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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

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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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Boehner on Trump — A Complete Disaster — Takes One To Know One — A Real Big Spender — Boehner The Cry Baby — Two Party Tyranny Continues — Videos

Posted on May 26, 2017. Filed under: American History, Articles, Blogroll, College, Communications, Congress, Culture, Economics, Education, Federal Government Budget, Fiscal Policy, Foreign Policy, Freedom, government, government spending, history, Law, liberty, Life, media, People, Philosophy, Photos, Political Correctness, Rants, Raves, Raymond Thomas Pronk, Reviews, Security, Strategy, Tax Policy, Video, Wealth, Welfare, Wisdom, Work, Writing | Tags: , , , , , , , , , , |

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Big Spender

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House Speaker John Boehner resigns

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Conservatives rejoice after Boehner resigns as speaker

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Rush Limbaugh: “Did you know that Paul Ryan interned for John Boehner?”

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John Boehner Resigns And Republicans Couldn’t Be Happier

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John Boehner unloads on Trump: A ‘complete disaster’

By Mike DeBonis May 26 at 12:42 PM

Former House speaker John A. Boehner continued a streak of remarkable post-office candor during a Wednesday appearance at a Houston energy conference, telling a luncheon audience that President Trump’s term has — foreign policy aside — been a “complete disaster.”

“Everything else he’s done has been a complete disaster,” Boehner (R-Ohio) said, according to a report in Rigzone, an online energy publication. “He’s still learning how to be president.”

Boehner, who resigned from Congress in October 2015, had praised Trump — a friend and golfing companion from his political years — during the presidential campaign. On Wednesday, he praised Trump’s efforts at getting serious about combating the Islamic State terror group, Rigzone reported, but ended his positive comments there.

Among other remarks, Boehner said Trump should not be allowed to tweet, the publication said.

Dave Schnittger, an aide to Boehner, said Friday the remarks made at the KPMG Global Energy Conference were “reported accurately” by Rigzone.

Boehner has made other public comments critical of his party since leaving office. During the presidential campaign in April 2016, he called then-GOP candidate Ted Cruz “Lucifer in the flesh.” And in February, he made a prescient prediction that a GOP replacement for the Affordable Care Act was “not going to happen” and that “Republicans never, ever agree on health care” — a view he maintained on Wednesday, according to the Rigzone report.

Boehner offered other blunt opinions Wednesday, Rigzone reported. He gave an increasingly pessimistic view that congressional Republicans would pass tax reform, saying “now my odds are 60/40” and that tax reform is “a bunch of happy talk.” And he echoed an emerging piece of D.C. conventional wisdom by calling the border adjustment tax plan favored by Paul D. Ryan (R-Wis.), Boehner’s successor as House speaker, “deader than a doornail.”

And on the various pending investigations into alleged Russian influence on the election and on Trump’s campaign, Boehner said, “they need to get to the bottom of this” but called impeachment a folly pushed by “crazy left-wing Democratic colleagues of mine.”

“Talk of impeachment is the best way to rile up Trump supporters,” he said, according to Rigzone. “Remember, impeachment is not a legal process; it’s a political process.”

Boehner, as he has said in the past, repeated Wednesday that he does not miss his old job: “I wake up every day, drink my morning coffee and say, ‘Hallelujah, hallelujah, hallelujah,’” he said, according to Rigzone.

https://www.washingtonpost.com/news/powerpost/wp/2017/05/26/john-boehner-unloads-on-trump-a-complete-disaster/?utm_term=.970e0d1d935c

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Ann Coulter — Adios, America — Videos

Posted on May 7, 2017. Filed under: American History, Blogroll, Book, Books, Business, College, Communications, Congress, conservatives, Corruption, Culture, Economics, Education, Elections, Employment, Essays, Faith, Family, Farming, Federal Government Budget, Fiscal Policy, Foreign Policy, Freedom, Friends, government spending, history, Illegal, Islam, Law, Legal, liberty, Life, Links, media, Movies, Newspapers, Non-Fiction, People, Philosophy, Photos, Police, Political Correctness, Politics, Radio, Radio, Rants, Raves, Raymond Thomas Pronk, Religion, Security, Strategy, Success, Talk Radio, Tax Policy, Taxation, Taxes, Television, Television, Terrorism, Tutorials, Unemployment, Video, War, Wealth, Wisdom, Work, Writing | Tags: , , , , , , , , , , |

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How Trump Betrayed Ann Coulter on Immigration

The political commentator may be more committed to the Republican nominee’s platform than he is.

Donald Trump has just betrayed Ann Coulter. Which is a dangerous thing to do.This week, Coulter released her new book, In Trump We Trust. As the title suggests, it’s a defense of Trump. But more than that, it’s a defense of Trumpism. Most Trump surrogates contort themselves to defend whatever The Donald says, no matter its ideological content. They’re like communist party functionaries. They get word from the ideologists on high, and regurgitate it as best they can.

Since then, they’ve been allies. But unlike many Trump defenders, Coulter makes clear that her primary allegiance is not to Trump the man. It’s to the nostalgic “Make America White Again” brand of conservatism that she began peddling even before he did. In In Trump We Trust, Coulter calls Trump a “tasteless, publicity-seeking, coarse billionaire” and argues that, “the one thing voters weren’t wild about was his personality.”

The secret of Trump’s success, she argues, has been ideological. He recognized that “Americans,” by which she mostly means Republicans, “are homesick.” They don’t just oppose immigration because they believe it depresses wages and strains government services. They’re homesick for a whiter America, an America that was once truly free because “it’s not in the Anglo-Saxon character either to take orders or to give them.” (Never mind about slavery.) Since 1965, however, when Lyndon Johnson signed legislation allowing more immigration from Latin America, Asia, and Africa, the United States has been, according to Coulter in In Trump We Trust, overrun by “illiterate peasants … who can be instructed to learn certain symbols and bloc-vote for the Democrats.” In response, Democrats, along with rich Republicans, keep the doors open to non-European immigration, and thus America has grown “browner” and “shorter.” (That’s Coulter’s description from Adios America). Corruption rises. So does terrorism and rape.Coulter’s ideological interpretation of Trump’s appeal is plausible. It explains, for instance, why support for Trump correlates more strongly to racial resentment than economic misfortune.

Trump may win votes by moderating his stance on immigration. But that’s not how Coulter sells books.

Coulter’s problem is that on the very week she’s unveiled her immigration-themed defense of Trumpism, Trump himself has begun jettisoning it. On Wednesday night, he admitted that it’s “very, very hard” to deport all the undocumented immigrants in the country and implied that he would be open to some people being allowed to stay legally without becoming citizens, provided they pay back taxes. Suddenly, Trump is flirting with an immigration policy that resembles that of every other Republican who ran for president. Which makes Coulter look like a dupe. On Thursday on his show, Rush Limbaugh had a hearty laugh at her expense.

So far, Coulter has responded in contradictory ways. She’s fired off tweets attacking Trump’s immigration shift. But she’s also downplayed it.

Maybe Coulter, like the other high-profile supporters Trump has burned, will accept her humiliation and resort to defending Trump no matter what he says. Her incentives, however, are different. Unlike most of the folks who appear on television supporting Trump, she has an independent brand. And it’s built on white nationalism. Trump may win votes by moderating his stance on immigration. But that’s not how Coulter sells books.

Coulter also needs an explanation for Trump’s likely defeat, an explanation that will preserve her ability to claim that America’s silent majority believes the things she does. By emphasizing Trump’s immigration flip-flop, Coulter could argue that this issue cost him the white votes he needed to win.

Trumpism—a brand of conservatism defined above all by white racial nostalgia—will survive November’s election. Less clear is whether Trump will remain its champion or become its fall guy. Like many people Trump has done business with, Coulter has learned that trusting Trump is not the wisest of investments.

https://www.theatlantic.com/politics/archive/2016/08/how-trump-betrayed-ann-coulter-on-immigration/497618/

Ann Coulter

From Wikipedia, the free encyclopedia
Ann Coulter
Ann Coulter smiling, with a blue wallpaper behind her.

Born Ann Hart Coulter
December 8, 1961 (age 55)
New York City, New York, U.S.
Nationality American
Alma mater Cornell University(BA)
University of Michigan(JD)
Occupation Author, columnist, political commentator
Political party Republican[1]
Website anncoulter.com
Signature
Ann Coulter Signature.png

Ann Hart Coulter (/ˈkltər/; born December 8, 1961) is an American conservativesocial and politicalcommentator, writer, syndicated columnist, and lawyer. She frequently appears on television, radio, and as a speaker at public and private events.

Born in New York City to a conservative family, Coulter was raised in New Canaan, Connecticut. She deepened her conservative interests while studying history at Cornell University, where she helped found The Cornell Review. She subsequently embarked on a career as a law clerk before rising to prominence in the 1990s as an outspoken critic of the Clinton administration. Her first book concerned the Bill Clinton impeachment, and sprang from her experience writing legal briefs for Paula Jones‘s attorneys, as well as columns she wrote about the cases.[2][3]

Coulter has described herself as a polemicist who likes to “stir up the pot,” and does not “pretend to be impartial or balanced, as broadcasters do,”[4] drawing criticism from the left, and sometimes from the right.[5] Coulter’s syndicated column for Universal Press Syndicate appears in newspapers, and is featured on major conservative websites. As of 2016, Coulter has 12 best-selling books, including most recently Adios, America! and In Trump We Trust.

Early life

Coulter as a senior in high school, 1980.

Ann Hart Coulter was born on December 8, 1961, in New York City, to John Vincent Coulter (1926–2008), an FBI agent of Irish–German heritage,[6] who was a native of Albany, New York; and Nell Husbands Coulter (née Martin; 1928–2009), a native of Paducah, Kentucky.[7][8] All eight of her paternal great-great-grandparents were immigrants.[6] Her family later moved to New Canaan, Connecticut, where Coulter and her two older brothers, James and John, were raised.[9] She was raised in a conservative household in Connecticut by Republican parents, with a father who loved Joseph McCarthy. Coulter says she has identified as a conservative since kindergarten. To prep for arguments, she read books like Barry Goldwater‘s Conscience of a Conservative.[10]

At age 14, Coulter visited her older brother in New York City where he attended law school. While he was in class, he had his little sister read books by Milton Friedman and William E. Simon. When he got home from class, he quizzed Coulter. As a reward, he and his friends took her out to bars on the Upper East Side. Reading Republican books made Coulter dream about working as a writer.[10] She graduated from New Canaan High School in 1980. Coulter’s age was disputed in 2002 while she was arguing that she was not yet 40, yet Washington Post columnist Lloyd Grove cited that she provided a birthdate of December 8, 1961, when registering to vote in New Canaan, Connecticut, prior to the 1980 Presidential election. Meanwhile, a driver’s license issued several years later allegedly listed her birthdate as December 8, 1963. Coulter will not confirm either date, citing privacy concerns.[11]

While attending Cornell University, Coulter helped found The Cornell Review,[12][13] and was a member of the Delta Gamma national sorority.[14] She graduated cum laude from Cornell in 1984 with a B.A. in history, and received her J.D. from the University of Michigan Law School in 1988, where she was an editor of the Michigan Law Review.[15] At Michigan, Coulter was president of the local chapter of the Federalist Society and was trained at the National Journalism Center.[16]

Career

After law school, Coulter served as a law clerk, in Kansas City, for Pasco Bowman II of the United States Court of Appeals for the Eighth Circuit.[17] After a short time working in New York City in private practice, where she specialized in corporate law, Coulter left to work for the United States Senate Judiciary Committee after the Republican Partytook control of Congress in 1994. She handled crime and immigration issues for Senator Spencer Abraham of Michigan and helped craft legislation designed to expedite the deportation of aliens convicted of felonies.[18] She later became a litigator with the Center for Individual Rights.[19]

In 2000, Coulter considered running for Congress in Connecticut on the Libertarian Party ticket[20] to serve as a spoiler in order to throw the seat to the Democratic candidate and see that Republican Congressman Christopher Shays failed to gain re-election, as a punishment for Shays’ vote against Clinton’s impeachment. The leadership of the Libertarian Party of Connecticut, after meeting with Coulter, declined to endorse her. As a result, her self-described “total sham, media-intensive, third-party Jesse Ventura campaign” did not take place.[21][22] Shays subsequently won the election, and held the seat until 2008.[23]

Coulter’s career is highlighted by the publication of twelve books, as well as the weekly syndicated newspaper column that she publishes. She is particularly known for her polemical style,[24] and describes herself as someone who likes to “stir up the pot. I don’t pretend to be impartial or balanced, as broadcasters do”.[25] She has been compared to Clare Boothe Luce, one of her idols, for her satirical style.[26] She also makes numerous public appearances, speaking on television and radio talk shows, as well as on collegecampuses, receiving both praise and protest. Coulter typically spends 6–12 weeks of the year on speaking engagement tours, and more when she has a book coming out.[27] In 2010, she made an estimated $500,000 on the speaking circuit, giving speeches on topics of modern conservatism, gay marriage, and what she describes as the hypocrisy of modern American liberalism.[28] During one appearance at the University of Arizona, a pie was thrown at her.[29][30][31] Coulter has, on occasion, in defense of her ideas, responded with inflammatory remarks toward hecklers and protestors who attend her speeches.[32][33]

Books

Coulter is the author of twelve books, many of which have appeared on The New York Times Best Seller list, with a combined 3 million copies sold as of May 2009.[34]

Coulter’s first book, High Crimes and Misdemeanors: The Case Against Bill Clinton, was published by Regnery Publishing in 1998 and made the New York Times Bestseller list.[2] It details Coulter’s case for the impeachment of President Bill Clinton.

Her second book, Slander: Liberal Lies About the American Right, published by Crown Forum in 2002, reached the number one spot on The New York Times non-fiction best seller list.[35] In Slander, Coulter argues that President George W. Bush was given unfair negative media coverage. The factual accuracy of Slander was called into question by then-comedian and author, and now Democratic U.S. Senator from Minnesota, Al Franken; he also accused her of citing passages out of context.[36] Others investigated these charges, and also raised questions about the book’s accuracy and presentation of facts.[37][38][39] Coulter responded to criticisms in a column called “Answering My Critics”.[40]

In her third book, Treason: Liberal Treachery from the Cold War to the War on Terrorism, also published by Crown Forum, she reexamines the 60-year history of the Cold War—including the career of Senator Joseph McCarthy, the Whittaker ChambersAlger Hiss affair, and Ronald Reagan’s challenge to Mikhail Gorbachev to “tear down this wall“—and argues that liberals were wrong in their Cold War political analyses and policy decisions, and that McCarthy was correct about Soviet agents working for the U.S. government.[41] She also argues that the correct identification of Annie Lee Moss, among others, as communists was misreported by the liberal media.[42]Treason was published in 2003, and spent 13 weeks on the Best Seller list.[43]

Crown Forum published a collection of Coulter’s columns in 2004 as her fourth book, How to Talk to a Liberal (If You Must): The World According to Ann Coulter.[44]

Coulter’s fifth book, published by Crown Forum in 2006, is Godless: The Church of Liberalism.[45] In it, she argues, first, that American liberalism rejects the idea of God and reviles people of faith, and second, that it bears all the attributes of a religion itself.[46]Godless debuted at number one on the New York Times Best Seller list.[47] Some passages in the book match portions of others’ writings published at an earlier time (including newspaper articles and a Planned Parenthood document), leading John Barrie of iThenticate to assert that Coulter had engaged in “textbook plagiarism”.[48]

Coulter’s If Democrats Had Any Brains, They’d Be Republicans (Crown Forum), published in October 2007, and Guilty: Liberal “Victims” and Their Assault on America (Crown Forum), published on January 6, 2009, both also achieved best-seller status.[49][50][51]

On June 7, 2011, Crown Forum published her eighth book Demonic: How the Liberal Mob Is Endangering America. Coulter said she based this book heavily on the work of Frenchsocial psychologistGustave Le Bon, who wrote on mass psychology, and in it she argues that liberals have mob-like characteristics.[52]

Her ninth book, published September 25, 2012, is Mugged: Racial Demagoguery from the Seventies to Obama. It argues that liberals, and Democrats in particular, have taken undue credit for racial civil rights in America.[53]

Coulter’s tenth book, Never Trust a Liberal Over 3 – Especially a Republican, was released October 14, 2013. It is her second collection of columns and her first published by Regnery since her first book, High Crimes and Misdemeanors.[54]

Coulter published her eleventh book, Adios, America: The Left’s Plan to Turn Our Country Into a Third World Hellhole on June 1, 2015. The book addresses illegal immigration, amnesty programs, and border security in the United States. [55]

Columns

In the late 1990s, Coulter’s weekly (biweekly from 1999–2000) syndicated column for Universal Press Syndicate began appearing. Her column is featured on six conservative websites: Human Events Online, WorldNetDaily, Townhall.com, VDARE, FrontPageMag, Jewish World Review and her own web site. Her syndicator says, “Ann’s client newspapers stick with her because she has a loyal fan base of conservative readers who look forward to reading her columns in their local newspapers”.[56]

In 1999 Coulter worked as a regular columnist for George magazine.[21][57] Coulter also wrote exclusive weekly columns between 1998 and 2003 and with occasional columns thereafter for the conservative magazine Human Events. In her columns for the magazine, she discusses judicial rulings, Constitutional issues, and legal matters affecting Congress and the executive branch.[58]

In 2001 as a contributing editor and syndicated columnist for National Review Online (NRO), Coulter was asked by editors to make changes to a piece written after the September 11 attacks. On the national television show Politically Incorrect, Coulter accused NRO of censorship and said that she was paid $5 per article. NRO dropped her column and terminated her editorship. Jonah Goldberg, editor-at-large of NRO, said, “We did not ‘fire’ Ann for what she wrote… we ended the relationship because she behaved with a total lack of professionalism, friendship, and loyalty [concerning the editing disagreement].”[59]

Coulter contracted with USA Today to cover the 2004 Democratic National Convention. She wrote one article that began, “Here at the Spawn of Satan convention in Boston…” and referred to some unspecified female attendees as “corn-fed, no make-up, natural fiber, no-bra needing, sandal-wearing, hirsute, somewhat fragrant hippie chick pie wagons”. The newspaper declined to print the article citing an editing dispute over “basic weaknesses in clarity and readability that we found unacceptable”. An explanatory article by the paper went on to say “Coulter told the online edition of Editor & Publisher magazine that ‘USA Today doesn’t like my “tone”, humor, sarcasm, etc., which raises the intriguing question of why they hired me to write for them.'” USA Today replaced Coulter with Jonah Goldberg, and Coulter published it instead on her website.[60][61][62]

In August 2005, the Arizona Daily Star dropped Coulter’s syndicated column, citing reader complaints that “Many readers find her shrill, bombastic, and mean-spirited. And those are the words used by readers who identified themselves as conservatives”.[63]

In July 2006, some newspapers replaced Coulter’s column with those of other conservative columnists following the publication of her fourth book, Godless: The Church of Liberalism.[64] After The Augusta Chronicle dropped her column, newspaper editor Michael Ryan explained that “it came to the point where she was the issue rather than what she was writing about”.[65] Ryan also stated that “pulling Ann Coulter’s column hurts; she’s one of the clearest thinkers around”.

She has criticized former president George W. Bush‘s immigration proposals, saying they led to “amnesty”. In a 2007 column, she claimed that the current immigration system was set up to deliberately reduce the percentage of whites in the population. In it, she said:[66]

In 1960, whites were 90 percent of the country. The Census Bureau recently estimated that whites already account for less than two-thirds of the population and will be a minority by 2050. Other estimates put that day much sooner.

One may assume the new majority will not be such compassionate overlords as the white majority has been. If this sort of drastic change were legally imposed on any group other than white Americans, it would be called genocide. Yet whites are called racists merely for mentioning the fact that current immigration law is intentionally designed to reduce their percentage in the population.

Overall, Coulter’s columns are highly critical of liberals and Democrats. In 2006, she wrote:[67]

This year’s Democratic plan for the future is another inane sound bite designed to trick American voters into trusting them with national security.

To wit, they’re claiming there is no connection between the war on terror and the war in Iraq, and while they are all for the war against terror—absolutely in favor of that war—they are adamantly opposed to the Iraq war. You know, the war where the U.S. military is killing thousands upon thousands of terrorists (described in the media as “Iraqi civilians”, even if they are from Jordan, like the now-dead leader of al-Qaida in Iraq, Abu Musab al-Zarqawi). That war.

Television and radio

Ann Coulter at the 2012 Time 100

Coulter made her first national media appearance in 1996 after she was hired by the then-fledgling network MSNBC as a legal correspondent. She later appeared on CNN and Fox News.[68] Coulter went on to make frequent guest appearances on many television and radio talk shows, including American Morning, The Fifth Estate, Glenn Beck Program, The Mike Gallagher Show, The O’Reilly Factor, Real Time with Bill Maher, Red Eye w/ Greg Gutfeld, The Rush Limbaugh Show, The Sean Hannity Show, The Today Show, Lou Dobbs Tonight, Fox and Friends, The Laura Ingraham Show, The View, The Michael Medved Show, and HARDtalk.

In an interview with Bob McKeown on the edition of January 26, 2005, of The Fifth Estate, Coulter came under criticism for her statement, “Canada used to be… one of our most… most loyal friends, and vice versa. I mean, Canada sent troops to Vietnam. Was Vietnam less containable and more of a threat than Saddam Hussein?” McKeown contradicted her with, “No, actually Canada did not send troops to Vietnam.”[69] On the edition of February 18, 2005 of Washington Journal, Coulter justified her statement by referring to the thousands of Canadians who served in the American armed forces during the Vietnam era, either because they volunteered or because they were living in the United States during the war years and got drafted. She said, “The Canadian Government didn’t send troops … but … they came and fought with the Americans. So I was wrong. It turns out there were 10,000 Americans who happened to be born in Canada.” (There were actually between 5,000 and 20,000 Canadians who fought in Vietnam itself, including approximately 80 who were killed.)[70] John Cloud of Time, writing about the incident a few months later, said, “Canada [sent] noncombat troops to Indochina in the 1950s and again to Vietnam in 1972″.[68]

Films

Coulter appeared in three films released during 2004. The first was Feeding the Beast, a made-for-television documentary on the “24-Hour News Revolution”.[71] The other two films were FahrenHYPE 9/11, a direct-to-video documentary rebuttal of Michael Moore‘s Fahrenheit 911, and Is It True What They Say About Ann?, a documentary on Coulter containing clips of interviews and speeches.[72] In 2015, Coulter had a cameo as the Vice President in the made-for-TV movie Sharknado 3: Oh Hell No!.

