The Golden Truth: This Statement From Obama Is RIGHT Out Of "Atlas Shrugged"

Tuesday, February 8, 2011

This Statement From Obama Is RIGHT Out Of "Atlas Shrugged"

Obama Urges U.S. Business Leaders to Increase Spending for Good of Country

Recall that in "Atlas Shrugged," Ayn Rand lays out a vision in which the Government takes control the avenues commerce, first by trying to impose its will on private enterprise and then, ultimately, seizing complete control.

I have been saying all along that what is unfolding right now economically, politically, socially and morally in this country fits Rand's vision (and Orwell's in "Animal Farm") like a fine leather Hermes dress glove:

President Barack Obama joined patriotism with economics as he urged U.S. business leaders to “get in the game” in support of their country by spending more cash.

The fact of the matter is that spending cash for the sake of spending cash will not benefit anyone. The Government will borrow at least 4.1 billion per day this year to spend money for the sake of keeping its massive bureaucracy and egregiously wasteful programs in place - to the benefit of no one, other than the Government employees who are kept employed and overpaid by this spending and the businesses who control how the Government spends its money. THAT is right out of "Atlas Shrugged."

Here's the news story from Bloomberg: LINK. Read and weep for our country...And then go buy more gold and silver!

8 comments:

MammothTuesday, 08 February, 2011
“ “Now is the time to invest in America,” Obama said in a speech yesterday to the U.S. Chamber of Commerce, arguing that his policies have laid a foundation for business success.”
--------------------------------------------Over the past 20 years millions of Manufacturing jobs have gone overseas. Aside from the lower cost of labor, the countries where these jobs have gone to typically also have lower (or none) environmental and safety compliance regulations.

If this President is serious about ‘investing in America,’ then he should implement the policy that products imported to America must be manufactured in factories which follow the same environmental and safety standards that American factories are required to comply with. By removing much of the cost advantage from overseas manufacturing, this will help to bring jobs back to America.

Sounds insane, doesn’t it? Well, what do you call eliminating America’s manufacturing base and trying to replace these jobs with an employment base dependent upon Finance, Real Estate, Speculation, and Government spending?

-Mammoth
ReplyDelete
Replies
Harry BinswangerTuesday, 08 February, 2011
You're quite right, alas. Both about Obama's echoing the villains of Atlas Shrugged and that spending does not create wealth. In fact, this just came to mind, from Atlas:

"they run hog-wild proclaiming that spending, the effect, creates riches, the cause."

Rand has an extensive criticism of Keynesianism and defense of productionist economics in "Egalitarianism and Inflation" (The Ayn Rand Letter, 1974--available at Amazon.)
ReplyDelete
Replies
AnonymousTuesday, 08 February, 2011
If this doesn't guarantee a parabolic blow off followed by a credit squeeze as JPM pull the lines and make the margin calls to take possession of the collateral, I don't know what does.

J.P. Morgan Chase said on Monday it would accept physical gold as collateral with its counterparties as a growing number of clients look to use bullion as a hedge against inflation.

The bank, which is one of the custodians of physical metals for some of the world's largest precious-metal backed exchange-traded funds, said it would take gold as collateral to satisfy securities lending and repurchase obligations with counterparties.
ReplyDelete
Replies
EconomicDisconnectTuesday, 08 February, 2011
Almost all of the S&P earnings have been garnered by monster margin expansion due to severe cost cuts and employment cuts. If companies "get in the game" with limited sales increases the multiples stocks trade at must go down.
ReplyDelete
Replies
BillWednesday, 09 February, 2011
If companies "get in the game" with limited sales increases the multiples stocks trade at must go down.

------------

Counting on it, loading up on DXD.
ReplyDelete
Replies
AnonymousWednesday, 09 February, 2011
By coincidence, here in the UK, our government has announced today that they have forced the banks to agree to accept a minimum lending quota, and a temporary bank tax has been made permanent.

Where will Ayn Rands prediction come true first. Here, or in the USA?
ReplyDelete
Replies
Dave in DenverWednesday, 09 February, 2011
Wow. that really is right out of Altas Shrugged.
ReplyDelete
Replies
mabmanWednesday, 09 February, 2011
http://www.belfasttelegraph.co.uk/news/local-national/republic-of-ireland/general-election/bank-chiefs-bombshell-republic-of-ireland-needs-another-euro15bn-15078167.html

The Republic of Ireland will have to go to the IMF/EU for another €15bn - on top of the €35bn already earmarked - to save the banking system, according to the government-appointed chairman of Anglo Irish Bank.

In a bombshell revelation, Alan Dukes said we will need 40pc more, or €50bn, to properly clean up the banks.
ReplyDelete
Replies

Add comment

Why Gold?

Gold is the world's oldest currency. You exchange your fiat currency (dollars, euros, yen, yuan) into gold as an insurance policy against catastrophic Central Bank and Government policies which serve to destroy the value of fiat currencies and destroy democracy.

Gold can ONLY be considered an investment to the extent that it remains significantly and historically undervalued in relation to the fiat currencies against which its value is measured. Otherwise it remains the world's oldest currency and is completely free from the counterparty risk associated with currency by Government fiat (i.e. fiat currencies rely on a Government's "full faith and credit.")

Quote Of The Month Courtesy of "Jesse"

Unfortunately for Larry Summers, Ben Bernanke, and their friends at the BIS, they have not yet figured out how to print physical gold, silver, and other essential commodities, and the world is reaching the point where it might simply start ignoring the New York based markets with respect to essential commodities such as basic materials, oil, foodstuffs, and the like, as they become increasingly irrelevant, fraudulent, and Orwellian. And then where will the financial engineers be, except with no more excuses and no place to hide?

Here is the link to his entire commentary, well worth a read:

http://jessescrossroadscafe.blogspot.com/2010/07/gold-daily-chart-shock-and-awe-for.html

Great Quote From Jim Rogers On Govt CPI Reporting

JR: I mean, we have inflation now. If you go to the shop, whether it’s groceries, or education or insurance or health care, prices are going up for everything. The government lies about it in the US. Some countries lie, many countries don’t: Australia, China, India and Norway. Many countries don’t lie about it and acknowledge that we have inflation. Others lie about it, the UK and the US, but if you go shopping you know prices are up.

Q: Are you saying that the American Consumer Price Index (CPI) published by the US Bureau of Labor Statistics is a lie?

JR: In my opinion, yes, of course it is. Have you looked at it? They’ve changed their accounting several times in the past few decades. When housing was 20% to 25% of the CPI and housing was going up, they didn’t count it, saying rents weren’t going up, and then when home prices started going down, they counted it. It’s the same with many things. It’s staggering some of the tortuous reasoning that the BLS has used over the past 25 or 30 years. When the price of gasoline goes up, they say it’s not really going up because it’s better gasoline, better quality, therefore you’re getting more for your money. I mean, it’s endless, the stuff that they say and for some reason people sit there, although more and more people are catching on, and accept what the government says.

source: www.clusterstock.com

Quote of the Week

"The primary function of a Central Bank is to engage in the massive transfer of wealth from the middle class to the wealthy elite. The Federal Reserve was set up to do this with the blessing and support of Congress." - Dave in Denver

If you refuse to believe the above, please read "The Creature From Jekyll Island: A Second Look at the Federal Reserve" by G. Edward Griffin and then explain to me why the Senate voted down the Vitter Amendment and Congress refuses to pass a law requiring a full audit of the Fed, even though the Fed is using taxpayer-backed money to bailout Wall Street and Europe.