘rehabilitate empire’ in the service of contemporary great power interests”.[62]

Bernard Porter attacked Empire in The London Review of Books as a “panegyric to British colonialism”.[63] Ferguson in response to this drew Porter’s attention to the conclusion of the book, where he writes: “No one would claim that the record of the British Empire was unblemished. On the contrary, I have tried to show how often it failed to live up to its own ideal of individual liberty, particularly in the early era of enslavement, transportation and the ‘ethnic cleansing’ of indigenous peoples.” Ferguson argues however that the British Empire was preferable to the alternatives:

‘The 19th-century empire undeniably pioneered free trade, free capital movements and, with the abolition of slavery, free labour. It invested immense sums in developing a global network of modern communications. It spread and enforced the rule of law over vast areas. Though it fought many small wars, the empire maintained a global peace unmatched before or since. In the 20th century too the empire more than justified its own existence. For the alternatives to British rule represented by the German and Japanese empires were clearly – and they admitted it themselves – far worse. And without its empire, it is inconceivable that Britain could have withstood them.’[63]

Exchange with Pankaj Mishra

In November 2011 Pankaj Mishra reviewed Civilisation: The West and the Rest unfavourably in the London Review of Books.[64] Ferguson demanded an apology and threatened to sue Mishra on charges of libel due to allegations of racism.[65]

Islam and “Eurabia”

Matthew Carr wrote in Race & Class that

“Niall Ferguson, the conservative English [sic] historian and enthusiastic advocate of a new American empire, has also embraced the Eurabian idea in a widely reproduced article entitled ‘Eurabia?’,”[66]

in which he laments the ‘de-Christianization of Europe’ and its culture of secularism that leaves the continent ‘weak in the face of fanaticism’.” Carr adds that

“Ferguson sees the recent establishment of a department of Islamic studies in his Oxford college as another symptom of ‘the creeping Islamicization of a decadent Christendom”,

and that in a 2004 lecture at the American Enterprise Institute entitled ‘The End of Europe?’,[67]

“Ferguson struck a similarly Spenglerian note, conjuring the term ‘impire’ to depict a process in which a ‘political entity, instead of expanding outwards towards its periphery, exporting power, implodes – when the energies come from outside into that entity’. In Ferguson’s opinion, this process was already under way in a decadent ‘post-Christian’ Europe that was drifting inexorably towards the dark denouement of a vanquished civilisation and the fatal embrace of Islam.”[68]

Iraq War

Ferguson supported the 2003 Iraq War, and he is on record as not necessarily opposed to future western incursions around the world.

“It’s all very well for us to sit here in the West with our high incomes and cushy lives, and say it’s immoral to violate the sovereignty of another state. But if the effect of that is to bring people in that country economic and political freedom, to raise their standard of living, to increase their life expectancy, then don’t rule it out”.[17]

Economic policy

In its 15 August 2005 edition, The New Republic published “The New New Deal”, an essay by Ferguson and Laurence J. Kotlikoff, a professor of economics at Boston University. The two scholars called for the following changes to the American government’s fiscal and income security policies:

  • Replacing the personal income tax, corporate income tax, Federal Insurance Contributions Act tax (FICA), estate tax, and gift tax with a 33% Federal Retail Sales Tax (FRST), plus a monthly rebate, amounting to the amount of FRST that a household with similar demographics would pay if its income were at the poverty line. See also: FairTax
  • Replacing the old age benefits paid under Social Security with a Personal Security System, consisting of private retirement accounts for all citizens, plus a government benefit payable to those whose savings were insufficient to afford a minimum retirement income
  • Replacing Medicare and Medicaid with a Medical Security System that would provide health insurance vouchers to all citizens, the value of which would be determined by one’s health
  • Cutting federal discretionary spending by 20%

In November 2012, Ferguson stated in a video with CNN that the U.S. has enough energy resources to move towards energy independence and could possibly enter a new economic golden age due to the related socio-economic growth—coming out of the post-world economic recession doldrums.[69]

Ferguson was an attendee of the 2012 Bilderberg Group meeting, where he was a speaker on economic policy.[70]

Exchanges with Paul Krugman

In May 2009, Ferguson became involved in a high-profile exchange of views with economist Paul Krugman (2008 Nobel Laureate in Economics) arising out of a panel discussion hosted by PEN/New York Review on 30 April 2009, regarding the U.S. economy. Ferguson contended that the Obama administration’s policies are simultaneously Keynesian and monetarist, in an “incoherent” mix, and specifically claimed that the government’s issuance of a multitude of new bonds would cause an increase in interest rates.[71]

Krugman argued that Ferguson’s view is “resurrecting 75-year old fallacies” and full of “basic errors”. He also stated that Ferguson is a “poseur” who “hasn’t bothered to understand the basics, relying on snide comments and surface cleverness to convey the impression of wisdom. It’s all style, no comprehension of substance.”[72][73][74][75]

In 2012, Jonathan Portes, the director of the National Institute of Economic and Social Research, said that subsequent events had shown Ferguson to be wrong: “As we all know, since then both the US and UK have had deficits running at historically extremely high levels, and long-term interest rates at historic lows: as Krugman has repeatedly pointed out, the (IS-LM) textbook has been spot on.”[76]

Later in 2012, after Ferguson wrote a cover story for Newsweek arguing that Mitt Romney should be elected in the upcoming US presidential election, Krugman wrote that there were multiple errors and misrepresentations in the story, concluding “We’re not talking about ideology or even economic analysis here – just a plain misrepresentation of the facts, with an august publication letting itself be used to misinform readers. The Times would require an abject correction if something like that slipped through. Will Newsweek?”[77] Ferguson denied that he had misrepresented the facts in an online rebuttal.[78] Matthew O’Briencountered that Ferguson was still distorting the meaning of the CBO report being discussed, and that the entire piece could be read as an effort to deceive.[79]

In 2013, Ferguson, naming Dean Baker, Josh Barro, Brad DeLong, Matthew O’Brien, Noah Smith, Matthew Yglesias and Justin Wolfers, attacked “Krugman and his acolytes,” in his three-part essay on why he hates Paul Krugman,[80] whose title is originally made by Noah Smith.[81]

Remarks on Keynes’ sexual orientation

At a May 2013 investment conference in Carlsbad, California, Ferguson was asked about his views on economist John Maynard Keynes‘s quotation that “in the long run we are all dead.” Ferguson stated that Keynes was indifferent to the future because he was gay and did not have children.[82]

The remarks were widely criticised for being offensive, factually inaccurate, and a distortion of Keynes’ ideas.[83][84]

Ferguson posted an apology for these statements shortly after reports of his words were widely disseminated, saying his comments were “as stupid as they were insensitive”.[85] In the apology, Ferguson stated: “My disagreements with Keynes’s economic philosophy have never had anything to do with his sexual orientation. It is simply false to suggest, as I did, that his approach to economic policy was inspired by any aspect of his personal life.”[86]

Personal life

Ferguson married journalist Susan Douglas, whom he met in 1987 when she was his editor at the Daily Mail. They have three children.[87]

In February 2010, news media reported that Ferguson had separated from Douglas and started dating former Dutch MP Ayaan Hirsi Ali.[88][89][90] Ferguson and Douglas divorced in 2011.

Ferguson married Hirsi Ali in September 2011[91] and Hirsi Ali gave birth to their son in December 2011.[92][93][94]

Ferguson dedicated his book Civilization to “Ayaan”. In an interview with The Guardian, Ferguson spoke about his love for Ali, who, he writes in the preface, “understands better than anyone I know what Western civilisation really means – and what it still has to offer the world”.[17] Ali, he continued,

…grew up in the Muslim world, was born in Somalia, spent time in Saudi Arabia, was a fundamentalist as a teenager. Her journey from the world of her childhood and family to where she is today is an odyssey that’s extremely hard for you or I [sic] to imagine. To see and hear how she understands western philosophy, how she understands the great thinkers of the Enlightenment, of the 19th-century liberal era, is a great privilege, because she sees it with a clarity and freshness of perspective that’s really hard for us to match. So much of liberalism in its classical sense is taken for granted in the west today and even disrespected. We take freedom for granted, and because of this we don’t understand how incredibly vulnerable it is.[17]

Ferguson’s self confessed workaholism has placed strains on his personal relations in the past. Ferguson has commented that:

…from 2002, the combination of making TV programmes and teaching at Harvard took me away from my children too much. You don’t get those years back. You have to ask yourself: “Was it a smart decision to do those things?” I think the success I have enjoyed since then has been bought at a significant price. In hindsight, there would have been a bunch of things that I would have said no to.[12]

Ferguson was the inspiration for Alan Bennett‘s play The History Boys (2004), particularly the character of Irwin, a history teacher who urges his pupils to find a counterintuitive angle, and goes on to become a television historian.[8] Bennett’s character “Irwin” gives the impression that “an entire career can be built on the trick of contrariness.”[8]

Bibliography

Publications

As contributor

  • “Let Germany Keep Its Nerve”, The Spectator, 22 April 1995, pages 21–23[95]
  • “Europa nervosa”, in Nader Mousavizadeh (ed.), The Black Book of Bosnia (New Republic/Basic Books, 1996), pp. 127–32
  • “The German inter-war economy: Political choice versus economic determinism” in Mary Fulbrook (ed.), German History since 1800 (Arnold, 1997), pp. 258–278
  • “The balance of payments question: Versailles and after” in Manfred F. Boemeke, Gerald D. Feldman and Elisabeth Glaser (eds.), The Treaty of Versailles: A Reassessment after 75 Years (Cambridge University Press, 1998), pp. 401–440
  • “‘The Caucasian Royal Family’: The Rothschilds in national contexts” in R. Liedtke (ed.), ‘Two Nations’: The Historical Experience of British and German Jews in Comparison (J.C.B. Mohr, 1999)
  • “Academics and the Press”, in Stephen Glover (ed.), Secrets of the Press: Journalists on Journalism (Penguin, 1999), pp. 206–220
  • “Metternich and the Rothschilds: A reappraisal” in Andrea Hamel and Edward Timms (eds.), Progress and Emancipation in the Age of Metternich: Jews and Modernisation in Austria and Germany, 1815–1848(Edwin Mellen Press, 1999), pp. 295–325
  • “The European economy, 1815–1914” in T.C.W. Blanning (ed.), The Short Oxford History of Europe: The Nineteenth Century (Oxford University Press, 2000), pp. 78–125
  • “How (not) to pay for the war: Traditional finance and total war” in Roger Chickering and Stig Förster (eds.), Great War, Total War: Combat and Mobilization on the Western Front (Cambridge University Press, 2000), pp. 409–34
  • “Introduction” in Frederic Manning, Middle Parts of Fortune (Penguin, 2000), pp. vii–xviii
  • “Clashing civilizations or mad mullahs: The United States between informal and formal empire” in Strobe Talbott (ed.), The Age of Terror (Basic Books, 2001), pp. 113–41
  • “Public debt as a post-war problem: The German experience after 1918 in comparative perspective” in Mark Roseman (ed.), Three Post-War Eras in Comparison: Western Europe 1918-1945-1989 (Palgrave-Macmillan, 2002), pp. 99–119
  • “Das Haus Sachsen-Coburg und die europäische Politik des 19. Jahrhunderts”, in Rainer von Hessen (ed.), Victoria Kaiserin Friedrich (1840–1901): Mission und Schicksal einer englischen Prinzessin in Deutschland (Campus Verlag, 2002), pp. 27–39
  • “Max Warburg and German politics: The limits of financial power in Wilhelmine Germany”, in Geoff Eley and James Retallack (eds.), Wilhelminism and Its Legacies: German Modernities, Imperialism and the Meaning of Reform, 1890–1930 (Berghahn Books, 2003), pp. 185–201
  • “Introduction”, The Death of the Past by J. H. Plumb (Palgrave Macmillan, 2003), pp. xxi–xlii
  • “Globalization in historical perspective: The political dimension”, in Michael D. Bordo, Alan M. Taylor and Jeffrey G. Williamson (eds.), Globalisation in Historical Perspective (National Bureau of Economic Research Conference Report) (University of Chicago Press, 2003)
  • “Introduction to Tzvetan Todorov” in Nicholas Owen (ed.), Human Rights, Human Wrongs: Oxford Amnesty Lectures (Amnesty International, 2003)
  • “The City of London and British imperialism: New light on an old question”, in Youssef Cassis and Eric Bussière (eds.), London and Paris as International Financial Centres in the Twentieth Century (Oxford University Press, 2004), pp. 57–77
  • “A bolt from the blue? The City of London and the outbreak of the First World War”, in Wm. Roger Louis (ed.), Yet More Adventures with Britainnia: Personalities, Politics and Culture in Britain (I.B. Tauris, 2005), pp. 133–145
  • “The first ‘Eurobonds’: The Rothschilds and the financing of the Holy Alliance, 1818–1822”, in William N. Goetzmann and K. Geert Rouwenhorst (eds.), The Origins of Value: The Financial Innovations that Created Modern Capital Markets (Oxford University Press, 2005), pp. 311–323
  • “Prisoner taking and prisoner killing in the age of total war”, in George Kassemiris (ed.), The Barbarization of Warfare (New York University Press, 2006), pp. 126–158
  • “The Second World War as an economic disaster”, in Michael Oliver (ed.), Economic Disasters of the Twentieth Century (Edward Elgar, 2007), pp. 83–132
  • “The Problem of Conjecture: American Strategy after the Bush Doctrine”, in Melvyn Leffler and Jeff Legro (eds.), To Lead the World: American Strategy After the Bush Doctrine (Oxford University Press, 2008)

Television documentaries

BBC Reith Lectures

Niall Ferguson recording the third of his 2012 BBC Reith Lecture atGresham College

In May 2012 the BBC announced Niall Ferguson was to present its annual Reith Lectures – a prestigious series of radio lectures which were first broadcast in 1948. These four lectures, titled The Rule of Law and its Enemies, examine the role man-made institutions have played in the economic and political spheres.[96]

In the first lecture, held at the London School of Economics, titled The Human Hive, Ferguson argues for greater openness from governments, saying they should publish accounts which clearly state all assets and liabilities. Governments, he said, should also follow the lead of business and adopt the Generally Accepted Accounting Principlesand, above all, generational accounts should be prepared on a regular basis to make absolutely clear the inter-generational implications of current fiscal policy. In the lecture, Ferguson says young voters should be more supportive of government austerity measures if they do not wish to pay further down the line for the profligacy of the baby boomergeneration.[97]

In the second lecture, The Darwinian Economy, Ferguson reflects on the causes of the global financial crisis, and erroneous conclusions that many people have drawn from it about the role of regulation, such as whether it is in fact “the disease of which it purports to be the cure”.

The Landscape of Law was the third lecture, delivered at Gresham College. It examines the rule of law in comparative terms, asking how far the common law‘s claims to superiority over other systems are credible, and whether we are living through a time of ‘creeping legal degeneration’ in the English-speaking world.

The fourth and final lecture, Civil and Uncivil Societies, focuses on institutions (outside the political, economic and legal realms) designed to preserve and transmit particular knowledge and values. It asks whether the modern state is quietly killing civil society in the Western world, and what non-Western societies can do to build a vibrant civil society.