Personal life

Coulter has been engaged several times, but she has never married and has no children.[32] She has dated Spin founder and publisher Bob Guccione, Jr.,[21] and conservative writer Dinesh D’Souza.[73] In October 2007, she began dating Andrew Stein, the former president of the New York City Council, a liberal Democrat. When asked about the relationship, Stein told the paper, “She’s attacked a lot of my friends, but what can I say, opposites attract!”[74] On January 7, 2008, however, Stein told the New York Post that the relationship was over, citing irreconcilable differences.[75]Kellyanne Conway, who refers to Coulter as a friend, told New York Magazine in 2017 that Coulter “started dating her security guard probably ten years ago because she couldn’t see anybody else.”[76]

Coulter owns a house, bought in 2005, in Palm Beach, Florida, a condominium in Manhattan, and an apartment in Los Angeles. She votes in Palm Beach and is not registered to do so in New York or California.[77][78]She is a fan of several jam bands, such as the Grateful Dead, the Dave Matthews Band, and Phish.[79][80] Some of her favorite books are the Bible, Mere Christianity, Wuthering Heights, Anna Karenina, true crime stories about serial killers, and anything by Dave Barry.[81]

Religious views

Coulter is a Christian and belongs to the Presbyterian denomination.[82][83] Her father was Catholic and her mother was a Protestant.[84] At one public lecture she said, “I don’t care about anything else; Christ died for my sins, and nothing else matters.”[85] She summarized her view of Christianity in a 2004 column, saying, “Jesus’ distinctive message was: People are sinful and need to be redeemed, and this is your lucky day, because I’m here to redeem you even though you don’t deserve it, and I have to get the crap kicked out of me to do it.” She then mocked “the message of Jesus… according to liberals”, summarizing it as “something along the lines of ‘be nice to people,'” which, in turn, she said “is, in fact, one of the incidental tenets of Christianity.”[86]

Confronting some critics’ views that her content and style of writing is un-Christian-like,[87] Coulter stated that “I’m a Christian first and a mean-spirited, bigoted conservative second, and don’t you ever forget it.”[88]She also said, “Christianity fuels everything I write. Being a Christian means that I am called upon to do battle against lies, injustice, cruelty, hypocrisy—you know, all the virtues in the church of liberalism”.[89] In Godless: The Church of Liberalism, Coulter characterized the theory of evolution as bogus science, and contrasted her beliefs to what she called the left’s “obsession with Darwinism and the Darwinian view of the world, which replaces sanctification of life with sanctification of sex and death”.[90] Coulter subscribes to intelligent design, a theory that rejects evolution.[91]

Coulter was accused of anti-semitism in an October 8, 2007, interview with Donny Deutsch on The Big Idea. During the interview, Coulter stated that the United States is a Christian nation, and said that she wants “Jews to be perfected, as they say” (referring to them being converted to Christianity).[92] Deutsch, a practicing Jew, implied that this was an anti-semitic remark, but Coulter said she didn’t consider it to be a hateful comment.[93][94] In response to Coulter’s comments on the show, the Anti-Defamation League, American Jewish Committee and Bradley Burston condemned those comments,[95] and the National Jewish Democratic Council asked media outlets to stop inviting Coulter as a guest commentator.[96] Talk show host Dennis Prager, while disagreeing with her comments, said that they were not “anti-semitic”, noting, “There is nothing in what Ann Coulter said to a Jewish interviewer on CNBC that indicates she hates Jews or wishes them ill, or does damage to the Jewish people or the Jewish state. And if none of those criteria is present, how can someone be labeled anti-Semitic?”[97] Conservative activist David Horowitz also defended Coulter against the allegation.[98]

Coulter again sparked outrage in September 2015, when she tweeted in response to multiple Republican candidates’ references to Israel during a Presidential debate, “How many f—ing Jews do these people think there are in the United States?”[99] The Anti-Defamation League referred to the tweets as “ugly, spiteful and anti-Semitic.”[100] In response to accusations of anti-Semitism, she tweeted “I like the Jews, I like fetuses, I like Reagan. Didn’t need to hear applause lines about them all night.”[99]

Political views

Coulter is a conservative columnist. She is a registered Republican and member of the advisory council of GOProud since August 9, 2011.[101]

Coulter supported George W. Bush’s presidency. She endorsed Mitt Romney in the 2008 Republican presidential primary[102] and the 2012 Republican presidential primary and presidential run.[103] In the 2016 Republican Party presidential primaries, she endorsed Donald Trump.[104] However, in the wake of the 2017 Shayrat missile strike, Coulter expressed her dismay by tweeting, “Trump campaigned on not getting involved in Mideast.”[105]

Abortion

Coulter believes Roe v. Wade should be overturned and left to the states. She is anti-abortion, but believes there should be an exception if a woman is raped.[106]

Illegal immigration

She strongly opposed amnesty for illegal immigrants, and at the 2013 CPAC said she has now become “a single-issue voter against amnesty”.[107]

Afghanistan War

Although she originally supported the war in Afghanistan during the Bush administration, beginning in 2009 she expressed concern that the war might have turned into another Vietnam, and opposed sending more troops to Afghanistan.[108]

LGBT rights

Coulter opposes same-sex marriage and once supported a federal U.S. constitutional amendment defining marriage as a union of one man and one woman.[109] She insists that her opposition to same-sex marriage “wasn’t an anti-gay thing” and that “It’s genuinely a pro-marriage position to oppose gay marriage”.[110] In an April 1, 2015, column, Coulter declared that liberals had “won the war on gay marriage (by judicial fiat)”.[111]

She also opposes civil unions[112] and privatizing marriage.[113] When addressed with the issue of rights granted by marriage, she said, “Gays already can visit loved ones in hospitals. They can also visit neighbors, random acquaintances, and total strangers in hospitals—just like everyone else. Gays can also pass on property to whomever they would like”.[114] She disagreed with the U.S. Supreme Court‘s 2003 Lawrence v. Texas ruling, stating there was no right to sodomy written in the Constitution and that under federalism each individual state and territory would have to repeal their sodomy laws. She stated she opposed banning same-sex sexual intercourse.[115] She also stated that same-sex sexual intercourse was already protected under the Fourth Amendment, which prevents police from going into your home without a search warrant or court order.[116]

In regard to Romer v. Evans described anti-discrimination laws covering LGBT as “affirmative action benefits.”[117] She also disagreed with repealing Don’t Ask Don’t Tell, stating that it is not an “anti-gay position; it is a pro-military position” because “sexual bonds are disruptive to the military bond”.[118] On April 1, 2015, in a column, Ann Coulter expressed support for Indiana‘s Religious Freedom Restoration Act and said it was an “apocryphal” assertion to claim the Religious Freedom Restoration Act would be used to discriminate against LGBTs.[111] She has also endorsed the Public Facilities Privacy & Security Act and opposes transgender individuals to use bathroom usage corresponding to their gender identity.[119]

LGBT conservatism

Since the 1990s, Coulter has had many acquaintances in the LGBT community. She considers herself “the Judy Garland of the Right.” In the last few years, Coulter has attracted many LGBT fans, namely gay men and drag queens.[10][120][121]

At the 2007 CPAC, Coulter said, “I do want to point out one thing that has been driving me crazy with the media—how they keep describing Mitt Romney‘s position as being pro-gays, and that’s going to upset the right wingers,” and “Well, you know, screw you! I’m not anti-gay. We’re against gay marriage. I don’t want gays to be discriminated against.” She added, “I don’t know why all gays aren’t Republican. I think we have the pro-gay positions, which is anti-crime and for tax cuts. Gays make a lot of money and they’re victims of crime. No, they are! They should be with us.”[122]

In Coulter’s 2007 book If Democrats Had Any Brains, They’d Be Republicans, in the chapter “Gays: No Gay Left Behind!”, she argued that Republican policies were more pro-gay than Democratic policies. Coulter attended the 2010 HomoCon of GOProud, where she commented that same-sex marriage “is not a civil right.”[123] On February 9, 2011, in a column, Coulter described the national Log Cabin Republicans as “ridiculous” and “not conservative at all.” She did however describe the Texas branch of Log Cabin Republicans, for whom she’s been signing books for years, as “comprised of real conservatives.”[124]

At the 2011 CPAC, during her question-and-answer segment, Coulter was asked about GOProud and the controversy over their exclusion from the 2011 CPAC. She boasted how she talked GOProud into dropping its support for same-sex marriage in the party’s platform, saying, “The left is trying to co-opt gays, and I don’t think we should let them. I think they should be on our side,” and “Gays are natural conservatives.”[125] Later that year, Coulter joined advisory board for GOProud. On LogosThe A-List: Dallas she told gay Republican Taylor Garrett that “The gays have got to be pro-life,” and “As soon as they find the gay gene, guess who the liberal yuppies are gonna start aborting?”[126] Coulter has referred to Democractic politicians Bill Clinton, Al Gore, and John Edwards as “fag(got).”[127]

War on Drugs

Coulter strongly supports continuing the War on Drugs.[128] However, she has said that, if there were not a welfare state, she “wouldn’t care” if drugs were legal.[129]

Coulter spoke about drugs as a guest on Piers Morgan Live, when she said that marijuana users “can’t perform daily functions.”[130]

Political activities and commentary

Ann Coulter has described herself as a “polemicist” who likes to “stir up the pot” and doesn’t “pretend to be impartial or balanced, as broadcasters do.”[4] While her political activities in the past have included advising a plaintiff suing President Bill Clinton as well as considering a run for Congress, she mostly serves as a political pundit, sometimes creating controversy ranging from rowdy uprisings at some of the colleges where she speaks to protracted discussions in the media. Time magazine’s John Cloud once observed that Coulter “likes to shock reporters by wondering aloud whether America might be better off if women lost the right to vote.”[68] This was in reference to her statement that “it would be a much better country if women did not vote. That is simply a fact. In fact, in every presidential election since 1950—except Goldwater in ’64—the Republican would have won, if only the men had voted.”[131] Similarly, in an October 2007 interview with the New York Observer, Coulter said:[132]

If we took away women’s right to vote, we’d never have to worry about another Democrat president. It’s kind of a pipe dream, it’s a personal fantasy of mine, but I don’t think it’s going to happen. And it is a good way of making the point that women are voting so stupidly, at least single women.

It also makes the point, it is kind of embarrassing, the Democratic Party ought to be hanging its head in shame, that it has so much difficulty getting men to vote for it. I mean, you do see it’s the party of women and ‘We’ll pay for health care and tuition and day care—and here, what else can we give you, soccer moms?’

In addition to questioning whether women’s right to vote is a good thing, Coulter has also appeared on Fox News and advocated for a poll tax and a literacy test for voters (this was in 1999, and she reiterated her support of a literacy test in 2015).[133] This is not a viewpoint widely shared by members of the Republican Party.

Paula Jones – Bill Clinton case

Coulter first became a public figure shortly before becoming an unpaid legal adviser for the attorneys representing Paula Jones in her sexual harassment suit against President Bill Clinton. Coulter’s friend George Conway had been asked to assist Jones’ attorneys, and shortly afterward Coulter, who wrote a column about the Paula Jones case for Human Events, was also asked to help, and she began writing legal briefs for the case.

Coulter later stated that she would come to mistrust the motives of Jones’ head lawyer, Joseph Cammaratta, who by August or September 1997 was advising Jones that her case was weak and to settle, if a favorable settlement could be negotiated.[18][134] From the outset, Jones had sought an apology from Clinton at least as eagerly as she sought a settlement.[135] However, in a later interview Coulter recounted that she herself had believed that the case was strong, that Jones was telling the truth, that Clinton should be held publicly accountable for his misconduct, and that a settlement would give the impression that Jones was merely interested in extorting money from the President.[18]

David Daley, who wrote the interview piece for The Hartford Courant recounted what followed:

Coulter played one particularly key role in keeping the Jones case alive. In Newsweek reporter Michael Isikoff’s new book Uncovering Clinton: A Reporter’s Story, Coulter is unmasked as the one who leaked word of Clinton’s “distinguishing characteristic”—his reportedly unusually large penis that Jones said she could recognize and describe—to the news media. Her hope was to foster mistrust between the Clinton and Jones camps and forestall a settlement … I thought if I leaked the distinguishing characteristic it would show bad faith in negotiations. [Clinton lawyer] Bob Bennett would think Jones had leaked it. Cammaratta would know he himself hadn’t leaked it and would get mad at Bennett. It might stall negotiations enough for me to get through to [Jones adviser] Susan Carpenter-McMillan to tell her that I thought settling would hurt Paula, that this would ruin her reputation, and that there were other lawyers working for her. Then 36 hours later, she returned my phone call. I just wanted to help Paula. I really think Paula Jones is a hero. I don’t think I could have taken the abuse she came under. She’s this poor little country girl and she has the most powerful man she’s ever met hitting on her sexually, then denying it and smearing her as president. And she never did anything tacky. It’s not like she was going on TV or trying to make a buck out of it.”[18]

In his book, Isikoff also reported Coulter as saying: “We were terrified that Jones would settle. It was contrary to our purpose of bringing down the President.”[134] After the book came out, Coulter clarified her stated motives, saying:

The only motive for leaking the distinguishing characteristic item that [Isikoff] gives in his book is my self-parodying remark that “it would humiliate the president” and that a settlement would foil our efforts to bring down the president … I suppose you could take the position, as [Isikoff] does, that we were working for Jones because we thought Clinton was a lecherous, lying scumbag, but this argument gets a bit circular. You could also say that Juanita Broaddrick’s secret motive in accusing Clinton of rape is that she hates Clinton because he raped her. The whole reason we didn’t much like Clinton was that we could see he was the sort of man who would haul a low-level government employee like Paula to his hotel room, drop his pants, and say, “Kiss it.” You know: Everything his defense said about him at the impeachment trial. It’s not like we secretly disliked Clinton because of his administration’s position on California’s citrus cartels or something, and then set to work on some crazy scheme to destroy him using a pathological intern as our Mata Hari.[136]

The case went to court after Jones broke with Coulter and her original legal team, and it was dismissed via summary judgment. The judge ruled that even if her allegations proved true, Jones did not show that she had suffered any damages, stating, “… plaintiff has not demonstrated any tangible job detriment or adverse employment action for her refusal to submit to the governor’s alleged advances. The president is therefore entitled to summary judgment on plaintiff’s claim of quid pro quo sexual harassment.” The ruling was appealed by Jones’ lawyers. During the pendency of the appeal, Clinton settled with Jones for $850,000 ($151,000 after legal fees) in November 1998, in exchange for Jones’ dismissal of the appeal. By then, the Jones lawsuit had given way to the Monica Lewinsky sex scandal.

In October 2000, Jones revealed that she would pose for nude pictures in an adult magazine, saying she wanted to use the money to pay taxes and support her grade-school-aged children, in particular saying, “I’m wanting to put them through college and maybe set up a college fund.”[137] Coulter publicly denounced Jones, calling her “the trailer-park trash they said she was” (Coulter had earlier chastened Clinton supporters for calling Jones this name),[138] after Clinton’s former campaign strategist James Carville had made the widely reported remark, “Drag a $100 bill through a trailer park, and you’ll never know what you’ll find,” and called Jones a “fraud, at least to the extent of pretending to be an honorable and moral person.”[137]

Coulter wrote:

Paula surely was given more than a million dollars in free legal assistance from an array of legal talent she will never again encounter in her life, much less have busily working on her behalf. Some of those lawyers never asked for or received a dime for hundreds of thousands of dollars in legal work performed at great professional, financial and personal cost to themselves. Others got partial payments out of the settlement. But at least they got her reputation back. And now she’s thrown it away.[139]

Jones claimed not to have been offered any help with a book deal of her own or any other additional financial help after the lawsuit.[137]

2008 presidential election

As the 2008 presidential campaign was getting under way, Coulter drew criticism for statements she made at the 2007 Conservative Political Action Conference about presidential candidate John Edwards:[140][141]

I was going to have a few comments on the other Democratic presidential candidate, John Edwards, but it turns out that you have to go into rehab if you use the word ‘faggot,’ so I’m… so, kind of at an impasse, can’t really talk about Edwards, so I think I’ll just conclude here and take your questions.

The comment was in reference to Grey’s Anatomy star Isaiah Washington‘s use of the epithet and his subsequent mandatory “psychological assessment” imposed by ABC executives.[142] It was widely interpreted as meaning that Coulter had called Edwards a “faggot,” but Coulter argued that she did not actually do so, while simultaneously indicating she would not have been wrong to say it.[143] Edwards responded on his web site by characterizing Coulter’s words as “un-American and indefensible,” and asking readers to help him “raise $100,000 in ‘Coulter Cash’ this week to keep this campaign charging ahead and fight back against the politics of bigotry.”[144] He also called her a “she-devil,” adding, “I should not have name-called. But the truth is—forget the names—people like Ann Coulter, they engage in hateful language.”[145] Coulter’s words also drew condemnation from many prominent Republicans and Democrats, as well as groups such as the Gay and Lesbian Alliance Against Defamation (GLAAD).[144][146][147] Three advertisers (Verizon, Sallie Mae and Netbank) also pulled their advertisements from Coulter’s web site,[148] and several newspapers dropped her column.[149][150] Coulter responded in an e-mail to the New York Times, “C’mon, it was a joke. I would never insult gays by suggesting that they are like John Edwards. That would be mean.”[147] On March 5, 2007, she appeared on Hannity and Colmes and said, “Faggot isn’t offensive to gays; it has nothing to do with gays. It’s a schoolyard taunt meaning ‘wuss.'”[151] Gay rights advocates were not convinced. “Ann Coulter’s use of this anti-gay slur is vile and unacceptable,” said Neil G. Giuliano, president of the Gay & Lesbian Alliance Against Defamation, “and the applause from her audience is an important reminder that Coulter’s ugly brand of bigotry is at the root of the discriminatory policies being promoted at this gathering.”[141] A spokesman for Sen. John McCain, a Republican presidential candidate, called Coulter’s comments “wildly inappropriate.”[141]

As the campaign waged on, she continued to insert her commentary regarding the candidates, both Democrats and Republicans. In a June 2007 interview, Coulter named Duncan Hunter as her choice for the 2008 Republican Presidential nomination, highlighting his views on immigration and specifically his anti-abortion credentials, saying “[t]his is a winning issue for us, protecting little babies.”[152] On January 16, 2008, Coulter began endorsing Governor Mitt Romney as her choice for the 2008 Republican nomination, saying he is “manifestly the best candidate” (contrasting Romney with Republican candidates John McCain, Mike Huckabee, and Rudy Giuliani).[153] By contrast, Coulter was critical of eventual Republican nominee John McCain. On the January 31, 2008, broadcast of Hannity and Colmes, Coulter claimed that if McCain won the Republican nomination for president, she would support and campaign for Hillary Clinton, stating, “[Clinton] is more conservative than McCain.”[154]

Regarding then-presidential-candidate Barack Obama in an April 2, 2008, column, she characterized his book Dreams from My Father as a “dimestore Mein Kampf.” Coulter writes, “He says the reason black people keep to themselves is that it’s ‘easier than spending all your time mad or trying to guess whatever it was that white folks were thinking about you.’ Here’s a little inside scoop about white people: We’re not thinking about you. Especially WASPs. We think everybody is inferior, and we are perfectly charming about it.”[155]

2010 Canadian university tour

Ann Coulter at CPAC in February 2012

In March 2010, Coulter announced that she would be embarking on a speaking tour of three Canadian universities, The University of Western Ontario, the University of Ottawa and the University of Calgary. The tour was organized by the International Free Press Society.[156]

On the eve of Coulter’s first speech at the University of Western Ontario, an e-mail to Coulter from François Houle, provost of the University of Ottawa, was leaked to the media. The e-mail warned that “promoting hatred against any identifiable group would not only be considered inappropriate, but could in fact lead to criminal charges.” Coulter released a public statement alleging that by sending her the e-mail, Houle was promoting hatred against conservatives.[157] During her speech at the University of Western Ontario, she told a Muslim student to “take a camel,” in response to the student’s question about previous comments by Coulter that Muslims should not be allowed on airplanes.[158]

On March 22, the University of Ottawa made international news when liberal protesters conspired to prevent Coulter from speaking. The event was canceled in spite of a massive security presence; Alain Boucher of the Ottawa Police Service said there were ten officers visible at the scene, “plus other resources” nearby.[159] Boucher alleged that Coulter’s security team decided to call off the event, saying, “We gave her options,” including, he said, to “find a bigger venue.” But “they opted to cancel … It’s not up to the Ottawa police to make that decision.”[160] Boucher claimed there were no arrests.[161] CTV News reported, “It was a disaster in terms of just organization, which is probably one of the reasons why it was cancelled,” citing the small number of students tasked with confirming who had signed up to attend Coulter’s talk.[162]

Event organizer and conservative activist Ezra Levant blamed the protest on the letter sent to Coulter by Houle.[163] After the cancellation, Coulter called the University of Ottawa “bush league,” stating:[164]

I go to the best schools, Harvard, the Ivy League, and those kids are too intellectually proud to threaten speakers … I would like to know when this sort of violence, this sort of protest, has been inflicted upon a Muslim—who appear to be, from what I’ve read of the human rights complaints, the only protected group in Canada. I think I’ll give my speech tomorrow night in a burka. That will protect me.

Comments on Islam, Arabs, and terrorism

On September 14, 2001, three days after the September 11 attacks (in which her friend Barbara Olson had been killed), Coulter wrote in her column:

Airports scrupulously apply the same laughably ineffective airport harassment to Suzy Chapstick as to Muslim hijackers. It is preposterous to assume every passenger is a potential crazed homicidal maniac. We know who the homicidal maniacs are. They are the ones cheering and dancing right now. We should invade their countries, kill their leaders and convert them to Christianity. We weren’t punctilious about locating and punishing only Hitler and his top officers. We carpet-bombed German cities; we killed civilians. That’s war. And this is war.[165]

This comment resulted in Coulter’s being fired as a columnist by the National Review, which she subsequently referred to as “squeamish girly-boys.”[166] Responding to this comment, Ibrahim Hooper of the Council on American-Islamic Relations remarked in The Chicago Sun Times that before September 11, Coulter “would have faced swift repudiation from her colleagues,” but “now it’s accepted as legitimate commentary.”[167]

David Horowitz, however, saw Coulter’s words as irony:

I began running Coulter columns on Frontpagemag.com shortly after she came up with her most infamous line, which urged America to put jihadists to the sword and convert them to Christianity. Liberals were horrified; I was not. I thought to myself, this is a perfect send-up of what our Islamo-fascist enemies believe—that as infidels we should be put to the sword and converted to Islam. I regarded Coulter’s phillipic (sic) as a Swiftian commentary on liberal illusions of multi-cultural outreach to people who want to rip out our hearts.[168]

One day after the attacks (when death toll estimates were higher than later), Coulter asserted that only Muslims could have been behind the attacks:

Not all Muslims may be terrorists, but all terrorists are Muslims—at least all terrorists capable of assembling a murderous plot against America that leaves 7,000 people dead in under two hours.[169]

Coulter has been highly critical of the U.S. Department of Transportation and especially its then-secretary Norman Mineta. Her many criticisms include their refusal to use racial profiling as a component of airport screening.[170] After a group of Muslims was expelled from a US Airways flight when other passengers expressed concern, sparking a call for Muslims to boycott the airline because of the ejection from a flight of six imams, Coulter wrote:

If only we could get Muslims to boycott all airlines, we could dispense with airport security altogether.[171]

Coulter also cited the 2002 Senate testimony of FBI whistleblower Coleen Rowley, who was acclaimed for condemning her superiors for refusing to authorize a search warrant for 9-11 conspirator Zacarias Moussaoui when he refused to consent to a search of his computer. They knew that he was a Muslim in flight school who had overstayed his visa, and the French Intelligence Service had confirmed his affiliations with radical fundamentalist Islamic groups. Coulter said she agreed that probable cause existed in the case, but that refusing consent, being in flight school and overstaying a visa should not constitute grounds for a search. Citing a poll which found that 98 percent of Muslims between the ages of 20 and 45 said they would not fight for Britain in the war in Afghanistan, and that 48 percent said they would fight for Osama bin Laden she asserted “any Muslim who has attended a mosque in Europe—certainly in England, where Moussaoui lived—has had ‘affiliations with radical fundamentalist Islamic groups,'” so that she parsed Rowley’s position as meaning that “‘probable cause’ existed to search Moussaoui’s computer because he was a Muslim who had lived in England.” Coulter says the poll was “by the “Daily Telegraph“, actually it was by Sunrise, an “Asian” (i.e., Indian subcontinent-oriented) radio station, canvassing the opinions of 500 Muslims in Greater London (not Britain as a whole), mainly of Pakistani origin and aged between 20 and 45. Because “FBI headquarters … refused to engage in racial profiling,” they failed to uncover the 9-11 plot, Coulter asserted. “The FBI allowed thousands of Americans to be slaughtered on the altar of political correctness. What more do liberals want?”[172][173]

Coulter wrote in another column that she had reviewed the civil rights lawsuits against certain airlines to determine which of them had subjected Arabs to the most “egregious discrimination” so that she could fly only that airline. She also said that the airline should be bragging instead of denying any of the charges of discrimination brought against them.[174] In an interview with The Guardian she said, “I think airlines ought to start advertising: ‘We have the most civil rights lawsuits brought against us by Arabs.'” When the interviewer replied by asking what Muslims would do for travel, she responded, “They could use flying carpets.”[131]

One comment that drew criticism from the blogosphere, as well as fellow conservatives,[175] was made during a speech at the Conservative Political Action Conference in February 2006, where she said, referring to the prospect of a nuclear-equipped Iran, “What if they start having one of these bipolar episodes with nuclear weapons? I think our motto should be, post-9-11: Raghead talks tough, raghead faces consequences.”[176] Coulter had previously written a nearly identical passage in her syndicated column: “… I believe our motto should be, after 9/11: Jihad monkey talks tough; jihad monkey takes the consequences. Sorry, I realize that’s offensive. How about ‘camel jockey‘? What? Now what’d I say? Boy, you tent merchants sure are touchy. Grow up, would you?”[177]

In October 2007, Coulter made further controversial remarks regarding Arabs—in this case Iraqis—when she stated in an interview with The New York Observer:

We’ve killed about 20,000 of them, of terrorists, of militants, of Al Qaeda members, and they’ve gotten a little over 3,000 of ours. That is where the war is being fought, in Iraq. That is where we are fighting Al Qaeda. Sorry we have to use your country, Iraqis, but you let Saddam come to power, and we are going to instill democracy in your country.[178]

In a May 2007 article looking back at the life of recently deceased evangelical Reverend Jerry Falwell, Coulter commented on his (later retracted) statement after the 9/11 attacks that “the pagans, and the abortionists, and the feminists, and the gays and the lesbians who are actively trying to make that an alternative lifestyle, the ACLU, People For the American Way, all of them who have tried to secularize America … helped this happen.” In her article, Coulter stated that she disagreed with Falwell’s statement, “because Falwell neglected to specifically include Teddy Kennedy and ‘the Reverend’ Barry Lynn.”[179]

In October 2007, Coulter participated in David Horowitz‘ “Islamo-Fascism Awareness Week,” remarking in a speech at the University of Southern California, “The fact of Islamo-Fascism is indisputable. I find it tedious to detail the savagery of the enemy … I want to kill them. Why don’t Democrats?”[180]

In the wake of the Boston Marathon bombings, Coulter told Hannity host Sean Hannity that the wife of bombing suspect Tamerlan Tsarnaev should be jailed for wearing a hijab. Coulter continued by saying “Assimilating immigrants into our culture isn’t really working. They’re assimilating us into their culture.”[181]

In the wake of the Charlie Hebdo shooting in Paris, Coulter said France “needs to move to the next step” in dealing with terror. Coulter said of some immigrants:

They don’t want to live in Muslim countries, and yet they want to change the non-Muslim countries they move to [into] Muslim countries. It may be a small minority of Muslims “and still it’s enough of them that maybe you take a little pause in Muslim immigration for a while.”[182]

Coulter has attributed American gun violence in America to black and Muslim American men, stating that the epidemic of gun-related deaths is “not a gun problem, it’s a demographic problem.”[183]

When asked about the financial crisis in the 2000s, Coulter claimed one reason for it was that “they gave your mortgage to a less qualified minority.”[184]

Ionizing radiation as “cancer vaccine”

On March 16, 2011, discussing the Fukushima I nuclear accidents, Coulter, citing research into radiation hormesis, wrote that there was “burgeoning evidence that excess radiation operates as a sort of cancer vaccine.”[185] Her comments were criticized by figures across the political spectrum, from Fox NewsBill O’Reilly (who told Coulter, “You have to be responsible … in something like this, you gotta get the folks out of there, and you have to report worst-case scenarios”)[186] to MSNBC‘s Ed Schulz (who stated that “You would laugh at her if she wasn’t making light of a terrible tragedy.”)[187]

2012 presidential election

During the Republican Party presidential primaries, she supported Mitt Romney over former Speaker of the HouseNewt Gingrich. On an interview during The O’Reilly Factor on Fox News, she compared Newt Gingrich’s attacks on the media to Jesse Jackson “accusing people of racism.”[188] On her website, she posted a column titled, “Re-elect Obama: Vote Newt!” arguing that if Newt Gingrich won the Republican nomination, Barack Obama would win re-election.[189] When asked to respond about her criticism, Newt Gingrich dismissed them as “the old order” and cited recent polls showing him ahead of Mitt Romney.[190]

On October 22, 2012, following a presidential debate between Mitt Romney and Barack Obama, Coulter published the following tweet from her official Twitter account: “I highly approve of Romney’s decision to be kind and gentle to the retard,” drawing stiff criticism for her use of a word which some find offensive to describe the president of the United States. The Special Olympics condemned Coulter in a tweet shortly after Coulter’s.[191] On The Alan Colmes Show, Coulter stated that she does not regret her use of the word, saying, “‘Retard’ had been used colloquially to just mean ‘loser’ for 30 years. But no, these aggressive victims have to come out and tell you what words to use.”[192]

After the election, in which Barack Obama won, Ann Coulter wrote a column titled “Romney Was Not the Problem”. In it she argued against the idea that Mitt Romney lost because he failed to get his message across. She also said that Mitt Romney lost because he was running against an incumbent.[193]

2013 CPAC Conference

In March 2013, Coulter was one of the keynote speakers at the Conservative Political Action Conference, where she made references to New Jersey Governor Chris Christie‘s weight (“CPAC had to cut back on its speakers this year about 300 pounds”) and progressive activist Sandra Fluke‘s hairdo. (Coulter quipped that Fluke didn’t need birth control pills because “that haircut is birth control enough.”) Coulter advocated against a path to citizenship for undocumented immigrants because such new citizens would never vote for Republican candidates: “If amnesty goes through, America becomes California and no Republican will ever win another election.”[194][195]

2016 presidential election

In the summer of 2015, Coulter appeared on Real Time with Bill Maher and predicted of all of the Republicans that have announced their candidacy for the presidency, that Donald Trump had the best chance of winning the general election, she was laughed at by the studio audience.[196] Coulter later endorsed Donald Trump in the general election.[197]

VDARE

Coulter has been a contributor to VDARE since 2006.[198]

VDARE is a right wing website and blog founded by anti-immigration activist and paleo-conservativePeter Brimelow.[199] VDARE is considered controversial because of its alleged ties to white supremacist rhetoric and support of scientific racism and white nationalism.[200][201][202][203][204]

Berkeley cancellation

In April 2017, The New York Times reported that the University of California, Berkeley had cancelled Ann Coulter’s speech scheduled for April 27.[205] A university spokesman said they had not discussed a specific date with her and only learned about it by reading news reports.[206] The university administrators cited threats of violence and offered to accommodate her on a later date. Coulter said she saw no way forward, telling The New York Times, “It’s a sad day for free speech.”[207] Both Bernie Sanders and Elizabeth Warren publicly called for the university to defend her right to free speech.[207]

Plagiarism accusations

In October 2001, Coulter was accused of plagiarism in her 1998 book High Crimes and Misdemeanors by Michael Chapman, a columnist for the journal Human Events who claims that passages were taken from a supplement he wrote for the journal in 1997 titled “A Case for Impeachment.”[166]

On the July 5, 2016, episode of Countdown with Keith Olbermann, guest John Barrie, the CEO of iParadigms, offers his professional opinion that Coulter plagiarized in her book Godless as well as in many columns over the past year.[208] Barrie ran “Godless” through iThenticate, his company’s machine which is able to scan works and compare them to existing texts. He points to a 25 word section of the text that exactly matches a Planned Parenthood pamphlet and a 33 word section almost duplicating a 1999 article from the Portland Press as some examples of evidence.

