Banking

Bill Bonner — Hormegeddon: How Too Much of a Good Thing Leads To Disaster — Videos

Posted on July 13, 2019. Filed under: American History, Banking, Blogroll, Books, Business, College, Communications, Computers, Computers, Congress, conservatives, Constitution, Corruption, Crime, Culture, Economics, Education, Elections, Employment, Energy, Faith, Family, Farming, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, Freedom, Friends, government, government spending, Health, history, History of Economic Thought, Immigration, Investments, Journalism, Language, Law, liberty, Life, Links, Literacy, Macroeconomics, media, Microeconomics, Monetary Policy, Money, Money, Narcissism, Newspapers, Non-Fiction, People, Philosophy, Photos, Plays, Police, Political Correctness, Politics, Presidential Candidates, Programming, Psychology, Radio, Radio, Rants, Raves, Raymond Thomas Pronk, Regulations, Reviews, Security, Talk Radio, Tax Policy, Taxation, Taxes, Technology, Terrorism, Trade, Trade Policiy, Transportation, Wealth, Writing | Tags: , , , , , , , |

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Why Public Policy Always Ends in Disaster

It’s Hormeggedon! What Happens When Public Policy Passes the Point of No Return

Bill Bonner Interview: hold on to your cash, the real financial crisis is yet to come

Bill Bonner on the financial markets WORLD.MINDS INTERVIEW

How to Profit from the Death of Retail. Guest Bill Bonner.

Bill Bonner (author)

 MoneyWeek magazine,[2] and his daily financial column Bill Bonner’s Diary.[3]

Contents

Biography

Bonner was born in 1948.[4] He attended the University of New Mexico and Georgetown University Law School, and he began work with Jim Davidson, at the National Taxpayers Union.[citation needed]

Bonner was a director of MoneyWeek from 2003 to 2009.[4]

Works

Bonner co-authored Financial Reckoning Day: Surviving The Soft Depression of The 21st Century and Empire of Debt with Addison Wiggin. He also co-authored Mobs, Messiahs and Marketswith Lila Rajiva. The latter publication won the GetAbstract International Book Award for 2008.[5] He has previously co-authored two short pamphlets with British media historian, John Campbell, and with The Times former editor, Lord William Rees-Mogg, and has co-edited a book of essays with intellectual historian, Pierre Lemieux.[6]

In his two financial books, as well as in The Daily Reckoning, Bonner has argued that the financial future of the United States is in peril because of various economic and demographic trends, not the least of which is America’s large trade deficit. He claims that America’s foreign policy exploits are tantamount to the establishment of an empire, and that the cost of maintaining such an empire could accelerate America’s eventual decline. Bonner argues in his latest book that mob and mass delusions are part of the human condition.[citation needed]

Bonner warned in 2015 that the credit system, which has been the essential basis of the US economy since the 1950s, will inevitably fail, leading to catastrophic failure of the banking system.[7][8]

In June 2016, Bill Bonner, via his company Agora, paid for an advertisement on Reuters describing a new law that would not allow Americans to take money out of their own USA accounts. The ad reads: “New Law Cracks Down on Right to Use Cash. Americans are reporting problems taking their own money out of US banks.” The advertisement does not cite the law (the Foreign Account Tax Compliance Act or FATCA[9]) to which it refers.

References

  1. ^ “Bill Bonner, Author at LewRockwell LewRockwell.com”.
  2. ^ https://moneyweek.com/author/bill-bonner/
  3. ^ Bill Bonner’s Diary
  4. Jump up to:a bhttps://beta.companieshouse.gov.uk/company/04016750/officers
  5. ^ “getAbstract International Book Award”.
  6. ^ Bonner, Bill; Lemieux, Pierre (2003). The Idea of America. Agora Health Books. ISBN 1891434136.
  7. ^ “Bill Bonner: hold on to your cash, the real financial crisis is yet to come”. MoneyWeek. March 3, 2015.
  8. ^ Wiggins, Addison (June 29, 2015). “When Genius Fails Again”. Forbes. Retrieved December 1, 2016.
  9. ^ Sahadi, Jeanne (June 4, 2015). “You’ve never seen IRS penalties like these”CNNMoney. Retrieved 2016-08-01.

External links

https://en.wikipedia.org/wiki/Bill_Bonner_(author)

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Sidney Powell — License to Lie: Exposing Corruption in the Department of Justice — Videos

Posted on August 4, 2018. Filed under: Banking, Blogroll, Books, College, Communications, Congress, Constitution, Corruption, Crime, Crisis, Culture, Economics, Education, Elections, Employment, Faith, Federal Bureau of Investigation (FBI), Federal Government, Federal Government Budget, Fiscal Policy, Macroeconomics, Monetary Policy, Money, Non-Fiction, Radio, Tax Policy | Tags: , , , , , , , , , , , |

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LICENSED TO LIE: Exposing Corruption in the Department of Justice

‘Licensed to Lie’: Book Event with Sidney Powell

GRPC 2017 Licensed to Lie

Let’s Talk With: Sidney Powell, author of “Licensed to Lie”

Corruption in the U S Legal System | Hannity | November 27, 2017

Former Federal Prosecutor Sidney Powell on the F B I & D O J

Is Loretta Lynch a good choice for Attorney General – Sidney Powell – theDove.us

Out of distrust and disdain, former FBI Director James Comey memorialized his conversations with President Donald Trump from Day1 in FBI memos to his FBI colleagues. Along with his coconspirators James Clapper, John Brennan and others, he planned to set up the incoming president.

Comey had already signed the bogus application for a FISA warrant on Carter Page in October 2016, and after his meeting with President-elect Trump on January 6, 2017, Comeyreported to Clapper. They deliberately placed the incoming president under a cloud of suspicion with leaks of an “investigation” of his connections with the Russians. For months, then, Comey refused to confirm what he repeatedly told the president privately—that Trump was not the subject of the investigation.

Meanwhile, at the request of Democrats in Congress, the Inspector General for the Department of Justice was investigating Comey and his FBI for their conduct of the Clintonemail “matter” for which both sides of the aisle wanted Comey fired.

President Trump fired Comey, finally, on May 9, 2017.

Within a week, on May 16, The New York Times reported that Comey had memos documenting that the president wanted him to shut down the investigation into General Michael Flynn, who had already resigned.

It wasn’t until June we would learn that Comey leaked the memos deliberately to “prompt” the appointment of a special counsel to investigate the whole “Trump-Russia collusion” story. Lacking the integrity even to do it himself, he used his friend and now lawyer Daniel Richman to contact the NY Times for him. Indeed, Comey shared the memos within the FBI and several “close associates.”

Astonishingly, the incomparable Comey immediately got what he wanted. Within 24 hoursof The New York Times story, Deputy Attorney General Rod Rosenstein appointed none other than Comey’s longtime friend and colleague Robert Mueller to be that special counsel which Comey wanted. What a coincidence!

Comey quickly consulted and coordinated with the FBI and Mueller upon his appointment as special counsel—if not before. Within five days, by May 22, 2017, The Hill was reporting that Mueller had been “briefed” on the memos. An unidentified Comey friend said that Mueller would not be surprised by Comey’s testimony before Congress.

Comey then gave that testimony, dropping the bombshell that he had deliberately leaked the memos through his friend at Columbia—precisely “to prompt the appointment of a special counsel.”

Of course, Comey neglected to mention when he testified before Congress that his friend Richman was also serving as a super-secret special employee of the FBI, with special access to the director, since sometime in 2015. Surely, it’s pure happenstance, this is also the time that abuses of the FISA intel escalated dramatically, and by the way, Donald Trump announced his campaign for president.

Appointment of a special counsel is not the kind of thing done overnight—especially when that particular special counsel would be leaving clients at a big law firm, and by the way, had just interviewed for the job of director of the FBI with the primary target of the special investigation. There was a plan.

Was the appointment of Mueller part of Comey’s plan?

How far back Comey’s communications with Mueller go on these issues? Comey recently admitted giving his memos to Mueller early in the process. Exactly how early was that?

Did he call buddy Bob after his first meeting with the president-elect where he set up Trump by informing him only of the “salacious and unverified” “Steele dossier” then ran to his car to begin his “diary” and reported to Clapper that he had completed that mission—causing CNN to run with the explosive story that the president-elect had been briefed on the “investigation”?

Did he call buddy Bob after his meeting with President Trump in which the president told him Flynn was “a good guy”?

We only recently learned from Comey’s illustrious book tour that he also leaked the memos to Patrick Fitzgerald—longtime friend, confidant, God-father to one of his daughters—and the special counsel who wrongfully convicted Scooter Libby. How handy is that? Patrick Fitzgerald is also mentioned in the Strzok-Page text messages as a possible special counsel if needed for Hillary.

Was buddy Bob one of the people like Richman and Fitzgerald to whom Comey “leaked” the FBI memos while he was still director of the FBI?

Comey’s admitted “leak” of the memos, his set-up of President Trump, his role in the FISA abuses and bogus application, and his whitewash of Clinton’s crimes implicate any number of federal criminal statutes, such as 18 U.S.C. §1001(false statements to Congress) and 18 U.S.C. §1503, 1505, or 1512 (varieties of obstruction of justice).

Comey knows the Inspector General of the Department of Justice is working on a mammoth report that will address what the FISA Court has already found to be serious abuses of the law by Comey’s FBI, Fourth Amendment violations against Americans, and violations of FISA by providing raw intel to two private contractors. The Inspector General’s investigation has already caused the replacement of the entire upper echelon of the FBI, including Deputy Director McCabe’s termination and criminal referral.

Yet, remarkably, the incomparable Comey does not seem to have a care in the world as he appears on every friendly platform available to him, preaches his “Higher Loyalty,” and says whatever he wants to say—including contradicting his statements to Congress and asserting now that House Intel Committee Chairman Devin Nunes effort to find the truth is “a danger” to the country.

Is James Comey so narcissistic that he thinks he is invulnerable? Or, has buddy Bob Mueller given him immunity like Comey and the Obama Department of Justice did for the Clinton cabal?

Inquiring minds want to know.

Sidney Powell, former federal prosecutor and veteran of 500 federal appeals, is the author of “LICENSED TO LIE: Exposing Corruption in the Department of Justice.” She is a Senior Fellow of the London Center for Policy Research and senior policy adviser for America First.

http://dailycaller.com/2018/05/15/has-mueller-given-comey-immunity/

MEET THE VERY SHADY PROSECUTOR ROBERT MUELLER HAS HIRED FOR THE RUSSIA INVESTIGATION

Sidney Powell | Former federal prosecutor

Long before Donald Trump ran for president or most people had heard of Paul Manafort, fabled Judge Alex Kozinski proclaimed a veritable epidemic of prosecutorial misconduct. The Wall Street JournalThe Los Angeles Times and even The New York Times joined the Kozinski chorus. Abuses of power by prosecutors have changed the balance of power in the United States Senate and sent countless innocent people to prison.

Prosecutors have unbridled discretion. With the stroke of a pen, they can indict and ruin anyone, while they enjoy immunity from suit and are rarely even rebuked.

Now, those close to the president have crossed the scope of a squad of prosecutors highly trained and experienced in abuses of that power — especially Andrew Weissmann, who just indicted Manafort and Richard Gates.

Mr. Weissmann has been portrayed recently as having “unimpeachable ethics” and as “the prosecutor you would want” if your family member was innocent. He was extolled for having “a hunch” that a former treasurer of Enron was “willing to say more” and would “cooperate.”

But what do the cases and indisputable facts show?

Let’s start with Mr. Weissmann’s “hunch” that young Enron treasurer Ben Glisan was ready to “cooperate.” Mr. Glisan was about 30 years old when Enron CFO Andrew Fastow — then a cover-boy for CFO Magazine — conned Glisan into one of Fastow’s fraudulent get-rich-quick schemes.

Mr. Glisan was an easy squeeze for prosecutors like Mr. Weissmann who honed for their own uses the tactics of organized crime bosses they convicted. Ben Glisan had made a fast million dollars, had a young family, and he was guilty. Weissmann charged him quickly with an onerous 26 counts. Mr. Glisan pleaded guilty to a five-year count and just wanted to do his time. The problem was he refused to “cooperate” with Mr. Weissmann.

Federal authorities took Mr. Glisan to prison. He was placed straight into solitary confinement — a hole of a cell with a slit for light and barely enough room to stand. Men far tougher than Ben Glisan will tell you that 24 hours in solitary confinement can drive a man insane.

Mr. Weissmann and his Enron Task Force left Mr. Glisan in solitary for almost two weeks. The broken Ben Glisan then faced hardened criminals in the daily prison population. That is how Mr. Weissmann got that “hunch.”

As for “the prosecutor you would want if you were innocent,” four former Merrill Lynch executives beg to differ. Mr. Weissmann ran the grand jury interrogating many of the witnesses and at least one of the defendants. He then sat in the courtroom with his arm around Houston Chronicle reporter Mary Flood and oversaw every aspect of the prosecution. The prosecutors obtained convictions against Merrill Lynch employee Bill Fuhs and three superiors.

Mr. Fuhs, like Ben Glisan, was about 30 years old with a young family. He had steadfastly maintained his innocence and merely handled the paperwork for a transaction which had been taken through all the steps within Merrill Lynch by Merrill’s own in-house counsel.

Weissmann’s team vehemently argued against allowing the defendants bail pending their appeals. They sent Bill Fuhs to a maximum security federal transfer facility with the worst federal prisoners imaginable — hundreds of miles from his little children.

Eight months later, the Fifth Circuit Court of Appeals completely exonerated Mr. Fuhs and ordered his release from prison within three weeks of the oral argument — before the court even issued its decision.

Mr. Fuhs will not speak of what he endured.

The Fifth Circuit held that the conduct of the Merrill defendants was not criminal as charged — and the indictment was “flawed.”

Mr. Weissmann had made up a crime.

The Merrill executives suffered up to a year of wrongful imprisonment.  They were allreleased.

As for Mr. Weissmann’s ethics, the ethical rules to which prosecutors are supposed to be held require the prosecutor to disclose all evidence that may be helpful to a defendant. Mr. Weissmann and his team did the opposite.

They yellow-highlighted the statements of witnesses most helpful to the defense long before the trial. They threatened those witnesses with indictments which kept them from talking with the defense, and they gave the defendants incomplete and affirmatively misleading “summaries” of what those witnesses would say.

The Fifth Circuit held the prosecutors “plainly suppressed” evidence favorable to the defense — enough for an ethics violation but not for reversal of the only two convictions that survived the first appeal while the evidence was still hidden.

One of the country’s leading legal ethics experts, Bill Hodes, filed a substantial grievancewith hundreds of pages of exhibits against Mr. Weissmann with the New York Bar. (I co-signed.)

At the time, Mr. Mueller had already brought Mr. Weissmann under his wing at the FBI, so the Department of Justice was defending Mr. Weissmann against the grievance for which he could have been disbarred.

What happened to that grievance?  The New York Bar kept it for several months.

Unexpectedly, we received a declination letter from the “Office of Professional Responsibility” for the Department of Justice. With no notice, the New York Bar had slipped the grievance to the Department of Justice to decide a serious complaint that the Department of Justice was defending.

The federal swamp is deep, dense, and deceiving. It is infested with a corrupt cabal that protects its own, and it can’t be drained fast enough.

Sidney Powell (@SidneyPowell1) was a federal prosecutor in three districts under nine U.S. attorneys from both political parties, then in private practice now for more than 20 years. She is a past president of the Bar Association of the 5th Federal Circuit and of the American Academy of Appellate Lawyers. A veteran of 500 federal appeals, she published “Licensed to Lie: Exposing Corruption in the Department of Justice.” She consulted with Arthur Andersen on appeal and represented one of the Merrill Executives.

http://dailycaller.com/2017/11/20/meet-the-very-shady-prosecutor-robert-mueller-has-hired-for-the-russia-investigation/

A calculated corruptor of justice

Eric Holder leaves a hideous scar on the face of justic

Illustration on Holder's contempt for justice while attorney general by Alexander Hunter/The Washington Times
Illustration on Holder’s contempt for justice while attorney general by Alexander Hunter/The Washington Times more >
– – Thursday, April 23, 2015

ANALYSIS/OPINION:

The first attorney general to be held in contempt of Congress has demonstrated shocking contempt for the law, and the ability to abuse and corrupt it for the political and social agenda of this president. He has assaulted freedom of speech and press at every turn, stonewalled all investigations into widespread corruption within the administration, undermined and obstructed the work of the agencies’ own inspectors general, and targeted individuals who dared challenge any of it. He has tirelessly protected and promoted corrupt prosecutors and scattered ticking time bombs.

Ironically, it was April 1, 2009, when newly sworn Attorney General Eric Holder proclaimed he was dismissing the indictment against former United States Sen. Ted Stevens. He claimed that he did so “in the interest of justice,” and that he would “clean up” the Department of Justice, whose wrongful prosecution of the senator was corrupted by the misconduct of the prosecutors themselves.

Judge Emmet Sullivan, who had presided over the senator’s trial, dismissed the indictment. The prosecutors had engaged in “the most egregious misconduct” he had seen in 25 years on the bench. Judge Sullivan appointed a special prosecutor to investigate the department and its ironically named Public Integrity Section. That investigation uncovered “systematic and intentional concealment of evidence” by the prosecutors.

Of course, Eric Holder immediately fired the prosecutors who had fabricated evidence, suborned perjury, hidden evidence that proved Stevens’ defense, and cost him his seat in the United States Senate. And of course, Mr. Holderconfessed error in the cases of other Alaskans whose convictions the same team of prosecutors had corrupted by using the same witnesses and hiding the same evidence.

Well … actually, no.

Mr. Holder’s prosecutors claimed that the government’s misconduct, deceit and likely obstruction of justice didn’t matter — it wasn’t “material” in the cases of Alaskans Pete Kott and Vic Kohring. That produced two reversals by the 9th U.S. Circuit Court of Appeals and two scathing separate opinions by Judge Betty Fletcher, who would have dismissed the indictments because of “the reprehensible nature of [the department‘s] acts and omissions.”

As for the Stevens prosecutors who were found to have committed intentional misconduct (tantamount to obstruction of justice or subornation of perjury), one served a one-day suspension before the paltry sanctions were reversed on a technical failure of the department itself. Three still work in the department; four moved on to lucrative positions elsewhere.

Eric Holder leaves the department littered with corrupted prosecutions and prosecutors, his own contempt of Congress, numerous Supreme Court reversals and scathing rebukes from federal judges.

The Project on Government Oversight has identified hundreds of instances of intentional or reckless prosecutorial misconduct in the last decade, and Mr. Holder refused to release so much as the names of the prosecutors. Mr. Holder has politicized the department beyond recognition and weaponized every federal agency under it. “Instead of enforcing the rule of law and following legal precedent, he has ignored and twisted the law to suit his president.”

Forty-seven inspectors general of the various agencies wrote an unprecedented letter to Congress to reveal this administration’s obstruction of their investigations.

Of course, there is the Fast and Furious cover-up, in which Mr. Holder asserts executive privilege for emails purportedly to his wife and his mother. Let’s not forget the Internal Revenue Service scandal and the absence of any real investigation of likely criminal conduct by Lois Lerner, others and perhaps the White House. Then there’s the fact that he’s prosecuted more reporters under the Espionage Act than all prior attorneys general put together.

To carry on his legacy of the calculated corruption of justice, he recently installed former Enron Task Force “terror” of a prosecutor Leslie Caldwell as head of the “world’s largest criminal conviction machine.” They have ensconced Andrew Weissmann as head of the powerful fraud section. Ms. Caldwell and Mr. Weissmann sharpened their fangs long ago prosecuting gangsters with none other than incoming Attorney General Loretta Lynch in the notorious Eastern District of New York, where the rules don’t apply to the prosecutors. Ms. Caldwell and Mr. Weissmann destroyed Arthur Andersen LLP and 85,000 jobs only to be reversed by a unanimous Supreme Court.

Mr. Holder leaves a tragic and hideous scar on the face of justice and a corrupt cabal of comrades in his place to perpetuate his Department of (Obstructing and Corrupting) Justice.

• Sidney Powell served for 10 years in the Department of Justice in three federal districts under nine U.S. attorneys from both political parties. Counsel in more than 500 federal appeals, she is the author of “Licensed to Lie: Exposing Corruption in the Department of Justice” (Brown Books, 2014).

https://www.washingtontimes.com/news/2015/apr/23/sindey-powell-eric-holder-corrupter-of-justice/

 

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Brexit Breaking British Establishment and Prime Minister May with Betrayal of Brexit — Videos

Posted on July 14, 2018. Filed under: Agriculture, Banking, Blogroll, Business, College, Communications, Computers, Congress, conservatives, Constitution, Corruption, Crime, Crisis, Culture, Diasters, Documentary, Education, Elections, Employment, Energy, Entertainment, External Hard Drives, Faith, Family, Farming, Food, Fraud, government spending, Health, Inflation, Investments, liberty, Life, Links, Literacy, Macroeconomics, media, Monetary Policy, Money, Natural Gas, Newspapers, Oil, Philosophy, Political Correctness, Politics, Radio, Radio, Rants, Raves, Raymond Thomas Pronk, Regulations, Resources, Reviews, Security, Strategy, Success, Systems, Tablet, Taxation, Taxes, Technology, Television, Wealth, Welfare, Wisdom, Work, Writing | Tags: , , , , , , , , , , , , |

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Nigel Farage on Trump’s ‘bombshell’ Brexit intervention

Brexit: Why Britain Left the European Union

Donald Trump casts doubt on how Brexit will go for Britain – Daily Mail

Donald Trump accuses PM of WRECKING Brexit during UK visit

Trump-May Wrecking Ball: President makes a series of critical comments to British newspaper

Susanna Reid Debates Steve Bannon over Trump’s Brexit Criticism | Good Morning Britain

Press conference : Donald Trump and Theresa May – BBC News

Jacob Rees-Mogg Answers Questions About Chequers Brexit Meeting

NIGEL FARAGE Turned up the heat on May’s Brexit paper – Makes a US trade deal ‘virtually impossible’

“This time – no more Mr Nice Guy” | Nigel Farage talks to James Whale over Brexit chaos

Rees-Mogg PRAISES Trump’s Brexit criticism for pointing out holes in May’s white paper

Theresa May’s Complete Brexit Betrayal

May Defends Brexit Amid Tory Chaos

Prime Minister Theresa May defends Brexit plan

Theresa May addresses David Davis and Boris Johnson resignations – Daily Mail

David Davis explains why he resigned as Brexit Secretary | ITV News

What’s next for Theresa May? – BBC Newsnight

Expert: UK would be in better position on Brexit if not for infighting | In The News

Another Brexit crisis moment for Theresa May

Tory civil war amid plot to bring down PM over Brexit policy

Brexit: Britain’s Great Escape

Brexit: A Very British Coup?

Nigel Farage on returning to politics, Trump, Theresa May and Article 50

Brexit The Movie

Trump tells Theresa May her soft Brexit plan will ‘kill’ any US trade deal after Britain leaves the EU, adds Boris will make a great PM and blames Sadiq Khan for terrorism in explosive start to UK visit

Donald Trump sent the Special Relationship into meltdown today after lobbing a series of extraordinary verbal hand grenades at Theresa May on his visit to the UK.

The US president tore up diplomatic niceties to deliver a series of crushing blows to the PM, warning that her soft Brexit plan would ‘kill’ a trade deal with the US – and heaping praise on Boris Johnson, who quit in protest earlier this week.

Rampaging unapologetically into domestic politics, Mr Trump said Mrs May had ignored his advice to face down the EU in negotiations and condemned slack controls on immigration.

The bombshell intervention left ministers struggling to come up with a response, just hours before Mrs May is due to host the president at Chequers for talks on the second anniversary of her premiership.

Downing Street is braced for him to double down on his criticism at a joint press conference in what could be a devastating humiliation as she struggles to cling on to power amid a huge revolt by Tory Eurosceptics.

Foreign Office minister Alan Duncan was sent out to try to put a brave face on the embarrassment this morning, stretching credibility by insisting the government did not regard Mr Trump’s behaviour as ‘rude’.

‘Donald Trump is in many ways a controversialist, that’s his style, that’s the colour he brings to the world stage,’ he told BBC Radio 4’s Today programme.

Chancellor Philip Hammond, in Brussels for meetings, suggested the president had not yet studied the government’s Brexit plans properly.

But many MPs made no effort to hide their outrage – with universities minister Sam Gyimah tweeting: ‘Where are your manners, Mr President?’

Tory backbencher Sarah Wollaston raged that Mr Trump was ‘determined to insult’ Mrs May. In a sign of the growing chaos in UK politics, shadow foreign secretary Emily Thornberry also leapt to Mrs May’s defence, branding him ‘extraordinarily rude’.

 ‘She is his host. What did his mother teach him?’ Mrs Thornberry said.

