HIS IS WHO KAMALA HARRIS REALLY IS!
Tuesday, September 24, 2024
HIS IS WHO KAMALA HARRIS REALLY IS!
Friday, May 17, 2024
Man-Made Climate Change Hoax Destroyed by Science!
New data on how water moves around Earth answer old questions about the planet's rotation.
Using satellite data on how water moves around Earth, NASA scientists have solved two mysteries about wobbles in the planet's rotation -- one new and one more than a century old. The research may help improve our knowledge of past and future climate.
Although a desktop globe always spins smoothly around the axis running through its north and south poles, a real planet wobbles. Earth's spin axis drifts slowly around the poles; the farthest away it has wobbled since observations began is 37 feet (12 meters). These wobbles don't affect our daily life, but they must be taken into account to get accurate results from GPS, Earth-observing satellites and observatories on the ground.
In a paper published today in Science Advances, Surendra Adhikari and Erik Ivins of NASA's Jet Propulsion Laboratory, Pasadena, California, researched how the movement of water around the world contributes to Earth's rotational wobbles. Earlier studies have pinpointed many connections between processes on Earth's surface or interior and our planet's wandering ways. For example, Earth's mantle is still readjusting to the loss of ice on North America after the last ice age, and the reduced mass beneath that continent pulls the spin axis toward Canada at the rate of a few inches each year. But some motions are still puzzling.
A Sharp Turn to the East
Around the year 2000, Earth's spin axis took an abrupt turn toward the east and is now drifting almost twice as fast as before, at a rate of almost 7 inches (17 centimeters) a year. "It's no longer moving toward Hudson Bay, but instead toward the British Isles," said Adhikari. "That's a massive swing." Adhikari and Ivins set out to explain this unexpected change.
Scientists have suggested that the loss of mass from Greenland and Antarctica's rapidly melting ice sheet could be causing the eastward shift of the spin axis. The JPL scientists assessed this idea using observations from the NASA/German Aerospace Center Gravity Recovery and Climate Experiment (GRACE) satellites, which provide a monthly record of changes in mass around Earth. Those changes are largely caused by movements of water through everyday processes such as accumulating snowpack and groundwater depletion. They calculated how much mass was involved in water cycling between Earth's land areas and its oceans from 2003 to 2015, and the extent to which the mass losses and gains pulled and pushed on the spin axis.
Adhikari and Ivins' calculations showed that the changes in Greenland alone do not generate the gigantic amount of energy needed to pull the spin axis as far as it has shifted. In the Southern Hemisphere, ice mass loss from West Antarctica is pulling, and ice mass gain in East Antarctica is pushing, Earth's spin axis in the same direction that Greenland is pulling it from the north, but the combined effect is still not enough to explain the speedup and new direction. Something east of Greenland has to be exerting an additional pull.
The researchers found the answer in Eurasia. "The bulk of the answer is a deficit of water in Eurasia: the Indian subcontinent and the Caspian Sea area," Adhikari said.
New Insight on an Old Wobble
In the process of solving this recent mystery, the researchers unexpectedly came up with a promising new solution to a very old problem, as well. One particular wobble in Earth's rotation has perplexed scientists since observations began in 1899. Every six to 14 years, the spin axis wobbles about 20 to 60 inches (0.5 to 1.5 meters) either east or west of its general direction of drift. "Despite tremendous theoretical and modeling efforts, no plausible mechanism has been put forward that could explain this enigmatic oscillation," Adhikari said.
Lining up a graph of the east-west wobble during the period when GRACE data were available against a graph of changes in continental water storage for the same period, the JPL scientists spotted a startling similarity between the two. Changes in polar ice appeared to have no relationship to the wobble -- only changes in water on land. Dry years in Eurasia, for example, corresponded to eastward swings, while wet years corresponded to westward swings.
When the researchers input the GRACE observations on changes in land water mass from April 2002 to March 2015 into classic physics equations that predict pole positions, they found that the results matched the observed east-west wobble very closely. "This is much more than a simple correlation," coauthor Ivins said. "We have isolated the cause."
The discovery raises the possibility that the 115-year record of east-west wobbles in Earth's spin axis may, in fact, be a remarkably good record of changes in land water storage. "That could tell us something about past climate -- whether the intensity of drought or wetness has amplified over time, and in which locations," said Adhikari.