Media Matters for America has appealed to Random House publishing to further investigate Coulter’s work.[209] The syndicator of her columns cleared her of the plagiarism charges.[210] Universal Press Syndicate and Crown Books also defended Coulter against the charges.[211]

Columnist Bill Nemitz from the Portland Press Herald accused Coulter of plagiarizing a very specific sentence from his newspaper in her book Godless, but he also acknowledged that one sentence is insufficient grounds for filing suit.[212]

Public perception

General

Sometimes referred to as an “internet queen,”[213] Coulter’s has a high public profile. [214]

Gendered criticism

Known for rejecting “the academic convention of euphemism and circumlocution,”[215] Coulter has been subject to a fair amount of criticism from scholars. Feminist critics have criticized the way that Coulter functions as a thin, blonde, heterosexual woman in the Republican party who prefers mini skirts and heels over a business suit. The argument here is that Coulter plays to misogyny in order to further her goals; she “dominates without threatening (at least not straight men).”[216] These critics also reject Coulter’s opinion that the gains made by women have as far as to create an anti-male society[217] and her call for women to be rejected from the military because they are more vicious than men.[218] Like the famous anti-feminist Phyllis Schlafly, Coulter uses traditionally masculine rhetoric as reasoning for the need for traditional gender roles, and she carries this idea of feminized dependency into her governmental policies, according to feminist critics.[219]

2016 Comedy Central Roast

In September 2016, Coulter was invited to participate in a roast of Rob Lowe on Comedy Central, as Coulter is often considered a successful satirist.[220] There is speculation that Coulter attended with the primary goal of promoting her newest book at the time, In Trump We Trust, but she ended up becoming the main target of the vitriol, and the roast subsequently went viral. Coulter herself refers to the roast as the “Ann Coulter Roast with Rob Lowe.”[221]

Bibliography

External links

Column archives

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Orson Scott Card — Xenocide — Videos

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Ender’s Game Trailer

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Orson Scott Card discusses the ‘Ender’s Game’ movie

Interview with Orson Scott Card

Orson Scott Card Interview HD

Published on Apr 19, 2015

World renowned, Orson Scott Card, author of the New York Times Bestseller and Hugo Award winner Ender’s Game and many more, joined Kimberly Quigley in her big red booth for a chat. Not only is he funny and kind but also very humble. His mind has created entire worlds for millions to enjoy. They sit and talk about how he got into writing, about his many novels, about the Ender phenomena, the movie and his future movie plans. Hear Orson’s wonderful advice for aspiring writers. He talks about this and more in this fun half hour interview. Get to know the amazing Orson Scott Card, on The Red Booth!

What is Orson Scott Card’s favorite book? (extended answer)

A Brief Interview with Orson Scott Card (extended answers)

Orson Scott Card on Libraries

Orson Scott Card on literature, logic and scientific method

Orson Scott Card – On the State of Israel

Creative education–how to keep the spark alive in children and adults | Orson Scott Card | TEDxUSU

Published on Dec 6, 2014

This talk was given at a local TEDx event, produced independently of the TED Conferences. Orson Scott Card discusses the importance of creativity and how it can be fostered.

Orson Scott Card is the author of the novels Ender’s Game, Ender’s Shadow, and Speaker for the Dead, which are widely read by adults and younger readers, and are increasingly used in schools. His most recent series, the young adult Pathfinder series (Pathfinder, Ruins, Visitors) and the fantasy Mithermages series (Lost Gate, Gate Thief), are taking readers in new directions. Besides these and other science fiction novels, Orson writes contemporary fantasy (Magic Street, Enchantment, Lost Boys), biblical novels (Stone Tables, Rachel and Leah), the American frontier fantasy series The Tales of Alvin Maker (beginning with Seventh Son), poetry (An Open Book), and many plays and scripts, including his “freshened” Shakespeare scripts for Romeo & Juliet, The Taming of the Shrew and The Merchant of Venice. Orson was born in Washington and grew up in California, Arizona, and Utah. He served a mission for the LDS Church in Brazil in the early 1970s. Besides his writing, he teaches occasional classes and workshops and directs plays. He frequently teaches writing and literature courses at Southern Virginia University. Orson currently lives in Greensboro, North Carolina, with his wife, Kristine Allen Card, where his primary activities are writing a review column for the local Rhino Times and feeding birds, squirrels, chipmunks, possums and raccoons on the patio.

Orson Scott Card On Science Fiction and Religion

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Ender’s Game – Book vs Movie Part 2/2

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Ender’s Game by Orson Scott Card (Book Summary and Review) – Minute Book Report

Xenocide

From Wikipedia, the free encyclopedia
Xenocide
Xenocide cover.jpg

Cover of first edition (hardcover)
Author Orson Scott Card
Country United States
Language English
Series Ender’s Game series
Genre Science fiction
Published 1991 (Tor Books)
Media type Print (Hardcover, Paperback & ebook)
Pages 592 pp
ISBN 0-312-85056-5
OCLC 22909973
813/.54 20
LC Class PS3553.A655 X46 1991
Preceded by Speaker for the Dead
Followed by Children of the Mind

Xenocide (1991) is the third science fiction novel in the Ender’s Game series of books by Orson Scott Card. It was nominated for both the Hugo and Locus Awards for Best Novel in 1992.[1] The title is a combination of ‘xeno-‘, meaning alien, and ‘-cide’, referring to the act of killing; altogether referring to the act of selectively killing populations of aliens, a play on genocide.

Plot summary

On Lusitania, Ender finds a world where humans and pequeninos and the Hive Queen could all live together; where three very different intelligent species could find common ground at last. Or so he thought.

Lusitania also harbors the descolada, a virus that kills all humans it infects, but which the pequininos require in order to become adults. The Starways Congress so fears the effects of the descolada, should it escape from Lusitania, that they have ordered the destruction of the entire planet, and all who live there. With The Fleet on its way, a second xenocide seems inevitable.[2]

Lusitania

Following the events of Speaker for the Dead, a group of characters are depicted living as members of a Brazilian Catholic human colony on Lusitania, a unique planet inhabited by the only other two known species of sentient alien life: the Pequeninos “little ones” and the Hive Queen. The pequeninos are native to the planet, while the Hive Queen was transplanted to this world by Ender, partly in penance for his near-total destruction of her Formic species in Ender’s Game.

The Lusitanian ecosystem is pervaded by a complex virus, dubbed ‘Descolada’ (Portuguese for “no longer glued”) by humans. The Descolada breaks apart and rearranges the basic genetic structure of living cells. It is extremely adaptable to any species or form of known life, and easily transmissible. The native pequeninos and other life that survived on Lusitania after the Descolada’s introduction to the planet thousands (or millions) of years ago are adapted to it. As a result of the deadly virus, the Lusitanian ecosystem is severely limited. Staying alive on Lusitania takes immense effort and research on the part of the Hive Queen and the humans, as they are not adapted to the descolada. Near the end of the story, it is revealed the Descolada is possibly an artificially engineered virus designed to terraform planets, but the original creators of the virus are unknown, and there remains a slim chance it evolved naturally.

After the rebellion of the small human colony on Lusitania in Speaker for the Dead to protect the future of the intelligent alien species, Starways Congress sends a fleet to Lusitania to regain control, which will take several decades to reach its destination. Valentine Wiggin, under her pseudonym Demosthenes, publishes a series of articles revealing the presence of the “Little Doctor” planet-annihilating weapon on the Fleet. Demosthenes calls it the “Second Xenocide,” as using the weapon will result in the obliteration of the only known intelligent alien life. She also claims it to be a brutal crackdown of any colony world striving for autonomy from Starways Congress. Public anger spreads through humanity, and rebellions nearly ensue on several colonies.

After quelling much public discontent, Starways Congress finishes their analysis of the situation while the fleet is en route. Fearing the Descolada virus, further rebellions by colony worlds, and other possible unknown political motives, Starways Congress attempts to relay an order to the fleet to annihilate Lusitania upon arrival. After conferring with friends on whether a cause is worth dying for, Jane (a compassionate AI living in the interstellar ansible communication network) shuts off transmissions to the fleet to block the order. As a consequence of this action, she risks her eventual discovery and death, should the government shut down and wipe the interplanetary network. No known smaller computer system can house her consciousness.

On Lusitania itself, Ender attempts to find solutions to the looming catastrophes of the Congressional fleet, Descolada virus, and conflicts among the humans and intelligent alien species. Much on Lusitania centers around the Ribeira family, including Ender’s wife Novinha and her children. Novinha and Elanora, the mother-daughter team responsible for most of the biological advances countering the complex Descolada virus, are unsure if they can manufacture a harmless replacement virus. Conflicts arise on whether they should even do so, since the Descolada is intrinsically tied in with the life cycles of all Lusitanian organisms and may even be sentient itself. In addition, to try to devise methods to escape the planet, Lusitania’s leading, troublemaking physicist Grego is persuaded by Ender to research faster-than-light travel, despite Grego scoffing at the idea. The third biologista of the family, Quara, is convinced that the Descolada is an intelligent, self-aware species, and deserves attempts from the humans for communication and preservation. An additional sibling and Catholic priest, Quim (Father Estevão), is determined to use faith and theology to head off another form of xenocide: a group of warmongering Pequenino wish to wipe out all Earthborn life via starship, carrying the deadly Descolada within them.

World of Path

Starways Congress wants its fleet back. After all else fails, it sends the dilemma of the fleet’s impossible disappearance to several citizens of the world of Path, a cultural planetary enclave modeled on early China. Path’s culture centers on the godspoken – those who hear the voices of the gods in the form of irresistible compulsions, and are capable of significantly superior intelligence. It later becomes clear that the godspoken of Path are victims of a cruel government project: granted great intelligence by genetic modification, they were also shackled with a form of obsessive-compulsive disorder to control their loyalty. The experiment is set in a culture bound by five dictates – obey the gods, honor the ancestors, love the people, serve the rulers, then serve your self. This is a further safeguard against rebellion. The superintelligent godspoken are considered the most devout and holy of all citizens, and any disloyal thoughts in a godspoken’s mind are immediately suppressed by overwhelming obsessive-compulsive behavior, believed to be a sign from the gods the thoughts are wrong. The most respected godspoken on Path is Han Fei-Tzu, for devising a treaty to prevent the rebellion of several colony worlds after the articles published by Demosthenes. Great things are expected of his daughter and potential successor Han Qing-jao, “Gloriously Bright”. While doubting the existence of the gods himself, Han Fei-Tzu promised his dying wife he would raise Qing-jao with an unwavering belief in the godspoken. The two of them are tasked by Starways Congress with deciphering the disappearance of the Lusitania Fleet. Han Qing-jao’s secret maid, Si Wang-mu, aids her in this task, her intelligence (partially) unfettered by the rigid caste system.

The young and naive Qing-jao eventually traces the identity of Demosthenes. Discovering that Demosthenes is Valentine Wiggin, Ender’s sister – but that Valentine has been on a starship en route to Lusitania for the last thirty years – Qing-Jao concludes that the only possible explanation is advanced computer software closely tied to the communication network. This software must be hiding Demosthenes and publishing her work, while also causing the disappearance of the Fleet. All but discovered, Jane reveals herself to Han Fei-tzu, Han Qing-jao and Si Wang-mu, telling them about their genetic slavery and begging forbearance on their report to Starways Congress.

Already harboring suspicions about the godspoken’s condition, Han Fei-tzu accepts the news of Congress’s atrocity, as does Si Wang-mu, but his daughter Han Qing-jao clings to her belief that Demosthenes and Jane are enemies of the gods. Feeling betrayed by her father, who is violently incapacitated by OCD from the disloyal thoughts, Qing-jao argues with Jane. Jane threatens shutting off all communications from Path, but Si Wang-mu realizes this would eventually lead to the planet’s destruction by Starways Congress. Understanding Jane to be truly alive and compassionate, through tears Si Wang-mu states Jane will not block the report. However, Qing-jao compares Jane to the servants in Path’s caste system, merely a computer program designed to serve humans, containing neither autonomy nor awareness.

Knowing she has exhausted her last possibilities of stopping Qing-jao, Jane sacrifices her future and life, unwilling to bring harm to Qing-jao or the people of Path. A triumphant Qing-jao reports the knowledge of Demosthenes, Jane, and the fate of the Fleet to Starways Congress. Qing-jao recommends a coordinated date set several months from the present, to prepare the massive undertaking of setting up clean computers across the interplanetary network, after which the transition to a new system will kill Jane and allow Congress full control again. Allowing the message to be sent, Jane restores communication with the Fleet, and Congress re-issues the order for the Fleet to obliterate Lusitania.

Han Fei-tzu recovers from the incapacitation of his OCD, despairing over his daughter’s actions, and his unwitting aid in deeply brainwashing her to serve Congress. He and Si Wang-mu assist Jane and those on Lusitania in finding solutions to their impending catastrophes. Planter, a Pequenino on Lusitania, offers his life for an experiment to determine whether the Descolada gives Pequeninos sentience, or if they have the ability innately. Eventually, Elanora Ribeira is able to come up with a possible model for a “recolada:” a refit of the Descolada that allows the native life to survive and retain self-awareness, but doesn’t seek to kill all other life forms. With the available equipment, however, the recolada is impossible to make, and they are running out of time against the soon-to-arrive Fleet.

Outside

While this research takes place, tragedies occur on Lusitania. Father Estevão Ribeira, the priest attempting to sway a distant warmongering sect of the Pequeninos from their goal of attacking humanity, is killed by the Fathertree Warmaker, who took Quim hostage and denied him the food with the anti-descolada chemicals, so the descolada infected and killed him on the 7th day of being hostage. Grego Ribeira spurs a riot of humans to burn down the warmaker’s forest, but the violent mob gets out of his control, and rampages through the neighboring Pequenino forest instead, massacring many of its inhabitants – the original friends and allies of humanity. Under the terms of the treaty with Pequeninos, the Hive Queen is brought in to hold the peace, setting a perimeter guard of hive drones around the human colony and preventing further escalation of violence between the two groups. Grego is locked in jail, despite eventually stepping between the surviving Pequeninos and his own riot. The town realizes their horrific rage, and constructs a chapel surrounding the fallen priest’s grave, trying to find penance for their actions.

Finally, a breakthrough is made. Knowing the Ansible communication network allows instantaneous transfer of information, and through knowledge of how the Hive Queen gives sentience to child queens, Jane, Grego, and Olhado discover the “Outside”. The Outside is a spacetime plane where aiúas initially exist. (Aiúa is the term given to the pattern defining any specific structure of the universe, whether a particular atom, a star, or a sentient consciousness.) Formic hive queens are called from Outside after birth, giving awareness to the new body. Jane is able to contain within her vast computing power the pattern defining the billions of atoms and overall structure comprising a simple “starship” (little more than a room), with passengers included, and take them Outside. By bringing them Outside, where relative location is nonexistent, then back “Inside” at a different spot in the physical universe, instantaneous travel has been achieved, finally matching the instantaneous communication of the Ansibles and Formics. They quickly arrange to take Ender, Ela, and Miro to Outside. While Ela is Outside, she is able to create the recolada virus, which is a safe replacement of the descolada, and a cure to the godspoken genetic defect. Miro envisions his body as it was before he was crippled by paralysis, and upon arrival in the Outside, his consciousness is contained within a new, restored body. Ender discovers, however, the surreal unwitting creation of a new “Valentine” and new “Peter Wiggin” from his subconscious, who embody idealized forms of his altruistic and power-hungry sides.

The recolada begins its spread across Lusitania, converting the formerly lethal virus into a harmless aid to native life. The cure to the people of Path’s genetic-controlling defect is distributed, yet Han Fei-tzu is tragically unable to convince his daughter Qing-jao this was the true course of action. Confronted with the possibility of being lied to all her life and dooming many sentient species to destruction, or an alternative of believing all she ever loved and trusted has betrayed her – Demosthenes, her father, her friend, her world. Qing-jao instead continues her godspoken rite of woodgrain tracing until her death and is honored by those on Path who still believe in the gods as the last true godspoken. She is elevated to god status after her death. Si Wang-mu sets off with Peter to take control over Starways Congress to stop the Fleet closing in on Lusitania. The new Valentine-persona journeys to find a planet to which the population of Lusitania can evacuate. The stage is set for the final book of the four-part series, Children of the Mind.

Connection to “Gloriously Bright”

Parts of “Gloriously Bright” from the January 1991 issue of Analog Science Fiction and Fact are republished in Xenocide as parts of Chapters 1, 3, 5, 7, 9, and 11.[3]

See also

References

External links

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

Orson Scott Card

From Wikipedia, the free encyclopedia
Orson Scott Card
Orson Scott Card at BYU Symposium 20080216 closeup.jpg

Born August 24, 1951 (age 65)
Richland, Washington
Residence Greensboro, North Carolina
Nationality American
Alma mater Brigham Young University
University of Utah (M.A.)
University of Notre Dame (1980s graduate student)
Occupation Author, critic, playwright / script writer, poet, public speaker, essayist, political activist, Prof. of Writing and Literature[1]
Notable work Ender’s Game series,
The Tales of Alvin Maker
Style Science fiction, fantasy, thriller, horror, historical fiction and fantasy and biblical fiction, LDS fiction
Board member of Public television station UNC-TV(2013–present)[2]
National Organization for Marriage (2009–2013)[3]
Spouse(s) Kristine Allen Card
Awards Selected list:
Hugo Award (Ender’s Game, 1986
Speaker for the Dead, 1987
How to Write Science Fiction and Fantasy, 1991)

Nebula Award (Ender’s Game,1986
Speaker for the Dead, 1987
“Eye for Eye,” 1988)
Website www.hatrack.com
 
Signature
Signature Orson Scott Card.svg

Orson Scott Card (born August 24, 1951) is an American novelist, critic, public speaker, essayist, and columnist. He writes in several genres but is known best for science fiction. His novel Ender’s Game (1985) and its sequel Speaker for the Dead (1986) both won Hugo[5][6] and Nebula Awards,[5][7]making Card the only author to win both science fiction’s top U.S. prizes in consecutive years.[8][9] A feature film adaptation of Ender’s Game, which Card co-produced, was released in late October 2013 in Europe and on November 1, 2013, in North America.[10]

Card is a professor of English at Southern Virginia University,[11] has written two books on creative writing, hosts writing bootcamps and workshops, and serves as a judge in the Writers of the Future contest.[12] A great-great-grandson of Brigham Young, Card is a practicing member of The Church of Jesus Christ of Latter-day Saints (LDS Church). In addition to producing a large body of fiction works, he has also offered political, religious, and social commentary in his columns and other writing.

Early life

Card is the son of Willard Richards Card and Peggy Jane (née Park), the third of six children and the older brother of composer and arranger Arlen Card.[13][14][15] Card was born in Richland, Washington, and grew up in Santa Clara, California as well as Mesa, Arizona and Orem, Utah. He served as a missionary for the LDS Church in Brazil and graduated from Brigham Young University (BYU) and the University of Utah; he also spent a year in a Ph.D. program at the University of Notre Dame.

For part of the 1970s Card worked as an associate editor of the Ensign, an official magazine of the LDS Church.[16]

Card lives in Greensboro, North Carolina,[13] a place that has played a significant role in Ender’s Game and many of his other works.

Fiction

Card began his writing career primarily as a poet, studying with Clinton F. Larson at BYU. During his studies as a theater major, he began “doctoring” scripts, adapting fiction for readers theater production, and finally writing his own one-act and full-length plays, several of which were produced by faculty directors at BYU. He also explored fiction writing, beginning with stories that eventually evolved into The Worthing Saga.

After returning to Provo, Utah from his LDS mission in Brazil, Card started the Utah Valley Repertory Theatre Company, which for two summers produced plays at “the Castle”, a Depression-era outdoor amphitheater behind the state psychiatric hospital in Provo; his company’s were the first plays ever produced at the Castle. Meanwhile, he took part-time employment as a proofreader at BYU Press, then made the jump to full-time employment as a copy editor. In 1976, in the midst of a paid role performing in the church’s musical celebrating America’s Bicentennial, he secured employment as an assistant editor at the Ensign, and moved to Salt Lake City. It was while working at Ensign that Card published his first piece of fiction. His short story “Gert Fram” appeared in the July 1977 fine arts issue of that magazine under the pseudonym Byron Walley.

Science fiction

He wrote the short story “Ender’s Game” while working at the BYU press, and submitted it to several publications. The idea for the later novel of the same title came from the short story about a school where boys can fight in space. It was eventually purchased by Ben Bova at Analog Science Fiction and Fact and published in the August 1977 issue. Meanwhile, he started writing half-hour audioplays on LDS Church history, the New Testament, and other subjects for Living Scriptures in Ogden, Utah; on the basis of that continuing contract, some freelance editing work, and a novel contract for Hot Sleep and A Planet Called Treason, he left Ensign and began supporting his family as a freelancer.

He completed his master’s degree in English at the University of Utah in 1981 and began a doctoral program at the University of Notre Dame, but the recession of the early 1980s caused the flow of new book contracts to temporarily dry up. He returned to full-time employment as the book editor for Compute! magazine in Greensboro, North Carolina, in 1983. In October of that year, a new contract for the Alvin Maker “trilogy” (now up to six books) allowed him to return to freelancing.

Ender’s Game and its sequel Speaker for the Dead were both awarded the Hugo Award and the Nebula Award, making Card the only author (as of 2015) to win both of science fiction’s top prizes in consecutive years. Card continued the series with Xenocide, Children of the Mind, Ender’s Shadow, Shadow of the Hegemon, Shadow Puppets, “First Meetings in the Enderverse“, Shadow of the Giant, Shadows in Flight, the 2007 release of A War of Gifts, and the 2008 release of Ender in Exile, a book that takes place after Ender’s Game and before Speaker for the Dead. Card has also announced his plan to write Shadows Alive, a book that connects the “Shadow” series and “Speaker” series together. He later also wrote the first formic war saga: Earth Unaware, Earth Afire, and Earth Awakens as a prequel to the Ender novels. This trilogy relays, among other things, the history of Mazer Rackham. In 2008 Card announced that Ender’s Game would be made into a movie, but that he did not have a director lined up (Wolfgang Petersen had previously been scheduled to direct the movie but subsequently moved on to other projects.) It was to be produced by Chartoff Productions, and Card was writing the screenplay himself.[17] The film was made several years later, and released in 2013, with Asa Butterfield in the title role and Gavin Hood directing.

Other works include the alternative histories The Tales of Alvin Maker, Pastwatch: The Redemption of Christopher Columbus, The Homecoming Saga, and Hidden Empire, a story about a near-future civil war in the United States, based on the Xbox Live Arcade video game Shadow Complex. He collaborated with Star Wars artist Doug Chiang on Robota and with Kathryn H. Kidd on Lovelock.

Other genres

He has since branched out into other areas of fiction with novels such as Lost Boys, Treasure Box and Enchantment. Other works include the novelization of the James Cameron film The Abyss, and the comic book Ultimate Iron Man for Marvel Comics’ Ultimate Marvel Universe series. Outside the world of published fiction, Card contributed dialog to at least three video games: Loom, The Secret of Monkey Island and The Dig in the early 1990s.[18]

In 1983 Card published the novel Saints, a historical fiction based loosely on one of his ancestors and her experiences coming into the LDS Church during the early portion of its movement. It continues through her eyes into subsequent events up until the granting of Statehood to Utah.

In 2000, Card published the first novel in The Women of Genesis series. This series explores the lives of the principal women mentioned in the first book of the Bible and includes Sarah (2000), Rebekah (2002), and Rachel and Leah (2004).

In the fall of 2005, Card launched Orson Scott Card’s InterGalactic Medicine Show.[19] He edited the first two issues, but found that the demands of teaching, writing, and directing plays for his local church theater group made it impossible to respond to writers’ submissions in a timely manner; former Card student and experienced freelance writer and editor Edmund R. Schubert took over as editor on June 1, 2006.

The dialog and screenplay (but not the story) for the Xbox video game Advent Rising was written by Card and Cameron Dayton.[20]

In 2008, Card’s novella Hamlet’s Father, a retelling of Shakespeare‘s Hamlet, was published in the anthology The Ghost Quartet (Tor Books). The work re-interpreted all of the characters’ personalities and motivations.

