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The Pronk Pops Show — Week in Review — September 1-9, 2017 — Videos

Posted on September 10, 2017. Filed under: American History, Blogroll, Books, Business, Climate, College, Communications, Congress, conservatives, Constitution, Corruption, Crime, Crisis, Cult, Culture, Demographics, Education, Elections, Employment, Entertainment, Essays, Faith, Family, Fraud, Heroes, history, Homes, Law, liberty, Life, Links, Literacy, Love, Mastery, media, Money, Movies, Newspapers, Non-Fiction, Nuclear Proliferation, People, Philosophy, Photos, Plays, Police, Politics, Presidential Candidates, Press, Programming, Radio, Radio, Rants, Raves, Raymond Thomas Pronk, Television, Television, Video, War, Water, Wealth, Weapons of Mass Destruction, Weather, Welfare, Wisdom, Work, Writing | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

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The Pronk Pops Show Podcasts

Pronk Pops Show 960, September 8, 2017

Pronk Pops Show 959, September 7, 2017

Pronk Pops Show 958, September 6, 2017

Pronk Pops Show 957, September 5, 2017

Pronk Pops Show 956, August 31, 2017

Pronk Pops Show 955, August 30, 2017

Pronk Pops Show 954, August 29, 2017

Pronk Pops Show 953, August 28, 2017

Pronk Pops Show 952, August 25, 2017

Pronk Pops Show 951, August 24, 2017

Pronk Pops Show 950, August 23, 2017

Pronk Pops Show 949, August 22, 2017

Pronk Pops Show 948, August 21, 2017

Pronk Pops Show 947, August 16, 2017

Pronk Pops Show 946, August 15, 2017

Pronk Pops Show 945, August 14, 2017

Pronk Pops Show 944, August 10, 2017

Pronk Pops Show 943, August 9, 2017

Pronk Pops Show 942, August 8, 2017

Pronk Pops Show 941, August 7, 2017

Pronk Pops Show 940, August 3, 2017

Pronk Pops Show 939,  August 2, 2017

Pronk Pops Show 938, August 1, 2017

Pronk Pops Show 937, July 31, 2017

Pronk Pops Show 936, July 27, 2017

Pronk Pops Show 935, July 26, 2017

Pronk Pops Show 934, July 25, 2017

Pronk Pops Show 934, July 25, 2017

Pronk Pops Show 933, July 24, 2017

Pronk Pops Show 932, July 20, 2017

Pronk Pops Show 931, July 19, 2017

Pronk Pops Show 930, July 18, 2017

Pronk Pops Show 929, July 17, 2017

Pronk Pops Show 928, July 13, 2017

Pronk Pops Show 927, July 12, 2017

Pronk Pops Show 926, July 11, 2017

Pronk Pops Show 925, July 10, 2017

Pronk Pops Show 924, July 6, 2017

Pronk Pops Show 923, July 5, 2017

Pronk Pops Show 922, July 3, 2017

Pronk Pops Show 921, June 29, 2017

Pronk Pops Show 920, June 28, 2017

Pronk Pops Show 919, June 27, 2017

Pronk Pops Show 918, June 26, 2017

Pronk Pops Show 917, June 22, 2017

Pronk Pops Show 916, June 21, 2017

Pronk Pops Show 915, June 20, 2017

Pronk Pops Show 914, June 19, 2017

Pronk Pops Show 913, June 16, 2017

Pronk Pops Show 912, June 15, 2017

Pronk Pops Show 911, June 14, 2017

Pronk Pops Show 910, June 13, 2017

Pronk Pops Show 909, June 12, 2017

Pronk Pops Show 908, June 9, 2017

Pronk Pops Show 907, June 8, 2017

Pronk Pops Show 906, June 7, 2017

Pronk Pops Show 905, June 6, 2017

Pronk Pops Show 904, June 5, 2017

Pronk Pops Show 903, June 1, 2017

Image result for trump's true colors liberal democrat

Image result for hurricane irma Sunday 10 september 2017 5 pm EDTImage result for hurricane irma hits florida 30 minutes ago Image result for hurricane irma latest track

 

The Pronk Pops Show 960

September 8, 2017

The Breaking and Developing Story 1: Category 4 Hurricane Irma Over 500 Miles Wide Bigger Than Texas with 150 MPH Sustained Winds Slows Down Turns Toward West and Tracks Directly Over All of South Florida — Evacuate Now — Hurricane Irma Will Hit Landfall Sunday Morning With Storm Surge  Up To 12 Feet and Rain Fall 10-18 Inches — Over Florida For 24 Hours — All Day Sunday —  Mass Mandatory Evacuation For South Florida — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/09/09/the-pronk-pops-show-960-september-8-2017-the-breaking-and-developing-story-1-category-4-hurricane-irma-over-500-miles-wide-bigger-than-texas-with-150-mph-sustained-winds-slows-down-turns-toward-we/

September 09, 2017 01:21 PM PDT

The Pronk Pops Show 959

September 7, 2017

The Breaking and Developing Story 1: Mandatory Evacuation Ordered For South Florida — Floridians Flee Monster “Nuclear” Hurricane Irma With Wind Speeds Exceeding 185 MPH That Could Hit Either Coast and Miami/Dade County By Saturday — High Rise Buildings With Glass Windows Near Construction Cranes A Major Concern — Gas Shortage A Serious Major Problem For Those Evacuating — Get Out If You Can Now! — When Will Irma Turn North? — Videos —

Story 2: Perspective Please — Over 1200 Killed by Flood in South Asia (India, Bangladesh, Nepal and Pakistan) vs. Over 60 in Texas By Raining Weather Not Climate Change — Worst Flooding in Decades — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/09/08/the-pronk-pops-show-959-september-7-2017-the-breaking-and-developing-story-1-mandatory-evacuation-ordered-for-south-florida-floridians-flee-monster-nuclear-hurricane-irma-with-wind-speeds/

September 08, 2017 02:28 PM PDT

The Pronk Pops Show 958

September 6, 2017

Story 1: President Trump Strikes His True Colors Cuts Deal With Democrats — Just Another Big Government Spending Manhattan Liberal Democrat — American “Big Apple” Pie — The Day The Music Died — Videos —

Story 2: The Day The Republican Party and/or President Trump Gives Citizenship To Illegal Alien Dreamers will Be The Day Republican Party Commits Political Suicide and Gives Birth to the American Independence Party — Trump The Flip Flopper –The Night They Drove Old Dixie Down — Helpless — I Shall Be Released — Forever Young — Videos

For additional videos and information:

https://pronkpops.wordpress.com/2017/09/07/the-pronk-pops-show-958-september-6-2017-story-1-president-trump-strikes-his-true-colors-cuts-deal-with-democrats-just-another-big-government-spending-manhattan-liberal-democrat-american-big/

September 07, 2017 01:46 PM PDT

The Pronk Pops Show 957

September 5, 2017

Story 1: Attorney General Sessions Announced The Rescinding of  Deferred Action for Childhood Arrivals (DACA) But Gives Congress Six Months To Enact Law — Deport and Remove All 30-60 Million Estimated Illegal Aliens In The United States — Enforce U.S. Immigration Laws — No Citizenship For Illegal Aliens — Videos —

Story 2: Kim’s Bada Boom — Hydrogen Bomb Test — China Enabled North Korea’s Nuclear and Missile Weapon Programs — China Should Dismantle North Korea’s Nuclear and Missile Programs —  Otherwise on 1 January 2019 U.S. Government Should Impose A Total U.S. Embargo On All Chinese Imports To U.S. and Ban All Exports From U.S. To China Until North Korea’s Nuclear Weapons and Missile Weapon Programs Are Completely Dismantled — Videos —

Story 3: Preparing For Hurricane Irma — Category 5 Destroyer and Killer Hurricane With Sustained Winds Over 180 Miles Per Hour and  Wind Gusts Exceeding 200 Miles Per Hour — Will It Hit Florida? — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/09/06/the-pronk-pops-show-957-september-5-2017-story-1-attorney-general-sessions-announced-the-rescinding-of-deferred-action-for-childhood-arrivals-daca-but-gives-congress-six-months-to-enact-la/

September 03, 2017 02:54 PM PDT

The Pronk Pop Show 956

August 31, 2017

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

For additional information and videos:

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

September 03, 2017 11:59 AM PDT

The Pronk Pops Show 955

August 30, 2017

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

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

For additional information and videos:

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

 

 

 

The Pronk Pops Show Podcasts Portfolio

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

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

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The Pronk Pops Show Podcasts