US President Donald Trump and First Lady Melania Trump are welcomed at Blenheim Palace by Britain Prime Minister Theresa May and her husband Philip May

From left, first lady Melania Trump, President Donald Trump, British Prime Minister Theresa May and her husband Philip May watch during the arrival ceremony at Blenheim Palace

Awkwardly grabbing Theresa May hand – in a replay of their White House meeting last year – Trump was treated to a fanfare welcome by the Scots, Irish and Welsh Guards bands

Video playing bottom right…
President Trump's wife Melania wore a floor-length, pleated buttercup yellow gown for her first visit to Britain as First Lady

Trump and Melania in formal attire

President Trump and his wife walked hand-in-hand to Marine One which flew them from London to the evening’s gala dinner

US First Lady Melania Trump, US President Donald Trump, Britain's Prime Minister Theresa May and her husband Philip May stand on steps in the Great Court watching and listening to the bands of the Scots, Irish and Welsh Guards perform a ceremonial welcome

Theresa May has used a lavish welcome dinner for Donald Trump at Blenheim Palace to press her case for an ambitious new trade deal with the US after Brexit

Theresa May has used a lavish welcome dinner for Donald Trump at Blenheim Palace to press her case for an ambitious new trade deal with the US after Brexit

Britain's Prime Minister Theresa May (L) and her husband Philip May

Trump and May

Fanfare: Bandsmen from the Scots, Welsh and Irish Guards welcomed the Presidential party to Blenheim Palace last night

Dignitaries including International Trade minister Liam Fox (centre) awaited the President's arrival for the Blenheim dinner

Mr Trump’s outburst emerged last night just as Mrs May feted him at a lavish business dinner at Blenheim Palace – the family home of his hero Winston Churchill in Oxfordshire.

As the leaders posed for the cameras, even holding hands at one point, it was revealed that Mr Trump had launched a full-scale attack on Mrs May’s leadership in an interview with The Sun before arriving in Britain.

Giving a withering assessment of her Brexit plan to align with EU rules to ease trade and keep a soft Irish border, he said: ‘If they do a deal like that, we would be dealing with the European Union instead of dealing with the UK, so it will probably kill the deal. I actually told Theresa May how to do it, but she didn’t listen to me’.

Sources close to the president earlier warned that a lucrative transatlantic trade deal would be impossible if the UK keeps close ties with Brussels – effectively meaning Britain must choose between the US and EU.

In an interview with the British newspaper, Mr Trump said he thought Boris Johnson would make a ‘great prime minister’ and that he was ‘saddened’ the former foreign secretary was out of the government.

The president also renewed his war of words with Sadiq Khan, saying the London mayor has ‘done a very bad job on terrorism’.

He said he thought that allowing ‘millions and millions’ of people into Europe was ‘very sad’ and pointed to crime being ‘brought in’ to London, criticising the Labour mayor for failing to deal with it.

Europe, he added, is ‘losing its culture’ because of mass migration and warned it will never be the same again unless leaders act quickly.

‘Look around,’ he said. ‘You go through certain areas that didn’t exist ten or 15 years ago.’ He added: ‘Allowing the immigration to take place in Europe is a shame.’

The White House tried to go on cleanup duty after the explosive interview.

‘The President likes and respects Prime Minister May very much,’ White House press secretary Sarah Sanders said in a statement.

‘As he said in his interview with the Sun she ‘is a very good person’ and he ‘never said anything bad about her.’ He thought she was great on NATO today and is a really terrific person.’

Donald Trump and Theresa May give press conference at Chequers
Protests against Mr Trump are taking place in central London today, with a 'Baby Trump' blimp flying in Parliament Square

In an apparent plea to the president to remember his allies when he meets Vladimir Putin in Helsinki in Monday, May noted that Britain and America work closely together in the interests of their shared security, 'whether through targeting Daesh terrorists or standing up to Russian aggression'

She continued: ‘He is thankful for the wonderful welcome from the Prime Minister here in the U.K.’

Discussing protests – including the decision by anti-Trump activists to fly a giant blimp of the president wearing a nappy over the capital – he said they made him feel unwelcome in London.

He added that he used to love the city, but now feels little reason to go there because of the animosity directed towards him.

But he did say he respected the Queen, telling The Sun she is a ‘tremendous woman’ who has never made any embarrassing mistakes.

And the president also said he loves the UK and believes the British people ‘want the same thing I want’.

Mrs May had been trying to use the lavish welcome dinner for Mr Trump at Blenheim Palace to press her case for an ambitious new trade deal with the US after Brexit.

The president arrived in Marine One in a tuxedo alongside First Lady Melania, wearing a floor-length, pleated buttercup yellow gown.

Awkwardly grabbing Theresa May’s hand – in a replay of their White House meeting last year – Trump was treated to a fanfare welcome by the Welsh, Irish and Scots Guards’ bands.

The president was given a performance of Amazing Grace featuring a bagpipe solo during his red-carpet reception as well as Liberty Fanfare and the National Emblem.

Critics of the Prime Minister’s proposals for future relations with the EU claim that her willingness to align with Brussels rules on agricultural produce will block a US deal.

That is because Washington is certain to insist on the inclusion of GM crops and hormone-enhanced beef, which are banned in Europe.

But addressing the US president in front of an audience of business leaders at Winston Churchill’s birthplace, Mrs May insisted that Brexit provides an opportunity for an ‘unprecedented’ agreement to boost jobs and growth.

Noting that more than one million Americans already work for British-owned firms, she told Mr Trump: ‘As we prepare to leave the European Union, we have an unprecedented opportunity to do more.

Mrs May said that the history, language, values and culture shared by the UK and US 'inspire mutual respect' and make the two nations 'not just the closest of allies, but the dearest of friends'

A member of security cleans the limousine of U.S. President Donald Trump and First Lady Melania Trump at Blenheim Palace this evening 

President Trump is welcomed to Blenheim Palace by Theresa May
‘It’s an opportunity to reach a free trade agreement that creates jobs and growth here in the UK and right across the United States.

‘It’s also an opportunity to tear down the bureaucratic barriers that frustrate business leaders on both sides of the Atlantic.

‘And it’s an opportunity to shape the future of the world through co-operation in advanced technology, such as artificial intelligence.’

She also highlighted the importance of trans-Atlantic business links to a president who has sometimes seemed more interested in forging new links with former adversaries around the world than nurturing long-standing partnerships.

And she told the president: ‘The strength and breadth of Britain’s contribution to the US economy cannot be understated.

‘The UK is the largest investor in the US, providing nearly a fifth of all foreign investment in your country.

‘We invest 30 per cent more than our nearest rival. More than 20 times what China invests. And more than France and Germany combined.

‘That all means a great deal more than simply numbers in bank accounts.

Trump says May’s Brexit plan may not be what Britons ‘voted for’

The Duke of Malborough, James Spencer-Churchill (right in both photos above), with his son The Marquess of Blandford, who both welcomed the Trumps to their ancestral home Blenheim Palace

Defence Secretary Gavin Williamson arrives in a tuxedo at Blenheim Palace as President Donald Trump is given a formal welcome Defence Secretary Gavin Williamson arrives in a tuxedo at Blenheim Palace as President Donald Trump is given a formal welcome
Guests are expected to enjoy a meal of Scottish salmon, English beef and a desert of strawberries and cream. Pictured: William Hague arrives 

Foreign Secretary Jeremy Hunt and his wife Lucia arrive at Blenheim Palace, Oxfordshire, for a dinner hosted by Prime Minister Theresa May for President Donald Trump 

‘It means jobs, opportunities and wealth for hardworking people right across America.’

British firms represented at the Blenheim banquet alone employ more than 250,000 people in the US, she said.

Mr Trump earlier made clear that he did not approve of the softer stance the PM has been advocating despite fury from many Tory MPs.

‘Brexit is Brexit, the people voted to break it up so I would imagine that is what they’ll do, but they might take a different route. I’m not sure that’s what people voted for,’ Mr Trump said.

Mrs May dismissed the criticism as she departed the summit this afternoon, telling journalists: ‘We have come to an agreement at the proposal we’re putting to the European Union which absolutely delivers on the Brexit people voted for.

‘They voted for us to take back control of our money, our law and our borders and that’s exactly what we will do’.

Protesters against Donald Trump gather outside Blenheim Palace
The Presidential helicopter Marine One ferried the Trumps from the US ambassador's residence in London to Blenheim Palace

Protesters gathered at the security fence watch as US President Donald Trump and US First Lady Melania Trump leave in Marine One from the US ambassador's residence, Winfield House

Several protesters hold up their placards outside Blenheim Palace, where President Donald Trump will have dinner tonight

Anti-Trump activists gather outside the 'Ring of Steel' fence put up to secure the president when he stays in Regent's Park, London 

The protesters promised to create a 'wall of sound' outside the official US ambassador's residence. Above, a woman strikes a colander with a ladle while others hold up signs expressing disapprobation of the president

Mr Trump also said the UK was a ‘pretty hot spot right now’ with ‘lots of resignations’.

‘Brexit is – I have been reading about Brexit a lot over the last few days and it seems to be turning a little bit differently where they are getting at least partially involved back with the European Union,’ he said.

‘I have no message it is not for me to say…’

He added: ‘I’d like to see them be able to work it out so it can go quickly – whatever they work out.

‘I would say Brexit is Brexit. When you use the term hard Brexit I assume that’s what you mean.

‘A lot of people voted to break it up so I would imagine that’s what they would do but maybe they are taking a little bit of a different route. I don’t know if that’s what they voted for.

‘I just want the people to be happy…..I am sure there will be protests because there are always protests.’

Speaking about the prospect of demonstrations in the UK over his visit, Mr Trump told reporters: ‘They like me a lot in the UK. I think they agree with me on immigration.’

Anti-Trump protesters gather outside Blenheim Palace
Angry anti-Trump activists hold up signs and bang pots and colanders outside the US ambassador's Regent's Park residence 

Angry anti-Trump activists hold up signs and bang pots and colanders outside the US ambassador’s Regent’s Park residence

He added: ‘I think that’s why Brexit happened.’

Mrs May was joined at Blenheim by ministers including Chancellor Philip Hammond, Foreign Secretary Jeremy Hunt, Defence Secretary Gavin Williamson, Trade Secretary Liam Fox, Business Secretary Greg Clark, Transport Secretary Chris Grayling and her effective deputy David Lidington.

Boris Johnson missed out on a seat at the table by resigning as foreign secretary on Monday in protest at Mrs May’s Brexit policy, though Mr Trump has said he might try to speak to him during his visit.

Mrs May, dressed in an ankle length red gown and red high heeled shoes, and her husband Philip, in black tie, welcomed Mr Trump and wife Melania to the gala dinner on the first evening of the President’s working visit to the UK.

Mrs Trump was dressed in a floor length yellow ball gown.

In a near replay of their famous hand-holding at the White House, the president briefly took Mrs May’s hand as they went up the stairs into the palace.

The Trumps arrived from London by Marine One helicopter before being driven in the armoured presidential limousine, nicknamed The Beast, to the opulent 18th century palace near Woodstock in Oxfordshire.

Built for the Duke of Marlborough in recognition of his military victories and named a Unesco World Heritage Site, Blenheim is one of a series of historic architectural gems Mr Trump will visit on a four-day trip.

His arrival was marked by a military ceremony, with bandsmen of the Scots, Irish and Welsh Guards playing the Liberty Fanfare, Amazing Grace and the National Emblem.

Leaders of the financial services, travel, creative, food, engineering, technology, infrastructure, pharmaceutical and defence sectors were among around 100 guests who dined on Scottish salmon, English Hereford beef fillet and strawberries with clotted cream ice-cream.

Mrs May told him: ‘Mr President, Sir Winston Churchill once said that ‘to have the United States at our side was, to me, the greatest joy’.

‘The spirit of friendship and co-operation between our countries, our leaders and our people, that most special of relationships, has a long and proud history.

‘Now, for the benefit of all our people, let us work together to build a more prosperous future.’

Mrs May said that the history, language, values and culture shared by the UK and US ‘inspire mutual respect’ and make the two nations ‘not just the closest of allies, but the dearest of friends’.

Blenheim’s glorious history: From 18th century gift to a victorious general to birthplace of Winston Churchill

Presented by Queen Anne to the Duke of Marlborough, John Churchill in 1704, Blenheim Palace has always been a symbol of British pride.

The astonishing Oxfordshire pile has seen everything from Sir Winston Churchill’s birth in 1874 to two World Wars in which it acted both as a military hospital and a college for boys.

Churchill, who also married his wife, Clementine Hozier at the palace once said: ‘At Blenheim I took two very important decisions; to be born and to marry. I am content with the decision I took on both occasions…’

The baroque-style site set in 11,500 acres was listed as a World Heritage site by UNESCO in 1987 and is owned by 13 trustees including Sir Rocco Forte of Rocco Forte Hotels.

Currently the 12th Duke of Marlborough, Jamie Blandford, and his family live in a section of the palace, although he does not appear to be on the board of trustees.

The astonishing Oxfordshire pile has seen everything from Sir Winston Churchill’s birth in 1874 to two World Wars in which it acted both as a military hospital and a college for boys

Churchill, who also married his wife, Clementine Hozier at the palace once said: ‘At Blenheim I took two very important decisions; to be born and to marry. I am content with the decision I took on both occasions...’

Churchill, who also married his wife, Clementine Hozier at the palace once said: ‘At Blenheim I took two very important decisions; to be born and to marry. I am content with the decision I took on both occasions…’

In more recent years, Blenheim has been used as a set in a number of blockbuster films.

The famous ‘Harry Potter tree’ that appeared in Severus Snape’s flashback scene in Harry Potter and the Order of the Phoenix still stands in the palace grounds, despite fears the ancient Cedar had developed a deadly disease two years ago.

The palace’s additional film credits include the James Bond film, Spectre 007, in which it doubled as Rome’s Palazzo Cadenza, and Mission Impossible – Rogue Nation, in which the building’s Green Writing Room acted as the set for a crucial meeting between the British Prime Minister and a secret agent.

Perhaps Mission Impossible’s location team were inspired by the events of September 1940, when MI5 used Blenheim Palace as a real-life base.

Originally called Woodstock Manor, the land was given to the first Duke of Marlborough by the British in recognition of an English victory over the French in the war of the Spanish Succession.

A Column of Victory stands central to the 2,000 acres of parkland and 90 acres of formal garden landscaped by Lancelot ‘Capability’ Brown.

At 134ft-tall the monument depicts the first Duke of Marlborough as a Roman General.

Meanwhile the magnificent Baroque palace was designed by Sir John Vanbrugh who reportedly aimed to create a ‘naturalistic Versailles’.

In an apparent plea to the president to remember his allies when he meets Vladimir Putin in Helsinki in Monday, she noted that Britain and America work closely together in the interests of their shared security, ‘whether through targeting Daesh terrorists or standing up to Russian aggression’.

The Countess of Wessex’s Orchestra played British and American hits of the 20th century during dinner.

And Mr Trump, whose mother was Scottish, was due to be piped out by the Royal Regiment of Scotland as he and Melania left to spend the night at the US ambassador’s residence in London’s Regent’s Park.

Outside the palace gates, several hundred protesters waved banners and placards reading Dump Trump, Not Welcome Here, Protect children Not Trump and Keep Your Tiny Hands Off My P****!

Trump touched down in Britain for his first official visit early yesterday after landing at Stansted Airport

He said: ‘I think they like me a lot in the UK’

Most people, a number of whom said they worked at the embassy in London, were tight-lipped as they left a secured area in the park near the US ambassador’s residence, where Mr Trump and his wife Melania stayed overnight.

Some cited ‘job restrictions’ while another said he was wary of the press. But one woman said Mr Trump had given a ‘short speech’ which she described as ‘lovely’.

US President Donald Trump and First Lady Melania were given a guard of honour by the RAF after arriving in the UK today

US President Donald Trump and First Lady Melania were given a guard of honour by the RAF after arriving in the UK today

Earlier President Trump and Melania walked from Air Force One as they landed at Stansted Airport this afternoon
Britain's most elite counter terrorism police unit CTSFO are also shadowing the US President during his high-profile stay

The exterior of The Trump Arms public house in west London, formally named The Jameson, which has embraced the arrival of US President Donald Trump. Damien Smyth, from County Antrim in Northern Ireland, runs the establishment. He told the i newspaper: “America is our biggest ally. They’re our best friends in the world. They’d be the ones here first if something went wrong – not Germany, not France. I think these people protesting his visit are rude and insulting”

Donald Trump raises his fist in the air as he lands at the US Ambassador's historic London home at the start of his four-day tour
Donald Trump raises his fist in the air as he lands at the US Ambassador’s historic London home at the start of his four-day tour
Marine One carrying The Donald and his wife passes the BT Tower and comes in to land at the US Ambassador's central London residence this afternoon

Another man, who did not wish to give his name, said: ‘It was very complimentary to England and to the allies that we have, very positive.’

The US President, 72, who will meet the Prime Minister and Queen during a four-day red carpet visit, landed at Stansted Airport on Air Force One at just before 2pm and walked off hand-in-hand with First Lady Melania.

America’s Commander-in-Chief has 1,000 of his own staff in the UK and a giant motorcade led by his bomb-proof Cadillac nicknamed ‘The Beast’ as well as multiple helicopters including Marine One to fly him around.

The President and his First Lady were met on the tarmac by US Ambassador Woody Johnson and UK Trade Secretary Liam Fox before he was whisked off to Mr Johnson’s house near Regent’s Park.

Earlier Mr Trump gave an extraordinary press conference in Brussels after giving NATO leaders a bruising over defence cash, where he wrote off protesters and said Theresa May’s Brexit deal probably wasn’t what Britons voted for.

When asked about the threat of mass demonstrations he said: ‘I think it’s fine. A lot of people like me there. I think they agree with me on immigration. I think that’s why Brexit happened’.

President Donald Trump and First Lady arrive at Stansted Airport
Donald Trump salutes the US Marines who flew him from Stansted to Regent's Park in London on the first day of his four-day tour

Donald Trump salutes the US Marines who flew him from Stansted to Regent’s Park in London on the first day of his four-day tour

Mr Trump and Melania hold hands and talk to US Ambassador Woody Johnson, who will give them a place to stay tonight

Mr Trump and Melania hold hands and talk to US Ambassador Woody Johnson, who will give them a place to stay tonight

Marine One, the President's helicopter, is one of a large number of aircraft he has brought with him for the British visit (shown here landing with him inside)

His aerial entourage followed him, and included an Osprey helicopter carrying elite troops from the US Marine Corps protecting him in the UK

His aerial entourage followed him, and included an Osprey helicopter carrying elite troops from the US Marine Corps protecting him in the UK

Protesters, meanwhile, staged a noisy gathering near Winfield House where Trump and his wife Melania spent the night.

A large group of demonstrators adopted an alternative version of England’s World Cup anthem Three Lions as they sang and shouted, ‘He’s going home, he’s going home, he’s going, Trump is going home’ in Regent’s Park.

A wide range of campaigners, including unions, faith and environmental groups came together to unite in opposition to Mr Trump’s visit to the UK, organisers said.

Bells and whistles rang out alongside cheers and claps for speakers throughout the protest, staged near the US ambassador’s official residence, as the crowd was encouraged to shout loudly in the hope Mr Trump could hear.

Placards including ‘Dump Trump’ and ‘Trump not welcome’ were held aloft by the enthusiastic crowd before some began banging on the metal fence which has been erected in the park.

A clip of what organisers said was the sound of children crying at the US border after being separated from their parents was played and described by those listening as ‘disgusting’.

Donald Trump's motorcade speeds through Regent's Park led by elite British police from Scotland Yard

Marine One comes in to land at the US Ambassador's central London residence this afternoon, which sits next door to the London Central Mosque in Regent's Park (minaret pictured)

Days of protests are planned for The Donald's visit, including a march through central London tomorrow and everywhere he is visiting 

The 'Nuclear Football' - the suitcase containing the United States' nuclear codes - is shown being carried by a member of Trump's entourage after the president landed in Stansted 

This giant and controversial Trump balloon showing the world leader in a nappy will be flying over London this weekend

Sam Fullerton from Oklahoma said while Mr Trump may not see the protest from Winfield House which is set back inside the fenced-off area in the park, he hoped he would hear it or see it on television.

Mr Fullerton said: ‘He watches a lot of TV so he’ll see it on TV. Or they may be out in the backyard.’

His wife Jami, a Hillary Clinton supporter, said the protest was ‘democracy at its finest’.

‘I’m here to witness democracy outside of our own country to see how other democratic societies express themselves,’ she said.

‘I think it’s great. The British are pretty gentle people.’

John Rees, of the Stop The War group, described Mr Trump as a ‘wrecking ball’ as he addressed those gathered.

He said: ‘He’s a wrecking ball for race relations, he’s a wrecking ball for prosperity, he’s a wrecking ball for women’s rights, he’s a wrecking ball for any peace and justice in this world and we have to stop him.’

Some of those gathered said they planned to stay for Mr Trump’s return after the First Couple dine at Blenheim Palace with Theresa May.

http://www.dailymail.co.uk/news/article-5948311/Theresa-presses-Trump-post-Brexit-trade-deal-tears-bureaucratic-barriers.html

 

Brexit crisis – what´s next for Theresa May?

The resignations of Boris Johnson and David Davis over Theresa May’s Brexit plans have fuelled fevered speculation that the Prime Minister could face a leadership challenge. Here are some key questions answered:

– How would rivals launch a leadership challenge?

To trigger a no-confidence vote in the PM, 15% of Tory MPs must write to the chairman of the backbench 1922 Committee, currently Sir Graham Brady.

With 316 Conservative MPs in the House of Commons, Sir Graham must receive 48 letters to call a ballot.

– Are there enough?

According to reports, Sir Graham told a meeting on Monday night that he had not received the 48 letters required.

There are believed to be around 60 backbenchers in the Eurosceptic European Research Group (ERG), along with many others who would like to see a “harder” Brexit than the version set out at Chequers last week, making Mrs May vulnerable to an anti-EU revolt.

The ERG’s chairman, Jacob Rees-Mogg, has said he has not sent a letter to the 1922 Committee, and expects Mrs May to remain in office at least until Brexit Day in March 2019. Others may take their lead from him.

Brexit

– Who might take on the Prime Minister?

Mr Johnson and Mr Davis could be the front-runners in the event of a no-confidence vote, although other figures may launch bids of their own.

In his resignation letter, Mr Johnson did not back Mrs May to stay on as Prime Minister, while Mr Davis said she should.

According to the Daily Mail, Mr Rees-Mogg said on Monday night that Mr Johnson would make an “brilliant” prime minister.

– What if Mrs May refuses to stand aside?

If she chose to fight, she would need the support of more than 50% of Conservative MPs – currently 159 – in the confidence vote to stay in office.

But even if she achieved that threshold, a narrow victory would seriously undermine her authority and may lead her to question whether it was worth carrying on.

If she lost the vote, she would not be able to stand in the subsequent leadership contest, arranged by the chairman of the ’22.

– Why would critics not want to challenge Mrs May?

There are a number of issues that may make Eurosceptic critics hold back from an attempt to unseat the PM.

Theresa May holding a cabinet meeting in 2016

Theresa May holding a cabinet meeting in 2016

Aside from the loyalty which MPs naturally feel towards their leader, many are concerned that Mrs May’s removal could plunge the party into chaos, with no obvious replacement lined up, potentially setting the scene for Jeremy Corbyn to seize power in a new general election.

Some Brexiteers think the most crucial issue is to ensure that Britain actually leaves the EU in March next year, and feel that whatever arrangements Mrs May has secured can always be renegotiated once that point has been reached.

– What has she said?

Mrs May raised the prospect of a Jeremy Corbyn-led government to appeal for Tory unity on Brexit at a meeting of the ’22 on Monday night.

She said the alternative to the party coming together could be a left-wing Labour administration.

http://www.dailymail.co.uk/wires/pa/article-5936859/Brexit-crisis–s-Theresa-May.html

 

Ministers tell big business to stop ‘undermining’ Theresa May on Brexit in fears of increasing the risk of a bad deal with the EU

BY Georgina Downer

It’s been almost a year since the United Kingdom formally notified the European Union of its intention to leave the EU. Since then, the UK and EU have been engaged in intense negotiations about the mechanics of Brexit, all with a view to the UK’s formal departure on 29 March 2019. In the meantime, British Prime Minister Theresa May called a snap general election in June 2017 in order to boost her majority and negotiating mandate – a strategy that failed dismally and delivered her a minority governmentand shaky hold on her own job.

The atmosphere in the UK is still intensely divided, with polls indicating support for Leave and Remain almost neck and neck. That said, more Britons than not think the UK should go ahead with Brexit rather than attempt to reverse the referendum result.

UK–EU negotiations have been tetchy and at times chaotic. There is no precedent for leaving the EU, only acceding to it, so both sides are in uncharted territory trying to disentangle the mess that is a 45-year EU membership. Further, the referendum result gave the UK Government no direction on the nature of the post-Brexit relationship with the EU. Among those who sensibly accept that Brexit is a fait accompli, two sides claim legitimacy for their own version of the result: the choice between hard or soft Brexit.

Hard Brexit means leaving both the EU’s Customs Union and Single Market, ending the EU budget payments and withdrawing from the jurisdiction of the European Court of Justice. Soft Brexit means the UK leaves the EU but remains part of the Customs Union and/or Single Market, as a sort of quasi-EU member without voting power and perhaps with less constraints on its sovereignty.