Pseudonyms

Over the years Orson Scott Card has used at least seven pseudonyms.

The names Frederick Bliss and P.Q. Gump were used by Card when he was asked to write an overview of Mormon playwrights “Mormon Shakespeares: A Study of Contemporary Mormon Theatre” for Spring 1976 issue of Sunstone magazine. According to Card he used these pseudonyms because the article included a brief reference to himself and his play “Stone Tables”.[21]

The name Byron Walley was used by Card on his first published piece of fiction “Gert Fram” which appeared in the July 1977 fine arts issue of Ensign magazine. According to Card he used this name because he had a non-fiction article, “Family Art”, a poem, “Looking West”, and a short play, “The Rag Mission”, appearing in the same issue.[21] Card also used the name Byron Walley in stories he published in Friend magazine, New Era magazine and in the anthology Dragons of Darkness. Stories by Byron Walley include: “Gert Fram“, Ensign magazine, July 1977; “Bicicleta“, Friend magazine, October 1977; “The Best Family Home Evening Ever“, Friend magazine, January 1978; “Billy’s Box“, Friend magazine, February 1978; “I Think Mom and Dad Are Going Crazy, Jerry“, New Era magazine, May 1979; and “Middle Woman“, Dragons of Darkness, Ace Books, 1982.

The name Brian Green was also used by Card in the July 1977 fine arts issue of Ensign magazine. He used this name for his short play “The Rag Mission” because he had three other pieces appearing in the same issue.[21]

The name Dinah Kirkham was used to write the short story “The Best Day“, in 1983.[22]

The name Noam D. Pellume was used by Card for his short story “Damn Fine Novel” which appeared in the October 1989 issue of The Green Pages.[23]

Card wrote the novel Zanna’s Gift (2004) under the pen name Scott Richards, saying, “I was trying to establish a separate identity in the marketplace, but for various reasons the marketing strategy didn’t work as we’d hoped.”[24]

On writing

Teaching

In 2005, Card accepted a permanent appointment as “distinguished professor” at Southern Virginia University in Buena Vista, Virginia, a small liberal arts college run according to the principles of The Church of Jesus Christ of Latter-day Saints. Card has cited his frustration with the dismal teaching methodology for creative writing in most universities as a reason for accepting this position, along with his desire to teach the techniques of effective fiction writing to writers whose values are more congruent with his own.[11] Card has worked closely with colleagues to develop ways to educate aspiring writers and has published two books on the subject. He was eager for the opportunity to apply these techniques in a university environment—his assorted workshops did not allow the follow-through he desired. After being deeply moved by stories of his students’ parents in some of their essays, he decided to stop teaching regularly at the university to spend time with his youngest child who still lives at home.[25][non-primary source needed] Card returned to teaching for the spring semester of 2009.

Books on writing

Card has written two books on the subject of creative writing – Characters and Viewpoint, published in 1988, and How to Write Science Fiction and Fantasy, published in 1990. He was also a co-writer for How to Write a Million (though his contribution is actually a reprint of an earlier work).

Card also offered advice about writing in an interview in Leading Edge #23 in 1991.

Writers of the Future

Card serves as a judge in Writers of the Future,[12] a science fiction and fantasy story contest for amateur writers. It originated in the early 1980s by L. Ron Hubbard, a science fiction writer and the founder of the Church of Scientology, and continues to be funded and organized by Author Services Inc., an entity that manages Hubbard’s literary work.

Children’s books

Card won the ALA Margaret Edwards Award in 2008 for his contribution in writing for teens, selected by a panel of YA librarians.[26] “What have I done that made some wonderfully deluded people think that I should get the [award] for lifetime achievement in writing young adult fiction?” he asked in his address, and asserted that “There is no such thing as children’s literature.” Furthermore:[27]

I have not worked with YA editors; my work has never been marketed that way until Tor put a YA cover and a new ISBN on Ender’s Game — fifteen years after the book first came out, and long after it had become popular with young readers. Ender’s Game was written with no concessions to young readers. My protagonists were children, but the book was definitely not aimed at kids. I was perfectly aware that the rule of thumb for children’s literature is that the protagonist must be a couple of years older than the target audience. You want ten-year-old readers, you have a twelve-year-old hero.

At the beginning of the book, Ender is six. Who, exactly, is the target audience?

Poetry

Card created a website, Strong Verse that publishes poetry from authors living and dead with the aim of showcasing works that present a clear message in clear language. The following motto appears on the website’s header: “Good poetry is meant to be understood, not decoded.”[28]

Opinion

Since 2001, Card’s commentary[29] includes the political columns “War Watch”, “World Watch”, or “Civilization Watch” (depending on Card’s topic) and the column “Uncle Orson Reviews Everything,” all published at the Greensboro Rhinoceros Times. The last-named column features personal reviews of movies, books, and restaurants in the greater Greensboro area, in addition to a variety of other topics.[30] The column also later appears on his website, Hatrack River. Since 2008 Card has written a column for the Mormon Times.

Politics

Card’s vocal opposition to same-sex marriage and other views on homosexuality led to a boycott of the film version of Ender’s Game[31] – a development which itself received criticism.[32] Owing to political developments, by the early 2010s Card believed the question of U.S. legalization of same-sex marriage moot.[33]

Describing himself as a political liberal[34] and moral conservative,[35] Card’s ideals concerning society—as well as foundational themes within his fiction—are described as communitarian.[34][36][37] In 2000, Card said, “Most of the program of both the left and the right is so unbelievably stupid it’s hard to wish to identify myself with either. But on economic matters, I’m a committed communitarian. I regard the Soviet Union as simply state monopoly capitalism. It was run the way the United States would be if Microsoft owned everything. Real communism has never been tried! I would like to see government controls expanded, laws that allow capitalism to not reward the most rapacious, exploitative behavior. I believe government has a strong role to protect us from capitalism.”[38]

A vocal supporter of the U.S.’s War on Terror,[39][40] according to Salon, Card is close to neoconservative concerning foreign policy issues.[41]

Views on U.S. presidential politics

A member of the U.S. Democratic Party since 1976,[42] Card supported Republican presidential candidates John McCain in 2008[43] and Newt Gingrich.[44]

In an August 2013 essay, he presented as an experiment in fictional writing of “The game of Unlikely Events”,[45] Card described an alternative future in which President Barack Obama ruled as a “Hitler– or Stalin-style dictator” with his own national police force of young unemployed men; Obama and his wife Michelle would have amended the U.S. Constitution to allow presidents to remain in power for life, as in Nigeria, Zimbabwe, and Hitler’s Germany.[46][47] Card’s essay drew criticism, especially for alleged insensitivity in its reference to urban gangs.[48][49][50]

Views about homosexuality

Card has publicly declared his opposition to homosexuality and same-sex marriage.[41][51] In a 1990 essay he wrote that the laws prohibiting homosexual behavior should remain on the books and be enforced in order to “send a message” that those who break those laws “cannot be permitted to remain as acceptable, equal citizens”.[41][52] In May 2013, however, Card wrote that since the US Supreme Court had ruled those laws unconstitutional in 2003, he has “no interest in criminalizing homosexual acts”.[53]

In a 2008 opinion piece in the Mormon church’s newspaper he wrote that “no matter how close the bonds of affection and friendship might be” for a same-sex couple, their relationship will never be “the same as the coupling between a man and a woman”. He additionally stated that any government attempting to change the definition of marriage is his “mortal enemy” and that he would “act to destroy that government and bring it down”.[54] In 2009 he joined the board of directors of the National Organization for Marriage, a group that campaigns against same-sex marriage,[41] but later resigned from the board in mid-2013.[31] Card has stated that there is “no need to legalize gay marriage”.[55]

Card has also expressed his opinion that paraphilia and homosexuality are linked. In 2004, he claimed that it’s a “myth that homosexuals are ‘born that way‘” and the “dark secret” of homosexuality was that it often resulted from “disturbing seduction”, “rape”, or child abuse.[31][41][55] Additionally, in Card’s 2008 novella Hamlet’s Father, which re-imagines the backstory of Shakespeare’s play Hamlet, Card was accused of directly trying to link the king’s pedophilia with homosexuality. The novella prompted public outcry and its publishers were inundated with complaints.[56][57] Trade journal Publishers Weekly criticized Card’s work, stating that the main purpose of it was to attempt to link homosexuality to pedophilia.[58] Card responded to the claim: “…[T]here is no link whatsoever between homosexuality and pedophilia in this book. Hamlet’s father, in the book, is a pedophile, period. I don’t show him being even slightly attracted to adults of either sex. It is the reviewer, not me, who has asserted this link, which I would not and did not make.”[57]

In 2013, Card was selected as a guest author for DC Comics‘s new Adventures of Superman comic book series,[59] but controversy over Card’s views on homosexuality led illustrator Chris Sprouse to leave the project[60] and DC Comics to put Card’s story on hold indefinitely.[61] A few months later an LGBT group, Geeks OUT!, proposed a boycott of the movie adaptation of Ender’s Game calling Card’s view anti-gay,[62][63] causing the movie studio Lionsgate to publicly distance itself from Card’s opinions.[64]

In July 2013, one week after the U.S. Supreme Court issued rulings in two cases that were widely interpreted as favoring recognition of same-sex marriages, Card wrote in Entertainment Weekly that the gay marriage issue is moot due to the Supreme Court’s decision on DOMA.[33] He further stated, “now it will be interesting to see whether the victorious proponents of gay marriage will show tolerance toward those who disagreed with them when the issue was still in dispute.”[33]

Religion

Card’s membership in The Church of Jesus Christ of Latter-day Saints has been an important facet of his life from early on. He is a great-great-grandson of Brigham Young, the second Latter-day Saint prophet, and all of Card’s ancestors for at least three generations have been members of the LDS Church. His ancestors include several other figures notable in the LDS Church, including the Cardston colony founder Charles Ora Card. As such, his faith has been a source of inspiration and influence for both his writing and his personal views.[14] Since 2008 Card has written a column of Latter-day Saint devotional and cultural commentary for the Sunday national edition of the Deseret News (formerly “the Mormon Times“).[65]

Personal life

Card (right) signing autographs at New York Comic Con in 2008

Card and his wife, Kristine, have had five children, each named after one or more authors he and his wife admire. Their children’s names are Michael Geoffrey (Geoffrey Chaucer), Emily Janice (Emily Brontë and Emily Dickinson), Charles Benjamin (Charles Dickens), Zina Margaret (Margaret Mitchell) and Erin Louisa (Louisa May Alcott). Charles, who had cerebral palsy, died shortly after his 17th birthday and their daughter Erin died the day she was born.[13] Card and his wife live with their youngest child, Zina, in Greensboro, North Carolina.[13]

The life of their son, Charles, influenced some of Card’s fiction, most notably the Homecoming series, Lost Boys and Folk of the Fringe. Their daughter, Emily, along with two other writers, adapted Card’s short stories “Clap Hands and Sing“, “Lifeloop” and “A Sepulchre of Songs” for the stage in Posing as People.[66]

In 2008, he appeared in the short film The Delivery, which starred his daughter, Emily. He plays an author reading an audiobook in this film, which won First Place in Fantasy at Dragon*Con Film Festival. He wrote an original story, “The Emperor of the Air,” specifically for the short film by Gabrielle de Cuir and Stefan Rudnicki.

Card is an avid fan of the science fiction television series Firefly and makes an appearance in the documentary Done the Impossible about Firefly fandom.

Card suffered a mild stroke on January 1, 2011, and was briefly hospitalized. He reported expecting to make a full recovery despite impairment of his left hand.[67][68]

Awards

The ALA Margaret A. Edwards Award recognizes one writer and a particular body of work for “significant and lasting contributions to young adult literature”. Card won the annual award in 2008, citing Ender’s Game (1985), which inaugurated the science fiction Ender Saga, and Ender’s Shadow (1999), the so-called parallel novel featuring another boy in the Battle School. According to the citation, the two boys’ “experiences echo those of teens, beginning as children navigating in an adult world and growing into a state of greater awareness of themselves, their communities and the larger universe.”[26] In the same year, Card won the Lifetime Achievement Award for Mormon writers (Whitney Awards).[69]

He has also won numerous awards for single works.

Works

In 1978, the Harold B. Lee Library acquired the Orson Scott Card papers, which included Card’s works, writing notes and letters, and in 2007 the collection was formally opened.[74][75][76]

See also

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

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Totalitarians of Lying Lunatic Left Attempt to Suppress Speech of Conservatives, Libertarians, and Classical Liberals — Something New — Go On Offense And Attack The Collectivist Totalitarians — Battle For Berkeley — Berkeley Protesters Take the Pepsi Challenge — Why the Right Won — Chief of Police Orders Police Officers To Stand Down — Security Is The New Shut-Up — Shame On UC Berkeley — Videos

Posted on April 22, 2017. Filed under: American History, Blogroll, College, Communications, conservatives, Constitution, Corruption, Crime, Culture, Education, Freedom, history, Language, Law, liberty, Life, media, People, Philosophy, Photos, Police, Political Correctness, Politics, Radio, Rants, Raves, Raymond Thomas Pronk, Regulations, Speech, Strategy, Success, Television, Video, Welfare, Wisdom, Writing | Tags: , , , , , , , , , , , , , , , , , , , , , , |

 

Image result for berkely april 15, 2017Image result for berkely april 15, 2017Image result for berkely april 15, 2017Image result for berkely april 15, 2017Image result for cartoons berkely april 15, 2017Image result for berkely april 15, 2017Image result for cartoons berkely april 15, 2017Image result for berkely april 15, 2017Image result for cartoons berkely april 15, 2017Image result for berkely april 15, 2017

Berkeley Pro Free Speech Protesters Chase Out AntiFA

The Battle of Berkeley in 81 seconds

Berkeley Protesters Take the Pepsi Challenge

Antifa and UC Berkeley: LIVE with Tim Pool

CALLING OUT THE BERKELEY VIOLENCE

UNDERCOVER AS ANTIFA WITH JOEY SALADS

LEFT VS RIGHT DOUBLE STANDARDS IN MEDIA

UC Berkley Must Be Disciplined For Furthering Leftist Violence Against Conservatives

Battle of Berkeley: Why the Right Won

Published on Apr 17, 2017

Berkeley erupted into political violence on April 15th, 2017, with leftwing radicals attacking the Freedom Rally hosted by Trump supporters. The Antifa thugs were roundly defeated by the Freedom Rally attendees, but where did this violence start? I discuss the events that lead up to this day and uncover the progression of leftwing violence that’s destroying a city that once celebrated free speech.

Lauren Southern And The Madness Behind The Battle Of Berkeley

THE BEAUTIFUL LAUREN SOUTHERN; ProudBoys and Some Ugly Antifa

Battle of Berkeley 3 FULL DAY[ANTIFA Vs FREE SPEECH PROTESTERS]Patriots Day Rally Ft. Based Stickman

Trump Supporters chase Antifa down the street at FREE SPEECH Rally in Berkeley

Battle of Berkeley 3 as Antifa circled the park

2017 The Battle for Berkeley LARP!

Patriot’s Day Riot in the Streets

Mark Steyn Security is the new shutup to conservatives

Why UC Berkeley shouldn’t have canceled Ann Coulter’s speech

UC Berkeley Cancels Coulter Appearance Over Security Concerns

Conservative Commentator Ann Coulter To Speak At UC Berkeley

Did Mark Levin Get Berkeley To Reverse Decision To Cancel Speech By Ann Coulter?

Ben Shapiro Interviews Based Stickman on Berkeley Riots & Ann Coulter being BANNED

Ben Shapiro interviews Ann Coulter; Adios America; 7/13/2015; C-Span

UC Berkeley Presses Campus Republicans To Cancel Another Conservative Speaker

WARNING:TRUMP SUPPORTERS ATTACKED AT BERKELEY BY ANTI TRUMP PROTESTERS

Free Speech Battle For Berkeley, California! | Lauren Southern and Stefan Molyneux

Berkeley Mayor Connected to Antifa

Tucker Carlson Has UC Berkeley Protest Leader Yvette Felarca Explain Fascism

Lauren Southern Coverage of Antifa vs Trump Supporters Battle

Berkeley April 15,Based stick man Antifa smashing

ANTIFA VS America Compilation

Antifa Reddit Admits They Lost Berkeley Battle with Trump Supporters

Berkeley April 15,BAMN leader Yvette Felarca assaults patriots

Berkeley Leftists Riot Against Milo (Mini Documentary: Arrest Yvette Felarca Part 2)

Handicap Senior Citizen U.S Military Vet Stands Up & Cucks Antifa

Is It Wrong To Bash Antifa Leftist Scum?

Berkeley Police Refuse To Stop the Riots – When Told People are Being Beaten, Officer Says “…and?”

Hannity, Alt Left Pile On, Mayhem in Berkeley, Pres Obama’s Failures

Does Free Speech Offend You?

Ann Coulter: Attorney General Jeff Sessions Needs to Investigate UC Berkeley For Cancelling Speech

Ann Coulter rejects Berkeley’s proposal to reschedule speech

Berkeley reschedules Coulter speech after backlash

Ann Coulter Discusses Berkeley w/ Prager

Ben Shapiro on Free Speech, College Campuses, and The Regressive Left

Ben Shapiro – Practical Tactics For Fighting The Left

Thomas Sowell — Dismantling America

TAKE IT TO THE LIMITS: Milton Friedman on Libertarianism

One World Government & Collectivism – G. Edward Griffin

The Quigley Formula – G. Edward Griffin lecture

The Mainstream Media Are Enemies of Freedom, Agents of Tyranny and Must Be Overthrown

Super rich are in a conspiracy to rule the world – G. Edward Griffin – 2007

Antifa and Conservatives Throw Down At ‘Battle Of Berkeley’…

battle of berkeley
In the course of history, there have been many great battles. Thermopylae. Gettysburg. Tupac and Biggie. The forces of good and douchebag have long utilized beating the crap out of each other to resolve their grievances. Well, last weekend, yet another battle was had. Conservative and leftist blood alike was shed at what shall henceforth be referred to as the Battle of Berkeley

For the third time this year, Trump supporters and Antifa clashed on the streets of Berkeley, California. The two forces met Saturday during the pro-Trump Patriot Day rally.

Berkeley Police have arrested at least 15 people this morning and afternoon, after antifascists met Trump supporters at a pro-Trump rally. Police attempted to maintain order with poles and fence mesh, but the barriers did not stop the two sides from violently engaging.

Trump supporters had organized a Patriot Day rally, starring Lauren Southern, a former reporter for conservative Canadian outlet The Rebel Media and Kyle Chapman, a man who achieved internet stardom as “Based Stickman” after assaulting a member of Antifa with a stick at the March 4 scuffle in Berkeley, among others.

Berkeley police have confiscated banned items such as knives, flagpoles, and sticks used as weapons.

https://www.louderwithcrowder.com/antifa-conservatives-battle-of-berkeley/

Berkeley Mayor Is Member of Antifa Facebook Group that Organized Riots

Berkeley Mayor Jesse Arreguin is a member of the anti-fascist Facebook group, By Any Means Necessary, which orchestrated the riots that occurred ahead of a scheduled lecture by Milo Yiannopoulos.

Berkley Mayor Jesse Arreguin was revealed to be a member of the anti-fascist group, By Any Means Necessary (BAMN), on Facebook. BAMN orchestrated the violence that shut down a scheduled lecture at UC Berkeley featuring Milo Yiannopoulos in early 2017. Arreguin is allegedly also friends with BAMN leader, Yvette Felarca, on Facebook.

They were also involved in the violent clashes earlier this month.

Felarca defended the violence that occurred ahead of Yiannopoulos’ scheduled event in a local television interview following the riots.

BAMN was investigated for engaging in terrorist activities in 2005 by the FBI. In 2009, the Department of Defense classified the group’s activities as “low-level terrorism.” In June 2016, BAMN led a violent counter-protest outside a white nationalist rally that resulted in ten people being hospitalized with stab wounds.

Often described as a “militant left-wing” activist group, BAMN frequently engages in violent forms of protests. A Berkeley newspaper noted in 2001 that the group was a front for an “an obscure Detroit-based Trotskyist political party called the Revolutionary Workers League.”

Breitbart News has reached out to Mayor Arreguin for comment.

Tom Ciccotta is a libertarian who writes about economics and higher education for Breitbart News. You can follow him on Twitter @tciccotta or email him at tciccotta@breitbart.com

http://www.breitbart.com/tech/2017/04/21/berkeley-mayor-is-member-of-antifa-facebook-group-that-organized-riots/

Antifa wants combat training and firearms after losing the ‘Battle for Berkeley’

Brandon Morse

Antifa wants combat training and firearms after losing the ‘Battle for Berkeley’

Antifa members have begun discussions about arming themselves with better training and firearms after they were routed by Trump supporters during the “Battle of Berkeley” in California.

Last week supporters of President Donald Trump clashed with members of the leftist group known as Antifa (short for anti-fascist) in Berkeley California. The meeting of the two groups soon erupted in violence, with Antifa using mace, M80’s, and various other weapons to attack Trump supporters.

According to Rebel Media’s Lauren Southern, Trump supporters were told by police not to bring any weapons, as police would protect them. Upon Anitfa’s arrival, the police retreated, leaving the Trump supporters to utilize whatever weapons they could get their hands on. Regardless, the Trump supporters routed Antifa after one of their members threw a smoke bomb, not realizing the wind was blowing in Antifa’s direction.

This loss prompted Antifa members to begin discussion about how they could better prepare themselves for future skirmishes against Trump supporters.

In the subreddit r/anarchism, one Anitfa member acknowledged the loss, and suggested that members find a way to become “better organized and better trained.” Another member agreed, saying that too many of their “comrades” went into battle “no combat training,” and suggested they start “seminars or something of that sort.”

This conversation continued, with suggestions for better equipment such as helmets and padding over the typical hoodie and facemask being worn. Another person on this r/anarchism thread suggested they rally behind a leader who can organize and direct actions. The conversation soon turned to weapons, however, and one member in particular suggested they bring firearms.

Not getting disarmed is a big part of the problem, yes, but we need more than flags and bats. We need to take notes from the John Brown Gun Club and get firearms and training. I know getting firearms in states and cities we have a presence in is usually a hassle, but even handguns would help. It would certainly put a psychological element in while holding fash back. Who do you think a fascist is more afraid of? People with only flags and bats, or people with flags, bats, and guns?”

screen-shot-2017-04-20-at-6-00-14-pm

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Antifa is known for their willingness to use violence and intimidation to silence political, and ideological opponents. An Antifa chapter at Clemson University, known as “Upstate Antifa” have made an effort to justify the violence and destruction committed against what they loosely base as “Nazis” and “fascists.”

Recently, Antifa members inadvertently turned on one of their own after his mask was forcibly removed, spraying him with pepper spray, and hitting him with a skateboard as they retreated from pro-Trump marchers.

Another instance of violence occurred while Trump supporters and Antifa were engaging in trash talk. One of Antifa’s members used a bike lock to strike a Trump supporter in the head without warning, causing him to bleed a good deal from his scalp.

http://www.theblaze.com/news/2017/04/21/antifa-wants-combat-training-and-firearms-after-losing-the-battle-for-berkely/

Conservative group threatens UC Berkeley over Ann Coulter appearance

Paige St. JohnContact Reporter

A conservative group on Friday threatened to take legal action against UC Berkeley if student sponsors are not allowed to pick the date and location for an appearance by commentator Ann Coulter.

Coulter had been scheduled to speak on the demonstration-weary campus on April 27, but Berkeley officials refused permission, citing safety concerns. Amid public criticism, the administration on Thursday agreed to set the event for May 2, at midday, in a science hall away from the central campus.

“The university’s actions violate fundamental principles of free speech, equal protection and due process guaranteed by the United States Constitution,” a letter from lawyers representing the conservative outreach group Young America’s Foundation warned.

It called Berkeley’s offer “transparently insincere” — noting that the new date falls during “dead week,” a time when most students are studying for final exams.

“UC Berkeley may not censor speech its administrators plainly disfavor, simply because a potential mob shares the administrators’ distaste,” the letter said.

In response, Berkeley answered that it does not have a “protectable” venue available on April 27 and raised concern about Coulter’s “disregard” for what police believe is required to keep her appearance safe.

“The Constitution permits the university to take such steps to protect public safety while facilitating expressive activities, and that is exactly what we are doing,” officials said in a prepared statement.

Coulter, who had been invited to speak about immigration, used her Twitter account Thursday to declare she would speak at Berkeley on April 27, “as I was invited to do and have a contract to do.”

Although the student groups hosting her appearance are the Berkeley College Republicans and BridgeCal, the contracted sponsor for the event is Young America’s Foundation.

Berkeley spokesman Dan Mogulof said administrators learned of Coulter’s planned arrival only after that contract was signed, preventing an assessment of how to avoid a replay of the violence that disrupted a scheduled Milo Yiannopoulos appearance at Berkeley on Feb. 1.

Large crowds swarmed the campus where the right-wing provocateur was to appear, and masked demonstrators in black garb tore down police barricades, smashed windows and set off explosives.

Since then, the university town has witnessed two demonstrations held by alt-right organizations that led to violent clashes.

“We were disappointed we couldn’t make an event work,” Mogulof said. “We believe it is important to expose our students to a diverse array of perspectives. … [They] can’t be educated in an echo chamber.”

http://www.latimes.com/local/california/la-me-berkeley-coulter-20170421-story.html

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Sharyl Attkisson — Stonewalled — Videos

Posted on March 18, 2017. Filed under: American History, Blogroll, Books, Central Intelligence Agency (CIA), College, Computers, Computers, Documentary, Education, External Hard Drives, Faith, Family, Federal Bureau of Investigation (FBI), Federal Bureau of Investigation (FBI), Federal Government, government, government spending, history, Law, liberty, Links, Literacy, Mobile Phones, National Security Agency (NSA), National Security Agency (NSA_, Non-Fiction, Philosophy, Political Correctness, Politics, Presidential Candidates, Psychology, Rants, Raves, Raymond Thomas Pronk, Regulations, Security, Spying, Strategy, Success, Talk Radio, Technology, Terrorism, Video, War, Wealth, Weapons, Wisdom, Work, Writing | Tags: , , , , , , , , , , |

Image result for Sharyl Attkisson -- Stonewalled

Sharyl Attkisson: Presidents CAN authorize ILLEGAL surveillance and nobody would ever know!

