Judge Napolitano: What If Mainstream Politicians Are All The Same?
Love this guy:
GDP on a Per Capita Basis: Decidedly Disappointing
I don’t believe GDP is nearly as important as most econ types do, but the chart below is interesting nonetheless.
When measured on a per capita basis, cumulative GDP growth since the start of the recession in ’08 is extremely disappointing. Especially when you consider all the measures which were supposedly designed to boost growth.
QE1, QE2, TARP, ZIRP, stimulus (think Solyndra & Fisker, not roads & bridges). Failure & wealth transfer have resulted.
Perhaps the most economically impactful “stimulus” enacted so far is the payroll tax cut. Social Security payroll tax deductions were temporarily reduced from 6.2% to 4.2% in 2011. Although there will be bickering, for now it seems like the tax cut will be extended indefinitely (ignore the unsustainable long-term nature of it all, if you can).
Some economists venture to guess that the payroll tax cut (2% less taxes on all wages/salaries below a certain threshold) will contribute 1-1.5% to annual GDP as long as it remains in place.
So picture the chart to the left, without a big chunk of the recent upturn. Now picture it if properly adjusted for inflation. It’s not a pretty picture.
Conclusion: any economist that says we’re not currently in a recession/depression is trying to sell you something.
Chart via WSJ’s Jason Lahart.
Ron Paul Slams Indefinite Detention, Endless War, SOPA, Patriot Act
- “If the Patriot Act had been named something like ‘Repeal the 4th Amendment, we might have gotten a different result.”
- “If you understand individual liberty, economic and personal liberty are the same.”
Ron Paul 2012 - Donate/learn more here. He’s got a very good shot, believe it or not. McCain got 13% in Iowa last time around. Paul got 20%. And he’s raising more money than anyone else but Romney (top 3 contribs: Goldman, UBS, Credit Suisse, Morgan Stanley).
The political posts will subside (at some point). And hopefully some more meaty posts will resume when I get the time. Until then, browse the posts under “Favorites” in the sidebar. And of course, read ZH, read Jesses’s Cafe, read SHTF Plan, read Financial Armageddon, and all the other sites on my blog roll if you’re in need of some pessimism pr0n.
Jim Rogers’ Outlook For 2012 & Beyond
Nice long interview with Jim Rogers. Enjoy:
TL;DW:
- Explains why he moved to Singapore (likes China, but Bejing & Shanghai too polluted)
- He’s short stocks “across the world”
- Long commodities
- Long gold, silver
- Crisis still imminent, better to take the hit now