"Historical records of polar motion are both globally comprehensive in their sensitivity and extraordinarily accurate," said Ivins. "Our study shows that this legacy data set can be used to leverage vital information about changes in continental water storage and ice sheets over time."
Monday, April 8, 2024
11 ways Biden and his handlers are hell-bent on destroying America!
11
ways Biden and his handlers are
hell-bent
on destroying America
The path to civilizational destruction
should
be very familiar by now
Why are those controlling President
Joe Biden using him to advance so much of a destructive agenda
that it will likely end America as we know it?
If someone wished to destroy America,
could he do anything more catastrophic than what we currently see and hear each
day?
What would an existential enemy
do that we have not already done to ourselves?
Here are 11 now familiar steps to
civilizational destruction:
1. Wipe out a 2,000 mile border.
Allow 10 million foreign
nationals to enter unlawfully. Have no audit of any; nullify all federal
immigration laws. Let in toxic drugs that kill 100,000 Americans a year. Give
free support to those millions who broke the law. Smear any objectors as racists
and xenophobes.
2. Run up $35 trillion in national debt.
Keep adding $1 trillion to it
each 100 days. Defame anyone wishing to cut wild spending as cruel and
inhumane.
3. Appease or subsidize enemies like Iran and China.
Demonize allies like Israel. Allow terrorists to attack
Americans without adequate response. See Islam as either similar or superior to Christianity. Make amends to leftist
governments for supposedly past toxic American international behavior. Follow
the lead of international agencies like the UN, ICC, and WHO to atone for past
American neocolonial and imperialist behavior. Recede to second-tier international
status, befitting American decline.
4. In a multiracial
democracy, redefine identity only as one's tribal affiliation.
Ensure each identity group rivals
the other for victimhood and the state spoils it confers. Reboot all political
issues by race and sex oppressors and oppressed. Destroy all meritocratic
standards of admission, retention, promotion, and commendation.
5. Recalibrate violent crime as understandable, cry-of-the-heart
expressions of social justice.
Ensure no bail and same-day
release for arrested, repeat violent felons. Empathize with the violent killer
and rapist; ignore their victims, especially if they are slain police officers.
6. Emasculate the military by using non-meritocratic standards
of race, gender, and sexual orientation to determine promotion and
commendation.
Deliberately impugn as racists
and insurrectionists the largest demographic in the military who in recent wars
died at twice their numbers in the population—so that they leave or never join
the military. Encourage retired high officers to slander their commander-in-chief.
Cut the defense budget. Stop producing sufficient weapons, but leave billions
of dollars' worth of arms to terrorists.
7. Reinvent the justice system to indict, bankrupt, convict,
jail and eliminate political opponents.
Use ballot removal, impeachment, civil suits, and state and
federal indictments rather than elections to defeat an opponent. Mob the homes
of non-compliant Supreme Court justices,
and attack them personally by name.
8. Encourage the
fusion of the bureaucratic state with the electronic media to form a powerful
force for political audit, surveillance, censorship, and coercion.
Marry the FBI to Silicon Valley
and hire its contractors to warp the news and hound supposed enemies of the
people.
9. Make war on affordable gasoline and natural gas.
Substitute inefficient, unreliable, and expensive wind and solar
power, even as energy prices nearly
bankrupt the middle class.
10. Marry late, but preferably not at all.
Consider males toxic, especially
boys. Have no children, or as few as possible. Otherwise, assure children they
are entitled, and must be sheltered. Raise them to have grievances
against past generations and current norms.
11. Turn world-class
universities into indoctrination centers.
Suspend the Bill of Rights on campuses. Train youth to
graduate despising their own culture and civilization. Recruit foreign students
from hostile nations to subsidize campus commissar bloat. Replace the
curriculum with therapeutic propaganda. Ban the SAT/ACT and do not evaluate comparative
high school GPAs. Ensure merit does not select the student body. Charge tuition
higher than the rate of inflation. Bill the government when students default on
their loans.
Why could those controlling the president be doing all of the
above?
Tuesday, April 2, 2024
The Communist Goals for The U.S. - 1963
“The Naked Communist,” by Cleon Skousen:
1. U.S. should
accept coexistence as the only alternative to atomic war.
