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PERRIN LOVETT

~ Deo Vindice

PERRIN LOVETT

Tag Archives: fiat money

Repo Madness

07 Tuesday Jan 2020

Posted by perrinlovett in News and Notes

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2020, economy, Federal Reserve, fiat money, repo

2020 is off to a rocking great start! That is if you’re a criminal banker. And, the money just flows!!!

… means the Fed just injected a total of $99BN to keep the levitation party going, and confirms that the repo market remains paralyzed.

Worse, any attempts to drain liquidity from the repo market, or generally slow down the shrinkage of the balance sheet, will be met with failure. It is also another indication that the repo market now holds the Fed hostage, with Powell now trapped in not only injecting liquidity via QE4, i.e., the monetization of T-Bills, but continued reliance on repos in the $250BN range.

Of course, should the Fed threaten to pull even a bit more liquidity than the market is comfortable sacrificing, and stocks get it. The flip side too: as long as the Fed keeps growing the balance sheet at a rate of about $100 billion per month, the market meltup will continue.

Best economy ever! As they boasted the other day, it is now virtually recession-proof.*

*”virtually recession-proof” does not preclude the (mathematically certain) proposition of depression or total collapse.

Is This the Annual Repo Number???

27 Friday Dec 2019

Posted by perrinlovett in Legal/Political Columns, News and Notes

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economics, Federal Reserve, fiat money, markets, sorcery

I’ve been morbidly interested in the Fed’s latest act of national homicide for whatever reason. It’s been more than difficult to keep track of exactly how much fake money they’ve pumped out. This could be it:

Global stock markets have been on a torrid run in 2019, adding more than $17 trillion in total value, according to Deutsche Bank calculations.

The value of global equities began the year just under $70 trillion but has now surpassed $85 trillion, according to a chart from Deutsche Bank’s Torsten Slok.

The banner year for equities has been helped by easier monetary policy and political developments around the globe.

Central banks around the world have taken a more dovish approach, boosting markets. The Federal Reserve has cut its benchmark interest rate three times this year, and the European Central Bank cut its already negative rates even further.

$17 Trillion in dove shit! Ridiculous, I know. The real number is probably much higher.

Sorcery “Goes Back Decades”

07 Thursday Nov 2019

Posted by perrinlovett in News and Notes

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economics, Federal Reserve, fiat money, QE infinity!, sorcery

It is QE Infinity! The New York Fed’s funny money giveaway program was supposed to end on Monday. Instead, today the WSJ treats us to uncannily shoddy journalist revelations of a continuing nature.

The New York Fed added $115.14 billion to financial markets via temporary operations on Thursday.

The liquidity additions came in two parts. One was an overnight repurchase agreement with eligible banks totaling $80.14 billion, and the other was via a $35 billion 14-day repo. Eligible banks didn’t take all the liquidity offered by the Fed in the one-day operations, but in submitting $41.15 billion in Treasurys and mortgages for the latter operation, their interest in securing liquidity exceeded what the Fed was willing to provide on Thursday.

Fed repo interventions take in Treasury and mortgage securities from eligible banks in what is effectively a short-term loan of central-bank cash, collateralized by the bonds. The Fed’s injections are aimed at ensuring that the financial system has enough liquidity and that short-term borrowing rates remain well-behaved.

Recent Fed market interventions aren’t designed to serve as stimulus. While the sizes of recent operations are large, the practice of adding and subtracting liquidity from short-term markets to manage short-term interest rates goes back decades. The Fed is also buying Treasury bills to increase the size of its balance sheet and to add permanent liquidity to the financial system, and it hopes that effort will reduce the need for large temporary interventions.

Not a stimulus, just a behavior modification. Okaaaaay. Adding massive permanent liquidity (to a supposedly healthy system, well-behaved) in lieu of temporary interventions. Hmmmm.

Make of all that what you will. At this point, the dates, numbers, and words simply cannot be trusted. It was $165 Bn per day for 50 days. Now, is it $165 Bn for 53? Or, is it $115 Bn for 53? Or something else forever? Splitting the crazy differences … $140 Bn for 51.5 days = $7,210,000,000,000.00*. Or, they are now printing the fiat at the rate of 1 2019 GDP every five months. Or! 1 2019 SLFR BASE every three weeks. King Midas would be jealous.