Sharyl Attkisson Talks “Stonewalled”

Sharyl Attkisson: CBS Had Hidden Clip of Obama Contradicitng Himself on the 2012 Benghazi Attack

Malzberg | Sharyl Attkisson to discuss her new book “Stonewalled” | Part 1

[youtube-https://www.youtube.com/watch?v=OjAoVEhlrPc]

Malzberg | Sharyl Attkisson to discuss her new book “Stonewalled” | Part 2

Sharyl Attkisson: why she left CBS

 

Sharyl Attkisson

From Wikipedia, the free encyclopedia
Sharyl Attkisson
AttkissonB52.jpg

Attkisson on USAF B-52 in 1999, one of the first journalists to fly on a combat mission over Kosovo
Born January 26, 1961 (age 56)
Sarasota, Florida, United States
Education University of Florida
Occupation Writer, journalist, television correspondent
Website sharylattkisson.com

Sharyl Attkisson (born January 26, 1961)[1] is an American author and host of the weekly Sunday public affairs program Full Measure with Sharyl Attkisson, which airs on television stations operated by the Sinclair Broadcast Group.[2] She was formerly an investigative correspondent in the Washington bureau for CBS News. She had also substituted as anchor for the CBS Evening News. She resigned from CBS News on March 10, 2014 after 21 years with the network. Her book Stonewalled reached number 3 on New York Times e-book non-fiction best seller list in November 2014[3] and number 5 on The New York Times combined print and e-book non-fiction best-seller list the same week.[4]

Contents

 [show] 

Early life

Attkisson was born in 1961 in Sarasota, Florida.[5] Her step-father is an orthopedic surgeon, and her brother is an emergency room physician. Attkisson graduated from the University of Florida with a degree in broadcast journalism in 1982.[6]

Career

Attkisson began her broadcast journalism career in 1982, aged 22, as a reporter at WUFT-TV, the PBS station in Gainesville, Florida. She later worked as an anchor and reporter at WTVX-TV Fort Pierce/West Palm Beach, Florida from 1982–1985, WBNS-TV, the CBS affiliate in Columbus, Ohio from 1985–86, and WTVT Tampa, Florida (1986–1990).[7]

1990s

From 1990–1993, Attkisson was an anchor for CNN, and also served as a key anchor for CBS space exploration coverage in 1993.[8] Attkisson left CNN in 1993,[9] moving to CBS, where she anchored the television news broadcast CBS News Up to the Minute and became an investigative correspondent based in Washington, D.C.[7]

She served on the University of Florida‘s Journalism College Advisory Board (1993–1997) and was its chair in 1996.[7] The University gave her an Outstanding Achievement Award in 1997. From 1997 to 2003, Attkisson simultaneously hosted CBS News Up to the Minute and the PBS health-news magazine HealthWeek.[10]

2000s

Attkisson received an Investigative Reporters and Editors (I.R.E.) Finalist award for Dangerous Drugs in 2000.[11] In 2001, Attkisson received an Investigative Emmy Award nomination for Firestone Tire Fiasco from the National Academy of Television Arts and Sciences.[12]

In 2002, she co-authored a college textbook, Writing Right for Broadcast and Internet News; later that same year she won an Emmy Award for her Investigative Journalism about the American Red Cross.[7] The award was presented in New York City on September 10, 2002.[13] Attkisson was part of the CBS News team that received RTNDA-Edward R. Murrow Awards in 2005 for Overall Excellence.[11]

In 2006, Attkisson served as Capitol Hill correspondent for CBS,[14] as one of a small number of female anchors covering the 2006 midterms.[15] Attkisson was part of the CBS News team that received RTNDA-Edward R. Murrow Awards in 2008 for Overall Excellence.[11]

In 2008, Attkisson reported that a claim by Hillary Clinton to have dodged sniper fire in Bosnia was unfounded: Clinton’s trip to Bosnia was risky, Attkisson said, but no real bullets were dodged. Attkisson was on the trip with Clinton.[16] The day after Attkisson’s report on the CBS Evening News, Clinton admitted there was no sniper fire and said she “misspoke.” [17][18]In 2009, Attkisson won an Investigative Emmy Award for Business and Financial Reporting for her exclusive reports on the Troubled Asset Relief Program (TARP) and the bank bailout.[11] The award was presented on December 7 at Fordham University‘s Lincoln Center Campus in New York City.[19]

2010s[edit]

Attkisson returned to the University of Florida as a keynote speaker at the College of Journalism and Communications in 2010.[6] That same year, she received an Emmy Award nomination for her investigations into members of Congress, and she also received a 2010 Emmy Award nomination for her investigation into waste of tax dollars.[20] In July 2011, Attkisson was nominated for an Emmy Award for her Follow the Money investigations into Congressional travel to the Copenhagen climate summit, and problems with aid to Haiti earthquake victims.[11][21]

In 2011, Paul Offit criticized Attkisson’s reporting on vaccines in his book Deadly Choices as “damning by association” and lacking sufficient evidence.[22] Dr. Offit has been criticized for providing false information about Attkisson and his vaccine industry ties. [23] Attkisson has been identified in the medical literature as using problematic rhetorical tactics that “imply that because there is no conclusive answer to certain problems, vaccines remain a plausible culprit.”[24] Attkisson’s reporting was cited favorably in a letter to the New England Journal of Medicine by neurosurgeon Jon Poling who wrote that Offit had “misrepresented” the case of Hannah Poling v. HHS, and that Offit’s remarks on the case were “not evidence based.”[25]

In 2012, CBS News accepted an Investigative Reporting Award given to Attkisson’s reporting on ATF’s Fast and Furious gunwalker controversy. The award was from Accuracy in Media, a non-profit news media watchdog group, and was presented at a Conservative Political Action Conference.[26]

In June 2012, Attkisson’s investigative reporting for the Gunwalker story also won the CBS Evening News the Radio and Television News Directors Association’s National Edward R. Murrow Award for Excellence in Video Investigative Reporting. The award was presented October 8, 2012 in New York City.[27] In July 2012, Attkisson’s Gunwalker: Fast and Furious reporting received an Emmy Award[28]

On March 10, 2014, Attkisson resigned from CBS News.[29] She stated that the parting was “amicable”.[30] Politico reported that according to sources within CBS there had been tensions leading to “months of hard-fought negotiations” – that Attkisson had been frustrated over what she perceived to be the network’s liberal bias and lack of dedication to investigative reporting, as well as issues she had with the network’s corporate partners, while some[who?] within the network saw her reporting as agenda-driven and doubted her impartiality.[30]

Later that year came the release of her New York Times Best Seller, Stonewalled: One Reporter’s Fight for Truth Against the Forces of Obstruction, Intimidation, and Harassment in Obama’s Washington (Harpers),[4] in which she accused CBS of protecting the Obama administration by not giving enough coverage to such stories as the 2012 Benghazi attack and slow initial enrollments under Obamacare.[31]

In February 2015, Attkisson gave a TEDx talk at the University of Nevada. In the talk, she said that astroturfing was swaying public opinion, legislation and media outlets.[32]

Report of Attkisson’s computer being hacked[edit]

In May 2013, while still employed at CBS, Attkisson alleged that her personal and work computers had been “compromised” for more than two years.[33] CBS News stated that it had investigated her work computer and found evidence of multiple unauthorized accesses by a third party in late 2012.[34] The U.S. Department of Justice denied any involvement.[35] In her 2014 book, she alleged that her personal computer was hacked with keystroke logging spyware, enabling an intruder to read all her e-mail messages and gain access to the passwords for her financial accounts.[36]

In late January 2015, Attkisson appeared before the Senate Judiciary Committee[37] during a confirmation hearing for Loretta Lynch, President Obama’s nominee to replace outgoing Attorney General Eric Holder. Attkisson’s testimony concentrated on the Justice Department under Holder and was not related to Lynch’s qualifications.[by whom?] As part of her appearance in front of that committee, a report by the Office of Inspector General (OIG) was released[38] stating that “their investigation was not able to substantiate… allegations that Attkisson’s computers were subject to remote intrusions by the FBI, other government personnel, or otherwise” and the deletion seen in Attkinsson’s video “appeared to be caused by the backspace key being stuck, rather than a remote intrusion”.[39][40][41] “CBS News told the OIG that they did not conduct any analysis on her personal computer.”[42]

In February 2015, The Washington Examiner clarified that the OIG did not examine Attkisson’s compromised CBS News computer,[42] the OIG only inspected Attkisson’s personal devices.[43]

In March 2015, Attkisson and her family filed a suit against Holder, Patrick R. Donahoe and unnamed agents of the US Department of Justice, the US Postal Service and the United States in the Superior Court of the District of Columbia claiming to have been subject to illegal surveillance activities.[44][45]

Personal life[edit]

Attkisson has reached third-degree black belt in taekwondo.[5] She is married and has a daughter.[46]

References[edit]

  1. Jump up^ Gill, Kay (2007). Who, a Directory of Prominent People. Omnigraphics. ISBN 9780780808096. Retrieved December 4, 2012.
  2. Jump up^ Erik Wemple (April 22, 2015). “Sinclair Broadcast Group to launch Sunday show hosted by Sharyl Attkisson”. The Washington Post. Nash Holdings LLC. Retrieved November 22, 2015.
  3. Jump up^ “NYT Best Seller List”. The New York Times. Retrieved August 8, 2016.
  4. ^ Jump up to:a b “Best Sellers: Combined Print & E-Book Nonfiction”. The New York Times]]. November 23, 2014. Retrieved November 4, 2015.
  5. ^ Jump up to:a b “Sharyl Attkisson, Investigative Correspondent”. CBS. Archived from the original on November 21, 2013. Retrieved June 29, 2011.
  6. ^ Jump up to:a b “21st Century Newsroom”. University of Florida. Retrieved June 29, 2011.
  7. ^ Jump up to:a b c d “Sharyl Attkisson full biography”. CBS Interactive. Archived from the original on August 16, 2013. Retrieved November 28, 2012.
  8. Jump up^ Hogan, Alfred. “Televising the Space Age: A descriptive chronology of CBS News special coverage of space exploration from 1957 to 2003” (PDF). University of Maryland. p. 260. Retrieved June 29, 2011.
  9. Jump up^ “TV Notes”. Pittsburgh Post-Gazette. May 28, 1993. p. 42. Retrieved June 29, 2011.
  10. Jump up^ “Sharyl Attkisson–About This Person”. The New York Times. The New York Times Company. Retrieved June 29, 2011.
  11. ^ Jump up to:a b c d e “Sharyl Attkisson profile”. CBS News. Archived from the original on November 19, 2013. Retrieved August 30, 2012.
  12. Jump up^ “The 22nd Annual News and Documentary Emmy Award Nominees Announced by the National Academy of Television Arts and Sciences” (PDF). National Academy of Television Arts and Sciences. July 19, 2001. Archived from the original (PDF) on December 29, 2014. Retrieved December 29, 2014. Correspondent Sharyl Attkisson
  13. Jump up^ “23rd Annua; News & Documentary Emmy Awards – With Prominent 9/11 Coverage”. Emmyonline.org. Archived from the original on November 23, 2010. Retrieved August 30, 2012.
  14. Jump up^ “Sharyl Attkisson Is Named Cbs News Capitol Hill Correspondent”. CBS Corporation. Retrieved June 25, 2014.
  15. Jump up^ Stanley, Alessandra (November 8, 2006). “Election Coverage Still a Men’s Club”. The New York Times. The New York Times Company. Retrieved June 29, 2011.
  16. Jump up^ “Video shows tarmac welcome, no snipers”. Tampa Bay Times. March 25, 2008. Retrieved November 1, 2014.
  17. Jump up^ “Clinton says she “misspoke’ about dodging sniper fire”. NYT.com. New York Times. Retrieved November 7, 2016.
  18. Jump up^ “Clinton say she “misspoke” about sniper fire”. CNN.com. CNN. Retrieved November 7, 2016.
  19. Jump up^ “7th Annual Business & Financial Emmy Awards – Nominations”. Emmyonline.org. Retrieved August 30, 2012.
  20. Jump up^ “Full List of Nominations for the 2010 News and Documentary Emmy Awards: Television Industry news, TV ratings, analysis, celebrity event photos”. TVWeek. Retrieved June 25, 2014.
  21. Jump up^ Attkisson 2011 Emmy nomination, emmyonline.tv; accessed October 28, 2014.
  22. Jump up^ Offit, Paul (2011). Deadly Choices: How the Anti-Vaccine Movement Threatens Us All. ISBN 0465023568.
  23. Jump up^ “Corrections for April 18”. Orange County Register. Retrieved November 28, 2016.
  24. Jump up^ Kata, Anna (28 May 2012). “Anti-vaccine activists, Web 2.0, and the postmodern paradigm – An overview of tactics and tropes used online by the anti-vaccination movement”. Vaccine. 30 (25): 3778–3779. doi:10.1016/j.vaccine.2011.11.112.
  25. Jump up^ Poling, Jon (7 August 2008). “Vaccines and Autism Revisited”. NEJM. 359 (10): 655–656. doi:10.1056/NEJMc086269.
  26. Jump up^ “Loesch, Attkisson to receive AIM awards”. Politico. February 7, 2012. Retrieved February 10, 2012.
  27. Jump up^ “2012 National Edward R. Murrow Award Winners”. Radio Television Digital News Association. Retrieved June 13, 2012.
  28. Jump up^ “33rd Annual News & Documentary Emmy Awards nominations” (PDF). Emmyonline.tv. Retrieved August 30, 2012.
  29. Jump up^ Macneal, Caitlin (March 10, 2014). “CBS Investigative Reporter Sharyl Attkisson Resigns From Network”. Talking Points Memo. Retrieved March 11, 2014.
  30. ^ Jump up to:a b Byers, Dylan (March 10, 2014). “Sharyl Attkisson resigns from CBS News”. Politico. Retrieved March 11, 2014.
  31. Jump up^ Smith, Kyle (October 25, 2014), “Ex-CBS reporter’s book reveals how liberal media protects Obama”, New York Post, retrieved November 3, 2014
  32. Jump up^ “Astroturf and manipulation of media messages”. YouTube.com. TEDxUniversityofNevada. February 6, 2015. Retrieved December 4, 2015.
  33. Jump up^ Mirkinson, Jack (May 21, 2013). “CBS’ Sharyl Attkisson: My Computers Were Compromised, ‘Could Be Some Relationship’ To DOJ Scandals”. The Huffington Post. Retrieved November 1, 2014.
  34. Jump up^ “CBS News Confirms Sharyl Attkisson’s Computer Breached”. The Huffington Post. June 14, 2013. Retrieved November 1, 2014.
  35. Jump up^ “Sharyl Attkisson’s Computer Not Compromised, DOJ Says”. The Huffington Post. May 22, 2013. Retrieved November 1, 2014.
  36. Jump up^ Smith, Kyle; Golding, Bruce (October 27, 2014), “Ex-CBS reporter: Government agency bugged my computer”, New York Post, retrieved October 28, 2014
  37. Jump up^ “Why is Sharyl Attkisson testifying at Loretta Lynch’s confirmation hearing?”. Washington Post.
  38. Jump up^ “DOJ OIG Report – Sharyl Attkisson”. scribd.com.
  39. Jump up^ Hattem, Julian. “Watchdog: Attkisson wasn’t hacked, had ‘delete’ key stuck”. TheHill. Retrieved 2016-04-05.
  40. Jump up^ Groch-Begley, Hannah; Strupp, Joe (October 31, 2014). “Computer Security Experts: Attkisson Video Of Purported “Hacking” Likely Just A Stuck Backspace Key”. Media Matters for America. Retrieved January 5, 2015.
  41. Jump up^ Fisher, Max (October 31, 2014). “The video of Sharyl Attkisson getting “hacked” actually just shows a stuck delete key”. Vox. Retrieved November 2, 2014.
  42. ^ Jump up to:a b “Media Matters report on Attkisson claims”. Media Matters for America. January 29, 2015.
  43. Jump up^ T. Becket Adams (February 3, 2015). “Sharyl Attkisson: What was left out of reports on hacking”. The Washington Examiner. Retrieved 22 November 2015. The IG did not rule out computer intrusions. It did not substantiate but neither did it rule out.
  44. Jump up^ Attkisson sues government over computer intrusions, Washington Post; Retrieved March 6, 2015.
  45. Jump up^ Editorial Opinion re Attkisson, Washington Post; Retrieved March 6, 2015.
  46. Jump up^ “Attkisson biography”. Televisionnewscenter.org. Retrieved March 11, 2014.

External links[edit]

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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

From Wikipedia, the free encyclopedia
  (Redirected from U.S. monetary policy)
United States M2 money supply
% change in money supply
Money supply changes monthly basis

Monetary policy concerns the actions of a central bank or other regulatory authorities that determine the size and rate of growth of the money supply.

In the United States, the Federal Reserve is in charge of monetary policy, and implements it primarily by performing operations that influence short-term interest rates.

Money supply[edit]

Main article: Money supply

The money supply has different components, generally broken down into “narrow” and “broad” money, reflecting the different degrees of liquidity (‘spendability’) of each different type, as broader forms of money can be converted into narrow forms of money (or may be readily accepted as money by others, such as personal checks).[1]

For example, demand deposits are technically promises to pay on demand, while savings deposits are promises to pay subject to some withdrawal restrictions, and Certificates of Deposit are promises to pay only at certain specified dates; each can be converted into money, but “narrow” forms of money can be converted more readily. The Federal Reserve directly controls only the most narrow form of money, physical cash outstanding along with the reserves of banks throughout the country (known as M0 or the monetary base); the Federal Reserve indirectly influences the supply of other types of money.[1]

Broad money includes money held in deposit balances in banks and other forms created in the financial system. Basic economics also teaches that the money supply shrinks when loans are repaid;[2][3] however, the money supply will not necessarily decrease depending on the creation of new loans and other effects. Other than loans, investment activities of commercial banks and the Federal Reserve also increase and decrease the money supply.[4] Discussion of “money” often confuses the different measures and may lead to misguided commentary on monetary policy and misunderstandings of policy discussions.[5]

Structure of modern US institutions[edit]

Federal Reserve[edit]

Monetary policy in the US is determined and implemented by the US Federal Reserve System, commonly referred to as the Federal Reserve. Established in 1913 by the Federal Reserve Act to provide central banking functions,[6] the Federal Reserve System is a quasi-public institution. Ostensibly, the Federal Reserve Banks are 12 private banking corporations;[7][8][9] they are independent in their day-to-day operations, but legislatively accountable to Congress through the auspices of Federal Reserve Board of Governors.

The Board of Governors is an independent governmental agency consisting of seven officials and their support staff of over 1800 employees headquartered in Washington, D.C.[10] It is independent in the sense that the Board currently operates without official obligation to accept the requests or advice of any elected official with regard to actions on the money supply,[11]and its methods of funding also preserve independence. The Governors are nominated by the President of the United States, and nominations must be confirmed by the U.S. Senate.[12]

The presidents of the Federal Reserve Banks are nominated by each bank’s respective Board of Directors, but must also be approved by the Board of Governors of the Federal Reserve. The Chairman of the Federal Reserve Board is generally considered to have the most important position, followed by the president of the Federal Reserve Bank of New York.[12] The Federal Reserve System is primarily funded by interest collected on their portfolio of securities from the US Treasury, and the Fed has broad discretion in drafting its own budget,[13] but, historically, nearly all the interest the Federal Reserve collects is rebated to the government each year.[14]

The Federal Reserve has three main mechanisms for manipulating the money supply. It can buy or sell treasury securities. Selling securities has the effect of reducing the monetary base (because it accepts money in return for purchase of securities), taking that money out of circulation. Purchasing treasury securities increases the monetary base (because it pays out hard currency in exchange for accepting securities). Secondly, the discount rate can be changed. And finally, the Federal Reserve can adjust the reserve requirement, which can affect the money multiplier; the reserve requirement is adjusted only infrequently, and was last adjusted in 1992.[15]

In practice, the Federal Reserve uses open market operations to influence short-term interest rates, which is the primary tool of monetary policy. The federal funds rate, for which the Federal Open Market Committee announces a target on a regular basis, reflects one of the key rates for interbank lending. Open market operations change the supply of reserve balances, and the federal funds rate is sensitive to these operations.[16]

In theory, the Federal Reserve has unlimited capacity to influence this rate, and although the federal funds rate is set by banks borrowing and lending funds to each other, the federal funds rate generally stays within a limited range above and below the target (as participants are aware of the Fed’s power to influence this rate).

Assuming a closed economy, where foreign capital or trade does not affect the money supply, when money supply increases, interest rates go down. Businesses and consumers have a lower cost of capital and can increase spending and capital improvement projects. This encourages short-term growth. Conversely, when the money supply falls, interest rates go up, increasing the cost of capital and leading to more conservative spending and investment. The Federal reserve increases interest rates to combat Inflation.

U.S. Treasury[edit]

Private commercial banks[edit]

When money is deposited in a bank, it can then be lent out to another person. If the initial deposit was $100 and the bank lends out $100 to another customer the money supply has increased by $100. However, because the depositor can ask for the money back, banks have to maintain minimum reserves to service customer needs. If the reserve requirement is 10% then, in the earlier example, the bank can lend $90 and thus the money supply increases by only $90. The reserve requirement therefore acts as a limit on this multiplier effect. Because the reserve requirement only applies to the more narrow forms of money creation (corresponding to M1), but does not apply to certain types of deposits (such as time deposits), reserve requirements play a limited role in monetary policy.[17]

Money creation[edit]

Main article: Money creation

Currently, the US government maintains over US$800 billion in cash money (primarily Federal Reserve Notes) in circulation throughout the world,[18][19] up from a sum of less than $30 billion in 1959. Below is an outline of the process which is currently used to control the amount of money in the economy. The amount of money in circulation generally increases to accommodate money demanded by the growth of the country’s production. The process of money creation usually goes as follows:

  1. Banks go through their daily transactions. Of the total money deposited at banks, significant and predictable proportions often remain deposited, and may be referred to as “core deposits.” Banks use the bulk of “non-moving” money (their stable or “core” deposit base) by loaning it out.[20] Banks have a legal obligation to keep a certain fraction of bank deposit money on-hand at all times.[21]
  2. In order to raise additional money to cover excess spending, Congress increases the size of the National Debt by issuing securities typically in the form of a Treasury Bond[22] (see United States Treasury security). It offers the Treasury security for sale, and someone pays cash to the government in exchange. Banks are often the purchasers of these securities, and these securities currently play a crucial role in the process.
  3. The 12-person Federal Open Market Committee, which consists of the heads of the Federal Reserve System (the seven Federal governors and five bank presidents), meets eight times a year to determine how they would like to influence the economy.[23] They create a plan called the country’s “monetary policy” which sets targets for things such as interest rates.[24]
  4. Every business day, the Federal Reserve System engages in Open market operations.[25] If the Federal Reserve wants to increase the money supply, it will buy securities (such as U.S. Treasury Bonds) anonymously from banks in exchange for dollars. If the Federal Reserve wants to decrease the money supply, it will sell securities to the banks in exchange for dollars, taking those dollars out of circulation.[26][27] When the Federal Reserve makes a purchase, it credits the seller’s reserve account (with the Federal Reserve). The money that it deposits into the seller’s account is not transferred from any existing funds, therefore it is at this point that the Federal Reserve has created High-powered money.
  5. By means of open market operations, the Federal Reserve affects the free reserves of commercial banks in the country.[28] Anna Schwartz explains that “if the Federal Reserve increases reserves, a single bank can make loans up to the amount of its excess reserves, creating an equal amount of deposits”.[26][27][29]
  6. Since banks have more free reserves, they may loan out the money, because holding the money would amount to accepting the cost of foregone interest[28][30] When a loan is granted, a person is generally granted the money by adding to the balance on their bank account.[31]
  7. This is how the Federal Reserve’s high-powered money is multiplied into a larger amount of broad money, through bank loans; as written in a particular case study, “as banks increase or decrease loans, the nation’s (broad) money supply increases or decreases.”[3] Once granted these additional funds, the recipient has the option to withdraw physical currency (dollar bills and coins) from the bank, which will reduce the amount of money available for further on-lending (and money creation) in the banking system.[32]
  8. In many cases, account-holders will request cash withdrawals, so banks must keep a supply of cash handy. When they believe they need more cash than they have on hand, banks can make requests for cash with the Federal Reserve. In turn, the Federal Reserve examines these requests and places an order for printed money with the US Treasury Department.[33] The Treasury Department sends these requests to the Bureau of Engraving and Printing (to make dollar bills) and the Bureau of the Mint (to stamp the coins).
  9. The U.S. Treasury sells this newly printed money to the Federal Reserve for the cost of printing.[citation needed] This is about 6 cents per bill for any denomination.[34] Aside from printing costs, the Federal Reserve must pledge collateral (typically government securities such as Treasury bonds) to put new money, which does not replace old notes, into circulation.[35]This printed cash can then be distributed to banks, as needed.

Though the Federal Reserve authorizes and distributes the currency printed by the Treasury (the primary component of the narrow monetary base), the broad money supply is primarily created by commercial banks through the money multiplier mechanism.[29][31][36][37] One textbook summarizes the process as follows:

“The Fed” controls the money supply in the United States by controlling the amount of loans made by commercial banks. New loans are usually in the form of increased checking account balances, and since checkable deposits are part of the money supply, the money supply increases when new loans are made …[38]

This type of money is convertible into cash when depositors request cash withdrawals, which will require banks to limit or reduce their lending.[39][32] The vast majority of the broad money supply throughout the world represents current outstanding loans of banks to various debtors.[38][40][41] A very small amount of U.S. currency still exists as “United States Notes“, which have no meaningful economic difference from Federal Reserve notes in their usage, although they departed significantly in their method of issuance into circulation. The currency distributed by the Federal Reserve has been given the official designation of “Federal Reserve Notes.”[42]

Significant effects[edit]

Main article: Monetary policy

In 2005, the Federal Reserve held approximately 9% of the national debt[43] as assets against the liability of printed money. In previous periods, the Federal Reserve has used other debt instruments, such as debt securities issued by private corporations. During periods when the national debt of the United States has declined significantly (such as happened in fiscal years 1999 and 2000), monetary policy and financial markets experts have studied the practical implications of having “too little” government debt: both the Federal Reserve and financial markets use the price information, yield curve and the so-called risk free rate extensively.[44]

Experts are hopeful that other assets could take the place of National Debt as the base asset to back Federal Reserve notes, and Alan Greenspan, long the head of the Federal Reserve, has been quoted as saying, “I am confident that U.S. financial markets, which are the most innovative and efficient in the world, can readily adapt to a paydown of Treasury debt by creating private alternatives with many of the attributes that market participants value in Treasury securities.”[45] In principle, the government could still issue debt securities in significant quantities while having no net debt, and significant quantities of government debt securities are also held by other government agencies.