The first lecture was broadcast on BBC Radio 4 and the BBC World Service on Tuesday, 19 June 2012.[98] The series is available as a BBC podcast.[99]

See also

References

Notes

  1. Jump up^ Biography Niall Ferguson
  2. Jump up^ “Harvard University History Department — Faculty: Niall Ferguson”. History.fas.harvard.edu. Retrieved 15 September 2013.
  3. Jump up^ “Turning Points”. The New York Times. Retrieved 16 September2013.
  4. Jump up^ “Niall Ferguson Says China `Hard Landing’ Unlikely”. bloomberg.com. 29 September 2011. Retrieved 17 June 2012.
  5. Jump up^ “Spain Bank Crisis Is Not Over, Niall Ferguson Says”. bloomberg.com. 11 June 2012. Retrieved 17 June 2012.
  6. Jump up^ “Why Obama Needs to Go,” Newsweek, 9 August 2012
  7. Jump up^ “Newsweek’s anti-Obama cover story: Has the magazine lost all credibility?” The Week, 21 August 2012
  8. ^ Jump up to:a b c Smith, David (18 June 2006). “Niall Ferguson: The empire rebuilder”. The Observer (Guardian News and Media).
  9. ^ Jump up to:a b c Templeton, Tom (18 January 2009). “This much I know: Niall Ferguson, historian, 44, London”. The Observer (Guardian News and Media).
  10. Jump up^ Tassel, Janet (2007). “The Global Empire of Niall Ferguson”.Harvard Magazine. Retrieved 17 June 2012.
  11. Jump up^ Ferguson, Niall (4 January 2008). “Niall Ferguson on Belief”. Big Think. Retrieved 17 June 2012. Recorded on: October 31, 2007
  12. ^ Jump up to:a b c Duncan, Alistair (19 March 2011). “Niall Ferguson: My family values”. The Guardian (Guardian News and Media).
  13. ^ Jump up to:a b c Niall Ferguson, Senior Fellow Hoover Institution, 30 November 2011
  14. ^ Jump up to:a b c d Robert Boynton Thinking the Unthinkable: A profile of Niall Ferguson The New Yorker, 12 April 1999
  15. Jump up^ Dissertation Abstracts International: The Humanities and Social sciences 53. University Microfilms. 1993. p. 3318.
  16. Jump up^ “LSE IDEAS appoints Professor Niall Ferguson to chair in international history”. London School of Economics. 25 March 2009. Archived from the original on 28 March 2010. Retrieved 17 June2012. Philippe Roman Chair in History and International Affairs, for 2010–2011
  17. ^ Jump up to:a b c d e f g William Skidelsky (20 February 2011). “Niall Ferguson: ‘Westerners don’t understand how vulnerable freedom is'”. The Observer (Guardian News and Media). Retrieved 24 February 2011.
  18. Jump up^ Higgins, Charlotte (31 May 2010). “Empire strikes back: rightwing historian to get curriculum role”. guardian.co.uk (Guardian News and Media). Retrieved 31 May 2010.
  19. Jump up^ Cook, Chris (5 June 2011). “Star professors set up humanities college”. Financial Times. Retrieved 17 June 2012.(registration required)
  20. Jump up^ Benjamin Wallace-Wells Right Man’s Burden Washington Monthly, June 204
  21. Jump up^ “The Last Empire, for Now”. New York Times. 25 July 2004. Retrieved 5 May 2012.
  22. Jump up^ Globalisation, democracy and terrorism, Eric Hobsbawm (Abacus 2008)
  23. Jump up^ Start the Week BBC Radio 4, 12 June 2006
  24. Jump up^ Ferguson, Niall (7 November 2006). “Book World Live”. The Washington Post. Retrieved 20 May 2010.
  25. Jump up^ “Meet The Hedge Fund Historian”. Forbes.com. 30 September 2007. Retrieved 20 December 2008.
  26. Jump up^ “GLG Company Description”. Retrieved 20 December2008.[dead link]
  27. Jump up^ Tryhorn, Chris (23 October 2007). “Niall Ferguson joins FT”.MediaGuardian (Guardian News and Media). Retrieved 20 May 2010.
  28. ^ Jump up to:a b c “Niall Ferguson: Biography”. Retrieved 14 July 2008.[dead link]
  29. Jump up^ “The End of Europe?”. American Enterprise Institute for Public Policy Research. 4 March 2004.
  30. Jump up^ Ferguson, Niall (1 May 2005). “Look back at Weimar – and start to worry about Russia”. The Telegraph. Retrieved 5 May 2012.
  31. Jump up^ Porter, Andrew (April 2003). “Empire: How Britain Made the Modern World”. Reviews in History. Institute of Historical Research, University of London. Retrieved 17 February 2011.
  32. Jump up^ Wilson, Jon (8 February 2003). “False and dangerous: Revisionist TV history of Britain’s empire is an attempt to justify the new imperial order”. guardian.co.uk (Guardian News and Media). Retrieved17 February 2011.
  33. Jump up^ Waslekar, Sundeep (July 2006). “A Review of: Colossus by Prof Niall Ferguson”. StrategicForesight.com. Strategic Foresight Group. Retrieved 17 February 2011.[dead link]
  34. Jump up^ Roberts, Adam (14 May 2004). “Colossus by Niall Ferguson: An empire in deep denial”. The Independent. Retrieved 17 February2011.
  35. Jump up^ “100 Notable Books of the Year”. The New York Times. 22 November 2006. Retrieved 14 July 2008.
  36. Jump up^ Ferguson, Niall. “Empire and globalisation”. Channel 4. Retrieved14 July 2008.[dead link]
  37. ^ Jump up to:a b “The War of the World”. Channel 4. Retrieved 14 July2008.[dead link]
  38. Jump up^ McRae, Hamish (31 October 2008). “The Ascent of Money, By Niall Ferguson”. The Independent. Retrieved 30 November 2008.
  39. Jump up^ http://belfercenter.hks.harvard.edu/publication/18873/spotlight.html?breadcrumb=%2Fexperts%2F946%2Fsasha_talcott%3Fback_url%3D%252Fpublication%252F18738%252Fharvard_kennedy_schools_john_p_holdren_named_obamas_science_advisor%26back_text%3DBack%2520to%2520publication%26page%3D3
  40. Jump up^ “Civilization: Is the West History?”. Retrieved 4 April 2011.
  41. Jump up^ Ferguson, Niall The Pity of War, Basic Books: New York, 1998, 1999 pages 460–461
  42. Jump up^ Ferguson, Niall The Pity of War, Basic Books: New York, 1998, 1999 pages 154–156
  43. Jump up^ Ferguson, Niall The Pity of War, Basic Books: New York, 1998, 1999 pages 27–30
  44. Jump up^ Ferguson, Niall The Pity of War, Basic Books: New York, 1998, 1999 pages 52–55
  45. Jump up^ Ferguson, Niall The Pity of War, Basic Books: New York, 1998, 1999 pages 68–76
  46. Jump up^ Ferguson, Niall The Pity of War, Basic Books: New York, 1998, 1999 pages 87–101 & 118–125
  47. Jump up^ Ferguson, Niall The Pity of War, Basic Books: New York, 1998, 1999 pages 168–173
  48. Jump up^ Ferguson, Niall The Pity of War, Basic Books: New York, 1998, 1999 pages 197–205
  49. Jump up^ Ferguson, Niall The Pity of War, Basic Books: New York, 1998, 1999 pages 239–247
  50. Jump up^ Ferguson, Niall The Pity of War, Basic Books: New York, 1998, 1999 pages 267–277
  51. Jump up^ Ferguson, Niall The Pity of War, Basic Books: New York, 1998, 1999 pages 310–317
  52. Jump up^ Ferguson, Niall The Pity of War, Basic Books: New York, 1998, 1999 pages 336–338
  53. Jump up^ Ferguson, Niall The Pity of War, Basic Books: New York, 1998, 1999 pages 357–366
  54. Jump up^ Ferguson, Niall The Pity of War, Basic Books: New York, 1998, 1999 pages 380–388
  55. Jump up^ Ferguson, Niall The Pity of War, Basic Books: New York, 1998, 1999 pages 412–431
  56. ^ Jump up to:a b Ferguson, Niall The Pity of War, Basic Books: New York, 1998, 1999 pages 168–173 & 460–461
  57. Jump up^ Ferguson, Niall (1999). The House of Rothschild: Money’s Prophets, 1798–1848. Volume 1. New York: Penguin Books. ISBN 0-14-024084-5.
  58. Jump up^ Ferguson, Niall (2000). The House of Rothschild: The World’s Banker 1849–1998. Volume 2. New York: Penguin Books. ISBN 0-14-028662-4.
  59. Jump up^ Kreisler, Harry (3 November 2003). “Conversation with Niall Ferguson: Being a Historian”. Conversations with History. Regents of the University of California. Retrieved 15 July 2008.
  60. Jump up^ Malcolm, Noel (13 March 2011). “Civilisation: The West and the Rest by Niall Ferguson: review”. The Daily Telegraph. The patient testing of evidence must give way to startling statistics, gripping anecdotes and snappy phrase-making. Niall Ferguson is never unintelligent and certainly never dull. Students may find this an intriguing introduction to a wide range of human history; but they will get an odd idea of how historical argument is to be conducted, if they learn it from this book
  61. Jump up^ Hagan, Joe (27 November 2006). “The Once and Future Kissinger”. New York Magazine. Retrieved 14 July 2008.
  62. Jump up^ “Letters: The British empire and deaths in Kenya”. The Guardian. 16 June 2010.
  63. ^ Jump up to:a b Tell me where I’m wrong London Review of Books, 19 May 2005
  64. Jump up^ Mishra, Pankaj (3 November 2011). “Watch this man (review of ‘Civilisation’ by Niall Ferguson)”. London Review of Books 33 (21): 10–12. Retrieved 2 June 2013.
  65. Jump up^ Beaumont, Peter (26 November 2011). “Niall Ferguson threatens to sue over accusation of racism”. The Guardian. Retrieved4 September 2012.
  66. Jump up^ Niall Ferguson The way we live now: 4-4-04; Eurabia? New York Times, 4 April 2004
  67. Jump up^ Niall Ferguson The end of Europe?[dead link] American Enterprise Institute Bradley Lecture, 1 March 2004
  68. Jump up^ Carr, M. (2006). “You are now entering Eurabia”. Race & Class 48: 1–0. doi:10.1177/0306396806066636. edit
  69. Jump up^ “Top News Today | New age of U.S. prosperity? | Home | cnn.com”. Home.topnewstoday.org. 23 November 2012. Retrieved15 September 2013.
  70. Jump up^ http://www.bilderbergmeetings.org/participants2012.html
  71. Jump up^ Joe Weisenthal (6 May 2013). “Niall Ferguson’s Horrible Track Record On Economics”. Business Insider. Retrieved 29 May 2013.
  72. Jump up^ Paul Krugman (2 May 2009). “Liquidity preference, loanable funds, and Niall Ferguson (wonkish)”. New York times.
  73. Jump up^ Paul Krugman (22 May 2009). “Gratuitous ignorance”. New York Times.
  74. Jump up^ The Conscience of a Liberal
  75. Jump up^ Paul Krugman (17 August 2009). “Black cats”. New York Times.
  76. Jump up^ Portes, Jonathan (25 June 2012). “Macroeconomics: what is it good for? [a response to Diane Coyle]”. Retrieved 26 June 2012.
  77. Jump up^ Kavoussi, Bonnie. “Paul Krugman Bashes Niall Ferguson’s Newsweek Cover Story As ‘Unethical'”. The Huffington Post. Retrieved28 August 2012.
  78. Jump up^ Ferguson, Niall. “Ferguson’s Newsweek Cover Rebuttal: Paul Krugman Is Wrong”. The Daily Beast. Retrieved 28 August 2012.
  79. Jump up^ O’Brien, Matthew. “The Age of Niallism: Ferguson and the Post-Fact World”. The Atlantic. Retrieved 28 August 2012.
  80. Jump up^ Niall Ferguson, Krugtron the Invincible, Part 1, Krugtron the Invincible, Part 2, Krugtron the Invincible, Part 3
  81. Jump up^ Noah Smith, KrugTron the Invincible
  82. Jump up^ Paul Harris (4 May 2013): Niall Ferguson apologises for remarks about ‘gay and childless’ Keynes The Guardian, retrieved 7 May 2013
  83. Jump up^ Blodget, Henry. “Harvard’s Niall Ferguson Blamed Keynes’ Economic Philosophy On His Being Childless And Gay”.
  84. Jump up^ Kostigen, Tom. “Harvard Professor Trashes Keynes For Homosexuality”.
  85. Jump up^ Harris, Paul (4 May 2012). “Niall Ferguson apologises for remarks about ‘gay and childless’ Keynes”. guardian.co.uk. Retrieved 5 May2013.
  86. Jump up^ Niall Ferguson (5 May 2013): An Unqualified Apology Homesite, retrieved 7 May 2013
  87. Jump up^ Lynn, Matthew (23 August 2009). “Professor Paul Krugman at war with Niall Ferguson over inflation”. Times Online. Retrieved25 October 2009.(subscription required)
  88. Jump up^ Gray, Sadie (14 February 2010). “PROFILE: Niall Ferguson”.Times Online.(subscription required)
  89. Jump up^ Hale, Beth (8 February 2010). “The historian, his wife and a mistress living under a fatwa”. Mail Online (Associated Newspapers).
  90. Jump up^ “Niall Ferguson and Ayaan Hirsi Ali”. The Independent. 25 February 2010.
  91. Jump up^ Eden, Richard (18 December 2011). “Henry Kissinger watches historian Niall Ferguson marry Ayaan Hirsi Ali under a fatwa”. The Telegraph. Retrieved 27 September 2011.
  92. Jump up^ Numann, Jessica (30 December 2011). “Ayaan Hirsi Ali (42) bevalt van een zoon”. Elsevier. Retrieved 30 December 2011.
  93. Jump up^ “Ayaan Hirsi Ali gives birth to baby boy”. DutchNews.nl (online magazine). 30 December 2011. Retrieved 9 June 2012.
  94. Jump up^ “Ayaan Hirsi Ali is bevallen van zoon Thomas”. Volkskrant. 30 December 2011. Retrieved 9 June 2012.
  95. Jump up^ “Brad DeLong : Keynesian Economics: The Gay Science?”. Delong.typepad.com. 7 May 2013. Retrieved 15 September 2013.
  96. Jump up^ “BBC News — Historian Niall Ferguson named 2012 BBC Reith Lecturer”. Bbc.co.uk. 11 May 2012. Retrieved 15 September 2013.
  97. Jump up^ Niall, Prof (17 June 2012). “BBC News — Viewpoint: Why the young should welcome austerity”. Bbc.co.uk. Retrieved 15 September 2013.
  98. Jump up^ BBC Radio 4 – The Reith Lectures
  99. Jump up^ BBC – Podcasts and Downloads – Reith Lectures

General references

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Thomas Sowell On The Housing Boom and Bust–Videos

Marc Thiessen’s Courting Disaster–A Clear and Present Danger To The American People–President Barack Obama!

Thomas E. Woods Jr.–Meltdown–Videos

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Better Late Than Never — The U.S. Economy in 3rd Quarter Grew At 5% Rate Above Historic Trend of 3.2% — Federal Reserve Has No Exit Strategy — Will Keep On Printing Money Next Year –Videos

Posted on December 23, 2014. Filed under: American History, Banking, Blogroll, British History, College, Documentary, Economics, Education, Energy, Federal Communications Commission, Federal Government, Federal Government Budget, Fiscal Policy, Freedom, government, government spending, history, History of Economic Thought, Illegal, Immigration, Inflation, Investments, Legal, Macroeconomics, Microeconomics, Monetary Policy, Money, Natural Gas, Oil, Tax Policy | Tags: , , , , |

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Economic Growth Roars Past Estimates, With Third Quarter GDP Expanding 5%

The Dow Jones has closed above 18,000

Peter Schiff: Fed Caused Oil Crash, Stocks Next

Fed optimistic on US economy

Bbc News-US economy growing at quickest pace for 11 years

Gerald Celente Predictions 2015 | World War 3, US Economic Collapse, Disastrous Christmas

Frank Sinatra – Fly me to the moon (with lyrics)

U.S. Economy Grew 5% in Third Quarter, Its Fastest Rate in More Than a Decade

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George J. Borjas — Heaven’s Door: Immigration Policy and The American Economy — Videos

Posted on July 22, 2014. Filed under: American History, Blogroll, College, Communications, Data, Demographics, Diasters, Economics, Education, Federal Government, Federal Government Budget, Fiscal Policy, Freedom, government, government spending, history, History of Economic Thought, Illegal, Immigration, Investments, Language, Law, Legal, liberty, Life, Literacy, Macroeconomics, media, Microeconomics, People, Philosophy, Photos, Politics, Rants, Raves, Regulations, Talk Radio, Tax Policy, Technology, Unemployment, Video, Wealth, Welfare, Wisdom, Writing | Tags: , , , , , , , , |

george_borjas

George J. Borjas: Costs of Immigration – Economics Roundtable

The Implications of Economics for Immigration Policy

The 2012 Richard Grandin Shepherd Lecture in Economics at Kenyon College by George Borjas

.@fordschool – Immigration, Public Policy, and the Skills Debate Panel

 

 

George J. Borjas

From Wikipedia, the free encyclopedia
George J. Borjas
Born Jorge Jesus Borjas
October 15, 1950 (age 63)
Havana, Cuba
Residence Lexington, Massachusetts
Citizenship American
Fields Economist
Institutions Harvard Kennedy School
Alma mater St. Peter’s College
Columbia University
Known for research on immigration

George Jesus Borjas (born Jorge Jesus Borjas; October 15, 1950)[1] is an American economist and the Robert W. Scrivner Professor of Economics and Social Policy at the Harvard Kennedy School.[2] He is most well known for his advocacy of reducing the rates of immigration to the United States.