*If it is 165/53, then we’re at $8.745 Trillion through today.

Soon…

The Human Toll of Financial Sorcery

30 Tuesday Jul 2019

Posted by perrinlovett in Legal/Political Columns, News and Notes

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debt, economics, fiat money, sorcery

A lesson from the Italian middle class: with plenty of cool charts:

Something has changed and the change is deep in the very fabric of the Italian society. And the change has a name: it is the twilight of the age of oil. Wealth and energy are two faces of the same medal: with less net energy available, what Italians could afford 50 years ago, they can’t afford anymore.

But saying that depletion is at the basis of our troubles is politically incorrect and unspeakable in the public debate. So, most Italians don’t understand the reasons for what’s going on. They only perceive that their life is becoming harder and harder, despite what they are being told on TV.”

To resource depletion I would add lower returns on both capital and labor–what is known as diminishing returns: the same investment yields less output.

This decay of return on investment manifests as an S-Curve, which is a constant reference point in my work: an investment that earns a large output at first yields less and less, until the yield (output) stagnates and then declines. Increasing the investment no longer reverses the decline, and often accelerates the decline into a crash.

Feels like you, eh? For Americans, no need to fret. I hear to cure-all election is right around the corner. Sure to fix everything. Vote the Rock!

Quarter Trillion $ Trio: How the Rich Get Richer

09 Thursday Nov 2017

Posted by perrinlovett in Legal/Political Columns, News and Notes

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Amazon, economy, Federal Reserve, fiat money, money, the poor, the rich

Bill Gates, Jeff Bezos, and Warren Buffett have a combined wealth greater than the poorest half of all Americans. Three men with more money than 160 million other people in the same country.

The three richest people in the US – Bill Gates, Jeff Bezos and Warren Buffett – own as much wealth as the bottom half of the US population, or 160 million people.

Analysis of the wealth of America’s richest people found that Gates, Bezos and Buffett were sitting on a combined $248.5bn (£190bn) fortune. The Institute for Policy Studies said the growing gap between rich and poor had created a “moral crisis”.

In a report, the Billionaire Bonanza, the thinktank said Donald Trump’s tax change proposals would “exacerbate existing wealth disparities” as 80% of tax benefits would end up going to the wealthiest 1% of households.

“Wealth inequality is on the rise,” said Chuck Collins, an economist and co-author of the report. “Now is the time for actions that reduce inequality, not tax cuts for the very wealthy.”

The study found that the billionaires included in Forbes magazine’s list of the 400 richest people in the US were worth a combined $2.68tn – more than the gross domestic product (GDP) of the UK.

“Our wealthiest 400 now have more wealth combined than the bottom 64% of the US population, an estimated 80m households or 204 million people,” the report says. “That’s more people than the population of Canada and Mexico combined.”

The report says the “billionaire class” continues to “pull apart from the rest of us” at the fastest rate ever recorded. “We have not witnessed such extreme levels of concentrated wealth and power since the first gilded age a century ago.”

3000

David McNew/Getty/The Guardian.

This isn’t a piece on class envy – at least not mine is not. Who knows what the trained squirrels at the Guardian were up to. If this money were earned honestly, then there would be no problem, regardless of any “inequality”, real or fancied.

Some, many of whom are hoarse from howling at the moon last night, might propose to seize all of this wealth and redistribute it. Unlike Scrooge McDuck, these three real characters do not have $250 Billion in gold coins and cash in the basement of some mega mansion. It’s (almost all of it) invested in their companies and earning more money while created goods, jobs, and services. It’s not liquid. Taking it would collapse a sizable portion of the economy. Killing the goose … all for $1,500 per poorer half class member. Once…

Stick to the helpless screaming, SJWs.

The rest of you know I am (mostly) concerned with the truth. So, what is the truth behind Gates, Bezos, and Buffett?

Bill Gates became filthy rich by selling software. My perspective dictates the products are second-rate at best, a bill of goods bought from a high-class carny. Yet they remain extremely popular. The people get what they think they want. Gates gets richer. Okay.

