Fact: The Stalin Apologists at The New York Times Smear the Unambiguously Libertarian Cato Institute as "Ultraconservative"


Over
at Mediaite
, Andrew Kirell tears into The New York Times’ Tamar
Lewin for calling the Cato Institute “ultraconservative.”

Here’s what Lewin wrote at the Cato Institute’s hiring of
Chinese dissident Xia Yeliang:

The political labels of Professor Xia and the Cato Institute, in
Washington, are strikingly different. Professor Xia got into
trouble in China for being too liberal, while the institute is
known as libertarian or — less to its liking — ultraconservative.
But the professor and Cato officials say they have the same
focus.

As Kirell notes,

No one in their right mind would consider Cato
“ultraconservative,” especially when a cursory glance at their
policy recommendations shows support for same-sex marriage,
legalized marijuana, reduced military spending, non-interventionist
foreign policy, and relaxed immigration restrictions….

Kirell writes that Lewin is either confused or being
underhanded. Either way, it’s shoddy stuff that should be turned
against the Times itself for fun:

Some say the New York Times is
run by a pack of space aliens; some say Fox News
is firmly in President Obama’s camp; some
say
 the Boston Marathon bombing was a false flag planted
by the Illuminati. See how fun it can be?

Take it from this libertarian who’s been called everything from
a “fascist with a bong” to a “pinko commie Obama shill,”
libertarians can be touchy about ideological labeling and
misrepresentation of their views. But that really doesn’t excuse
such hilarious confusion from a newspaper that dedicates itself to
living in the nuance.


Read the whole thing.

Exit question: Who do you think the Adolf Hitler of illegitimate
comparisons in today’s mediascape?

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It's Hayek's World, the U.S. Government Just Spends in It

As the guilty flee when no man pursueth, so do the statists see
Austrian economists’ cold dead hands trying to take away their
(metaphorical, until they are literal) guns when our country’s
politicians are all too prepared to Keynesian manage their way to
all of our graves.

See
E.J. Dionne in yesterday’s Washington Post
:

today’s conservatives are in thrall to Austrian thinking, and
this explains a lot of what is going on in Washington. Broadly
popular measures such as raising the minimum wage and extending
unemployment insurance — normal, bipartisan legislation during the
Keynesian heyday — are blocked on the assumption that people are
better off if the government simply keeps its mitts off the
market.

It is now difficult for Congress to pass even the kind of
spending that all sides once saw as necessary public investment in
transportation, research and education. It’s that “road to serfdom”
again: Anything government does beyond enforcing contracts and
stopping violence is denounced as the first step of a fox trot
toward dictatorship.

So let’s give Ron Paul credit for unmasking the true source of
gridlock in Washington: Too many conservatives are operating on the
basis of theories that history and practice have discredited. And
liberals have been more reluctant than they should be to call the
ideological right on this, partly because they never fully got over
the shell shock of the Reagan years and also because they have a
strange aversion to arguing about theory. When it comes to
government policy, the Austrian economists paved the road to
paralysis.

Hm, what did the Congressional Budget Office say about government
spending last week
? “Federal outlays are expected to increase
by 2.6 percent this year, to $3.5 trillion, or 20.5 percent of
GDP—their average percentage over the past 40 years. CBO projects
that under current law, outlays will grow faster than the economy
during the next decade and will equal 22.4 percent of GDP in 2024.”
Is this a government gridlocked, prevented from functioning?

And is asking, as congressional Republicans are, for offsetting
cuts elsewhere before voting for unemployment extensions truly a
sign of embracing Austrian warnings about the bad effects of
messing with free markets and market clearing in a way someone not
desperate for a column hook would recognize?

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It’s Hayek’s World, the U.S. Government Just Spends in It

As the guilty flee when no man pursueth, so do the statists see
Austrian economists’ cold dead hands trying to take away their
(metaphorical, until they are literal) guns when our country’s
politicians are all too prepared to Keynesian manage their way to
all of our graves.

See
E.J. Dionne in yesterday’s Washington Post
:

today’s conservatives are in thrall to Austrian thinking, and
this explains a lot of what is going on in Washington. Broadly
popular measures such as raising the minimum wage and extending
unemployment insurance — normal, bipartisan legislation during the
Keynesian heyday — are blocked on the assumption that people are
better off if the government simply keeps its mitts off the
market.

