Update from the Heartland
No.515
24.10.11 – 30.10.11
Blog version: http://heartlandupdate.blogspot.com/
To all,
There was nothing to report regarding my health status this week.
A month ago, I recorded by DVR the presentation by our local Public Broadcasting System (PBS) station, the Ken Burns’, three-part, six-hour, documentary titled simply, Prohibition. The program was a history of alcohol prohibition from the 1826 birth of the temperance movement to the 1933 passage of the 21st Amendment, repealing the 18th Amendment to the U.S. Constitution. As is my inclination in the era of the Internet, computer technology and history programs, I took copious notes. I spent a month writing, cross-referencing, researching, crosschecking, and amplifying the facts Burns carefully collected, edited and told in an engaging, entertaining and thought-provoking story. He did so with meticulous sensitivity to the issues on both sides of the argument. Peter Coyote expertly narrated the work. I cannot and will not recount the history, as that would be impossible and non-productive in this forum. However, I do have a few thoughts I would like to offer. First, every American citizen of any and every age, whether you vote or even care, should attentively watch this documentary, not just for the history, but far more importantly, for what the history means to the ideals of this Grand Republic. Second, I will strongly recommend that each viewer retain an underlying foundational question, what if I substituted any other sinful vice for alcohol – psychotropic substances, prostitution, tobacco, abortion, gambling, hedonism, anything – would the results be the same? Third, I repeat the oft-repeated mantra, we simply cannot legislate morality in a free society. Thus I ask every citizen, is the enforcement of our particular moral choices important enough to sacrifice our precious Liberty and Freedom? Fourth, hopefully, eventually, I truly believe we must learn the hard lessons our grandparents learned – we must remove government from the private domain and refocus it on public conduct. We are either free to make choices for our individual pursuits of Happiness, or we are not free and are slaves to a willful minority and the misdirection of the instruments of State. Drugs, prostitution, et al, may not have the savoir faire of alcohol in the 1920’s, but our dictation of private behavior compromises all of us, whether we recognize reality or not.
Several Press sources reported that Citizens for Responsibility and Ethics in Washington sought documents via the Freedom of Information Act, to learn about the Justice Department’s progress in investigating and prosecuting public officials, specifically the FBI corruption investigation of the now-deceased king of earmarks, Representative John Patrick “Jack” Murtha, Jr., of Pennsylvania. The more we see, the more corrupt Murtha appears. While Murtha will not be held accountable for his actions, hopefully those associated with and who benefited from Murtha’s largesse will suffer the consequences.
After the European Union (EU) ministers approved the new, debt crisis, recovery plan (note below), Greeks turned their ire from the Greek government to Germany and EU ministers, who the perceived as the source of their troubles. French President Nicolas Sarkozy told French television, “Let's be clear; it was a mistake” to admit Greece into the monetary union. He went on to say, “Greece came into the Euro with numbers that were false and its economy was not prepared to assume an integration into the Eurozone. It was a decision that was taken in, I believe, 2001, for which we now are paying the consequence.” Sarkozy’s comments are extraordinary for their frankness and candor, and for their probable veracity. The Greek experience gives us a raw view of the consequences of socialism and corruption. If I was a German citizen, I would not be a happy camper, being asked to sacrifice for the excesses of the Greek government.
News from the economic front:
-- Just before 04:00 [A] ECT, Thursday, 27.October.2011, 17 Euro-Zone ministers announced a substantive accord to reduce Greece’s debt and to expand the firepower of the European Financial Stability Facility (EFSF) after a marathon negotiation. French President Nicolas Sarkozy said the leaders had reached agreement with private banks on a “voluntary” [interesting word choice] 50% reduction of Greece’s debt in the hands of private investors. He also said they had agreed to bolster the EFSF, the euro zone’s bailout vehicle, four- or five-fold, and suggested they could provide guarantees for €800B to €1.3T of bonds issued by countries like Spain and Italy. The devaluation of Greeks sovereign debt would bring the country’s debt burden down to 120% of its Gross Domestic Product (GDP), a figure still enormous by any measure, but more sustainable for an economy driven into recession by imposed austerity measures, resultant from the nation’s credit-spending frenzy of the last decade.
There was nothing to report regarding my health status this week.