Personal life and education

Borjas was born in Havana, Cuba on October 15, 1950. He migrated to the United States in October, 1962 with his mother. He graduated with a B.S. in economics and mathematics from St. Peter’s College in 1971. He then completed his M.A. in economics from Columbia University in 1974. He completed his M.Phil and Ph.D. in economics from Columbia in 1975 for thesis titled Job Investment, Labor Mobility and Earnings.[3]

He is married and has three children.[3]

Academic career

Borjas became an assistant professor of economics at Queens College, City University of New York from 1975 to 1977. He was a post-doctoral fellow at the Department of Economics, University of Chicago from 1977 to 1978. He was also a Senior Research Analyst, National Bureau of Economic Research from 1972 to 1978.[3]

He joined the faculty at the University of California, Santa Barbara in 1980 and remained there for ten years. He then became a professor at the University of California, San Diego from 1990 to 1995. He joined the faculty at Harvard University in 1995.[3]

Work

Borjas was called ‘America’s leading immigration economist’ by BusinessWeek and The Wall Street Journal. He is an influential figure in the debate on immigration and his research on the economic impact of immigration plays a central role in the debate over immigration policy in the United States.[1]

He has written many books and has published more than 100 articles in books and scholarly journals, including the American Economic Review, the Journal of Political Economy, and the Quarterly Journal of Economics.[2] His most recent book is Immigration Economics (Cambridge, MA: Harvard University Press, 2014).

Honors

Borjas was listed in Who’s Who in the World, Who’s Who in America, Who’s Who in Finance and Industry and Who’s Who in Economics. He was elected a fellow of the Econometric Society in 1998 and a fellow of the Society of Labor Economists in 2004. He was also a member of the Council of Economic Advisors for the Governor of California from 1993 to 1998, of the National Academy of Sciences Panel on the Demographic and Economic Impact of Immigration from 1995 to 1997, and chaired the National Science Foundation’s Committee of Visitors for the Economics Program in 1996.[2]

In 2011 he was named co-winner of the IZA Prize in Labor Economics.[4]

Books

The following are the books published by Borjas.

  • Wage Policy in the Federal Bureaucracy (American Enterprise Institute, 1980)
  • Friends or Strangers: The Impact of Immigrants on the U.S. Economy (Basic Books, 1990)
  • Labor Economics (McGraw-Hill, 1996; 2nd Edition, 2000, 3rd edition, 2005, 4th edition, 2008, 5th edition, 2010,)
  • Heaven’s Door: Immigration Policy and the American Economy (Princeton University Press, 1999)

References

  1. Davis, Bob (April 26, 1996). “Despite His Heritage, Prominent Economist Backs Immigration Cut”. The Wall Street Journal. Retrieved 2008-06-30.[dead link]
  2. “Biography of George J. Borjas”. Harvard University. Retrieved 2008-06-30.[dead link]
  3. “Curriculum Vitae of George J. Borjas” (pdf). Harvard University. Retrieved 2008-06-30.
  4. George Borjas Named Co-Winner of 2011 IZA Prize in Labor Economics Harvard Kennedy School, July 21, 2011. Retrieved December 1, 2012

External links

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State and Central Banking: Killing and Fleecing The People Massively — Financing War — Videos

Posted on June 18, 2014. Filed under: American History, Banking, Blogroll, Communications, Constitution, Diasters, Economics, Education, Employment, Faith, Family, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, Freedom, Genocide, government, government spending, history, History of Economic Thought, Investments, Language, Law, liberty, Life, Links, Literacy, Macroeconomics, Microeconomics, Monetary Policy, Money, People, Philosophy, Rants, Raves, Regulations, Resources, Tax Policy, Taxes, Technology, Unemployment, Video, War, Wealth, Weapons, Welfare, Wisdom | Tags: , , , , , |

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Mises

War and the Fed | Lew Rockwell

Lew Rockwell explains how the Federal Reserve Enables War, Empire, and Destroys the Middle Class

Economics and Moral Courage | Llewellyn H. Rockwell, Jr.

The Misesian Vision | Llewellyn H. Rockwell, Jr.

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Vikings — Videos

Posted on April 30, 2014. Filed under: American History, Blogroll, College, Economics, Education, European History, Fiscal Policy, history, History of Economic Thought, Language, liberty, Life, Links, Literacy, media, Philosophy, Photos, Politics, Psychology, Strategy, Video, War, Wealth, Weather, Wisdom | Tags: , , , , , |

The Vikings : Documentary on the Life, Culture, and Legacy of Vikings (Full Documentary)

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Federal Reserve System To End The Zero Interest Rate Policy in 2015 and Financing Federal Government By Ending Quantitative Easying 3 By Fall of 2014 — No Exit Strategy — Bubbles Bursting — Videos

Posted on March 19, 2014. Filed under: American History, Banking, Blogroll, Communications, Economics, Federal Government Budget, Fiscal Policy, history, History of Economic Thought, liberty, Life, Macroeconomics, media, Monetary Policy, Money, Strategy, Talk Radio, Tax Policy, Video, Wealth | Tags: , , , , |

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The Pronk Pops Show Podcasts

Pronk Pops Show 227: March 19, 2014

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Pronk Pops Show 225: March 17, 2014

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Pronk Pops Show 209: February 12, 2014

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Pronk Pops Show 207: February 10, 2014

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Pronk Pops Show 205: February 5, 2014

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Pronk Pops Show 202: January 31, 2014

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Pronk Pops Show 190: January 10, 2014

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Story 1: Federal Reserve System To End The Zero Interest Rate Policy in 2015 and Financing Federal Government By Ending Quantitative Easying 3 By Fall of 2014  — No Exit Strategy — Bubbles Bursting — Videos

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Federal Reserve News Conference

Chair Janet Yellen held a news conference following a meeting of the Federal Reserve’s Open Market Committee.

http://www.c-span.org/video/?318360-1/federal-reserve-news-conference

Press Conference with Chair of the FOMC, Janet L. Yellen

Yellen says Fed will keep short-term interest rates low

Janet Yellen Slip Sinks Dow, But Don’t Overestimate the Comment

Further gradual reduction in Federal Reserve stimulus expected at Yellen led meeting – economy

PROOF The Fed. Is Clueless: Stock Market MELTDOWN Coming. By Gregory Mannarino

Size of the Fed’s Balance Sheet is Concerning

EU European Union Economic Crisis 2013 2014 ; Jim Rickards Economy 2014

Marc Faber Gold, SIlver Won’t Collapse…. Outlook and Analysis

What’s the Deal with Zero Interest Rate Policy? – Laissez Faire Today Exclusive

Economic Meltdown 2014 – Financial Collapse – Gerald Celente – Peter Schiff

Fed’s No. 2 Strongly Backs Low-Rate Policy

Marc Faber: Fed Is ‘Boxed In’ With No Exit Strategy, Won’t End Quantitative Easing

Zero Interest Rate Policy (ZIRP) & Inflation

Talking to Chris Aiello, Managing Director at Dynasty Global Capital in Hong Kong. Chris discusses the zero interest rate policy followed by the Federal Reserve Bank in the United States and the impact on global economy of such a policy.

Michael Covel 001: Zero Interest Rate Policy

Ron Paul Hearing on the Fed’s Manipulation of Interest Rates 9/21/12

Ron Paul ~ The Fed Has Lost Control Of Interest Rates

Milton Friedman on the Failure of Wage and Price Controls

Banking 14: Fed Funds Rate

Banking 15: More on the Fed Funds Rate

Banking 16: Why target rates vs. money supply

Banking 17: What happened to the gold?

Banking 18: Big Picture Discussion

Quantitative Easing — How Does it Work in the Real World?

The video “Quantitative Easing — How Does It Work in the Real World?” explains in detail how the Federal Reserve injects freshly printed money into the real economy and how it may impact the stock market, and your purchasing power. Understanding the QE program and process in detail is extremely important relative to making the best investment decisions possible. Hedge funds, sovereign wealth funds, pension fund, high net worth investors, and alternative asset managers all over the globe will be receiving freshly printed U.S. dollars when they participate in the Fed’s Treasury buying and open market operations related to quantitative easing. Money manager Chris Ciovacco explains how the Fed can inflate the money supply while pushing new dollars into the stock, bond, commodity, currency, gold, silver, and precious metals markets. Understanding the lines of business and clients of the primary QE dealers will give you a rare and detailed insight into quantitative easing , Ben Bernanke, the Federal Reserve, open market operations, and global finance. The educational video, “Quantitative Easing — How Does It Work in the Real World?” was filmed and produced in Atlanta.

Quantitative Easing, the Fed, Finance, and Inflation — QE

The video, “Quantitative Easing (QE), The Federal Reserve, Finance, and Inflation” explains how the Fed “prints money” and who gets the new U.S. dollars. Primary Broker-Dealers, not traditional banks, are involved in the QE process and program. Understanding how QE works enables investors to make better asset allocation and investment decisions or formulate quantitative easing strategies related to wealth preservation and gold. The Fed encourages the Primary Dealers to involve their clients in the bond purchase program, which sheds light on how the printed money gets into the real economy. Chris Ciovacco, of Ciovacco Capital Management provides commentary, insight, and investment analysis as it relates to QE2. The brief educational video, “Quantitative Easing, The Fed, Finance, and Inflation — QE” was filmed in downtown Atlanta.

Quantitative Easing Bernanke — History & Objectives of QE

The video “Quantitative Easing — Ben Bernanke — History and Objectives of QE” gives insight into the Federal Reserve’s perspective of the need to print money in order to stimulate the economy, financial markets, and investing. Writings and comments from Brian Sack and Ben Bernanke are reviewed and analyzed as it relates to inflation, deflation, interest rates, household wealth, mortgage rates, asset prices, investing, money printing, and gold. Bernanke’s “helicopter speech” and “printing press” comments are reviewed in the context of quantitative easing and precious metals, the dollar, gold, and silver. The value of the U.S. dollar, inflation, and purchasing power are covered within the context of an inflation of the money supply via the “printing press”. The brief video “Quantitative Easing Bernanke — History & Objectives of QE” is presented by Chris Ciovacco of Ciovacco Capital Management.

Quantitative Easing (QE) 2010 — 2011 Why is the Fed printing money?

Video explains how the Federal Reserve’s QE program works. Primary broker-dealers, not banks, are the primary recipients of the Fed’s newly printed money. You Tube video explains how the Fed inflates the money supply via a bond purchase program with the NY Fed’s 18 primary dealers. Investment strategies and purchasing power protection can be better understood if investors understand the quantitative easing process and the primary dealer’s lines of business, involvement in global markets, and global client base. Hedge funds, sovereign wealth funds, and high net worth investors all over the globe can participate in the QE 2.0 process. Chris Ciovacco, of Ciovacco Capital Management, explains the possible impacts of the Federal Reserve’s quantitative easing program on the financial markets and your investments. The brief video “Quantitative Easing Explained” or “QE2 Explained” will provide rare insight into the Fed’s balance sheet policies.

Quantitative Easing Explained — Who Gets Fed’s Printed Money?

Video explains how the Federal Reserve’s QE program works. Primary broker-dealers, not banks, are the primary recipients of the Fed’s newly printed money. You Tube video explains how the Fed inflates the money supply via a bond purchase program with the NY Fed’s 18 primary dealers. Investment strategies and purchasing power protection can be better understood if investors understand the quantitative easing process and the primary dealer’s lines of business, involvement in global markets, and global client base. Hedge funds, sovereign wealth funds, and high net worth investors all over the globe can participate in the QE 2.0 process. Chris Ciovacco, of Ciovacco Capital Management, explains the possible impacts of the Federal Reserve’s quantitative easing program on the financial markets and your investments. The brief video “Quantitative Easing Explained” or “QE2 Explained” will provide rare insight into the Fed’s balance sheet policies.

QE2: Quantitative Easing Investing & Stock Market Consequences

Video covers quantitative easing investing and stock market strategies. How gold may be used to protect your purchasing power from QE2. Asset class and investment options are discussed for inflation and deflation, spanning gold, silver, copper, oil, stocks, dividend payers, CDs, utilities, consumer staples, and cash. With the economy and financial markets dealing with inflationary and deflationary forces, flexible investment strategies are needed. Chris Ciovacco, of Ciovacco Capital Management, provides commentary and analysis on QE 2.0, the U.S. Dollar, euro, possible economic and market outcomes related to the Federal Reserve’s program to print money. “Quantitative Easing Investing and Stock Market Consequences” was recorded in Atlanta covering 2010 and 2011 investment strategies.

U.S. Stocks Drop as Fed’s Yellen Outlines Stimulus Exit

By Callie Bost  Mar 19, 2014 3:02 PM CT

U.S. stocks fell for the first time in three days as Federal Reserve Chair Janet Yellen said the central bank’s stimulus program could end this fall and benchmark interest rates could rise six months later.

The S&P 500 slipped 0.6 percent to 1,860.83 at 4 p.m. in New York. The Dow Jones Industrial Average (INDU) slid 113.51 points, or 0.7 percent, to 16,222.68. Trading volume for S&P 500 stocks was in line with the 30-day average at this time of day.

“The pace of tightening, once the Fed starts tightening, is a little bit faster than thought before and I think that’s why we’re getting this market reaction,”John Canally, an economic strategist at LPL Financial Corp., said in a phone interview from Boston. His firm oversees about $438.4 billion. “Being reminded that the Fed will eventually raise rates is getting traders’ attention. We’re still a long way off and there are no signs in the economy about inflation.”

By keeping its benchmark interest-rate target near zero and conducting three rounds of asset purchases, the Fed has helped push the S&P 500 up as much as 178 percent from a 12-year low as U.S. equities enter the sixth year of a bull market that started in March 2009.

Higher Rates

Stocks turned lower today as the Fed’s statement said officials predicted their target interest rate would be 1 percent at the end of 2015 and 2.25 percent a year later, higher than previously forecast, as they upgraded projections for gains in the labor market.

Most Federal Open Market Committee participants reiterated their view that the Fed will refrain from raising the benchmark interest rate until 2015. The median rate among 16 Fed officials rose from December, when they estimated the rate at the end of next year at 0.75 percent, and 1.75 percent for the end of 2016. The central bank said it will look at a wide range of data in determining when to raise its rate from zero, dropping a pledge tying borrowing costs to a 6.5 percent unemployment rate.

Benchmark indexes extended losses as Yellen said the quantitative easing program would end this fall if the Fed continues to taper purchases in measured steps. She sees a “considerable time” between the end of the stimulus and the first rate increase, meaning “six months or that type of thing,” she said at her first press conference following a Fed decision.

‘Risk Factor’

“U.S. indices are moving quickly on Yellen’s comments,” Larry Peruzzi, senior equity trader at Cabrerra Capital Markets LLC in Boston, said in an e-mail. “Equities are adjusting the risk factor of higher rates.”

The S&P 500 advanced 1.7 percent in the last two days as Russia pledged not to seek territory beyond Crimea. The U.S. and Europe are preparing to ratchet up sanctions on Russia after President Vladimir Putin signed an accord setting in motion Crimea’s accession to Russia. With visa bans and asset freezes on Russian officials failing to sway Putin, European Union leaders will meet tomorrow to consider “additional and far-reaching consequences.”

Investors have added $8 billion to U.S. equity exchange-traded funds in the past five days and $1.1 billion to bond ETFs, data compiled by Bloomberg show. Materials stocks absorbed the most money among industry ETFs, taking in $689 million during the past week.

http://www.bloomberg.com/news/2014-03-19/u-s-stock-index-futures-are-little-changed-before-fomc.html

Recap: Janet Yellen’s Press Conference and Fed Decision

Janet Yellen wrapped up her first policy meeting Wednesday as chairwoman of theFederal Reserve, then stepped in front of reporters (and live cameras) for her first press conference.

The new chairwoman had a big job, explaining a major shift in forward guidance for when the central bank might increase rates. In her press conference, she suggested that might be around six months after the Fed ends its bond-buying program.