It is now difficult for Congress to pass even the kind of
spending that all sides once saw as necessary public investment in
transportation, research and education. It’s that “road to serfdom”
again: Anything government does beyond enforcing contracts and
stopping violence is denounced as the first step of a fox trot
toward dictatorship.

So let’s give Ron Paul credit for unmasking the true source of
gridlock in Washington: Too many conservatives are operating on the
basis of theories that history and practice have discredited. And
liberals have been more reluctant than they should be to call the
ideological right on this, partly because they never fully got over
the shell shock of the Reagan years and also because they have a
strange aversion to arguing about theory. When it comes to
government policy, the Austrian economists paved the road to
paralysis.

Hm, what did the Congressional Budget Office say about government
spending last week
? “Federal outlays are expected to increase
by 2.6 percent this year, to $3.5 trillion, or 20.5 percent of
GDP—their average percentage over the past 40 years. CBO projects
that under current law, outlays will grow faster than the economy
during the next decade and will equal 22.4 percent of GDP in 2024.”
Is this a government gridlocked, prevented from functioning?

And is asking, as congressional Republicans are, for offsetting
cuts elsewhere before voting for unemployment extensions truly a
sign of embracing Austrian warnings about the bad effects of
messing with free markets and market clearing in a way someone not
desperate for a column hook would recognize?

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Tonight on The Independents: Obamacare, the NSA, Death by Drones, the GOP and Immigration, and More!

Greetings humans!

The
Independents
 is playing in and on your TV box at 9 pm
ET, 6 pm PT on Fox Business Network, and that means you should
watch it, or time-shift it, or tape it, then watch the repeats
tonight at midnight and later over the weekend. 

Tonight, we’ll be talking about Obamacare, the surveillance
state, death by drones, and taking selfies with homeless people,
among other topics. 

We’ll talk health care and employment, Rand Paul and the
Clintons, and drone killing counundrums with Campus Reform
reporter Katherine Timpf
. We’ll discuss immigration and
multi-culti soda-pop commercials with Allen West.

Rep. Ted Poe
(R-Texas)
will be on for a conversation about the surveillance
state. Pro-football veteran Chris Carr will be on to
talk about
the possibility
that an openly gay man might be drafted into
the National Football League. And Kmele Foster and I will mix it up
over the varying merits of the print and broadcast versions of
The Walking Dead

I’ll be sitting in as a guest co-host, filling the chair usually
occupied by Matt Welch, who is currently on a boat. Tune in, and tell us
what you think on Twitter: @IndependentsFBN

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The US Macro Cycle (It’s Not Different Or Sustainable This Time)

Last year we exposed the reasoning for the extremely predictable cyclicality in US macro-economic surprise data. Each year of the last few, the third quarter has exhibited unusual "strength" surprising 'economists' – thanks to government agencies executing their final budgets to use up all their allotments – only to stabilize in Q4 and the fade rapidly in Q1. 2013 was "different" as we had the government shutdown which threw the seasonal pattern off… but once the agencies were re-opened, the spice did flow and we got what is now clearly not a sustainable 'surprise' in growth but a lagged cyclical bounce. However, the lag introduced by the shutdown is now catching up to us – so it is different this time (2mo. lag) but the same…

 

Step-by-step…Why the "Q4 recovery is sustainable" meme is crap…

1. Each of the last few years (as we note below) there is a 'surprise' in Q3 macro-economic data… which then fades rapidly in Q4 and on...

2. As we noted last year, there is a clear reason for the annual Q3 economic bounce – Fed agencies spending surges to ensure they meet their year-end budget spending goals – and get next year's budget :

As the ISM reported – "The federal government's spending is increasing greatly as agencies execute their final budgets and utilize fiscal year 2013 appropriated funds prior to their expiration on September 30th. This has  caused a major increase in procurement activity for goods and services.  Budgets are uncertain for fiscal year 2014, so some items requiring funding in future years are not being purchased." (Public  Administration)

 

Which got us thinking: September 2013 saw a big bounce in various economic indicators leading many to speculate that this was yet another indication that the "sustainable recovery" has finally arrived. Of course, it was not just this year but also last year, and in prior years, that there has been a very distinct pick up in the late Summer economic indicators, only to promptly fade away into the fall and winter.This can be seen on the chart below.

 

 

This begs the question: is the only reason why the economy tends to pick up momentum dramatically as the summer ends just a function of a surge in government spending permeating the broader economy as agencies scramble to spend all the money they have before the end of the September 30 Fiscal Year End (just so they get allocated the same or greater budget in the coming fiscal year), which subsequently plunges or is outright halted as the case may be right now?

