In her speech to the Economic Club of New York yesterday (3/29), Fed Chair Janet Yellen vowed to move with extreme care before tightening monetary policy in the face of lingering global deflation and trouble in China.
She swatted aside vociferous hawks on the Fed’s voting committee (FOMC), more or less pledging to flood the economy with excess stimulus in order to guarantee a safety margin against any further deflationary shocks. Her dovish comments set off wild moves on the currency markets and a powerful relief rally on Wall Street.
Mrs. Yellen is taking a major gamble.
A chorus of critics have warned that the Fed is falling behind the curve as the labor market tightens and commodity prices start to firm again, fearing a repeat of the 1970s when the institution repeatedly found excuses to delay taking action on the grounds that there was still plenty of hidden slack in the economy.
“The longer the Fed dithers, the higher rates are eventually going, ” said Paul Ashworth from Capital Economics.
Back in 1955, the islands of Puerto Rico, Cuba and Hong Kong had roughly the same real per capita income. They each took very different economic paths.
Now, some 60 years later, Hong Kong is even richer than the United States on a per capita income basis. Cuba is an economic disaster, having gone from the richest Caribbean nation to the poorest, next to Haiti. And Puerto Rico finds itself flirting with bankruptcy, with a per capita income much higher than Cuba’s but only roughly half that of Hong Kong.
The contrasting lessons of Hong Kong and Cuba provide a clear path that Puerto Rico must take to have an economic future.
What do you see here? A group of Moslem “refugees” walking in a snowstorm headed for the German Welfare State?
Well, yes – but look more closely. There are seven men and one woman – and the woman, unlike the men, is barefoot. What’s more, she is carrying two children – and not one of these seven men is lifting a finger to help her.
This encapsulates the incapacity of a culture that looks upon and treats women as sub-human to adapt to the moral norms of Western Christian Civilization.
That Europe would allow people in the millions from such a culture to flood their shores is suicidal. The horror of Brussels on Tuesday (3/22) should not come as any surprise in the slightest. This is what being suicidal begets – you become prey for the predators.
This is a teachable moment. It is prime time to learn – or relearn as TTP has been teaching this for years – the root cause of the West’s and America’s suicidal inability to defend itself from foreign threats, be they Moslem terrorism, tsunamis of illegal immigration, or an America-hating president.
In May of 1989, I had a cup of coffee with a young man in a café in Nickelsdorf, Austria.
In his mid-twenties, he had crossed an unguarded section of the border with Hungary just two hundred yards away to meet me. There was mud on his shoes from the fields he had crossed.
He was a founder of an Anti-Communist freedom movement in Budapest called Fidesz (the Hungarian acronym for Alliance of Young Democrats). Since 1983, I had made it my business to meet people such as him.
For six years, I had been spending time with armed guerrilla movements fighting wars of liberation within Soviet Third World colonies – in Afghanistan, Nicaragua, Angola, Mozambique and elsewhere. Now, with Soviets defeated in Afghanistan (February 1989), it was time to focus on the new democracy movements in Eastern Europe.
The young man explained in halting English what Fidesz stood for and what they wanted to accomplish – liberation from Soviet tyranny by peaceful means, real democracy with all the freedoms considered normal in the West, to rejoin Western Civilization again.
The more I listened, the more he answered my questions clearly and without guile, the more I was impressed. He was serious, committed, and very smart. I made my decision.
Yesterday and today (3/21-22) are sad days in American history. For decades, leftists and Hollywood liberals have made the pilgrimage to Cuba to pay homage to Fidel Castro and Raul Castro. It’s very chic, it’s very shi-shi, for leftists to celebrate vicious communist dictators.
Communist Havana has always been a magnet for the radical chic of the left, drawn like moths to the flame of this western outpost of totalitarian Communism. Back in the 1960s, the visitors included Angela Davis and Stokely Carmichael, while Che Guevara himself received Jean-Paul Sartre. Today, the President of the United States joined them.
I have this to say to the people of Cuba who are witnessing this gaudy spectacle in Havana: America has not forgotten you. When I am president, I will never forget you.
America needs something better than a feedback loop for popular resentment. We need a real leader.
America's elite is arrogant and corrupt, but the state of the American people is just as alarming. America had 90% adult literacy in 1790, when only half of Englishmen and a fifth of Spaniards and Italians could sign their names. We had the best educated, most motivated, and healthiest workforce in the world by an overwhelming margin. Now Americans aged 16 to 24 rank at the bottom of a 22-country evaluation of numeracy, literacy, and technological problem-solving. Poor student performance should be no surprise: America's family structure is falling apart. Nearly 30% of non-Hispanic white children are born out of wedlock, as well as 53% of Hispanics and 73% of African-Americans. When Reagan took office, 18% of all American births were to unmarried mothers. By 2014 the figure was above 40%. Catch-up ball doesn't begin to describe our predicament. We need nothing short of a great national turnaround. There are two Republican candidates who made clear from the outset that it isn't business as usual -- Ted Cruz and Donald Trump. Another Romney wouldn't be relevant.