Pronk Pops Show 956, August 31, 2017

Pronk Pops Show 955, August 30, 2017

Pronk Pops Show 954, August 29, 2017

Pronk Pops Show 953, August 28, 2017

Pronk Pops Show 952, August 25, 2017

Pronk Pops Show 951, August 24, 2017

Pronk Pops Show 950, August 23, 2017

Pronk Pops Show 949, August 22, 2017

Pronk Pops Show 948, August 21, 2017

Pronk Pops Show 947, August 16, 2017

Pronk Pops Show 946, August 15, 2017

Pronk Pops Show 945, August 14, 2017

Pronk Pops Show 944, August 10, 2017

Pronk Pops Show 943, August 9, 2017

Pronk Pops Show 942, August 8, 2017

Pronk Pops Show 941, August 7, 2017

Pronk Pops Show 940, August 3, 2017

Pronk Pops Show 939,  August 2, 2017

Pronk Pops Show 938, August 1, 2017

Pronk Pops Show 937, July 31, 2017

Pronk Pops Show 936, July 27, 2017

Pronk Pops Show 935, July 26, 2017

Pronk Pops Show 934, July 25, 2017

Pronk Pops Show 934, July 25, 2017

Pronk Pops Show 933, July 24, 2017

Pronk Pops Show 932, July 20, 2017

Pronk Pops Show 931, July 19, 2017

Pronk Pops Show 930, July 18, 2017

Pronk Pops Show 929, July 17, 2017

Pronk Pops Show 928, July 13, 2017

Pronk Pops Show 927, July 12, 2017

Pronk Pops Show 926, July 11, 2017

Pronk Pops Show 925, July 10, 2017

Pronk Pops Show 924, July 6, 2017

Pronk Pops Show 923, July 5, 2017

Pronk Pops Show 922, July 3, 2017

Pronk Pops Show 921, June 29, 2017

Pronk Pops Show 920, June 28, 2017

Pronk Pops Show 919, June 27, 2017

Pronk Pops Show 918, June 26, 2017

Pronk Pops Show 917, June 22, 2017

Pronk Pops Show 916, June 21, 2017

Pronk Pops Show 915, June 20, 2017

Pronk Pops Show 914, June 19, 2017

Pronk Pops Show 913, June 16, 2017

Pronk Pops Show 912, June 15, 2017

Pronk Pops Show 911, June 14, 2017

Pronk Pops Show 910, June 13, 2017

Pronk Pops Show 909, June 12, 2017

Pronk Pops Show 908, June 9, 2017

Pronk Pops Show 907, June 8, 2017

Pronk Pops Show 906, June 7, 2017

Pronk Pops Show 905, June 6, 2017

Pronk Pops Show 904, June 5, 2017

Pronk Pops Show 903, June 1, 2017

Pronk Pops Show 902, May 31, 2017

Pronk Pops Show 901, May 30, 2017

Pronk Pops Show 900, May 25, 2017

Pronk Pops Show 899, May 24, 2017

Pronk Pops Show 898, May 23, 2017

Pronk Pops Show 897, May 22, 2017

Pronk Pops Show 896, May 18, 2017

Pronk Pops Show 895, May 17, 2017

Pronk Pops Show 894, May 16, 2017

Pronk Pops Show 893, May 15, 2017

Pronk Pops Show 892, May 12, 2017

Pronk Pops Show 891, May 11, 2017

Pronk Pops Show 890, May 10, 2017

Pronk Pops Show 889, May 9, 2017

Pronk Pops Show 888, May 8, 2017

Pronk Pops Show 887, May 5, 2017

Pronk Pops Show 886, May 4, 2017

Pronk Pops Show 885, May 3, 2017

Pronk Pops Show 884, May 1, 2017

Image result for branco cartoons on trump tax reform

Image result for rainfall record in south Texas

 

The Pronk Pop Show 956

August 31, 2017

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

For additional information and videos:

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

September 03, 2017 02:30 PM PDT

The Pronk Pops Show 955

August 30, 2017

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

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

For additional information and videos:

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

The Pronk Pops Show 954

August 30, 2017

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

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

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

For additional information and videos:

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

August 30, 2017 06:53 PM PDT

The Pronk Pops Show 953

August 28, 2017

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

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

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

For additional information and videos:

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

August 26, 2017 01:47 PM PDT

The Pronk Pops Show 952

August 25, 2017

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

For additional information and videos:

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

August 26, 2017 10:23 AM PDT

 

 

The Pronk Pops Show Podcasts Portfolio

Listen To Pronk Pops Podcast or Download Shows 955-956

Listen To Pronk Pops Podcast or Download Shows 946-954

Listen To Pronk Pops Podcast or Download Shows 938-945

Listen To Pronk Pops Podcast or Download Shows 926-937

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Listen To Pronk Pops Podcast or Download Shows 889-896

Listen To Pronk Pops Podcast or Download Shows 884-888

Listen To Pronk Pops Podcast or Download Shows 878-883

Listen To Pronk Pops Podcast or Download Shows 870-877

Listen To Pronk Pops Podcast or Download Shows 864-869

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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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PHILOSOPHY – Montaigne

Philosophy – A Guide to Happiness: Montaigne on Self-Esteem

Will Durant — Michel de Montaigne

Michel de Montaigne (1533-1592)

“That to Study Philosophy is to Learn to Die” Essay by Michel De Montaigne

Essays – Book 1 by Michel Eyquem de Montaigne – Audiobook ( Part 1/3 )

Essays – Book 1 by Michel Eyquem de Montaigne – Audiobook ( Part 2/3 )

Essays – Book 1 by Michel Eyquem de Montaigne – Audiobook ( Part 3/3 )

Essays – Book 2 by Michel Eyquem de Montaigne – Audiobook ( Part 1/5 )

Essays – Book 2 by Michel Eyquem de Montaigne – Audiobook ( Part 2/5 )

Essays – Book 2 by Michel Eyquem de Montaigne – Audiobook ( Part 3/5 )

Essays – Book 2 by Michel Eyquem de Montaigne – Audiobook ( Part 4/5 )

Essays – Book 2 by Michel Eyquem de Montaigne – Audiobook ( Part 5/5 )

Essays – Book 3 by Michel Eyquem de Montaigne – Audiobook ( Part 1/4 )

Essays – Book 3 by Michel Eyquem de Montaigne – Audiobook ( Part 2/4 )

Essays – Book 3 by Michel Eyquem de Montaigne – Audiobook ( Part 3/4 )

Essays – Book 3 by Michel Eyquem de Montaigne – Audiobook ( Part 4/4 )

Documentary – Western Philosophy, Part 1 – Classical Education

Documentary – Western Philosophy, Part 2 – Classical Education

Michel de Montaigne

From Wikipedia, the free encyclopedia
“Montaigne” redirects here. For the Australian singer-songwriter, see Montaigne (musician).
Michel de Montaigne
Michel de Montaigne 1.jpg
Born Michel de Montaigne
28 February 1533
Château de Montaigne, Guyenne, France
Died 13 September 1592 (aged 59)
Château de Montaigne, Guyenne, France
Alma mater College of Guienne
Collège Royal
University of Toulouse
Era Renaissance philosophy
Region Western Philosophy
School Renaissance humanismRenaissance skepticism
Notable ideas
The essay,
Montaigne’s wheel argument[1]
Signature
Unterschrift des Michel de Montaigne.png

Michel Eyquem de Montaigne, Lord of Montaigne (/mɒnˈtn/;[3]French: [miʃɛl ekɛm də mɔ̃tɛɲ]; 28 February 1533 – 13 September 1592) was one of the most significant philosophers of the French Renaissance, known for popularizing the essay as a literary genre. His work is noted for its merging of casual anecdotes[4] and autobiography with serious intellectual insight; his massive volume Essais (translated literally as “Attempts” or “Trials”) contains some of the most influential essays ever written.

Montaigne had a direct influence on writers all over the world, including Francis Bacon, René Descartes,[5] Blaise Pascal, Jean-Jacques Rousseau, Albert Hirschman, William Hazlitt,[6] Ralph Waldo Emerson, Friedrich Nietzsche, Stefan Zweig, Eric Hoffer,[7] Isaac Asimov, and possibly on the later works of William Shakespeare.

In his own lifetime, Montaigne was admired more as a statesman than as an author. The tendency in his essays to digress into anecdotes and personal ruminations was seen as detrimental to proper style rather than as an innovation, and his declaration that, “I am myself the matter of my book”, was viewed by his contemporaries as self-indulgent. In time, however, Montaigne would come to be recognized as embodying, perhaps better than any other author of his time, the spirit of freely entertaining doubt which began to emerge at that time. He is most famously known for his skeptical remark, “Que sçay-je?” (“What do I know?”, in Middle French; now rendered as Que sais-je? in modern French).

Remarkably modern even to readers today, Montaigne’s attempt to examine the world through the lens of the only thing he can depend on implicitly—his own judgment—makes him more accessible to modern readers than any other author of the Renaissance. Much of modern literary non-fiction has found inspiration in Montaigne and writers of all kinds continue to read him for his masterful balance of intellectual knowledge and personal storytelling.

Life

Château de Montaigne, a house built on the land once owned by Montaigne’s family. His original family home no longer exists, though the tower in which he wrote still stands.

Portrait of Michel de Montaigne by Dumonstier around 1578.

The Tour de Montaigne (Montaigne’s tower), mostly unchanged since the 16th century, where Montaigne’s library was located

Montaigne was born in the Aquitaine region of France, on the family estate Château de Montaigne, in a town now called Saint-Michel-de-Montaigne, close to Bordeaux. The family was very wealthy; his great-grandfather, Ramon Felipe Eyquem, had made a fortune as a herring merchant and had bought the estate in 1477, thus becoming the Lord of Montaigne. His father, Pierre Eyquem, Seigneur of Montaigne, was a French Catholic soldier in Italy for a time and had also been the mayor of Bordeaux.

Although there were several families bearing the patronym “Eyquem” in Guyenne, his family is thought to have had some degree of Marrano (Spanish and Portuguese Jewish) origins.[8] His mother, Antoinette López de Villanueva, was a convert to Protestantism.[9] His maternal grandfather, Pedro Lopez,[10] from Zaragoza, was from a wealthy Marrano (Sephardic Jewish) family who had converted to Catholicism.[11][12][13][14] His maternal grandmother, Honorette Dupuy, was from a Catholic family in Gascony, France.[15]

The coat of arms of Michel Eyquem, Lord of Montaigne

His mother lived a great part of Montaigne’s life near him, and even survived him, but is mentioned only twice in his essays. Montaigne’s relationship with his father, however, is frequently reflected upon and discussed in his essays.

