Last Updated: Nov 19th, 2009 - 11:07:39 Newsletters : 2008 Newsletters : 25 January 2008 Thought for the Day Man is not free unless government is limited. There's a clear cause and effect here that is as neat and predictable as a law of physics. As government expands, liberty contracts. Ronald Reagan Jan 11, 2008, 11:09 Newsletters : 2008 Newsletters : 25 January 2008 Credit Expansion, Economic Inequality, and Stagnant Wages. "The truth is that credit expansion is responsible not only for the boom-bust cycle but also for another major negative phenomenon for which public opinion mistakenly blames capitalism: namely, sharply increased economic inequality, in which the wealthier strata of the population appear to increase their wealth dramatically relative to the rest of the population and for no good reason." This morning's paper shows concern that incomes are not improving relative to price increases and that this impacts on the living standards of those least able to withstand the strain. The Labour-Green combo in 1999 promised to lift us into the top half of the OECD but instead has dropped our living standard down to the bottom quarter. The socialists have made their voters poorer. Jan 15, 2008, 11:33 Newsletters : 2008 Newsletters : 25 January 2008 Anna Schwartz Blames Fed For Sub-Prime Crisis. As rebukes go in the close-knit world of central banking, few hurt as much as the scathing indictment of US Federal Reserve policy by Professor Anna Schwartz. The high priestess of US monetarism - a revered figure at the Fed - says the central bank is itself the chief cause of the credit bubble and now seems stunned as the consequences of its own actions engulf the financial system. "The new group at the Fed is not equal to the problem that faces it," she says, daring to utter a thought that fellow critics mostly utter sotto voce. "They need to speak frankly to the market and acknowledge how bad the problems are, and acknowledge their own failures in letting this happen. This is what is needed to restore confidence," she told The Sunday Telegraph. "There never would have been a sub-prime mortgage crisis if the Fed had been alert. This is something Alan Greenspan must answer for," she says. *** *** *** Read the full story by clicking the title. Jan 14, 2008, 10:35 Newsletters : 2008 Newsletters : 25 January 2008 Letter to the Reserve Bank On the 10th of January I sent the following letter to the Reserve Bank to find out what they think about the current economic situation and distortions that have caused it: The Governor, The Reserve Bank of NZ Wellington Dear Sir, We have been studying New Zealand’s progress to relative poverty over the last five or six decades and have been looking for answers and remedies. During this time we have become increasingly disturbed at the distortions produced in the world economy by current economic thinking. I have recently read this letter at http://www.safehaven.com/article-9183.htm written to the Governor of the Bank of Canada that poses these serious questions. I would very much appreciate your comments about this matter. Yours sincerely, Phil Scott Foundation for Economic Growth Incorporated P O Box 10-282 Wellington Phone 972 4365 Mobile 027 229 1519 email phil@feg.org.nz **** **** **** I have not received a reply. The letter is at this web site: [ Visit Website ] Jan 10, 2008, 11:07 Newsletters : 2008 Newsletters : 25 January 2008 Good News! Earth Not Flat. And now for some good news. Geophysicist David Deming writes that parts of north and south America and the southern hemisphere, from California to Korea, have been experiencing freezing weather of such unusual extremity and harshness that crops have been devastated and states of emergency declared. However, maybe at long last the penny is dropping. The New Statesman, no less, this week publishes a piece by sensible David Whitehouse which says flatly: "The fact is that the global temperature of 2007 is statistically the same as 2006 as well as every year since 2001. Global warming has, temporarily or permanently, ceased. Temperatures across the world are not increasing as they should according to the fundamental theory behind global warming and the greenhouse effect. Something else is happening and it is vital that we find out what or else we may spend hundreds of billions of pounds needlessly. For the past decade the world has not warmed. Global warming has stopped. It’s not a viewpoint or a sceptic’s inaccuracy. It’s an observational fact. So we are led to the conclusion that either the hypothesis of carbon dioxide induced global warming holds but its effects are being modified in what seems to be an improbable though not impossible way, or, and this really is heresy according to some, the working hypothesis does not stand the test of data. It was a pity that the delegates at Bali didn’t discuss this, or that the recent IPCC Synthesis report did not look in more detail at this recent warming standstill. A pity indeed, that the entire western ruling class has been taken in by this scam. But now the cavalry appears at last to have arrived. According to this story, a US Senate report documents the opinion of hundreds of prominent scientists from around the world who say global warming and cooling is a cycle of nature and cannot legitimately be connected to man's activities. The report compiled observations from more than 400 prominent scientists from more than two dozen nations who have voiced objections to the so-called ‘consensus’ on ‘man-made global warming.’ Many of the scientists are current or former participants in the United Nation's Intergovernmental Panel on Climate Change, whose present officials, along with former Vice President Al Gore, have asserted a definite connection. The new report comes from the Senate Environment and Public Works Committee's office of the GOP ranking member, and cites the hundreds of opinions issued just in 2007 that global warming and man's activities are unrelated. ‘Many scientists from around the world have dubbed 2007 as the year man-made global warming fears “bite the dust”’, the introduction said. And there probably would be many more scientists making such statements, were it not for the fear of retaliation from those aboard the global-warming-is-caused-by-SUVs bandwagon, the report said. And it details some of this intimidation. Looks like man-made global warming theory is melting away faster than you can say Al Gore. A lot of reputations are now going to disappear along with it: all those who were part of the famous ‘consensus’ (not). Those people should never be taken seriously again. It’s over, guys. Reason, truth and real science are fighting back. **** **** **** Virides delendi sunt. Jan 8, 2008, 19:16