Bezos runs Amazon. Some say this business is a modern monopoly, responsible for killing all the bookstores of the world. I have a vested interest here. Periodically Amazon sends me money for book sales. The checks are small but they do come. Thus, in my view, Saint Bezos and his beautiful creation can do no wrong. I wish them success as this directly benefits me. If you don’t like that, then you probably don’t read and, therefore, don’t really have a dog in the fight. Bugger off.

Buffett is held forth as the ultimate investor. Making and creating Billion$ while humbly living in the same small house for 50 years, the paragon of Wall Street virtue. That’s part of the truth.

The other part involves his direct manipulation of the economy. Watch the following video for a funny analysis of how this works (a cartoon, no less – for the people!):

Malekanoms/YouTube.

First, for the ardent pendatrists, consider the cloud cover in the cartoon. How is that consistent with the digital trees??? What say your television shows?

Now. If you happen to consider the substance, then know this: what Buffet and a few others do is not technically illegal. It should be as should be the whole central banking scheme. However, since we’re past the days of the law, why not make money (take money) from the existing corrupt system?

That’s where the problem lies. And howling at the moon, beating the bongos, and voting will not fix it.

Suffer the Banksters

18 Thursday Feb 2016

Posted by perrinlovett in Legal/Political Columns

≈ 1 Comment

Tags

America, Andrew Jackson, banksters, Big Club, criminals, fiat money, God, government, money, slavery, The People, War

The American government is owned by bankers and operated for their good.I don’t mean your friends at the local credit union. I mean the central banks and their criminal associates. They are charter members of the Big Club that owns the country, most of it. They want it all, everything we have including our very lives.

Yesterday I blasted the GOP for their support of drafting women to fight for corporate profit. No entity profits more off of war than central banks and their commercial minions. They want all our children in servitude.

They also lock people up for civil debts despite a supposedly absolute legal ban on debtors prisons. The banks have U.S. Marshals hauling people into court in handcuffs and forcing those people, at gun point, to sign onto repayment plans for allegedly delinquent student loans. For now it just student loans. Maybe tomorrow it will be credit cards and mortgages too.

The shame of this is double. The illegally arrested poor are likely in court due to default judgments in cases they knew nothing about until they were arrested. Most of these cases probably suffer from a total lack of evidence. Also, these loans were of money created out of thin air. It cost the banks and the government nothing to create this fiat. Repayment, however, requires years of work. This is little more than slavery. That’s what they want – a nation of slaves.

Years ago they did away with high denomination paper money. Actually, they did away with money altogether. Now they’re targeting the $100 Bill. This is the next step towards eliminating cash completely. This will force everyone into the banking system and give the criminals total control over the monetary supply.

They want your money, your daughters, your lives. In 1836 Andrew Jackson allegedly said of the Banksters, “You are a den of vipers and thieves. I intend to rout you out, and by the grace of the Eternal God, will rout you out.” He was a man of his word. We desperately need that spirit again.

6a00d8341c652b53ef01310fb1ff92970c-800wi

Google.

Piracy, Counterfeiting, and Treason

23 Monday Nov 2015

Posted by perrinlovett in Legal/Political Columns

≈ 5 Comments

Tags

Amercia, anarchy, banksters, Barack Obama, Congress, Constitution, counterfeiting, Courts, crimes, Federal Reserve, fiat money, freedom, G. Edward Griffen, government, green space chickens, history, inflation, law, Lysander Spooner, money, piracy, President, regulation, Ted Cruz, terrorism, The People, treason, War

This article was featured on The Perrin Lovett Show (with usual amateur production, etc.).

The United States Constitution sets forth a very few enumerated powers for the federal government – 18 to 30 or so, depending on how one reads the text.Several others could be imagined given a certain degree of lucidity. The modern law and political crowd obviously has a very vivid imaginations.

“Our” government now involves itself in literally everything. The pretense of following the Constitution was long ago dropped in favor of a do-all, end-all, all things for all people nanny state. This proves, as Lysander Spooner noted toward the end of the 19th Century, the abject failure of the Constitution. Either it enabled the growth and development of the current system or it was powerless to prevent it. Either way a lost cause for the liberty-minded.

Amongst those few, ancient powers were the prohibition and prosecution of but three specific crimes. Others, a few, could, again, be imagined based on the surrounding text.