Thursday, November 16, 2023
National Climate (Alarmism) Assessment
The Patriot Post® · National Climate (Alarmism) Assessment
By Thomas Gallatin · November 16, 2023
https://patriotpost.us/articles/102189-national-climate-alarmism-assessment-2023-11-16
The sky is falling, but there’s still time to hand over more control of the U.S. economy to a bunch of federal bureaucrats to slow its falling. That in a nutshell summarizes the recently released National Climate Assessment1.
The report, compiled by 14 federal agencies with the input of some 700 scientists, is little other than a climate alarmist’s gospel. Yet the compilers of the twice-a-decade report appear keenly aware that Americans have become less impacted or alarmed by the apocalyptic predictions that never quite materialize.
In an effort to scare Americans into buying the Left’s climate alarmism2, which dubiously and tellingly can only be addressed through ever more government control of the economy, the report warns of the astronomical cost of climate change without massively expensive government intervention.
According to the report, climate change is costing the U.S. economy $150 billion annually. How, exactly? Well, climate change supposedly makes for more severe weather events (except when it doesn’t because they tell us climate change has little to do with the weather), therefore costing Americans even more of their hard-earned cash.
Then again, $150 billion annually is a bargain compared to the Democrats’ desired Green New Deal. That had an original price tag of $93 trillion3 over 10 years.
The climate report also claims4 that “while some economic impacts of climate change are already being felt across the country, the impacts of future changes are projected to be more significant and apparent across the U.S. economy.” Be afraid, folks, because it’s only going to get worse! Droughts, hurricanes, floods, and fires will be rising in frequency — that’s the dire prediction of the climate alarmists.
Never mind the historical data that simply doesn’t back up those alarmist claims. The fact of the matter is that coping with events has always been a reality for humanity. Furthermore, as the climate warms, it actually has benefited humanity in key ways, such as food production.
Another is reducing death. A related study claims that heat-related deaths could quadruple5 without certain “action” on climate change. What they don’t tell you is that cold kills nine times more people6 than heat.
Demonstrating just how woke the National Climate Assessment is, there are entire sections focused on promoting the Left’s favorite issues of diversity and equity. It even has a section ridiculously asserting that indigenous people had developed a holistic earth-friendly culture that can be harnessed to better react to climate change. It’s that old trope that everything was perfect, peaceful, and harmonious in North America before those foolish and reckless white Europeans arrived.
This is not science; it’s a cult.
The report focuses on the inequitable impact of climate change on lower-income people and minorities. When in the history of the world has the climate not had an inequitable impact on people with lower incomes? This is not due to climate change but is purely the economic reality of the haves and the have-nots.
Solomon Hsiang, a lead assessment author and climate economist at the University of California, Berkeley, states the obvious: “The research indicates that people who are lower income have more trouble adapting [to climate change], because adaptation comes at a cost.” He then adds, “If people can’t pay for it, then [they] can’t protect themselves.”
The great irony is that Joe Biden’s administration is making everything cost more via product regulations on everything from stoves to air-conditioners to lightbulbs to vehicles. If it wasn’t for the regulatory commissars making the cost of goods rise, then it would be easier for lower-income Americans to afford to adapt to a changing climate.
The report attempts to connect all of Americans’ lives to climate change, claiming that everything from their emotional well-being to their physical health to their bank accounts are under dire threat thanks to climate change. One of the report’s authors insists that climate affects “every sector of human and natural society.” If that isn’t cultish thinking, then what is?
In the end, the biggest bogeyman is the fossil fuel industry7, which is essentially blamed for everything to the point that the language of social justice is applied as if it’s a battle of good verses evil.
The truth is, without fossil fuels, life on planet earth would be much more difficult. Lives would be shorter and death would be much more common, and all the wonderful technologies that we take for granted, like readily available clean water, would not be possible. Indeed, the actual injustice is the concerted effort by climate cultists to demonize fossil fuels, which still provide the only cost-efficient means for humanity to adapt to a changing climate.
As the climate changes — which it has throughout earth’s history — humans are far better suited to adapt through the free market than under the tyranny of government.