 

If so, it would explain so much, and certainly why year after year, the US economy seems to pick up in the mid-to-late Q3 period, only to dramatically fade away in the coming months, as government spending goes from a waterfall to a trickle.

 

It would also put the government's role in generating transitory periodic spikes in economic output under a microscope, especially since it is so clearly staggered to recur every September as one after another government agency spends like a drunken sailor. And if that is the case, how long until the BLS or some other agency (upon reopening of course) is taken to task to normalize not only for hedonic indicators and climate-related seasonal factors, but also for what is now clearly an annual aberration of economic output trends?

 

3. Well the government shutdown screwed with this cycle last year. The following chart shows the drop in macro data as the shutdown occurred (red oval) and then once the agencies re-opened en masse, their spending surge "surprised" and we got a major "positive surprise" in macro data (green oval)…

 

4. Now we are back to the normal cycle – and a fading macro backdrop (red arrow)

 

So, it is different this time… it's a month or two lagged from being exactly the same and the hopes and prayers of the Q4 "sustainable" recovery and the weather blame for recent weak data is merely the lag from the government shutdown washing through the system once again…


    



via Zero Hedge http://ift.tt/1bklhh0 Tyler Durden

The US Macro Cycle (It's Not Different Or Sustainable This Time)

Last year we exposed the reasoning for the extremely predictable cyclicality in US macro-economic surprise data. Each year of the last few, the third quarter has exhibited unusual "strength" surprising 'economists' – thanks to government agencies executing their final budgets to use up all their allotments – only to stabilize in Q4 and the fade rapidly in Q1. 2013 was "different" as we had the government shutdown which threw the seasonal pattern off… but once the agencies were re-opened, the spice did flow and we got what is now clearly not a sustainable 'surprise' in growth but a lagged cyclical bounce. However, the lag introduced by the shutdown is now catching up to us – so it is different this time (2mo. lag) but the same…

 

Step-by-step…Why the "Q4 recovery is sustainable" meme is crap…

1. Each of the last few years (as we note below) there is a 'surprise' in Q3 macro-economic data… which then fades rapidly in Q4 and on...

2. As we noted last year, there is a clear reason for the annual Q3 economic bounce – Fed agencies spending surges to ensure they meet their year-end budget spending goals – and get next year's budget :

As the ISM reported – "The federal government's spending is increasing greatly as agencies execute their final budgets and utilize fiscal year 2013 appropriated funds prior to their expiration on September 30th. This has  caused a major increase in procurement activity for goods and services.  Budgets are uncertain for fiscal year 2014, so some items requiring funding in future years are not being purchased." (Public  Administration)

 

Which got us thinking: September 2013 saw a big bounce in various economic indicators leading many to speculate that this was yet another indication that the "sustainable recovery" has finally arrived. Of course, it was not just this year but also last year, and in prior years, that there has been a very distinct pick up in the late Summer economic indicators, only to promptly fade away into the fall and winter.This can be seen on the chart below.

 

 

This begs the question: is the only reason why the economy tends to pick up momentum dramatically as the summer ends just a function of a surge in government spending permeating the broader economy as agencies scramble to spend all the money they have before the end of the September 30 Fiscal Year End (just so they get allocated the same or greater budget in the coming fiscal year), which subsequently plunges or is outright halted as the case may be right now?

 

If so, it would explain so much, and certainly why year after year, the US economy seems to pick up in the mid-to-late Q3 period, only to dramatically fade away in the coming months, as government spending goes from a waterfall to a trickle.

 

It would also put the government's role in generating transitory periodic spikes in economic output under a microscope, especially since it is so clearly staggered to recur every September as one after another government agency spends like a drunken sailor. And if that is the case, how long until the BLS or some other agency (upon reopening of course) is taken to task to normalize not only for hedonic indicators and climate-related seasonal factors, but also for what is now clearly an annual aberration of economic output trends?

 

3. Well the government shutdown screwed with this cycle last year. The following chart shows the drop in macro data as the shutdown occurred (red oval) and then once the agencies re-opened en masse, their spending surge "surprised" and we got a major "positive surprise" in macro data (green oval)…

 

4. Now we are back to the normal cycle – and a fading macro backdrop (red arrow)

 

So, it is different this time… it's a month or two lagged from being exactly the same and the hopes and prayers of the Q4 "sustainable" recovery and the weather blame for recent weak data is merely the lag from the government shutdown washing through the system once again…


    



via Zero Hedge http://ift.tt/1bklhh0 Tyler Durden

Ron Paul Rages “Will No One Challenge Obama’s Executive Orders?”

