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Detroit Finally Runs Out of Other People’s Money

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Photo Credit: Irish Central Bob Beckel, one of the lefties in the Fox News stable of political pundits, has slowly and grudgingly evolved to accept a harsh reality-Utopian, liberal, social engineering doesn’t always work.

Shockingly on the popular Fox news show “The Five,” Beckel admitted that well intentioned social welfare programs instigated during the 60’s, have created generations of dependent welfare families. The head of household is big daddy government; the real fathers are nowhere to be found.

Welcome to reality Mr. Beckel, you are a perfect example of how long it takes for sunshine to penetrate concrete. In your case is it too soon old and too late smart?

Beckel has been intertwined in shaping left wing social welfare policy using terms such as “social justice” during a long career as a political consultant. He was even the campaign chairman of the failed 1984 Walter Mondale presidential run.

When liberals like Beckel start to see the light at the end of their tunnel, they are just scraping the surface and aren’t quite realizing that light is a speeding train heading their way, fueled on bloated runaway government programs…from social welfare to corporate welfare and every entitlement program in between.

But let’s not expect overnight miracles out of folks who have invested their entire life in a failed ideology. Beckels admission is an important step in his path to his/our recovery; we must measure in terms of progress, not expect perfection.

So it was no surprise as Detroit announced it was filing for bankruptcy, Bob Beckels knee jerk reaction, was a call for the federal government to bail them out of their 18 billion dollar debt. Detroit has been spending 100 million more per year than it takes in. Beckel and people like him default to the bail out in order to avoid the inevitable crash of socialism vs. economic reality…..

Perhaps this hits too close to home for him, since Detroit is the epitome of union control, one party rule that fosters corruption…. and the bottomless pit of every social welfare program dreamed up by utopians in Washington DC, since the 1960’s.

Even Joe Biden was uncharacteristically tongue tied and not able to give a coherent answer when asked about Detroit’s announced bankruptcy; he momentarily had the deer caught in the headlights look as cameras focused in on him….Because this flies in the face of every finger pointing speech he lectured us about how the Obama administrations policies work.

Unfortunately, the failed economic model that Detroit represents is not unique to American cities and states AND our out of control federal government.

Their day of reckoning will come as bondholders refuse to finance debt that just covers operating expenses of bloated/corrupt and inefficient governments. These same governments maintain untenable union contracts with benefits…..Many cities/states pay one active workforce and three retired workforces with lifetime benefits not dreamed of in the private sector.

As Margaret Thatcher once said “The problem with socialism is that you eventually run out of other people’s money.”

That harsh reality comes when investors no longer want to buy your debt at artificially low interest rates and then problems get compounded when investors don’t want to buy your debt, no matter what the interest rate.

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Ed Farnan is the conservative columnist at IrishCentral, where he has been writing on the need for energy independence, strong self defense, secure borders, 2nd amendment, smaller government and many other issues. His articles appear in many publications throughout the USA and world. He has been a guest on Fox News and a regular guest on radio stations in the US and Europe.

Pope Francis Urges Global Leaders to End ‘Tyranny’ of Money

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Photo Credit: Reuters He said free-market capitalism had created a “tyranny” and that human beings were being judged purely by their ability to consume goods.

Money should be made to “serve” people, not to “rule” them, he said, calling for a more ethical financial system and curbs on financial speculation.

Countries should impose more control over their economies and not allow “absolute autonomy”, in order to provide “for the common good”.

The gap between rich and poor was growing and the “joy of life” was diminishing in many developed countries, the Argentinian Pope said, two months after he was elected as the successor to Benedict XVI.

“While the income of a minority is increasing exponentially, that of the majority is crumbling,” said Francis, who as archbishop of Buenos Aires visited slums, opted to live in a modest flat rather than an opulent Church residence and went to work by bus.

Read more from this story HERE.

Massive Corporate Money to be Dumped in 2014 Races

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Photo Credit: AP

Operating with few rules and limited oversight, outside groups spent a record $1 billion to influence last year’s election.

Politicians of all persuasions griped about the meddling. But few are working to change laws that ushered in an unprecedented flood of money made possible by a 2010 Supreme Court ruling that erased years of campaign finance law.

Instead, political leaders and donors from both parties are preparing for the flow of outside money to intensify. New groups have formed and others are shaping plans to come back bigger and smarter ahead of the 2014 congressional elections and the 2016 presidential race.

What laws do remain could become even looser as the Supreme Court considers another high-profile decision.

“The unregulated system that we seem to be headed in will make Watergate look like a bad soap opera,” said Robert Zimmerman, a member of the Democratic National Committee’s national finance team who helped raise as much as $500,000 for President Barack Obama’s re-election effort.

Read more from this story HERE.

Obama Embraces ‘Dark Money’

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Photo Credit: APThe creation of the dark-money group Organizing for Action is a sign President Barack Obama has no intention of repudiating the role of corporate money in political life during his second term, campaign finance experts suggest.

Advocates for reform, which Obama has previously claimed to support, are disappointed by his reversal.

“Organizing for Action marks a complete retreat for President Obama from his pledge to try to change the way we finance elections,” said Craig Holman, a government-affairs lobbyist at Public Citizen, a nonprofit organization opposed to corporate money in politics. “It makes a total mockery of any effort to try to limit corporate money.”

Organizing for Action, which will replace Obama’s Organizing for America campaign apparatus, will attempt to channel the grassroots energy from the 2012 election into support for the administration’s policy agenda. OFA already has started wooing corporate donors, according to Politico, and will not be required to disclose its funding sources as a 501(c)4.

Politico reported that corporate representatives were asked for contributions at OFA’s unveiling event in January. A spokesperson for Walmart stressed that the company was invited to the event by a group called Business Forward, not Organizing for America.

Read more from this story HERE.

Gold Isn’t Money? Say What?

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Gold isn’t money? How could America get to this point we asked in astonishment upon hearing the Chairman of the Federal Reserve proclaim, “Gold isn’t Money.”

No wonder our leaders in Washington misspend our money. They don’t even understand what it is.

For those of you without a dictionary nearby, let’s start with the Webster’s definition, which says money is “something generally accepted as a medium of exchange, a measure of value, or a means of payment.”

The Webster’s definition even though inadequate still captures the essence. Money is a store of value that was created to facilitate barter or trade. It was a store of value because a farmer would accept it in exchange for his potatoes today, and next week he could spend an equivalent value to buy a pair of overalls.

If anyone reading this column doesn’t believe that gold is a good store of value, we will happily exchange your gold for some of Ben Bernanke’s Federal Reserve Notes. And that is exactly what owners of Federal Reserve Notes have been doing the world over. As a result, since 2001 the cost of Gold in Federal Reserve Notes has exploded from 300 notes per ounce of Gold to 1500 notes per ounce of Gold. That is a five times increase in ten years.

Read More at Floyd Reports By Floyd and Mary Beth Brown, Floyd Reports