A month ago, I recorded by DVR the presentation by our local Public Broadcasting System (PBS) station, the Ken Burns’, three-part, six-hour, documentary titled simply, Prohibition. The program was a history of alcohol prohibition from the 1826 birth of the temperance movement to the 1933 passage of the 21st Amendment, repealing the 18th Amendment to the U.S. Constitution. As is my inclination in the era of the Internet, computer technology and history programs, I took copious notes. I spent a month writing, cross-referencing, researching, crosschecking, and amplifying the facts Burns carefully collected, edited and told in an engaging, entertaining and thought-provoking story. He did so with meticulous sensitivity to the issues on both sides of the argument. Peter Coyote expertly narrated the work. I cannot and will not recount the history, as that would be impossible and non-productive in this forum. However, I do have a few thoughts I would like to offer. First, every American citizen of any and every age, whether you vote or even care, should attentively watch this documentary, not just for the history, but far more importantly, for what the history means to the ideals of this Grand Republic. Second, I will strongly recommend that each viewer retain an underlying foundational question, what if I substituted any other sinful vice for alcohol – psychotropic substances, prostitution, tobacco, abortion, gambling, hedonism, anything – would the results be the same? Third, I repeat the oft-repeated mantra, we simply cannot legislate morality in a free society. Thus I ask every citizen, is the enforcement of our particular moral choices important enough to sacrifice our precious Liberty and Freedom? Fourth, hopefully, eventually, I truly believe we must learn the hard lessons our grandparents learned – we must remove government from the private domain and refocus it on public conduct. We are either free to make choices for our individual pursuits of Happiness, or we are not free and are slaves to a willful minority and the misdirection of the instruments of State. Drugs, prostitution, et al, may not have the savoir faire of alcohol in the 1920’s, but our dictation of private behavior compromises all of us, whether we recognize reality or not.
Several Press sources reported that Citizens for Responsibility and Ethics in Washington sought documents via the Freedom of Information Act, to learn about the Justice Department’s progress in investigating and prosecuting public officials, specifically the FBI corruption investigation of the now-deceased king of earmarks, Representative John Patrick “Jack” Murtha, Jr., of Pennsylvania. The more we see, the more corrupt Murtha appears. While Murtha will not be held accountable for his actions, hopefully those associated with and who benefited from Murtha’s largesse will suffer the consequences.
After the European Union (EU) ministers approved the new, debt crisis, recovery plan (note below), Greeks turned their ire from the Greek government to Germany and EU ministers, who the perceived as the source of their troubles. French President Nicolas Sarkozy told French television, “Let's be clear; it was a mistake” to admit Greece into the monetary union. He went on to say, “Greece came into the Euro with numbers that were false and its economy was not prepared to assume an integration into the Eurozone. It was a decision that was taken in, I believe, 2001, for which we now are paying the consequence.” Sarkozy’s comments are extraordinary for their frankness and candor, and for their probable veracity. The Greek experience gives us a raw view of the consequences of socialism and corruption. If I was a German citizen, I would not be a happy camper, being asked to sacrifice for the excesses of the Greek government.
News from the economic front:
-- Just before 04:00 [A] ECT, Thursday, 27.October.2011, 17 Euro-Zone ministers announced a substantive accord to reduce Greece’s debt and to expand the firepower of the European Financial Stability Facility (EFSF) after a marathon negotiation. French President Nicolas Sarkozy said the leaders had reached agreement with private banks on a “voluntary” [interesting word choice] 50% reduction of Greece’s debt in the hands of private investors. He also said they had agreed to bolster the EFSF, the euro zone’s bailout vehicle, four- or five-fold, and suggested they could provide guarantees for €800B to €1.3T of bonds issued by countries like Spain and Italy. The devaluation of Greeks sovereign debt would bring the country’s debt burden down to 120% of its Gross Domestic Product (GDP), a figure still enormous by any measure, but more sustainable for an economy driven into recession by imposed austerity measures, resultant from the nation’s credit-spending frenzy of the last decade.
-- When the mad mullahs of the Islamic Republic of Iran ordered a bloody crackdown on citizens two years ago, Western telecom companies pulled back from Iran, only to be replaced by Huawei Technologies Company, a People’s Republic of China (PRC) telecom giant that now dominates Iran's government-controlled mobile-phone industry. Huawei recently signed a contract to install equipment for a system that allows police to track people based on the locations of their cellphones. Huawei notes that nearly all countries require police access to cell networks, including the U.S. Huawei (and the PRC, let there be no doubt) now plays a role in enabling Iran's state security network.
-- The U.S. Commerce Department reported the U.S. Gross Domestic Product (GDP) grew at an inflation-adjusted annual rate of 2.5% from July through September, the strongest performance in a year. The economy grew a measly 0.4% in the first quarter and 1.3% in the second quarter. Buoyed by stronger than expected consumer spending and greater business investment, the news should soothe concerns the economy may be sliding back toward recession.
Comments and contributions from Update no.514:
Comment to the Blog:
“I wish you well with your prospective surgery. Please keep us advised.
“The life, death, and legacy of Gaddhafi (however spelled) is a large and complex subject that I have not studied in any depth. One facet of this that US media don't seem to share much is that he retained control of Libya's oilfields. We may reasonably expect an outside takeover now.
“While I understand the importance of the line-item veto, I am not lawyer enough to follow your discussion. I tend to share the Supreme Court's position that it is an abdication of power. I see responsibility as a very important issue; this allows Congress to avoid the responsibility for their pork barrel projects and radical notions. The line-item veto also gives the President disproportionate power. Let us remember that the Founders were acutely aware of the abuse of power by kings; they refused to invest great power in our leaders for that exact reason. I share that approach, partly because I remember Nixon's use and attempted use of the intelligence services for personal gain.
“As far as the economy, I am still reading a book named 13 Bankers, written by Simon Johnson, the former chief economist for the International Monetary Fund. It's very illuminating. He is the chief author of the economics blog I read. For a book about economics, it's an easy read as well.”