Montaigne’s education began in early childhood and followed a pedagogical plan that his father had developed, refined by the advice of the latter’s humanist friends. Soon after his birth, Montaigne was brought to a small cottage, where he lived the first three years of life in the sole company of a peasant family, in order to, according to the elder Montaigne, “draw the boy close to the people, and to the life conditions of the people, who need our help”.[16] After these first spartan years, Montaigne was brought back to the château. The objective was for Latin to become his first language.

The intellectual education of Montaigne was assigned to a German tutor (a doctor named Horstanus, who could not speak French). His father hired only servants who could speak Latin, and they also were given strict orders always to speak to the boy in Latin. The same rule applied to his mother, father, and servants, who were obliged to use only Latin words he himself employed, and thus acquired a knowledge of the very language his tutor taught him. Montaigne’s Latin education was accompanied by constant intellectual and spiritual stimulation. He was familiarized with Greek by a pedagogical method that employed games, conversation, and exercises of solitary meditation, rather than the more traditional books.

The atmosphere of the boy’s upbringing, although designed by highly refined rules taken under advisement by his father, created in the boy’s life the spirit of “liberty and delight” to “make me relish… duty by an unforced will, and of my own voluntary motion…without any severity or constraint”; yet he would have everything to take advantage of his freedom. And so a musician woke him every morning, playing one instrument or another,[17] and an épinettier (with a zither) was the constant companion to Montaigne and his tutor, playing a tune to alleviate boredom and tiredness.

Around the year 1539, Montaigne was sent to study at a prestigious boarding school in Bordeaux, the Collège de Guyenne, then under the direction of the greatest Latin scholar of the era, George Buchanan, where he mastered the whole curriculum by his thirteenth year. He then began his study of law at the University of Toulouse in 1546 and entered a career in the local legal system. He was a counselor of the Court des Aides of Périgueux and, in 1557, he was appointed counselor of the Parlement in Bordeaux (a high court). From 1561 to 1563 he was courtier at the court of Charles IX; he was present with the king at the siege of Rouen (1562). He was awarded the highest honour of the French nobility, the collar of the Order of St. Michael, something to which he aspired from his youth. While serving at the Bordeaux Parlement, he became very close friends with the humanist poet Étienne de la Boétie, whose death in 1563 deeply affected Montaigne. It has been suggested by Donald M. Frame, in his introduction to The Complete Essays of Montaigne that because of Montaigne’s “imperious need to communicate” after losing Étienne, he began the Essais as his “means of communication” and that “the reader takes the place of the dead friend”.[18]

Montaigne wed Françoise de la Cassaigne in 1565, not of his own free will but by prearrangement and under pressure from his family;[citation needed] they had six daughters, but only the second-born survived childhood.

Following the petition of his father, Montaigne started to work on the first translation of the Catalan monk Raymond Sebond‘s Theologia naturalis, which he published a year after his father’s death in 1568 (In 1595, Sebond’s Prologue was put on the Index Librorum Prohibitorum for its declaration that the Bible is not the only source of revealed truth). After this, he inherited the family’s estate, the Château de Montaigne, to which he moved back in 1570, thus becoming the Lord of Montaigne. Another literary accomplishment was Montaigne’s posthumous edition of his friend Boétie’s works.

In 1571, he retired from public life to the Tower of the Château, his so-called “citadel”, in the Dordogne, where he almost totally isolated himself from every social and family affair. Locked up in his library, which contained a collection of some 1,500 works, he began work on his Essais (“Essays”), first published in 1580. On the day of his 38th birthday, as he entered this almost ten-year period of self-imposed reclusion, he had the following inscription crown the bookshelves of his working chamber:

In the year of Christ 1571, at the age of thirty-eight, on the last day of February, his birthday, Michael de Montaigne, long weary of the servitude of the court and of public employments, while still entire, retired to the bosom of the learned virgins, where in calm and freedom from all cares he will spend what little remains of his life, now more than half run out. If the fates permit, he will complete this abode, this sweet ancestral retreat; and he has consecrated it to his freedom, tranquility, and leisure.[19]

During this time of the Wars of Religion in France, Montaigne, a Roman Catholic, acted as a moderating force,[citation needed]respected both by the Catholic King Henry III and the Protestant Henry of Navarre.

In 1578, Montaigne, whose health had always been excellent, started suffering from painful kidney stones, a sickness he had inherited from his father’s family. Throughout this illness, he would have nothing to do with doctors or drugs.[20] From 1580 to 1581, Montaigne traveled in France, Germany, Austria, Switzerland, and Italy, partly in search of a cure, establishing himself at Bagni di Lucca where he took the waters. His journey was also a pilgrimage to the Holy House of Loreto, to which he presented a silver relief depicting himself and his wife and daughter kneeling before the Madonna, considering himself fortunate that it should be hung on a wall within the shrine.[21] He kept a fascinating journal recording regional differences and customs[22] and a variety of personal episodes, including the dimensions of the stones he succeeded in ejecting from his bladder. This was published much later, in 1774, after its discovery in a trunk which is displayed in his tower.[23]

During Montaigne’s visit to the Vatican, as he described in his travel journal, the Essais were examined by Sisto Fabri who served as Master of the Sacred Palace under Pope Gregory XIII. After Fabri examined Montaigne’s Essais the text was returned to its author on 20 March 1581. Montaigne had apologized for references to the pagan notion of “fortuna” as well as for writing favorably of Julian the Apostate and of heretical poets, and was released to follow his own conscience in making emendations to the text.[24]

Journey to Italy by Michel de Montaigne 1580–1581

While in the city of Lucca in 1581, he learned that he had been elected mayor of Bordeaux; he returned and served as mayor. He was re-elected in 1583 and served until 1585, again moderating between Catholics and Protestants. The plague broke out in Bordeaux toward the end of his second term in office, in 1585. In 1586, the plague and the Wars of Religion prompted him to leave his château for two years.[20]

Montaigne continued to extend, revise, and oversee the publication of Essais. In 1588 he wrote its third book and also met the writer Marie de Gournay, who admired his work and later edited and published it. Montaigne called her his adopted daughter.[20] King Henry III was assassinated in 1589, and Montaigne then helped to keep Bordeaux loyal to Henry of Navarre, who would go on to become King Henry IV.

Montaigne died of quinsy at the age of 59, in 1592 at the Château de Montaigne. The disease in his case “brought about paralysis of the tongue”,[25] and he had once said “the most fruitful and natural play of the mind is conversation. I find it sweeter than any other action in life; and if I were forced to choose, I think I would rather lose my sight than my hearing and voice.”[26] Remaining in possession of all his other faculties, he requested mass, and died during the celebration of that mass.[27]

He was buried nearby. Later his remains were moved to the church of Saint Antoine at Bordeaux. The church no longer exists: it became the Convent des Feuillants, which has also disappeared.[28] The Bordeaux Tourist Office says that Montaigne is buried at the Musée Aquitaine, Faculté des Lettres, Université Bordeaux 3 Michel de Montaigne, Pessac. His heart is preserved in the parish church of Saint-Michel-de-Montaigne.

The humanities branch of the University of Bordeaux is named after him: Université Michel de Montaigne Bordeaux 3.

Michel de Montaigne.

Essais

Main article: Essays (Montaigne)

His fame rests on the Essais, a collection of a large number of short subjective treatments of various topics published in 1580, inspired by his studies in the classics, especially by the works of Plutarch and Lucretius.[29] Montaigne’s stated goal is to describe humans, and especially himself, with utter frankness. Montaigne’s writings are studied as literature and philosophy around the world.

Inspired by his consideration of the lives and ideals of the leading figures of his age, he finds the great variety and volatility of human nature to be its most basic features. He describes his own poor memory, his ability to solve problems and mediate conflicts without truly getting emotionally involved, his disdain for the human pursuit of lasting fame, and his attempts to detach himself from worldly things to prepare for his timely death. He writes about his disgust with the religious conflicts of his time. He believed that humans are not able to attain true certainty. The longest of his essays, Apology for Raymond Sebond, contains his famous motto, “What do I know?”

Montaigne considered marriage necessary for the raising of children, but disliked strong feelings of passionate love because he saw them as detrimental to freedom. In education, he favored concrete examples and experience over the teaching of abstract knowledge that has to be accepted uncritically. His essay “On the Education of Children” is dedicated to Diana of Foix.

The Essais exercised important influence on both French and English literature, in thought and style.[30] Francis Bacon‘s Essays, published over a decade later, in 1596, are usually assumed to be directly influenced by Montaigne’s collection, and Montaigne is cited by Bacon alongside other classical sources in later essays.[31]

Montaigne’s influence on psychology

Though not a scientist, Montaigne made observations on topics in psychology.[32] In his essays, he developed and explained his observations of these topics. His thoughts and ideas covered topics such as thought, motivation, fear, happiness, child education, experience, and human action. Montaigne’s ideas have influenced psychology and are a part of psychology’s rich history.

Child education

Child education was among the psychological topics that he wrote about.[32] His essays On the Education of Children, On Pedantry, and On Experience explain the views he had on child education.[33]:61:62:70 Some of his views on child education are still relevant today.[34]

Montaigne’s views on the education of children were opposed to the common educational practices of his day.[33]:63:67He found fault with both what was taught and how it was taught.[33]:62 Much of the education during Montaigne’s time was focused on the reading of the classics and learning through books.[33]:67Montaigne disagreed with learning strictly through books. He believed it was necessary to educate children in a variety of ways. He also disagreed with the way information was being presented to students. It was being presented in a way that encouraged students to take the information that was taught to them as absolute truth. Students were denied the chance to question the information. Therefore, students could not truly learn. Montaigne believed that to truly learn, a student had to take the information and make it their own.