Submitted by Ron Paul of the Ron Paul Institute,

President Obama’s state of the union pledge to “act with or without Congress” marks a milestone in presidential usurpation of Congressional authority.  Most modern presidents have used executive orders to change and even create laws without Congressional approval. However President Obama is unusually brazen, in that most Presidents do not brag about their plans to rule by executive order in state of the union speeches.

Sadly, his pledge to use his pen to implement laws and polices without the consent of Congress not only received thunderous applause from representatives of the president’s party, some representatives have even pledged to help Obama get around Congress by providing him with ideas for executive orders. The Constitution’s authors would be horrified to see legislators actively aiding and abetting a president taking power away from the legislature.

Executive orders are perfectly legitimate and even necessary if, in the words of leading Constitutional Scholar Judge Andrew Napolitano, they “….  guide the executive branch on how to enforce a law or…complement and supplement what Congress has already done.” The problem is that most modern presidents have abused this power to issue orders that, as Judge Napolitano puts it, “restates federal law, or contradicts federal law, or does the opposite of what the federal law is supposed to do.”

Political opponents of the president rightly condemned Obama for disregarding the Constitution. However, it was not that long ago that many of the same politicians were labeling as “unpatriotic” or worse anyone who dared question President Bush’s assertions the he had the “inherent” authority to launch wars, spy on Americans, and even indefinitely detain American citizens.

Partisan considerations also make some members of the opposition party hesitate to reign in the president. These members are reluctant to set a precedent of “tying the president’s hands” that could be used against a future president of their own party.

The concentration of power in the office of the president is yet one more negative consequence of our interventionist foreign policy. A foreign policy based on interventionism requires a strong and energetic executive, unfettered by Constitutional niceties such as waiting for Congress to pass laws or declare war.  So it simply was natural, as America abandoned the traditional foreign policy of non-interventionism, for presidents to act “without waiting for Congress.” After all, the president is “commander-in-chief” and he needs to protect “national security,” they argued. Once it became accepted practice for the president to disregard Congress in foreign affairs, it was only a matter of time before presidents would begin usurping Congressional authority in domestic matters.

It should not be surprising that some of the biggest promoters of an “energetic” executive are the neoconservatives. They are also enthusiastic promoters of the warfare state. Sadly, they have misled many constitutionalists into believing that one can consistently support unchecked presidential authority in foreign policy, but limit presidential authority in domestic matters. Until it is fully understood that virtually limitless presidential authority in foreign affairs cannot coexist with strict limits on Presidential authority in domestic matters, we will never limit the power of the Presidency.

The people must also insist that politicians stop viewing issues concerning the separation of powers through a partisan lens and instead be willing to act against any president who exceeds his constitutional limitations. Thankfully we have scholars such as Louis Fisher, who has just published an important new book on presidential power, to help us better understand the Founders’ intent with regard to separation of powers. The key to achieving this goal is to make sure the people understand that any president of any party who would exceed constitutional limitations is a threat to liberty, and any member of Congress who ignores or facilitates presidential usurpation is being derelict in his Constitutional duty.


    



via Zero Hedge http://ift.tt/1lYs9F5 Tyler Durden

Ron Paul Rages "Will No One Challenge Obama’s Executive Orders?"

Submitted by Ron Paul of the Ron Paul Institute,

President Obama’s state of the union pledge to “act with or without Congress” marks a milestone in presidential usurpation of Congressional authority.  Most modern presidents have used executive orders to change and even create laws without Congressional approval. However President Obama is unusually brazen, in that most Presidents do not brag about their plans to rule by executive order in state of the union speeches.

Sadly, his pledge to use his pen to implement laws and polices without the consent of Congress not only received thunderous applause from representatives of the president’s party, some representatives have even pledged to help Obama get around Congress by providing him with ideas for executive orders. The Constitution’s authors would be horrified to see legislators actively aiding and abetting a president taking power away from the legislature.

Executive orders are perfectly legitimate and even necessary if, in the words of leading Constitutional Scholar Judge Andrew Napolitano, they “….  guide the executive branch on how to enforce a law or…complement and supplement what Congress has already done.” The problem is that most modern presidents have abused this power to issue orders that, as Judge Napolitano puts it, “restates federal law, or contradicts federal law, or does the opposite of what the federal law is supposed to do.”