Links
Sunday, September 17, 2023
Imperialism: Lessons From History
Imperialism: Lessons From History
By Victor Davis Hanson
Wayne and Marcia Buske Distinguished Fellow in History,
Hillsdale College
The following is adapted from a talk delivered on the
Regent Seven Seas Mariner on June 30, 2023, during a Hillsdale College
educational cruise from Istanbul to Athens.
The word “imperialism” comes from the Latin word imperium.
It refers to a nation or a state implanting its rule on other states, treating
them as subordinates and in an inferior fashion. Some suggest today that
America is behaving imperialistically—we do, after all, have some 600 military
bases around the world. So it is worth recalling some historical examples of
imperialism to understand what the idea entails.
Looking at empires through history, we can identify several
things that most of them have in common. One is that their leaders often say or
seem to believe that their imperialist policies have little to do with
self-interest.
We can see an example of such denial in Pericles’ famous
funeral oration as recorded in the second book of Thucydides’ history of the
Peloponnesian War. The speech was delivered in 431 B.C., at the height of the
Athenian Empire. Athens was expropriating tribute from its subject states and
had built the Parthenon, the Propylaea, and soon the Erechtheion on the
Acropolis. In other words, the Athenians were diverting a good portion of their
allies’ tribute paid to them—which was supposed to be devoted to mutual
defense—to enhancing their city. And what does the imperialist leader Pericles
have to say of his grand visions? He calls Athens “the school of Hellas” and
proclaims that it will enjoy “the admiration of the present and succeeding
ages.”
Athens won’t need a poet like Homer to memorialize it,
Pericles continues. Why? Because, he says, “we have forced every sea and land
to be the highway of our daring, and everywhere, whether for evil or for good,
have left imperishable monuments behind us.” In other words, Athens is proud of
its mission to uplift the other Greek city-states—by force.
Likewise with the Roman Republic and Empire. Caesar went
into Gaul in 58 B.C. and in a nine-year period killed perhaps one million Gauls
and enslaved another million. And yet in Caesar’s Gallic Wars, and in later
Roman literature, we read that Rome brought civilization to Gaul. The elite of
Gaul were to wear purple togas, enjoy habeas corpus, and have aqueducts, so it
was all for the good.
“The White Man’s Burden,” a long controversial poem by
Rudyard Kipling, published in 1899, was addressed by a citizen of imperial
England to the United States, which was currently fighting what many saw as an
imperialist war in the Philippines. One of the poem’s stanzas reads, “Take up
the White Man’s burden / In patience to abide / To veil the threat of terror /
And check the show of pride / By open speech and simple / An hundred times made
plain / To seek another’s profit / And work another’s gain.” This sense of duty
sums up the common imperialist mindset: imperialism is a burden, undertaken
reluctantly and for the good of the uncivilized. There is little self-serving
about it.
Another trait empires have in common is obviously their
dependence for enforcement on some type of superior military power—most often a
navy. True, the Spartans controlled a land empire, as did the Soviet Union; but
those empires were confined with self-imposed limitations. If a state becomes a
naval power, as Alfred Thayer Mahan pointed out in his classic works on the
influence of sea power on history, then it can move troops around to the rear
of an enemy, impose boycotts, or modulate trade and supplies to help allies or
hurt recalcitrant colonies.
The greatest empires have always been maritime. The
Mediterranean, which the Romans referred to as mare nostrum or “our sea,” has
been the seat of empires throughout history because of its geography—it is a
convenient sea for imperialists in the middle of three land masses. The British
Empire, of course, was entirely a result of British naval superiority.
A third characteristic empires share in common—perhaps the
most interesting and thoughtworthy—is that for all the supposed advantages to
be had through imperial rule, a historical case can be made that it has never
quite penciled out. The costs of control seem to outweigh the benefits, even
though—human nature being what it is—the imperialists tend to be oblivious to
the expenses, perhaps because of the power and grandeur that come with empire.
One reason imperial policy seems superficially advantageous
in terms of costs and benefits is the seduction of absolute power, as implied
by the Caledonian (Scottish) nationalist Calgacus in 85 A.D. As recounted in
Tacitus’s history, Calgacus complains of the Romans in addressing his troops:
“To robbery, slaughter, plunder, they give the lying name of empire; they make
a desert and call it peace.” In other words, if imperial powers can’t conquer a
country and bring it into the fold peacefully, they wipe it out as a signal to
others. So much for benefits to either the imperialist power or its subjects.