Insanity, rather than imagination, best describes the current vast expanse of federal criminal “justice.” Today there are something like 10,000 crimes in the federal code – not all of them are even contained in Title 18, criminal laws. If you have a system where laws escape their designated place, you then have a problem. Worse, the various federal administrative agencies – none of which are found in the Constitution – write a bazillion regulations every year. Many of these carry quasi-criminal penalties.

One gets the idea that any and everything is illegal in America. It is. Possessing a “short” lobster is illegal. Owning a flower banned by a foreign government is illegal. Installing a toilet with a decent sized water tank is illegal.

Few of these laws were enacted to preserve order or to protect the public. Rather, they are intended to promote the government’s over the populace. The people seem to approve. That is, until they find themselves on the wrong side of a federal courtroom.

The average American commits three felonies a day – usually with no intent. Most of these go unprosecuted. Most are never known. Even if a violation is disclosed it is rarely acted upon. It would be impossible to persecute 300 million citizens on a regular basis. Unnecessary too. Prosecution is selective at best. It’s designed to make examples to keep the people in line.

Again, it started out with but three crimes. All the rest were left to the states for enforcement by statute or under our English heritage of common law. While a few cases of the three original varieties occasionally come up, these crimes are almost completely committed, these days by the government itself.

Counterfeiting

“The Congress shall have the power …To provide for the Punishment of counterfeiting the Securities and current Coin of the United States.” U.S. Const., Art. I, Section 8.

You, dear reader, must be familiar with the concept of the counterfeiter. It’s some dude in a basement with a press and green ink or a high-end color copier, who manufactures fake twenties for use at the supermarket. This does happen. However, it is dwarfed by the scheme enacted by the government in 1913 through the Federal Reserve Act.

That Act created the modern central banking system. One of those thirty or so enumerated powers in the old parchment authorized only Congress to create currency. Said currency was to be based only upon the determined value of gold or silver. It was thus real money, linked to something of intrinsic value.

Via the Act Congress abdicated its authority to a private banking cabal. They were literally given a monopoly to print money. A tenuous link was, then, in place which, on the surface, to the Constitution and the gold standard. The Act’s original language stated the new federal reserve notes could be redeemed at any time for either “lawful currency” or precious metals. It was a sly admission the new notes were something other than lawful. Funny almost but deadly.

This cozy arrangement allows the government an endless supply of debt by which to prop up its income tax scheme and bottomless spending. The tax also, conveniently, came along in 1913. Like a plan or something.

The cabal benefits by being able to loan themselves and their friends an infinite amount of money. You may read all about this process, dubbed the “Mandrake Mechanism” in G. Edward Griffin’s The Creature from Jekyll Island.

The downsides for you are several. First, you endure the loss of Constitutional government – lost to a despicable gang of criminals. Second, you loss buying power to inflation. The more of something there is, the less each individual unit is worth. The more money the Fed prints, the less the money you have buys. Prices rise accordingly. Incomes are always the last to increase; they are perpetually behind the curve.

The Treasury still has the ability to print real money in addition to the Fed’s funny notes. The last time it did so was in the 1960s in a bid to boost currency circulation. The gold link was weakened during the great depression (by a Democrat administration) and severed entirely in the early 70s by Richard Nixon (a Republican) (2 parties, remember…).

Piracy

“The Congress shall have the power … To define and punish Piracies and Felonies committed on the high Seas, and Offences against the Law of Nations…” U.S. Const., Art.I, Section 8.

This was a serious issue for the young Republic, being tied to European trade. It’s still an important issue. Ask Captain Phillips about piracy in the 21st Century. Again, however, the actions of the central government eclipse anything done by the hook and parrot set.

The government does not roam the seas looking for vessels to raid. Well, actually, they do. Most of their pillaging and plundering is conducted on land though. Piracy is synonymous with stealing. What doesn’t the government steal?

They get your money through taxes, fees, and insidious inflation. They get your flowers, short lobsters, milk, and produce. They get your arms, legs an lives through their endless wars. They get your children with their mandatory non-education system. They get it all. Pipe up too loudly about this theft and they bring out the guns – piracy. Everything, everywhere, everyday.