If the UK wants to sign its own Free Trade Agreements (FTAs) – and all indications are that it does aspire to FTAs with Australia, the United States, and even to joining the Trans-Pacific Partnership – then it must leave the Customs Union. The EU Customs Union creates a trading area with a common external tariff, but within which there are no tariffs or quotas. Individual member states do not have the authority to enter into their own FTAs. Rather, the European Commission negotiates and enters into these agreements on behalf of the EU.

If the UK wants to restrict the movement of EU citizens to the UK – and, again, the indications are that the British people want this – then it cannot be a member of the Single Market whose “four freedoms” require member states to grant the free movement of people, goods, services, and capital.

Simply put, Theresa May and her government are largely in favour of a hard Brexit (articulated in May’s recent Mansion Housespeech), while the Opposition Leader Jeremy Corbyn favours a have-your-cake-and-eat-it soft Brexit.

With elections not due until May 2022, Corbyn’s position on Brexit as laid out in his recent Coventry speech is more posture than policy. (He wants a new, bespoke UK–EU Customs Union that would allow the UK to enter into its own trade agreements.) Brexit will be done and dusted by the time he gets a chance at the top job. Corbyn’s agenda, rather, is to place maximum pressure on an already weakened Theresa May, perhaps claim her scalp, and set himself up to lead Labour to a win in four years’ time.

In the meantime, when she’s not taking heat from Corbyn during Prime Minister’s Questions in the House of Commons, May must deal with the European Commission’s Chief Negotiator, Frenchmen Michel Barnier.

The EU’s latest offering in the negotiations is the Draft Withdrawal Agreement released on 28 February 2018. While the document raised many contentious issues, including the nature and length of the implementation or transition period, the biggest debate has raged over the treatment of the EU–UK border between the Republic of Ireland and Northern Ireland. May has made the maintenance of a “soft border” between the Republic of Ireland and Northern Ireland a negotiating red line for the UK, given the impact any change could have on the hard-won peace in Northern Ireland.

While much remains up in the air in the UK–EU negotiations, a few issues have settled relatively quickly. For example, the rights of EU citizens currently living in the UK, and vice versa, are secure. These citizens can remain in their host country indefinitely after 29 March 2019 by applying for “settled status”, and then citizenship. Further, on the so-called Brexit divorce bill, depending on the final agreement, the UK has agreed to pay the EU a staggering £35–39 billion.

Whatever the nature of the final deal struck, it will need approval by the British Parliament. May’s numbers in the House of Commons are wafer thin – she holds government with the support of 10 Democratic Unionist Party MPs from Northern Ireland – and the 11 Brexit rebels in her own party could prove problematic if they don’t like the final deal.

The Brexit negotiations, the implementation of the final deal, and the ramifications of whatever is agreed are not going away anytime soon. Britain might be technically free of the EU on 30 March 2019, but just how free remains an extremely vexed question.

https://www.lowyinstitute.org/the-interpreter/choice-between-hard-or-soft-brexit

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March 16, 2018, Story 1: National Debt Hits $21,000,000,000 and Rising Rapidly Burdening American People — Government Spending Is Out of Control — Videos

Posted on March 16, 2018. Filed under: American History, Articles, Banking, Blogroll, Business, College, Computers, Congress, Constitution, Corruption, Crime, Crisis, Culture, Documentary, Economics, Education, Elections, Employment, Faith, Family, Federal Government, Federal Government Budget, Fiscal Policy, Fraud, history, History of Economic Thought, Illegal, Immigration, Inflation, Internal Revenue Service (IRS), Investments, IRS, Journalism, Law, Legal, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, Money, People, Philosophy, Photos, Police, Politics, Radio, Rants, Raves, Raymond Thomas Pronk, Regulations, Spying, Strategy, Talk Radio, Taxation, Taxes, Technology, Terrorism, Trade Policiy, Unemployment | Tags: , , , , |

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U.S. Debt Clock

http://www.usdebtclock.org/

 

David Stockman – 1980’s growth was debt fueled by the Junk bond fiasco

Trump’s tax plan won’t generate revenue: David Stockman

Can Trump slow down the national debt?

Donald Trump’s $20 Trillion Problem

THIS is How the U.S. Accumulated $21 Trillion in Debt Without COLLAPSING!

Japans Debt Problem Visualized

National debt hits $21 trillion

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Story 1: U.S. Personal Consumption Spending and Inflation Rising — Videos

Posted on December 22, 2017. Filed under: American History, Banking, Blogroll, Business, College, Communications, Computers, Congress, Culture, Economics, Education, Elections, Employment, Faith, Family, Federal Government, Federal Government Budget, Fiscal Policy, Food, Freedom, Friends, government spending, Health, history, Illegal, Immigration, Inflation, Investments, Journalism, Law, Legal, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, Money, People, Philosophy, Photos, Politics, Raves, Raymond Thomas Pronk, Resources, Success, Talk Radio, Tax Policy, Taxation, Taxes, Technology, Video, Welfare, Work, Writing | Tags: , , , , |

Story 1: U.S. Consumption Spending and Inflation Rising — Videos

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U.S. Inflation Gains in Nov., While Core CPI Cools

Will retail earnings get a boost from consumer spending increase?

Gary Shilling Explains Why The US Should Focus Less On Consumption

What is inflation? | Inflation | Finance & Capital Markets | Khan Academy

What Is Consumer Price Index (CPI)? | Show Me | NBC News

U.S. Consumer Spending Tops Forecasts as Inflation Accelerates

U.S. consumer spending rose more than forecast in November and the Federal Reserve’s preferred inflation gauge advanced to an eight-month high, signs of economic vitality that should keep the central bank on track to raise interest rates gradually in 2018.

Purchases rose 0.6 percent after a 0.2 percent advance that was less than previously estimated, Commerce Department figures showed Friday. The median forecast in a Bloomberg survey called for a 0.5 percent gain. Incomes rose 0.3 percent, slightly below projections, though the three-month gain was the fastest since early 2017.

While partly reflecting rising prices and spending related to energy, the results indicate strength in consumption, which accounts for about 70 percent of the economy and is likely to drive U.S. growth again this quarter. Inflation moving closer to the Fed’s target may also reinforce expectations for interest- rate hikes next year under incoming Chairman Jerome Powell, and tax legislation awaiting President Donald Trump’s signature could provide a further boost to the economy.

One caveat: The report showed Americans’ spending is increasingly coming at the expense of storing up funds. The saving rate fell to 2.9 percent in November, the lowest since November 2007, just before the last recession began.

What Our Economists Say…

The results “support Bloomberg Economics’ forecast for consumer-spending growth to accelerate in the fourth quarter to the fastest pace since the beginning of the year. Importantly, robust personal spending is supported by strong income gains in November, suggesting that households are well-positioned to spend in the near term. Income gains should intensify going into the next year as wage pressures increase.”

— Yelena Shulyatyeva, Bloomberg Economics

For more on the data from BE, click here.

The Fed’s preferred inflation gauge — tied to consumption — rose 0.2 percent in November from the previous month and 1.8 percent from a year earlier, the fastest since March. Excluding food and energy, so-called core prices rose 0.1 percent from October and 1.5 percent from November 2016, matching estimates.

Inflation has missed the central bank’s 2 percent target for most of the past five years. While energy prices have helped drive the pickup in headline inflation, the rise in the core gauge should also hearten Fed officials, who expect inflation will slowly reach their goal as transitory downward pressures dissipate.

With steady hiring and rising stock and home prices boosting households’ ability to increase purchases, some analysts project the holiday season will be the best since before the recession began. Recent government figures showed retail sales rose more than forecast in November amid broad-based demand.

The latest results follow Commerce Department figures released Thursday that showed third-quarter gross domestic product grew at a 3.2 percent annualized pace, revised down slightly though still the fastest since early 2015. That reflected a somewhat slower rate of household consumption.

Economists expect growth of 2.7 percent in the October-December period, based on the median estimate in a Bloomberg survey.

Other Details

  • Wages and salaries rose 0.4 percent in November from the prior month; disposable income, or earnings adjusted for taxes and inflation, was up 0.1 percent after a 0.3 percent advance in October
  • Consumer spending on durable goods, adjusted for inflation, rose 0.2 percent for a second month; nondurable goods jumped 0.7 percent after a 0.2 percent advance; recreational goods and vehicles contributed to gains
  • Household outlays on services, adjusted for inflation, rose 0.4 percent after a 0.1 percent decline in prior month; gain reflects spending on electricity and gas

— With assistance by Jordan Yadoo, Catarina Saraiva, and Sophie Caronello

https://www.bloomberg.com/news/articles/2017-12-22/u-s-consumer-spending-tops-forecasts-as-inflation-accelerates

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The Pronk Pops Show — Week in Review — November 14-22, 2017 — Videos

Posted on November 25, 2017. Filed under: American History, Ammunition, Banking, Blogroll, Bomb, Books, Business, Central Intelligence Agency (CIA), Communications, Computers, Congress, conservatives, Constitution, Corruption, Crime, Crisis, Culture, Defense Intelligence Agency (DIA), Documentary, Drones, Economics, Employment, Energy, Entertainment, Environment, European History, Faith, Family, Federal Bureau of Investigation (FBI), Federal Communications Commission, Federal Government, Federal Government Budget, Films, Fiscal Policy, Foreign Policy, Fraud, Freedom, Friends, government, Government Land Ownership, government spending, Health, Health Care, History of Economic Thought, Homicide, Illegal, Immigration, Inflation, Internal Revenue Service (IRS), Investments, Islam, Islam, Journalism, Language, Law, Legal, Life, Links, Love, Macroeconomics, media, Medicine, Missiles, Mobile Phones, Monetary Policy, Money, Movies, Movies, Music, Music, National Security Agency (NSA), National Security Agency (NSA_, Natural Gas, Natural Gas, Newspapers, Non-Fiction, Nuclear, Nuclear Power, Obamacare, Oil, Oil, People, Philosophy, Photos, Police, Political Correctness, Politics, Press, Psychology, Quotations, Radio, Radio, Rants, Raves, Raymond Thomas Pronk, Religion, Religious, Resources, Reviews, Security, Shite, Speech, Spying, Strategy, Success, Sunni, Talk Radio, Tax Policy, Taxation, Taxes, Technology, Television, Television, Television, Terrorism, The Pronk Pops Show, Trade, Video, War, Water, Wealth, Weapons, Wisdom, Work, Writing | Tags: , , , |

 

 

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The Pronk Pops Show Podcasts

Pronk Pops Show 1005, November 22, 2017

Pronk Pops Show 1004, November 21, 2017

Pronk Pops Show 1003, November 20, 2017

Pronk Pops Show 1002, November 15, 2017

Pronk Pops Show 1001, November 14, 2017 

Pronk Pops Show 1000, November 13, 2017

Pronk Pops Show 999, November 10, 2017

Pronk Pops Show 998, November 9, 2017

Pronk Pops Show 997, November 8, 2017

Pronk Pops Show 996, November 6, 2017

Pronk Pops Show 995, November 3, 2017

Pronk Pops Show 994, November 2, 2017

Pronk Pops Show 993, November 1, 2017

Pronk Pops Show 992, October 31, 2017

Pronk Pops Show 991, October 30, 2017

Pronk Pops Show 990, October 26, 2017

Pronk Pops Show 989, October 25, 2017

Pronk Pops Show 988, October 20, 2017

Pronk Pops Show 987, October 19, 2017

Pronk Pops Show 986, October 18, 2017

Pronk Pops Show 985, October 17, 2017

Pronk Pops Show 984, October 16, 2017 

Pronk Pops Show 983, October 13, 2017

Pronk Pops Show 982, October 12, 2017

Pronk Pops Show 981, October 11, 2017

Pronk Pops Show 980, October 10, 2017

Pronk Pops Show 979, October 9, 2017

Pronk Pops Show 978, October 5, 2017

Pronk Pops Show 977, October 4, 2017

Pronk Pops Show 976, October 2, 2017

Pronk Pops Show 975, September 29, 2017

Pronk Pops Show 974, September 28, 2017

Pronk Pops Show 973, September 27, 2017

Pronk Pops Show 972, September 26, 2017

Pronk Pops Show 971, September 25, 2017

Pronk Pops Show 970, September 22, 2017

Pronk Pops Show 969, September 21, 2017

Pronk Pops Show 968, September 20, 2017

Pronk Pops Show 967, September 19, 2017

Pronk Pops Show 966, September 18, 2017

Pronk Pops Show 965, September 15, 2017

Pronk Pops Show 964, September 14, 2017

Pronk Pops Show 963, September 13, 2017

Pronk Pops Show 962, September 12, 2017

Pronk Pops Show 961, September 11, 2017

Pronk Pops Show 960, September 8, 2017

Pronk Pops Show 959, September 7, 2017

Pronk Pops Show 958, September 6, 2017

Pronk Pops Show 957, September 5, 2017

Pronk Pops Show 956, August 31, 2017

Pronk Pops Show 955, August 30, 2017

Pronk Pops Show 954, August 29, 2017

Pronk Pops Show 953, August 28, 2017

Pronk Pops Show 952, August 25, 2017

Pronk Pops Show 951, August 24, 2017

Pronk Pops Show 950, August 23, 2017

Pronk Pops Show 949, August 22, 2017

Pronk Pops Show 948, August 21, 2017

Pronk Pops Show 947, August 16, 2017

Pronk Pops Show 946, August 15, 2017

Pronk Pops Show 945, August 14, 2017

Pronk Pops Show 944, August 10, 2017

Pronk Pops Show 943, August 9, 2017

Pronk Pops Show 942, August 8, 2017

Pronk Pops Show 941, August 7, 2017

Pronk Pops Show 940, August 3, 2017

Image result for i am mad as hellImage result for illegal alien invasion of united StatesImage result for branco cartoons on roy mooreSee the source image

 

November 22, 2017 06:55 PM PST

The Pronk Pops Show 1005

November 22, 2017

Story 1: The Fed’s Great Unwind or Rolling Over Into 21st Century Greatest Depression — Videos —

Story 2: Will President Trump Be The Next President Hoover? — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/11/22/the-pronk-pops-show-1005-story-1-the-feds-great-unwind-or-rolling-over-into-21st-century-greatest-depression-videos-story-2-will-president-trump-be-the-next-president-hoover-videos/

November 22, 2017 05:12 PM PST

The Pronk Pops Show 1004

November 21, 2017

Story 1: The Illegal Alien Family That Is Deported Together Stays Together — Let The “Dreamers” Go Back To Their Country of Origin With Families– Enforce All Immigration Laws — Remove and Deport The 30-60 Million Illegal Aliens Who Invaded The United States in Last 20 Years — No DACA Fix Needed — Trump Will Lose Many of His Supporters If He Gives Amnesty or Citizenship To Dreamers — Video —

Story 2: Feral Hog Invasion of America — Hogs Eat Everything — Kill The Hogs — Boar Busters — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/11/21/the-pronk-pops-show-1004-november-21-2017-story-1-the-illegal-alien-family-that-is-deported-together-stays-together-let-the-dreamers-go-make-to-country-of-origin-with-families-enforce-all/

November 21, 2017 08:25 PM PST

The Pronk Pops Show 1003

November 20, 2017

Story 1: The Great Outing of Sexual Abusers in Big Lie Media and Congress — The CREEP List Grows Longer and Longer — Abuse of Power — Videos —

Story 2: A Two Charlie Day — Charlie Rose, Should Be Fired By CBS, and Charlie Manson, Dead At 83, Should Have Been Executed By State of California — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/11/20/the-pronk-pops-show-1003-november-20-2017-story-1-the-great-outing-of-sexual-abusers-in-big-lie-media-and-congress-the-creep-list-grows-longer-and-longer-abuse-of-power-videos-story-2/

November 20, 2017 02:08 PM PST

The Pronk Pops Show 1002

November 15, 2017

Story 1: More on Moore: Roy Moore’s Attorney News Briefing — She Said Vs. He Said — Faulty Memory of Witnesses Leading To Wrongful Conviction — Sexual Abuse — Who Do You Believe? — The Voters of Alabama Must Answer This Question on December 12 — Videos —

Story 2: Will The Senate Pass A Tax Reform Bill?– NO — Tax Cut Bill — Yes — Videos —

Story 3: Who is on the Congressional CREEP List of Sexual Harassers in Congress and Their Staffs ? — Who is next to be outed? — Shout Animal House — Intimacy — Getting To Know You– Dance With Me –Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/11/16/the-pronk-pops-show-1002-november-15-2017-story-1-more-on-moore-roy-moores-attorney-news-briefing-she-said-vs-he-said-faulty-memory-of-witnesses-leading-to-wrongful-conviction-sex/

November 17, 2017 04:39 PM PST

The Pronk Pops Show 1001

November 14, 2017

Story 1: He Is Back — Let The Screaming Begin — Videos —

Story 2: Trial Balloon of Having Sessions Return To The Senate By Write In Campaign Shot Down By Attorney General Jeff Sessions — Political Elitist Establishment Trying To Overturn Alabama Voters —  Videos —

Story 3: Attorney General Sessions Grilled By House Including Whether There Will Special Counsel For Hillary Clinton Alleged Crimes — Vidoes —

Story 4: Sexual Harassment in The Senate and House — Time To Expose the Exposers — Out Them By Naming Them — Publish The Creep List — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/11/15/the-pronk-pops-show-1001-november-14-20017-story-1-he-is-back-let-the-screaming-begin-videos-story-2-trial-balloon-of-having-sessions-return-to-the-senate-by-write-in-campaign-shot-down/

 

The Pronk Pops Show Podcasts Portfolio

Listen To Pronk Pops Podcast or Download Shows 1001-1005

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Listen To Pronk Pops Podcast or Download Shows 977-983

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Listen To Pronk Pops Podcast or Download Shows 955-962

Listen To Pronk Pops Podcast or Download Shows 946-954

Listen To Pronk Pops Podcast or Download Shows 938-945

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Listen To Pronk Pops Podcast or Download Shows 916-925

Listen To Pronk Pops Podcast or Download Shows 906-915

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Listen To Pronk Pops Podcast or Download Shows 884-888

Listen To Pronk Pops Podcast or Download Shows 878-883

Listen To Pronk Pops Podcast or Download Shows 870-877

Listen To Pronk Pops Podcast or Download Shows 864-869

Listen To Pronk Pops Podcast or Download Shows 857-863

Listen To Pronk Pops Podcast or Download Shows 850-856

Listen To Pronk Pops Podcast or Download Shows 845-849

Listen To Pronk Pops Podcast or Download Shows 840-844

Listen To Pronk Pops Podcast or Download Shows 833-839

Listen To Pronk Pops Podcast or Download Shows 827-832

Listen To Pronk Pops Podcast or Download Shows 821-826

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Listen To Pronk Pops Podcast or Download Shows 806-814

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Listen To Pronk Pops Podcast or Download Shows 793-799

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Listen To Pronk Pops Podcast or Download Shows 777-784

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Listen To Pronk Pops Podcast or Download Shows 759-768

Listen To Pronk Pops Podcast or Download Shows 751-758

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Listen To Pronk Pops Podcast or Download Shows 738-744

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Listen To Pronk Pops Podcast or Download Shows 727-731

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Listen To Pronk Pops Podcast or DownloadShows 713-719

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Listen To Pronk Pops Podcast or Download Shows 538-545

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Listen To Pronk Pops Podcast or Download Shows 464-472

Listen To Pronk Pops Podcast or Download Shows 455-463

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Listen To Pronk Pops Podcast or Download Shows 422-430

Listen To Pronk Pops Podcast or Download Shows 414-421

Listen To Pronk Pops Podcast or Download Shows 408-413

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Listen To Pronk Pops Podcast or Download Shows 391-399

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Listen To Pronk Pops Podcast or Download Shows 346-353

Listen To Pronk Pops Podcast or Download Shows 338-345

Listen To Pronk Pops Podcast or Download Shows 328-337

Listen To Pronk Pops Podcast or Download Shows 319-327

Listen To Pronk Pops Podcast or Download Shows 307-318

Listen To Pronk Pops Podcast or Download Shows 296-306

Listen To Pronk Pops Podcast or Download Shows 287-295

Listen To Pronk Pops Podcast or Download Shows 277-286

Listen To Pronk Pops Podcast or Download Shows 264-276

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Listen To Pronk Pops Podcast or Download Shows 194-201

Listen To Pronk Pops Podcast or Download Shows 184-193

Listen To Pronk Pops Podcast or Download Shows 174-183

Listen To Pronk Pops Podcast or Download Shows 165-173

Listen To Pronk Pops Podcast or Download Shows 158-164

Listen To Pronk Pops Podcast or Download Shows 151-157

Listen To Pronk Pops Podcast or Download Shows 143-150

Listen To Pronk Pops Podcast or Download Shows 135-142

Listen To Pronk Pops Podcast or Download Shows 131-134

Listen To Pronk Pops Podcast or Download Shows 124-130

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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

Listen To Pronk Pops Podcast or Download Shows 106-108

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Listen To Pronk Pops Podcast or Download Shows 101-103

Listen To Pronk Pops Podcast or Download Shows 98-100

Listen To Pronk Pops Podcast or Download Shows 94-97

Listen To Pronk Pops Podcast or Download Show 93

Listen To Pronk Pops Podcast or Download Show 92

Listen To Pronk Pops Podcast or Download Show 91

Listen To Pronk Pops Podcast or Download Shows 88-90

Listen To Pronk Pops Podcast or Download Shows 84-87

Listen To Pronk Pops Podcast or Download Shows 79-83

Listen To Pronk Pops Podcast or Download Shows 74-78

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

The Pronk Pops Show — Week in Review — November 6 -13, 2017 — Videos

Posted on November 15, 2017. Filed under: American History, Articles, Banking, Blogroll, Books, Business, College, Communications, Congress, conservatives, Constitution, Corruption, Crime, Crisis, Culture, Economics, Education, Employment, Faith, Family, Federal Government Budget, Fiscal Policy, Foreign Policy, Freedom, government, government spending, Heroes, history, Law, liberty, Life, Links, Macroeconomics, Missiles, Monetary Policy, Money, Music, Non-Fiction, Nuclear, People, Philosophy, Photos, Police, Political Correctness, Politics, Psychology, Radio, Rants, Raves, Raymond Thomas Pronk, Regulations, Security, Strategy, Talk Radio, Tax Policy, Taxation, Trade Policiy, Unemployment, Video, War, Weapons, Welfare, Wisdom, Work, World War II, Writing | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

 

Project_1

The Pronk Pops Show Podcasts

Pronk Pops Show 1000, November 13, 2017

Pronk Pops Show 999, November 10, 2017

Pronk Pops Show 998, November 9, 2017

Pronk Pops Show 997, November 8, 2017

Pronk Pops Show 996, November 6, 2017

Pronk Pops Show 995, November 3, 2017

Pronk Pops Show 994, November 2, 2017

Pronk Pops Show 993, November 1, 2017

Pronk Pops Show 992, October 31, 2017

Pronk Pops Show 991, October 30, 2017

Pronk Pops Show 990, October 26, 2017

Pronk Pops Show 989, October 25, 2017

Pronk Pops Show 988, October 20, 2017

Pronk Pops Show 987, October 19, 2017

Pronk Pops Show 986, October 18, 2017

Pronk Pops Show 985, October 17, 2017

Pronk Pops Show 984, October 16, 2017 

Pronk Pops Show 983, October 13, 2017

Pronk Pops Show 982, October 12, 2017

Pronk Pops Show 981, October 11, 2017

Pronk Pops Show 980, October 10, 2017

Pronk Pops Show 979, October 9, 2017

Pronk Pops Show 978, October 5, 2017

Pronk Pops Show 977, October 4, 2017

Pronk Pops Show 976, October 2, 2017

Pronk Pops Show 975, September 29, 2017

Pronk Pops Show 974, September 28, 2017

Pronk Pops Show 973, September 27, 2017

Pronk Pops Show 972, September 26, 2017

Pronk Pops Show 971, September 25, 2017

Pronk Pops Show 970, September 22, 2017

Pronk Pops Show 969, September 21, 2017

Pronk Pops Show 968, September 20, 2017

Pronk Pops Show 967, September 19, 2017

Pronk Pops Show 966, September 18, 2017

Pronk Pops Show 965, September 15, 2017

Pronk Pops Show 964, September 14, 2017

Pronk Pops Show 963, September 13, 2017

Pronk Pops Show 962, September 12, 2017

Pronk Pops Show 961, September 11, 2017

Pronk Pops Show 960, September 8, 2017

Pronk Pops Show 959, September 7, 2017

Pronk Pops Show 958, September 6, 2017

Pronk Pops Show 957, September 5, 2017

Pronk Pops Show 956, August 31, 2017

Pronk Pops Show 955, August 30, 2017

Pronk Pops Show 954, August 29, 2017

Pronk Pops Show 953, August 28, 2017

Pronk Pops Show 952, August 25, 2017

Pronk Pops Show 951, August 24, 2017

Pronk Pops Show 950, August 23, 2017

Pronk Pops Show 949, August 22, 2017

Pronk Pops Show 948, August 21, 2017

Pronk Pops Show 947, August 16, 2017

Pronk Pops Show 946, August 15, 2017

Pronk Pops Show 945, August 14, 2017

Pronk Pops Show 944, August 10, 2017

Pronk Pops Show 943, August 9, 2017

Pronk Pops Show 942, August 8, 2017

Pronk Pops Show 941, August 7, 2017

Pronk Pops Show 940, August 3, 2017

Image result for trump speech in vietnam APEC 2017U.S. President Donald Trump delivers a speech at the National Assembly in Seoul, South Korea, Nov. 8, 2017.