Although the U.S. government receives income overall from seigniorage, there are costs associated with maintaining the money supply.[41][46] Leading ecological economist and steady-state theorist Herman Daly, claims that “over 95% of our [broad] money supply [in the United States] is created by the private banking system (demand deposits) and bears interest as a condition of its existence,”[41] a conclusion drawn from the Federal Reserve’s ultimate dependence on increased activity in fractional reserve lending when it exercises open market operations.[47]Economist Eric Miller criticizes Daly’s logic because money is created in the banking system in response to demand for the money,[48] which justifies cost.[citation needed]

Thus, use of expansionary open market operations typically generates more debt in the private sector of society (in the form of additional bank deposits).[49] The private banking system charges interest to borrowers as a cost to borrow the money.[3][31][50] The interest costs are borne by those that have borrowed,[3][31] and without this borrowing, open market operations would be unsuccessful in maintaining the broad money supply,[30] though alternative implementations of monetary policy could be used. Depositors of funds in the banking system are paid interest on their savings (or provided other services, such as checking account privileges or physical security for their “cash”), as compensation for “lending” their funds to the bank.

Increases (or contractions) of the money supply corresponds to growth (or contraction) in interest-bearing debt in the country.[3][30][41] The concepts involved in monetary policy may be widely misunderstood in the general public, as evidenced by the volume of literature on topics such as “Federal Reserve conspiracy” and “Federal Reserve fraud.”[51]

Uncertainties

A few of the uncertainties involved in monetary policy decision making are described by the federal reserve:[52]

  • While these policy choices seem reasonably straightforward, monetary policy makers routinely face certain notable uncertainties. First, the actual position of the economy and growth in aggregate demand at any time are only partially known, as key information on spending, production, and prices becomes available only with a lag. Therefore, policy makers must rely on estimates of these economic variables when assessing the appropriate course of policy, aware that they could act on the basis of misleading information. Second, exactly how a given adjustment in the federal funds rate will affect growth in aggregate demand—in terms of both the overall magnitude and the timing of its impact—is never certain. Economic models can provide rules of thumb for how the economy will respond, but these rules of thumb are subject to statistical error. Third, the growth in aggregate supply, often called the growth in potential output, cannot be measured with certainty.
  • In practice, as previously noted, monetary policy makers do not have up-to-the-minute information on the state of the economy and prices. Useful information is limited not only by lags in the collection and availability of key data but also by later revisions, which can alter the picture considerably. Therefore, although monetary policy makers will eventually be able to offset the effects that adverse demand shocks have on the economy, it will be some time before the shock is fully recognized and—given the lag between a policy action and the effect of the action on aggregate demand—an even longer time before it is countered. Add to this the uncertainty about how the economy will respond to an easing or tightening of policy of a given magnitude, and it is not hard to see how the economy and prices can depart from a desired path for a period of time.
  • The statutory goals of maximum employment and stable prices are easier to achieve if the public understands those goals and believes that the Federal Reserve will take effective measures to achieve them.
  • Although the goals of monetary policy are clearly spelled out in law, the means to achieve those goals are not. Changes in the FOMC’s target federal funds rate take some time to affect the economy and prices, and it is often far from obvious whether a selected level of the federal funds rate will achieve those goals.

Opinions of the Federal Reserve

The Federal Reserve is lauded by some economists, while being the target of scathing criticism by other economists, legislators, and sometimes members of the general public. The former Chairman of the Federal Reserve Board, Ben Bernanke, is one of the leading academic critics of the Federal Reserve’s policies during the Great Depression.[53]

Achievements

One of the functions of a central bank is to facilitate the transfer of funds through the economy, and the Federal Reserve System is largely responsible for the efficiency in the banking sector. There have also been specific instances which put the Federal Reserve in the spotlight of public attention. For instance, after the stock market crash in 1987, the actions of the Fed are generally believed to have aided in recovery. Also, the Federal Reserve is credited for easing tensions in the business sector with the reassurances given following the 9/11 terrorist attacks on the United States.[54]

Criticisms

The Federal Reserve has been the target of various criticisms, involving: accountability, effectiveness, opacity, inadequate banking regulation, and potential market distortion. Federal Reserve policy has also been criticized for directly and indirectly benefiting large banks instead of consumers. For example, regarding the Federal Reserve’s response to the 2007–2010 financial crisis, Nobel laureate Joseph Stiglitz explained how the U.S. Federal Reserve was implementing another monetary policy —creating currency— as a method to combat the liquidity trap.[55]

By creating $600 billion and inserting this directly into banks the Federal Reserve intended to spur banks to finance more domestic loans and refinance mortgages. However, banks instead were spending the money in more profitable areas by investing internationally in emerging markets. Banks were also investing in foreign currencies which Stiglitz and others point out may lead to currency wars while China redirects its currency holdings away from the United States.[56]

Auditing

The Federal Reserve is subject to different requirements for transparency and audits than other government agencies, which its supporters claim is another element of the Fed’s independence. Although the Federal Reserve has been required by law to publish independently audited financial statements since 1999, the Federal Reserve is not audited in the same way as other government agencies. Some confusion can arise because there are many types of audits, including: investigative or fraud audits; and financial audits, which are audits of accounting statements; there are also compliance, operational, and information system audits.

The Federal Reserve’s annual financial statements are audited by an outside auditor. Similar to other government agencies, the Federal Reserve maintains an Office of the Inspector General, whose mandate includes conducting and supervising “independent and objective audits, investigations, inspections, evaluations, and other reviews of Board programs and operations.”[57] The Inspector General’s audits and reviews are available on the Federal Reserve’s website.[58][59]

The Government Accountability Office (GAO) has the power to conduct audits, subject to certain areas of operations that are excluded from GAO audits; other areas may be audited at specific Congressional request, and have included bank supervision, government securities activities, and payment system activities.[60][61] The GAO is specifically restricted any authority over monetary policy transactions;[60] the New York Times reported in 1989 that “such transactions are now shielded from outside audit, although the Fed influences interest rates through the purchase of hundreds of billions of dollars in Treasury securities.”[62] As mentioned above, it was in 1999 that the law governing the Federal Reserve was amended to formalize the already-existing annual practice of ordering independent audits of financial statements for the Federal Reserve Banks and the Board;[63] the GAO’s restrictions on auditing monetary policy continued, however.[61]

Congressional oversight on monetary policy operations, foreign transactions, and the FOMC operations is exercised through the requirement for reports and through semi-annual monetary policy hearings.[61] Scholars have conceded that the hearings did not prove an effective means of increasing oversight of the Federal Reserve, perhaps because “Congresspersons prefer to bash an autonomous and secretive Fed for economic misfortune rather than to share the responsibility for that misfortune with a fully accountable Central Bank,” although the Federal Reserve has also consistently lobbied to maintain its independence and freedom of operation.[64]

Fulfillment of wider economic goals

By law, the goals of the Fed’s monetary policy are: high employment, sustainable growth, and stable prices.[65]

Critics say that monetary policy in the United States has not achieved consistent success in meeting the goals that have been delegated to the Federal Reserve System by Congress. Congress began to review more options with regard to macroeconomic influence beginning in 1946 (after World War II), with the Federal Reserve receiving specific mandates in 1977 (after the country suffered a period of stagflation).

Throughout the period of the Federal Reserve following the mandates, the relative weight given to each of these goals has changed, depending on political developments.[citation needed] In particular, the theories of Keynesianism and monetarism have had great influence on both the theory and implementation of monetary policy, and the “prevailing wisdom” or consensus view of the economic and financial communities has changed over the years.[66]

  • Elastic currency (magnitude of the money multiplier): the success of monetary policy is dependent on the ability to strongly influence the supply of money available to the citizens. If a currency is highly “elastic” (that is, has a higher money multiplier, corresponding to a tendency of the financial system to create more broad money for a given quantity of base money), plans to expand the money supply and accommodate growth are easier to implement. Low elasticity was one of many factors that contributed to the depth of the Great Depression: as banks cut lending, the money multiplier fell, and at the same time the Federal Reserve constricted the monetary base. The depression of the late 1920s is generally regarded as being the worst in the country’s history, and the Federal Reserve has been criticized for monetary policy which worsened the depression.[67] Partly to alleviate problems related to the depression, the United States transitioned from a gold standard and now uses a fiat currency; elasticity is believed to have been increased greatly.[68]

The value of $1 over time, in 1776 dollars.[70]

  • Stable prices – While some economists would regard any consistent inflation as a sign of unstable prices,[71] policymakers could be satisfied with 1 or 2%;[72] the consensus of “price stability” constituting long-run inflation of 1-2% is, however, a relatively recent development, and a change that has occurred at other central banks throughout the world. Inflation has averaged a 4.22% increase annually following the mandates applied in 1977; historic inflation since the establishment of the Federal Reserve in 1913 has averaged 3.4%.[73] In contrast, some research indicates that average inflation for the 250 years before the system was near zero percent, though there were likely sharper upward and downward spikes in that timeframe as compared with more recent times.[74] Central banks in some other countries, notably the German Bundesbank, had considerably better records of achieving price stability drawing on experience from the two episodes of hyperinflation and economic collapse under the country’s previous central bank.

Inflation worldwide has fallen significantly since former Federal Reserve Chairman Paul Volcker began his tenure in 1979, a period which has been called the Great Moderation; some commentators attribute this to improved monetary policy worldwide, particularly in the Organisation for Economic Co-operation and Development.[75][76]BusinessWeek notes that inflation has been relatively low since mid-1980s[77] and it was during this time that Volcker wrote (in 1995), “It is a sobering fact that the prominence of central banks [such as the Federal Reserve] in this century has coincided with a general tendency towards more inflation, not less. By and large, if the overriding objective is price stability, we did better with the nineteenth-century gold standard and passive central banks, with currency boards, or even with ‘free banking.'”.

  • Sustainable growth – The growth of the economy may not be sustainable as the ability for households to save money has been on an overall decline[78] and household debt is consistently rising.[79]

Cause of The Great Depression

Money supply decreased significantly between Black Tuesday and the Bank Holiday in March 1933 when there were massive bank runs

Monetarists who believe that the Great Depression started as an ordinary recession but significant policy mistakes by monetary authorities (especially the Federal Reserve) caused a shrinking of the money supply which greatly exacerbated the economic situation, causing a recession to descend into the Great Depression.

Public confusion

The Federal Reserve has established a library of information on their websites, however, many experts have spoken about the general level of public confusion that still exists on the subject of the economy; this lack of understanding of macroeconomic questions and monetary policy, however, exists in other countries as well. Critics of the Fed widely regard the system as being “opaque“, and one of the Fed’s most vehement opponents of his time, Congressman Louis T. McFadden, even went so far as to say that “Every effort has been made by the Federal Reserve Board to conceal its powers….”[80]

There are, on the other hand, many economists who support the need for an independent central banking authority, and some have established websites that aim to clear up confusion about the economy and the Federal Reserve’s operations. The Federal Reserve website itself publishes various information and instructional materials for a variety of audiences.

Criticism of government interference

Some economists, especially those belonging to the heterodox Austrian School, criticize the idea of even establishing monetary policy, believing that it distorts investment. Friedrich Hayek won the Nobel Prize for his elaboration of the Austrian business cycle theory.

Briefly, the theory holds that an artificial injection of credit, from a source such as a central bank like the Federal Reserve, sends false signals to entrepreneurs to engage in long-term investments due to a favorably low interest rate. However, the surge of investments undertaken represents an artificial boom, or bubble, because the low interest rate was achieved by an artificial expansion of the money supply and not by savings. Hence, the pool of real savings and resources have not increased and do not justify the investments undertaken.

These investments, which are more appropriately called “malinvestments”, are realized to be unsustainable when the artificial credit spigot is shut off and interest rates rise. The malinvestments and unsustainable projects are liquidated, which is the recession. The theory demonstrates that the problem is the artificial boom which causes the malinvestments in the first place, made possible by an artificial injection of credit not from savings.

According to Austrian economics, without government intervention, interest rates will always be an equilibrium between the time-preferences of borrowers and savers, and this equilibrium is simply distorted by government intervention. This distortion, in their view, is the cause of the business cycle. Some Austrian economists—but by no means all—also support full reserve banking, a hypothetical financial/banking system where banks may not lend deposits. Others may advocate free banking, whereby the government abstains from any interference in what individuals may choose to use as money or the extent to which banks create money through the deposit and lending cycle.

Reserve requirement

The Federal Reserve regulates banking, and one regulation under its direct control is the reserve requirement which dictates how much money banks must keep in reserves, as compared to its demand deposits. Banks use their observation that the majority of deposits are not requested by the account holders at the same time.

Currently, the Federal Reserve requires that banks keep 10% of their deposits on hand.[81] Some countries have no nationally mandated reserve requirements—banks use their own resources to determine what to hold in reserve, however their lending is typically constrained by other regulations.[82] Other factors being equal, lower reserve percentages increases the possibility of Bank runs, such as the widespread runs of 1931. Low reserve requirements also allow for larger expansions of the money supply by actions of commercial banks—currently the private banking system has created much of the broad money supply of US dollars through lending activity. Monetary policy reform calling for 100% reserves has been advocated by economists such as: Irving Fisher,[83] Frank Knight,[84] many ecological economists along with economists of the Chicago School and Austrian School. Despite calls for reform, the nearly universal practice of fractional-reserve banking has remained in the United States.

Criticism of private sector involvement

Historically and to the present day, various social and political movements (such as social credit) have criticized the involvement of the private sector in “creating money”, claiming that only the government should have the power to “make money”. Some proponents also support full reserve banking or other non-orthodox approaches to monetary policy. Various terminology may be used, including “debt money”, which may have emotive or political connotations. These are generally considered to be akin to conspiracy theories by mainstream economists and ignored in academic literature on monetary policy.

See also

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

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Non-accelarating Inflation Rate of Unemployment (NAIRU) — Phillips Curve — Money and Inflation — No Real Tradeoff Between Price Increases and Unemployment Rate In The Long Run — States and Nations Cutting Taxes Resulted In Higher Growth and Lower Unemployment — Videos

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NAIRU

From Wikipedia, the free encyclopedia

NAIRU is an acronym for non-accelerating inflation rate of unemployment,[1] and refers to a level of unemployment below which inflation rises. It was first introduced as NIRU (non-inflationary rate of unemployment) by Franco Modigliani and Lucas Papademos in 1975, as an improvement over the “natural rate of unemployment” concept,[2][3][4] which was proposed earlier by Milton Friedman.[5]

Monetary policy conducted under the assumption of a NAIRU involves allowing just enough unemployment in the economy to prevent inflation rising above a given target figure. Prices are allowed to increase gradually and some unemployment is tolerated.

Contents

 [show] 

Origins

An early form of NAIRU is found in the work of Abba P. Lerner (Lerner 1951, Chapter 14), who referred to it as “low full employment” attained via the expansion of aggregate demand, in contrast with the “high full employment” which adds incomes policies (wage and price controls) to demand stimulation.

The concept arose in the wake of the popularity of the Phillips curve which summarized the observed negative correlation between the rate of unemployment and the rate of inflation (measured as annual nominal wage growth of employees) for number of industrialised countries with more or less mixed economies. This correlation (previously seen for the U.S. by Irving Fisher) persuaded some analysts that it was impossible for governments simultaneously to target both arbitrarily low unemployment and price stability, and that, therefore, it was government’s role to seek a point on the trade-off between unemployment and inflation which matched a domestic social consensus.

During the 1970s in the United States and several other industrialized countries, Phillips curve analysis became less popular, because inflation rose at the same time that unemployment rose (see stagflation).

Worse, as far as many economists were concerned, was that the Phillips curve had little or no theoretical basis. Critics of this analysis (such as Milton Friedman and Edmund Phelps) argued that the Phillips curve could not be a fundamental characteristic of economic general equilibrium because it showed a correlation between a real economic variable (the unemployment rate) and a nominal economic variable (the inflation rate). Their counter-analysis was that government macroeconomic policy (primarily monetary policy) was being driven by a low unemployment target and that this caused expectations of inflation to change, so that steadily accelerating inflation rather than reduced unemployment was the result. The resulting prescription was that government economic policy (or at least monetary policy) should not be influenced by any level of unemployment below a critical level – the “natural rate” or NAIRU.[6]

The natural rate hypothesis

The idea behind the natural rate hypothesis put forward by Friedman was that any given labor market structure must involve a certain amount of unemployment, including frictional unemployment associated with individuals changing jobs and possibly classical unemployment arising from real wages being held above the market-clearing level by minimum wage laws, trade unions or other labour market institutions. Unexpected inflation might allow unemployment to fall below the natural rate by temporarily depressing real wages, but this effect would dissipate once expectations about inflation were corrected. Only with continuously accelerating inflation could rates of unemployment below the natural rate be maintained.

The analysis supporting the natural rate hypothesis was controversial, and empirical evidence suggested that the natural rate varied over time in ways that could not easily be explained by changes in labor market structures. As a result, the “natural rate” terminology was largely supplanted by that of the NAIRU, which referred to a rate of unemployment below which inflation would accelerate, but did not imply a commitment to any particular theoretical explanation, or a prediction that the rate would be stable over time.

Properties

If {\displaystyle U*}U* is the NAIRU and {\displaystyle U}U is the actual unemployment rate, the theory says that:

if {\displaystyle U<U*}U<U* for a few years, inflationary expectations rise, so that the inflation rate tends to increase;
if {\displaystyle U>U*}U>U* for a few years, inflationary expectations fall, so that the inflation rate tends to slow (there is disinflation); and
if {\displaystyle U=U*}U=U*, the inflation rate tends to stay the same, unless there is an exogenous shock.

Okun’s law can be stated as saying that for every one percentage point by which the actual unemployment rate exceeds the so-called “natural” rate of unemployment, real gross domestic product is reduced by 2% to 3%.

Criticism

The NAIRU analysis assumes that if inflation increases, workers and employers can create contracts that take into account expectations of higher inflation and agree on a level of wage inflation that matches the expected level of price inflation to maintain constant real wages. Therefore, the analysis requires inflation to accelerate to maintain low unemployment. However, this argument implicitly assumes that workers and employers cannot contract to incorporate accelerating inflation into wage expectations, but there is no clear justification for assuming that expectations or contract structures are limited in this way aside from the fact that such wage arrangements are not commonly observed.

The NAIRU analysis is especially problematic if the Phillips curve displays hysteresis, that is, if episodes of high unemployment raise the NAIRU.[7] This could happen, for example, if unemployed workers lose skills so that employers prefer to bid up of the wages of existing workers when demand increases, rather than hiring the unemployed.

Others, such as Abba Lerner (1951, 1967) and Hyman Minsky (1965) have argued that a similar effect can be achieved without the human costs of unemployment via a job guarantee, where rather than being unemployed, those who cannot find work in the private sector should be employed by the government. This theory, and the policy of the job guarantee replaces the NAIRU with the NAIBER (non-accelerating-inflation-buffer employment ratio).[8]

Relationship to other economic theories

Most economists do not see the NAIRU theory as explaining all inflation. Instead, it is possible to move along a short run Phillips Curve (even though the NAIRU theory says that this curve shifts in the longer run) so that unemployment can rise or fall due to changes in inflation. Exogenous supply-shock inflation is also possible, as with the “energy crises” of the 1970s or the credit crunch of the early 21st century.

The NAIRU theory was mainly intended as an argument against active Keynesian demand management and in favor of free markets (at least on the macroeconomic level). There is, for instance, no theoretical basis for predicting the NAIRU. Monetarists instead support the generalized assertion that the correct approach to unemployment is through microeconomic measures (to lower the NAIRU whatever its exact level), rather than macroeconomic activity based on an estimate of the NAIRU in relation to the actual level of unemployment. Monetary policy, they maintain, should aim instead at stabilizing the inflation rate.

Naming

The NAIRU, non-accelerating inflation rate of unemployment, is actually misnamed. It is the price level that is accelerating (or decelerating), not the inflation rate. The inflation rate is just changing, not accelerating.[9]

See also

References

  1. Jump up^ Coe, David T, Nominal Wages. The NAIRU and Wage Flexibility. (PDF), Organisation for Economic Co-operation and Development
  2. Jump up^ Modigliani, Franco; Papademos, Lucas (1975). “Targets for Monetary Policy in the Coming Year”. Brookings Papers on Economic Activity. The Brookings Institution. 1975 (1): 141–165. doi:10.2307/2534063. JSTOR 2534063.
  3. Jump up^ Robert M. Solow, Modigliani and Monetarism, p. 6.
  4. Jump up^ Snowdon, Brian; Vane, Howard R. (2005). Modern Macroeconomics: Its Origins, Development and Current State. Cheltenham: E. Elgar. p. 187. ISBN 1-84376-394-X.
  5. Jump up^ Friedman, Milton (1968). “The Role of Monetary Policy”. American Economic Review. 58 (1): 1–17. JSTOR 1831652.
  6. Jump up^ Hoover, Kevin D, “Phillips Curve”, The Concise Encyclopedia of Economics, The Library of Economics and Liberty, retrieved 16 July 2007
  7. Jump up^ Ball, Laurence (2009), Hysteresis in Unemployment: Old and New Evidence (PDF)
  8. Jump up^ William Mitchell, J. Muysken (2008), Full employment abandoned: shifting sands and policy failures, Edward Elgar Publishing, ISBN 1-85898-507-2
  9. Jump up^ Case, K.E. and Fair, R.C. and Oster, S.M. (2016). Principles of Macroeconomics. Pearson. ISBN 9780133023671.

Further reading

External links

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

Phillips curve

From Wikipedia, the free encyclopedia
For the Phillips curve in supernova astrophysics, see Phillips relationship.

The Phillips curve is a single-equation empirical model, named after A. W. Phillips, describing a historical inverse relationship between rates of unemployment and corresponding rates of inflation that result within an economy. Stated simply, decreased unemployment, (i.e., increased levels of employment) in an economy will correlate with higher rates of inflation.

While there is a short run tradeoff between unemployment and inflation, it has not been observed in the long run.[1] In 1968, Milton Friedman asserted that the Phillips curve was only applicable in the short-run and that in the long-run, inflationary policies will not decrease unemployment.[2][3] Friedman then correctly predicted that, in the 1973–75 recession, both inflation and unemployment would increase.[3] The long-run Phillips curve is now seen as a vertical line at the natural rate of unemployment, where the rate of inflation has no effect on unemployment.[4] Accordingly, the Phillips curve is now seen as too simplistic, with the unemployment rate supplanted by more accurate predictors of inflation based on velocity of moneysupply measures such as the MZM (“money zero maturity”) velocity,[5] which is affected by unemployment in the short but not the long term.[6]

Contents

 [show] 

History

Rate of Change of Wages against Unemployment, United Kingdom 1913–1948 from Phillips (1958)

William Phillips, a New Zealand born economist, wrote a paper in 1958 titled The Relation between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861-1957, which was published in the quarterly journal Economica.[7] In the paper Phillips describes how he observed an inverse relationship between money wage changes and unemployment in the British economy over the period examined. Similar patterns were found in other countries and in 1960 Paul Samuelson and Robert Solow took Phillips’ work and made explicit the link between inflation and unemployment: when inflation was high, unemployment was low, and vice versa.[8]

In the 1920s, an American economist Irving Fisher noted this kind of Phillips curve relationship. However, Phillips’ original curve described the behavior of money wages.[9]

In the years following Phillips’ 1958 paper, many economists in the advanced industrial countries believed that his results showed that there was a permanently stable relationship between inflation and unemployment.[citation needed] One implication of this for government policy was that governments could control unemployment and inflation with a Keynesian policy. They could tolerate a reasonably high rate of inflation as this would lead to lower unemployment – there would be a trade-off between inflation and unemployment. For example, monetary policy and/or fiscal policy could be used to stimulate the economy, raising gross domestic product and lowering the unemployment rate. Moving along the Phillips curve, this would lead to a higher inflation rate, the cost of enjoying lower unemployment rates.[citation needed] Economist James Forder argues that this view is historically false and that neither economists nor governments took that view and that the ‘Phillips curve myth’ was an invention of the 1970s.[10]

Since 1974, seven Nobel Prizes have been given to economists for, among other things, work critical of some variations of the Phillips curve. Some of this criticism is based on the United States’ experience during the 1970s, which had periods of high unemployment and high inflation at the same time. The authors receiving those prizes include Thomas Sargent, Christopher Sims, Edmund Phelps, Edward Prescott, Robert A. Mundell, Robert E. Lucas, Milton Friedman, and F.A. Hayek.[11]

Stagflation

In the 1970s, many countries experienced high levels of both inflation and unemployment also known as stagflation. Theories based on the Phillips curve suggested that this could not happen, and the curve came under a concerted attack from a group of economists headed by Milton Friedman.[citation needed] Friedman argued that the Phillips curve relationship was only a short-run phenomenon. In this he followed eight years after Samuelson and Solow [1960] who wrote ” All of our discussion has been phrased in short-run terms, dealing with what might happen in the next few years. It would be wrong, though, to think that our Figure 2 menu that related obtainable price and unemployment behavior will maintain its same shape in the longer run. What we do in a policy way during the next few years might cause it to shift in a definite way.”[8] As Samuelson and Solow had argued 8 years earlier, he argued that in the long run, workers and employers will take inflation into account, resulting in employment contracts that increase pay at rates near anticipated inflation. Unemployment would then begin to rise back to its previous level, but now with higher inflation rates. This result implies that over the longer-run there is no trade-off between inflation and unemployment. This implication is significant for practical reasons because it implies that central banks should not set employment targets above the natural rate.[1]

More recent research has shown that there is a moderate trade-off between low-levels of inflation and unemployment. Work by George Akerlof, William Dickens, and George Perry,[12]implies that if inflation is reduced from two to zero percent, unemployment will be permanently increased by 1.5 percent. This is because workers generally have a higher tolerance for real wage cuts than nominal ones. For example, a worker will more likely accept a wage increase of two percent when inflation is three percent, than a wage cut of one percent when the inflation rate is zero.