One corollary to the unprofitability of empire is that it
tends to corrupt the character of the imperial power.
The Athenian Empire was based on the idealism of 180 subject
city-states being offered the advantages of democracy. City-states conquered by
Athens were required to become democracies—and what can be wrong with that?
But in 415 B.C., a large Athenian naval force went to the
island of Melos and demanded that the Melians submit and begin paying tribute.
Thucydides recounts what ensued, the famous Melian Dialogue, in the fifth book
of his history: You’re either with us or against us, the Athenians threatened,
and if you are against us we will destroy you. The Melians countered that they
should be able to remain free and to maintain neutrality in Athens’ war with
Sparta. The Athenians rejected the idea of neutrality. The Melians further
argued that destroying Melos would result in anti-Athenian sentiment in Greece.
The Athenians replied that it would instead result in fear and awe at Athens’
power. In the end, the Melians refused to submit. Following a siege, the
Athenians massacred the adult men of Melos and enslaved the women and children.
As an aside, when I was 18 and just beginning my study of
the classics, I was astonished when I read in Thucydides that when the
Peloponnesian War broke out, most of the Greeks wanted Sparta to win. Was not
Athens a democracy and Sparta an oligarchy? Athens was the home of Socrates,
Pericles, Aeschylus, Aristophanes, and Sophocles. Sparta was rural and backward
with no navy or beautiful temples or walls. It represented Doric severity as
opposed to the Ionic cosmopolitanism of Athens. Why would the Greeks prefer
that Sparta win? I didn’t understand the anomaly when I was 18, but the simple
answer soon became clear: Sparta was not then imperial—or at least not as
imperial as Athens. Empires like to think of themselves as having a lot of
friends, but they are often naive in forgetting the depth of the ill-will they
incur.
As if the destruction of Melos wasn’t enough to show the
hubristic corruption of imperial Athens, the following summer, Athens sent a
force of 40,000 troops to Syracuse to conquer or destroy the largest democracy
in the Greek world. The Sicilian Expedition, as it came to be known, was a
complete disaster. Thucydides says at the end of his seventh book, “they were
destroyed, as the saying is, with a total destruction, their fleet, their
army—everything was destroyed, and few out of many returned home.” For all
practical purposes—although the Peloponnesian War would go on for another nine
years—the Sicilian debacle marked the end of the Athenian Empire and
illustrated the follies of unchecked imperialism.
It can be argued that the Roman Republic underwent a similar
kind of imperial corruption. In historian Arnold Toynbee’s two-volume work,
Hannibal’s Legacy, he argued that the period in which Rome fought the three
Punic Wars—an era during which Rome achieved mastery of almost the entire
Western Mediterranean—was ultimately calamitous for Rome because it undermined
Rome’s republican habits, virtues, and character.
The Roman people, Toynbee argued, especially the independent
yeoman farmers, were sent off for long periods to fight as legionaries in
places like Spain and Numidia (present day Libya). Their places were taken by
some two million slaves from conquered provinces who were shipped back to
Italy. Huge amounts of money extracted from conquered lands poured into Italy
and enriched an elite class, whose members consolidated the farms of the
soldiers who were fighting abroad and forged them into large estates worked by
slaves.
In time the troops overseas—whose successes had been due to
the Italian virtues of hard work, independence, autonomy, and agrarianism that
one sees emphasized in Virgil’s Eclogues and Georgics—became accustomed to
plunder. When Carthage finally fell in 146 B.C., its population of 50,000 (down
from 500,000) was enslaved, and the city was razed to its foundations. That
same year the Romans looted and destroyed Corinth, the cultural capital of
Greece.
The Rome of Virgil, Catullus, the younger Cato, and Cicero
was now busy obliterating defeated cities that posed little threat to Rome’s
security. The success that made Rome an empire, Toynbee argued, destroyed Rome
by degrading the elements that made it great. Toynbee may not have been right
in every respect, but there are certainly parts of his argument that ring true
about corrupting the center through incorporating the periphery or diluting a
republic by imperial ambitions.