Image result for cartoons two party tyranny

Image result for branco cartoons new political party
Image result for branco cartoons roy moore and mitchel mcconnell

The Pronk Pops Show 1000

November 13, 2017

Story 1: The People of Alabama Will Decide Who Will Represent Them As Their Senator — Not Kentucky Senator Mitch McConnell — Videos —

Story 2: Follow The Money — The Bought and Paid For Political Elitist Establishment of The Two Party Tyranny — Video —

Story 3: Independents United — Independence Party Time — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/11/14/the-pronk-pops-show-1000-november-13-20017-story-1-the-people-of-alabama-will-decide-who-will-represent-them-in-the-senator-not-kentucky-senator-mitch-mcconnell-videos-story-2-follow-the/

November 14, 2017 07:24 PM PST

The Pronk Pops Show 999

November 10, 2017

Story 1: President Trump Delivers America First Address With Bilateral Trade Agreements With Nations That Want Free But Fair Trade At The Asia-Pacific Economic Cooperation (APEC) Summit in Da Nang, Vietnam — Videos —

Story 2: From Crying To Screaming — Big Lie Media Joins Lying Lunatic Left Losers —   Sky Screaming — Trump Still President — Videos —

Story 3: Let Voters of Alabama Decide Who They Want For Their Senator — Alabama Republican Senate Candidate, Roy Moore, Denies Accusations Made in Washington Post Attack Article  vs. Democratic Senate Candidate, Doug Jones, Supporter for Pro Abortion Planned Parenthood and Women Should Have The Right To Choose Killing Their Babies in The Womb — Denies Civil Rights Protection of Life To Babies Before Birth — Videos

Story 4: Remembering The Veterans in Music — Lili Marleen — We’ll Meet Again — Sky Pilot — We Gotta Get Out Of This Place — Paint it Black  – – War — Where Have All the Flowers Gone? — Blowing In The Wind –Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/11/10/the-pronk-pops-show-999-november-10-2017-story-1-president-trump-delivers-america-first-address-at-asia-pacific-economic-cooperation-apec-summit-in-da-nang-vietnam-videos-story-2-from-c/

November 11, 2017 02:07 PM PST

The Pronk Pops Show 998

November 9, 2017

Story 1: President Trump’s Address to South Korea’s National Assembly — Great Speech — Americans and Koreans Loved It — Every Breath You Take — Videos —

Story 2: President Trump Tells It Like It Is — Does Not Blame China For Hugh Trade Deficits But Past Administrations — Videos —

Story 3: Republican Party Senate Bill Wants To Delay Tax Cuts To 2019 Instead of Cutting Spending Now — Need New Political Party Advocating Balanced Budgets, Broad Based Consumption Tax,and Term Limits — Voters Will Stay Home Election Day, November 6, 2018 If Congress Does Not Completely Repeal Obamacare and Enact Fundamental Reform of Tax System — Videos —

Story 4: Alabama Republican Candidate for Senator, Roy Moore, Accused of Sexual Misconduct in 1979 — Desperate Democratic Dirt — Let The Voters of Alabama Decide — Accusations Are Not Evidence — Videos

For additional information and videos

https://pronkpops.wordpress.com/2017/11/09/the-pronk-pops-show-998-november-9-2017-story-1-president-trumps-address-to-south-koreas-national-assembly-great-speech-americans-and-koreans-loved-it-every-breath-you-take-videos/

November 08, 2017 08:32 PM PST

The Pronk Pops Show 997

November 8, 20017

Story 1: Communist Chinese Connection To Trade — Nuclear Proliferation — and — Terrorism (TNT) — Peace or War — China Must Destroy North Korea Nuclear Weapons and Missiles or Face The Consequences of Overthrow of Communist Party — U.S.Complete Embargo on All Chinese Trade and Investment —
Story 2: President Trump Meets With Japanese Prime Minster Shinzo Abe and President Moon Jai-in As U.S. Navy Flexes Air Power — All Options Are On The Table — Video —

Story 3: Saudi Arab On The Brink of War With Lebanon Controlled By Iran-backed Lebanese Shi‘ite group Hezbollah — Saudi Arab Blames Iran For Yemen Missile Attack — Purge and Roundup of Royal Prince Continues — Videos —

For additional information and videos:

https://pronkpops.wordpress.com/2017/11/08/the-pronk-pops-show-997-november-7-2017-story-1-communist-chinese-connection-to-trade-nuclear-proliferation-and-terrorism-tnt-peace-or-war-china-must-destroy-north-korea-nuclear-w/

November 07, 2017 11:23 AM PST

The Pronk Pops Show 996

November 6, 2017

Story 1: Atheist Security Guard Dressed In Black and Wearing Body Armor, Devin Patrick Kelley, 26, Entered The First Baptist Church and Shoot and Killed 26, Including 8 Members of A Single Family with Pregnant Mother, Victim Range in Age From 18 Months to 77 Years and Wounded 20, in The Texas Small Town of Sutherland Springs, Population 400,  A Nearby Neighbor, Stephen Willeford, 55, Shot Killer With His Rifle,Three Times, Twice in The Neck and Once in The Side, Killer Died of Wounds, After Brief High Speed Car Chase — The Times They Are A Changin — Blowing In The Wind — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/11/07/the-pronk-pops-show-996-story-1-atheist-security-guard-dressed-in-black-and-wearing-body-armor-devin-patrick-kelley-26-entered-the-first-baptist-church-and-shoot-and-killed-26-including-8-member/

November 04, 2017 02:25 PM PDT

The Pronk Pops Show 995

November 3, 2017

Story 1: Democrats (Liberal, Progressive & Socialist Wing) and Republicans (Liberal & Progressive Wing) of The Two Party Tyranny Are All Marxist Now — Big Government Bubble Tax Surcharge of 6% Increases Rate From 39.6% to 45.6% — Class Warfare — Eat The Rich — Videos — Part 2 of 2 —

Story 2: Republican Tax Cut Will Not Make America Great Again — Missing Is Real Government Spending Cuts That Results in A Balanced Budget By 2020 or 2024 — Spending Addiction Disorder (SAD) or Government Spending Obesity — Alive and Well — Videos —

Story 3: A Broad Based Consumption Tax Replacing The Current U.S. Income Tax System Along The Lines of The FairTax or Fair Tax Less With Generous Monthly Tax Prebates and Limiting Federal Government Expenditures to 90% of Taxes Collected Will Make America Great Again — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/11/03/the-pronk-pops-show-995-november-3-2017-story-1-democrats-liberal-progressive-socialist-wing-and-republicans-liberal-progressive-wing-of-the-two-party-tyranny-are-all-marxist-now/

November 03, 2017 06:44 PM PDT

The Pronk Pops Show 994

November 2, 2017

Story 1: President Trump Nominates Fed Governor Jerome Powell To Chair Federal Reserve Board of Governors — Expect Continuation of Interventionist Easy Monetary Policy — More Money Creation or Quantitative Easing When Economy Enters Next Recession in 2018-2019 — Videos —

Part 1 of 2 — Story 2: No Tax Reform By Changing From Income Tax System to Broad Based Consumption Tax — The FairTax or Fair Tax Less — No Middle Class Tax Relief From Payroll Taxes — No Real Cuts in Federal Spending As Budget Deficits Rise with Rising National Debt and Unfunded Liabilities — Spending Addiction Disorder — Government Obesity — Crash Diet of Balanced Budgets Required — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/11/02/the-pronk-pops-show-994-part-1-of-2-story-1-president-trump-nominates-fed-governor-jerome-powell-to-chair-federal-reserve-board-of-governors-expect-continuation-of-interventionist-easy-monetar/

November 02, 2017 07:06 PM PDT

The Pronk Pops Show 993

November 1, 2017

Story 1: Update of Radical Islamic Terrorist Jihadist Attack in New York City — President Trump “Send Him To Gitmo” as Enemy Combatant and Get Rid of Chain Migration and Diversity Lottery Immigration Program and Replace With Merit Based System of Immigration — Videos — Breaking —

Story 2: Trump Expected To Name Jerome Powell As Next Federal Reserve Chairman Replacing Chair Janet Yellen — A Dove or Continuation of Interventionist Easy Monetary Policy — Better Choice Was John Taylor — Taylor For Fed Chair and Powell for Vice Chair — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/11/01/the-pronk-pops-show-993-november-2-2017-story-1-update-of-radical-islamic-terrorist-jihadist-attack-in-new-york-city-president-trump-send-him-to-gitmo-as-enemy-combatant-and-get-rid-of-chai/

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The Pronk Pops Show — Week in Review — August 26-31, 2017 — Videos

Posted on September 5, 2017. Filed under: Airplanes, American History, Articles, Autos, Banking, Blogroll, College, Communications, Documentary, Economics, Education, Elections, Family, Federal Government, Federal Government Budget, Fiscal Policy, Freedom, Friends, government spending, history, Illegal, Immigration, Inflation, Internal Revenue Service (IRS), IRS, Law, Legal, liberty, Life, Links, Literacy, Love, Macroeconomics, media, Monetary Policy, Money, Newspapers, People, Philosophy, Photos, Politics, Press, Radio, Raymond Thomas Pronk, Speech, Success, Talk Radio, Tax Policy, Taxation, Taxes, Television, Trade, Transportation, Unemployment, Video, Water, Wealth, Weather, Welfare, Wisdom, Work, Writing | Tags: , , , , , , , , , , , , |

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The Pronk Pops Show Podcasts

Pronk Pops Show 956, August 31, 2017

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Pronk Pops Show 884, May 1, 2017

Image result for branco cartoons on trump tax reform

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The Pronk Pop Show 956

August 31, 2017

Part 2 of 2, Story 1: President Trump’s Tax Speech — Very Light On Specifics — Let Congress Fill in The Details — Formula For Failure — Tax Rate Cuts Are Not Fundamental Tax Reform — A Broad Based Consumption Tax Such as The FairTax or Fair Tax Less Not Even Mentioned — What Good Is Dreaming It If You don’t actually do it! — Videos —

For additional information and videos:

https://pronkpops.wordpress.com/2017/09/01/the-pronk-pops-show-956-august-31-2017-part-2-of-2-story-1-president-trumps-tax-speech-very-light-on-specifics-let-congress-fill-in-the-details-formula-for-failure-tax-rate-cuts-are/

September 03, 2017 02:30 PM PDT

The Pronk Pops Show 955

August 30, 2017

Part 1 of 2, Story 1: President Trump’s Tax Speech — Very Light On Specifics — Let Congress Fill in The Details — Formula For Failure — Tax Rate Cuts Are Not Fundamental Tax Reform — A Broad Based Consumption Tax Such as The FairTax or Fair Tax Less Not Even Mentioned — What Good Is Dreaming It If You don’t actually do it! — Videos —

Story 2: Revised Second Estimate of Real GDP Growth in Second Quarter of 2017 Is 3 Percent — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/08/31/the-pronk-pops-show-755-story-1-president-trumps-tax-speech-very-light-on-specifics-let-congress-fill-in-the-details-formula-for-failure-tax-rate-cuts-are-not-fundamental-tax-reform/

The Pronk Pops Show 954

August 30, 2017

Story 1: Houston Under Water — Rain In Houston Area Should End Tuesday With Record Rainfall Exceeding 50 Inches In Many Areas From Hurricane/Tropical Story Harvey — Flooding and Rescues Continue — Videos —

Story 2: 12 Oil Refineries in a Houston Closed Due To Flooding As Gasoline Prices Rise By 20 Cents or More Per Gallon — Video —

Story 3: President Trump and First Lady Visit Texas — Videos —

For additional information and videos:

https://pronkpops.wordpress.com/2017/08/30/the-pronk-pops-show-954-august-29-2017-story-1-houston-under-water-rain-in-houston-area-should-end-tuesday-with-record-rain-fall-exceeding-50-inches-in-many-areas-from-hurricanetropical-story/

August 30, 2017 06:53 PM PDT

The Pronk Pops Show 953

August 28, 2017

Story 1: The Aftermath of Hurricane Harvey — Catastrophic Unprecedented Massive Flooding — Bring A Boat — First Responders Searching and Rescuing Those Trapped In Homes By High Water Levels — Mopping Up After Hurricane Now Tropical Storm Harvey — Flooding Will Continue Into Wednesday — Public Health Emergency — Have you ever seen the rain? — Who Will Stop The Rain — Videos —

Story 2: President Trump Will Visit Texas Tuesday — Fortunate Son — Lookin’ Out My Back Door — Videos —

Story 3: Antifa (Anti-Capitalism) Communist Thugs Violently Attack Again In Berkeley — Where Were The Berkeley Police? Standing Down Once Again — Unmask and Arrest Communist Antifa Thugs —  Bad Moon Rising — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/08/28/the-pronk-pops-show-953-august-28-2017-story-1-the-aftermath-of-hurricane-harvey-catastrophic-unprecedented-massive-flooding-bring-a-boat-first-responders-searching-and-rescuing-those-t/

August 26, 2017 01:47 PM PDT

The Pronk Pops Show 952

August 25, 2017

Weather Warning — Part 2 of 2 —  Story 1: Hurricane Harvey Messes With Texas and Louisiana — Upgraded To Category 4 Hurricane — A Real Disaster — Up to 40 To 60 Inches of Rain Possible and Wind Speeds From 131 – 155 Miles Per Hour Winds — Flood Surges 13-18 Feet — Will Hit Friday Evening or Early Saturday Morning —  Damages Extreme — Rain For Next Four Days — Gas Prices Will Rise If Refineries Closed/Flooded — 20 Cent Plus Spike Per Gallon in Gasoline Prices — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/08/25/the-pronk-pops-show-952-august-25-2017-weather-warning-part-2-of-2-story-1-hurricane-harvey-messes-with-texas-and-louisiana-upgraded-to-category-4-hurricane-a-real-disaster/

August 26, 2017 10:23 AM PDT

 

 

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Todd G. Buchholz — Bringing The Jobs Home: How The Left Created The Outsourcing Crisis — and How We Can Fix It — Videos

Posted on August 12, 2017. Filed under: Banking, Books, College, Communications, Economics, Education, Employment, Energy, Enivornment, Faith, Family, Federal Government, Fiscal Policy, Foreign Policy, Freedom, History of Economic Thought, Macroeconomics, media, Microeconomics, Monetary Policy, Natural Gas, Nuclear Power, Oil, Tax Policy, Wealth, Welfare, Wisdom, Work, Writing | Tags: , |

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Image result for Todd burhholz bring the jobs back home

Todd Buchholz on Economics

Why rich nations could fall apart

Todd Buchholz

Todd Buchholz: Trump should take a hard line with China

LIVE: Todd Buchholz and “The Price of Prosperity”

Milken Institute Forum: Todd Buchholz

The Price of Prosperity: Why Rich Nations Fail and How to Renew Them – FULL Audiobook

Todd Buchholz on the New Economics

Here’s How Trump Could Start a Trade War With China

Outsourcing American Jobs Consultants Help Companies Outsource

John Stossel & Lou Dobbs – American Free Trade

John Stossel – Why Free Trade Is Better Than “Made In America”!

John Stossel – Economic Myths: Made In America, College, Overpopulation, & More 7/26/12

Exporting America: Atul Vashistha on CNN

 

Todd G. Buchholz

From Wikipedia, the free encyclopedia

Todd G. Buchholz is an economist and has served as White House director of economic policy under George H.W. Bush and a managing director of the Tiger hedge fund. He was awarded the Allyn Young Teaching Prize by the Harvard University Department of Economics and was named “One of the Top 21 Speakers of the 21st Century” by Successful Meetings magazine. Businessweek and Bloomberg have reported that Buchholz is on the short-list for a White House appointment to the Federal Reserve Board.[1]

The Wall Street Journal named Buchholz’s 2016 book The Price of Prosperity: Why Rich Nations Fail and How to Renew Them, one of eight “must-reads” for the summer of 2016.[2] Buchholz is the inventor of the Math Arrow,[3] a mathematical matrix that makes numbers more intuitive to children. He is the CEO of Sproglit, LLC,[4] which develops software and classroom materials based on the Math Arrow. Martin Cooper (inventor), widely recognized as the inventor of the cellular phone, has called the Math Arrow “ingenious.”

Life and career

A founder of the G7 Group consulting firm, Todd Buchholz holds advanced degrees in law from Harvard Law School and in economics from University of Cambridge. He has also served as a Fellow at Cambridge University.

Buchholz frequently contributes commentaries on political economy, financial markets, business and culture to the New York TimesWall Street Journal and Washington Post, as well as PBSNPR and major television networks. He hosted his own special on CNBC and is the only person to guest-host CNBC’s Squawk Box two days in a row.

His books have been translated into over 15 languages and his first book New Ideas from Dead Economists is listed as a “classic” by the American Economic Association.[5] It has been strongly endorsed by such varied thinkers as Milton Friedman and Lawrence Summers.[6]

Buchholz’s newest book, The Price of Prosperity: Why Rich Nations Fail and How to Renew Them was published by HarperCollins in June 2016. The book received endorsements from prominent Democratic and Republican economists, including Lawrence Summers, Alan Blinder, Michael Boskin and Glenn Hubbard. Former Federal Board vice chair Blinder called it a “crackling read…a tour de force.”[1] Buchholz’s 2011 book Rush: Why You Thrive in the Rat Race was named a top ten book in the social sciences by Publishers Weekly, and a book of the year by the New York Post and Los Angeles Times.[7] Rush is a “synthesis of neuroeconomics and evolutionary psychology.” In 2012, Rush was featured on the Charlie Rose television show.[8] Buchholz’s other works include New Ideas from Dead CEOsLasting Lessons from the Corner OfficeFrom Here to EconomyMarket Shock, and Bringing the Jobs Home.

Buchholz resides primarily in San Diego, California and travels the world delivering keynote presentations on economics, finance, and innovation to such companies as MicrosoftIBM and General Electric, as well as to governmental organizations.[2] He has lectured in the U.K. Parliament, as well as at the White House library and the U.S. Treasury.

He is one of the founding producers of the Broadway musical Jersey Boys; is active in entrepreneurial businesses; holds engineering and design patents; and advises investment funds on business and portfolio strategy. In 2011, he co-founded software companySproglit, LLC.

He is also the author of a mystery novel about a boxer and hedge funds, called The Castro Gene, which won a USA Best Books prize.[9] Buchholz is the coauthor of the musical, Glory Ride, which tells the true story of Italians sneaking children out of Fascist Italy on bicycles. Glory Ride was performed in New York in January 2015, starring Tony Award nominee Josh YoungAlison Luff, and Quinn VanAntwerp. [10]

Economic Theories and Policy Proposals

Buchholz has devised a number of economic theories and policy proposals, which have been presented in books, articles, and lectures:

Law of Fertility, Prosperity, and Immigration

In his book The Price of Prosperity, Buchholz shows that when a nation’s annual average GDP rate exceeds 2.5 percent for two consecutive 25-year periods (two generations), the fertility rate will drop to just over the replacement level, that is, 2.5 children per female. If GDP continues to grow for a third consecutive generation, the fertility rate will tend to drop below 2.1 percent and the population will require immigration to maintain a stable working population. As a corollary, if the fertility rate falls below the replacement rate, the nation will find it extraordinarily difficult to pay down accumulated debt.[11]

Locking in Super Low Rates

On the editorial page of the Wall Street Journal [12] in June 2012, Buchholz proposed that the U.S. Treasury lock in record low borrowing rates by issuing 100-year bonds. With the 10-year Treasury yielding just 1.62%, Buchholz called it the “best deal since Pope Julius paid a pittance to have Michelangelo paint his ceiling.” Fourteen months after the article appeared, yields had risen by 78 percent to 2.88%.[13]

Competition Breeds Cooperation

In his book Rush, Buchholz argues through neuroscience and history that competitive societies achieve longer life expectancy, less disease, and greater measures of cooperation than societies that try to quash competitiveness.[14]

Turning Unemployment Compensation into Signing Bonuses[edit]

In 2011, on the front page of the Washington Post Outlook section, Buchholz proposed turning unemployment compensation into signing bonuses.[15] Instead of collecting 99 weeks of unemployment payments, under Buchholz’s proposal, individuals would receive a signing bonus from the government if they accepted a job sooner.

Crime and Interest Rates

The Buchholz Hypothesis holds that crime is strongly correlated with interest rates.[16] This hypothesis helps solve the puzzle of why crime fell during the Great Depression, even though conventional wisdom suggests that a bad economy leads people to commit more crime.

Free-Rider Effect on National GDP

In his book New Ideas from Dead Economists, Buchholz argues that small countries with large social welfare programs may achieve strong GDP gains because they are able to ride on the gains generated by countries that promote a more competitive structure with less governmental intervention.

Economic Forecasting

In his media and speaking appearances, Buchholz frequently makes forecasts about major economic turns and developments, sometimes with surprising accuracy.

Farmland Price Drop 2014-2015

In January 2014, in an essay entitled “Green Acres Turning Red,” Buchholz forecast a sharp decline in farmland prices, following a sharp multi-year rally. Buchholz stated that prices were “teetering on the slope of something ugly and parabolic.”[3] Over the next two years, farmland rental rates dropped by almost 20 percent.[17]

Oil Price Collapse 2014-2015

In April 2014, with the price of oil at approximately $100 per barrel, Buchholz appeared on Fox Business Channel with Maria Bartiromo and forecast (correctly) that the price of oil would plunge to $50 per barrel.[18]

U.S. Debt Downgrade 2011

In 2011, in keynote speeches and in television and radio interviews, Buchholz forecast that the Standard and Poor’s rating agency (S&P) would downgrade U.S. Treasury debt. On August 5, S&P announced the downgrade of U.S. debt from AAA to AA+[19]

Economic Recovery Forecast 2009

In February 2009, Buchholz was among the first well-known U.S. economists to forecast an economic recovery from the “Great Recession.” In a speech to the Americas Lodging Investment Summit, Buchholz forecast that “we’re going to have an economic recovery just in time for back-to-school sales in September” and that “lodging and hospitality is going to benefit from this upswing as well.” In fact, GDP did turn positive in the third quarter of 2009.[20]

April 2008 Commodities Forecast

In April 2008, on the PBS Nightly Business Report, Buchholz forecast that commodity prices, including oil, would climb higher in the short-term but then tumble during the summer of 2008. On July 13, 2008, addressing the Southern Legislative Conference, when oil prices were $137 per barrel and leading Wall Street analysts were forecasting a move to $200, Buchholz predicted that prices would fall by half over the next six months. His comments were met with criticism from other leading economic analysts, but within the next eight weeks, prices of commodities such as oil, grain, and industrial metals started to crumble, and the price of oil fell significantly.

June 2008 Economic Forecast

In an opening keynote speech at Everything Channel’s 2008 VARBusiness 300 Conference in June 2008, Buchholz said he believed that the U.S. economy, while undoubtedly in a slowdown, would avoid two consecutive quarters of negative GDP, the classic definition of a recession. “I’m convinced we’re not going to have any quarters of negative GDP”, he added. Buchholz cited high employment, lean inventories at manufacturers, and strong exports, spurred by the weaker dollar, as reasons for his beliefs.[21]

Instability of the Eurozone

Buchholz’s 1999 book Market Shock warned that the Eurozone was unstable and headed toward political turmoil.[22] In a chapter subtitled “How European Unity Splinters,” Buchholz pointed out that eventually the Mediterranean nations and Ireland would stumble because those countries required a different monetary policy than the core countries of Germany and France.