  • Welcome to another big day in Fed land. Our nation’s central bankers have likely wrapped up their two-day meeting by now. We’re waiting for the Federal Open Market Committee’s policy statement at 2 p.m., along with updated projections from all Fed officials. Then we get Janet Yellen herself half an hour later, at 2:30, for her first press conference.We should have answers to a number of key questions over the next few hours: If the Fed ditches it forward guidance about interest rates, what will replace it? Did Chairwoman Yellen maintain consensus on the committee?  Will she stick around for a couple of hours answering reporters’ questions, like she did with lawmakers?
  • Fun Fed fact, which all you Fed geeks out there surely knew already: Janet Yellen was a driving force behind Fed press conferences.

    As Fed vice chairman, she led a committee shaping the central bank’s overhaul of its communication strategy: the statement, the economic projections, the press conference and more. So if she doesn’t like what she faces in a few hours, she can only blame herself.

    We’ve been doing this for a few years. While you’re waiting, take a trip into our archives for a peek at prior press conferences. It started way back in the days of QE2. long before the word “taper” became the subject of heated dinner-table conversation among economists.

    http://blogs.wsj.com/economics/2014/03/19/live-blog-janet-yellens-press-conference-after-fed-decision/

 

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Senator Rand Paul Wins CPAC Poll for Second Year In A Row — Republican Candidate for President in 2016 — We Are The Champions — I Stand With Rand — Videos

Posted on March 9, 2014. Filed under: American History, Banking, Blogroll, Business, College, Communications, Computers, Constitution, Crime, Culture, Economics, Education, Employment, Energy, Faith, Family, Federal Government, Federal Government Budget, Fiscal Policy, Food, Foreign Policy, Freedom, Friends, government, government spending, Health Care, Heroes, history, History of Economic Thought, Illegal, Immigration, IRS, Language, Law, Legal, liberty, Life, Links, Literacy, Macroeconomics, Math, media, Monetary Policy, Money, Natural Gas, Natural Gas, Nuclear Power, Obamacare, Oil, Oil, People, Philosophy, Photos, Politics, Press, Public Sector, Radio, Raves, Regulations, Resources, Security, Strategy, Talk Radio, Tax Policy, Taxes, Technology, Unemployment, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , , , , |

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Senator Paul Extends Lead Fro 2013 Win Over Rubio

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Rand Paul wins CPAC 2014 Presidential Straw Poll C-SPAN

Rand Paul wins CPAC 2014 Presidential Straw Poll C-SPAN

Rand Paul Previews His CPAC 2014 Speech

Rand Paul CPAC 2014 Speech (FULL) – Let Us All Stand Together in Liberty!

Rand Paul’s CPAC 2013 Speech – 3/14/2013

The BEST foreign policy speech EVER! – Libertarian Senator Rand Paul

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President Reagan’s Remarks at the Conservative Political Action Conference – Feb. 26 , 1982

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Champions are made from something they have deep inside of them a desire, a dream, a vison.

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Queen- live at Wembley Stadium 12-07-1986 Saturday (25th Anniversary Edition)

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Rand Paul wins 2014 CPAC straw poll, Ted Cruz finishes a distant second

Rubio and Ryan, GOP leaders in Congress all see big drops in support

Sen. Rand Paul demolished his competition in the 2014 Washington Times/CPAC presidential preference straw poll on Saturday, winning 31 percent of the vote — nearly three times the total of second-place Sen. Ted Cruz.

The poll also found a strong plurality of attendees at the Conservative Political Action Conference believe marijuana should be fully legalized, with 41 percent saying it’s time to change the law and tax it. Another 21 percent said it should be legalized only for medicinal purposes, while just 31 percent said it should remain illegal in all cases.


SEE ALSO: CPAC 2014 straw poll results


In the presidential poll, Mr. Cruz’s 11 percent was a big improvement for the freshman senator, who won just 4 percent in last year’s straw poll. Neurosurgeon Ben Carson was third with 9 percent and New Jersey Gov. Chris Christie was fourth with 8 percent in results that signal growing discontent with the GOP establishment in Washington.

Indeed, CPAC voters now have an unfavorable view of Republicans in Congress, with 51 percent saying they disapprove of the job the GOP is doing on Capitol Hill. Just last year the GOP had a 54 percent approval rating, and in 2012 they held a 70 percent approval rating.

But a series of tough votes over the last few months that saw Republican leaders work with President Obama to boost spending and raised the government’s debt limit have deepened a rift between the GOP’s leadership on Capitol Hill and conservative activists around the country.

Sen. Ted Cruz, R-Texas, speaks at the Conservative Political Action Committee annual conference in National Harbor, Md., Thursday, March 6, 2014. Thursday marks the first day of the annual Conservative Political Action Conference, which brings together prospective presidential candidates, conservative opinion leaders and tea party activists from coast to coast. (AP Photo/Susan Walsh)Enlarge PhotoSen. Ted Cruz, R-Texas, speaks at the Conservative Political Action Committee annual … more >

That could be one reason why Rep. Paul Ryan, the Wisconsin Republican who wrote December’s budget deal that boosted spending in 2014 and 2015, saw his standing with CPAC voters cut in half — from 6 percent support in last year’s presidential straw poll to just 3 percent this year.

Sen. Marco Rubio suffered an even bigger drop, falling from 23 percent and second place in 2013 to seventh place, with 6 percent, this year.

“I like Ted Cruz, I like Rand Paul, I like Mike Lee. I like Rubio, but less now than I did a year ago because of immigration,” said David Fitzwilliam, 83.


SEE ALSO: Rand Paul urges conservatives to fight with him for liberty


For Mr. Paul, the victory is his second in a row, and he saw his support climb from 25 percent last year to 31 percent this year.

“He is the only true liberty candidate who focuses on civil liberties more than anybody else,” said Al Seltzinger, 36, from Baltimore. “I think the way the nation is going today with the government and the president going against the Constitution that we need someone who holds strict to the Constitution and whose voting record is pretty solid when it comes to the Constitution.”

Mr. Cruz also jumped from just 4 percent last year — when he was a newly sworn-in senator — to his 11 percent this year.

Mr. Carson, who gained prominence with a 27-minute speech challenging Mr. Obama when the two appeared at the 2013 National Prayer Breakfast, is also on the rise. In last year’s straw poll, taken just after that speech, he garnered 4 percent of the vote, but jumped to 9 percent this year.

“I love Ted Cruz, I love Rand Paul, but Ben Carson is all of the above,” said Jean Carlton, a 71-year-old CPAC attendee who said the doctor’s lack of Washington experience was a big plus.

For his part Mr. Christie, who has faced political troubles back home in New Jersey after his staffers caused a traffic jam on the George Washington Bridge to punish a town mayor, seems to be holding steady among activists. He rose from 7 percent last year to 8 percent support this year.

In his speech to the conference on Thursday, Mr. Christie argued that the GOP needs to not only pick a conservative champion, but pick a candidate who can get elected.

“We can’t govern if we can’t win,” he said.

That resonated with some CPAC straw poll voters.

“I think he has the best chance in the general election. I am less optimistic about his chances in the primary, but he seems to be more palatable to Independents and Democrats. I think electability is the main concern,” said Matthew Smith, a 19-year-old student at Yale University.

This year’s straw poll listed 25 potential candidates, which is far more than usual. The high number signals just how wide open the GOP’s presidential contest is with two years to go before the first caucuses and primaries.

On the Democratic side, meanwhile, former Secretary of State Hillary Rodham Clinton easily leads the rest of her party’s field in national and state polling.

Previous versions of The Washington Times/CPAC poll showed that the audience that gathers in Washington leans younger and more libertarian than the conservative movement throughout the country, which likely gives Mr. Paul a boost with this crowd here.

Indeed, his father, then-Rep. Ron Paul, won the straw poll twice on a similar libertarian-minded message, though he struggled to translate that support into votes when it came to primaries and caucuses.

The straw poll was conducted between Thursday and Saturday afternoon, and 2,459 votes were cast.

http://www.washingtontimes.com/news/2014/mar/8/rand-paul-wins-2014-cpac-straw-poll-ted-cruz-finis/

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The Coming Stock Market Crash and Recession? The End of American As You Know It? — Videos

Posted on March 3, 2014. Filed under: American History, Banking, Blogroll, Business, Climate, College, Communications, Economics, Education, Employment, Energy, European History, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, Freedom, government spending, history, History of Economic Thought, Inflation, Investments, IRS, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, Photos, Politics, Press, Radio, Raves, Regulations, Resources, Securities and Exchange Commission, Security, Strategy, Talk Radio, Tax Policy, Taxes, Technology, Unemployment, Video, War, Wealth | Tags: , , , , , , , , , , , , , , , , , , , , , , |

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The Pronk Pops Show Podcasts

Pronk Pops Show 220: February 27, 2014

Pronk Pops Show 219: February 26, 2014

Pronk Pops Show 218: February 25, 2014

Pronk Pops Show 217: February 24, 2014

Pronk Pops Show 216: February 21, 2014

Pronk Pops Show 215: February 20, 2014

Pronk Pops Show 214: February 19, 2014

Pronk Pops Show 213: February 18, 2014

Pronk Pops Show 212: February 17, 2014

Pronk Pops Show 211: February 14, 2014 

Pronk Pops Show 210: February 13, 2014

Pronk Pops Show 209: February 12, 2014

Pronk Pops Show 208: February 11, 2014

Pronk Pops Show 207: February 10, 2014

Pronk Pops Show 206: February 7, 2014

Pronk Pops Show 205: February 5, 2014

Pronk Pops Show 204: February 4, 2014

Pronk Pops Show 203: February 3, 2014

Pronk Pops Show 202: January 31, 2014

Pronk Pops Show 201: January 30, 2014

Pronk Pops Show 200: January 29, 2014

Pronk Pops Show 199: January 28, 2014

Pronk Pops Show 198: January 27, 2014

Pronk Pops Show 197: January 24, 2014

Pronk Pops Show 196: January 22, 2014

Pronk Pops Show 195: January 21, 2014

Pronk Pops Show 194: January 17, 2014

Pronk Pops Show 193: January 16, 2014

Pronk Pops Show 192: January 14, 2014

Pronk Pops Show 191: January 13, 2014

Pronk Pops Show 190: January 10, 2014

Pronk Pops Show 189: January 9, 2014

Pronk Pops Show 188: January 8, 2014

Pronk Pops Show 187: January 7, 2014

Pronk Pops Show 186: January 6, 2014

Pronk Pops Show 185: January 3, 2014

Pronk Pops Show 184: December 19, 2013

Pronk Pops Show 183: December 17, 2013

Pronk Pops Show 182: December 16, 2013

Pronk Pops Show 181: December 13, 2013

Pronk Pops Show 180: December 12, 2013

Pronk Pops Show 179: December 11, 2013

Pronk Pops Show 178: December 5, 2013

Pronk Pops Show 177: December 2, 2013

The Pronk Pops Show Podcasts Portfolio

Listen To Pronk Pops Podcast or Download Show 211-220

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Listen To Pronk Pops Podcast or Download Show 194-201

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Listen To Pronk Pops Podcast or Download Show 112

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Listen To Pronk Pops Podcast or Download Shows 94-97

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Listen To Pronk Pops Podcast or Download Shows 55-57

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Listen To Pronk Pops Podcast or Download Shows 49-51

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Listen To Pronk Pops Podcast or Download Shows 27-29

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Story 1: The Coming Stock Market Crash and Recession? The End of American As You Know It? — Videos

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There Will Be No Economic Recovery. Prepare Yourself Accordingly.

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President Obama’s State of the Union 2014 Address — The Young and The Jobless Betrayed By Obama — Videos

Posted on January 29, 2014. Filed under: Agriculture, American History, Babies, Blogroll, Business, College, Communications, Constitution, Crime, Culture, Demographics, Diasters, Economics, Education, Employment, Energy, Farming, Federal Government, Federal Government Budget, Fiscal Policy, Food, Foreign Policy, Fraud, government, government spending, Health Care, history, History of Economic Thought, Illegal, Immigration, Inflation, Investments, IRS, Language, Law, Legal, liberty, Life, Links, Literacy, Macroeconomics, media, Narcissism, Obamacare, People, Philosophy, Photos, Politics, Press, Private Sector, Psychology, Public Sector, Quotations, Rants, Raves, Regulations, Religion, Resources, Reviews, Security, Strategy, Talk Radio, Tax Policy, Taxes, Technology, Terrorism, Unemployment, Unions, Video, War, Wisdom, Writing | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

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The Pronk Pops Show Podcasts

Pronk Pops Show 200: January 29, 2014

Pronk Pops Show 199: January 28, 2014 

Pronk Pops Show 198: January 27, 2014 

Pronk Pops Show 197: January 24, 2014

Pronk Pops Show 196: January 22, 2014

Pronk Pops Show 195: January 21, 2014

Pronk Pops Show 194: January 17, 2014

Pronk Pops Show 193: January 16, 2014

Pronk Pops Show 192: January 14, 2014

Pronk Pops Show 191: January 13, 2014

Pronk Pops Show 190: January 10, 2014

Pronk Pops Show 189: January 9, 2014

Pronk Pops Show 188: January 8, 2014

Pronk Pops Show 187: January 7, 2014

Pronk Pops Show 186: January 6, 2014

Pronk Pops Show 185: January 3, 2014

Pronk Pops Show 184: December 19, 2013

Pronk Pops Show 183: December 17, 2013

Pronk Pops Show 182: December 16, 2013

Pronk Pops Show 181: December 13, 2013

Pronk Pops Show 180: December 12, 2013

Pronk Pops Show 179: December 11, 2013

Pronk Pops Show 178: December 5, 2013

Pronk Pops Show 177: December 2, 2013

Pronk Pops Show 176: November 27, 2013

Pronk Pops Show 175: November 26, 2013

Pronk Pops Show 174: November 25, 2013

Pronk Pops Show 173: November 22, 2013

Pronk Pops Show 172: November 21, 2013

Pronk Pops Show 171: November 20, 2013

Pronk Pops Show 170: November 19, 2013

Pronk Pops Show 169: November 18, 2013

Pronk Pops Show 168: November 15, 2013

Pronk Pops Show 167: November 14, 2013

Pronk Pops Show 166: November 13, 2013

Pronk Pops Show 165: November 12, 2013

Pronk Pops Show 164: November 11, 2013

Pronk Pops Show 163: November 8, 2013

Pronk Pops Show 162: November 7, 2013

Pronk Pops Show 161: November 4, 2013

Pronk Pops Show 160: November 1, 2013

Pronk Pops Show 159: October 31, 2013

Pronk Pops Show 158: October 30, 2013

Pronk Pops Show 157: October 28, 2013

Pronk Pops Show 156: October 25, 2013

Pronk Pops Show 155: October 24, 2013

Pronk Pops Show 154: October 23, 2013

Pronk Pops Show 153: October 21, 2013

Pronk Pops Show 152: October 18, 2013

Pronk Pops Show 151: October 17, 2013

Pronk Pops Show 150: October 16, 2013

Pronk Pops Show 149: October 14, 2013

Pronk Pops Show 148: October 11, 2013

Pronk Pops Show 147: October 10, 2013

Pronk Pops Show 146: October 9, 2013

Pronk Pops Show 145: October 8, 2013

Pronk Pops Show 144: October 7, 2013

Pronk Pops Show 143: October 4 2013

Pronk Pops Show 142: October 3, 2013

Pronk Pops Show 141: October 2, 2013

The Pronk Pops Show Podcasts Portfolio

Listen To Pronk Pops Podcast or Download Show 194-200

Listen To Pronk Pops Podcast or Download Show 184-193

Listen To Pronk Pops Podcast or Download Show 174-183

Listen To Pronk Pops Podcast or Download Show 165-173

Listen To Pronk Pops Podcast or Download Show 158-164

Listen To Pronk Pops Podcast or Download Show 151-157

Listen To Pronk Pops Podcast or Download Show 143-150

Listen To Pronk Pops Podcast or Download Show 135-142

Listen To Pronk Pops Podcast or Download Show 131-134

Listen To Pronk Pops Podcast or Download Show 124-130

Listen To Pronk Pops Podcast or Download Shows 121-123

Listen To Pronk Pops Podcast or Download Shows 118-120

Listen To Pronk Pops Podcast or Download Shows 113 -117

Listen To Pronk Pops Podcast or Download Show 112

Listen To Pronk Pops Podcast or Download Shows 108-111

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Listen To Pronk Pops Podcast or Download Shows 104-105

Listen To Pronk Pops Podcast or Download Shows 101-103

Listen To Pronk Pops Podcast or Download Shows 98-100

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Listen To Pronk Pops Podcast or Download Shows 88-90

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Listen To Pronk Pops Podcast or Download Shows 79-83

Listen To Pronk Pops Podcast or Download Shows 74-78

Listen To Pronk Pops Podcast or Download Shows 71-73

Listen To Pronk Pops Podcast or Download Shows 68-70

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Listen To Pronk Pops Podcast or Download Shows 58-61

Listen To Pronk Pops Podcast or Download Shows 55-57

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Listen To Pronk Pops Podcast or Download Shows 49-51

Listen To Pronk Pops Podcast or Download Shows 45-48

Listen To Pronk Pops Podcast or Download Shows 41-44

Listen To Pronk Pops Podcast or Download Shows 38-40

Listen To Pronk Pops Podcast or Download Shows 34-37

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Listen To Pronk Pops Podcast or Download Shows 27-29

Listen To Pronk Pops Podcast or Download Shows 17-26

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Story 1: President Obama’s State of the Union 2014 Address — The Young and The Jobless Betrayed By Obama — Videos

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How Murray Rothbard Became a Libertarian — Videos

Posted on January 13, 2014. Filed under: American History, Banking, Blogroll, Books, Business, College, Communications, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, history, History of Economic Thought, Investments, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Photos, Politics, Regulations, Tax Policy, Taxes, Unemployment, Video, Wealth, Wisdom, Writing | Tags: , , , , |

How Murray Rothbard Became a Libertarian

A prolific author and Austrian economist, Murray Rothbard promoted a form of free market anarchism he called “anarcho-capitalism.”