Today

U.S. Inflation and Unemployment 1/2000 to 4/2013

Most economists no longer use the Phillips curve in its original form because it was shown to be too simplistic.[6] This can be seen in a cursory analysis of US inflation and unemployment data from 1953–92. There is no single curve that will fit the data, but there are three rough aggregations—1955–71, 1974–84, and 1985–92—each of which shows a general, downwards slope, but at three very different levels with the shifts occurring abruptly. The data for 1953–54 and 1972–73 do not group easily, and a more formal analysis posits up to five groups/curves over the period.[1]

But still today, modified forms of the Phillips Curve that take inflationary expectations into account remain influential. The theory goes under several names, with some variation in its details, but all modern versions distinguish between short-run and long-run effects on unemployment. Modern Phillips curve models include both a short-run Phillips Curve and a long-run Phillips Curve. This is because in the short run, there is generally an inverse relationship between inflation and the unemployment rate; as illustrated in the downward sloping short-run Phillips curve. In the long run, that relationship breaks down and the economy eventually returns to the natural rate of unemployment regardless of the inflation rate.[13]

The “short-run Phillips curve” is also called the “expectations-augmented Phillips curve”, since it shifts up when inflationary expectations rise, Edmund Phelps and Milton Friedman argued. In the long run, this implies that monetary policy cannot affect unemployment, which adjusts back to its “natural rate“, also called the “NAIRU” or “long-run Phillips curve”. However, this long-run “neutrality” of monetary policy does allow for short run fluctuations and the ability of the monetary authority to temporarily decrease unemployment by increasing permanent inflation, and vice versa. The popular textbook of Blanchard gives a textbook presentation of the expectations-augmented Phillips curve.[14]

An equation like the expectations-augmented Phillips curve also appears in many recent New Keynesiandynamic stochastic general equilibrium models. In these macroeconomic models with sticky prices, there is a positive relation between the rate of inflation and the level of demand, and therefore a negative relation between the rate of inflation and the rate of unemployment. This relationship is often called the “New Keynesian Phillips curve.” Like the expectations-augmented Phillips curve, the New Keynesian Phillips curve implies that increased inflation can lower unemployment temporarily, but cannot lower it permanently. Two influential papers that incorporate a New Keynesian Phillips curve are Clarida, Galí, and Gertler (1999),[15] and Blanchard and Galí (2007).[16]

Mathematics

There are at least two different mathematical derivations of the Phillips curve. First, there is the traditional or Keynesian version. Then, there is the new Classical version associated with Robert E. Lucas, Jr.

The traditional Phillips curve

The original Phillips curve literature was not based on the unaided application of economic theory. Instead, it was based on empirical generalizations. After that, economists tried to develop theories that fit the data.

Money wage determination

The traditional Phillips curve story starts with a wage Phillips Curve, of the sort described by A.W. Phillips himself. This describes the rate of growth of money wages (gW). Here and below, the operator g is the equivalent of “the percentage rate of growth of” the variable that follows.

{\displaystyle gW=gW^{T}-f(U)}gW=gW^{{T}}-f(U)

The “money wage rate” (W) is shorthand for total money wage costs per production employee, including benefits and payroll taxes. The focus is on only production workers’ money wages, because (as discussed below) these costs are crucial to pricing decisions by the firms.

This equation tells us that the growth of money wages rises with the trend rate of growth of money wages (indicated by the superscript “T”) and falls with the unemployment rate (U). The function f() is assumed to be monotonically increasing with U so that the dampening of money-wage increases by unemployment is shown by the negative sign in the equation above.

There are several possible stories behind this equation. A major one is that money wages are set by bilateral negotiations under partial bilateral monopoly: as the unemployment rate rises, all else constant worker bargaining power falls, so that workers are less able to increase their wages in the face of employer resistance.

During the 1970s, this story had to be modified, because (as the late Abba Lerner had suggested in the 1940s) workers try to keep up with inflation. Since the 1970s, the equation has been changed to introduce the role of inflationary expectations (or the expected inflation rate, gPex). This produces the expectations-augmented wage Phillips curve:

{\displaystyle gW=gW^{T}-f(U)+\lambda .gP^{ex}.}gW=gW^{{T}}-f(U)+\lambda .gP^{{ex}}.

The introduction of inflationary expectations into the equation implies that actual inflation can feed back into inflationary expectations and thus cause further inflation. The late economist James Tobin dubbed the last term “inflationary inertia,” because in the current period, inflation exists which represents an inflationary impulse left over from the past.

It also involved much more than expectations, including the price-wage spiral. In this spiral, employers try to protect profits by raising their prices and employees try to keep up with inflation to protect their real wages. This process can feed on itself, becoming a self-fulfilling prophecy.

The parameter λ (which is presumed constant during any time period) represents the degree to which employees can gain money wage increases to keep up with expected inflation, preventing a fall in expected real wages. It is usually assumed that this parameter equals unity in the long run.

In addition, the function f() was modified to introduce the idea of the Non-Accelerating Inflation Rate of Unemployment (NAIRU) or what’s sometimes called the “natural” rate of unemployment or the inflation-threshold unemployment rate:

[1] gW = gWTf(UU*) + λ·gPex.

Here, U* is the NAIRU. As discussed below, if U < U*, inflation tends to accelerate. Similarly, if U > U*, inflation tends to slow. It is assumed that f(0) = 0, so that when U = U*, the f term drops out of the equation.

In equation [1], the roles of gWT and gPex seem to be redundant, playing much the same role. However, assuming that λ is equal to unity, it can be seen that they are not. If the trend rate of growth of money wages equals zero, then the case where U equals U* implies that gW equals expected inflation. That is, expected real wages are constant.

In any reasonable economy, however, having constant expected real wages could only be consistent with actual real wages that are constant over the long haul. This does not fit with economic experience in the U.S. or any other major industrial country. Even though real wages have not risen much in recent years, there have been important increases over the decades.

An alternative is to assume that the trend rate of growth of money wages equals the trend rate of growth of average labor productivity (Z). That is:

[2] gWT = gZT.

Under assumption [2], when U equals U* and λ equals unity, expected real wages would increase with labor productivity. This would be consistent with an economy in which actual real wages increase with labor productivity. Deviations of real-wage trends from those of labor productivity might be explained by reference to other variables in the model.

Pricing decisions

Next, there is price behavior. The standard assumption is that markets are imperfectly competitive, where most businesses have some power to set prices. So the model assumes that the average business sets a unit price (P) as a mark-up (M) over the unit labor cost in production measured at a standard rate of capacity utilization (say, at 90 percent use of plant and equipment) and then adds in the unit materials cost.

The standardization involves later ignoring deviations from the trend in labor productivity. For example, assume that the growth of labor productivity is the same as that in the trend and that current productivity equals its trend value:

gZ = gZT and Z = ZT.

The markup reflects both the firm’s degree of market power and the extent to which overhead costs have to be paid. Put another way, all else equal, M rises with the firm’s power to set prices or with a rise of overhead costs relative to total costs.

So pricing follows this equation:

P = M × (unit labor cost) + (unit materials cost)
= M × (total production employment cost)/(quantity of output) + UMC.

UMC is unit raw materials cost (total raw materials costs divided by total output). So the equation can be restated as:

P = M × (production employment cost per worker)/(output per production employee) + UMC.

This equation can again be stated as:

P = M×(average money wage)/(production labor productivity) + UMC
= M×(W/Z) + UMC.

Now, assume that both the average price/cost mark-up (M) and UMC are constant. On the other hand, labor productivity grows, as before. Thus, an equation determining the price inflation rate (gP) is:

gP = gWgZT.

Price[edit]

Then, combined with the wage Phillips curve [equation 1] and the assumption made above about the trend behavior of money wages [equation 2], this price-inflation equation gives us a simple expectations-augmented price Phillips curve:

gP = −f(UU*) + λ·gPex.

Some assume that we can simply add in gUMC, the rate of growth of UMC, in order to represent the role of supply shocks (of the sort that plagued the U.S. during the 1970s). This produces a standard short-term Phillips curve:

gP = −f(UU*) + λ·gPex + gUMC.

Economist Robert J. Gordon has called this the “Triangle Model” because it explains short-run inflationary behavior by three factors: demand inflation (due to low unemployment), supply-shock inflation (gUMC), and inflationary expectations or inertial inflation.

In the long run, it is assumed, inflationary expectations catch up with and equal actual inflation so that gP = gPex. This represents the long-term equilibrium of expectations adjustment. Part of this adjustment may involve the adaptation of expectations to the experience with actual inflation. Another might involve guesses made by people in the economy based on other evidence. (The latter idea gave us the notion of so-called rational expectations.)

Expectational equilibrium gives us the long-term Phillips curve. First, with λ less than unity:

gP = [1/(1 − λ)]·(−f(UU*) + gUMC).

This is nothing but a steeper version of the short-run Phillips curve above. Inflation rises as unemployment falls, while this connection is stronger. That is, a low unemployment rate (less than U*) will be associated with a higher inflation rate in the long run than in the short run. This occurs because the actual higher-inflation situation seen in the short run feeds back to raise inflationary expectations, which in turn raises the inflation rate further. Similarly, at high unemployment rates (greater than U*) lead to low inflation rates. These in turn encourage lower inflationary expectations, so that inflation itself drops again.

This logic goes further if λ is equal to unity, i.e., if workers are able to protect their wages completely from expected inflation, even in the short run. Now, the Triangle Model equation becomes:

f(UU*) = gUMC.

If we further assume (as seems reasonable) that there are no long-term supply shocks, this can be simplified to become:

f(UU*) = 0 which implies that U = U*.

All of the assumptions imply that in the long run, there is only one possible unemployment rate, U* at any one time. This uniqueness explains why some call this unemployment rate “natural.”

To truly understand and criticize the uniqueness of U*, a more sophisticated and realistic model is needed. For example, we might introduce the idea that workers in different sectors push for money wage increases that are similar to those in other sectors. Or we might make the model even more realistic. One important place to look is at the determination of the mark-up, M.

New classical version

The Phillips curve equation can be derived from the (short-run) Lucas aggregate supply function. The Lucas approach is very different from that the traditional view. Instead of starting with empirical data, he started with a classical economic model following very simple economic principles.

Start with the aggregate supply function:

{\displaystyle Y=Y_{n}+a(P-P_{e})\,}Y=Y_{n}+a(P-P_{e})\,

where Y is log value of the actual output, Yn is log value of the “natural” level of output, a is a positive constant, P is log value of the actual price level, and Pe is log value of the expected price level. Lucas assumes that Yn has a unique value.

Note that this equation indicates that when expectations of future inflation (or, more correctly, the future price level) are totally accurate, the last term drops out, so that actual output equals the so-called “natural” level of real GDP. This means that in the Lucas aggregate supply curve, the only reason why actual real GDP should deviate from potential—and the actual unemployment rate should deviate from the “natural” rate—is because of incorrect expectations of what is going to happen with prices in the future. (The idea has been expressed first by Keynes, General Theory, Chapter 20 section III paragraph 4).

This differs from other views of the Phillips curve, in which the failure to attain the “natural” level of output can be due to the imperfection or incompleteness of markets, the stickiness of prices, and the like. In the non-Lucas view, incorrect expectations can contribute to aggregate demand failure, but they are not the only cause. To the “new Classical” followers of Lucas, markets are presumed to be perfect and always attain equilibrium (given inflationary expectations).

We re-arrange the equation into:

{\displaystyle P=P_{e}+{\frac {Y-Y_{n}}{a}}}P=P_{e}+{\frac {Y-Y_{n}}{a}}

Next we add unexpected exogenous shocks to the world supply v:

{\displaystyle P=P_{e}+{\frac {Y-Y_{n}}{a}}+v}P=P_{e}+{\frac {Y-Y_{n}}{a}}+v

Subtracting last year’s price levels P−1 will give us inflation rates, because

{\displaystyle P-P_{-1}\ \approx \pi }P-P_{{-1}}\ \approx \pi

and

{\displaystyle P_{e}-P_{-1}\ \approx \pi _{e}}P_{e}-P_{{-1}}\ \approx \pi _{e}

where π and πe are the inflation and expected inflation respectively.

There is also a negative relationship between output and unemployment (as expressed by Okun’s law). Therefore, using

{\displaystyle {\frac {Y-Y_{n}}{a}}=-b(U-U_{n})}{\frac {Y-Y_{n}}{a}}=-b(U-U_{n})

where b is a positive constant, U is unemployment, and Un is the natural rate of unemployment or NAIRU, we arrive at the final form of the short-run Phillips curve:

{\displaystyle \pi =\pi _{e}-b(U-U_{n})+v\,}\pi =\pi _{e}-b(U-U_{n})+v\,

This equation, plotting inflation rate π against unemployment U gives the downward-sloping curve in the diagram that characterises the Phillips curve.

New Keynesian version

The New Keynesian Phillips curve was originally derived by Roberts in 1995,[17] and since been used in most state-of-the-art New Keynesian DSGE models like the one of Clarida, Galí, and Gertler (2000).[18][19]

{\displaystyle \pi _{t}=\beta E_{t}[\pi _{t+1}]+\kappa y_{t}}\pi _{{t}}=\beta E_{{t}}[\pi _{{t+1}}]+\kappa y_{{t}}

where {\displaystyle \kappa ={\frac {\alpha [1-(1-\alpha )\beta ]\phi }{1-\alpha }}}\kappa ={\frac {\alpha [1-(1-\alpha )\beta ]\phi }{1-\alpha }}. The current expectations of next period’s inflation are incorporated as {\displaystyle \beta E_{t}[\pi _{t+1}]}\beta E_{{t}}[\pi _{{t+1}}]

NAIRU and rational expectations

Short-Run Phillips Curve before and after Expansionary Policy, with Long-Run Phillips Curve (NAIRU)

In the 1970s, new theories, such as rational expectations and the NAIRU (non-accelerating inflation rate of unemployment) arose to explain how stagflation could occur. The latter theory, also known as the “natural rate of unemployment“, distinguished between the “short-term” Phillips curve and the “long-term” one. The short-term Phillips Curve looked like a normal Phillips Curve, but shifted in the long run as expectations changed. In the long run, only a single rate of unemployment (the NAIRU or “natural” rate) was consistent with a stable inflation rate. The long-run Phillips Curve was thus vertical, so there was no trade-off between inflation and unemployment. Edmund Phelps won the Nobel Prize in Economics in 2006 in part for this. However, the expectations argument was in fact very widely understood before his work on it.[20]

In the diagram, the long-run Phillips curve is the vertical red line. The NAIRU theory says that when unemployment is at the rate defined by this line, inflation will be stable. However, in the short-run policymakers will face an inflation-unemployment rate tradeoff marked by the “Initial Short-Run Phillips Curve” in the graph. Policymakers can therefore reduce the unemployment rate temporarily, moving from point A to point B through expansionary policy. However, according to the NAIRU, exploiting this short-run tradeoff will raise inflation expectations, shifting the short-run curve rightward to the “New Short-Run Phillips Curve” and moving the point of equilibrium from B to C. Thus the reduction in unemployment below the “Natural Rate” will be temporary, and lead only to higher inflation in the long run.

Since the short-run curve shifts outward due to the attempt to reduce unemployment, the expansionary policy ultimately worsens the exploitable tradeoff between unemployment and inflation. That is, it results in more inflation at each short-run unemployment rate. The name “NAIRU” arises because with actual unemployment below it, inflation accelerates, while with unemployment above it, inflation decelerates. With the actual rate equal to it, inflation is stable, neither accelerating nor decelerating. One practical use of this model was to provide an explanation for stagflation, which confounded the traditional Phillips curve.

The rational expectations theory said that expectations of inflation were equal to what actually happened, with some minor and temporary errors. This in turn suggested that the short-run period was so short that it was non-existent: any effort to reduce unemployment below the NAIRU, for example, would immediately cause inflationary expectations to rise and thus imply that the policy would fail. Unemployment would never deviate from the NAIRU except due to random and transitory mistakes in developing expectations about future inflation rates. In this perspective, any deviation of the actual unemployment rate from the NAIRU was an illusion.

However, in the 1990s in the U.S., it became increasingly clear that the NAIRU did not have a unique equilibrium and could change in unpredictable ways. In the late 1990s, the actual unemployment rate fell below 4% of the labor force, much lower than almost all estimates of the NAIRU. But inflation stayed very moderate rather than accelerating. So, just as the Phillips curve had become a subject of debate, so did the NAIRU.

Furthermore, the concept of rational expectations had become subject to much doubt when it became clear that the main assumption of models based on it was that there exists a single (unique) equilibrium in the economy that is set ahead of time, determined independently of demand conditions. The experience of the 1990s suggests that this assumption cannot be sustained.

Theoretical questions

The Phillips curve started as an empirical observation in search of a theoretical explanation.[citation needed] Specifically, the Phillips curve tried to determine whether the inflation-unemployment link was causal or simply correlational. There are several major explanations of the short-term Phillips curve regularity.

To Milton Friedman there is a short-term correlation between inflation shocks and employment. When an inflationary surprise occurs, workers are fooled into accepting lower pay because they do not see the fall in real wages right away. Firms hire them because they see the inflation as allowing higher profits for given nominal wages. This is a movement along the Phillips curve as with change A. Eventually, workers discover that real wages have fallen, so they push for higher money wages. This causes the Phillips curve to shift upward and to the right, as with B. Some research underlines that some implicit and serious assumptions are actually in the background of the Friedmanian Phillips curve. This information asymmetry and a special pattern of flexibility of prices and wages are both necessary if one wants to maintain the mechanism told by Friedman. However, as it is argued, these presumptions remain completely unrevealed and theoretically ungrounded by Friedman.[21]

Economists such as Milton Friedman and Edmund Phelps reject this theory because it implies that workers suffer from money illusion. According to them, rational workers would only react to real wages, that is, inflation adjusted wages. However, one of the characteristics of a modern industrial economy is that workers do not encounter their employers in an atomized and perfect market. They operate in a complex combination of imperfect markets, monopolies, monopsonies, labor unions, and other institutions. In many cases, they may lack the bargaining power to act on their expectations, no matter how rational they are, or their perceptions, no matter how free of money illusion they are. It is not that high inflation causes low unemployment (as in Milton Friedman’s theory) as much as vice versa: Low unemployment raises worker bargaining power, allowing them to successfully push for higher nominal wages. To protect profits, employers raise prices.

Similarly, built-in inflation is not simply a matter of subjective “inflationary expectations” but also reflects the fact that high inflation can gather momentum and continue beyond the time when it was started, due to the objective price/wage spiral.

However, other economists, like Jeffrey Herbener, argue that price is market-determined and competitive firms cannot simply raise prices.[citation needed] They reject the Phillips curve entirely, concluding that unemployment’s influence is only a small portion of a much larger inflation picture that includes prices of raw materials, intermediate goods, cost of raising capital, worker productivity, land, and other factors.

Gordon’s triangle model

Robert J. Gordon of Northwestern University has analyzed the Phillips curve to produce what he calls the triangle model, in which the actual inflation rate is determined by the sum of

  1. demand pull or short-term Phillips curve inflation,
  2. cost push or supply shocks, and
  3. built-in inflation.

The last reflects inflationary expectations and the price/wage spiral. Supply shocks and changes in built-in inflation are the main factors shifting the short-run Phillips Curve and changing the trade-off. In this theory, it is not only inflationary expectations that can cause stagflation. For example, the steep climb of oil prices during the 1970s could have this result.

Changes in built-in inflation follow the partial-adjustment logic behind most theories of the NAIRU:

  1. Low unemployment encourages high inflation, as with the simple Phillips curve. But if unemployment stays low and inflation stays high for a long time, as in the late 1960s in the U.S., both inflationary expectations and the price/wage spiral accelerate. This shifts the short-run Phillips curve upward and rightward, so that more inflation is seen at any given unemployment rate. (This is with shift B in the diagram.)
  2. High unemployment encourages low inflation, again as with a simple Phillips curve. But if unemployment stays high and inflation stays low for a long time, as in the early 1980s in the U.S., both inflationary expectations and the price/wage spiral slow. This shifts the short-run Phillips curve downward and leftward, so that less inflation is seen at each unemployment rate.

In between these two lies the NAIRU, where the Phillips curve does not have any inherent tendency to shift, so that the inflation rate is stable. However, there seems to be a range in the middle between “high” and “low” where built-in inflation stays stable. The ends of this “non-accelerating inflation range of unemployment rates” change over time.

Joke article

In 2008, Gregor Smith published a joke article in the prestigious Journal of Money, Credit and Banking titled “Japan’s Phillips Curve Looks Like Japan”. This article points out the uncanny resemblance between Japan’s Phillips curve and the country’s geographic shape.[22]

See also

References

  1. ^ Jump up to:a b c Chang, R. (1997) “Is Low Unemployment Inflationary?” Federal Reserve Bank of Atlanta Economic Review 1Q97:4-13
  2. Jump up^ Friedman, Milton (1968). “The role of monetary policy”. American Economic Review. 68 (1): 1–17. JSTOR 1831652.
  3. ^ Jump up to:a b Phelan, John (23 October 2012). “Milton Friedman and the rise and fall of the Phillips Curve”. thecommentator.com. Retrieved September 29, 2014.
  4. Jump up^ “Phillips Curve: The Concise Encyclopedia of Economics – Library of Economics and Liberty”.
  5. Jump up^ “Velocity of MZM Money Stock”. 22 December 2016.
  6. ^ Jump up to:a b Oliver Hossfeld (2010) “US Money Demand, Monetary Overhang, and Inflation Prediction” International Network for Economic Research working paper no. 2010.4
  7. Jump up^ Phillips, A. W. (1958). “The Relationship between Unemployment and the Rate of Change of Money Wages in the United Kingdom 1861-1957”. Economica. 25 (100): 283–299. doi:10.1111/j.1468-0335.1958.tb00003.x.
  8. ^ Jump up to:a b Samuelson, Paul A.; Solow, Robert M. (1960). “Analytical Aspects of Anti-Inflation Policy”. American Economic Review. 50 (2): 177–194. JSTOR 1815021.
  9. Jump up^ Fisher, Irving (1973). “I discovered the Phillips curve: ‘A statistical relation between unemployment and price changes'”. Journal of Political Economy. The University of Chicago Press. 81 (2): 496–502. doi:10.1086/260048. JSTOR 1830534. Reprinted from 1926 edition of International Labour Review.
  10. Jump up^ Forder, James (2014). Macroeconomics and the Phillips Curve Myth. Oxford University Press. ISBN 978-0-19-968365-9.
  11. Jump up^ Domitrovic, Brain (10 October 2011). “The Economics Nobel Goes to Sargent & Sims: Attackers of the Phillips Curve”. Forbes.com. Retrieved 12 October 2011.
  12. Jump up^ Akerlof, George A.; Dickens, William T.; Perry, George L. (2000). “Near-Rational Wage and Price Setting and the Long-Run Phillips Curve”. Brookings Papers on Economic Activity. 2000 (1): 1–60.
  13. Jump up^ Jacob, Reed (2016). “AP Macroeconomics Review: Phillips Curve”. APEconReview.com.
  14. Jump up^ Blanchard, Olivier (2000). Macroeconomics (Second ed.). Prentice Hall. pp. 149–55. ISBN 0-13-013306-X.
  15. Jump up^ Clarida, Richard; Galí, Jordi; Gertler, Mark (1999). “The science of monetary policy: a New-Keynesian perspective”. Journal of Economic Literature. American Economic Association. 37 (4): 1661–1707. doi:10.1257/jel.37.4.1661. JSTOR 2565488.
  16. Jump up^ Blanchard, Olivier; Galí, Jordi (2007). “Real Wage Rigidities and the New Keynesian Model”. Journal of Money, Credit, and Banking. 39 (s1): 35–65. doi:10.1111/j.1538-4616.2007.00015.x.
  17. Jump up^ Roberts, John M. (1995). “New Keynesian Economics and the Phillips Curve”. Journal of Money, Credit and Banking. 27 (4): 975–984. JSTOR 2077783.
  18. Jump up^ Clarida, Richard; Galí, Jordi; Gertler, Mark (2000). “Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory”. The Quarterly Journal of Economics. 115 (1): 147–180. doi:10.1162/003355300554692.
  19. Jump up^ Romer, David (2012). “Dynamic Stochastic General Equilibrium Models of Fluctuation”. Advanced Macroeconomics. New York: McGraw-Hill Irwin. pp. 312–364. ISBN 978-0-07-351137-5.
  20. Jump up^ Forder, James (2010). “The historical place of the ‘Friedman-Phelps’ expectations critique”. European Journal of the History of Economic Thought. 17 (3): 493–511. doi:10.1080/09672560903114875.
  21. Jump up^ Galbács, Peter (2015). The Theory of New Classical Macroeconomics. A Positive Critique. Heidelberg/New York/Dordrecht/London: Springer. doi:10.1007/978-3-319-17578-2. ISBN 978-3-319-17578-2.
  22. Jump up^ Smith, Gregor W. (1 September 2008). “Japan’s Phillips Curve Looks Like Japan”. 40 (6): 1325–1326. doi:10.1111/j.1538-4616.2008.00160.x – via Wiley Online Library.

