Monday, February 4, 2008

Paving Paradise



The Constitution guarantees Americans the right to be secure against all unreasonable seizures. My home state of Texas is unfortunately planning on some very unreasonable seizures of land with the monstrous Trans Texas Corridor highway project. The TTC plans call for a highway to cut through about 4,000 Texas miles, and with separate rail lines for passenger and freight, a multi-lane highway with separate truck lanes, utility and cable easements, this highway could be as wide as 1200 feet across. In the end this project would consume something like half a million acres of land in Texas . However, since the exact path of the road has not been determined, it is putting much more acreage in jeopardy, and in limbo.

Taking land is destructive enough. But the perpetual threat of taking an undetermined amount of land is hanging over the heads of millions of Texans and putting their lives at a standstill. Land is a store of wealth and a source of stability. This highway project is tragically threatening that for so many Texans.

The principle of private property is the cornerstone to a free and prosperous society. In situations where a colossal government land grab is a distinct possibility, investment or improvement becomes more risky with an uncertain future and tends not to happen. How do you sell land that may or may not be taken by the government at some point in the not too distant future? Who would buy it? How do you cultivate or build on, or even near, land that may or may not be paved over and turned into a massive, noisy thoroughfare in a few years?

Even more insulting is the distinct possibility that, while the road will collect tolls and fees, making a private foreign firm billions of dollars in revenue, the costs of building it could be heavily borne by taxpayers. So the costs will be socialized and the profits privatized. Public-private partnership indeed!

From Washington I have voiced my staunch disapproval of taking these hard-working taxpayers’ land for a private toll road, by introducing legislation (HR 5191) that simply states, “No Federal funds appropriated or made available before, on, or after the date of enactment of this Act may be used by a unit of Federal, State, or local government to carry out the highway project known as the 'Trans-Texas Corridor'.” I am working hard in Congress to make sure that no Federal funding is used to undermine property rights in this way.

We should be focusing on guarding and securing our borders for the protection of the American people. Instead we are paving the way for more and more people to cross the border as comfortably as possible. And taking the family farm to do it. It is an absolute outrage.

Capitalism and the American Way

By Bill Bonner,

"Capitalism we define as merely a state of nature…where people are free to go about their business based on customary, consensual rules in an evolved, vernacular market system. The more you tamper with it, the less well it works."

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The Big Credit Squeeze

WASHINGTON (MarketWatch) - Banks are putting a stranglehold on credit, the Federal Reserve reported Monday.

Banks are raising their credit standards for mortgages, consumer loans and commercial real estate loans at a pace never seen in the 17-year history of the Fed's quarterly survey of senior bank loan officers, the Fed said.

Plain-vanilla business loans were also much harder to obtain, the Fed said.

Banks expect more delinquencies and charge offs for most types of loans to consumers and businesses, the survey said. Banks said they were tightening their lending standards in response to weaker economy, reduced tolerance of risk, and decreased liquidity in secondary markets.

The survey backs up the Federal Open Market Committee's comments last week that credit conditions had tightened considerably, a factor that led to the FOMC to slash interest rates by an unprecedented 125 basis points in two weeks.

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FMM Comment: Three things are happening here.

  1. Banks are hoarding cash because Bank Reserves Go Negative
  2. People can't or don't want to borrow
  3. Banks can't or don't want to lend

Something the Fed can NOT do is force people to borrow. It can only sweeten the deal with low rates. So, if you are struggling to either inhale or exhale, you are suffocating, like the credit markets are doing now. It is just a matter of time, unless some "miracle" happens, before the credit market will turn blue in the face and collapse. And that, is called Deflation.

Sci-Fi Toys for War-Mongering Boys

Today, Bush-Whacked amBushed the USA with his new $3.1 Trillion Gazzillion budget.

Included in this Magnus Opus of Keynesian-Tomorrow-is-Another-Day-Defecit-Spending Budget, is a proposed increase in Defense Spending of 7%, to $515 Billion (16.5% of the fricken budget!!!).

Now, to me, that sounds like preperation for a pre-meditated war against someone. (And the further devaluation of the Dollar and an increase in Gold/Oil prices)

And don't forget, that waiting in the wings are the two warmongers, Osama Obama and John McCainiac, who I'm sure are wringing their grubby little paws to fill the seat of the Master and Commander.

Part of their anticipation, I'm sure, is to gain control of the game console, War-Station 2, with the $515 Billion being spent to create Sci-Fi WMDs. For instance, the Navy is Testing an Incredible new Sci-Fi Weapon, using electromagnetic energy instead of explosive chemical propellants to fire a projectile farther and faster. (apparently electromagnetic energy will prevent "blowback")

The railgun, as it is called, will ultimately fire a projectile more than 230 miles (370 kilometers) with a muzzle velocity seven times the speed of sound (Mach 7) and a velocity of Mach 5 at impact. The railgun has been a featured weapon in many science fiction universes, such as the new "Battlestar Galactic" series.

The Navy's motivation? Simple destruction.

The railgun's high-velocity projectile will destroy targets with sheer kinetic energy rather than with conventional explosives.

I suggest they change the term of "railgun" to that of the "Psycho-Kinetic WMD"

Entangling Alliances

Revealed: British plan to build training camp for Taliban fighters in Afghanistan

Britain planned to build a Taliban training camp for 2,000 fighters in southern Afghanistan, as part of a top-secret deal to make them swap sides, intelligence sources in Kabul have revealed. The plans were discovered on a memory stick seized by Afghan secret police in December.

The Afghan government claims they prove British agents were talking to the Taliban without permission from the Afghan President, Hamid Karzai, despite Gordon Brown's pledge that Britain will not negotiate. The Prime Minister told Parliament on 12 December: "Our objective is to defeat the insurgency by isolating and eliminating their leaders. We will not enter into any negotiations with these people."

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Axa axes withdrawels

Life and pension firm Axa has barred redemptions from its Life Property and Pension Property funds for up to six months in a bid stop panic selling.

AXA has written to all its customers who are invested in these funds and their advisers. The decision will impact upon some 100,000 private investors.

Certain transactions will not be affected by the deferral, including regular withdrawals, death claims and payment of pension benefits on retirement.

Axa is the latest in a growing list of firms to take such action to restrict access to their assets to prevent a Northern Rock-style run on their resources. There is now around £8bn of investor cash locked up in property funds.

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Beating the Boiled Egg

First they court you, then they marry you (for all the wrong reasons), and now they want a divorce. A boiled Egg is hard to beat .

But it appears that they forgot to check the prenup.

The ECB Rate Rebels

By Nico Isaac

On January 28, the annual International Monetary Fund meeting was held in Davos, Switzerland. There, the world’s economic leaders came together to address the central concerns facing the global marketplace.

Result: the European Central Bank was put under more fire than a spit-roasting pig.

The short version is that the ECB has opted not to join the U.S. Federal Reserve’s rate-cutting crusade; instead, holding rates firmly to a six-year high of 4% since June 2007. Lofty rates, so say the "experts," keep the euro at record-high levels, which further compounds the setbacks currently facing Eurozone economic growth.

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Barack Obama vs. Ron Paul

War vs. Peace