References

  1. Jump up^http://www.businessweek.com/bwdaily/dnflash/jul2005/nf20050721_2381_db038.htm
  2. Jump up^ “Eight Summer Vacation Must-Reads from the Wall Street Journal”.
  3. Jump up^ https://www.theguardian.com/science/alexs-adventures-in-numberland/2013/jun/07/mathematics
  4. Jump up^ http://www.sproglit.com/
  5. Jump up^ American Economic Association books
  6. Jump up^ Todd G. Buchholz, New Ideas from Dead Economists (New York: Penguin, 2007)
  7. Jump up^ “Spring 2011 Adult Announcements”Publishers Weekly,
  8. Jump up^ Interview with Charlie Rose
  9. Jump up^ The USA Best Books 2007 Awards, USA Book News
  10. Jump up^ http://www.theatermania.com/new-york-city-theater/news/josh-young-stars-in-glory-ride-reading_71191.html
  11. Jump up^ Buchholz, Todd (2016). The Price of Prosperity. HarperCollins. p. 36. ISBN 9780062405708.
  12. Jump up^https://www.wsj.com/articles/SB10001424052702303836404577475060119430638
  13. Jump up^ https://www.bloomberg.com/news/2013-08-18/gold-holds-gains-as-asian-futures-slip-after-u-s-retreat.html
  14. Jump up^ Todd G. Buchholz (2012) Rush: Why You Thrive in the Rat Race. New York: Hudson Street/Penguin.
  15. Jump up^ http://www.washingtonpost.com/opinions/instead-of-unemployment-benefits-offer-a-signing-bonus/2011/06/08/AG46vHPH_story.html
  16. Jump up^ Todd G. Buchholz, (2007) New Ideas From Dead Economists. New York: Plume. p. 200
  17. Jump up^ “Farmland Values and Credit Conditions” (PDF). Chicagofed.org. Chicago Reserve Bank of Chicago.
  18. Jump up^ http://video.foxbusiness.com/v/3418293666001/oil-headed-for-50-a-barrel/?#sp=show-clips
  19. Jump up^ http://www.marketwatch.com/story/us-may-still-face-debt-downgrade-buchholz-2011-07-31
  20. Jump up^ http://www.hospitalitynet.org/news/4040053.html
  21. Jump up^ Whiting, Rick (June 2008). “Buchholz: U.S. Will Skirt A Recession”. VARBusiness28 (6): 18 =.
  22. Jump up^ Todd G. Buchholz, (1999) Market Shock. New York: Harper Collins. p.146.

External links

https://en.wikipedia.org/wiki/Todd_G._Buchholz

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The Pronk Pops Show — Week In Review — July 28-August 4, 2017 — Videos

Posted on August 5, 2017. Filed under: American History, Banking, Blogroll, Bunker Busters, Business, Central Intelligence Agency (CIA), College, Computers, Congress, Constitution, Corruption, Crime, Crisis, Culture, Defense Intelligence Agency (DIA), Diet, Documentary, Drones, Drug Cartels, Economics, Education, Elections, Employment, Energy, Entertainment, Faith, Family, Federal Bureau of Investigation (FBI), Federal Bureau of Investigation (FBI), Federal Government, Federal Government Budget, Fiscal Policy, Food, Foreign Policy, Fraud, Freedom, Friends, government, government spending, Health, Health Care, history, Illegal, Immigration, Inflation, Internal Revenue Service (IRS), Investments, IRS, Islam, Journalism, Language, Law, Legal, liberty, Life, Links, Literacy, Macroeconomics, media, Microeconomics, Milk, Missiles, Monetary Policy, Money, Music, National Security Agency (NSA), Natural Gas, Newspapers, Nuclear, Nuclear Power, Nuclear Proliferation, Obamacare, Oil, People, Philosophy, Photos, Pistols, Police, Political Correctness, Politics, Press, Programming, Psychology, Radio, Radio, Rants, Raves, Raymond Thomas Pronk, Religion, Rifles, Security, Spying, Strategy, Success, Talk Radio, Tax Policy, Taxation, Taxes, Technology, Television, Terrorism, The Pronk Pops Show, Trade Policiy, Video, War, Wealth, Weapons, Weapons of Mass Destruction, Welfare, Wisdom, Work, Writing | Tags: , |

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The Pronk Pops Show Podcasts

Pronk Pops Show 940, August 3, 2017

Pronk Pops Show 939,  August 2, 2017

Pronk Pops Show 938, August 1, 2017

Pronk Pops Show 937, July 31, 2017

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Pronk Pops Show 934, July 25, 2017

Pronk Pops Show 934, July 25, 2017

Pronk Pops Show 933, July 24, 2017

Pronk Pops Show 932, July 20, 2017

Pronk Pops Show 931, July 19, 2017

Pronk Pops Show 930, July 18, 2017

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Pronk Pops Show 928, July 13, 2017

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Pronk Pops Show 885, May 3, 2017

Pronk Pops Show 884, May 1, 2017

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The Pronk Pops Show 940

August 3, 2017

Breaking News — Story 1: Special Counsel Robert Mueller III Impanels Grand Jury for Russian Investigation and Alleged Russia/Trump Collusion Conspiracy Theory — Videos —

Story 2: Proposed Reforming American Immigration for Strong Employment (RAISE) Act will Expose Hypocrisy of Democrats and Republicans In Promoting Open Borders with 30-60 Million Illegal Invasion of United States Over The Last 30 Years and Rising Legal Immigration Instead of Protecting The American Worker and Middle Class — The Betrayal Of American People By The Political Elitist Establishment — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/08/03/the-pronk-pops-show-940-august-3-2017-breaking-news-story-1-special-counsel-robert-mueller-iii-impanels-grand-jury-for-russian-investigation-and-alleged-russiatrump-collusion-conspiracy-theory/

August 04, 2017 04:57 PM PDT

The Pronk Pops Show 939

August 2, 2017

Story 1: President Trump For National Unity Furiously Signs Flawed Russia, Iran, and North Korea Sanctions Bill — Videos —

Story 2: Trump Announces New Immigration Policy — Reforming American Immigration for Strong Employment (RAISE) Act — Videos

For additional information and videos;

https://pronkpops.wordpress.com/2017/08/02/the-pronk-pops-show-939-august-2-2017-breaking-news-story-1-president-trump-for-national-unity-furiously-signs-flawed-russia-iran-and-north-korea-sanctions-bill-videos-story-2-trump-a/

August 03, 2017 12:00 PM PDT

The Pronk Pops Show 938

August 1, 2017

Story 1: Vice-President On The Trump Doctrine In Speech Delivered From Estonia, Latvia, and Lithuania — Videos —

Story 2: President Trump Will Sign Sanctions Bill For Russia, North Korea, and Islamic Republic of Iran — Videos — Story 3: Washington War Fever with Neocon Republicans and Progressive Democrats United Against Russia — Masking Incompetency — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/08/01/the-pronk-pops-show-938-august-1-2017-story-1-vice-president-on-the-trump-doctrine-in-speech-delivered-from-estonia-latvia-and-lithuania-videos-story-2-president-trump-will-sign-sanction/

 

The Pronk Pops Show 938

August 2, 2017

Story 1: Vice-President On The Trump Doctrine In Speech Delivered From Estonia, Latvia, and Lithuania — Videos —

Story 2: President Trump Will Sign Sanctions Bill For Russia, North Korea, and Islamic Republic of Iran — Videos —

Story 3: Washington War Fever with Neocon Republicans and Progressive Democrats United Against Russia — Masking Incompetency — Videos

For additional information and videos:

https://wordpress.com/post/pronkpops.wordpress.com/26453

July 29, 2017 12:49 PM PDT

The Pronk Pops Show 936

July 27, 2017

Story 1surprisedbama Spy Scandal: Obama Administration Officials Including National Security Adviser Rice, CIA Director Brennan and United Nations Ambassador Power Spied On American People and Trump Campaign By Massive Unmasking Using Intelligence Community For Political Purposes — An Abuse of Power and Felonies Under U.S. Law — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/07/28/the-pronk-pops-show-936-story-1obama-spy-scandal-obama-administration-officials-including-national-security-adviser-rice-cia-director-brennan-and-united-nations-ambassador-power-spied-on-american/

July 28, 2017 07:12 PM PDT

The Pronk Pops Show 935

July 26, 2017

Story 1: Trump Targets Transgender Troops — No More Gender Reassignment Surgeries In Military and Veterans Hospital — Cuts Spending By Millions Per Year — What is Next? — No More Free Viagra — Tranny Boys/Girls No More — Videos —

Story 2: Senate Fails To Pass Senator Rand Paul’s Total Repeal Amendment — Tea Party Revival Calling For Primary Challenge Against Rollover Republican Senators Shelley Moore Capito of West Virginia, Susan Collins of Maine, Dick Heller of Nevada, John McCain of Arizona, Rob Portman of Ohio, Lamar Alexander of Tennessee and Lisa Murkowski of Alaska — All Republicans in Name Only — Really Big Government Democrats — Videos —

Story 3: Trump Rally in Ohio — Neither A Rally Nor A Movement Is Not A Political Party That Votes in Congress — New Viable and Winning American Independence Party Is What Is Needed –Videos

For additional information and videos:

https://wordpress.com/post/pronkpops.wordpress.com/26375

July 27, 2017 02:28 PM PDT

The Pronk Pops Show 934

July 26, 2017

Story 1: Pence Breaks Tie — Senate Will Debate How To Proceed With Obamacare Repeal and Replace — Videos —

Story 2: Congress Overwhelming Passes New Sanctions on Russia, Iran and North Korea — Long Overdue — Videos —

Story 3: Trump Again Critical Of Attorney General Sessions Apparently For Not Prosecuting Leakers and Going After Clinton Foundation Crimes — What about Obama Administration’s Spying On Trump — An Abuse of Power Using Intelligence Community for Political Purposes — Will Trump Dump Sessions? If He Does Trump Will Start To Lose His Supporters in Talk Radio and Voter Base — Direct Deputy Attorney Rod Rosenstein To Fire Mueller — If He Won’t Fire Him — Fire Both Mueller and Rosenstein —  Punish Your Enemies and Reward Your Friends President Trump! — “In Your Guts You Know He is Nuts” —  Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/07/25/the-pronk-pops-show-934-july-24-2017-breaking-breaking-story-1-pence-breaks-tie-senate-will-debate-how-to-proceed-with-obamacare-repeal-and-replace-videos-story-2-congress-overwhel/

 

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David Stockman — Right On The Money, Economy, Trump and The Warfare and Welfare State — You Have Been Warned — Videos

Posted on April 30, 2017. Filed under: American History, Banking, Blogroll, Books, British History, Business, Communications, Congress, conservatives, Constitution, Corruption, Crisis, Cult, Culture, Economics, Education, Elections, Employment, European History, Federal Government Budget, Fiscal Policy, Foreign Policy, Freedom, government spending, history, History of Economic Thought, Illegal, Immigration, Inflation, Investments, Islam, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Middle East, Monetary Policy, Money, Money, Non-Fiction, People, Philosophy, Photos, Politics, Rants, Raves, Raymond Thomas Pronk, Speech, Strategy, Talk Radio, Tax Policy, Taxation, Taxes, Video, Wahhabism, War, Wealth, Welfare, Wisdom, Writing | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , |

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World’s Greatest Memory and Trump’s La la Land | David Stockman’s Warning

Published on Apr 29, 2017

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Stockman on Trump’s Tax Plan: ‘Borrowing Money Is Not the Way to Prosperity’

David Stockman: National debt is ticking time bomb

David Stockman: Trump doesn’t know anything about tax policy

David Stockman: We’re wasting money on defense

David Stockman on Trump’s wall: I think it’s a stupid idea

David Stockman: Economy is on the edge of ruin

David Stockman: We’ll have a fiscal bloodbath, not fiscal stimulus

David Stockman Trumps Efforts To Drain The Swamp

David Stockman – Trump Will Create A Debt Crisis Like Never Before – 28 Feb 17 | Gazunda

David Stockman – Global Deflation As A Result Of Massive Over-investment – 9 Feb 16 | Gazunda

David Stockman Speaks on Shakeup Expected At The White House. #TheWhiteHouse

David Stockman: We are at peak debt headed for a recession

David Stockman on Trump’s infrastructure spending

RTD News: “A 20 Trillion Ticking Time Bomb…” – David Stockman

David Stockman: We have a massive bubble in the market

David Stockman -Trump Can’t Stop Market Crash Predicts Reagan’s Budget Director

Stockman: U.S. election is Brexit on steroids

[74] David Stockman | One Big Fat Ugly Bubble

David Stockman: Lester Holt was in the tank for Hillary Clinton

Stockman: Janet Yellen is a clueless economist

David Stockman: What the Fed and the Feds Have Done to Us, and How to Reverse It

David Stockman-We Are Nearing the End

[youtube-https://www.youtube.com/watch?v=5exbO-Ros2Q]

David Stockman: Why a Trump Presidency Is Very Possible

What Trump Should Do – With David Stockman

David Stockman Bubbles, Economic Collapse Coming 1

Robert Kiyosaki David Stockman discuss the biggest financial crisis in US history present,future

David Stockman: The US Is Fiscally, Morally, Intellectually Bankrupt

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David Stockman – Conversations with Casey

How Crony Capitalism Corrupts the Free Market | David Stockman

The Forgotten Cause of Sound Money | David Stockman

Stockman: Market Will Not Be Pretty Under Trump

[Ed. Note: To see exactly what this former Reagan insider has to say about Trump and specifically what he believes must be done to drain the swamp, David Stockman is sending out a copy of his book Trumped! A Nation on the Brink of Ruin… And How to Bring It Back out to any American willing to listen. To learn how to get your free copy CLICK HERE.]

As bonds break a three day win streak and the U.S market hitting new record highs with a trifecta of records, CNBC was roaring about what to expect going forward. The Daily Reckoning contributor David Stockman joined Courtney Reagan to discuss what to expect going forward.

After the CNBC host positioned the critiques offered by David Stockman of the Trump administration she asked whether that would continue given the state of the market. Stockman did not mix words beginning the conversation with, “What’s going on today is complete insanity. The market is apparently pricing in a huge Trump stimulus package, when if you just look at the real world out there the only thing that is going to happen is a fiscal bloodbath and a White House train wreck like never before in U.S history.

How much more evidence do these so called traders need? Trump is lost in Twitter-land and he is out of control. He is turning out to be a complete jackass in the Oval Office. Co-President Bannon is off the deep end on terrorism, travel bans, Mexican walls, immigrant bashing and protectionism.”

David Stockman is a former Reagan Administration official who was the Office of Management and Budget Director. He also served as a two-term Congressman from the great state of Michigan. His latest book, Trumped! A Nation on the Brink of Ruin… And How to Bring It Back is out now. It offers his insight and exclusive analysis on exactly what the newly elected president must do in order to succeed in the White House. To get your own FREE copy, CLICK HERE to learn how.

“[They are] having nothing to do with the economic agenda and Trump has got an empty economic bench. He’s got no Secretary of the Treasury, no Office of Management and Budget, no Council of Economic Advisor Chairman. By this time, when I was there with the Reagan Administration, the plan was ready to go and he was going to Congress within a couple of days into February. We have a debt ceiling freight train coming down the road which will hit March 15 and then the cash will start running out and the system will be on edge. All of the continuing resolutions expire in April.”

“They are going to spend the year trying to repeal and replace Obamacare and it will be a fiasco. Nothing is going to happen this year. I don’t even think they can pass the budget resolution. There is going to be no tax action this year. If there is any bill next year it is going to be deficit neutral. Which means it is not going to add $15 to earnings like these crazy people expect.”

“Why would you be trading in this market, with this kind of chaos emerging everywhere at twenty six times trailing earnings? That’s where we are. It is completely crazy and it is only a question of how many more days or weeks that this kind of fantasy land can last.”

David Stockman Market In Text 2

Courtney Reagan then pressed back asking, “At what point do you give in and admit that [Trump] is atypical but maybe he could get things done? I mean, look at all of the CEO’s that Trump has met with.” The former Reagan insider remarked that, “CEO’s come and go with every president. They came in with Reagan, they tell a president what they want to hear. These guys are just selling the song and dance about how many jobs they’re going to create in the next five years. They have no clue.”

“If we have a recession in the next five years, which surely we will, because recessions have not been outlawed and we haven’t had one for ten years. None of this stuff is going to happen. This is meaningless. What is meaningful is that Trump is out of control. This tweeting and getting off track on all of this terrorism stuff. This is a sign that there is going to be no governing coalition and that all of this fiscal stimulus expected by Wall Street is a complete fantasy. It can’t happen.”

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When CNBC then turned over the camera to a day trader who asked about the positive sentiment that exists within the market regarding Trump and his plan to deregulate Stockman stayed true to message. “Trump is just putting out press releases and the guise of Executive Orders. All of this stuff is going to get litigated, it goes through a rulemaking process, that takes years. So the relief on regulation will be important, but it way down the road and it won’t be that impactful.”

“The second thing, is we’re at 92 months in this expansion already. It is running out of gas. You can’t expect it to run forever. That is seemingly what is priced in by the market.”

“The third thing is, we have a giant debt and deficit problem. The debt ceiling is coming back into play it will be 20 trillion when it freezes in on March 15th. I’ll tell you this, people aren’t paying attention to the fact that Trump will never get a debt ceiling increase through the Congress without a government shutdown. When that happens it is, “bar the doors” because nobody is expecting it. We need to look at the facts, not the hopes.”

As the CNBC affirmed, it is not clear that the market is just going to drop tomorrow and history will repeat itself, Stockman repositioned. “The market it clearly factoring in a big Trump stimulus and I think anybody down there would admit if it doesn’t happen, if we get zero tax cuts, if we get a fiscal bloodbath in the Washington I am describing – the market is not going to stay where it is today at these absurd multiples of earnings.”

“This is all based on the idea that there is going to be a surge of economic growth and that profits are going to come back from about $89 a share by basis, where they were during the last twelve months, to a potential $110 or $130. My argument is there is not going to be any economic rebound. There is not going to be any profit surge. Therefore the market will be repricing dramatically downward once it is clear.”

Another CNBC analysis asked why – with the positive trends in jobless claims, manufacturing increasing, interest rates at near record lows – would the market not close out the year near record levels? “The market is assuming that profits are going to rebound. That we are not going to have any market dislocation and that nobody is going to be pushing back on Trump. It is hard to understand how people watching the day-to-day action down there could believe that.”

“Everybody is pushing back on Trump, he can’t even get his cabinet approved. He’s going to be bogged down in a Supreme Court fight, he’s going to be bogged down in a fight over a ridiculous travel ban. The idea that there is not going to be pushback is naive. What there is going to be is a train wreck. It is already clear that the people in the White House have no idea what they’re doing and it is only a matter of time before this honeymoon goodwill evaporates and the politicians get down to doing what they do best. Which is to undermine and obstruct anything that might be positive.”

When finally asked whether there is anything positive that would make him turn bullish in the near future he responded affirmably, “No, because Trump is inheriting thirty years of a disaster created by his predecessors. We have to take this $20 trillion of debt seriously. There is $10 trillion more built in under current policy, and that is without a dime of Trump tax cuts, infrastructure or stimulus. There is going to be a tremendous fiscal crisis in the years ahead which will prevent any of the kind of action that the “stimulus junkies” are looking for.

To catch the full interview with David Stockman on CNBC click here. If you would like to claim your own free copy of David Stockman’s bestseller Trumped! Click here to learn how.

Thanks for reading,

Craig Wilson, @craig_wilson7
for the Daily Reckoning

https://dailyreckoning.com/stockman-market-under-trump/

David Stockman

From Wikipedia, the free encyclopedia
David Stockman
David Stockman by Gage Skidmore.jpg
Director of the Office of Management and Budget
In office
January 21, 1981 – August 1, 1985
President Ronald Reagan
Preceded by Jim McIntyre
Succeeded by Jim Miller
Member of the U.S. House of Representatives
from Michigan‘s 4th district
In office
January 3, 1977 – January 21, 1981
Preceded by Edward Hutchinson
Succeeded by Mark Siljander
Personal details
Born David Alan Stockman
November 10, 1946 (age 70)
Fort Hood, Texas, U.S.
Political party Republican
Spouse(s) Jennifer Blei (1983–present)[1]
Education Michigan State University (BA)
Harvard University
Website Official website

David Alan Stockman (born November 10, 1946) is a former businessman and U.S. politician who served as a Republican U.S. Representative from the state of Michigan (1977–1981) and as the Director of the Office of Management and Budget (1981–1985) under President Ronald Reagan.

Early life and education

Stockman was born in Fort Hood, Texas, the son of Allen Stockman, a fruit farmer, and Carol (née Bartz).[2] He is of German descent, and his family’s surname was originally “Stockmann”.[3] He was raised in a conservative family, and his maternal grandfather, William Bartz, was a Republican county treasurer for 30 years.[4][5] Stockman was educated at public schools in Stevensville, Michigan. He graduated from Lakeshore High School in 1964[6] and received a B.A. in History from Michigan State University in 1968. He was a graduate student at Harvard University, 1968–1970 studying theology

Political career

Stockman’s Congressional portrait

He served as special assistant to United States Representative and 1980 U.S. presidential candidate John Anderson of Illinois, 1970–1972, and was executive director, United States House of Representatives Republican Conference, 1972–1975.

Congress

Stockman was elected to the United States House of Representatives for the 95th Congress and was reelected in two subsequent elections, serving from January 3, 1977, until his resignation January 21, 1981, to accept appointment as Director of the Office of Management and Budget for U.S. President Ronald Reagan.

Office of Management and Budget

Stockman was one of the most controversial OMB directors ever appointed, also known as the “Father of Reaganomics.” He resigned in August 1985. Committed to the doctrine of supply-side economics, he assisted in the passing of the “Reagan Budget” (the Gramm-Latta Budget), which Stockman hoped would curtail the “welfare state“. He thus gained a reputation as a tough negotiator with House Speaker Tip O’Neill‘s Democratic-controlled House of Representatives and Majority Leader Howard Baker‘s Republican-controlled Senate. During this period, Stockman became well known to the public during the contentious political wrangling concerning the role of the federal government in American society.

Stockman’s influence within the Reagan Administration was weakened after the Atlantic Monthly magazine published the infamous 18,246 word article, “The Education of David Stockman”,[7] in its December 1981 issue, based on lengthy interviews Stockman gave to reporter William Greider.

Stockman was quoted as referring to Reagan’s tax act in these terms: “I mean, Kemp-Roth [Reagan’s 1981 tax cut] was always a Trojan horse to bring down the top rate…. It’s kind of hard to sell ‘trickle down.’ So the supply-side formula was the only way to get a tax policy that was really ‘trickle down.’ Supply-side is ‘trickle-down’ theory.”[7] Of the budget process during his first year on the job, Stockman was quoted as saying, “None of us really understands what’s going on with all these numbers,” which was used as the subtitle of the article.[7]

After “being taken to the woodshed by the president” because of his candor with Greider, Stockman became concerned with the projected trend of increasingly large federal deficits and the rapidly expanding national debt. On 1 August 1985, he resigned from OMB and later wrote a memoir of his experience in the Reagan Administration titled The Triumph of Politics: Why the Reagan Revolution Failed in which he specifically criticized the failure of congressional Republicans to endorse a reduction of government spending to offset large tax decreases to avoid the creation of large deficits and an increasing national debt.

Fiscal legacy

President Jimmy Carter’s last fiscal year budget ended with a $79.0 billion budget deficit (and a national debt of $907,701,000,000 [8] as of September 30, 1980), ending during the period of David Stockman’s and Ronald Reagan’s first year in office, on October 1, 1981.[9] The gross federal national debt had just increased to $1.0 trillion during October 1981 ($998 billion on 30 September 1981, up from $907.7 billion during the last full fiscal year of the Carter administration[8]).

By 30 September 1985, four and a half years into the Reagan administration and shortly after Stockman’s resignation from the OMB during August 1985, the gross federal debt was $1.8 trillion.[8] Stockman’s OMB work within the administration during 1981 until August 1985 was dedicated to negotiating with the Senate and House about the next fiscal year’s budget, executed later during the autumn of 1985, which resulted in the national debt becoming $2.1 trillion at fiscal year end 30 September 1986.[8] Reaganomics had just begun.

In 1981, Stockman received the Samuel S. Beard Award for Greatest Public Service by an Individual 35 Years or Under, an award given out annually by Jefferson Awards.[10]

Business career

After leaving government, Stockman joined the Wall St. investment bank Salomon Brothers and later became a partner of the New York–based private equity company, the Blackstone Group.[11]:125–127 His record was mixed at Blackstone, with some very good investments, such as American Axle, but also failures, including Haynes International and Republic Technologies.[11]:144–147 During 1999, after Blackstone CEO Stephen A. Schwarzman curtailed Stockman’s role in managing the investments he had developed,[11]:146 Stockman resigned from Blackstone to start his own private equity fund company, Heartland Industrial Partners, L.P., based in Greenwich, Connecticut.[12]

On the strength of his investment record at Blackstone, Stockman and his partners raised $1.3 billion of equity from institutional and other investors. With Stockman’s guidance, Heartland used a contrarian investment strategy, buying controlling interests in companies operating in sectors of the U.S. economy that were attracting the least amount of new equity: auto parts and textiles. With the help of about $9 billion in Wall Street debt financing, Heartland completed more than 20 transactions in less than 2 years to create four portfolio companies: Springs Industries, Metaldyne, Collins & Aikman, and TriMas. Several major investments performed very poorly, however. Collins & Aikman filed for bankruptcy during 2005 and when Heartland sold Metaldyne to Asahi Tec Corp. during 2006, Heartland lost most of the $340 million of equity it had invested in the business.[13]

Collins & Aikman Corp.

During August 2003, Stockman became CEO of Collins & Aikman Corporation, a Detroit-based manufacturer of automotive interior components. He was ousted from that job days before Collins & Aikman filed for bankruptcy under Chapter 11 on May 17, 2005.