In this talk, given at the 1981 National Libertarian Party Convention, Rothbard tells the story of how he came to learn about economics and libertarianism as he grew up in the Bronx and attended Columbia University in the 1930s and 40s. He reminisces about meeting Frank Chodorov, Baldy Harper, George Stigler and Ludwig von Mises, and takes a number of audience questions.

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National Security Agency (NSA) Wants To Build Supercomputer To Crack All Encryption — Videos

Posted on January 2, 2014. Filed under: American History, Blogroll, Communications, Computers, Constitution, Crime, Data Storage, Economics, External Hard Drives, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, history, History of Economic Thought, Law, liberty, Life, Links, Literacy, media, People, Philosophy, Politics, Press, Psychology, Raves, Regulations, Security, Technology, Video, War, Wealth, Wisdom, Writing | Tags: , , , , , , , , , , , , , , , , , , , , |

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A White House-appointed task force has proposed a series of curbs on key National Security Agency surveillance operations exposed by Edward Snowden. On Thursday, the panel recommended the NSA halt its bulk collection of billions of U.S. phone call records, citing ‘potential risks to public trust, personal privacy, and civil liberty.’ The panel says telecommunications providers or a private third party should store the records instead. The panel also calls for banning the NSA from ‘undermining encryption’ and criticizes its use of computer programming flaws to mount cyber-attacks. And it backs the creation of an independent review board to monitor government programs for potential violations of civil liberties. We discuss the panel’s findings with two guests: Ben Wizner, Snowden’s legal advisor and director o

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NSA seeks to build quantum computer that could crack most types of encryption

By  and Barton Gellman, Updated: Thursday, January 2, 4:00 PM

In room-size metal boxes, secure against electromagnetic leaks, the National Security Agency is racing to build a computer that could break nearly every kind of encryption used to protect banking, medical, business and government records around the world.

According to documents provided by former NSA contractor Edward Snowden, the effort to build “a cryptologically useful quantum computer” — a machine exponentially faster than classical computers — is part of a $79.7 million research program titled, “Penetrating Hard Targets.” Much of the work is hosted under classified contracts at a laboratory in College Park.

[Read an annotated description of the Penetrating Hard Targets project]

The development of a quantum computer has long been a goal of many in the scientific community, with revolutionary implications for fields like medicine as well as for the NSA’s code-breaking mission. With such technology, all forms of public key encryption would be broken, including those used on many secure Web sites as well as the type used to protect state secrets.

Physicists and computer scientists have long speculated whether the NSA’s efforts are more advanced than those of the best civilian labs. Although the full extent of the agency’s research remains unknown, the documents provided by Snowden suggest that the NSA is no closer to success than others in the scientific community.

“It seems improbable that the NSA could be that far ahead of the open world without anybody knowing it,” said Scott Aaronson, an associate professor of electrical engineering and computer science at MIT.

The NSA appears to regard itself as running neck and neck with quantum computing labs sponsored by the European Union and the Swiss government, with steady progress but little prospect of an immediate breakthrough.

“The geographic scope has narrowed from a global effort to a discrete focus on the European Union and Switzerland,” one NSA document states.

Seth Lloyd, professor of quantum mechanical engineering at MIT, said the NSA’s focus is not misplaced. “The E.U. and Switzerland have made significant advances over the last decade and have caught up to the U.S. in quantum computing technology,” he said.

The NSA declined to comment for this story.

The documents, however, indicate that the agency carries out some of its research in large, shielded rooms known as Faraday cages, which are designed to prevent electromagnetic energy from coming in or out. Those, according to one brief description, are required “to keep delicate quantum computing experiments running.”

[Read a document describing classification levels related to quantum computing efforts]

The basic principle underlying quantum computing is known as “quantum superposition,” the idea that an object simultaneously exists in all states. A classical computer uses binary bits, which are either zeroes or ones. A quantum computer uses quantum bits, or qubits, which are simultaneously zero and one.

This seeming impossibility is part of the mystery that lies at the heart of quantum theory, which even theoretical physicists say no one completely understands.

“If you think you understand quantum mechanics, you don’t understand quantum mechanics,” said the late Nobel laureate Richard Feynman, who is widely regarded as the pioneer in quantum computing.

Here’s how it works, in theory: While a classical computer, however fast, must do one calculation at a time, a quantum computer can sometimes avoid having to make calculations that are unnecessary to solving a problem. That allows it to home in on the correct answer much more quickly and efficiently.

Quantum computing is so difficult to attain because of the fragile nature of such computers. In theory, the building blocks of such a computer might include individual atoms, photons or electrons. To maintain the quantum nature of the computer, these particles would need to be carefully isolated from their external environments.

“Quantum computers are extremely delicate, so if you don’t protect them from their environment, then the computation will be useless,” said Daniel Lidar, a professor of electrical engineering and the director of the Center for Quantum Information Science and Technology at the University of Southern California.

A working quantum computer would open the door to easily breaking the strongest encryption tools in use today, including a standard known as RSA, named for the initials of its creators. RSA scrambles communications, making them unreadable to anyone but the intended recipient, without requiring the use of a shared password. It is commonly used in Web browsers to secure financial transactions and in encrypted e-mails. RSA is used because of the difficulty of factoring the product of two large prime numbers. Breaking the encryption involves finding those two numbers. This cannot be done in a reasonable amount of time on a classical computer.

In 2009, computer scientists using classical methods were able to discover the primes within a 768-bit number, but it took almost two years and hundreds of computers to factor it. The scientists estimated that it would take 1,000 times longer to break a 1,024-bit encryption key, which is commonly used for online transactions.

A large-scale quantum computer, however, could theoretically break a 1,024-bit encryption much faster. Some leading Internet companies are moving to 2,048-bit keys, but even those are thought to be vulnerable to rapid decryption with a quantum computer.

Quantum computers have many applications for today’s scientific community, including the creation of artificial intelligence. But the NSA fears the implications for national security.

“The application of quantum technologies to encryption algorithms threatens to dramatically impact the US government’s ability to both protect its communications and eavesdrop on the communications of foreign governments,” according to an internal document provided by Snowden.

Experts are not sure how feasible a quantum computer is in the near future. A decade ago, some experts said that developing a large quantum computer was likely 10 to 100 years in the future. Five years ago, Lloyd said the goal was at least 10 years away.

Last year, Jeff Forshaw, a professor at the University of Manchester, told Britain’s Guardian newspaper, “It is probably too soon to speculate on when the first full-scale quantum computer will be built but recent progress indicates that there is every reason to be optimistic.”

“I don’t think we’re likely to have the type of quantum computer the NSA wants within at least five years, in the absence of a significant breakthrough maybe much longer,” Lloyd told the Post in a recent interview.

However, some companies claim to already be producing small quantum computers. A Canadian company, D-Wave Systems , says it has been making quantum computers since 2009. In 2012, it sold a $10 million version to Google, NASA and the Universities Space Research Association, according to news reports.

That quantum computer, however, would never be useful for breaking public key encryption like RSA.

“Even if everything they’re claiming is correct, that computer, by its design, cannot run Shor’s algorithm,” said Matthew Green, a research professor at the Johns Hopkins Information Security Institute, referring to the algorithm that could be used to break encryption like RSA.

Experts believe that one of the largest hurdles to breaking encryption with a quantum computer is building a computer with enough qubits, which is difficult given the very fragile state of quantum computers. By the end of September, the NSA expected to be able to have some basic building blocks, which it described in a document as “dynamical decoupling and complete quantum control on two semiconductor qubits.”

“That’s a great step, but it’s a pretty small step on the road to building a large-scale quantum computer,” Lloyd said.

A quantum computer capable of breaking cryptography would need hundreds or thousands more qubits than that.

The budget for the National Intelligence Program, commonly referred to as the “black budget,” details the “Penetrating Hard Targets” project and noted that this step “will enable initial scaling towards large systems in related and follow-on efforts.”

Another project, called the “Owning the Net,” is using quantum research to support the creation of new quantum-based attacks on encryptions like RSA, documents show.

“The irony of quantum computing is that if you can imagine someone building a quantum computer that can break encryption a few decades into the future, then you need to be worried right now,” Lidar said.

http://www.washingtonpost.com/world/national-security/nsa-seeks-to-build-quantum-computer-that-could-crack-most-types-of-encryption/2014/01/02/8fff297e-7195-11e3-8def-a33011492df2_print.html

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Sasha Issenberg — The Victory Lab: The Secret Science of Winning Campaigns — Videos

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Pronk Pops Show 112, June 7, 2013, Segment 0: Marxist-Leninists Go To The Wall With Holder — The Man Who Knows Where The Bodies Are Buried Enjoys President Obama’s Full Confidence Says Political Fixer Valerie Jarrett — Wall Street Wants Holder To Hang On — American People Say Hit The Road Jack — Videos

Pronk Pops Show 112, June 7, 2013: Segment 1: U.S. Real Gross Domestic Product Growth Still Stagnating At 2.4% in First Quarter of 2013 As Institute for Supply Management Factory Index Sinks to 49.0 Lowest Since June 2009 — Videos

Pronk Pops Show 112, June 7, 2013, Segment 2: Federal Advisory Council (FAC) May 17, 2013 Report — No Exit To A Bridge Over Troubled Waters — Keyboarding Money — We’re screwed! — Videos

Pronk Pops Show 112, June 7, 2013, Segment 3: Official Unemployment Rate Rises To 7.6% with 11.8 Million Americans Unemployed and Only 175,000 Jobs Created in May — Videos

Pronk Pops Show 112, June 7, 2013, Segment 4: No Such Agency — NSA — National Security Agency — Threat To The Liberty and Privacy of The American People — None Of Their Damn Business — Still Trust The Federal Government? — Videos

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Carroll Quigley on Western Civilization — The Quigley Formula — New World Order — World Government — Council of Foreign Relations — Videos

Posted on December 3, 2013. Filed under: American History, Blogroll, Books, Business, College, Communications, Culture, Demographics, Diasters, Economics, Education, Employment, Energy, European History, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government, government spending, Health Care, history, History of Economic Thought, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Natural Gas, Non-Fiction, Nuclear Power, Oil, People, Philosophy, Photos, Politics, Rants, Raves | Tags: , , , , , , , , |

Carroll_Quigley

Tragedyhopecarroll_quigley_tragedy_n_hope

anglo_american_establishment

carroll-quigley

The Quigley Formula – G. Edward Griffin lecture

Carroll Quigley on Western Civilization 1/7

Carroll Quigley on Western Civilization 2/7

Carroll Quigley on Western Civilization 3/7

Carroll Quigley on Western Civilization 4/7

Carroll Quigley on Western Civilization 5/7

Carroll Quigley on Western Civilization 6/7

Carroll Quigley on Western Civilization 7/7

Carroll Quigley on Tragedy And Hope

Rare Carroll Quigley interview – 1974 (Full Interview)

Professor Carroll Quigley, Bill Clinton’s mentor at Georgetown University, authored a massive volume entitled “Tragedy and Hope” in which he states: “There does exist and has existed for a generation, an international network which operates, to some extent, in the way the radical right believes the Communists act. In fact, this network, which we may identify as the Round Table Groups, has no aversion to cooperating with the Communists, or any other groups, and frequently does so. I know of the operations of this network because I have studied it for twenty years and was permitted for two years, in the early 1960s, to examine its papers and secret records. I have no aversion to it or to most of its aims, and have, for much of my life, been close to it and to many of its instruments. I have objected, both in the past and recently, to a few of its policies, but in general my chief difference of opinion is that it wishes to remain unknown, and I believe its role in history is significant enough to be known.”

“The powers of financial capitalism had another far reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements, arrived at in frequent private meetings and conferences…”

“The apex of the system was the Bank for International Settlements in Basle, Switzerland, a private bank owned and controlled by the worlds’ central banks which were themselves private corporations…”

“The growth of financial capitalism made possible a centralization of world economic control and use of this power for the direct benefit of financiers and the indirect injury of all other economic groups.” Tragedy and Hope: A History of The World in Our Time (Macmillan Company, 1966,) Professor Carroll Quigley of Georgetown University

“The Council on Foreign Relations is the American branch of a society which originated in England (RIIA) … [and] … believes national boundaries should be obliterated and one-world rule established.” Dr. Carroll Quigley

“As a teenager, I heard John Kennedy’s summons to citizenship. And then, as a student, I heard that call clarified by a professor I had named Carroll Quigley.”President Clinton, in his acceptance speech for the Democratic Party’s nomination for president, 16 July 1992

Read the full book “Tragedy and Hope” here:
http://www.archive.org/stream/TragedyAndHope/TH_djvu.txt

The Quigley Formula – G. Edward Griffin lecture

“Quigley” is the late Carroll Quigley, a Council on Foreign Relations member and historian, as well as mentor to CFR and Trilateral Commission member Bill Clinton. The lecture is based around the following quote from his book Tragedy & Hope, pp. 1247-1248:

“The National parties and their presidential candidates, with the Eastern Establishment assiduously fostering the process behind the scenes, moved closer together and nearly met in the center with almost identical candidates and platforms, although the process was concealed as much as possible, by the revival of obsolescent or meaningless war cries and slogans (often going back to the Civil War)….The argument that the two parties should represent opposed ideals and policies, one, perhaps, of the Right and the other of the Left, is a foolish idea acceptable only to the doctrinaire and academic thinkers. Instead, the two parties should be almost identical, so that the American people can “throw the rascals out” at any election without leading to any profound or extreme shifts in policy. … Either party in office becomes in time corrupt, tired, unenterprising, and vigorless. Then it should be possible to replace it, every four years if necessary, by the other party, which will be none of these things but will still pursue, with new vigor, approximately the same basic policies.”

NWO, Secret Societies & Biblical Prophecy Vol 1 (Revised)

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The Impact on The American Worker of Immigration and Obamacare — Videos — Videos

Posted on November 12, 2013. Filed under: American History, Blogroll, Books, Communications, Economics, Employment, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, history, History of Economic Thought, Language, Law, liberty, Life, Links, media, People, Philosophy, Politics, Press, Rants, Raves, Strategy, Tax Policy, Taxes, Unemployment, Video, Wealth, Wisdom | Tags: , , , , , , , |

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Pronk Pops Show 164: November 11, 2013

Pronk Pops Show 163: November 8, 2013

Pronk Pops Show 162: November 7, 2013

Pronk Pops Show 161: November 4, 2013

Pronk Pops Show 160: November 1, 2013

Pronk Pops Show 159: October 31, 2013

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Pronk Pops Show 157: October 28, 2013

Pronk Pops Show 156: October 25, 2013

Pronk Pops Show 155: October 24, 2013

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Pronk Pops Show 152: October 18, 2013

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Pronk Pops Show 150: October 16, 2013

Pronk Pops Show 149: October 14, 2013

Pronk Pops Show 148: October 11, 2013

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The Impact on The American Worker of Immigration and Obamacare

ILLEGAL IMMIGRATION IS DESTROYING AMERICA

Small Business Owner Fears Obamacare’s Impact on Jobs and Economy

Impact of ObamaCare on full-time employment

Physician exposes the Reality of ObamaCare

Immigration by the Numbers — Off the Charts

A startling look at how U.S. immigration will add 300 million people to the country this century if immigration policies are not changed.  This dramatic presentation of the latest Census data raises serious immigration questions about the ability of the country to achieve environmental sustainability and to meet the quality-of-life infrastructure needs of the national community considering current immigration policy. Presented by immigration author/journalist Roy Beck

Immigration, World Poverty and Gumballs – Updated 2010

Immigration – Global humanitarian reasons for current U.S. immigration are tested in this updated version of immigration author and journalist Roy Beck’s colorful presentation of data from the World Bank and U.S. Census Bureau. The 1996 version of this immigration gumballs presentation has been one of the most viewed immigration policy presentations on the internet. Presented by immigration author/journalist Roy Beck

Immigration Through Ellis Island – Award Winning Documentary Video Film

Becoming an American: The Immigrant Experience (Part 1)

Immigration to America is a unique phenomenon in world history. No other country has ever absorbed so many people from so many different places. And no other country throughout world history has taken so much of its identity, energy, and spirit from immigrants. The American spirit is the immigrant spirit; the American Dream is the immigrant dream. It is no exaggeration to say that without immigrants, the United States could not exist.