This might remind us also of Britain, whose empire probably
reached its peak sometime between 1850 and 1860. But if we read Charles
Dickens’ Bleak House, published in 1852, we see that at the heart of the empire
in London, there were vast numbers of people who were in poor-houses at the
same time the country was spending its resources far and wide on its great
imperial civilizing mission.
This in turn might make us think of present day San
Francisco, where people are injecting themselves with drugs, fornicating,
urinating, and defecating on the streets, and downtown businesses are closing
in large numbers; or Chicago, where the murder and crime rates are making life
there unbearable for so many. Our major cities are going to rot at the same
time we are pledged to giving $120 billion to Ukraine, already making its
military budget the third largest in the world.
And the decay goes beyond the large cities. Think of those
gruesome scenes in East Palestine, Ohio, after the train crash that enveloped
the town in a toxic chemical cloud. East Palestine is full of working-class
people whom few of our establishment political leaders were willing to go
visit. The people of East Palestine form the demographic that died at twice the
numbers of the general population in our overseas wars in Iraq and Afghanistan.
Yet few in our leadership class—many of whom had made one or more recent trips
around the world to Ukraine to visit the Ukrainian people and pose for photos
with Mr. Zelensky—went to East Palestine. I don’t know if one can properly call
the United States an imperialist power, but this phenomenon of neglected and
hollowed-out cores coupled with widespread overseas investments and commitments
tends to be characteristic of empires.
Looking outward, we can see two clear manifestations of
imperialism today. One is the Chinese brand of imperialism. China de facto now
controls 15 of the major ports in the world—ports that the Chinese have leased,
rebuilt, and refashioned. The Chinese are very farsighted, so these ports are
not just random acquisitions. They control the Panama Canal. They monitor the
entry into the Mediterranean at Tangiers and the exit at Port Said. The two
largest ports in Europe, Antwerp and Rotterdam, are in the hands of the
Chinese, as are the artificial islands in the South China Sea, a gateway for 50
percent of global oceanic traffic.
In other words, the Chinese control 15 points at which, in a
global crisis, they will be able to shut off trade and access to commercial
goods, oil, and food, not to mention the influence they have gained over local
governments. China has also invested in concessions of rare earth mining, oil,
and other natural resources in Africa. And due to the naive policies of the
current U.S. administration, the Chinese are developing very close ties not
only with Iran, but also with Saudi Arabia.
China today is creating something very much like the British
Empire, although the Chinese are more like the imperialists of the Ottoman
Empire than those of the British, in that they are neither apologetic nor shy
about what they are doing. If the Chinese have an imperial enclave in Africa,
they rope it off and don’t allow Africans nearby. Nor do they allow colonial
peoples, for the most part, to go to Beijing and be educated or integrated.
Like the Ottomans who conquered Constantinople in 1453, China has a monolithic
culture and makes no apologies for its ambition to be a global imperial power.
The other imperial power we see on the rise today is more
insidious. George Orwell’s nightmare dystopia in 1984 was a world in which
there were no nation-states, but rather three powers wielding absolute control
over three land masses into which everyone had been aggregated. Something like
this is the dream of Klaus Schwab of the World Economic Forum and his fellow
globalists (many of them American) who meet annually in Davos. Their vision is
of a transnational ruling class, consisting of elites drawn mostly from the
business, political, media, and academic worlds, with the power to issue edicts
on climate change, public health, diversity, human rights, and even taxes, that
override the will of national majorities.
If Chinese imperialism follows the tradition of the Ottoman
Empire, the globalist vision of Davos imperialism is in the tradition of
utopian empires gone astray. I think of Alexander the Great, who fought his
first great battle with the Persians in 334 B.C. at Granicus on the coast of
Asia Minor. When he died a decade later, he had probably killed over two
million people in creating what he envisioned as an everlasting Hellenistic age
based on an idea of the brotherhood of man. Alexander never thought of himself
as a mere killer. He was an idealistic conqueror. And to this day, if you were
to go to Greece and criticize Alexander, you would earn a hostile reaction.
Alexander was an effective propagandist, as is the Davos crowd with their
argument that the totalitarian rule they want to impose is for our benefit and
the larger brotherhood of man.
