David Westerfield

Gospel. Culture. Technology. Music.


Hussman: Fed Engaging in Unconstitutional Abuse of Power

Excerpt from this article found on Mish’s blog:

The policy of the Fed and Treasury amounts to little more than obligating the public to defend the bondholders of mismanaged financial companies, and to absorb losses that should have been borne by irresponsible lenders. From my perspective, this is nothing short of an unconstitutional abuse of power, as the actions of the Fed (not to mention some of Geithner’s actions at the Treasury) ultimately have the effect of diverting public funds to reimburse private losses, even though spending is the specifically enumerated power of the Congress alone.

Needless to say, I emphatically support recent Congressional proposals to vastly rein in the power (both statutory and newly usurped) of the Federal Reserve.

Glenn Beck on The CRU Hack

I’m not a big Glenn Beck fan, not so much because of the content (since I too am puzzled by many of the same things presented in his recent “questioning” series), but rather I’m not a fan because of the entertainment/drama meets news thing. Regardless, this was worth posting.

Spiced Indian Chai

I don’t normally blog recipes, but I couldn’t pass this up for future reference. I love Indian chai tea. So I looked up a recipe and tried it out tonight. It was awesome. Thought I’d share. It is definitely worth it. (My insertions)

2 1/4 cups water
1 stick cinnamon
4 cardamom pods
4 cloves
1 cup milk
3 teaspoons sugar (I used brown sugar and would add more actually)
2 teaspoons strong tea

Method:

Add spices, water and bring to a boil. Simmer on low for 5 (I did 10 minutes to make it stronger) minutes. Add the milk and sugar to the pan and bring to a boil again (be careful, it boiled over when I did this). Add tea and bring to a boil again. Strain it into a warmed teapot or directly into teacups and serve with Indian savory snacks or cilantro chutney sandwiches.

Serves 2

Found on: http://www.indianfoodsco.com/Recipes/hotbev_images/ChaiRecipes.htm

Peter Schiff on Health Care

The Global Management of our Planet

Blog from the Herald Sun in Australia:

“Sure, this talk of the warmists at Copenhagen planning a new ‘world government’ is crazy. I just wish the warmists wouldn’t talk of it themselves. Take the new and first president of the European Union, Herman Van Rompuy:

The Climate Conference in Copenhagen is another step forward towards the ‘global management of our planet…'”

Economics 101: Case Study … the Past 10 Years

It’s Too Bad This Didn’t Get More Press

UPDATE: Series of blog posts from Patrick Courrielche over at BigHollywood:

Staring into the Abyss of Wrath

“And he said to them, ‘My soul is very sorrowful, even to death. Remain here and watch.’ And going a little farther, he fell on the ground and prayed that, if it were possible, the hour might pass from him. And he said, ‘Abba, Father, all things are possible for you. Remove this cup from me. Yet not what I will, but what you will.'” (Mark 14:34-36)

Reading through this passage this morning presented me once again with the awful reality of what Jesus was staring into in the garden, looking into the dreadful cup of God’s wrath that He would have to endure if we were to be saved. The Father’s justice had to be satisfied if we were to be counted righteous. What lied in that cup of God’s just anger is terrifying beyond all of the physical torment He experienced. Its contents more hopeless and painful than any situation we could find ourselves in upon this Earth. What lied in that cup was hell. And He drank it down to the dregs.

Jesus was stricken for our sins, smitten and afflicted on our behalf, as prophesied in Isaiah 52:13-53, amongst other places. Jesus was looking into being cut off from the land of the living, taking on the curse that rightfully should fall on us sinners, becoming the final sacrificial lamb for all time, that we may be made right with God through faith alone, apart from works.

And not only did He endure the curse for us, but He prevailed triumphant in the resurrection, raised to life and thus sealed the hope of our salvation. He defeated sin, death and hell. What love must this be that would motivate the God of the universe to become a man, to bear our punishment though guiltless in Himself, and take on the very judgment our sins deserved? What a wonderful Savior!

China Risks Moving World Into Greater Recession

China has now become the biggest risk to the world economy – Ambrose Evans-Pritchard, (bracketed insertions and emphasis mine)

These are headlines you won’t ever read, that to me are worthy of true news alerts.

“By holding the yuan to 6.83 to the dollar to boost exports, Beijing is dumping its unemployment abroad – ‘stealing American jobs’, says Nobel laureate Paul Krugman. As long as China does it, other tigers must do it too.

Western capitalists are complicit, of course. They rent cheap workers and cheap plant in Guangdong, then lobby Capitol Hill to prevent Congress doing anything about it. This is labour arbitrage.

At some point, American workers will rebel. US unemployment is already 17.5pc under the broad ‘U6‘ gauge followed by Barack Obama [the same gauge used to determine unemployment during the Great Depression if that is any indicator of where things actually stand]. Realty Track said that 332,000 properties were foreclosed in October alone. More Americans have lost their homes this year than during the entire decade of the Great Depression. A backlog of 7m homes is awaiting likely seizure by lenders. If you are not paying attention to this political time-bomb, perhaps you should.”

It’s worth noting that Evans-Pritchard is known for making overstatements, though he has been right most of the time to be sure. However, these numbers are not overstatements.

Obama on US Debt

Obama: Too much debt could fuel double-dip recession – Reuters.com

Our Debt as it Stands Now – TreasuryDirect.gov

“‘It is important though to recognize if we keep on adding to the debt, even in the midst of this recovery, that at some point, people could lose confidence in the U.S. economy in a way that could actually lead to a double-dip recession,’ [President Obama] said.

Hello … The Democrats are the one’s with these outrageous policies, bailouts, massive government spending, health care expenditures, the very one’s looking to expand our debt way beyond where it is now. On top of that, President Obama himself has been a huge backer of these policies, fighting tooth and nail, as well as campaigning, to make sure they are passed.

Is he back-peddling now on all the spending? I mean I hope he is, don’t get me wrong, because we need to reverse this stuff or the economy is going to get even worse. I would applaud him for doing so. It just makes you wonder what the Chinese are saying to him on his trip behind the scenes, or if he’s just talking out of the other side of his mouth. And I wonder if what they are saying to him will make any impact, if they are making economic threats of some nature. Interesting development … just trying to make sense of all of this, because, well, it doesn’t.

Update:

Senate Health Bill Totals $849 Billion, CBO Estimates – FOXNews

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