Treason

“Treason against the United States, shall consist only in levying War against them, or in adhering to their Enemies, giving them Aid and Comfort. No Person shall be convicted of Treason unless on the Testimony of two Witnesses to the same overt Act, or on Confession in open Court. The Congress shall have Power to declare the Punishment of Treason…” U.S. Const., Art. III, Section 3.

With the exception of the “Civil” war the government does not conduct military operations against itself. Sometimes one wishes the opposite. They do occasionally make war on us: whiskey tax protesters, poor coal miners, displaced veterans, Indians, those of Japanese ancestry, churches, etc.

The real crime they commit – constantly – is giving aid to our enemies. Any enemy they can find so long as the free people suffer. Piracy and counterfeiting (see above) are two good examples. Another example is the absolute infidelity to the limits of the Constitution. Yet again, the majority of the people seem okay with the ridiculous overextension of state authority – so long as they get (or are at least promised) some goodies.

A great example from the news of late is the American warfare/welfare policy concerning Islamic terrorism. The military trots around the globe in search of crazed radicals. Rather than defeating them, they stir the boiling pot. This allows for wholesale spending of the fiat money. It also gives them graft to loot. It also angers the hell out of already dangerous peoples.

As if that isn’t bad enough Washington then imports as many “refugees” to the States as it can locate. Screening be damned, they have a Civilization to wreck.

If any outsider attempted such unimaginable terror, it would be considered an act of war. As is, I view it as an act of Treason. The people may not go along with this one much longer. Not when Paris-style theater and sporting outings become the norm. Not when Sharia law emerges from the 7th century into places like Dearborn and Omaha.

What if anything can be done? I think reform is not an option. Many of my conservative friends want a “return to the Constitution.” That means going back to a document that was roundly ignored the first time. At best, it would reset the clock. This time around there’s no assurance the demise (eternal) would take so long to happen. They could just use history as a blueprint.

Congress, the President (any President), and their friends in beaurocracy and banking are non to eager to give up all that power and fun. The Courts have long since rubber stamped the insanity. It’s all okay because of the Necessary and Proper Clause, or the Welfare Clause, or the Santa Clause, or … Just because it just is.

Years ago, during a federal firearms case, I asserted the government’s lack of authority over firearms law as a defense for my client. I moved the court to dismiss the charges for lack of standing. I reminded the judge about Article One enumeration. I waived a copy of the parchment around like a fan. As I spoke there was a stunned silence. Attorneys are not supposed to uphold the law as I did literally.

My motion was denied instantly. My client took a plea deal and voided any chance of an appeal. Any appeal would have failed anyway. Law and order minus the law part.

These are not only my experience. Ted Cruz, whom I’m told is running for President, accessed the White House of ‘Counterfeiting Immigration Documents’

Given what we know about government, they probably did. They’re obviously getting away with it. This was a story about immigration too. Perhaps the merging of Treason and counterfeiting.

Speaking to Fox News following a federal judge’s decision to temporarily halt President Barack Obama’s executive action on immigration, the potential Republican presidential contender said the commander in chief is ignoring federal law.

“One of the things it points out is the president has claimed, rather absurdly, that the basis of his authority is ‘prosecutorial discretion.’ That he’s simply choosing not to prosecute 4.5 million people here illegally,” Cruz told Fox News. “But what the district court concluded, quite rightly, is they’re doing far more than that. The administration is printing work authorizations. It is affirmatively acting in contravention of federal law. Basically, what its doing is counterfeiting immigration documents, because the work authorizations its printing are directly contrary to the text of federal law. It is dangerous when the president ignores federal law.

…

“We’re not going to disregard this federal court ruling,” Obama said, but he added that administration officials would continue to prepare to roll out the program.

We’re not going to ignore the law, we’ll just not abide by it. To hell with it… That, in a nutshell, is the government. What can be done? Not much right now. For starters though we could all cease to hold the state up on a pedestal of honor. The gallows would be more appropriate. Stop legitimizing the monsters. Shun the long enough and maybe they will go away.

Peterpan2-disneyscreencaps_com-1915

Arrrrrrr. Ye taxes and short lobsters I shall have! Disney.

The New Normal?