Criminal and civil charges

On March 26, 2007, federal prosecutors in Manhattan indicted Stockman in “a scheme… to defraud [Collins & Aikman]’s investors, banks and creditors by manipulating C&A’s reported revenues and earnings.” The United States Securities and Exchange Commission also brought civil charges against Stockman related to actions that he performed while CEO of Collins & Aikman.[14] Stockman suffered a personal financial loss, over $13 million, along with losses suffered by as many as 15,000 Collins & Aikman employees worldwide.

Stockman said in a statement posted on his law firm’s website that the company’s end was the consequence of an industry decline, not due to fraud.[15] On January 9, 2009, the US Attorney’s Office announced that it did not intend to prosecute Stockman for this case.[16]

Web site

In March 2014 Stockman launched a web based daily periodical, David Stockman’s Contra Corner featuring both his own articles and those from leading contrarian thinkers on geopolitics, economics, and finance.

Personal life

Stockman lives in the Upper East Side of Manhattan in New York City.[12] He is married to Jennifer Blei Stockman and is the father of two children, Rachel and Victoria. Jennifer Blei Stockman is a chairwoman emerita of the Republican Majority for Choice,[17] and President of the Solomon R. Guggenheim Foundation Board of Trustees.[18] In 2013, Stockman signed an amicus brief to the Supreme Court in favor of same-sex marriage.[19]

Quotes

  • “[Social Security] has to be means-tested. And Medicare needs to be means-tested […] Let the Bush tax cuts expire. Let the capital gains go back to the same rate as ordinary income.”[20]
  • “The Republican Party has totally abdicated its job in our democracy, which is to act as the guardian of fiscal discipline and responsibility. They’re on an anti-tax jihad — one that benefits the prosperous classes.”[21]
  • “I invest in anything that Bernanke can’t destroy, including gold, canned beans, bottled water and flashlight batteries.”[22]
  • “Ninety-two percent of the wealth is owned by five percent of the people.” (Bloomberg TV 2013)
  • “[T]he Republican Party was hijacked by modern imperialists during the Reagan era. As a consequence, the conservative party cannot perform its natural function as watchdog of the public purse because it is constantly seeking legislative action to provision a vast war machine of invasion and occupation.” [23]

Bibliography

  • The Reagan Economic Plan, 1981
  • The Triumph of Politics: Why the Reagan Revolution Failed, Harper & Row, 1986, ISBN 9780060155605
  • The Great Deformation: The Corruption of Capitalism in America, PublicAffairs, 2013, ISBN 9781586489120
  • Trumped!: A Nation on the Brink of Ruin, and How to Bring it Back, 2016

References

  1. Jump up^ “LOSING THE BATTLES AND WINNING THE WAR”. Lexington Herald-Leader. April 7, 1985.
  2. Jump up^ Hunter, Marjorie (December 12, 1980). “Office of Management and Budget David Alan Stockman; Strong Support From Kemp Chosen by House Republicans Views on Economy”. The New York Times.
  3. Jump up^ “News65”. 19 June 1998.
  4. Jump up^ “The Tuscaloosa News – Google News Archive Search”.
  5. Jump up^ “The Montreal Gazette – Google News Archive Search”.
  6. Jump up^ Heibutzki, Ralph (2012-06-04). “Stockman Surprise Speaker at Lakeshore’s Graduation”. The Herald-Palladium. Retrieved 2012-06-04.
  7. ^ Jump up to:a b c William Greider (December 1981). “The Education of David Stockman”. The Atlantic Online.
  8. ^ Jump up to:a b c d Treasury Department’s Historical Debt Outstanding – Annual 1950 – 1999
  9. Jump up^ Office of Management and Budget Historical Tablessee Table 1.1 (Excel Spreadsheet)
  10. Jump up^ “Jefferson Awards”. Jefferson Awards.
  11. ^ Jump up to:a b c David Carey & John E. Morris (2001). King of Capital: The Remarkable Rise, Fall and Rise Again of Steve Schwarzman and Blackstone. Crown.
  12. ^ Jump up to:a b “Collins & Aikman seeks to emerge from bankruptcy,” Bloomberg News article by Jeff Bennett, published in the newspaper The Advocate of Stamford and (identical version, perhaps with changes by the local editor in the common business section for both newspapers) in the Greenwich Time on September 5, 2006, page A7, The Advocate
  13. Jump up^ David Carey and Lou Whiteman, “PE firms find buyer for Metaldyne,” The Deal, Sept. 1, 2006.
  14. Jump up^ Levin, Doris (29 March 2007). “Stockman Outsmarts Self in Detroit”. Bloomberg. Retrieved 19 September 2014.
  15. Jump up^ “Ex-Collins Chief David Stockman Charged With Fraud (Update10)”. Bloomberg. March 26, 2007. Retrieved 2010-08-02.
  16. Jump up^ “Fraud charges dropped against ex-Reagan aide David Stockman”. Chicago Tribune. 10 January 2009. Retrieved 19 September 2014.
  17. Jump up^ About Us Republican Majority for Choice
  18. Jump up^ Trustees, Solomon R. Guggenheim Foundation
  19. Jump up^ [1]
  20. Jump up^ “Why David Stockman Isn’t buying it”. CBS News. March 2, 2012.
  21. Jump up^ Dickinson, Tim (Nov 9, 2011). “How the GOP Became the Party of the Rich”. Rolling Stone. Retrieved 2011-11-10.
  22. Jump up^ David Stockman: I Invest In Anything Bernanke Can’t Destroy, John Carney, CNBC, October 6, 2010
  23. Jump up^ Stockman, David (2013). The Great Deformation — the corruption of capitalism in America. PublicAffairs. p. 688. ISBN 978-1586489120.

External links

United States House of Representatives
Preceded by
Edward Hutchinson
Member of the U.S. House of Representatives
from Michigan’s 4th congressional district

1977–1981
Succeeded by
Mark Siljander
Political offices
Preceded by
Jim McIntyre
Director of the Office of Management and Budget
1981–1985
Succeeded by
Jim Miller
Read Full Post | Make a Comment ( None so far )

Progressive Interventionist Neoconservative Warmonger Senator John McCain — Let The NATO Nations Defend Themselves and Pay For Their Own Defense — Progressive Democrats and Republicans Have Given The American People The Warfare and Welfare State and Replaced The Constitutional American Republic With A Declining and Falling American Empire of The Two Party Tyranny — $20 Trillion in Debt and Unfunced Liabilities Exceeding $210 Trillion and Growing — A Day of Reckoning — United States Is Bankrupt — Steve Bannon and President Trump Know It — Videos

Posted on March 16, 2017. Filed under: Articles, Banking, Blogroll, Books, Business, Communications, Computers, Congress, conservatives, Constitution, Corruption, Culture, Demographics, Diasters, Documentary, Economics, History of Economic Thought, Investments, Macroeconomics, Microeconomics, Monetary Policy, Money, Non-Fiction, Technology, Unemployment, Video, War, Wealth, Weather, Welfare, Wisdom, World War II, Writing | Tags: , , , , , , , , , , , , , , , , , , , , , , |

 “It is our true policy to steer clear of permanent alliance with any portion of the foreign world”

~George Washington

 “Peace, commerce, and honest friendship with all nations-entangling alliances with none.”

~Thomas Jefferson

Image result for quotes george washington on steer clear of permanent alliancesImage result for quotes george washington on alliances

Image result for NATO map

Image result for NATO list of countries and date joined

Image result for NATO list of countries and date joined

Image result for NATO list of countries and date joined

Image result for NATO list of countries and date joined

Image result for quotes george washington on alliances

Image result for quotes george washington on alliancesImage result for thomas jefferson on debt burdening future generationsImage result for thomas jefferson on debt burdening future generations

National Debt Clock

Image result

Sen McCain on Sen. Paul: “The Senator from Kentucky is now working for Vladimir Putin.” (C-SPAN)

Rand Paul ‘John McCain is proof we need term limits’

[youtube3=https://www.youtube.com/watch?v=AGT4wCmKjas]

RAND PAUL VS. JOHN MCCAIN: RAND REACTS TO MCCAIN’S RUSSIAN AGENT CLAIM!!

Rand Paul: McCain ‘past his prime,’ maybe ‘unhinged’

Pence: Time For Allies To Pay Fair Share For NATO

Other NATO members need to pay their fair share?

Trump complains at NATO countries for not paying defense share

Congressman Ron Paul, MD – We’ve Been NeoConned

Steve Bannon Lays Out His AMAZING Political Philosophy

Published on Nov 18, 2016

Speech by Stephen K. Bannon (Steve Bannon), Donald Trump’s senior strategic advisor and architect of his winning 2016 election. In this speech delivered to the Liberty Restoration Foundation, Bannon layed out the poliitical philosophy both he and Trump embrace, and which appealed to the American people in the election. It is conservative, perhaps explaining why the political liberal left has resorted to evidently incorrect allegations of antisemitism or racism to try to derail his appointment. Bannon was a Hollywood producer who invested in the Seinfeld comedy TV series, and later became the chair of the Brietbart News Service, expanding it into one of the leading news sources nationally, as an alternative to liberal media outlets that previously dominated US media. He joined the Trump campaign in June 2016, leading him to victory and the White House. Do you think that Bannon is racist, as the democrats have alleged?

Deficits, Debts and Unfunded Liabilities: The Consequences of Excessive Government Spending

Uploaded on May 10, 2010

Huge budget deficits and record levels of national debt are getting a lot of attention, but this video explains that unfunded liabilities for entitlement programs are Americas real red-ink challenge. More important, this CF&P mini-documentary reveals that deficits and debt are symptoms of the real problem of an excessive burden of government spending. http://www.freedomandprosperity.org

III – Unfunded Liabilities

Rhett Talks – Is the United States Bankrupt?

Laurence Kotlikoff at MTSU November 5, 2015

‘US hides real debt, in worse shape than Greece’

Unfunded Liabilities: James Cox of Silver Bullion interviews Professor Kotlikoff

The Actual Fiscal Gap Is Approximately $210 Trillion Dollars With All The Unfunded Liabilities, The Average Person, Every Man, Woman, And Child Owes……$666,666.667

8 years ago, when Obama took office, the Debt Clock was at 9 TRILLION Dollars.
Today, the US Debt Clock at almost 20 TRILLION Dollars.
http://www.usdebtclock.org/

This is an 87% increase.

The actual Fiscal Gap is approximately $210 TRILLION Dollars.
with all the unfunded liabilities.

With the population of the US is over 315 MILLION People, this means that the average person, every man, woman, and child owes……$666,666.667

Where does this lead?
Look at Brazil, Argentina, Cyprus, Greece, Italy,……

Who ends up with the bill?
THE TAXPAYER!

http://investmentwatchblog.com/the-actual-fiscal-gap-is-approximately-210-trillion-dollars-with-all-the-unfunded-liabilities-the-average-person-every-man-woman-and-child-owes-666666-667/

17 Nobel Laureates and 1200+ Economists Agree with Ben Carson re U.S. Fiscal Gap

I cover economics, personal, national, and international.

Michelle Lee, a fact checker with the Washington Post, just posted a long and, to my mind, highly political column. Her column, read carefully, undermines Presidential candidate Ben Carson’s absolutely correct claim, made in announcing his candidacy, that the true measure of U.S. fiscal debt is not the $13 trillion our government reports as its debt. Instead, our true debt is over $200 trillion. Obviously, most of this true debt has been kept off the books by our politicians.

In this column, I’m going to defend Dr. Carson’s statement. But I want to point out that I don’t know Dr. Carson. I have never spoken with him. And I don’t yet know enough about Dr. Carson’s positions to have a view about his overall suitability for President. I am, however, impressed that out of the gate he is talking about the right measure of our nation’s fiscal condition.

I spoke at length to Michelle Lee prior to her writing her column. She told me she was a fact checker. But when fact checking turns into disguised political commentary, there’s a problem. Fact checkers are supposed to check the facts with experts. When it comes to economics, the experts are PhD economists, not political organizations or people, without real economics training, parading as economists, both of which she quotes in undermining Dr. Carson’s credibility.

Now let me turn to the substance. In referring to $211 trillion in unfunded mandates, Dr. Carson was referencing my calculation of the U.S. fiscal gap. As I explained in a NY Times op ed, the U.S. fiscal gap is $210 trillion. So Dr. Carson was off by $1 trillion – by less than one half of one percent.

The fiscal gap is the present value of all projected future expenditures less the present value of all projected future taxes. The fiscal gap is calculated over the infinite horizon. But since future expenditures and taxes far off in the future are being discounted, their contribution to the fiscal gap is smaller the farther out one goes. The $210 trillion figure is based on the Congressional Budget Office’s July 2014 Alternative Fiscal Scenario projections, which I extended beyond their 75-year horizon.

Dr. Carson referenced $211 trillion as the size of “unfunded mandates.” Michelle Lee correctly points out that Dr. Carson was referencing the U.S. fiscal gap, not the present value of mandatory spending. What she knew (because I told her), but failed to say, is that the present value of mandatory spending is far larger than $210 trillion because the fiscal gap is a net, not a gross number.

Michelle Lee is not a PhD economist. Nor is Bruce Barlett, whose truly absurd statement about the debt being an asset she quotes. Yes, it’s an asset, but it’s an asset that young and future generations must pay off. Social Security benefits are also an asset to their recipients, but again, they must be paid off by people who aren’t getting the benefits.

Michelle Lee apparently takes Bruce Bartell’s views more seriously than the views of 17 Nobel Laureates in economics and over 1200 PhD economists from MIT, Harvard, Stanford, Chicago, Berkeley, Yale, Columbia, Penn, and lesser known universities and colleges around the country. Each of these economists has endorsed The Inform Act, a bi-partisan bill that requires the CBO, GAO, and OMB to do infinite horizon fiscal gap accounting on a routine and ongoing basis.

https://www.forbes.com/sites/kotlikoff/2015/05/13/17-nobel-laureates-and-1200-economists-agree-with-ben-carson-re-u-s-fiscal-gap/#46c13e954d17

National Debt

What You’ll Find

Comprehensive and meticulously documented facts about the national debt. Learn about various measures of the national debt, contributing factors, consequences, and more. For example:


Citation Generator

Introductory Notes

In keeping with the practice of the Congressional Budget Office and other federal agencies that deal with budget policy, many of the federal debt, spending, and revenue figures in this research are expressed as a portion of gross domestic product (GDP). This is because debates about the size of government and the effects of its debt are frequently centered upon how much of a nation’s economy is consumed by government. This measure also accounts for population growth, some of the effects of inflation, and the relative capacity of government to service its debt.

However, the federal government does not have the entire U.S. economy at its disposal to service federal debt. The private sector, which produces the goods and services that comprise most of the economy, utilizes some of these resources, and local and state governments also consume some of the nation’s GDP. Hence, this research sometimes expresses federal debt as a portion of annual federal revenues. This is a more direct measure of the federal government’s capacity to service its debt.

In keeping with Just Facts’ Standards of Credibility, all graphs in this research show the full range of available data, and all facts are cited based upon availability and relevance, not to slant results by singling out specific years that are different from others.

Click here for a video that summarizes some of the key facts in this research.

Quantifying the National Debt

* As of March 1, 2017, the official debt of the United States government is $19.9 trillion ($19,920,418,771,289).[1] This amounts to:

  • $61,365 for every person living in the U.S.[2]
  • $158,326 for every household in the U.S.[3]
  • 106% of the U.S. gross domestic product.[4]
  • 560% of annual federal revenues.[5]
Debt as a Portion of the Economy

[6]

* Publicly traded companies are legally required to account for “explicit” and “implicit” future obligations such as employee pensions and retirement benefits.[7] [8] [9] The federal budget, which is the “government’s primary financial planning and control tool,” is not bound by this rule.[10] [11]

* At the close of the federal government’s 2016 fiscal year (September 30, 2016), the federal government had roughly:

  • $8.5 trillion ($8,542,000,000,000) in liabilities that are not accounted for in the publicly held national debt, such as federal employee retirement benefits, accounts payable, and environmental/disposal liabilities.[12]
  • $29.0 trillion ($29,038,000,000,000) in obligations for current Social Security participants above and beyond projected revenues from their payroll and benefit taxes, certain transfers from the general fund of the U.S. Treasury, and assets of the Social Security trust fund.[13] [14]
  • $32.9 trillion ($32,900,000,000,000) in obligations for current Medicare participants above and beyond projected revenues from their payroll taxes, benefit taxes, premium payments, and assets of the Medicare trust fund.[15] [16]

* The figures above are determined in a manner that approximates how publicly traded companies are required to calculate their liabilities and obligations.[17] [18] [19] The obligations for Social Security and Medicare represent how much money must be immediately placed in interest-bearing investments to cover the projected shortfalls between dedicated revenues and expenditures for all current participants in these programs (both taxpayers and beneficiaries).[20] [21] [22]

* Combining the figures above with the national debt and subtracting the value of federal assets, the federal government had about $84.3 trillion ($84,306,000,000,000) in debts, liabilities, and unfunded obligations at the close of its 2016 fiscal year.[23]

* This $84.3 trillion shortfall is 93% of the combined net worth of all U.S. households and nonprofit organizations, including all assets in savings, real estate, corporate stocks, private businesses, and consumer durable goods such as automobiles and furniture.[24] [25]

* This shortfall equates to:

  • $260,382 for every person living in the U.S.[26]
  • $670,058 for every household in the U.S.[27]
  • 451% of the U.S. gross domestic product.[28]
  • 2,370% of annual federal revenues.[29]

* These figures do not account for the future costs implied by any current policies except those of the Social Security and Medicare programs.[30]

* These figures are based upon current federal law and “a wide range of complex assumptions” made by federal agencies.[31] Regarding this:

  • The Board of Social Security Trustees has stated that “significant uncertainty” surrounds the “best estimates” of future circumstances.”[32]
  • The Board of Medicare Trustees has stated that the program’s financial projections “are highly uncertain, especially when looking out more than several decades.”
  • The Board of Medicare Trustees has stated that the program’s long-term costs may be “substantially higher” than projected under current law. This is because current law includes the effects of the Affordable Care Act, which will cut Medicare prices for “many” healthcare services to “less than half of their level” under prior law. Per the Trustees:
Absent an unprecedented change in health care delivery systems and payment mechanisms, the prices paid by Medicare for health services will fall increasingly short of the costs of providing these services. … Before such an outcome would occur, lawmakers would likely intervene to prevent the withdrawal of providers from the Medicare market and the severe problems with beneficiary access to care that would result.[33]

Causes of the National Debt

Spending and Taxes

Current Expenditures and Receipts

† To measure the entirety of government expenditures and receipts, “total” instead of “current” figures are preferable, but such data (shown in the next graph) only extends back to 1960.[34]

‡ In 2015, receipts consisted of: 97% taxes; 2% premiums, settlements, donations, fines, fees, & penalties; 1% interest & dividends.[35]

[36]

* Data from the graph above:

Year Receipts
(Portion of GDP)
Expenditures
(Portion of GDP)
1930 3% 3%
1940 8% 9%
1950 16% 16%
1960 17% 17%
1970 17% 20%
1980 19% 22%
1990 18% 22%
2000 20% 19%
2010 16% 25%
2015 19% 22%

Total Expenditures and Receipts

[37]

* Data from the graph above:

Year Receipts
(Portion of GDP)
Expenditures
(Portion of GDP)
1960 18% 19%
1970 18% 21%
1980 19% 23%
1990 18% 22%
2000 20% 19%
2010 16% 27%
2015 19% 22%

Spending Distribution

Current Expenditures by Function

† Social programs include income security, healthcare, education, housing, and recreation.

‡ National defense includes military spending and veterans’ benefits.

§ General government and debt service includes the executive & legislative branches, tax collection, financial management, and interest payments.

# Economic affairs includes transportation, general economic & labor affairs, agriculture, natural resources, energy, and space. (This excludes spending for infrastructure projects such as new highways, which is not accounted for in this graph.[38])

£ Public order and safety includes police, fire, law courts, prisons, and immigration enforcement.

[39]

* Data from the graph above:

Category Portion of Total Federal Spending
1960 1970 1980 1990 2000 2010 2015
Social Programs 21% 32% 45% 44% 54% 61% 63%
National Defense 53% 42% 26% 25% 19% 20% 19%
General Government & Debt Service 19% 18% 21% 25% 21% 13% 13%
Economic Affairs & Infrastructure 6% 7% 7% 5% 5% 4% 4%
Public Order & Safety 0% 0% 1% 1% 1% 1% 1%

Tax Distribution

Effective Tax Rates by Income

NOTE: This data does not account for 7% of federal revenues that could not be allocated to households by income group.

[40]

* Data from the graph above:

Average Effective Federal Tax Burdens (2013)
Income Group Household Income Tax Rate Taxes Paid
Lowest 20% $25,400 3.3% $838
Second 20% $47,400 8.4% $3,982
Middle 20% $69,700 12.8% $8,922
Fourth 20% $103,700 17.0% $17,629
Highest 20% $265,000 26.3% $69,695

* Breakdown of the highest 20%:

Income Group Household Income Tax Rate Taxes Paid
81st – 90th $147,100 20.7% $30,450
91st – 95th $201,400 23.0% $46,322
96th – 99th $326,800 26.3% $85,948
Top 1 % $1,571,600 34.0% $534,344

Consequences

* As detailed in publications of the Congressional Budget Office, the Brookings Institution, and Princeton University Press, the following are some potential consequences of unchecked government debt:

  • reduced “future national income and living standards.”[41] [42] [43]
  • “reductions in spending” on “government programs.”[44]
  • “higher marginal tax rates.”[45]
  • “higher inflation” that increases “the size of future budget deficits” and decreases the “the purchasing power” of citizens’ savings and income.”[46] [47]
  • restricted “ability of policymakers to use fiscal policy to respond to unexpected challenges, such as economic downturns or international crises.”[48]
  • “losses for mutual funds, pension funds, insurance companies, banks, and other holders of federal debt.”[49]
  • increased “probability of a fiscal crisis in which investors would lose confidence in the government’s ability to manage its budget, and the government would be forced to pay much more to borrow money.”[50] [51]

* In 2012, the Journal of Economic Perspectives published a paper about the economic consequences of government debt. Using 2,000+ data points on national debt and economic growth in 20 advanced economies (such as the United States, France, and Japan) from 1800–2009, the authors found that countries with national debts above 90% of GDP averaged 34% less real annual economic growth than when their debts were below 90% of GDP.[52]

* The United States exceeded a debt/GDP level of 90% in the second quarter of 2010.[53]

* Per the textbook Microeconomics for Today:

GDP per capita provides a general index of a country’s standard of living. Countries with low GDP per capita and slow growth in GDP per capita are less able to satisfy basic needs for food, shelter, clothing, education, and health.[54]

* In 2013, the Political Economy Research Institute at the University of Massachusetts, Amherst, published a working paper about the economic consequences of government debt. Using data on national debt and economic growth in 20 advanced economies from 1946-2009, the authors found that countries with national debts over 90% of GDP averaged:

  • 31% less real annual economic growth than countries with debts from 60% to 90% of GDP,
  • 29% less real annual economic growth than countries with debts from 30% to 60% of GDP,
  • and 48% less real annual economic growth than countries with debts from 0% to 30% of GDP.[55]

* The authors of the above-cited papers have engaged in a heated dispute about the results of their respective papers and the effects of government debt on economic growth. Facts about these issues can be found in the Just Facts Daily article, “Do large national debts harm economies?

Politics

Responsibility

* The U.S. Constitution vests Congress with the powers to tax, spend, and pay the debts of the federal government. Legislation to carry out these functions must either be:

  • passed by majorities in both houses of Congress and approved by the President; or
  • passed by majorities in both houses of Congress, vetoed by the President, and then passed by two-thirds of both houses of Congress; or
  • passed by majorities in both houses of Congress and left unaddressed by the President for ten days.[56]

* Other factors impacting the national debt include but are not limited to legislation passed by previous congresses and presidents,[57] economic cycles, terrorist attacks, natural disasters, demographics, and the actions of U.S. citizens and foreign governments.[58]


Current Policies

* In 2014, the Congressional Budget Office (CBO) projected the debt that the U.S. government would accumulate under current federal policies.[59] The projection used the following assumptions:

  • Unemployment will incrementally decline from 6.8% in 2014 to 5.8% in 2018 and 5.3% in 2027, where it will remain thereafter.[60] (For reference, the average of the previous 40 years is 6.5%.[61])
  • GDP growth will incrementally decline from an average rate of 3.4% above the rate of inflation in 2015 to 1.9% in 2021 and remain constant thereafter.[62] (The average of the previous 40 years is 2.9%.[63])
  • Federal revenues (i.e., taxes) will incrementally increase from 17.4% of GDP in 2014 to 18.0% in 2024 and remain constant thereafter.[64] (The average of the previous 40 years is 17.4%.[65])
  • Federal spending will incrementally increase from 20.4% of GDP in 2014 to 23.6% in 2025 and 31.8% in 2040.[66] (The average of the previous 40 years is 20.5%.[67])
  • Payments for Medicare services will undergo scheduled reductions that would likely cause “severe problems with beneficiary access to care.”[68] [69]

* Combining these projections with historical data yields the following results:

Revenues and Spending Under Current Policies

[70]

Debt Under Current Policies

† To measure the entirety of the national debt, it would be preferable to show “gross” debt instead of “publicly held” debt, but this data is not presented in this report. Nonetheless, it would make little difference because the excluded debt primarily resides in federal government trust funds that dwindle and become insolvent during the projection period.[71] Facts regarding why and how the federal government keeps its books in this manner are covered in the section of this research entitled “Government Accounting.”