Political opponents of the president rightly condemned Obama for disregarding the Constitution. However, it was not that long ago that many of the same politicians were labeling as “unpatriotic” or worse anyone who dared question President Bush’s assertions the he had the “inherent” authority to launch wars, spy on Americans, and even indefinitely detain American citizens.

Partisan considerations also make some members of the opposition party hesitate to reign in the president. These members are reluctant to set a precedent of “tying the president’s hands” that could be used against a future president of their own party.

The concentration of power in the office of the president is yet one more negative consequence of our interventionist foreign policy. A foreign policy based on interventionism requires a strong and energetic executive, unfettered by Constitutional niceties such as waiting for Congress to pass laws or declare war.  So it simply was natural, as America abandoned the traditional foreign policy of non-interventionism, for presidents to act “without waiting for Congress.” After all, the president is “commander-in-chief” and he needs to protect “national security,” they argued. Once it became accepted practice for the president to disregard Congress in foreign affairs, it was only a matter of time before presidents would begin usurping Congressional authority in domestic matters.

It should not be surprising that some of the biggest promoters of an “energetic” executive are the neoconservatives. They are also enthusiastic promoters of the warfare state. Sadly, they have misled many constitutionalists into believing that one can consistently support unchecked presidential authority in foreign policy, but limit presidential authority in domestic matters. Until it is fully understood that virtually limitless presidential authority in foreign affairs cannot coexist with strict limits on Presidential authority in domestic matters, we will never limit the power of the Presidency.

The people must also insist that politicians stop viewing issues concerning the separation of powers through a partisan lens and instead be willing to act against any president who exceeds his constitutional limitations. Thankfully we have scholars such as Louis Fisher, who has just published an important new book on presidential power, to help us better understand the Founders’ intent with regard to separation of powers. The key to achieving this goal is to make sure the people understand that any president of any party who would exceed constitutional limitations is a threat to liberty, and any member of Congress who ignores or facilitates presidential usurpation is being derelict in his Constitutional duty.


    



via Zero Hedge http://ift.tt/1lYs9F5 Tyler Durden

Immigrants: Is to Know them To Love Them?

Interesting addendum to Matthew Feeney’s
observations and thoughts on Switzerland’s anti-immigration
referendum
from earlier today, via
Bryan Caplan
:

Swiss anti-immigration voting was highest
in the places with
the least immigrants
!  This is no
fluke.  In the U.S., anti-immigration sentiment
is highest
in the states with the least immigration
 – even if you
assume that 100% of immigrants are pro-immigration.

…..The main hurdle to further immigration
is insufficient immigration.  If countries
could just get over the hump of status quo bias, anti-immigration
attitudes would become as socially unacceptable as domestic
racism

Reason‘s 2006
classic package on immigration
.

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BofAML: “Equities Are Set To Top And Roll”

"Equities are set to top and roll over," and BofAML's Macneil Curry remains bullish US Treasuries despite today's stability (so far) from recent stock gains. He remains negative on risk assets and believes US equities are posied for another leg lower (with perhaps tomorrow's Yellen testimony the un-taper punchbowl removal catalyst) and warns  bond bears that a break below 2.657% on the 10Y would indicate the downtrend in yields has resumed. Elsewhere Curry adds "gold is coming to life."

Via BofAML's Macneil Curry,

Equities are set to top and roll, risk to follow

We look for the cash S&P500 to top between 1800/1823 (approximately 1795/1818 in ESH), with downside targets seen to 1712/1686 (or approximately 1700/1680 in ESH3). Looking specifically at ESH4, a break of 3d trendline support (now 1774.00) would be the 1st sign of topping, with a close below 1760.25 confirming a resumption lower for the S&P500

US Treasuries: Stay bullish. Below 2.657% to 2.544% / 2.399%

With risk assets poised to roll lower, we remain bullish US Treasuries. Looking specifically at 10yr yields, a close below 2.657% says the downtrend has resumed for the larger range lows between 2.544% / 2.399%. Bears need a break of 2.788% to invalidate our bullish outlook and say that a base has transpired

The US $ Index is choppy but still bullish

While the US $ Index is far more choppy than we have anticipated, it is still bullish for 82.15/82.55. This view would be given a significant blow below 80.15, and would be invalidated below 79.68.

Gold is coming to life, but it’s the close that matters

A daily close above 1273 confirms a Triangle breakout and further near term strength towards 1321, potentially beyond to the confluence of long term support between 1358/1381.


    



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