At the foundation Montaigne believed that the selection of a good tutor was important for the student to become well educated.[33]:66 Education by a tutor was to be done at the pace of the student.[33]:67He believed that a tutor should be in dialogue with the student, letting the student speak first. The tutor should also allow for discussions and debates to be had. Through this dialogue, it was meant to create an environment in which students would teach themselves. They would be able to realize their mistakes and make corrections to them as necessary.

Individualized learning was also integral to his theory of child education. He argued that the student combines information he already knows with what is learned, and forms a unique perspective on the newly learned information.[35]:356 Montaigne also thought that tutors should encourage a student’s natural curiosity and allow them to question things.[33]:68He postulated that successful students were those who were encouraged to question new information and study it for themselves, rather than simply accepting what they had heard from the authorities on any given topic. Montaigne believed that a child’s curiosity could serve as an important teaching tool when the child is allowed to explore the things that they are curious about.

Experience was also a key element to learning for Montaigne. Tutors needed to teach students through experience rather than through the mere memorization of knowledge often practised in book learning.[33]:62:67He argued that students would become passive adults; blindly obeying and lacking the ability to think on their own.[35]:354 Nothing of importance would be retained and no abilities would be learned.[33]:62 He believed that learning through experience was superior to learning through the use of books.[34] For this reason he encouraged tutors to educate their students through practice, travel, and human interaction. In doing so, he argued that students would become active learners, who could claim knowledge for themselves.

Montaigne’s views on child education continue to have an influence in the present. Variations of Montaigne’s ideas on education are incorporated into modern learning in some ways. He argued against the popular way of teaching in his day, encouraging individualized learning. He believed in the importance of experience over book learning and memorization. Ultimately, Montaigne postulated that the point of education was to teach a student how to have a successful life by practising an active and socially interactive lifestyle.[35]:355

Related writers and influence

Student taking notes on Montaigne’s Essays at Shimer College.

Thinkers exploring similar ideas to Montaigne include Erasmus, Thomas More, and Guillaume Budé, who all worked about fifty years before Montaigne.[36] Many of Montaigne’s Latin quotations are from Erasmus’ Adagia, and most critically, all of his quotations from Socrates. Plutarch remains perhaps Montaigne’s strongest influence, in terms of substance and style.[37] Montaigne’s quotations from Plutarch in the Essays number well over 500.[38]

Ever since Edward Capell first made the suggestion in 1780, scholars have suggested Montaigne to be an influence on Shakespeare.[39] The latter would have had access to John Florio‘s translation of Montaigne’s Essais, published in English in 1603, and a scene in The Tempest “follows the wording of Florio [translating Of Cannibals] so closely that his indebtedness is unmistakable”.[40] However, most parallels between the two can be explained as commonplaces:[39] as with Cervantes, Shakespeare‘s similarities with writers in other nations could be due simply to their simultaneous study of Latin moral and philosophical writers such as Seneca the Younger, Horace, Ovid and Virgil.

Much of Blaise Pascal‘s skepticism in his Pensées has been traditionally attributed to his reading Montaigne.[41]

The English essayist William Hazlitt expressed boundless admiration for Montaigne, exclaiming that “he was the first who had the courage to say as an author what he felt as a man. … He was neither a pedant nor a bigot. … In treating of men and manners, he spoke of them as he found them, not according to preconceived notions and abstract dogmas”.[42] Beginning most overtly with the essays in the “familiar” style in his own Table-Talk, Hazlitt tried to follow Montaigne’s example.[6]

Ralph Waldo Emerson chose “Montaigne; or, the Skeptic” as a subject of one of his series of lectures entitled Representative Men, alongside other subjects such as Shakespeare and Plato. In “The Skeptic” Emerson writes of his experience reading Montaigne, “It seemed to me as if I had myself written the book, in some former life, so sincerely it spoke to my thought and experience.” Friedrich Nietzsche judged of Montaigne: “That such a man wrote has truly augmented the joy of living on this Earth”.[43] Saint-Beuve advises us that “to restore lucidity and proportion to our judgments, let us read every evening a page of Montaigne.” [44]

The American philosopher Eric Hoffer employed Montaigne both stylistically and in thought. In Hoffer’s memoir, Truth Imagined, he said of Montaigne, “He was writing about me. He knew my innermost thoughts.” The Welsh novelist John Cowper Powys expressed his admiration for Montaigne’s philosophy in his books Suspended Judgements (1916) and The Pleasures of Literature (1938). Judith N. Shklar introduces her book Ordinary Vices (1984), “It is only if we step outside the divinely ruled moral universe that we can really put our minds to the common ills we inflict upon one another each day. That is what Montaigne did and that is why he is the hero of this book. In spirit he is on every one of its pages…”

20th century literary critic Erich Auerbach called Montaigne the first modern man. “Among all his contemporaries,” writes Auerbach (Mimesis, Chapter 12), “he had the clearest conception of the problem of man’s self-orientation; that is, the task of making oneself at home in existence without fixed points of support.” [45]

References

  1. Jump up^ Robert P. Amico, The Problem of the Criterion, Rowman & Littlefield, 1995, p. 42. Primary source: Montaigne, Essais, II, 12: “Pour juger des apparences que nous recevons des subjets, il nous faudroit un instrument judicatoire ; pour verifier cet instrument, il nous y faut de la demonstration ; pour verifier la demonstration, un instrument : nous voilà au rouet [To judge of the appearances that we receive of subjects, we had need have a judicatorie instrument: to verifie this instrument we should have demonstration; and to approve demonstration, an instrument; thus are we ever turning round]” (transl. by Charles Cotton).
  2. Jump up^ FT.com “Small Talk: José Saramago”. “Everything I’ve read has influenced me in some way. Having said that, Kafka, Borges, Gogol, Montaigne, Cervantes are constant companions.”
  3. Jump up^ “Montaigne”. Random House Webster’s Unabridged Dictionary.
  4. Jump up^ His anecdotes are ‘casual’ only in appearance; Montaigne writes: ‘Neither my anecdotes nor my quotations are always employed simply as examples, for authority, or for ornament…They often carry, off the subject under discussion, the seed of a richer and more daring matter, and they resonate obliquely with a more delicate tone,’ Michel de Montaigne, Essais, Pléiade, Paris (ed. A. Thibaudet) 1937, Bk. 1, ch.40, p. 252 (tr. Charles Rosen)
  5. Jump up^ Buckley, Michael J., At the Origins of Modern Atheism, Yale UP, 1990, p. 69.
  6. ^ Jump up to:a b Kinnaird, John, William Hazlitt: Critic of Power, Columbia University Press, 1978, p. 274.
  7. Jump up^ from Truth Imagined, memoir by Eric Hoffer.
  8. Jump up^ Sophie Jama, L’Histoire Juive de Montaigne [The Jewish History of Montaigne], Paris, Flammarion, 2001, p. 76.
  9. Jump up^ “His mother was a Jewish Protestant, his father a Catholic who achieved wide culture as well as a considerable fortune.” Civilization, Kenneth Clark, (Harper & Row: 1969), p. 161.
  10. Jump up^ Winkler, Emil (1942). “Zeitschrift für Französische Sprache und Literatur”.
  11. Jump up^ Goitein, Denise R (2008). “Montaigne, Michel de”. Encyclopaedia Judaica. The Gale Group. Retrieved 2014-03-06.
  12. Jump up^ Introduction: Montaigne’s Life and Times, in Apology for Raymond Sebond, By Michel de Montaigne (Roger Ariew), (Hackett: 2003), p. iv: “Michel de Montaigne was born in 1533 at the chateau de Montagine (about 30 miles east of Bordeaux), the son of Pierre Eyquem, Seigneur de Montaigne, and Antoinette de Louppes (or Lopez), who came from a wealthy (originally Iberian) Jewish family”.
  13. Jump up^ “…the family of Montaigne’s mother, Antoinette de Louppes (Lopez) of Toulouse, was of Spanish Jewish origin….” The Complete Essays of Montaigne, Translated by Donald M. Frame, “Introduction,” p. vii ff., Stanford University Press, Stanford, 1989 ISBN 0-8047-0486-4
  14. Jump up^ Popkin, Richard H (2003-03-20). “The History of Scepticism: From Savonarola to Bayle”. ISBN 9780195107678.
  15. Jump up^ Green, Toby (2009-03-17). “Inquisition: The Reign of Fear”. ISBN 9781429938532.
  16. Jump up^ Montaigne. Essays, III, 13
  17. Jump up^ Hutchins, Robert Maynard; Hazlitt, W. Carew, eds. (1952). The Essays of Michel Eyquem de Montaigne. Great Books of the Western World. twenty-five. Trans. Charles Cotton. Encyclopedia Britannica. p. v. He had his son awakened each morning by ‘the sound of a musical instrument’
  18. Jump up^ Frame, Donald (translator). The Complete Essays of Montaigne. 1958. p. v.
  19. Jump up^ As cited by Richard L. Regosin, ‘Montaigne and His Readers’, in Denis Hollier (ed.) A New History of French Literature, Harvard University Press, Cambridge, Massachusetts, London 1995, pp. 248–52, p. 249. The Latin original runs: ‘An. Christi 1571 aet. 38, pridie cal. mart., die suo natali, Mich. Montanus, servitii aulici et munerum publicorum jamdudum pertaesus, dum se integer in doctarum virginum recessit sinus, ubi quietus et omnium securus (quan)tillum in tandem superabit decursi multa jam plus parte spatii: si modo fata sinunt exigat istas sedes et dulces latebras, avitasque, libertati suae, tranquillitatique, et otio consecravit.’ as cited in Helmut Pfeiffer, ‘Das Ich als Haushalt:Montaignes ökonomische Politik’, in Rudolf Behrens,Roland Galle (eds.) Historische Anthropologie und Literatur:Romanistische Beträge zu einem neuen Paradigma der Literaturwissenschaft, Königshausen und Neumann, Würzburg, 1995 pp. 69–90 p. 75
  20. ^ Jump up to:a b c  Reynolds, Francis J., ed. (1921). “Montaigne, Michel, Seigneur“. Collier’s New Encyclopedia. New York: P.F. Collier & Son Company.
  21. Jump up^ Edward Chaney, The Evolution of the Grand Tour: Anglo-Italian Cultural Relations since the Renaissance, 2nd ed. (London, 2000), p. 89.
  22. Jump up^ Cazeaux, Guillaume (2015). Montaigne et la coutume[Montaigne and the custom]. Milan: Mimésis. ISBN 9788869760044.
  23. Jump up^ Montaigne’s Travel Journal, translated with an introduction by Donald M. Frame and foreword by Guy Davenport, San Francisco, 1983
  24. Jump up^ Treccani.it, L’encicolpedia Italiana, Dizionario Biografico. Accessed 10 August 2013
  25. Jump up^ Montaigne, Michel de, Essays of Michel de Montaigne, tr. Charles Cotton, ed. William Carew Hazlitt, 1877, “The Life of Montaigne” in v. 1. n.p., Kindle edition.
  26. Jump up^ “The Autobiography of Michel De Montaign”, translated, introduced, and edited by Marvin Lowenthal, David R. Godine Publishing, p. 165
  27. Jump up^ “Biographical Note”, Encyclopedia Britannica “Great Books of the Western World”, Vol. 25, p. vi “Montaigne”
  28. Jump up^ Bakewell, Sarah. How to Live – or – A Life of Montaigne in One Question and Twenty Attempts at an Answer (2010), pp. 325–26, 365 n. 325.
  29. Jump up^ “Titi Lucretii Cari De rerum natura libri sex (Montaigne.1.4.4)”. Cambridge Digital Library. Retrieved 9 July 2015.
  30. Jump up^ Bloom, Harold. The Western Canon.
  31. Jump up^ Bakewell, Sarah (2010). How to live : a life of Montaigne in one question and twenty attempts at an answer. London: Vintage. p. 280. ISBN 9780099485155.
  32. ^ Jump up to:a b King, Brett; Viney, Wayne; Woody, William.A History of Psychology: Ideas and Context, 4th ed., Pearson Education, Inc. 2009, p. 112.
  33. ^ Jump up to:a b c d e f g h i Hall, Michael L. Montaigne’s Uses of Classical Learning. “Journal of Education” 1997, Vol. 179 Issue 1, p. 61
  34. ^ Jump up to:a b Ediger, Marlow. Influence of ten leading educators on American education.Education Vol. 118, Issue 2, p. 270
  35. ^ Jump up to:a b c Worley, Virginia. Painting With Impasto: Metaphors, Mirrors, and Reflective Regression in Montagne’s ‘Of the Education of Children.’ Educational Theory, June 2012, Vol. 62 Issue 3, p. 343–70.
  36. Jump up^ Friedrich, Hugo; Desan, Philippe (1991). Montaigne. ISBN 9780520072534.
  37. Jump up^ Friedrich 1991, p. 71.
  38. Jump up^ Billault, Alain (2002). “Plutarch’s Lives“. In Gerald N. Sandy. The Classical Heritage in France. p. 226. ISBN 9789004119161.
  39. ^ Jump up to:a b Olivier, T. (1980). “Shakespeare and Montaigne: A Tendency of Thought”. Theoria. 54: 43–59.
  40. Jump up^ Harmon, Alice (1942). “How Great Was Shakespeare’s Debt to Montaigne?”. PMLA. 57 (4): 988–1008. JSTOR 458873.
  41. Jump up^ Eliot, Thomas Stearns (1958). Introduction to Pascal’s Essays. New York: E. P. Dutton and Co. p. viii.
  42. Jump up^ Quoted from Hazlitt’s “On the Periodical Essayists” in Park, Roy, Hazlitt and the Spirit of the Age, Oxford, Clarendon Press, 1971, pp. 172–73.
  43. Jump up^ Nietzsche, Untimely Meditations, Chapter 3, “Schopenhauer as Educator,” Cambridge University Press, 1988, p. 135
  44. Jump up^ Saint-Beuve, “Montaigne”, “Literary and Philosophical Essays”, Ed. Charles W. Eliot, New York: P. F. Collier & Son, 1938.
  45. Jump up^ Auerbach, Erich , Mimesis: Representations of Reality in Western Literature, Princeton UP, 1974, p.311