Becoming an American: The Immigrant Experience (Part 2)

Becoming an American: The Immigrant Experience (Part 3)

Becoming an American: The Immigrant Experience (Part 4)

Illegal aliens crossing the mexican border

Illegal Immigration Isn’t a Joke

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Southpark – They Took Our Job!

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IMMIGRATION BY THE NUMBERS – PART ONE

Roy Beck: Immigration by the Numbers 2 

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Obamacare’s Metal Plans (Bronze, Silver, Gold, Platinum) With Higher Premiums and Deductibles — The Road To The Single Government Option Lead Plan — Videos

Posted on October 26, 2013. Filed under: American History, Banking, Blogroll, Communications, Constitution, Diasters, Economics, Education, Federal Government Budget, Fiscal Policy, government, government spending, Health Care, history, History of Economic Thought, Illegal, Immigration, Inflation, IRS, Language, Law, liberty, Life, Links, Macroeconomics, media, Medicine, Monetary Policy, Money, People, Philosophy, Politics, Public Sector, Radio, Rants, Raves, Regulations, Resources, Reviews, Science, Talk Radio, Tax Policy, Taxes, Technology, Unemployment, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , |

Project_1

Pronk Pops Show 156: October 25, 2013

Pronk Pops Show 155: October 24, 2013

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Pronk Pops Show 149: October 14, 2013

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Pronk Pops Show 143: October 4 2013

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Pronk Pops Show 140: September 30, 2013

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Segment 0: Obamacare’s Metal Plans (Bronze, Silver, Gold, Platinum) With Higher Premiums and Deductibles — The Road To The Single Government Option Lead Plan — Videos

Health Pocket.com

http://www.healthpocket.com/individual-health-insurance

HealthCare.gov

https://www.healthcare.gov/

John C. Goodman – Obamacare Costs – 10-08-13

John C. Goodman – Obamacare Rate Increase – 10-15-13

Bret Baier If Problems With Obamacare Continue, ‘There Is Going to Have to Be a Delay’

John C. Goodman – Sticker Shock – 10-22-13

John C. Goodman – Death Spiral – 10-23-13

How to Get Obamacare ( healthcare.gov enrollment instructions )

youtube=http://www.youtube.com/watch?v=ZiHg4veV6q0]

Platinum Plans

Gold Plans

Silver Plans

Bronze Plans

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Obama’s SAD Deal — Videos

Posted on October 17, 2013. Filed under: American History, Banking, Blogroll, College, Communications, Computers, Constitution, Crime, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, history, History of Economic Thought, Inflation, Investments, IRS, Language, Law, Macroeconomics, Math, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Rants, Raves, Regulations, Resources, Strategy, Talk Radio, Tax Policy, Taxes, Unemployment, Video, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , |

us-federal-debt-percentage-gdp-by-president-political-party

us_gross_debt

TR Square Deal

Square Deal – Wiki Article

Theodore Roosevelt’s Square Deal

Roosevelt and the New Deal Part 1

Roosevelt and the New Deal Part 2

HARRY TRUMAN, PRESIDENT OF THE U.S

Harry S. Truman – Wiki Article

Obama Commends Lawmakers on Debt Deal | Shutdown News

Ted Cruz Speaks Before Senate Deal Vote | Shutdown News

Pres Obama’s Statement on Shutdown Deal

President calls for new approach after shutdown

Forex! US.DEBT CEILING! Why The Muted Reaction To A Deal

Relief as US approves debt deal

The Government Is Broke And They’re Coming For Your Cash — Episode 190

Peter Schiff – A Dangerous Person, at a Dangerous Time, Heading a Dangerous Institution

Peter Schiff – QE is Like a Drug – The More You Take the More You Need

Obama’s SAD Deal

By Raymond Thomas Pronk

Presidents like to make deals with the American people that supposedly will fix things.

Theodore Roosevelt had his Square Deal, Franklin D. Roosevelt had his New Deal, Harry Truman had his Fair Deal, and President Barack Obama has his SAD (Spending Addiction Disorder) deal.

The most recent developments in Obama’s SAD deal are the federal government will be completely open for business and funded through Jan. 15, 2014 under yet another continuing resolution passed on Wednesday by Congress and signed by the president. The gross national debt ceiling was suspended until Feb. 7, 2014. By then the national debt will be approaching $17.5 trillion and will exceed the entire gross domestic product for 2013 estimated to be about $16 trillion.

In other words the SAD deal means more government spending and taxes, more massive budgetary deficits, more government debt and more money and credit creation by the Federal Reserve System to finance the SAD habit.

Senate Majority Leader Harry Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.) announced on Wednesday that they had reached an agreement to open the government until Jan. 15, 2014 and extend the debt ceiling through Feb. 7, 2014.

Sen. Ted Cruz (R-Texas) said, “The deal that has been cut provides no relief to the millions of Americans who are hurting because of Obamacare. The deal that has been cut provides no relief to all the young people coming out of school who can’t find a job because of Obamacare. It provides no relief to all the single parents who have been forced into part-time work, struggling to feed their kids on 29 hours a week.”

Unfortunately, the SAD deal will continue the annual massive budgetary deficits that over the last five years have averaged more than $1.2 trillion per year and will increase the burden of debt on existing and future generations of the American people. Under Obama’s SAD deal the gross national debt has been increased over $6 trillion to fund the fiscal year deficits from 2009 through 2013. The White House has optimistically estimated that the fiscal year deficit for 2014 will be only $750 billion!

The SAD deal has resulted in the worse post-World War II economic recovery with unemployment rates exceeding 7 percent for the 56 months of the Obama’s presidency. Tens of millions of Americans are searching for a permanent full-time job.

House Majority Leader Eric Cantor (R-Va.) at the Republican conference meeting on Oct. 16 said, “We all agree Obamacare is an abomination. We all agree taxes are too high. We all agree spending is too high. We all agree Washington is getting in the way of job growth. We all agree we have a real debt crisis that will cripple future generations. We all agree on these fundamental conservative principles.”

The American people agree that the Washington ruling elite of both the Democrat and Republican parties are simply incapable of controlling their SAD habit.

Cruz is right. The ruling elite are not listening to the American people.

The American people want federal spending and taxes to be cut, a balanced budget, the national debt paid off and Obamacare repealed. The American people can no longer afford to pay for Obama’s SAD deal.

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His Imperial Majesty — HIM That Must Be Obeyed — The Monarch of Marxism, The Czar of Communism, The Shah of Socialism — HIM Obama! HIM Obama! HIM Obama! — Photos

Posted on October 8, 2013. Filed under: American History, Blogroll, Communications, Economics, Education, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government, history, History of Economic Thought, Inflation, Investments, Language, Law, liberty, Life, Macroeconomics, Microeconomics, People, Philosophy, Photos, Politics, Programming, Rants, Raves, Regulations, Security, Strategy, Talk Radio, Tax Policy, Technology, Unemployment, Video, War, Wealth, Wisdom | Tags: , , , , , , |

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MerdasTouchObama

HIM_Obama

king-obama

king_obama

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Fear, Uncertainty, Doubt — FUD Over Not Raising National Debt Ceiling — When Will Government Spending and The Budget Balanced? — The American People Would Like To Know! — Videos

Posted on October 7, 2013. Filed under: American History, Blogroll, College, Communications, Economics, Education, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government, government spending, history, History of Economic Thought, Illegal, Immigration, Law, liberty, Life, Links, Literacy, media, People, Philosophy, Photos, Politics, Press, Rants, Raves, Regulations, Resources, Talk Radio, Tax Policy, Taxes, Unemployment, Video, War, Wealth, Weapons, Wisdom | Tags: , , , , , , , , , , , |

U.S. National Debt Clock

http://www.usdebtclock.org/

US GOVERNMENT COLLAPSE was all THEATRE says TRENDS journalist ‘GERALD CELENTE’ (ECONOMIC CS)

Obama Lies About the Implications of Raising the Debt Ceiling

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Jack Lew attacks Ted Cruz and Tea Party – says they are dangerous exttremists

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Will Higher Tax Rates Balance the Budget?

Will Taxing the Rich Fix the Deficit?

What Are the Dangers of Too Much Debt?

How Big Is the U.S. Debt?

[youtube=

BUREAU OF THE FISCAL SERVICE
                                                  STAR - TREASURY FINANCIAL DATABASE
             TABLE 1.  SUMMARY OF RECEIPTS, OUTLAYS AND THE DEFICIT/SURPLUS BY MONTH OF THE U.S. GOVERNMENT (IN MILLIONS)

                                                        ACCOUNTING DATE:  08/13

   PERIOD                                                                     RECEIPTS                OUTLAYS    DEFICIT/SURPLUS (-)
+  ____________________________________________________________  _____________________  _____________________  _____________________
   PRIOR YEAR

     OCTOBER                                                                   163,072                261,539                 98,466
     NOVEMBER                                                                  152,402                289,704                137,302
     DECEMBER                                                                  239,963                325,930                 85,967
     JANUARY                                                                   234,319                261,726                 27,407
     FEBRUARY                                                                  103,413                335,090                231,677
     MARCH                                                                     171,215                369,372                198,157
     APRIL                                                                     318,807                259,690                -59,117
     MAY                                                                       180,713                305,348                124,636
     JUNE                                                                      260,177                319,919                 59,741
     JULY                                                                      184,585                254,190                 69,604
     AUGUST                                                                    178,860                369,393                190,533
     SEPTEMBER                                                                 261,566                186,386                -75,180

       YEAR-TO-DATE                                                          2,449,093              3,538,286              1,089,193

   CURRENT YEAR

     OCTOBER                                                                   184,316                304,311                119,995
     NOVEMBER                                                                  161,730                333,841                172,112
     DECEMBER                                                                  269,508                270,699                  1,191
     JANUARY                                                                   272,225                269,342                 -2,883
     FEBRUARY                                                                  122,815                326,354                203,539
     MARCH                                                                     186,018                292,548                106,530
     APRIL                                                                     406,723                293,834               -112,889
     MAY                                                                       197,182                335,914                138,732
     JUNE                                                                      286,627                170,126               -116,501
     JULY                                                                      200,030                297,627                 97,597
     AUGUST                                                                    185,370                333,293                147,923

       YEAR-TO-DATE                                                          2,472,542              3,227,888                755,345

http://www.fms.treas.gov/mts/mts0813.txt

REPORT ID: STM0P082
 USER ID  :     
 DATE: 2013-09-10 TIME: 22.20.06                                                                                         PAGE   1(2)
1                                                    BUREAU OF THE FISCAL SERVICE
                                                  STAR - TREASURY FINANCIAL DATABASE
                            TABLE 3.  SUMMARY OF RECEIPTS AND OUTLAYS OF THE U.S. GOVERNMENT (IN MILLIONS)

                                                        ACCOUNTING DATE:  08/13

                                                                         ACTUAL          ACTUAL       ACTUAL COMP.     BUDGET EST.
   CLASSIFICATION                                                      THIS MONTH    THIS FY TO DATE  PRIOR PERIOD       FULL FY
+  _________________________________________________________________ _______________ _______________ _______________ _______________
   BUDGET RECEIPTS

   INDIVIDUAL INCOME TAXES                                                    85,286       1,175,536       1,015,419       1,309,683
   CORPORATION INCOME TAXES                                                    3,595         216,360         186,272         278,684

   SOCIAL INSURANCE AND RETIREMENT RECEIPTS:

     EMPLOYMENT AND GENERAL RETIREMENT (OFF-BUDGET)                           54,771         614,010         521,335         674,143
     EMPLOYMENT AND GENERAL RETIREMENT (ON-BUDGET)                            16,703         194,450         186,822         214,817
     UNEMPLOYMENT INSURANCE                                                    5,969          56,524          66,145          58,593
     OTHER RETIREMENT                                                            313           3,256           3,449           3,746
   EXCISE TAXES                                                                6,315          72,894          69,420          85,334
   ESTATE AND GIFT TAXES                                                       1,253          17,783          13,026          17,690
   CUSTOMS DUTIES                                                              2,843          28,859          27,570          32,154
   MISCELLANEOUS RECEIPTS                                                      8,322          92,871          98,069         101,719
   ALLOWANCES                                                                 ......          ......          ......          ......

       ;BTOTAL RECEIPTS                                                      185,370       2,472,542       2,187,527       2,776,563

         ;C(ON-BUDGET)                                                       130,599       1,858,532       1,666,192       2,102,420
         ;C(OFF-BUDGET)                                                       54,771         614,010         521,335         674,143

   ;CBUDGET OUTLAYS

   LEGISLATIVE BRANCH                                                            345           3,955           4,097           4,792
   JUDICIAL BRANCH                                                               669           6,508           6,650           7,283
   DEPARTMENT OF AGRICULTURE                                                  10,859         146,486         129,810         159,620
   DEPARTMENT OF COMMERCE                                                        682           8,322           9,513           9,391
   DEPARTMENT OF DEFENSE-MILITARY PROGRAMS                                    53,367         559,942         601,176         610,266
   DEPARTMENT OF EDUCATION                                                     7,028          38,725          53,177          44,431
   DEPARTMENT OF ENERGY                                                        1,650          22,576          29,635          25,977
   DEPARTMENT OF HEALTH AND HUMAN SERVICES                                    94,535         832,894         793,470         903,970
   DEPARTMENT OF HOMELAND SECURITY                                             3,633          52,272          43,932          58,377
   DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT                                 2,289          32,545          46,807          56,518
   DEPARTMENT OF THE INTERIOR                                                  1,153           8,455          11,393           9,964
   DEPARTMENT OF JUSTICE                                                       2,428          27,125          28,226          29,897
   DEPARTMENT OF LABOR                                                         5,972          75,930          98,314          86,163
   DEPARTMENT OF STATE                                                         1,714          21,774          23,222          29,536
   DEPARTMENT OF TRANSPORTATION                                                7,730          67,605          66,944          78,505

   DEPARTMENT OF THE TREASURY:

     INTEREST ON TREASURY DEBT SECURITIES (GROSS)                             25,488         395,826         342,541         414,655
     OTHER                                                                     2,619          23,821         135,586         -10,700
   DEPARTMENT OF VETERANS AFFAIRS                                             17,996         131,489         118,198         138,901

http://www.fms.treas.gov/mts/mts0813.txt

Debt ceiling: Understanding what’s at stake

By

ALAIN SHERTER /

MONEYWATCH

It is the economic calamity that no one expects and everyone fears.

Experts agree that failing to raise the nation’s debt ceiling by Oct. 17, when U.S. officials say the government will run out of money to pay its bills, would gravely wound the economy, and perhaps even throw it back into recession. Because Treasury bonds and the dollar are cornerstones of the global financial system, meanwhile, the shock wave would be felt around the world.

“The potential is disastrous,” said Gus Faucher, senior economist with PNC Financial Services Group. “We would see interest rates spike across the board. We’d see a huge crash in the dollar. People count on lending their money to the federal government and getting it back, and if that trust is taken away — it’s never happened that we haven’t met our obligations as a nation — then that has very, very negative consequences for the U.S. economy.”

The consequences are so severe that, even as the government shutdown enters its second week, most seasoned political observers still expect Congress to ultimately reach an eleventh-hour deal to lift the government’s borrowing limit.

But what exactly is the debt ceiling, and exactly how worried should Americans be that it could come crashing down?

What is the debt ceiling?