[72]

* Per CBO, postponing action to stabilize the debt will:

  • punish younger generations of Americans, because most of the burden would fall on them.
  • reward older generations of Americans, because “they would partly or entirely avoid the policy changes needed to stabilize the debt.”
  • “substantially increase the size of the policy adjustments needed to put the budget on a sustainable course.”[73] [74]

* The following Ph.D. economists and political scientists have claimed that the level of national debt during World War II is a good reason to not be overly concerned about the modern national debt:

  • Paul Davidson, editor of the Journal of Post Keynesian Economics and author of The Keynes Solution: The Path to Global Economic Prosperity:[75]
Rather than bankrupting the nation, this large growth in the national debt [during World War II] promoted a prosperous economy. By 1946, the average American household was living much better economically than in the prewar days. Moreover, the children of that Depression–World War II generation were not burdened by having to pay off what then was considered a huge national debt. Instead, for the next quarter century, the economy continued on a path of unprecedented economic growth and prosperity….[76]
  • Douglas J. Amy, professor of politics at Mount Holyoke College:[77]
Conservatives are also wrong when they argue that deficit spending and a large national debt will inevitably undermine economic growth. To see why, we need to simply look back at times when we have run up large deficits and increased the national debt. The best example is World War II when the national debt soared to 120% of GDP—nearly twice the size of today’s debt. This spending not only got us out of the Great Depression but set the stage for a prolonged period of sustained economic growth in the 50s and 60s.[78]
  • Paul Krugman, Nobel Prize-winning economist and Princeton University professor:[79]
Right now, federal debt is about 50% of GDP. So even if we do run these deficits, federal debt as a share of GDP will be substantially less than it was at the end of World War II.
Again, the debt outlook is bad. But we’re not looking at something inconceivable, impossible to deal with; we’re looking at debt levels that a number of advanced countries, the U.S. included, have had in the past, and dealt with.[80]

* In the 40 years that followed the end of World War II (1946–1985):

  • federal spending as a percent of GDP averaged 42% lower than the last year of the war.[81]
  • publicly held debt as a percent of GDP decreased by 72 percentage points.[82]

* In 2010, around the time when the statements above were written, the Congressional Budget Office projected that under current policy and a sustained economic recovery over the next 40 years:

  • federal spending as a percent of GDP will average over 78% higher than in the four decades that followed World War II.[83]
  • publicly held debt as a percent of GDP will rise by 277 percentage points.[84]

Alternative Policies

* As alternatives to the CBO’s current policy projections detailed above, the CBO also ran projections for scenarios such as these:

1) Current law:[85]

  • Federal revenues will incrementally increase from 17.6% of GDP in 2014 to 18.0% in 2020, 19.9% in 2044, and 23.5% in 2084.[86] [87] At this point, federal revenues (i.e., taxes) will be 35% higher than the average of the previous 40 years.[88]
  • Federal spending on all government functions will incrementally increase from 20.4% of GDP in 2014 to 21.5% in 2020, and 26.0% in 2040.[89] At this point, spending will be 27% higher than the average of the previous 40 years.[90]
  • Payments for Medicare services will undergo reductions that will likely cause “severe problems with beneficiary access to care.”[91] [92]

2) Republican Congressman Paul Ryan’s 2014 budget resolution, called the “The Path to Prosperity”:[93]

  • Starting in 2024, Medicare beneficiaries will have a choice to enroll in private plans paid for by Medicare or remain in the traditional Medicare program.[94] Also starting in 2024, the eligibility age for Medicare benefits will incrementally rise to correspond with Social Security’s retirement age.[95] Compared to the projections under the current policy scenario, Medicare spending will be 0.5% lower in 2016, 2% lower in 2020, and 4% lower in 2024.[96]
  • Federal Medicaid spending will be converted to an “allotment that each state could tailor to meet its needs, indexed for inflation and population growth.”[97] The expansion of Medicaid manadated by the Affordable Care Act (a.k.a. Obamacare) will be repealed.[98] Compared to the projections under the current policy scenario, Medicaid spending will be 9% lower in 2016, 19% lower in 2020, and 24% lower in 2024.[99]
  • All federal spending related to Obamacare’s exchange subsidies will be repealed.[100]
  • Spending on all government functions except for interest payments on the national debt will incrementally decline from 18.9% of GDP in 2015 to 16% in 2025 before increasing to 16.4% in 2035.[101] (The average of the previous 40 years is 18.3%).[102]
  • Revenues will increase from 18.2% of GDP in 2015 to 18.4% in 2025, 19% in 2032 and stay constant thereafter.[103] (The average of the previous 40 years is 17.4%.[104])

* Combining historical data on the national debt with CBO’s projections for current policy, current law, and the Ryan plan yields the following results:

Debt Under Different Policies

[105] [106]


Public Opinion

* A poll conducted by NBC News and the Wall Street Journal in February 2011 found that:

  • 80% of Americans are concerned “a great deal” or “quite a bit” about federal budget deficits and the national debt.
  • if the deficit cannot be eliminated by cutting wasteful spending, 35% of Americans prefer to cut important programs while 33% prefer to raise taxes.
  • 22% think cuts in Social Security spending will be needed to “significantly reduce the federal budget deficit,” 49% do not, and 29% have no opinion or are not sure.
  • 18% think cuts in Medicare spending will be needed to “significantly reduce the federal budget deficit,” 54% do not, and 28% have no opinion or are not sure.[107]

* Other than interest on the national debt, most of the long-term growth in federal spending (as a percent of GDP) under the CBO’s current policy and current law scenarios stems from Social Security, Medicare, Medicaid, the Children’s Health Insurance Program, and Affordable Care Act (a.k.a. Obamacare) subsidies.[108]

* A poll conducted in November 2010 by the Associated Press and CNBC found that:

  • 85% of Americans are worried that the national debt “will harm future generations.”
  • 56% think “the shortfalls will spark a major economic crisis in the coming decade.”
  • when asked to choose between two options to balance the budget, 59% prefer to cut unspecified government services, while 30% prefer to raise unspecified taxes.[109]

* A poll conducted in July 2005 by the Associated Press and Ipsos found that:

  • 70% of Americans were worried about the size of the federal deficit.
  • 35% were willing to cut government spending.
  • 18% were willing to raise taxes.
  • 1% were willing to cut government spending and raise taxes.[110]

Congresses

* During the first session of the 113th Congress (January–December 2013), U.S. Representatives and Senators introduced 168 bills that would have reduced spending and 828 bills that would have raised spending.[111]

* The table below quantifies the costs and savings of these bills by political party. This data is provided by the National Taxpayers Union Foundation:

Costs/Savings of Bills Sponsored or Cosponsored

in 2013 by Typical Congressman (in Billions)

Increases Decreases Net Agenda
House Democrats $407 $10 $397
Senate Democrats $22 $3 $18
House Republicans $9 $91 -$83
Senate Republicans $6 $165 -$159

[112] [113]

* Click here to look up any member of Congress and see the annual costs or savings from the legislation he or she has sponsored or cosponsored.

* The table below quantifies the net agendas of the political parties in previous Congresses:

Costs/Savings of Bills Sponsored or Cosponsored in the First

Sessions of Congress by Typical Congressman (in Billions)

2011 2009 2007 2005 2003 2001 1999
House Democrats $497 $500 $547 $547 $402 $262 $34
Senate Democrats $24 $134 $59 $52 $174 $88 $15
House Republicans -$130 -$45 $7 $12 $31 $20 -$5
Senate Republicans -$239 $51 $7 $11 $26 $19 -$324
NOTE: Data not adjusted for inflation.

[114]


Presidents

* In February 2001, Republican President George W. Bush stated:

Many of you have talked about the need to pay down our national debt. I listened, and I agree. We owe it to our children and grandchildren to act now, and I hope you will join me to pay down $2 trillion in debt during the next 10 years. At the end of those 10 years, we will have paid down all the debt that is available to retire. That is more debt, repaid more quickly than has ever been repaid by any nation at any time in history.[115]

* From the time that Congress enacted Bush’s first major economic proposal (June 7, 2001[116]) until the time that he left office (January 20, 2009), the national debt rose from 53% of GDP to 74%, or an average of 2.7 percentage points per year.[117]

* During eight years in office, President Bush vetoed 12 bills, four of which were overridden by Congress and thus enacted without his approval.[118] These bills were projected by the Congressional Budget Office to increase the deficit by $26 billion during 2008–2022.[119]


* In February 2009, Democratic President Barack Obama stated:

I refuse to leave our children with a debt that they cannot repay—and that means taking responsibility right now, in this administration, for getting our spending under control.[120]

* From the time that Congress enacted Obama’s first major economic proposal (February 17, 2009[121]) until September 30, 2016, the national debt rose from 74% of GDP to 105%, or an average of 4.0 percentage points per year.[122]

* As of November 4, 2016, President Obama has vetoed twelve bills, one of which has been overridden by Congress and thus enacted without his approval.[123] This bill is projected by the Congressional Budget Office to “have no significant effect on the federal budget.”[124]

Government Accounting

Trust Funds and the Two Main Categories of Debt

* Some federal programs (such as Social Security) have “trust funds” that are legally separated from the rest of the federal government.[125]

* When these programs spend less than the federal government allocates to them, their surpluses are loaned to the federal government. This creates a legal obligation for the federal government to pay money and interest to these programs, thus adding to the national debt.[126] [127] [128] [129] [130]

* The federal government divides the national debt into two main categories:[131] [132]

  1. Money that it owes to federal entities such as the Social Security program.
  2. Money that it owes to non-federal entities such as individuals, corporations, local governments, and foreign governments.[133] Also, money owed to the Federal Reserve is classified under this category, even though the Federal Reserve is a federal entity.[134] [135]

NOTE: Just Facts has identified numerous instances in which politicians and journalists have used terms that technically refer to the overall national debt, when in fact, they are only referring to a portion of it. In order to clear up some of the confusion this has created, below are common terms for the national debt categorized by their proper meanings:

  • Overall national debt: gross debt, federal debt, public debt[136]
  • Portion of the national debt owed to federal entities: debt held by government accounts, government-held debt, intragovernmental holdings[137] [138] [139]
  • Portion of the national debt owed to non-federal entities: debt held by the public, publicly held debt[140][141]

* On September 30, 2016, the national debt consisted of:

  • $5.4 trillion owed to federal entities
  • $14.2 trillion owed to non-federal entities
  • $19.6 trillion owed in total[142]

* The federal law that governs the repayment of the national debt draws no distinction between the debt owed to federal and non-federal entities. Both must be repaid with interest.[143]

* The White House Office,[144] [145] Congressional Budget Office,[146] and other federal agencies[147] sometimes exclude the debt owed to federal entities in their reckonings of the national debt because this portion of the debt “represents internal transactions of the government and thus has no effect on credit markets.”

* Federal programs to which this money is owed, such as Social Security and Medicare, include this money and the interest it generates in their assets and financial projections.[148] [149] [150]

* In the 2000 presidential race, the Gore-Liebermann campaign released a 192-page economic plan that contains over 150 uses of the word “debt.” In none of these instances does the plan mention or account for any of the debt owed to federal entities.[151] The same plan includes the debt owed to federal entities in the assets of the Social Security and Medicare programs.[152]


“Deficits” and “Surpluses”

* During the federal government’s 2010 fiscal year (October 1, 2009 to September 30, 2010[153]), the national debt rose from $12.0 trillion to $13.6 trillion, thus increasing by $1.6 trillion.[154]

* The White House,[155] USA Today,[156] Reuters,[157] and other government and media entities reported that the 2010 federal “deficit” was $1.3 trillion.

* The difference between the national debt increase of $1.6 trillion and the reported deficit of $1.3 trillion is attributable to the following accounting practices:

  • When calculating the reported deficit, the federal government merges the finances of all federal programs into what is called the “unified budget.” Hence, the deficit does not account for the intergovernmental debt that arises when programs such as Social Security loan their surpluses to the federal government.[158]
  • When the federal government lays out money for programs such as TARP and student loans, the outgo is not fully counted in the deficit. The deficit reflects only what the government expects to lose or gain on these loans.[159] [160]

* PolitiFact, a Pulitzer Prize-winning project of the Tampa Bay Times to “help you find the truth in politics,”[161] has stated that there were “several years of budget surpluses” during Bill Clinton’s presidency. This same article cites the rise in “national debt” during the tenure of George W. Bush.[162]

* Using the same criterion PolitiFact applied to Bush’s presidency (change in gross national debt), the national debt rose every year of Clinton’s presidency:

Year National Debt on Inauguration Date†

(billions)

1993 $4,188
1994 $4,501
1995 $4,797
1996 $4,988
1997 $5,310
1998 $5,496
1999 $5,624
2000 $5,706
2001 $5,728
† NOTE: PolitiFact used the inauguration date for its debt baseline.

The national debt also rose every fiscal year of Clinton’s presidency.

[163] [164]

Ownership

* As of September 30, 2016, the national debt consists of:

Amount Owed To: Portion of Total
$14.2 trillion owed to non-federal entities (i.e., publicly held debt) 72%
$5.4 trillion owed to federal entities (i.e., intragovernmental debt) 28%

[165]


Debt Owed to Non-Federal Entities

* Ownership of publicly held debt as of September 30, 2016:

Debt Owed to Non-Federal Entities

* Data from the chart above:

Entities Amount (billions) Portion of Total
Foreign & International $6,148 45%
Federal Reserve[166] $2,462 18%
Other Investors $1,343 10%
Mutual Funds $1,315 10%
State & Local Governments $687 5%
Banks & Savings Institutions $547 4%
Private Pension Funds $540 4%
Insurance Companies $297 2%
U.S. Savings Bonds $172 1%
State and Local Government Pension Funds $164 1%

[167]


Debt Owed to Foreign Entities

* Per the White House Office of Management and Budget (2016):

During most of American history, the Federal debt was held almost entirely by individuals and institutions within the United States. In the late 1960s, foreign holdings were just over $10 billion, less than 5 percent of the total Federal debt held by the public. Foreign holdings began to grow significantly starting in the 1970s and now represent almost half of outstanding [publicly held] debt.[168]

* Ownership of U.S. government debt by foreign creditors as of August 31, 2016:

Debt Owed to Foreign Entities

* Data from the chart above:

Country Amount (billions) Portion of Total
China, Mainland $1,185 19%
Japan $1,144 18%
Ireland $266 4%
Cayman Islands $264 4%
Brazil $256 4%
Switzerland $238 4%
Luxembourg $220 4%
United Kingdom $205 3%
Hong Kong $192 3%
Taiwan $190 3%
Others $2,037 33%
Total $6,196 100%

[169]

* Foreign purchases of U.S. government debt increase the demand for this debt, thus putting downward pressure on U.S. interest rates. Conversely, foreign sales of U.S. government debt place upward pressure on U.S. interest rates.[170] [171]

* Per a 2008 Congressional Research Service report, a “potentially serious short-term problem would emerge if China decided to suddenly” sell its holding of U.S. government debt. Possible effects could include:

  • “a more general financial reaction (or panic), in which all foreigners responded by reducing their holdings of U.S. assets”;
  • “a sudden and large depreciation in the value of the dollar”;
  • “a sudden and large increase in U.S. interest rates”;
  • a stock market fall; and/or
  • “a recession.”[172]

* The same report states:

The likelihood that China would suddenly reduce its holdings of U.S. securities is questionable because it is unlikely that doing so would be in China’s economic interests. First, a large sell-off of China’s U.S. holdings could diminish the value of these securities in international markets…. Second, such a move would diminish U.S. demand for Chinese imports…. A sharp reduction of U.S. imports from China could have a significant impact on China’s economy….[173]

* During a visit to China in February 2009, Secretary of State Hillary Clinton said:

By continuing to support American Treasury instruments [i.e., buy U.S. government debt] the Chinese are recognizing our interconnection. … We have to incur more debt. It would not be in China’s interest if we were unable to get our economy moving again. … The U.S. needs the investment in Treasury bonds to shore up its economy to continue to buy Chinese products.[174]

* In August 2007 during a currency dispute between the U.S. and China, two leading officials of Chinese Communist Party bodies suggested that China use the threat of selling U.S. debt as a “bargaining chip.”[175]

* In February 2009 during a dispute over U.S. arms sales to Taiwan, a Chinese general made the following statements in the state-run magazine Outlook Weekly:

Our retaliation should not be restricted to merely military matters, and we should adopt a strategic package of counterpunches covering politics, military affairs, diplomacy and economics to treat both the symptoms and root cause of this disease. … [W]e could sanction them using economic means, such as dumping some U.S. government bonds.[176]

* One month later while appearing before China’s parliament, the head of China’s State Administration of Foreign Exchange said:

the U.S. Treasury market is important to us. … This is purely market-driven investment behavior. I would hope not to see this matter politicized.[177]

Debt Owed to Federal Entities

* Ownership of intergovernmental debt as of September 30, 2016:

Debt Owed to Federal Entities

* Data from the chart above:

Funds Amount (billions) Portion of Total
Social Security $2,843 53%
Civil Service Retirement and Disability $874 16%
Military Retirement $591 11%
Medicare $256 5%
Department of Defense Retiree Healthcare $213 4%
Postal Service Retiree Health Benefits $51 1%
Other $572 11%

[178]

Media

Budget Cuts

* In April 2011, journalists reported on a $38 billion federal budget cut agreement with the following headlines and phraseology:

  • “New Cuts Detailed in Agreement for $38 Billion in Reductions”; “deep budget cuts in programs for the poor, law enforcement, the environment and civic projects” – Los Angeles Times[179]
  • “Congress Sends Budget Cut Bill to Obama”; “cutting a record $38 billion from domestic spending” – Associated Press[180]
  • “Budget Deal to Cut $38 Billion Averts Shutdown”; “Republicans were able to force significant spending concessions from Democrats….” – New York Times[181]

* None of these articles reported that this figure of $38 billion in cuts was primarily relative to a portion of the budget called “discretionary non-emergency appropriations.”[182] Relative to the entire federal budget, this cut left a projected spending increase of $135 billion from 2010 to 2011. This equates to an inflation-adjusted increase of $49 billion or 0.1 percentage points of GDP:[183]

Federal Outlays

[184]

* None of the articles quoted above contains a budget-wide frame of reference for the cuts. A spending reduction of $38 billion equates to 1.0% of the estimated 2011 budget or 2.7% of the projected deficit:

Budget Cut

[185]


Bush Tax Cuts

* In February 2010, Fareed Zakaria of CNN stated:

Now, please understand that the Bush tax cuts are the single largest part of the black hole that is the federal budget deficit.[186]

* In 2010, the Bush tax cuts lowered federal revenues by about $283 billion.[187] [188] This was equivalent to 8% of the federal budget or 22% of the deficit.[189]

* Per the Congressional Budget Office (CBO), “Most parameters of the tax code are not indexed for real income growth, and some are not indexed for inflation.” Thus, if tax cuts are not periodically implemented, average federal tax rates “increase in the long run.”[190]

* In 2000, the year before the first Bush tax cuts were passed,[191] the federal government collected revenues equal to 20.4% of the nation’s gross domestic product (GDP), the highest level in the history of the United States.[192] Over the previous 30 years, federal revenues averaged 18.3% of GDP.[193]

* In 2000, the stock market “dot.com” bubble burst,[194] the NASDAQ lost 39% of its value,[195] and profits for nonfinancial corporations fell by 18%.[196] In the first quarter of 2001, the nation’s GDP contracted and a recession began.[197] [198]

* In June 2001 and May 2003, Congress passed and President Bush signed laws that implemented various tax cuts.[199] [200]

* After the Bush tax cuts were fully implemented, federal revenues were 17.8% of GDP in 2005, 18.5% in 2006, and 18.6% in 2007.[201] Average federal revenues for the 30 years preceding the Bush tax cuts were 18.4%.[202]

* The Great Recession began in December 2007,[203] and federal revenues declined to 17.7% of GDP in 2008.[204]

* In February 2009, Congress passed and President Obama signed a law that implemented various tax cuts.[205]

* Federal revenues declined to 15.7% of GDP in 2009 and 16.4% in 2010.[206]

* Federal spending rose from 21.0% of GDP in 2007 to 26.5% in 2010.[207] Average federal spending for the 30 years preceding the Great Recession was 21.8%.[208]


The “Do Nothing” Plan

* In April 2011, Ezra Klein of the Washington Post posted a graph of spending and revenue projections based upon CBO’s “current law” scenario and wrote that it:

shows what happens if we do … nothing. The answer, as you can see, is that the budget comes roughly into balance.[209]

* Klein’s graph and commentary omitted the interest and outcome of the national debt under this plan.[210] In the “do nothing” scenario, outlays were projected to exceed revenues every year through 2084, and the publicly held debt was projected to increase from 62% of GDP in 2010, to 74% in 2030, 90% in 2050, and 113% in 2084.[211]

* In the same commentary, Klein wrote that the “current law” scenario is “a pretty good plan” that contains:

a balanced mix of revenues, through returning tax rates to Clinton-era levels and implementing the taxes in the Affordable Care Act, and program cuts … in Medicare….[212]

* Under this scenario:

  • Certain elements of the tax code are not indexed for inflation or wage growth. Consequently, taxpayers are shifted over time into higher tax brackets.
  • According to the Congressional Budget Office, by 2020 revenues “reach higher levels relative to the size of the economy than ever recorded in the nation’s history.”
  • Revenues as a portion of GDP continue climbing through 2084, rising 69% higher than the average of the past 40 years and 47% higher than ever recorded in the history of the United States.[213] [214]
  • As a portion of GDP, federal spending without interest on the national debt rises by 2084 to 68% higher than the average of the past 40 years.[215]

Context

* Without mentioning the role of Congress in taxes, spending, or the national debt,[216] [217] PolitiFact (in the same article cited above) wrote that the national debt increased by $5.73 trillion “under” George W. Bush whereas there were budget surpluses “at the end of the Clinton administration.”[218]

* Below are the fluctuations in national debt organized by the tenures of recent presidents and congressional majorities:

Political Power

Dates

Average Annual Change in National Debt

(Percentage Points of GDP)

Bill Clinton with Democratic House and Senate 1/20/93 – 1/4/95 0.9
Bill Clinton with Republican House and Senate 1/4/95 – 1/19/01 -1.6
George W. Bush with Republican House and Senate 1/19/01 – 6/6/01, 11/12/02 – 1/4/07 0.8
George W. Bush with Republican House and Democratic Senate 6/6/01 – 11/12/02 2.3
George W. Bush with Democratic House and Senate 1/4/07 – 1/20/09 6.5
Barack Obama with Democratic House and Senate 1/20/09 – 1/4/11 9.3
Barack Obama with Republican House and Democratic Senate 1/5/11 – 1/6/15 1.9

[219]

* Other factors impacting the national debt include but are not limited to: legislation passed by previous congresses and presidents,[220] economic cycles, terrorist attacks, natural disasters, demographics, and the actions of U.S. citizens and foreign governments.[221]

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Three Years Behind The Curve Too Late Federal Open Market Committee (FOMC) Increases Target Federal Funds Rate to .75-1.0% — Financial Repression of Savers Slowly Continues — Videos

Posted on March 15, 2017. Filed under: American History, Articles, Banking, Blogroll, Books, Business, College, Communications, Congress, conservatives, Constitution, Corruption, Crisis, Documentary, Economics, Education, Employment, Faith, Family, Federal Government, Federal Government Budget, Fiscal Policy, Food, Foreign Policy, Freedom, government, government spending, history, History of Economic Thought, Language, liberty, Life, Links, Literacy, Macroeconomics, media, Monetary Policy, Money, Movies, Non-Fiction, People, Philosophy, Photos, Police, Politics, Radio, Rants, Raves, Raymond Thomas Pronk, Sociology, Speech, Strategy, Television, Trade Policiy, Tutorials, Video, Water, Wealth, Welfare, Wisdom, Work, Writing | Tags: , , , , , , , , , , , , , , , , , , , , , , , , |

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Yellen Calms Fears Fed’s Policy Trigger Finger Is Getting Itchy

March 15, 2017, 1:00 PM CDT March 15, 2017, 5:02 PM CDT
  • Policy makers still project three total rate hikes for 2017
  • FOMC sticks with ‘gradual’ plan for removing accommodation

Fed Raises Benchmark Lending Rate a Quarter Point

Federal Reserve Chair Janet Yellen sought to reassure investors that the central bank’s latest interest-rate increase wasn’t a paradigm shift to a trigger-happy policy driven by fears of faster inflation.

Speaking to reporters after the Fed’s quarter percentage-point move on Wednesday, Yellen said the central bank was willing to tolerate inflation temporarily overshootingits 2 percent goal and that it intended to keep its policy accommodative for “some time.”