10 Tuesday Nov 2015

Posted by perrinlovett in Legal/Political Columns, News and Notes

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Amercia, banksters, corporatism, decline, Economic collapse, economy, employment, fiat money, government, Green Day, money, new normal, Social Security, society, The People, welfare

I want to take a ride to the great divide
Beyond the “up to date” and the neo-gentrified
The high definition for the low resident
Where the value of your mind is not held in contempt
I can hear the sound of a beating heart
That bleeds beyond a system that’s falling apart
With money to burn on a minimum wage
I don’t give a shit about the modern age

I don’t wanna live in the modern world!
I don’t wanna live in the modern world!
I don’t wanna live in the modern world!
I don’t wanna live in the modern world!

– Green Day, American Eulogy, 2009.

What is happening to my beloved America?

Two days ago I wrote about the sizable cracks in the social/political/economic facade of my country. I found additional evidence yesterday which indicates we are headed for disaster, already having fallen off the cliff and just waiting for impact. All of this points to a coming cataclysm. But, what if it means something else? What if this, for now, at least, is the new normal?

Until the end of the twentieth century people lived, worked, earned and bought things. This buying perpetuated the working and earning. Very simple economics, micro and macro, really. Today things are a little different. People live but the manner and conditions have changed. Many work but do not earn enough to buy. Others are either cast into despair or paid not to work. Everything is paid in debt and/or fiat money.

The cost of the non-work alone is staggering. The current budget for the Social Security Administration alone is nearly $1 Trillion – about the equivalent of Ronald Reagan’s entire budget back in 1982. That’s over $6,000 for every job in the nation. When the great ponzi scheme tax was first foisted on the people, there were dozens of working taxpayers for each recipient. Soon, if things continue, those figures may be reversed. Can that continue?

SSA spending also includes, in addition to retirees, disability and other welfare payments. It’s a mechanism for buying off the unemployed. You likely know someone who collects a disability check, lives on it without working, but shows no signs of ailment. This trend and others like it (food stamps, etc.) are growing yearly. The new normal?

By and large, employment and the funny-money field economy have been “crapified.”

From the perspective of employees, the ‘crapification’ of jobs boils down to 1) low/stagnant wages for 2) highly structured, boring, repetitive and often difficult work. The decline in the quality, pay and upward mobility of jobs is directly related to the dynamics of globalization, financialization, and the surplus of ordinary labor and capital:

…

The reality is that humans can only be pushed to produce more if the tools they’re using become more productive.

The decline in jobs and job quality is having a serious and deleterious effect on society.

The underlying pathology is not hard to describe: employers (enabled by the Fed which has since the 1980s been only too wiling to provide for higher levels of unemployment so as to curb labor bargaining power to keep inflation tame) have succeeded in eliminating labor bargaining power. That program has been aided and abetted by the popularization of libertarian ideologies, which encourage many to see themselves as more in charge of their destiny than they are and thus see success and failure as the result of talent and work, as opposed to circumstance. For instance, one group that could have disproportionate power if they chose to use it, tech workers (particularly systems administrators and key support personnel in large systems deployments) have never seemed inclined to find a way to use it.

…

Many men, in particular, have decided that low-wage work will not improve their lives, in part because deep changes in American society have made it easier for them to live without working. These changes include the availability of federal disability benefits; the decline of marriage, which means fewer men provide for children; and the rise of the Internet, which has reduced the isolation of unemployment.

At the same time, it has become harder for men to find higher-paying jobs. Foreign competition and technological advances have eliminated many of the jobs in which high school graduates like Mr. Walsh once could earn $40 an hour, or more. The poll found that 85 percent of prime-age men without jobs do not have bachelor’s degrees. And 34 percent said they had criminal records, making it hard to find any work.

Is this what we want? For the elites it seems so. There is an old saying you tax something if you want less of it and you subsidize something if you want more of it. Outright taxes, inflation and regulatory costs are causing less employment and loss of employment choice and quality. At the same time the government, Banksters and corporations encourage more unemployment and dependence and subservience via welfare, off-shoring, immigration, and a host of bailouts for otherwise normal business operations.

