Every week, your team at Independent Living reads literally hundreds of news and financial reports in the process of providing the insights and actionable information you need to protect your freedom, your wealth, and your health.
Today, we simply want to forward you a couple links to noteworthy articles.
Pending Financial “Reform” Bill is More about Race
Racketeering Than Consumer Protection
First, you may have heard the news last week about a financial reform proposal agreed upon by House and Senate Democrat leaders. It’s scheduled for floor action as early as this week.
Of course, the legislation was supposed to be about creating financial stability and accountability. Putting aside the reality that accountability can never be truly achieved under the current policies of floating (non-gold-backed) currencies, U.S. dollar interventionism, trillion dollar budget deficits, and federal bailouts of reckless firms (creating “moral hazard”), it appears the congressional proposals are even worse than feared.
In fact, the legislation further empowers the Federal Reserve and some of the very institutions which created the financial crisis. Here’s an excerpt from a great editorial from Investor’s Business Daily:
“Much of the 2,000-page draft of the Democrats’ finance reform bill could have been written by Acorn, and probably was. It has more to do with “civil rights” than consumer protection.
“The devil is in the details of the monstrous new regulatory package, which Democrats hope to pass early next month. They reveal plans to reallocate credit and capital to the Democrats’ political base, while empowering race racketeers like Acorn with slush funds and advisory board seats.”
Obama Swears Up and Down He Will Someday Get
Federal Spending Under Control
Meanwhile, the ever-petulant President Obama just made a big show at the G-20 meeting that his administration intends to become fiscally responsible next year! (It’s always “next year,” isn’t it?)
Stung by criticism at the grassroots about runaway federal spending, Obama lashed out, insisting he would change his ways, as reported by Reuters:
“Obama has proposed freezing spending on an array of domestic programs for the next three years and has named a special commission to recommend ways to curb spiraling debt and deficits. The panel is to report back by December 1. Obama will review the recommendations and decide how to go forward sometime early next year.
“I’m doing it because I said I was going to do it,” Obama said. “People should learn that lesson about me, because next year, when I start presenting some very difficult choices to the country, I hope some of these folks who are hollering about deficits and debt step up, because I’m calling their bluff.”
We’ll believe it when we see it! Obama’s promises are nothing more than posturing before a global audience that is deeply concerned about America’s solvency… and the trillions of dollars in government debt held outside of the U.S.
The reality is this: There is ZERO chance that this administration will voluntarily draw the line on federal spending. Even Bush and the spendthrift Republican congress wouldn’t do so during the last decade. (In fact, they did quite the opposite.)
The implications for you are straightforward: Expect a lousy domestic economy and rising inflation for the foreseeable future.