Further reading

  • Album Montaigne. Iconographie choisie et annotée par Jean Lacouture. Bibliothèque de la Pléiade. Éditions Gallimard, 2007. ISBN 9782070118298.
  • Kuznicki, Jason (2008). “Montaigne, Michel (1533–1592)”. In Hamowy, Ronald. The Encyclopedia of Libertarianism. Thousand Oaks, CA: SAGE; Cato Institute. pp. 339–41. doi:10.4135/9781412965811.n208. ISBN 978-1-4129-6580-4. LCCN 2008009151. OCLC 750831024.
  • The Autobiography of Michel de Montaigne. Comprising the Life of the Wisest Man of his Times: his Childhood, Youth, and Prime; his Adventures in Love and Marriage, at Court, and in Office, War, Revolution, and Plague; his Travels at Home and Abroad; his Habits, Tastes, Whims, and Opinions. Composed, Prefaced, and Translated from the Essays, Letters, Travel Diary, Family Journal, etc., withholding no signal or curious detail, by Marvin Lowenthal. Houghton Mifflin, 1935.
  • No greater mmonster nor miracle than myself. Charlotte Thomas, ed. 2014. Mercer University Press.

External links

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

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David Horowitz — Radicals: Portraits of A Destructive Passion — Videos

Posted on January 22, 2017. Filed under: American History, Articles, Blogroll, Books, Business, Communications, Congress, Constitution, Corruption, Crisis, Culture, Diasters, Documentary, Economics, Education, Employment, Environment, Faith, Family, Foreign Policy, Freedom, Friends, Genocide, government, government spending, history, Illegal, Immigration, Islam, Language, Law, Legal, liberty, Life, Links, Non-Fiction, People, Philosophy, Photos, Police, Political Correctness, Press, Psychology, Radio, Radio, Rants, Raves, Raymond Thomas Pronk, Religious, Religious, Speech, Strategy, Success, Talk Radio, Taxation, Taxes, Technology, Terrorism, Unemployment, Video, War, Water | Tags: , , , , , , , , , , , , , , , , |

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David Horowitz: Democratic Party is marching off the cliff

David Horowitz – Left Illusions: An Intellectual Odyssey

David Horowitz – The Left in Power: Clinton to Obama

Published on Jan 1, 2017

December 14, 2016 – David Horowitz’s speaks about his new book, The Left in Power: Clinton to Obama, which is volume 7 of The Black Book of the American Left, a multi-volume collection of his conservative writings that will, when completed, be the most ambitious effort ever undertaken to define the Left and its agenda.

Horowitz on Hillary Clinton and Saul Alinsky

In Depth with David Horowitz

David Horowitz discusses Radicals and who has influence over the media

David Horowitz – Unholy Alliance: Radical Islam and the American Left

A Most Excellent Explanation of the Left’s Takeover of America

David Horowitz – What The Left Believes

David Horowitz – Take No Prisoners: The Battle Plan for Defeating the Left

Rules for Radicals: What Constitutional Conservatives Should Know About Saul Alinsky

David Horowitz – The Professors: The 101 Most Dangerous Academics in America

David Horowitz interview on Charlie Rose (1997)

David Horowitz – Radical Son: A Generational Odyssey (Part 1)

David Horowitz – Radical Son: A Generational Odyssey (Part 2)

The Black Book of the American Left: The Collected Conservative Writings of David Horowitz

Published on Nov 13, 2013

David Horowitz spent the first part of his life in the world of the Communist-progressive left, a politics he inherited from his mother and father, and later in the New Left as one of its founders. When the wreckage he and his comrades had created became clear to him in the mid-1970s, he left. Three decades of second thoughts then made him this movement’s principal intellectual antagonist. “For better or worse,” as Horowitz writes in the preface to this, the first volume of his collected conservative writings, “I have been condemned to spend the rest of my days attempting to understand how the left pursues the agendas from which I have separated myself, and why.”

David Horowitz – Progressive Racism

David Horowitz

From Wikipedia, the free encyclopedia
For other people named David Horowitz, see David Horowitz (disambiguation).
David Horowitz
David Horowitz by Gage Skidmore.jpg

Horowitz in February 2011
Born David Joel Horowitz
January 10, 1939 (age 78)
Forest Hills, Queens, New York, U.S.
Occupation Conservative activist, writer
Nationality United States
Education MA, University of California at Berkeley
BA, Columbia University
Spouse Elissa Krauthamer (1959–19??; 4 children); Sam Moorman (divorced); Shay Marlowe (1990–?; divorced); April Mullvain Horowitz (current)
Children Jonathan Daniel
Ben Horowitz
Anne Pilat
Sarah Rose Horowitz (deceased)[1]

David Joel Horowitz (born January 10, 1939) is an American conservative writer. He is a founder and current president of the think tank the David Horowitz Freedom Center; editor of the Center’s publication, FrontPage Magazine; and director of Discover the Networks, a website that tracks individuals and groups on the political left. Horowitz founded the organization Students for Academic Freedom to oppose what he believed to be political correctness and leftist orientation in academia.[2]

He has written several books with author Peter Collier, including four on prominent 20th-century American political families that had members elected to the presidency. He and Collier have collaborated on books about current cultural criticism. Horowitz has also worked as a columnist for Salon; its then-editor Joan Walsh described him as a “conservative provocateur.”[3]

Horowitz was raised by parents who were members of the Communist Party USA during the Great Depression; they gave up their membership in 1956 after learning of Joseph Stalin‘s purges and abuses. From 1956–75, Horowitz was an outspoken adherent of the New Left. He later rejected leftism completely and has since become a leading proponent of conservatism. Horowitz has recounted his ideological journey in a series of retrospective books, culminating with his 1996 memoir Radical Son: A Generational Odyssey.