This is all insane. It’s demeaning and destructive. The working man lives with a system that hates him and treats him worse than an animal. He toils at a job he doesn’t value. It provides him little value. His employer doesn’t value him. He stops valuing himself, his dignity, his family obligations and his place in civilized society. Micromanagement becomes macro-destruction.

obama-economy-sinking-ship-political-cartoon

Google.

This is the new normal? I hope and pray we can break free of these veritable chains before they drag us into a collective grave. I pray it happens sooner than later. If not, I don’t want to live in the modern world.

Falling Empire, Rising Hope

08 Sunday Nov 2015

Posted by perrinlovett in Legal/Political Columns, News and Notes

≈ 1 Comment

Tags

America, Amerika, collapse, corruption, decline, economy, Edward Gibbon, Federal Reserve, fiat money, government, lies, politicians, reform, Rome, society, The People, The West

Edward Gibbon listed various causes for the Decline and Fall of the Roman Empire. Amidst his voluminous words one will discern the crippling effects of: military expansionism, currency debasement, massive public spending and debt, cultural contamination, and loss of character amongst the citizenry.

One who has lived long enough and with eyes open and awake will surely notice a similar trend in the United States over the past few decades. In 2015 levels of political or social excess which would have been considered a crisis in 1970 or 1980 don’t even raise eyebrows now.

In America today anything goes. Anything, except common sense, decency and responsibility. A huge percentage of the populace, probably a majority, has turned their lives over to the government and Bacchus. All of the deadly sins are on prominent display day after year after decade.

Leaving aside social decay, sloth, and criminality, the economic collapse is alarming enough. The old American dream of a home, a job, and improving stability is now just that – a dream. The new economy of debt, more debt and endless paper “money” is still wrapped in a semblance of the traditional America. However, the facade is beginning to crack and fall away.

Bill Bonner warns the funny money expansion has reached its end. The Fed and their employed fools in government have nothing left with which to prop up the ruins of the Superpower.

That flood of EZ money created the delta of plenty in which we live today.

Unfortunately, it’s not likely to continue, because funny things happen when you do funny things to money.

Former, honest officials in the know, like Paul Craig Roberts and David Stockman, warn the game is over.

In the last two days we posted the latest data on two crucial markers of global economic direction——-export shipments from Korea and export orders coming into the high performance machinery factories of Germany.

In a word, they were abysmal, and smoking gun evidence that the suzerains of Beijing have not stopped the implosion in China, and that their latest paddy wagon forays—–arresting the head of China’s third largest bank and hand-cuffing several hedge fund managers including the purported “Warren Buffett” of China—-are signs not of stabilization, but sheer desperation.

So it is not surprising that Korea’s October exports—–the first such data from anywhere in the world—were down by a whopping 16% from last year, and have now been down for 10 straight months. Needless to say, China is the number one destination for Korean exports.

Likewise, German export orders plummeted by 18% in September, and this was no one month blip.

The new American fiscal model depends on taxing profits and income to keep the funny money above water. It depends on sheer faith in a system of criminal corruption. There have to be incomes and profits. The system has to be faith worthy, at least at a basic level.

The rubber band of debt can only be stretched so far before it snaps. Families are mired in debt. So are businesses and the state. The phantom obligations of society have passed the point from which they could ever be satisfied.

The paid salesmen at CNBC and the idiot politicians still repeat the lie that everything is fine, improving even. Off camera they admit a tragedy is brewing. Thus, the occasional talk about reform. A reform keeps the underlying system in place, tweaking it slightly in order to artificially extend its days. A reform is temporary. We need something permanent.

Charles Hugh Smith hypothesizes that a collapse is much better than a reform. He provides plenty of evidence. A crisis which destroys the status quo works in our favor because it accelerates the inevitable. It moves us into a new and real rebuilding phase.

The reform quickly becomes “reform” –a simulacrum that maintains the facade of fixing what’s broken while maintaining the Status Quo. Another layer of costly bureaucracy is added, along with hundreds or thousands of pages of additional regulations, all of which add cost and friction without actually solving what was broken.

The added friction increases the system’s operating costs at multiple levels. Practitioners must stop doing actual work to fill out forms that are filed and forgotten; lobbyists milk the system to eradicate any tiny reductions in the flow of swag; attorneys probe the new regulations for weaknesses with lawsuits, and the enforcing agencies add staff to issue fines.