Further reading

External links

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

Milton Friedman

From Wikipedia, the free encyclopedia
  (Redirected from Milton friedman)
Milton Friedman
Portrait of Milton Friedman.jpg

Friedman in 2004
Born July 31, 1912
Brooklyn, New York, U.S.
Died November 16, 2006 (aged 94)
San Francisco, California, U.S.
Nationality American
Spouse(s) Rose Friedman
Institution
School or
tradition
Chicago School
Alma mater
Doctoral
advisor
Simon Kuznets
Doctoral
students
Phillip Cagan
Harry Markowitz
Lester G. Telser[1]
David I. Meiselman
Neil Wallace
Miguel Sidrauski
Influences
Influenced
Contributions
Awards
Information at IDEAS / RePEc
Signature
Milton friedman signature.svg
Notes

Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy.[4] With George Stigler and others, Friedman was among the intellectual leaders of the second generation of Chicago price theory, a methodological movement at the University of Chicago’s Department of Economics, Law School, and Graduate School of Business from the 1940s onward. Several students and young professors that were recruited or mentored by Friedman at Chicago went on to become leading economists; they include Gary Becker, Robert Fogel, Thomas Sowell,[5] and Robert Lucas, Jr.[6]

Friedman’s challenges to what he later called “naive Keynesian” theory[7] began with his 1950s reinterpretation of the consumption function. In the 1960s, he became the main advocate opposing Keynesian government policies,[8] and described his approach (along with mainstream economics) as using “Keynesian language and apparatus” yet rejecting its “initial” conclusions.[9] He theorized that there existed a “natural” rate of unemployment, and argued that employment above this rate would cause inflation to accelerate.[10] He argued that the Phillips curve was, in the long run, vertical at the “natural rate” and predicted what would come to be known as stagflation.[11] Friedman promoted an alternative macroeconomic viewpoint known as “monetarism“, and argued that a steady, small expansion of the money supply was the preferred policy.[12] His ideas concerning monetary policy, taxation, privatization and deregulation influenced government policies, especially during the 1980s. His monetary theory influenced the Federal Reserve’s response to the global financial crisis of 2007–08.[13]

Friedman was an advisor to Republican U.S. President Ronald Reagan[14] and Conservative British Prime Minister Margaret Thatcher.[15] His political philosophy extolled the virtues of a free market economic system with minimal intervention. He once stated that his role in eliminating U.S. conscription was his proudest accomplishment. In his 1962 book Capitalism and Freedom, Friedman advocated policies such as a volunteer military, freely floating exchange rates, abolition of medical licenses, a negative income tax, and school vouchers.[16] His support for school choice led him to found the Friedman Foundation for Educational Choice, later renamed EdChoice.[17]

Milton Friedman’s works include many monographs, books, scholarly articles, papers, magazine columns, television programs, and lectures, and cover a broad range of economic topics and public policy issues. His books and essays have had an international influence, including in former communist states.[18][19][20][21] A survey of economists ranked Friedman as the second-most popular economist of the twentieth century after John Maynard Keynes,[22] and The Economist described him as “the most influential economist of the second half of the 20th century … possibly of all of it”.[23]

Contents

 [show] 

Early life

Friedman was born in Brooklyn, New York on July 31, 1912. His parents, Sára Ethel (née Landau) and Jenő Saul Friedman,[24] were Jewish immigrants from Beregszász in Carpathian Ruthenia, Kingdom of Hungary (now Berehove in Ukraine). They both worked as dry goods merchants. Shortly after Milton’s birth, the family relocated to Rahway, New Jersey. In his early teens, Friedman was injured in a car accident, which scarred his upper lip.[25] A talented student, Friedman graduated from Rahway High School in 1928, just before his 16th birthday.[26][27]

In 1932, Friedman graduated from Rutgers University, where he specialized in mathematics and economics and initially intended to become an actuary. During his time at Rutgers, Friedman became influenced by two economics professors, Arthur F. Burns and Homer Jones, who convinced him that modern economics could help end the Great Depression.

After graduating from Rutgers, Friedman was offered two scholarships to do graduate work—one in mathematics at Brown University and the other in economics at the University of Chicago.[28] Friedman chose the latter, thus earning a Master of Arts degree in 1933. He was strongly influenced by Jacob Viner, Frank Knight, and Henry Simons. It was at Chicago that Friedman met his future wife, economist Rose Director. During the 1933–1934 academic year he had a fellowship at Columbia University, where he studied statistics with renowned statistician and economist Harold Hotelling. He was back in Chicago for the 1934–1935 academic year, working as a research assistant for Henry Schultz, who was then working on Theory and Measurement of Demand. That year, Friedman formed what would prove to be lifelong friendships with George Stigler and W. Allen Wallis.[29]

Public service

Friedman was initially unable to find academic employment, so in 1935 he followed his friend W. Allen Wallis to Washington, where Franklin D. Roosevelt‘s New Deal was “a lifesaver” for many young economists.[30] At this stage, Friedman said that he and his wife “regarded the job-creation programs such as the WPA, CCC, and PWA appropriate responses to the critical situation,” but not “the price- and wage-fixing measures of the National Recovery Administration and the Agricultural Adjustment Administration.”[31] Foreshadowing his later ideas, he believed price controls interfered with an essential signaling mechanism to help resources be used where they were most valued. Indeed, Friedman later concluded that all government intervention associated with the New Deal was “the wrong cure for the wrong disease,” arguing that the money supply should simply have been expanded, instead of contracted.[32] Later, Friedman and his colleague Anna Schwartz wrote A Monetary History of the United States, 1867–1960, which argued that the Great Depression was caused by a severe monetary contraction due to banking crises and poor policy on the part of the Federal Reserve.[33]

During 1935, he began work for the National Resources Committee, which was then working on a large consumer budget survey. Ideas from this project later became a part of his Theory of the Consumption Function. Friedman began employment with the National Bureau of Economic Research during autumn 1937 to assist Simon Kuznets in his work on professional income. This work resulted in their jointly authored publication Incomes from Independent Professional Practice, which introduced the concepts of permanent and transitory income, a major component of the Permanent Income Hypothesis that Friedman worked out in greater detail in the 1950s. The book hypothesizes that professional licensing artificially restricts the supply of services and raises prices.

During 1940, Friedman was appointed an assistant professor teaching Economics at the University of Wisconsin–Madison, but encountered antisemitism in the Economics department and decided to return to government service.[34][35] From 1941 to 1943 Friedman worked on wartime tax policy for the Federal Government, as an advisor to senior officials of the United States Department of the Treasury. As a Treasury spokesman during 1942 he advocated a Keynesian policy of taxation. He helped to invent the payroll withholding tax system, since the federal government badly needed money in order to fight the war.[36] He later said, “I have no apologies for it, but I really wish we hadn’t found it necessary and I wish there were some way of abolishing withholding now.”[37]

Academic career

Early years

In 1940, Friedman accepted a position at the University of Wisconsin–Madison, but left because of differences with faculty regarding United States involvement in World War II. Friedman believed the United States should enter the war.[38] In 1943, Friedman joined the Division of War Research at Columbia University (headed by W. Allen Wallis and Harold Hotelling), where he spent the rest of World War II working as a mathematical statistician, focusing on problems of weapons design, military tactics, and metallurgical experiments.[38][39]

In 1945, Friedman submitted Incomes from Independent Professional Practice (co-authored with Kuznets and completed during 1940) to Columbia as his doctoral dissertation. The university awarded him a PhD in 1946. Friedman spent the 1945–1946 academic year teaching at the University of Minnesota (where his friend George Stigler was employed). On February 12, 1945, his son, David D. Friedman was born.

University of Chicago

In 1946, Friedman accepted an offer to teach economic theory at the University of Chicago (a position opened by departure of his former professor Jacob Viner to Princeton University). Friedman would work for the University of Chicago for the next 30 years. There he contributed to the establishment of an intellectual community that produced a number of Nobel Prize winners, known collectively as the Chicago school of economics.

At that time, Arthur F. Burns, who was then the head of the National Bureau of Economic Research, asked Friedman to rejoin the Bureau’s staff. He accepted the invitation, and assumed responsibility for the Bureau’s inquiry into the role of money in the business cycle. As a result, he initiated the “Workshop in Money and Banking” (the “Chicago Workshop”), which promoted a revival of monetary studies. During the latter half of the 1940s, Friedman began a collaboration with Anna Schwartz, an economic historian at the Bureau, that would ultimately result in the 1963 publication of a book co-authored by Friedman and Schwartz, A Monetary History of the United States, 1867–1960.

Friedman spent the 1954–1955 academic year as a Fulbright Visiting Fellow at Gonville and Caius College, Cambridge. At the time, the Cambridge economics faculty was divided into a Keynesian majority (including Joan Robinson and Richard Kahn) and an anti-Keynesian minority (headed by Dennis Robertson). Friedman speculated that he was invited to the fellowship, because his views were unacceptable to both of the Cambridge factions. Later his weekly columns for Newsweek magazine (1966–84) were well read and increasingly influential among political and business people.[40] From 1968 to 1978, he and Paul Samuelson participated in the Economics Cassette Series, a biweekly subscription series where the economist would discuss the days’ issues for about a half-hour at a time.[41][42]

Friedman was an economic adviser to Republican presidential candidate Barry Goldwater during 1964.

Personal life

Retirement

In 1977, at the age of 65, Friedman retired from the University of Chicago after teaching there for 30 years. He and his wife moved to San Francisco where he became a visiting scholar at the Federal Reserve Bank of San Francisco. From 1977 on, he was affiliated with the Hoover Institution at Stanford University. During the same year, Friedman was approached by the Free To Choose Network and asked to create a television program presenting his economic and social philosophy.

The Friedmans worked on this project for the next three years, and during 1980, the ten-part series, titled Free to Choose, was broadcast by the Public Broadcasting Service (PBS). The companion book to the series (co-authored by Milton and his wife, Rose Friedman), also titled Free To Choose, was the bestselling nonfiction book of 1980 and has since been translated into 14 foreign languages.

Friedman served as an unofficial adviser to Ronald Reagan during his 1980 presidential campaign, and then served on the President’s Economic Policy Advisory Board for the rest of the Reagan Administration. Ebenstein says Friedman was “the ‘guru’ of the Reagan administration.”[43] In 1988 he received the National Medal of Science and Reagan honored him with the Presidential Medal of Freedom. Milton Friedman is known now as one of the most influential economists of the 20th century.[44][45] Throughout the 1980s and 1990s, Friedman continued to write editorials and appear on television. He made several visits to Eastern Europe and to China, where he also advised governments. He was also for many years a Trustee of the Philadelphia Society.[46][47][48]

Later life

According to a 2007 article in Commentary magazine, his “parents were moderately observant [Jews], but Friedman, after an intense burst of childhood piety, rejected religion altogether.”[49] He described himself as an agnostic.[50] Friedman wrote extensively of his life and experiences, especially in 1998 in his memoirs with his wife Rose, titled Two Lucky People.

Death

Friedman died of heart failure at the age of 94 years in San Francisco on November 16, 2006.[51] He was still a working economist performing original economic research; his last column was published in The Wall Street Journal the day after his death.[52] He was survived by his wife (who died on August 18, 2009) and their two children, David, known for the anarcho-capitalist book The Machinery of Freedom, and Janet.

Scholarly contributions

Economics

Friedman was best known for reviving interest in the money supply as a determinant of the nominal value of output, that is, the quantity theory of money. Monetarism is the set of views associated with modern quantity theory. Its origins can be traced back to the 16th-century School of Salamanca or even further; however, Friedman’s contribution is largely responsible for its modern popularization. He co-authored, with Anna Schwartz, A Monetary History of the United States, 1867–1960 (1963), which was an examination of the role of the money supply and economic activity in the U.S. history. A striking conclusion of their research regarded the way in which money supply fluctuations contribute to economic fluctuations. Several regression studies with David Meiselman during the 1960s suggested the primacy of the money supply over investment and government spending in determining consumption and output. These challenged a prevailing, but largely untested, view on their relative importance. Friedman’s empirical research and some theory supported the conclusion that the short-run effect of a change of the money supply was primarily on output but that the longer-run effect was primarily on the price level.

Friedman was the main proponent of the monetarist school of economics. He maintained that there is a close and stable association between inflation and the money supply, mainly that inflation could be avoided with proper regulation of the monetary base’s growth rate. He famously used the analogy of “dropping money out of a helicopter.”,[53] in order to avoid dealing with money injection mechanisms and other factors that would overcomplicate his models.

Friedman’s arguments were designed to counter the popular concept of cost-push inflation, that the increased general price level at the time was the result of increases in the price of oil, or increases in wages; as he wrote,

Inflation is always and everywhere a monetary phenomenon.

— Milton Friedman, 1963.[54]

Friedman rejected the use of fiscal policy as a tool of demand management; and he held that the government’s role in the guidance of the economy should be restricted severely. Friedman wrote extensively on the Great Depression, which he termed the Great Contraction, arguing that it had been caused by an ordinary financial shock whose duration and seriousness were greatly increased by the subsequent contraction of the money supply caused by the misguided policies of the directors of the Federal Reserve.

The Fed was largely responsible for converting what might have been a garden-variety recession, although perhaps a fairly severe one, into a major catastrophe. Instead of using its powers to offset the depression, it presided over a decline in the quantity of money by one-third from 1929 to 1933 … Far from the depression being a failure of the free-enterprise system, it was a tragic failure of government.

— Milton Friedman, Two Lucky People, 233[55]

Friedman also argued for the cessation of government intervention in currency markets, thereby spawning an enormous literature on the subject, as well as promoting the practice of freely floating exchange rates. His close friend George Stigler explained, “As is customary in science, he did not win a full victory, in part because research was directed along different lines by the theory of rational expectations, a newer approach developed by Robert Lucas, also at the University of Chicago.”[56] The relationship between Friedman and Lucas, or new classical macroeconomics as a whole, was highly complex. The Friedmanian Phillips curve was an interesting starting point for Lucas, but he soon realized that the solution provided by Friedman was not quite satisfactory. Lucas elaborated a new approach in which rational expectations were presumed instead of the Friedmanian adaptive expectations. Due to this reformulation, the story in which the theory of the new classical Phillips curve was embedded radically changed. This modification, however, had a significant effect on Friedman’s own approach, so, as a result, the theory of the Friedmanian Phillips curve also changed.[57] Moreover, new classical Neil Wallace, who was a graduate student at the University of Chicago between 1960 and 1963, regarded Friedman’s theoretical courses as a mess.[58] This evaluation clearly indicates the broken relationship between Friedmanian monetarism and new classical macroeconomics.

Friedman was also known for his work on the consumption function, the permanent income hypothesis (1957), which Friedman himself referred to as his best scientific work.[59] This work contended that rational consumers would spend a proportional amount of what they perceived to be their permanent income. Windfall gains would mostly be saved. Tax reductions likewise, as rational consumers would predict that taxes would have to increase later to balance public finances. Other important contributions include his critique of the Phillips curve and the concept of the natural rate of unemployment (1968). This critique associated his name, together with that of Edmund Phelps, with the insight that a government that brings about greater inflation cannot permanently reduce unemployment by doing so. Unemployment may be temporarily lower, if the inflation is a surprise, but in the long run unemployment will be determined by the frictions and imperfections of the labor market.

Friedman’s essay “The Methodology of Positive Economics” (1953) provided the epistemological pattern for his own subsequent research and to a degree that of the Chicago School. There he argued that economics as science should be free of value judgments for it to be objective. Moreover, a useful economic theory should be judged not by its descriptive realism but by its simplicity and fruitfulness as an engine of prediction. That is, students should measure the accuracy of its predictions, rather than the ‘soundness of its assumptions’. His argument was part of an ongoing debate among such statisticians as Jerzy Neyman, Leonard Savage, and Ronald Fisher.[60]

Statistics

One of his most famous contributions to statistics is sequential sampling. Friedman did statistical work at the Division of War Research at Columbia, where he and his colleagues came up with the technique. It later became, in the words of The New Palgrave Dictionary of Economics, “the standard analysis of quality control inspection”. The dictionary adds, “Like many of Friedman’s contributions, in retrospect it seems remarkably simple and obvious to apply basic economic ideas to quality control; that however is a measure of his genius.”[61]

Public policy positions

Federal Reserve

Due to its poor performance,[62] Friedman believed that the Federal Reserve Board should be abolished.[63][64] Friedman was deeply critical about Federal Reserve policies, even during the so-called ‘Volcker shock’ that was labelled ‘monetarist.’[65] He further believed that if the money supply was to be centrally controlled (as by the Federal Reserve System) that the preferable way to do it would be with a mechanical system that would keep the quantity of money increasing at a steady rate.

Exchange rates

Friedman was a strong advocate for floating exchange rates throughout the entire Bretton-Woods period. He argued that a flexible exchange rate would make external adjustment possible and allow countries to avoid Balance of Payments crises. He saw fixed exchange rates as an undesirable form of government intervention. The case was articulated in an influential 1953 paper, “The Case for Flexible Exchange Rates”, at a time, when most commentators regarded the possibility of floating exchange rates as a fantasy.[66][67]

School choice

In his 1955 article “The Role of Government in Education”[68] Friedman proposed supplementing publicly operated schools with privately run but publicly funded schools through a system of school vouchers.[69] Reforms similar to those proposed in the article were implemented in, for example, Chile in 1981 and Sweden in 1992.[70] In 1996, Friedman, together with his wife, founded the Friedman Foundation for Educational Choice to advocate school choice and vouchers. In 2016, the Friedman Foundation changed its name to EdChoice to honor the Friedmans’ desire to have the educational choice movement live on without their names attached to it after their deaths.[17]

Conscription

While Walter Oi is credited with establishing the economic basis for a volunteer military, Milton Friedman was a proponent, stating that the draft was “inconsistent with a free society.”[71][72] In Capitalism and Freedom, he argued that conscription is inequitable and arbitrary, preventing young men from shaping their lives as they see fit.[73] During the Nixon administration he headed the committee to research a conversion to paid/volunteer armed force. He would later state that his role in eliminating the conscription in the United States was his proudest accomplishment.[12] Friedman did, however, believe a nation could compel military training as a reserve in case of war time.[73]

Foreign policy

Biographer Lanny Ebenstein noted a drift over time in Friedman’s views from an interventionist to a more cautious foreign policy.[74] He supported US involvement in the Second World War and initially supported a hard line against Communism, but moderated over time.[74] He opposed the Gulf War and the Iraq War.[74] In a spring 2006 interview, Friedman said that the USA’s stature in the world had been eroded by the Iraq War, but that it might be improved if Iraq were to become a peaceful independent country.[75]

Libertarianism and the Republican Party

He served as a member of President Reagan’s Economic Policy Advisory Board starting at 1981. In 1988, he received the Presidential Medal of Freedom and the National Medal of Science. He said that he was a libertarian philosophically, but a member of the U.S. Republican Party for the sake of “expediency” (“I am a libertarian with a small ‘l’ and a Republican with a capital ‘R.’ And I am a Republican with a capital ‘R’ on grounds of expediency, not on principle.”) But, he said, “I think the term classical liberal is also equally applicable. I don’t really care very much what I’m called. I’m much more interested in having people thinking about the ideas, rather than the person.”[76]

Public goods and monopoly

Friedman was supportive of the state provision of some public goods that private businesses are not considered as being able to provide. However, he argued that many of the services performed by government could be performed better by the private sector. Above all, if some public goods are provided by the state, he believed that they should not be a legal monopoly where private competition is prohibited; for example, he wrote:

There is no way to justify our present public monopoly of the post office. It may be argued that the carrying of mail is a technical monopoly and that a government monopoly is the least of evils. Along these lines, one could perhaps justify a government post office, but not the present law, which makes it illegal for anybody else to carry the mail. If the delivery of mail is a technical monopoly, no one else will be able to succeed in competition with the government. If it is not, there is no reason why the government should be engaged in it. The only way to find out is to leave other people free to enter.

— Milton Friedman, Friedman, Milton & Rose D. Capitalism and Freedom, University of Chicago Press, 1982, p. 29

Social security, welfare programs, and negative income tax

After 1960 Friedman attacked Social Security from a free market view stating that it had created welfare dependency.[77]

Friedman proposed that if there had to be a welfare system of any kind, he would replace the existing U.S. welfare system with a negative income tax, a progressive tax system in which the poor receive a basic living income from the government.[78] According to the New York Times, Friedman’s views in this regard were grounded in a belief that while “market forces … accomplish wonderful things”, they “cannot ensure a distribution of income that enables all citizens to meet basic economic needs”.[78]

Drug policy

Friedman also supported libertarian policies such as legalization of drugs and prostitution. During 2005, Friedman and more than 500 other economists advocated discussions regarding the economic benefits of the legalization of marijuana.[79]

Gay rights

Friedman was also a supporter of gay rights.[80][81] He never specifically supported same-sex marriage, instead saying “I do not believe there should be any discrimination against gays.”[81]

Economic freedom

Michael Walker of the Fraser Institute and Friedman hosted a series of conferences from 1986 to 1994. The goal was to create a clear definition of economic freedom and a method for measuring it. Eventually this resulted in the first report on worldwide economic freedom, Economic Freedom in the World.[82] This annual report has since provided data for numerous peer-reviewed studies and has influenced policy in several nations.

Along with sixteen other distinguished economists he opposed the Copyright Term Extension Act and filed an amicus brief in Eldred v. Ashcroft.[83] He supported the inclusion of the word “no-brainer” in the brief.[84]

Friedman argued for stronger basic legal (constitutional) protection of economic rights and freedoms to further promote industrial-commercial growth and prosperity and buttress democracy and freedom and the rule of law generally in society.[85]

Honors, recognition, and influence

George H. Nash, a leading historian of American conservatism, says that by, “the end of the 1960s he was probably the most highly regarded and influential conservative scholar in the country, and one of the few with an international reputation.”[86] Friedman allowed the libertarian Cato Institute to use his name for its biannual Milton Friedman Prize for Advancing Liberty beginning in 2001. A Friedman Prize was given to the late British economist Peter Bauer in 2002, Peruvian economist Hernando de Soto in 2004, Mart Laar, former Estonian Prime Minister in 2006 and a young Venezuelan student Yon Goicoechea in 2008. His wife Rose, sister of Aaron Director, with whom he initiated the Friedman Foundation for Educational Choice, served on the international selection committee.[87][88] Friedman was also a recipient of the Nobel Prize in Economics.

Upon Friedman’s death, Harvard President Lawrence Summers called him “The Great Liberator” saying “… any honest Democrat will admit that we are now all Friedmanites.” He said Friedman’s great popular contribution was “in convincing people of the importance of allowing free markets to operate.”[89]

In 2013 Stephen Moore, a member of the editorial forward of the Wall Street Journal said, “Quoting the most-revered champion of free-market economics since Adam Smith has become a little like quoting the Bible.” He adds, “There are sometimes multiple and conflicting interpretations.”[90]

Nobel Memorial Prize in Economic Sciences

Friedman won the Nobel Memorial Prize in Economic Sciences, the sole recipient for 1976, “for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilization policy.”[4]

Hong Kong

Friedman once said, “If you want to see capitalism in action, go to Hong Kong.”[91] He wrote in 1990 that the Hong Kong economy was perhaps the best example of a free market economy.[92]

One month before his death, he wrote the article “Hong Kong Wrong – What would Cowperthwaite say?” in the Wall Street Journal, criticizing Donald Tsang, the Chief Executive of Hong Kong, for abandoning “positive noninterventionism.”[93] Tsang later said he was merely changing the slogan to “big market, small government,” where small government is defined as less than 20% of GDP. In a debate between Tsang and his rival, Alan Leong, before the 2007 Chief Executive election, Leong introduced the topic and jokingly accused Tsang of angering Friedman to death.

Chile

Main articles: Miracle of Chile and Chicago Boys

During 1975, two years after the military coup that brought military dictator President Augusto Pinochet to power and ended the government of Salvador Allende, the economy of Chile experienced a severe crisis. Friedman and Arnold Harberger accepted an invitation of a private Chilean foundation to visit Chile and speak on principles of economic freedom.[94] He spent seven days in Chile giving a series of lectures at the Universidad Católica de Chile and the (National) University of Chile. One of the lectures was entitled “The Fragility of Freedom” and according to Friedman, “dealt with precisely the threat to freedom from a centralized military government.”[95]

In an April 21, 1975, letter to Pinochet, Friedman considered the “key economic problems of Chile are clearly … inflation and the promotion of a healthy social market economy“.[96] He stated that “There is only one way to end inflation: by drastically reducing the rate of increase of the quantity of money …” and that “… cutting government spending is by far and away the most desirable way to reduce the fiscal deficit, because it … strengthens the private sector thereby laying the foundations for healthy economic growth”.[96] As to how rapidly inflation should be ended, Friedman felt that “for Chile where inflation is raging at 10–20% a month … gradualism is not feasible. It would involve so painful an operation over so long a period that the patient would not survive.” Choosing “a brief period of higher unemployment…” was the lesser evil.. and that “the experience of Germany, … of Brazil …, of the post-war adjustment in the U.S. … all argue for shock treatment“. In the letter Friedman recommended to deliver the shock approach with “… a package to eliminate the surprise and to relieve acute distress” and “… for definiteness let me sketch the contents of a package proposal … to be taken as illustrative” although his knowledge of Chile was “too limited to enable [him] to be precise or comprehensive”. He listed a “sample proposal” of 8 monetary and fiscal measures including “the removal of as many as obstacles as possible that now hinder the private market. For example, suspend … the present law against discharging employees”. He closed, stating “Such a shock program could end inflation in months”. His letter suggested that cutting spending to reduce the fiscal deficit would result in less transitional unemployment than raising taxes.

Sergio de Castro, a Chilean Chicago School graduate, became the nation’s Minister of Finance in 1975. During his six-year tenure, foreign investment increased, restrictions were placed on striking and labor unions, and GDP rose yearly.[97] A foreign exchange program was created between the Catholic University of Chile and the University of Chicago. Many other Chicago School alumni were appointed government posts during and after the Pinochet years; others taught its economic doctrine at Chilean universities. They became known as the Chicago Boys.[98]

Friedman did not criticize Pinochet’s dictatorship at the time, nor the assassinations, illegal imprisonments, torture, or other atrocities that were well known by then.[99] In 1976 Friedman defended his unofficial adviser position with: “I do not consider it as evil for an economist to render technical economic advice to the Chilean Government, any more than I would regard it as evil for a physician to give technical medical advice to the Chilean Government to help end a medical plague.”[100]

Friedman defended his activity in Chile on the grounds that, in his opinion, the adoption of free market policies not only improved the economic situation of Chile but also contributed to the amelioration of Pinochet’s rule and to the eventual transition to a democratic government during 1990. That idea is included in Capitalism and Freedom, in which he declared that economic freedom is not only desirable in itself but is also a necessary condition for political freedom. In his 1980 documentary Free to Choose, he said the following: “Chile is not a politically free system, and I do not condone the system. But the people there are freer than the people in Communist societies because government plays a smaller role. … The conditions of the people in the past few years has been getting better and not worse. They would be still better to get rid of the junta and to be able to have a free democratic system.”[101][102] In 1984, Friedman stated that he has “never refrained from criticizing the political system in Chile.”[95] In 1991 he said: “I have nothing good to say about the political regime that Pinochet imposed. It was a terrible political regime. The real miracle of Chile is not how well it has done economically; the real miracle of Chile is that a military junta was willing to go against its principles and support a free market regime designed by principled believers in a free market. […] In Chile, the drive for political freedom, that was generated by economic freedom and the resulting economic success, ultimately resulted in a referendum that introduced political democracy. Now, at long last, Chile has all three things: political freedom, human freedom and economic freedom. Chile will continue to be an interesting experiment to watch to see whether it can keep all three or whether, now that it has political freedom,