The debt ceiling is the total amount of money the U.S. government can borrow (by selling Treasury bonds) to pay its obligations, including interest on the national debt, Social Security and Medicare benefits, and many other payments. That limit is currently $16.7 trillion, although technically the government already exceeded it in May. The Treasury Department has since used various measures to continue borrowing.

During World War I, amid uncertainty regarding the total costs of funding U.S. involvement in the conflict, Congress created the cap in 1917 to put an upper limit on federal borrowing. Since 1960, Congress has raised the debt ceiling 78 times.

How is the debt ceiling changed?

Lawmakers can adjust it by passing a standalone bill or by including it in another piece of legislation as an amendment.

Does raising the debt ceiling increase the federal debt?

No. Lifting the borrowing limit simply allows the government to pay its existing bills. That debt exists whether or not Congress authorizes additional borrowing, and to avoid default it must be paid.

Why can’t Congress and the White House avoid lifting the cap by cutting federal spending?

Because preventing the government from borrowing to meet its obligations would require all discretionary spending, such as for defense, education, housing and other annual appropriations, to stop, according to the Congressional Research Service. Most of the outlays for mandatory programs, such as Social Security, also would have to be halted, while taxes would need to rise to ensure the government had money to spend. Deep spending cuts and tax hikes would throw the economy into recession.

Why is Oct. 17 a critical date?

Treasury Secretary Jacob Lew recently forecastthat on Oct. 17 the government would have about $30 billion on hand. That isn’t enough because the government spends as much as $60 billion per day. “If we have insufficient cash on hand, it would be impossible for the United States of America to meet all of its obligations for the first time in our history,” he said last week in a letter to congressional leaders.

What happens if Congress doesn’t raise the debt ceiling?

If the government runs low on cash, it will have to withhold a range of payments. Retirees might not get their Social Security checks, especially worrisome for the millions of Americans who depend almost entirely on the social insurance program for income. The same goes for Medicare and Medicaid recipients. Holders of Treasury notes, from Wall Street and other global banks to foreign governments, also could get stiffed, jeopardizing the solvency of many financial institutions and choking off global credit flows.

The U.S. also would struggle to pay the interest on its debt, including a $6 billion payout due at the end of the month. At that point, the U.S. would be in default of its obligations. The value of Treasury bonds and the dollar would nosedive. The nation’s borrowing costs would soar as anxious investors demanded a higher return to buy suddenly shaky U.S. debt. And because the interest rate on Treasuries provides a benchmark for rates on other loans, from mortgages and credit cards to car and student loans, borrowing would become far more costly for consumers and businesses. Stock markets in the U.S. and elsewhere around the world would almost certainly plunge.

“When stock prices fall, investment or other spending to expand a business is more costly,” the Treasury Department said in a report last week outlining the potential impact of the debt-ceiling fight. “The effects on households and businesses, moreover, are reinforcing. Less capacity and willingness of households to spend, when businesses have less incentive to invest, hire and expand production, all lead to weaker economic activity.”

In short, the already fragile economic recovery could stall.

Haven’t we been here before?

There is recent precedent for such turmoil. Consumer confidence plummeted after lawmakers squared off over the debt ceiling in the summer of 2011, while the Standard & Poor’s 500 stock index dropped nearly 20 percent. Hiring among small businesses slowed. Ever after a deal was struck to raise the cap in August of that year, credit rating agency Standard & Poor’s downgraded U.S. debt for the first time ever.

Beyond the immediate economic fallout of defaulting on its debt, for the U.S. the symbolic blow might be even greater. In the post-World War II era, Treasuries and the greenback have — for better and for worse — served as the foundation of the global financial system. A default would shatter the faith on which that system relies.

How much danger are we in?

Although financial markets are not yet in panic mode, the standoff in Washington has them worried. Unlike during the 2011 dispute, when Republicans and most Democrats favored cutting federal spending, the stark division over Obamacare suggests there may be less room for compromise this time around. One clear sign of distress: Interest rates on short-term Treasury bonds rose last week, as investors seek greater yields to offset what they perceive as the greater risk of holding the debt.

Still, most economists, stock analysts and, for all the pointed rhetoric on Capitol Hill, even congressional leaders themselves downplay the chances of a default. The belief is that common sense, or at least a sense of political self-preservation, will prevail.

http://www.cbsnews.com/8301-505123_162-57606253/debt-ceiling-understanding-whats-at-stake/

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Rabid Reid Democratic Dog — Mad Dogs Need To Be Put Down In Upcoming Elections — Videos

Posted on October 7, 2013. Filed under: Banking, Blogroll, College, Communications, Economics, Education, Federal Government Budget, Fiscal Policy, History of Economic Thought, Macroeconomics, Microeconomics, Monetary Policy, Money, Tax Policy, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , , |

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Rabies Symptoms

To Kill A Mockingbird – Atticus shoots a mad dog

Rand Paul: We Haven’t Had a Big Debate About Obamacare – 10/1/13

Shutdown: Republican Reaction – Rand Paul (R) On Hannity – Wake Up America

Hannity Gets In Shoutfest With Guest Over Real ‘Anarchists’ Occupy Or Tea Party

Glenn Beck Tears Apart Harry Reid for ‘Tea Party Anarchists’ Remark: Is He ‘Going Senile’?

Harry Reid Pits ‘Reasonable’ Republicans Against Tea Party ‘Extremists’ in Senate Debate

Taxes, Anarchy, Jobs & Immigration- Sen. Reid Talks to the Tea Party

Ted Cruz uses Harry Reid’s own words against him

Harry Reid to Ted Cruz: You Are a Schoolyard Bully – May 6, 2013

Ted Cruz Mocks Harry Reid’s Demonstration Of Civility And Candor On Senate Floor

Sen. Ted Cruz with Greta Van Susteren on Harry Reid’s Shutdown

Smash-mouth Reid (Video)

http://thehill.com/homenews/senate/326819-smash-mouth-reid

President Obama has handed over the reins of leadership on government funding and the debt limit to Senate Majority Leader Harry Reid (D-Nev.).

Reid is now fully in charge of his party’s negotiating strategy, a significant change from past showdowns with Republicans.

He has taken the initiative from Obama, who played the principal role in the 2011 debt-limit talks and New Year’s fiscal cliff deal. Some Democrats on Capitol Hill are relieved by the switch.

The majority leader has brought a more pugnacious style to the debate, bashing House conservatives as “anarchists” and mocking the “Banana Republican mindset.” This is a welcome change for Democrats who thought Obama was too accommodating to Republicans during previous crises.

Simply put, they believe less is more when it comes to Obama’s involvement in negotiations with the GOP.

Liberal Democrats do not fully trust Obama, in part because of his more diplomatic style. Their disquiet was deepened by his past tax deals with Republicans and repeated offers to trim Social Security and Medicare costs.

Obama alarmed some in the Senate Democratic caucus last week when he convened congressional leaders at the White House to discuss the government shutdown and looming debt-limit debate.

They feared he might take the lead in the talks and make concessions to get past the current fiscal crisis.

“There’s some concern being expressed now that Obama is calling the leaders to the White House that this might be premature,” said Sen. Tom Harkin, a senior Democrat from Iowa. “What’s he going to say? What’s he going to do?

“I hope he just says, ‘Harry’s the leader. We’re following Sen. Reid,’” he added.

Reid praised the president after the Wednesday meeting, reassuring colleagues.

“The president of the United States was very, very strong, strong, strong,” he said.

Democratic aides say Obama has served as a crucial backstop by refusing to negotiate over the debt limit and quickly issuing veto threats against House measures to defund, delay or otherwise erode the Affordable Care Act.

“There’s no question, Reid is now the quarterback,” said a Senate Democratic aide.

That became clear when Reid persuaded Obama last month to abandon an effort to set up a bipartisan meeting of congressional leaders before government funding expired.

Reid is pursuing a high-stakes strategy in the hope that by staring down Tea Party conservatives now, he will dissuade them from demanding major concessions in exchange for passing future bills essential to the smooth functioning of government.

His biggest asset has been the solid unity of the Democratic caucus, liberals and centrists alike, despite personal preferences for higher spending levels and changing key elements of the Affordable Care Act.

Nine months ago, Reid failed to hold back the administration as it sought a last minute deal to keep all of the Bush-era tax rates from expiring.

Reid wanted Democrats to take a harder line on the so-called fiscal cliff, say Democratic senators and staff. He was willing to let the tax rates expire to give Democrats more leverage.

Instead, Obama dispatched Vice President Biden to meet with Senate Republican Leader Mitch McConnell (Ky.). The resulting deal made most of the Bush tax rates permanent and exempted inheritances under $5 million from taxation.

Many liberals were dismayed.

“We’re going to lock in forever the idea that $450,000 a year is middle class in America?” Harkin said at the time.

Many Democrats wish they could take back the deal as it failed to address the automatic spending cuts known as sequestration. Now, there is little prospect Republicans will give any more ground on raising taxes.

“Sequestration is stupidity on steroids,” Sen. Mark Warner (D-Va.) said.

Republicans would prefer to see Obama or Biden at the table instead of Reid.

“Reid has put himself in charge of this whole thing and Obama is a non-player,” Sen. Orrin Hatch (R-Utah) said.

Hatch complained Reid “doesn’t want to do anything.”

On “Fox News Sunday,” Rep. Tom Graves (R-Ga.) accused Reid of being “scared” of bipartisan talks aimed at striking a deal.

A major difference between now and the 112th Congress is Obama, having won reelection, no longer has a personal electoral stake in the negotiations. Instead, preserving their Senate majority is the Democrats’ highest political priority.

Democrats feel confident that public opinion is on their side. They hope the refusal of Tea Party House conservatives to accept a “clean” bill to reopen the government will hurt Republican chances of taking control of the upper chamber after 2014.

Privately, some Republican senators agree that the GOP is playing its hand poorly.

“We have all the advantages and we’re squandering them,” said a Republican senator, who requested anonymity to speak frankly.

Reid’s tough tone has sometimes hurt his cause, however. He stumbled at a press conference last week after CNN’s Dana Bash pressed him about a GOP bill funding the National Institutes of Health, but leaving other agencies shuttered.

“If you can help one child who has cancer, why wouldn’t you do it?” she asked.

“Why would we want to do that?” Reid scoffed, noting there are over 1,000 people furloughed at Nellis Air Force Base in Nevada who have “a few problems of their own.”

He subsequently clarified his comments, after the GOP had seized on them.

Reid, a Senate institutionalist, has fumed over the outsized role that Sen. Ted Cruz (R-Texas), a freshman senator who has yet to serve 10 months in the upper chamber, has had in the debate.

“Sen. Cruz is now joint speaker,” he said. “He lectures the House on occasion, as he does people over here.”

Reid disputes GOP assertions that he has refused to compromise.

“We had negotiated our hearts out,” Reid said Friday, referring to a deal he struck privately with Speaker John Boehner (R-Ohio) in July to pass a clean stopgap bill at funding levels set by the House GOP.

Senate Democratic sources say Reid agreed at a meeting in Boehner’s office on July 17 to accept a stopgap set at $986.3 billion. In return, they say, Boehner promised to keep it free of legislation defunding ObamaCare.

Reid knew he would have a tough job selling liberals on a funding level $72 billion lower than what labor unions and progressive groups wanted.

When Congress reconvened after the August recess, House conservatives balked at their leadership’s plan to merely require the Senate to vote on defunding ObamaCare before considering legislation to keep the government open.

House Republican leaders in response crafted a more aggressive bill that included language to defund Obama-Care in the spending stopgap.

Reid and Boehner met on Sept. 12 to discuss a plan for avoiding the looming government shutdown.

Reid told Boehner of a Senate procedural move that could be used to strip the defund-ObamaCare language without relying on Republican votes, and send back a clean resolution funded at the House GOP level.

Boehner jumped on the plan, according to Senate Democratic sources.

The Speaker on ABC’s “This Week” did not dispute that, and suggested his GOP members wanted to go in another direction.

When the Senate passed the clean stopgap without language defunding Obama-Care, Boehner, under pressure from Tea Party conservatives, rejected it.

Reid made little effort to hide his frustration.

“[We] can’t perform the most basic functions of government because he doesn’t have the courage to stand up to that small band of anarchists,” Reid told reporters.

Read more: http://thehill.com/homenews/senate/326819-smash-mouth-reid#ixzz2h3mAMcuo
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Obama’s Thugs Are The Collectivist Authoritarians and Extremists And They Are A Minority That Fear The American People — Videos

Posted on October 4, 2013. Filed under: American History, Blogroll, College, Communications, Constitution, Crime, Culture, Economics, Employment, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, Genocide, government, government spending, Health Care, history, History of Economic Thought, Homicide, Illegal, Immigration, Inflation, IRS, Language, Law, liberty, Life, Links, Literacy, Macroeconomics, Math, media, People, Philosophy, Photos, Politics, Press, Programming, Public Sector, Rants, Raves, Resources, Reviews, Security, Strategy, Talk Radio, Tax Policy, Taxes, Terrorism, Unemployment, Unions, Video, War, Wealth, Weather, Wisdom | Tags: , , , , , , , , , , |

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Glenn Beck: ‘They Are Building a Thugocracy We’ve Passed Major ‘Signposts’ – Government Shutdown

2012.03.29 – GBTV – Glenn Beck Program – Progressive Thugs

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The Problem Is Too Much Federal Spending — Balance The Budget — Zero Growth In Government Spending For Next 10 Years! — Balanced Budget = $2.5 Trillion In Tax Revenues = $2.5 Trillion in Government Spending — Just Do It! — Videos

Posted on September 29, 2013. Filed under: American History, Banking, Blogroll, College, Communications, Constitution, Diasters, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government, government spending, history, History of Economic Thought, Illegal, Immigration, Inflation, Investments, IRS, Language, Law, liberty, Life, Links, Literacy, Macroeconomics, media, Monetary Policy, Money, People, Philosophy, Photos, Politics, Psychology, Public Sector, Radio, Rants, Raves, Regulations, Resources, Security, Talk Radio, Tax Policy, Taxes, Terrorism, Transportation, Unemployment, Unions, Video, War, Wealth, Wisdom | Tags: , , , |

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BUREAU OF THE FISCAL SERVICE
STAR – TREASURY FINANCIAL DATABASE
TABLE 1.  SUMMARY OF RECEIPTS, OUTLAYS AND THE DEFICIT/SURPLUS BY MONTH OF THE U.S. GOVERNMENT (IN MILLIONS)

ACCOUNTING DATE:  08/13

PERIOD                                                                     RECEIPTS                OUTLAYS    DEFICIT/SURPLUS (-)
+  ____________________________________________________________  _____________________  _____________________  _____________________
PRIOR YEAR

OCTOBER                                                                   163,072                261,539                 98,466
NOVEMBER                                                                  152,402                289,704                137,302
DECEMBER                                                                  239,963                325,930                 85,967
JANUARY                                                                   234,319                261,726                 27,407
FEBRUARY                                                                  103,413                335,090                231,677
MARCH                                                                     171,215                369,372                198,157
APRIL                                                                     318,807                259,690                -59,117
MAY                                                                       180,713                305,348                124,636
JUNE                                                                      260,177                319,919                 59,741
JULY                                                                      184,585                254,190                 69,604
AUGUST                                                                    178,860                369,393                190,533
SEPTEMBER                                                                 261,566                186,386                -75,180

YEAR-TO-DATE                                                          2,449,093              3,538,286              1,089,193

CURRENT YEAR

OCTOBER                                                                   184,316                304,311                119,995
NOVEMBER                                                                  161,730                333,841                172,112
DECEMBER                                                                  269,508                270,699                  1,191
JANUARY                                                                   272,225                269,342                 -2,883
FEBRUARY                                                                  122,815                326,354                203,539
MARCH                                                                     186,018                292,548                106,530
APRIL                                                                     406,723                293,834               -112,889
MAY                                                                       197,182                335,914                138,732
JUNE                                                                      286,627                170,126               -116,501
JULY                                                                      200,030                297,627                 97,597
AUGUST                                                                    185,370                333,293                147,923

YEAR-TO-DATE                                                          2,472,542              3,227,888                755,345





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DATE: 2013-09-10 TIME: 22.20.05                                                                                         PAGE   1(1)

Dan Mitchell Testifying to the Joint Economic Committee about the Debt Ceiling

It’s Simple to Balance The Budget Without Higher Taxes

Federal workers face new furloughs if government shuts down

Conservative Mark Levin on a possible government shutdown

Govt Shutdown Showdown – House Bill Would Delay Obamacare By One Year – Louie Gohmert (R)

Funding Government by the Minute

Will Taxing the Rich Fix the Deficit?