My response to the Blog:
As we old aviators often say, Wilco!, i.e., Will Comply. Two weeks to my cut day. You can depend upon the Updates as long as I am able.
I do not know about control of the Libyan oilfields, now that Qaddafi is gone. I certainly believe the National Transitional Council (NTC) is working hard to get oil production up & running – after all, oil is their primary revenue stream; I just don’t know how long that will take. Outside takeover; don’t know, suspect not.
Re: line item veto. You hit the point on line item veto precisely. For a long time, I advocated for such authority, thus my humility at the outset of my review. After reading Clinton and especially the dissenting opinions, I acknowledge my conflicted state. Someone in government has to have some semblance of fiscal prudence and accountability. Nonetheless, you are, of course, spot on and otherwise quite right – too much power in the hands of one man or one branch was precisely what the Framers sought to avoid. Nixon is the perfect example. Yet, conversely, we have proven ourselves incapable of demanding our representatives be fiscally responsible. Largesse and reelection are far too powerful counter-forces.
I look forward to your assessment of “13 Bankers.”
. . . round two:
“Perhaps I'm just cynical, but why did the Western world put so much effort into toppling Gadhaffi if they expected only the Libyan people to benefit? History does not support altruism as a sole motivation of such actions.”
. . . my response to round two:
Altruism is perhaps not the proper descriptor. Protecting national interests is probably a more likely motive.
. . . round three:
“Right. How will ‘national interest’ not be seen as the interests of major oil companies?”
. . . my response to round three:
LOL OK, you got me there. We are heavily depended upon foreign oil to sustain our economy, whether we like it or not; so, yes, it would be nearly impossible to separate oil from our national interests . . . just as it was for Japan in 1941.
My very best wishes to all. Take care of yourselves and each other.
Cheers,
Cap :-)
-- The U.S. Commerce Department reported the U.S. Gross Domestic Product (GDP) grew at an inflation-adjusted annual rate of 2.5% from July through September, the strongest performance in a year. The economy grew a measly 0.4% in the first quarter and 1.3% in the second quarter. Buoyed by stronger than expected consumer spending and greater business investment, the news should soothe concerns the economy may be sliding back toward recession.
Comments and contributions from Update no.514:
Comment to the Blog:
“I wish you well with your prospective surgery. Please keep us advised.
“The life, death, and legacy of Gaddhafi (however spelled) is a large and complex subject that I have not studied in any depth. One facet of this that US media don't seem to share much is that he retained control of Libya's oilfields. We may reasonably expect an outside takeover now.
“While I understand the importance of the line-item veto, I am not lawyer enough to follow your discussion. I tend to share the Supreme Court's position that it is an abdication of power. I see responsibility as a very important issue; this allows Congress to avoid the responsibility for their pork barrel projects and radical notions. The line-item veto also gives the President disproportionate power. Let us remember that the Founders were acutely aware of the abuse of power by kings; they refused to invest great power in our leaders for that exact reason. I share that approach, partly because I remember Nixon's use and attempted use of the intelligence services for personal gain.
“As far as the economy, I am still reading a book named 13 Bankers, written by Simon Johnson, the former chief economist for the International Monetary Fund. It's very illuminating. He is the chief author of the economics blog I read. For a book about economics, it's an easy read as well.”
My response to the Blog:
As we old aviators often say, Wilco!, i.e., Will Comply. Two weeks to my cut day. You can depend upon the Updates as long as I am able.
I do not know about control of the Libyan oilfields, now that Qaddafi is gone. I certainly believe the National Transitional Council (NTC) is working hard to get oil production up & running – after all, oil is their primary revenue stream; I just don’t know how long that will take. Outside takeover; don’t know, suspect not.
Re: line item veto. You hit the point on line item veto precisely. For a long time, I advocated for such authority, thus my humility at the outset of my review. After reading Clinton and especially the dissenting opinions, I acknowledge my conflicted state. Someone in government has to have some semblance of fiscal prudence and accountability. Nonetheless, you are, of course, spot on and otherwise quite right – too much power in the hands of one man or one branch was precisely what the Framers sought to avoid. Nixon is the perfect example. Yet, conversely, we have proven ourselves incapable of demanding our representatives be fiscally responsible. Largesse and reelection are far too powerful counter-forces.
I look forward to your assessment of “13 Bankers.”
. . . round two:
“Perhaps I'm just cynical, but why did the Western world put so much effort into toppling Gadhaffi if they expected only the Libyan people to benefit? History does not support altruism as a sole motivation of such actions.”
. . . my response to round two:
Altruism is perhaps not the proper descriptor. Protecting national interests is probably a more likely motive.
. . . round three:
“Right. How will ‘national interest’ not be seen as the interests of major oil companies?”
. . . my response to round three:
LOL OK, you got me there. We are heavily depended upon foreign oil to sustain our economy, whether we like it or not; so, yes, it would be nearly impossible to separate oil from our national interests . . . just as it was for Japan in 1941.
My very best wishes to all. Take care of yourselves and each other.
Cheers,
Cap :-)