Let me close by saying that in 1897, Rudyard Kipling was
asked to present a poem at Queen Victoria’s Diamond Jubilee, marking her 60th
year as queen. The British Empire, admittedly the most civilizing and humane of
any empire in history, was in full bloom—it had 420 million people under its
sway and covered 12 million square miles of territory, seven times the area of
the Roman Empire. Kipling originally planned to present “The White Man’s
Burden” at the event, but he decided instead to present “Recessional,” a bleak
poem that includes this stanza: “Far-called, our navies melt away / On dune and
headland sinks the fire / Lo, all our pomp of yesterday / Is one with Nineveh
and Tyre / Judge of the Nations, spare us yet / Lest we forget—lest we forget!”
“Recessional” is a poem of lamentation in which Kipling,
known to be a great supporter of the British Empire, seems to be warning that
it is destined to fail. Maybe he had been studying history.
Sunday, March 12, 2023
A Perfect Economic Storm
A Perfect
Economic Storm
The
Great Depression, a worldwide economic collapse that began in 1929 and lasted
roughly a decade.
Vulnerabilities in the Global Economy
In the 1920s, nations bounced back
from the disruption and destruction caused by World War I, with factories and
farms producing again, Richardson notes. But the nature of the economy in the
United States and elsewhere shifted, as ordinary consumers buying durable goods
such as appliances and cars—often on credit—became more and more important.
Investors increasingly bought stocks on margin, in which they put down as little as 10 percent of the price of a stock, and borrowed the rest of the money, with their stock itself as collateral. Corporate stocks soared, and brokers made huge commissions.
But the bubble eventually had to burst. It did that on Black Monday, October 28, 1929, when the Dow Jones average declined nearly 13 percent in one day. That started a period of catastrophic declines that destroyed almost half of the Dow’s value in a single month. By 1932, at the nadir of the financial crisis, the nation’s public companies had lost 89 percent of their value.
Blunders by the Fed
The Federal Reserve System, created in 1913, was supposed to ensure the nation’s economic stability by controlling the money supply. But the still-new institution’s policies in the 1920s not only failed to stop the Great Depression, but to cause it. There was a drastic 67 percent increase in the money supply between 1921 and 1929.
But eventually, in 1929, the Fed’s board worried that speculation was out of control, and abruptly slammed on the breaks by contracting the money supply and raising interest rates. The Fed’s move to cool the stock market worked a little too well. “They got the stock market to come down, but then it came down a lot, and it came down very quickly.
After the Wall Street crash, nervous investors began to trade their dollars for gold.
The Fed then moved to jack up interest rates higher to protect the dollar’s value. But those high interest rates made it difficult for businesses to borrow money that they needed to survive, and many ended up closing their doors instead.
The Smoot-Hawley Act
Trade protectionists in Congress enacted the Smoot-Hawley Act, which was written in early 1929, while the economy still seemed to be going strong. But after the Wall Street Crash weakened the economy, President Hoover still signed it into law in 1930. The law raised U.S. tariffs by an average of 16 percent, to shield American factories from competition with foreign countries’ lower-priced goods. But the move backfired when other countries put tariffs on U.S. exports.
In The End
The unlucky thing was that all those factors combined in a sort of perfect economic storm, whose devastating effects had long-lasting repercussions. As Richardson notes, the U.S. economy didn’t again reach full employment until 1940—just in time for World War II
The Great Depression Legacy – The New Deal
The New Deal did more than attempt to stabilize the economy, provide relief to jobless Americans, and create previously unheard-of safety net programs, as well as regulate the private sector. It also reshaped the role of government, with programs that are now part of the fabric of American society.
Enter The Administrative State (aka Communism)
We often think about our government
in many ways. However, with the emergence of the Administrative State, the government
is involved in every part of citizen’s lives:
- U.S. Department of Agriculture
- U.S. Department of Commerce
- U.S. Department of Defense
- U.S. Department of Education
- U.S. Department of Energy
- U.S. Department of Health and Human Services
- U.S. Department of Homeland Security
- U.S. Department of Housing and Urban Development
- U.S. Department of Justice
- U.S. Department of Labor
- U.S. Department of State
- U.S. Department of the Interior
- U.S. Department of the Treasury
- U.S. Department of Transportation
- U.S. Department of Veterans Affairs