Family background

Horowitz is the son of Phil and Blanche Horowitz, who were high school teachers. His father taught English and his mother taught stenography.[4] During years of labor organizing and the Great Depression, Phil and Blanche Horowitz were long-standing members of the American Communist Party and strong supporters of Joseph Stalin. They left the party after Khrushchev published his report in 1956 about Stalin’s excesses and terrorism of the Soviet populations.[5][6]

According to Horowitz:

Underneath the ordinary surfaces of their lives, my parents and their friends thought of themselves as secret agents. The mission they had undertaken, and about which they could not speak freely except with each other, was not just an idea to them. It was more important to their sense of themselves than anything else they did. Nor were its tasks of a kind they could attend or ignore, depending on their moods. They were more like the obligations of a religious faith. Except that their faith was secular, and the millennium they awaited was being instituted, at that moment, in the very country that had become America’s enemy. It was this fact that made their ordinary lives precarious and their secrecy necessary. If they lived under a cloud of suspicion, it was the result of more than just their political passions. The dropping of the atomic bomb on Hiroshima had created a terror in the minds of ordinary people. Newspapers reported on American spy rings working to steal atomic secrets for the Soviet state. When people read these stories, they inevitably thought of progressives like us. And so did we ourselves. Even if we never encountered a Soviet agent or engaged in a single illegal act, each of us knew that our commitment to socialism implied the obligation to commit treason, too.[7]

After the death of Stalin in 1953, his father Phil Horowitz, commenting on how Stalin’s numerous official titles had to be divided among his successors, told his son, “You see what a genius Stalin was. It took five men to replace him.”[8] According to Horowitz:

The publication of the Khrushchev Report was probably the greatest blow struck against the Soviet Empire during the Cold War. When my parents and their friends opened the morning Times and read its text, their world collapsed—and along with it their will to struggle. If the document was true, almost everything they had said and believed was false. Their secret mission had led them into waters so deep that its tide had overwhelmed them, taking with it the very meaning of their lives.[6]

Horowitz received a BA from Columbia University in 1959, majoring in English, and a master’s degree in English literature at University of California, Berkeley.[citation needed]

Career with the New Left

After completing his graduate degree in the late 1960s, Horowitz lived in London and worked for the Bertrand Russell Peace Foundation.[9][10] He identified as a serious Marxist intellectual.

In 1966, Ralph Schoenman persuaded Bertrand Russell to convene a war crimes tribunal to judge United States involvement in the Vietnam War.[11] Horowitz would write three decades later that he had political reservations about the tribunal and did not take part. He described the tribunal’s judges as formidable, world-famous and radical, including Isaac Deutscher, Jean-Paul Sartre, Stokely Carmichael, Simone de Beauvoir, James Baldwin, and Vladimir Dedijer.[12]

While in London, Horowitz became a close friend of Deutscher, and wrote a biography of him which was published in 1971.[13][14] Horowitz wrote The Free World Colossus: A Critique of American Foreign Policy in the Cold War. In January 1968, Horowitz returned to the United States, where he became co-editor of the New Left magazine Ramparts, based in northern California.[10]

During the early 1970s, Horowitz developed a close friendship with Huey P. Newton, founder of the Black Panther Party. Horowitz later portrayed Newton as equal parts gangster, terrorist, intellectual, and media celebrity.[10] As part of their work together, Horowitz helped raise money for, and assisted the Panthers with, the running of a school for poor children in Oakland. He recommended that Newton hire Betty Van Patter as bookkeeper; she was then working for Ramparts. In December 1974, Van Patter’s body was found floating in San Francisco Harbor; she had been murdered. Horowitz has said he believes the Panthers were behind the killing.[10][15]

In 1976, Horowitz was a “founding sponsor” of James Weinstein‘s magazine In These Times.[16]

Writing on the Right

Following this period, Horowitz rejected Marx and socialism, but kept quiet about his changing politics for nearly a decade. In the spring of 1985, Horowitz and longtime collaborator Peter Collier, who had also become conservative, wrote an article for The Washington Post Magazine entitled “Lefties for Reagan“, later retitled as “Goodbye to All That”. The article explained their change of views and recent decision to vote for a second term for Republican President Ronald Reagan.[17][18][19] In 1986, Horowitz published “Why I Am No Longer a Leftist” in The Village Voice.[20]

In 1987, Horowitz co-hosted a “Second Thoughts Conference” in Washington, D.C., described by Sidney Blumenthal in The Washington Post as his “coming out” as a conservative. According to attendee Alexander Cockburn, Horowitz related how his Stalinist parents had not permitted him or his sister to watch the popular Doris Day and Rock Hudson movies of his youth. Instead, they watched propaganda films from the Soviet Union.[21]

In May 1989, Horowitz, Ronald Radosh, and Peter Collier travelled to Poland for a conference in Kraków calling for the end of Communism.[22] After marching with Polish dissidents in an anti-regime protest, Horowitz spoke about his changing thoughts and why he believed that socialism could not create their future. He said his dream was for the people of Poland to be free.[23]

In 1992, Horowitz and Collier founded Heterodoxy, a monthly magazine focused on exposing what it described as excessive political correctness on United States college and university campuses. It was “meant to have the feel of a samizdat publication inside the gulag of the PC [politically correct] university.” The tabloid was directed at university students, whom Horowitz viewed as being indoctrinated by the entrenched Left in American academia.[24] He has maintained his assault on the political left to the present day. Horowitz wrote in his memoir Radical Son that he thought universities were no longer effective in presenting both sides of political arguments. He thought “left-wing professors” had created a kind of “political terror” on campuses.[25]

In a column in Salon magazine, where he is regularly published,[3] Horowitz described his opposition to reparations for slavery. He believed that it represented racism against blacks, as it defined them only in terms of having descended from slaves. He argues that applying labels like “descendants of slaves” to blacks was damaging and would serve to segregate them from mainstream society.[26]

In keeping with his provocateur position, in 2001 during Black History Month Horowitz purchased, or attempted to purchase, advertising space in several student American university publications to express his opposition to reparations for slavery.[3] Many student papers refused to sell him ad space; at some schools, papers which carried his ads were stolen or destroyed.[3][26] Editor Joan Walsh of Salon wrote that the furor had given Horowitz an overwhelming amount of free publicity.[3][27]

Horowitz supported the interventionist foreign policy associated with the Bush Doctrine. But he wrote against US intervention in the Kosovo War, arguing that it was unnecessary and harmful to U.S. interests.[28][29]

In the early 21st century, he has written critically of libertarian anti-war views.[30][31]

In 2004, Horowitz launched Discover the Networks, a conservative watchdog project that monitors funding for, and various ties among, leftists and progressive causes.[2]

In two books, Horowitz accused Dana L. Cloud, associate professor of communication studies at the University of Texas at Austin, as an “anti-American radical” who “routinely repeats the propaganda of the Saddam regime.”[citation needed] Horowitz accused her and 99 other professors listed in his book, The Professors: The 101 Most Dangerous Academics in America, of the “explicit introduction of political agendas into the classroom.”[32]

Cloud replied in Inside Higher Ed that her experience demonstrates that Horowitz damages professors’ lives by his accusations and that he needs to be viewed as more than a political opponent.

Horowitz’s attacks have been significant. People who read the book or his Web site regularly send letters to university officials asking for her to be fired. Personally, she has received—mostly via e-mail—”physical threats, threats of removing my daughter from my custody, threats of sexual assaults, horrible disgusting gendered things,” she said. That Horowitz doesn’t send these isn’t the point, she said. “He builds a climate and culture that emboldens people,” and as a result, shouldn’t be seen as a defender of academic freedom, but as its enemy.[33]

After discussion, the National Communication Association decided against granting Horowitz a spot as a panelist at its national conference in 2008. He had offered to forego the $7,000 speaking fee originally requested. He wrote in Inside Higher Ed, “The fact that no academic group has had the balls to invite me says a lot about the ability of academic associations to discuss important issues if a political minority wants to censor them.”[33] An association official said the decision was based in part on Horowitz’s request to be provided with a stipend for $500 to hire a personal bodyguard. Association officials decided that having a bodyguard present “communicates the expectation of confrontation and violence.”[33]

Horowitz appeared in Occupy Unmasked, a 2012 documentary portraying the Occupy Wall Street movement as a sinister organization formed to violently destroy the American government.[34]

Academic Bill of Rights

In the early 21st century, Horowitz has concentrated on issues of academic freedom, wanting to protect conservative viewpoints. He, Eli Lehrer, and Andrew Jones published a pamphlet, “Political Bias in the Administrations and Faculties of 32 Elite Colleges and Universities” (2004), in which they find the ratio of Democrats to Republicans at 32 schools to be more than 10 to 1.[35]

Horowitz’s book, The Professors: The 101 Most Dangerous Academics in America (2006), criticizes individual professors for, as he alleges, engaging in indoctrination rather than a disinterested pursuit of knowledge. He says his campaign for academic freedom is ideologically neutral.[36] He published an Academic Bill of Rights (ABR), which he proposes to eliminate political bias in university hiring and grading. Horowitz says that conservatives, and particularly Republican Party members, are systematically excluded from faculties, citing statistical studies on faculty party affiliation.[37] Critics such as academic Stanley Fish have argued that “academic diversity”, as Horowitz defines it, is not a legitimate academic value, and that no endorsement of “diversity” can be absolute.[38]