“The simple message is the economy’s doing well. We have confidence in the robustness of the economy and its resilience to shocks,” she said.

As a result, the Fed is sticking with its policy of gradually raising interest rates, Yellen said. In their first forecasts in three months, Fed policy makers penciled in two more quarter-point rate increases this year and three in 2018, unchanged from their projections in December.

Today’s decision “does not represent a reassessment of the economic outlook or of the appropriate course for monetary policy,” the Fed chief said.

Speculation of a more aggressive Fed had mounted in recent days after a host of central bank officials, including Yellen herself, went out of their way to telegraph to financial markets that a rate hike was imminent. The expectations were further fueled by news of rising inflation.

Stocks Advance

Stocks rose and bond yields fell as investors viewed the statement from the Federal Open Market Committee and Yellen’s remarks afterward as a sign that the Fed isn’t in a hurry to remove monetary stimulus. The FOMC raised the target range for the federal funds rate to 0.75 percent to 1 percent, as expected, but Yellen’s lack of urgency to snuff out inflation was a surprise.

R.J. Gallo, a fixed-income investment manager at Federated Investors in Pittsburgh, said the chorus of Fed speakers before this meeting led investors to expect a move up in the number of projected rate hikes this year, and even upgrades by Fed officials in the levels of inflation and growth they anticipated.

None of that materialized.

“You didn’t get any of those things,” Gallo said, which explains why Treasury yields quickly dropped after the Fed released the FOMC statement and a new set of economic projections. “The expectation that Fed was getting more hawkish had to come out of the market.”

The U.S. economy has mostly met the central bank’s goals of full employment and stable prices, and may get further support if President Donald Trump delivers promised fiscal stimulus. Investor and business confidence has soared since Trump won the presidency in November, buoyed by his vows to cut taxes, lift infrastructure spending and ease regulations.

Still, the data don’t show an economy that’s heating up rapidly — a point Yellen herself made after the third rate hike since the 2007-2009 recession ended. In fact, the economy may have “more room to run,” she said.

Stronger business and consumer confidence hasn’t yet translated into increased investment and spending, said Yellen.

“It’s uncertain just how much sentiment actually impacts spending decisions, and I wouldn’t say at this point that I have seen hard evidence of any change in spending decisions,” said the Fed Chair. “Most of the business people that we’ve talked to also have a wait-and-see attitude.”

Retail sales in February grew at the slowest pace since August, a government report showed earlier Wednesday. The Atlanta Fed’s model for GDP predicts an expansion of 0.9 percent in the first quarter, less than a third the pace Trump is aiming for.

Fiscal Stimulus

Asked about the potential for a fiscal boost, Yellen made clear the Fed is still waiting for more concrete policy plans to emerge from the Trump administration before adapting monetary policy in reaction.

“There is great uncertainty about the timing, the size and the character of policy changes that may be put in place,” Yellen said. “I don’t think that’s a decision or set of decisions that we need to make until we know more about what policy changes will go into effect.”

Yellen disputed suggestions that the Fed was on a collision course with the Trump administration over its plans to foster faster economic growth through tax cuts and deregulation. “We would welcome stronger economic growth in the context of price stability,” she said.

She said she had met Trump briefly and had gotten together a couple of times with Treasury Secretary Steven Mnuchin to discuss the economy and financial regulation.

Further underscoring their lack of urgency, Fed officials repeated a commitment to maintain their balance-sheet reinvestment policy until rate increases were well under way. Yellen said officials had discussed the process of reducing the balance sheet gradually, but had made no decisions and would continue to debate the topic.

Policy makers forecast inflation will reach 1.9 percent in the fourth quarter this year, and 2 percent in both 2018 and 2019, according to quarterly median estimates released with the FOMC statement. The Fed’s preferred measure of inflation rose 1.9 percent in the 12 months through January, just shy of its target.

Yellen pointed out, though, that core inflation continues to run somewhat further below 2 percent. That rate, which strips out food and energy costs, stood at 1.7 percent in January. The Fed’s new forecast for the core rate at the end of this year edged up to 1.9 percent, from 1.8 percent in December.

“The committee will carefully monitor actual and expected inflation developments relative to its symmetric inflation goal,” the Fed said. Discussing the word symmetric in the statement, Yellen said during her press conference that the Fed was not shooting to push inflation over 2 percent but recognized that it could temporarily go above it. Two percent is a target, she reiterated, not a ceiling.

https://www.bloomberg.com/news/articles/2017-03-15/fed-raises-benchmark-rate-as-inflation-approaches-2-target

Changes in the federal funds rate will always affect the U.S. dollar. When the Federal Reserve increases the federal funds rate, it normally reduces inflationary pressure and works to appreciate the dollar.

Since June 2006, however, the Fed has maintained a federal funds rate of close to 0%. In the wake of the 2008 financial crisis, the federal funds rate fluctuated between 0-0.25%, and is now 0.75%.

The Fed used this monetary policy to help achieve maximum employment and stable prices. Now that the 2008 financial crisis has largely subsided, the Fed will look to increase interest rates to continue to achieve employment and to stabilize prices.

Inflation of the U.S. Dollar

The best way to achieve full employment and stable prices is to set the inflation rate of the dollar at 2%. In 2011, the Fed officially adopted a 2% annual increase in the price index for personal consumption expenditures as its target. When the economy is weak, inflation naturally falls; when the economy is strong, rising wages increase inflation. Keeping inflation at a growth rate of 2% helps the economy grow at a healthy rate.

Adjustments to the federal funds rate can also affect inflation in the United States. The Fed controls the economy by increasing interest rates when the economy is growing too fast. This encourages people to save more and spend less, reducing inflationary pressure. Conversely, when the economy is in a recession or growing too slowly, the Fed reduces interest rates to stimulate spending, which increases inflation.

During the 2008 financial crisis, the low federal funds rate should have increased inflation. Over this period, the federal funds rate was set near 0%, which encouraged spending and would normally increase inflation.

However, inflation is still well below the 2% target, which is contrary to the normal effects of low interest rates. The Fed cites one-off factors, such as falling oil prices and the strengthening dollar, as the reasons why inflation has remained low in a low interest environment.

The Fed believes that these factors will eventually fade and that inflation will increase above the target 2%. To prevent this eventual increase in inflation, hiking the federal funds rate reduces inflationary pressure and cause inflation of the dollar to remain around 2%.

Appreciation of the U.S. Dollar

Increases in the federal funds rate also result in a strengthening of the U.S. dollar. Other ways that the dollar can appreciate include increases in average wages and increases in overall consumption. However, although jobs are being created, wage rates are stagnant.

Without an increase in wage rates to go along with a strengthening job market, consumption won’t increase enough to sustain economic growth. Additionally, consumption remains subdued due to the fact that the labor force participation rate was close to its 35-year low in 2015. The Fed has kept interest rates low because a lower federal funds rate supports business expansions, which leads to more jobs and higher consumption. This has all worked to keep appreciation of the U.S. dollar low.

However, the U.S. is ahead of the other developed markets in terms of its economic recovery. Although the Fed raises rates cautiously, the U.S. could see higher interest rates before the other developed economies.

Overall, under normal economic conditions, increases in the federal funds rate reduce inflation and increase the appreciation of the U.S. dollar.

http://www.investopedia.com/articles/investing/101215/how-fed-fund-rate-hikes-affect-us-dollar.asp

Financial repression

From Wikipedia, the free encyclopedia
Not to be confused with economic repression, a type of political repression.

Financial repression refers to “policies that result in savers earning returns below the rate of inflation” in order to allow banks to “provide cheap loans to companies and governments, reducing the burden of repayments”.[1] It can be particularly effective at liquidating government debt denominated in domestic currency.[2] It can also lead to a large expansions in debt “to levels evoking comparisons with the excesses that generated Japan’s lost decade and the Asian financial crisis” in 1997.[1]

The term was introduced in 1973 by Stanford economists Edward S. Shaw and Ronald I. McKinnon[3][4] in order to “disparage growth-inhibiting policies in emerging markets“.

Mechanism

Financial repression consists of the following:[5]

  1. Explicit or indirect capping of interest rates, such as on government debt and deposit rates (e.g., Regulation Q).
  2. Government ownership or control of domestic banks and financial institutions with barriers that limit other institutions from entering the market.
  3. High reserve requirements.
  4. Creation or maintenance of a captive domestic market for government debt, achieved by requiring banks to hold government debt via capital requirements, or by prohibiting or disincentivising alternatives.
  5. Government restrictions on the transfer of assets abroad through the imposition of capital controls.

These measures allow governments to issue debt at lower interest rates. A low nominal interest rate can reduce debt servicing costs, while negative real interest rates erodes the real value of government debt.[5] Thus, financial repression is most successful in liquidating debts when accompanied by inflation and can be considered a form of taxation,[6] or alternatively a form of debasement.[7]

The size of the financial repression tax for 24 emerging markets from 1974 to 1987. Their results showed that financial repression exceeded 2% of GDP for seven countries, and greater than 3% for five countries. For five countries (India, Mexico, Pakistan, Sri Lanka, and Zimbabwe) it represented approximately 20% of tax revenue. In the case of Mexico financial repression was 6% of GDP, or 40% of tax revenue.[8]

Financial repression is categorized as “macroprudential regulation“—i.e., government efforts to “ensure the health of an entire financial system.[2]

Examples

After World War II

Financial repression “played an important role in reducing debt-to-GDP ratios after World War II” by keeping real interest rates for government debt below 1% for two-thirds of the time between 1945 and 1980, the United States was able to “inflate away” the large debt (122% of GDP) left over from the Great Depression and World War II.[2] In the UK, government debt declined from 216% of GDP in 1945 to 138% ten years later in 1955.[9]

China

China‘s economic growth has been attributed to financial repression thanks to “low returns on savings and the cheap loans that it makes possible”. This has allowed China to rely on savings-financed investments for economic growth. However, because low returns also dampens consumer spending, household expenditures account for “a smaller share of GDP in China than in any other major economy”.[1] However, as of December 2014, the People’s Bank of China “started to undo decades of financial repression” and the government now allows Chinese savers to collect up to a 3.3% return on one-year deposits. At China’s 1.6% inflation rate, this is a “high real-interest rate compared to other major economies”.[1]

After the 2008 economic recession

In a 2011 NBER working paper, Carmen Reinhart and Maria Belen Sbrancia speculate on a possible return by governments to this form of debt reduction in order to deal with high debt levels following the 2008 economic crisis.[5]

“To get access to capital, Austria has restricted capital flows to foreign subsidiaries in central and eastern Europe. Select pension funds have also been transferred to governments in France, Portugal, Ireland and Hungary, enabling them to re-allocate toward sovereign bonds.”[10]

Criticism

Critics[who?] argue that if this view was true, investors (i.e., capital-seeking parties) would be inclined to demand capital in large quantities and would be buying capital goods from this capital. This high demand for capital goods would certainly lead to inflation and thus the central banks would be forced to raise interest rates again. As a boom pepped by low interest rates fails to appear these days in industrialized countries, this is a sign that the low interest rates seem to be necessary to ensure an equilibrium on the capital market, thus to balance capital-supply—i.e., savers—on one side and capital-demand—i.e., investors and the government—on the other. This view argues that interest rates would be even lower if it were not for the high government debt ratio (i.e., capital demand from the government).

Free-market economists argue that financial repression crowds out private-sector investment, thus undermining growth. On the other hand, “postwar politicians clearly decided this was a price worth paying to cut debt and avoid outright default or draconian spending cuts. And the longer the gridlock over fiscal reform rumbles on, the greater the chance that ‘repression’ comes to be seen as the least of all evils”.[11]

Also, financial repression has been called a “stealth tax” that “rewards debtors and punishes savers—especially retirees” because their investments will no longer generate the expected return, which is income for retirees.[10][12] “One of the main goals of financial repression is to keep nominal interest rates lower than they would be in more competitive markets. Other things equal, this reduces the government’s interest expenses for a given stock of debt and contributes to deficit reduction. However, when financial repression produces negative real interest rates (nominal rates below the inflation rate), it reduces or liquidates existing debts and becomes the equivalent of a tax—a transfer from creditors (savers) to borrowers, including the government.”[2]

See also

Reform:

General:

References

  1. ^ Jump up to:a b c d “China Savers Prioritized Over Banks by PBOC”. Bloomberg. November 25, 2014.
  2. ^ Jump up to:a b c d Carmen M. Reinhart, Jacob F. Kirkegaard, and M. Belen Sbrancia, “Financial Repression Redux”, IMF Finance and Development, June 2011, p. 22-26
  3. Jump up^ Shaw, Edward S. Financial Deepening in Economic Development. New York: Oxford University Press, 1973
  4. Jump up^ McKinnon, Ronald I. Money and Capital in Economic Development. Washington, D.C.: Brookings Institution, 1973
  5. ^ Jump up to:a b c Carmen M. Reinhart and M. Belen Sbrancia, “The Liquidation of Government Debt”, IMF, 2011, p. 19
  6. Jump up^ Reinhart, Carmen M. and Rogoff, Kenneth S., This Time is Different: Eight Centuries of Financial Folly. Princeton and Oxford: Princeton University Press, 2008, p. 143
  7. Jump up^ Bill Gross, “The Caine Mutiny Part 2”, PIMCO
  8. Jump up^ Giovannini, Alberto and de Melo, Martha, “Government Revenue from Financial Repression”, The American Economic Review, Vol. 83, No. 4 Sep. 1993 (pp. 953-963)
  9. Jump up^ “The great repression”. The Economist. 16 June 2011.
  10. ^ Jump up to:a b “Financial Repression 101”. Allianz Global Investors. Retrieved 2 December 2014.
  11. Jump up^ Gillian Tett, “Policymakers learn a new and alarming catchphrase”, Financial Times, May 9, 2011
  12. Jump up^ Amerman, Daniel (September 12, 2011). “The 2nd Edge of Modern Financial Repression: Manipulating Inflation Indexes to Steal from Retirees & Public Wor

https://en.wikipedia.org/wiki/Financial_repression

Federal funds rate

From Wikipedia, the free encyclopedia

10 year treasury compared to the Federal Funds Rate

Federal funds rate and capacity utilization in manufacturing.

In the United States, the federal funds rate is the interest rate at which depository institutions (banks and credit unions) lend reserve balances to other depository institutions overnight, on an uncollateralized basis. Reserve balances are amounts held at the Federal Reserve to maintain depository institutions’ reserve requirements. Institutions with surplus balances in their accounts lend those balances to institutions in need of larger balances. The federal funds rate is an important benchmark in financial markets.[1][2]

The interest rate that the borrowing bank pays to the lending bank to borrow the funds is negotiated between the two banks, and the weighted average of this rate across all such transactions is the federal funds effective rate.

The federal funds target rate is determined by a meeting of the members of the Federal Open Market Committee which normally occurs eight times a year about seven weeks apart. The committee may also hold additional meetings and implement target rate changes outside of its normal schedule.

The Federal Reserve uses open market operations to influence the supply of money in the U.S. economy[3] to make the federal funds effective rate follow the federal funds target rate.

Mechanism

Financial Institutions are obligated by law to maintain certain levels of reserves, either as reserves with the Fed or as vault cash. The level of these reserves is determined by the outstanding assets and liabilities of each depository institution, as well as by the Fed itself, but is typically 10%[4] of the total value of the bank’s demand accounts (depending on bank size). In the range of $9.3 million to $43.9 million, for transaction deposits (checking accounts, NOWs, and other deposits that can be used to make payments) the reserve requirement in 2007-2008 was 3 percent of the end-of-the-day daily average amount held over a two-week period. Transaction deposits over $43.9 million held at the same depository institution carried a 10 percent reserve requirement.

For example, assume a particular U.S. depository institution, in the normal course of business, issues a loan. This dispenses money and decreases the ratio of bank reserves to money loaned. If its reserve ratio drops below the legally required minimum, it must add to its reserves to remain compliant with Federal Reserve regulations. The bank can borrow the requisite funds from another bank that has a surplus in its account with the Fed. The interest rate that the borrowing bank pays to the lending bank to borrow the funds is negotiated between the two banks, and the weighted average of this rate across all such transactions is the federal funds effective rate.

The nominal rate is a target set by the governors of the Federal Reserve, which they enforce by open market operations and adjusting the interest paid on required and excess reserve balances. That nominal rate is almost always what is meant by the media referring to the Federal Reserve “changing interest rates.” The actual federal funds rate generally lies within a range of that target rate, as the Federal Reserve cannot set an exact value through open market operations.

Another way banks can borrow funds to keep up their required reserves is by taking a loan from the Federal Reserve itself at the discount window. These loans are subject to audit by the Fed, and the discount rate is usually higher than the federal funds rate. Confusion between these two kinds of loans often leads to confusion between the federal funds rate and the discount rate. Another difference is that while the Fed cannot set an exact federal funds rate, it does set the specific discount rate.

The federal funds rate target is decided by the governors at Federal Open Market Committee (FOMC) meetings. The FOMC members will either increase, decrease, or leave the rate unchanged depending on the meeting’s agenda and the economic conditions of the U.S. It is possible to infer the market expectations of the FOMC decisions at future meetings from the Chicago Board of Trade (CBOT) Fed Funds futures contracts, and these probabilities are widely reported in the financial media.

Applications

Interbank borrowing is essentially a way for banks to quickly raise money. For example, a bank may want to finance a major industrial effort but may not have the time to wait for deposits or interest (on loan payments) to come in. In such cases the bank will quickly raise this amount from other banks at an interest rate equal to or higher than the Federal funds rate.

Raising the federal funds rate will dissuade banks from taking out such inter-bank loans, which in turn will make cash that much harder to procure. Conversely, dropping the interest rates will encourage banks to borrow money and therefore invest more freely.[5] This interest rate is used as a regulatory tool to control how freely the U.S. economy operates.

By setting a higher discount rate the Federal Bank discourages banks from requisitioning funds from the Federal Bank, yet positions itself as a lender of last resort.

Comparison with LIBOR

Though the London Interbank Offered Rate (LIBOR) and the federal funds rate are concerned with the same action, i.e. interbank loans, they are distinct from one another, as follows:

  • The target federal funds rate is a target interest rate that is set by the FOMC for implementing U.S. monetary policies.
  • The (effective) federal funds rate is achieved through open market operations at the Domestic Trading Desk at the Federal Reserve Bank of New York which deals primarily in domestic securities (U.S. Treasury and federal agencies’ securities).[6]
  • LIBOR is based on a questionnaire where a selection of banks guess the rates at which they could borrow money from other banks.
  • LIBOR may or may not be used to derive business terms. It is not fixed beforehand and is not meant to have macroeconomic ramifications.[7]

Predictions by the market

Considering the wide impact a change in the federal funds rate can have on the value of the dollar and the amount of lending going to new economic activity, the Federal Reserve is closely watched by the market. The prices of Option contracts on fed funds futures (traded on the Chicago Board of Trade) can be used to infer the market’s expectations of future Fed policy changes. Based on CME Group 30-Day Fed Fund futures prices, which have long been used to express the market’s views on the likelihood of changes in U.S. monetary policy, the CME Group FedWatch tool allows market participants to view the probability of an upcoming Fed Rate hike. One set of such implied probabilities is published by the Cleveland Fed.

Historical rates

As of December 16, 2008, the most recent change the FOMC has made to the funds target rate is a 75 to 100 basis point cut from 1.0% to a range of zero to 0.25%. According to Jack A. Ablin, chief investment officer at Harris Private Bank, one reason for this unprecedented move of having a range, rather than a specific rate, was because a rate of 0% could have had problematic implications for money market funds, whose fees could then outpace yields.[8] This followed the 50 basis point cut on October 29, 2008, and the unusually large 75 basis point cut made during a special January 22, 2008 meeting, as well as a 50 basis point cut on January 30, 2008, a 75 basis point cut on March 18, 2008, and a 50 basis point cut on October 8, 2008.[9]

Federal funds rate history and recessions.png

Explanation of federal funds rate decisions

When the Federal Open Market Committee wishes to reduce interest rates they will increase the supply of money by buying government securities. When additional supply is added and everything else remains constant, price normally falls. The price here is the interest rate (cost of money) and specifically refers to the Federal Funds Rate. Conversely, when the Committee wishes to increase the Fed Funds Rate, they will instruct the Desk Manager to sell government securities, thereby taking the money they earn on the proceeds of those sales out of circulation and reducing the money supply. When supply is taken away and everything else remains constant, price (or in this case interest rates) will normally rise.[10]

The Federal Reserve has responded to a potential slow-down by lowering the target federal funds rate during recessions and other periods of lower growth. In fact, the Committee’s lowering has recently predated recessions,[9] in order to stimulate the economy and cushion the fall. Reducing the Fed Funds Rate makes money cheaper, allowing an influx of credit into the economy through all types of loans.

The charts linked below show the relation between S&P 500 and interest rates.

  • July 13, 1990 — Sept 4, 1992: 8.00%–3.00% (Includes 1990–1991 recession)[11][12]
  • Feb 1, 1995 — Nov 17, 1998: 6.00–4.75 [13][14][15]
  • May 16, 2000 — June 25, 2003: 6.50–1.00 (Includes 2001 recession)[16][17][18]
  • June 29, 2006 — (Oct. 29 2008): 5.25–1.00[19]
  • Dec 16, 2008 — 0.0–0.25[20]
  • Dec 16, 2015 — 0.25-0.50[21]
  • Dec 14, 2016 — 0.50-0.75[22]
  • Mar 15, 2017 — 0.75-1.00[23]

Bill Gross of PIMCO suggested that in the prior 15 years ending in 2007, in each instance where the fed funds rate was higher than the nominal GDP growth rate, assets such as stocks and/or housing fell.[24]

See also

References

  1. Jump up^ “Fedpoints: Federal Funds”. Federal Reserve Bank of New York. August 2007. Retrieved 2 October 2011.
  2. Jump up^ “The Implementation of Monetary Policy”. The Federal Reserve System: Purposes & Functions (PDF). Washington, D.C.: Federal Reserve Board. 24 August 2011. p. 4. Retrieved 2 October 2011.
  3. Jump up^ “Monetary Policy, Open Market Operations”. Federal Reserve Bank. 2008-01-30. Retrieved 2008-01-30.
  4. Jump up^ “Reserve Requirements”. Board of Governors of The Federal Reserve System. December 16, 2015.
  5. Jump up^ “Fed funds rate”. Bankrate, Inc. March 2016.
  6. Jump up^ Cheryl L. Edwards (November 1997). Gerard Sinzdak. “Open Market Operations in the 1990s” (PDF). Federal Reserve Bulletin (PDF).
  7. Jump up^ “BBA LIBOR – Frequently asked questions”. British Bankers’ Association. March 21, 2006. Archived from the original on 2007-02-16.
  8. Jump up^ “4:56 p.m. US-Closing Stocks”. Associated Press. December 16, 2008.[dead link]
  9. ^ Jump up to:a b “Historical Changes of the Target Federal Funds and Discount Rates, 1971 to present”. New York Federal Reserve Branch. February 19, 2010. Archived from the original on December 21, 2008.
  10. Jump up^ David Waring (2008-02-19). “An Explanation of How The Fed Moves Interest Rates”. InformedTrades.com. Archived from the original on 2015-05-05. Retrieved 2009-07-20.
  11. Jump up^ “$SPX 1990-06-12 1992-10-04 (rate drop chart)”. StockCharts.com.
  12. Jump up^ “$SPX 1992-08-04 1995-03-01 (rate rise chart)”. StockCharts.com.
  13. Jump up^ “$SPX 1995-01-01 1997-01-01 (rate drop chart)”. StockCharts.com.
  14. Jump up^ “$SPX 1996-12-01 1998-10-17 (rate drop chart)”. StockCharts.com.
  15. Jump up^ “$SPX 1998-09-17 2000-06-16 (rate rise chart)”. StockCharts.com.
  16. Jump up^ “$SPX 2000-04-16 2002-01-01 (rate drop chart)”. StockCharts.com.
  17. Jump up^ “$SPX 2002-01-01 2003-07-25 (rate drop chart)”. StockCharts.com.
  18. Jump up^ “$SPX 2003-06-25 2006-06-29 (rate rise chart)”. StockCharts.com.
  19. Jump up^ “$SPX 2006-06-29 2008-06-01 (rate drop chart)”. StockCharts.com.
  20. Jump up^ “Press Release”. Board of Governors of The Federal Reserve System. December 16, 2008.
  21. Jump up^ “Open Market Operations”. Board of Governors of The Federal Reserve System. December 16, 2015.
  22. Jump up^ “Decisions Regarding Monetary Policy Implementation”. Board of Governors of The Federal Reserve System.
  23. Jump up^ Cox, Jeff (2017-03-15). “Fed raises rates at March meeting”. CNBC. Retrieved 2017-03-15.
  24. Jump up^ Shaw, Richard (January 7, 2007). “The Bond Yield Curve as an Economic Crystal Ball”. Retrieved 3 April 2011.

External links

https://en.wikipedia.org/wiki/Federal_funds_rate

Monetary policy of the United States

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  (Redirected from U.S. monetary policy)