None of this actually fixes what was broken; all these fake-reforms add costs and reduce whatever efficiencies kept the system afloat.

The end of the Western Roman Empire brought turmoil only to a very few; it was largely ignored by the majority. And, it ushered in, or forced, the re-definition of the state, the Renaissance, the Enlightenment and the modern ages. It’s time again.

160924154

Morning is coming. Google.

The coming fall of post-modern Amerika, if allowed to follow its natural course, will bring a rebirth and happier times. A short time of shortage and confusion will really lead to better lives for good people, both here and across the West. Let the good times roll.

Money Vultures Panic in Georgia

01 Thursday Oct 2015

Posted by perrinlovett in Legal/Political Columns, News and Notes

≈ 2 Comments

Tags

banks, banksters, Constitution, Courts, debt, due process, Fair Debt Collection Practices Act, federal court, Federal Reserve, fiat money, Fourth Amendment, garnishment, General Assembly, Georgia, Jesus, law, Marvin Shoob, money, money-lenders, panic, The People, the poor

Happy October the first!  I cover a lot of legal issues here.  Many of them are bad – like the New Jersey Supreme Court’s recent ruling that the police no longer need a warrant to search your vehicle.  Fourth Amendment be damned.

However, I am so happy to report good news!  For the economically disadvantaged among us (many and growing) and those in danger of joining them (most of the rest) the news doesn’t get much better than this:

Last month a Federal Judge struck down Georgia’s debt collection garnishment law as Unconstitutional!  See also: here and here.

The Judge was Marvin Shoob, whom I know from experience to be a class act and one of the fairest jurists around.

Tuesday’s ruling by U.S. District Senior Judge Marvin Shoob said the statute violated constitutional guarantees of due process by not giving debtors enough notice about the sorts of funds that are exempt from garnishment and how to claim those exemptions. He said the statute also didn’t provide a procedure to adjudicate exemption claims quickly enough.

Although the ruling rests on protecting the rights of individual consumers whose funds may be protected from creditors, it could affect all sorts of garnishments, including those that arise from business disputes and child support orders. Lawyers are debating whether simple changes in forms and procedures can allow garnishments to proceed prior to any legislative fix or further court ruling.

“People are panicking,” said Harriet Isenberg, who co-chairs the creditors’ rights section of the State Bar of Georgia.

Alyson Palmer, Collections-Lawyers-Scramble-After-Garnishment-Law-Is-Struck, Fulton County Daily Report, September 10, 2015.  

Good.  Let them panic.  They deserve it for a change as do their money-changing masters.

The subject case stemmed from a judgment collection action by a major credit card company against a poor man in Gwinnett County.  I know these cases well. When I was a law clerk I reviewed hundreds of them – each the same.  The banks file suit with no evidence whatsoever that any debt is owed and in 90% of their cases they win a default judgment.

It’s a terrible shame.  They don’t have any proof.  One or two Request for Admission questions and these cases would be dismissed.  The poor don’t know. The banks (and the State) don’t care.

Once the bank has a default judgment they file a wage or bank garnishment in an attempt to recover some of their (proof-less) monies.  As Judge Shoob points out the garnishment procedure is as crooked as the rest of the process.

As an aside, even if these banks could prove they had loaned money in the first place, I still wouldn’t feel bad for them losing it.  It never really existed, being a product of the Federal Reserve’s illegal funny money ponzi scheme.  More on that another time.

For now the banksters and their vulture collection agents will have to comply with the law.  Otherwise, “using a statute that has been declared unconstitutional to seek collection of consumer debt arguably would violate the federal Fair Debt Collection Practices Act.”  Daily Report, supra. That means the bank would end up owing and facing stiff penalties.  Ha!

Banks and other large companies run the State of Georgia.  They will have this ruling nullified somewhere and soon.  There’s even talk of a special session of the ordinarily do-nothing General Assembly in order to bring the law into compliance with the Constitution.  Imagine that.

For now the banksters are feeling the panic their ancient predecessors felt when a certain Street Preacher ran them out of the Temple.  The rest of us are feeling a little relief.  Thank you Judge Shoob.

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