In 2004 the Georgia General Assembly passed a resolution on a 41–5 vote to adopt a version of the ABR for state educational institutions.[39]

In Pennsylvania, the House of Representatives created a special legislative committee to investigate issues of academic freedom, including whether students who hold unpopular views need more protection. In November 2006 it reported that it had not found evidence of problems [clarification needed] with students’ rights.[40][41][42][43][44][45]

Family

Horowitz has been married four times. He married Elissa Krauthamer, in a Yonkers, New York synagogue on June 14, 1959.[46] They had four children together: Jonathan Daniel, Ben, Sarah Rose (deceased), and Mrs. Anne Pilat. Their daughter Sarah Rose Horowitz died in March 2008 at age 44 from Turner syndrome-related heart complications. She had been a teacher, writer and human rights activist.[1][47] She is the subject of Horowitz’s 2009 book, A Cracking of the Heart.[47]

As an activist, she had cooked meals for the homeless, stood vigil at San Quentin on nights when the state of California executed prisoners, worked with autistic children in public schools and, with the American Jewish World Service, helped rebuild homes in El Salvador after a hurricane, and traveled to India to oppose child labor.[48] In a review of Horowitz’s book, FrontPage magazine associate editor David Swindle wrote that she fused “the painful lessons of her father’s life with a mystical Judaism to complete the task he never could: showing how the Left could save itself from self-destruction.”[49]

Horowitz’s son Ben Horowitz is a technology entrepreneur, investor, and co-founder, along with Marc Andreessen, of the venture capital firm Andreessen Horowitz.[50][51]

Horowitz’s second marriage, to Sam Moorman, ended in divorce. On June 24, 1990, Horowitz married Shay Marlowe in an Orthodox Jewish ceremony conducted at the Pacific Jewish Center by Rabbi Daniel Lapin.[52]They divorced. Horowitz’s fourth and present marriage is to April Mullvain.[53]

Horowitz now describes himself as an agnostic.[54]

Funding

Politico claims that Horowitz’s activities, like the David Horowitz Freedom Center are funded in part by Aubrey & Joyce Chernick and The Bradley Foundation. Politico claimed that during 2008-2010, “the lion’s share of the $920,000 it [David Horowitz Freedom Center] provided over the past three years to Jihad Watch came from Chernick”.[55]

Controversy and criticism

Academia

Some of Horowitz’s accounts of U.S. colleges and universities as bastions of liberal indoctrination have been disputed.[56] For example, Horowitz alleged that a University of Northern Colorado student received a failing grade on a final exam for refusing to write an essay arguing that George W. Bush is a war criminal.[57][58] A spokeswoman for the university said that the test question was not as described by Horowitz and that there were nonpolitical reasons for the grade, which was not an F.[59]

Horowitz identified the professor[60] as Robert Dunkley, an assistant professor of criminal justice at Northern Colorado. Dunkley said Horowitz made him an example of “liberal bias” in academia and yet, “Dunkley said that he comes from a Republican family, is a registered Republican and considers himself politically independent, taking pride in never having voted a straight party ticket,” according to Inside Higher Ed magazine.[60]In another instance, Horowitz said that a Pennsylvania State University biology professor showed his students the film Fahrenheit 9/11 just before the 2004 election in an attempt to influence their votes.[61][62] Pressed by Inside Higher Ed, Horowitz later retracted this claim.[63]

Horowitz has been criticized for material in his books, particularly The Professors: The 101 Most Dangerous Academics in America, by noted scholars such as Columbia University professor Todd Gitlin.[64] The group Free Exchange on Campus issued a 50-page report in May 2006 in which they take issue with many of Horowitz’s assertions in the book: they identify specific factual errors, unsubstantiated assertions, and quotations which appear to be either misquoted or taken out of context.[65][66]

Allegations of racism

Chip Berlet, writing for the Southern Poverty Law Center (SPLC), identified Horowitz’s Center for the Study of Popular Culture as one of 17 “right-wing foundations and think tanks support[ing] efforts to make bigoted and discredited ideas respectable.”[67] Berlet accused Horowitz of blaming slavery on “black Africans … abetted by dark-skinned Arabs” and of “attack[ing] minority ‘demands for special treatment’ as ‘only necessary because some blacks can’t seem to locate the ladder of opportunity within reach of others,’ rejecting the idea that they could be the victims of lingering racism.”[67][not in citation given]

Horowitz published an open letter to Morris Dees, president of the SPLC, saying that “[this reminder] that the slaves transported to America were bought from African and Arab slavers” was a response to demands that only whites pay reparations to blacks. He said he never held Africans and Arabs solely responsible for slavery. He said that Berlet’s accusation of racism was a “calculated lie” and asked that the report be removed.[68] The SPLC refused Horowitz’s request.[69] Horowitz has criticized Berlet and the SPLC on his website and personal blog.[70][71]

In 2008, while speaking at University of California, Santa Barbara (UCSB), he criticized Arab culture, saying it was rife with antisemitism.[72][73] He referred to the Palestinian keffiyeh, a traditional Arab head covering that became associated with PLO leader Yasser Arafat, as a symbol of terrorism. In response, UCSB professor Walid Afifi said that Horowitz was “preaching hate” and smearing Arab culture.[73]

Criticizing Islamic organizations

Horowitz has used university student publications and lectures at universities as venues for publishing provocative advertisements or lecturing on issues related to Islamic student and other organizations. In April 2008, his ‘David Horowitz Freedom Center’ advertised in the Daily Nexus, the University of California Santa Barbara school newspaper, saying that the Muslim Students’ Association (MSA) had links with the Muslim Brotherhood, Al Qaeda, and Hamas.[74]

In May 2008, Horowitz, speaking at UCSB, said that the Muslim Students’ Association supports “a second Holocaust of the Jews”.[73] The MSA said they were a peaceful organization and not a political group.[74] The MSA’s faculty adviser said the group had “been involved in interfaith activities with Jewish student groups, and they’ve been involved in charity work for national disaster relief.”[73] Horowitz ran the ad in The GW Hatchet, the student newspaper of George Washington University in Washington, D.C. Jake Sherman, the newspaper’s editor-in-chief, said claims the MSA was radical were “ludicrous”. He vowed to review his newspaper’s editorial and advertising policies.[75]

Horowitz published a 2007 piece in the Columbia University student newspaper, saying that, according to [unnamed and undocumented] public opinion polls, “between 150 million and 750 million Muslims support a holy war against Christians, Jews and other Muslims.”[76] Speaking at the University of Massachusetts Amherst in February 2010, Horowitz compared Islamists to Nazis, saying: “Islamists are worse than the Nazis, because even the Nazis did not tell the world that they want to exterminate the Jews.”[77]

Horowitz created a campaign for what he called “Islamo-Fascism Awareness Week” in parody of multicultural awareness activities. He helped arrange for leading critics of radical Islam to speak at more than a hundred college campuses in October 2007.[78] As a speaker he has met with intense hostility.[79][80][81]

In a 2011 review of anti-Islamic activists in the US, the Southern Poverty Law Center identified Horowitz as one of 10 people in the United States’ “Anti-Muslim Inner Circle”.[82]

Conservatism

Horowitz’s Frontpage Magazine published Ron Radosh‘s critical review of Diana West‘s book American Betrayal. Conservatives John Earl Haynes and Harvey Klehr, scholars of Soviet espionage, defended Horowitz for publishing the review and Radosh for writing it.[83] Vladimir Bukovsky, a Soviet dissident, rejected Radosh’s criticisms and said it was an attempt to portray West as a historically inept conspiracy-monger.[84]Horowitz defended the review in an article on Breitbart’s Big Government website.[85]

Other

In 2007, Lawrence Auster (January 26, 1949 – March 29, 2013) stated that Horowitz had rejected him from publishing in Frontpage Magazine for making racist statements.[86][87]

Books and other publications

Histories

(all co-authored with Peter Collier)

  • The Rockefellers: An American Dynasty (New York: Holt, Rinehart and Winston, 1976) ISBN 0-03-008371-0
  • The Kennedys: An American Drama (New York: Summit Books/Simon & Schuster, 1985) ISBN 0-671-44793-9
  • The Fords: An American Epic (New York: Summit Books/Simon & Schuster, 1987) ISBN 0-671-66951-6
  • The Roosevelts: An American Saga (1994)

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

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Trump Selects Former Indiana Senator Dan Coats for National Intelligence Director — Is Julian Assange A Russian Cuttout? — American People Rejected Clinton and Obama — Videos

Posted on January 5, 2017. Filed under: American History, Articles, Blogroll, Communications, Computers, Congress, Constitution, Corruption, Crime, Defense Intelligence Agency (DIA), Documentary, Education, Elections, Employment, Faith, Family, Federal Government, Foreign Policy, Freedom, government, government spending, history, Illegal, Immigration, Law, Legal, liberty, Life, Links, Literacy, media, Music, National Security Agency (NSA), Newspapers, Photos, Police, Politics, Presidential Candidates, Radio, Rants, Raves, Television, Water, Wealth | Tags: , , , , , , , , , , |

Image result for cartoons democrats blame russia hackImage result for cartoons democrats blame russia hackImage result for cartoons clinton to blame for losing

Image result for cartoons clinton to blame for losing

Image result for cartoons clinton to blame for losing

Former Senator Dan Coats picked as national intel director

Donald Trump Picks Dan Coats For National Intelligence Director | Closing Bell | CNBC

Trump waging war with the intelligence community

Trump Denies Russia’s Involvement In Hacking

Trump blasts claim Russia hacked the election

Julian Assange FULL Interview 1/3/17

Julian Assange NEW LEAKS “Laura Ingraham” Barack Obama Wrong – Vladimir Putin Didn’t Hack Election

JUDGE “RUSSIA DID NOT HACK THE ELECTION”! CHAOS! CHUCK TODD AND REINCE PRIEBUS GO AT IT!