Why Not Print More Money?

Milton Friedman – Why Tax Reform Is Impossible

United States Government Shutdown Over Health Debate

29 09 2013  Syria News , The Government Shutdown to Come    WSJ Opinion

Ted Cruz: Killing Obamacare for one year is ‘the essence of a compromise’

House sends stopgap back to Senate 48 hours before shutdown

By Mike Lillis

House Republicans approved a stopgap spending bill that delays ObamaCare in  an early-morning Sunday vote that increases the chances of a government  shutdown.

The high-stakes GOP move intensifies a game of chicken with Senate Democrats  with just 48 hours to go before the lights could go out on the federal  government.

The White House threatened to veto the measure, while Senate Majority Leader  Harry Reid (D-Nev.) proclaimed it dead in the upper chamber.

The imminent deadline, combined with the prolonged impasse, has led some  lawmakers to predict a shutdown is all but inevitable.

“In candor … when the clock strikes midnight on Monday, the place is shutting  down,” Rep. Robert Andrews (N.J.), head of the Democrats’ Steering and Policy  Committee, said Saturday night.

The House added language delaying implementation of the healthcare law by a  year in a 231-192 vote, with Democratic Reps. Jim Matheson (Utah) and Mike  McIntyre (N.C.)  joining Republicans. Two Republicans voted against the  delay, Reps. Chris Gibson (N.Y.) and Richard Hanna (N.Y.).

The House also voted to eliminate a tax on medical devices in a 248-174 vote,  with 17 Democrats joining the GOP. The tax is intended to pay for some of the  law’s costs. Gibson switched his vote from no to yes toward the end of the  vote.

Under the rule adopted earlier in the day, the underlying spending bill was  deemed passed with the approval of the two amendments.

Unveiled by GOP leaders just hours earlier, the continuing resolution (CR)  would fund the government through Dec. 15. It would delay the individual  coverage mandate and the insurance exchanges which are set to launch on Tuesday  – and eliminate a 2.3 percent tax on medical devices.

Republican supporters said the ObamaCare delay is necessary to prepare a wary  public for sweeping changes that lack the underlying infrastructure to make them  work. They framed their postponement proposal as a compromise, relative to the  defunding measure they had pushed earlier in the month.

“This bill is not about whether ObamaCare is going to come in or not,” said  Rep. Dana Rohrabacher (R-Calif.). “What we’re voting on is whether or not you’ll  accept the compromise which we have reached out to offer.”

The argument didn’t sit well with Democrats, who were quick to note that the  sequester-level spending contained in the Senate-passed bill – a level anathema  to many Democrats – is the same as that of the initial House CR.

“You’ve won,” said Minority Whip Steny Hoyer (D-Md), “but you can’t take yes  for an answer.”

A separate bill, designed to ensure that military personnel are paid even if  a shutdown is not averted, was also approved in a unanimous vote.

Republicans characterized the bill as a safety net in the event Congress  can’t reach a deal. Democrats countered with charges that the proposal is  evidence that the GOP’s CR strategy is designed to shutter the government.

The CR package was designed to cater to conservative Republicans, who have  insisted that any spending package must scale back ObamaCare. Those  conservatives had revolted earlier in the month when Speaker John Boehner  (R-Ohio) tried to move a funding bill without that direct link.

The resistance forced GOP leaders to approve a CR last week that would have  defunded the healthcare law – language that was stripped by Senate Democrats  Friday, putting the ball back in Boehner’s court.

At a closely watched meeting of the GOP conference Saturday afternoon in the  Capitol basement, Boehner outlined his hard-line strategy, leading to cheers  from a conference that’s often been wary of his conservative credentials.

“This is exactly what we hoped for so we’re all getting behind leadership,”  said Rep. Michele Bachmann (R-Minn.), a Tea Party favorite. “We’re excited [and]  we’re united.”

The bill now moves back to the Senate, where Reid is expected to scrap the  two healthcare amendments with a single vote on Monday, when the Senate returns,  and return the “clean” CR, yet again, to Boehner and House Republicans.

“To be absolutely clear, the Senate will reject both the one-year delay of  the Affordable Care Act and the repeal of the medical device tax,” Reid said in  a statement. “After weeks of futile political games from Republicans, we are  still at square one: Republicans must decide whether to pass the Senate’s clean  CR, or force a Republican government shutdown.”

That move could potentially come just hours before the Tuesday shutdown.

“ObamaCare is based on limitless government, bureaucratic arrogance, and a  disregard of the will of the people,” said Rep. Marlin Stutzman (R-Ind.).

The 17 Democrats who voted to eliminate the medical device tax were McIntyre,  Matheson, Ron Barber (Ariz.), Tammy Duckworth (Ill.), John Barrow (Ga.), Dan  Maffei (N.Y.), Patrick Murphy (Fla.), Cheri Bustos (Ill.), John Delaney (Md.),  William Enyart (Ill.), Sean Maloney (N.Y.), Jerry McNerney (Calif.), Bill Owens  (N.Y.), Scott Peters (Calif.), Nick Rahall (W.Va.), Bradley Schneider (Ill.) and  Kyrsten Sinema (Ariz.).

Rep. Elijah Cummings (Md.), the top Democrat on the House Oversight  Committee, said in a statement early Sunday that Republicans “failed the  American people.”

“They voted to shut down the government, all because of their obsession with  taking away health insurance for millions of people and giving back to insurance  companies the power to decide who gets what care. In their blind pursuit of  ideology over our nation’s best interests, Republicans are hurting our economy,  threatening job creation, and leaving families with less security and  stability,” Cummings said.

Read more: http://thehill.com/homenews/house/325331-house-sends-stopgap-back-before-senate-48-hours-to-shutdown#ixzz2gJOLOkn2 Follow us: @thehill on Twitter | TheHill on Facebook

U.S. government shutdowns have long history

OK, gridlocked politicians we’re used to. But why padlock the Statue of Liberty? You don’t see other democracies shuttering landmarks and sending civil servants home just because their political parties can’t get along. Belgian civil servants, for example, carried on nicely for a year and a half while their politicians bickered over forming a new government.

The potential for a partial shutdown Tuesday is a quirk of American history. So if you’re bored with blaming House Republicans or President Barack Obama, you can lay some responsibility on the Founding Fathers.

Or blame President Jimmy Carter for his rectitude. Or ex-House Speaker Newt Gingrich for his hissy fit over how he got off Air Force One.

A history of government shutdowns, American-style:

1789: Balance of powers.

The framers of the Constitution gave Congress control over spending as a way to limit the power of the presidency. The government can only spend money “in consequence of appropriations made by law,” or in other words, after Congress says so and with the president’s signature.

1800s: Power struggles.

Turns out it’s not easy to shoo federal bureaucrats away from the piggy bank.

When they wanted to spend more than Congress gave, the War Department and other agencies ordered stuff on credit. Then they would go to Congress seeking an appropriation to pay the bills. Lawmakers felt obliged to cover the government’s debts, but they weren’t happy about it. The executive branch was undermining Congress’s power of the purse.

Congress responded with a series of laws that eventually got one of those dreadful Washington monikers: the Anti-Deficiency Act.

Because of the act, officials who mistakenly spend money Congress hasn’t OK’d face disciplinary action, ranging from firing to hours stuck in mind-numbing budget training. There are exceptions for spending to protect lives or property.

But willful overspending is a crime that carries the threat of fines and two years in prison.

1900s: A delicate balance.

The Anti-Deficiency Act seems clear. But as usual, Congress sent mixed messages. Lawmakers routinely failed to pass most of each year’s dozen or so appropriations bills on time. Sometimes agencies went a full year without a budget. Usually lawmakers would smooth that over with a short-term money approval, called a “continuing resolution” in Washington-speak.

Sometimes Congress couldn’t even agree on those: Stopgap resolutions got tangled up for days or a couple of weeks in political fights over matters such as abortion, foreign aid or congressional pay raises. Sort of like the current fight over health care.

But government agencies didn’t shut down and Cabinet secretaries weren’t led away in handcuffs. Agency chiefs might delay workers’ pay and put items such as travel and new contracts on hold. But they assumed Congress didn’t want them to turn off the lights and go home. Eventually lawmakers would cough up a spending bill to retroactively paper over the funding gap.

1980: An inconvenient truth.

This look-the-other-way system worked for decades. Until the Carter administration.

A stickler for the rules, Carter asked his attorney general to look into the Anti-Deficiency Act. In April 1980, Attorney General Benjamin Civiletti issued a startling opinion. “The legal authority for continued operations either exists or it does not,” he wrote.

When it does not, government must send employees home. They can’t work for free or with the expectation that they will be paid someday. What’s more, Civiletti declared, any agency chief who broke that law would be prosecuted.

Five days later, funding for the Federal Trade Commission expired amid a congressional disagreement over limiting the agency’s powers. The FTC halted operations, canceled court dates and meetings, and sent 1,600 workers packing, apparently the first agency ever closed by a budget dispute.

Embarrassed lawmakers made a quick fix. The FTC reopened the next day. The estimated cost of the brouhaha: $700,000.

Carter, a Democratic president forever stymied by his own party in Congress, ordered the whole government to be ready to shut down when the budget year ended on Oct. 1, 1980, in case lawmakers missed their deadline for appropriations bills.

A report by what’s now the Government Accountability Office captured federal officials’ dismay: “That the federal government would shut its doors was, they said, incomprehensible, inconceivable, unthinkable.”

It almost happened. Funding for many agencies did expire, but just for a few hours, and nobody was sent home.

Near the end of his term, Civiletti further clarified the law’s meaning. In a government-wide shutdown, the military, air traffic control, prisons and other work that protects human safety or property would continue. So would things such as Social Security benefits, which Congress has financed indefinitely.

1981-1990: Playing chicken.

With the threat of shutdown as a weapon, budget fights would never be the same, and a big one was brewing.

Republican Ronald Reagan moved into the White House in January 1981 with a promise to cut taxes and shrink government, setting up a showdown with Democrats who ran the House.

High noon came early on Monday, Nov. 23, 1981.

The government had technically been without money all weekend, but Congress approved emergency spending to keep it running. That morning, Reagan wielded his first veto. He was making a stand against “budget-busting policies,” the president declared, sending confused federal workers streaming out of offices in Washington and across the nation.

It was the first government shutdown. But it lasted only hours. By that afternoon, Congress approved a three-week spending extension more to Reagan’s liking. Workers returned Tuesday morning. The estimated cost: more than $80 million.

The pattern was set. Over his two terms, Reagan and congressional Democrats would regularly argue to the brink of shutdown, and twice more they sent workers home for a half-day.

President George H.W. Bush used the tactic only once, during the budget wrangling that punctured his “no new taxes” pledge.

That partial shutdown over the 1990 Columbus Day weekend mostly served to miff tourists who found national park visitor centers locked and Smithsonian museums closed.

Shutdown threats were becoming ho-hum, just more Washington games. After all, what politician would relish a full body plunge into the “unthinkable”?

1995-96: The real thing.

Cue President Bill Clinton and Gingrich.

Two big men with big ideas and big-time egos, the Democratic president and the Republican House speaker charged into a cage match and ended up wrestling the U.S. government to the ground. Twice.

These two shutdowns, for six days and 21 days, were the longest ever. Until now they were assumed to have taught politicians the folly of ever again powering down the world’s most powerful government. Maybe not.

Serious issues were at stake in 1995 — the future of Medicare, tax cuts, aid for the poor, the budget deficit. But they got lost in the absurdities:

The shutdowns didn’t save money; they cost millions.

Despite all the buildup, most of government didn’t close, because of complexities of the federal budget and exemptions for essential workers.

Still, the first shutdown resulted in 800,000 workers eventually getting paid for staying home.

Despite public disgust, Clinton and the Republicans failed to settle all their disputes and soon idled 280,000 employees for another three weeks, through Christmas and into the New Year.

The effects rippled through the economy, harming federal contractors and businesses that serve visitors to national parks and industries that must work with federal inspectors.

The tone of the whole exercise was set when a huffy Gingrich suggested he had steered the government to a standstill because Clinton relegated him to the back door of Air Force One on an overseas trip. The public tantrum delighted Democrats and cartoonists alike.

The president was judged to have “won” the tussle. Republicans took a drubbing in the polls and ended up accepting most of Clinton’s conditions in a compromise that seemed more like crying uncle.

But faith in government may have been the biggest loser.

A footnote: On the January day that missing workers were scheduled to finally return to their posts, the Northeast was just starting to dig out from an extreme blizzard.

After weeks of insisting it was vital to get government back to work quickly, Clinton decided to keep Washington closed another four days.

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Richland Celebrates Constitution Day

By Raymond Thomas Pronk

Constitution_page_1

United States Constitution   Credit: historicdocumentsofamerica.com

Richland students celebrated Constitution day Sept. 17 by learning how the United States goes to war.

Dr. Edward J. Harpham, associate provost and professor of political science at the University of Texas at Dallas, presented a lecture and answered questions on how the Constitution and Wars Powers Resolution of 1973 applies to the possible use of military force in Syria. Harplam earned his masters and doctorate degrees in political science from Cornell University.

President Barack Obama initially sought a Congressional resolution authorizing military operations against the Assad regime in Syria for using chemical weapons against his people. The Assad regime had crossed the red line set by Obama in a press conference on Aug. 20, 2012.

However, Obama in his Sept. 10 televised address to the nation on Syria asked congressional leaders to postpone a vote on a resolution authorizing the use of force. Obama wanted time for Secretary of State John Kerry to pursue a diplomatic initiative proposed by Russia and agreed to by Syria that could lead to the eventual destruction of chemical weapons controlled by the Syrian military.

In the absence of an emergency, where Congress has no time to react, Obama does not have the legal authority under the Constitution, the War Powers Resolutions or a United Nation’s Security Council resolution funded by Congress, to unilaterally attack Syria.

In a future military crisis a problem might arise if Congress votes down a presidential request for military action and the president ignores Congress and proceeds with military operations anyway.

Harpham concisely summarized the history of the authorities used by U.S. presidents to go to war and possible solutions to the shortcomings of the War Powers Resolution process.

Article 1, Section 8, Clause 11 of the Constitution gives Congress the power to declare war. Congress has exercised this power only five times: for the War of 1812 upon the United Kingdom, the Mexican-American War, the Spanish-American War, World War I upon Germany and Austria-Hungary and World War II upon Japan, Germany, Italy, Bulgaria, Hungary and Romania.

However, the United States has used military force many  times without Congress declaring war. Instead, Congress passes resolutions authorizing the use of military force. This was done for the Lebanon crisis of 1958, the Vietnam War, Multinational Force in Lebanon in 1983, the Gulf War in 1991, the 2001 war in Afghanistan and the Iraq War.

Congress has also authorized funds for extended military operations for United Nations Security Council Resolutions such as the Korean War, the Multinational Force in Lebanon in 1978, the Gulf War, the Bosnian War in 1992 and the intervention in Libya in 2011.

On more than 100 occasions presidents acting in their capacity as commander in chief have authorized the deployment of troops and the use of military force without a congressional declaration of war or a resolution authorizing military force.

After the withdrawal of American troops from Vietnam in 1973, Congress wanted to limit the power of the president to deploy troops for extended periods of time without a congressional declaration of war or resolution.

In 1973 Congress passed the War Powers Resolution of 1973, a joint resolution over the veto of President Richard M. Nixon.  When Congress has not declared war or authorized  the use of military force, the law requires the president to notify Congress within 48 hours of committing armed forces to military action. It also prohibits armed forces for remaining more than 60 days but allows an additional 30 days as a withdrawal period.

Harpham offered several possible solutions to the War Powers Resolution process, including revoking the law and replacing it with a new law or preferably a constitutional amendment that would address the president’s use of force where a military emergency, Congressional declaration of war, resolution or funding has not been authorized.

Harpham’s presentation will be posted on the Richland Chronicle Television archives for those who missed the lecture (richlandchronicle.com/chronicletv).

Raymond Thomas Pronk presents the Pronk Pops Show on KDUX web radio from 4-5 p.m. Monday thru Thursday and from 3-5 p.m. Friday and authors the companion blog http://www.pronkpops.wordpress.com. You can listen to an interview with Harpham on the Pronk Pops Show 131, Sept. 17, by going to http://www.pronkpops.wordpress.com.

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