Russia mocks President Obama with ‘lame duck’ tweet

Putin: The Democrats are looking for someone to blame

WOW! The Democratic Leadership in there candidate have lied cheated and tried to steal the….

Who’s To Blame For Hillary Clinton’s Loss?

Democrats losing on all fronts, looking for scapegoats – Putin on US elections

Why Hillary Campaign Tried To Silence Mika Brzezinski

Clinton Refuses To Take The Blame

Democratic Blame Game: Is Obama in Denial?

Why Democrats’ 2020 Candidates Are Already Losers

NSA Chief: Russia Hacked the 2016 Election

Blame Game (VEVO Presents: G.O.O.D. Music)

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Sam Vaknin — Malignant Self Love: Narcissism Revisited — Vidoes

Posted on July 30, 2016. Filed under: American History, Articles, Blogroll, Business, Central Intelligence Agency (CIA), Communications, Congress, Constitution, Corruption, Crime, Crisis, Culture, Documentary, Economics, Education, Elections, Employment, Entertainment, Faith, Farming, Federal Bureau of Investigation (FBI), Federal Bureau of Investigation (FBI), Federal Government Budget, Fiscal Policy, Foreign Policy, Fraud, Freedom, Friends, government, government spending, history, History of Economic Thought, Homicide, Illegal, Immigration, IRS, Law, Legal, liberty, Life, Links, Literacy, Macroeconomics, Math, media, Microeconomics, Money, Movies, Music, Narcissism, National Security Agency (NSA), National Security Agency (NSA_, People, Philosophy, Photos, Police, Political Correctness, Politics, Presidential Candidates, Press, Programming, Psychology, Radio, Rants, Raves, Raymond Thomas Pronk, Religious, Securities and Exchange Commission, Speech, Strategy, Talk Radio, Tax Policy, Taxation, Taxes, Video, War, Water, Wealth, Weapons | Tags: , , , , , |

malignant_self_love_narcissism_revisited

Narcissistic Personality Disorder, Villains & Anti-heroes in Hollywood Sam Vaknin / Nancy Fulton

Trump, Clinton – Narcissists? “Experts” Spew NONSENSE!

Narcissistic and Psychopathic Politicians and Leaders

Narcissist: Confabulations, Lies

Narcissist’s Vulnerability: Grandiosity Hangover

Unmasking Narcissists, Psychopaths, and Their Abuse with RUTH JACOBS in CAMBRIDGE, UK (In the Booth)

Sam Vaknin: Obama is a Psychopathic Narcissist

Good People Ignore Abuse and Torture: Why?

Why Victims of Narcissists Can’t Let Go of the Narcissist?

Victim of Narcissist: Move On!

How to Manipulate the Narcissist

What is Gaslighting

How to Take Revenge On A Narcissist

Trump: Narcissist in the White House?

Narcissist: Is He or Isn’t He?

Narcissist’s Projection, Projective Identification and Victim’s Introjective Identification

Cold Empathy Garners Narcissistic Supply (Edwin Rutsch and Sam Vaknin)

Narcissist: You All Exist Only in My Mind (Hive or Swarm False Self and Ego Functions)

Psychopath -Full Documentary (Mind of a psychopath)

PSYCHOPATH NIGHT!

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Mark Helprin — Memoirs From The Antproof Case — Winter’s Tale — Videos

Posted on July 28, 2016. Filed under: American History, Articles, Blogroll, Book, Books, Culture, Entertainment, Fiction, Heroes, history, Law, liberty, Life, Links, Literacy, Literature, media, Money, Movies, Music, People, Philosophy, Photos, Police, Politics, Press, Psychology, Rants, Raves, Raymond Thomas Pronk, Religion, Reviews, Spying, Strategy, Technology, Terrorism, Video, Water, Wealth | Tags: , , , , , , , |

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This is a photo of Mark Helprin, a novelist, children's book author and editorial writer for the Wall Street Journal. Handout photo. ..OUTSIDE TRIBUNE CO.- NO MAGS, NO SALES, NO INTERNET, NO TV, CHICAGO OUT, NO DIGITAL MANIPULATION...

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The Human Parade: Mark Helprin

Mark Helprin – Five Questions About Iran

Mark Helprin: In Sunlight and In Shadow

Mark Helprin: 2013 National Book Festival

Mark Helprin – A Soldier of the Great War – Part 1

Mark Helprin – A Soldier of the Great War – Part 2

159th Hillsdale College Commencement – Mark Helprin

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12 Dallas Police Officers Shot In Ambush Assassination with 5 Killed –Shooter Killed By Robot With Explosive Device — Black Lives Matters Provoking Black Racism — Lying Lunatic Left — Dallas Police Chief Brown, Former President George W. Bush and President Barack Obama Speech at Dallas Memorial Service Honoring Police Officers — Videos

Posted on July 9, 2016. Filed under: American History, Articles, Banking, Blogroll, Business, Communications, Congress, Constitution, Corruption, Crime, Crisis, Demographics, Documentary, Drug Cartels, Economics, Education, Elections, Employment, Federal Bureau of Investigation (FBI), Federal Bureau of Investigation (FBI), Federal Government Budget, Fiscal Policy, Freedom, government spending, history, History of Economic Thought, Homicide, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, National Security Agency (NSA_, People, Philosophy, Photos, Pistols, Police, Political Correctness, Politics, Psychology, Raves, Raymond Thomas Pronk, Regulations, Resources, Rifles, Tax Policy, Trade Policiy, Unemployment, Video, War, Water, Wealth, Weapons, Welfare, Wisdom, Writing | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

Project_1

The Pronk Pops Show Podcasts

Pronk Pops Show 715: July 12, 2016 

Pronk Pops Show 714: July 7, 2016

Pronk Pops Show 713: July 6, 2016

Pronk Pops Show 712: July 5, 2016

Pronk Pops Show 711: July 1, 2016

Pronk Pops Show 710: June 30, 2016

Pronk Pops Show 709: June 29, 2016

Pronk Pops Show 708: June 28, 2016

Pronk Pops Show 707: June 27, 2016

Pronk Pops Show 706: June 24, 2016

Pronk Pops Show 705: June 23, 2016

Pronk Pops Show 704: June 22, 2016

Pronk Pops Show 703: June 21, 2016

Pronk Pops Show 702: June 20, 2016

Pronk Pops Show 701: June 17, 2016

Pronk Pops Show 700: June 16, 2016

Pronk Pops Show 699: June 15, 2016

Pronk Pops Show 698: June 14, 2016

Pronk Pops Show 697: June 13, 2016

Pronk Pops Show 696: June 10, 2016

Pronk Pops Show 695: June 9, 2016

Pronk Pops Show 694: June 8, 2016

Pronk Pops Show 693: June 6, 2016

Pronk Pops Show 692: June 3, 2016

Pronk Pops Show 691: June 2, 2016

Pronk Pops Show 690: June 1, 2016

Pronk Pops Show 689: May 31, 2016

Pronk Pops Show 688: May 27, 2016

Pronk Pops Show 687: May 26, 2016

Pronk Pops Show 686: May 25, 2016

Pronk Pops Show 685: May 24, 2016

Pronk Pops Show 684: May 23, 2016

Pronk Pops Show 683: May 20, 2016

Pronk Pops Show 682: May 19, 2016

Pronk Pops Show 681: May 17, 2016

Pronk Pops Show 680: May 16, 2016

Pronk Pops Show 679: May 13, 2016

Pronk Pops Show 678: May 12, 2016

Pronk Pops Show 677: May 11, 2016

Pronk Pops Show 676: May 10, 2016

Pronk Pops Show 675: May 9, 2016

Pronk Pops Show 674: May 6, 2016

Pronk Pops Show 673: May 5, 2016

Pronk Pops Show 672: May 4, 2016

Pronk Pops Show 671: May 3, 2016

Pronk Pops Show 670: May 2, 2016

Pronk Pops Show 669: April 29, 2016

Pronk Pops Show 668: April 28, 2016

Pronk Pops Show 667: April 27, 2016

Pronk Pops Show 666: April 26, 2016

Pronk Pops Show 665: April 25, 2016

Pronk Pops Show 664: April 24, 2016

Pronk Pops Show 663: April 21, 2016

Pronk Pops Show 662: April 20, 2016

Pronk Pops Show 661: April 19, 2016

Pronk Pops Show 660: April 18, 2016

Pronk Pops Show 659: April 15, 2016

Pronk Pops Show 658: April 14, 2016

Pronk Pops Show 657: April 13, 2016

Pronk Pops Show 656: April 12, 2016

Pronk Pops Show 655: April 11, 2016

Pronk Pops Show 654: April 8, 2016

Pronk Pops Show 653: April 7, 2016

Pronk Pops Show 652: April 6, 2016

Pronk Pops Show 651: April 4, 2016

Pronk Pops Show 650: April 1, 2016

Story 1: 12 Dallas Police Officers Shot In Ambush Assassination  with 5 Killed  –Shooter Killed By Robot With Explosive Device — Black Lives Matters Provoking Black Racism — Lying Lunatic Left — Dallas Police Chief Brown, Former President George W. Bush and President Barack Obama Speech at Dallas Memorial Service Honoring Police Officers — Videos

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