The Asian-American Experience & How to Deal With It

Asian-American is a constructed demographic by some California-based Asian-American activists and promoted by the majority group in the US of A.  However, a collective Asian-American experience doesn’t exist and never did despite being promoted by vocal Asian activists in an effort to unite the various ethnic Asian groups living in the US of A for greater recognition, greater rights, and greater social mobility.

In reality, ethnic Asians in America are broken up based on their language, nationality and sometimes religion. First generation immigrants separate themselves into their local ethnic communities, and their children partly define their racial identities from their original cultures.   On the other hand, descendants of first generation immigrants become disconnected with their ancestral cultures and start to think of themselves are “Americans”.  Regardless of generations, many Asian-Americans will make friends outside of their own little cultural group and often feel necessary to compromise their own identity, culture, second language to fit in.

Because there are Asian-Americans who are willing to compromise themselves and their self-respect to fit in, many non-Asian Americans believe that it is more socially acceptable to disparage Asians because they are a “model minority” and will not assert themselves for fear of being excluded in American society.  As a result, Americans believe they can get away with producing racist garbage such as the Asian Girls music video and song with excuses that it was done with an Asian model and because they have a “cute” token Indonesian-American as a band member.

I was also told by many White, Black and Latinos that the Asian Girlz video is not a big deal because it has incoherent humour and to just “lighten up“.  At the same time, they would change their tune by complaining that the George Zimmerman acquittal is racist and unfair. Despite what some people say, Asian-Americans are expected to tolerate this kind of abuse as they are compliant model minorities while others such as Blacks or Latinos are expected to assert themselves in the face of abuse or racism.  This perception in America is simply a blatant example of double standards yet it is somehow accepted in society.

Over time, these ongoing stereotypes give the majority population the impression they can get away with casual racism against Asians and arbitrarily judge Asian-Americans on an abnormally higher standard than other ethnicities. While the racial discrimination is nowhere near the levels of Chinese exclusion and Japanese internment during the 19th and 20th centuries, Asians are still seen as perpetual foreigners or by historic stereotypes.

With all these problems surrounding Asian-Americans whether it is culture shock, discrimination or a lack of clear identity, much of the ongoing dialogue in this so-called community are ultimately tied to racism or identity issues.  This is because the core of the Asian-American experience is the ongoing frustration of not being accepted in American society regardless of how hard they try to fit in whether that involves compromising one’s original identity; jettisoning the family’s native language or culture; or screwing over fellow Asians in a misguided attempt to avoid being seen as disloyal towards America. The point is no matter how hard Asian-Americans try, they will never fit in and it is better to be happy with who they are and accept their multicultural background.

Latinos had these kinds of problems for decades and managed to gradually destroy these labels by asserting and actually retaining their dual cultures regardless of stereotypes and without generally compromising to fit in.  These problems facing Asian-Americans were faced by Latinos living in America whether they are natural citizens or immigrants and eventually became an accepted and defining part of American society.

While other Asian-Americans claim they have little to learn from the Latino experience because they also face discrimination and because Asians have a supposed advantage via the “model minority” stereotype, Latinos did change America’s perception of being perpetual foreigners to being considered an integral part of American society.  Many Latinos have been increasing their presence in media, government, and in the workplace at various levels.  They are valued due to their multicultural background, many are functionally bilingual and most of all they are free from the “bamboo ceiling” that keeps Asians from reaching management levels due to ongoing perceptions by Americans that Asians are uncreative, compliant and lack individuality, which they believe is not the case with non-Asians.

Latinos who are US citizens are able to assert themselves and become recognised for being a major economic contributor and voting group in the country.  At the same time, I do not see this kind of solidarity among Asian-Americans in the US of A since it has become too easy for US politicians whether they are Democrat, Republican, Tea Party, Racist Party or Green party to divide and conquer the Asian-American community when it comes to elections (eg Taiwanese-Americans support any politician who gives lip service to Taiwan Independence and demonising China, Vietnamese-Americans support any politician who claims to demonise Communists, Laotian-Americans support anyone who claims to care about the overseas or Hmong community, Tibetan-Americans will throw their lot with any politician ranting about evil Chinese Commies or how they love the Dalai Lama, etc).

As long as the Asian community is divided and easily fractured, they will never have a voice in the American government and society at large. Also, Latinos generally assert themselves when they are mistreated or when they receive citizenship, which is not truly the case with Asian-Americans as seen by how Levy Tran took the gig without complaining about the Asian Girlz subject matter or when Marcello Lalopua, the band’s Indonesian member, did not speak out when the racist Asian Girlz song was being produced.

Most of all, many Latinos have learned they will never fit in American society no matter how they tried ranging from passing as white or abandoning Spanish as their second or foreign language. This is why many of them maintain a working knowledge of Spanish or express pride in their multicultural background unlike many in the Asian community. I still see the heavily Americanised Asians distancing themselves from the less Americanised Asians and labelling them as FOBs, weirdos, or Unamericans or becoming ignorant of their parents’ culture.

At the same time, I’ve also seen some Asian-Americans gravitating towards other Asian cultures that seem more popular than their own home cultures such as Chinese or Filipino-Americans learning Japanese and Japanese culture to the point they know more Japanese culture and history than their own or to the point Japanese becomes their second language instead of Chinese or Tagalog. This also applies to Asian-Americans who lean towards Korean culture or try to integrate themselves into the Korean-American community when they are not and never will be Korean.

I don’t see Cuban-Americans or Chicanos trying to pass themselves off as Puerto Ricans; or Colombians knowing more about Mexican culture and history than their own. I also don’t see many Latinos railing against other Latinos who recently moved into the US of A as FOBS or outsiders.

This is why it is would be better to look at how the Latino community went from being seen as perpetual foreigners to being considered part of America rather than dwelling on Asian-American frustration in a cultural bubble. It’s time Asians in the US learn from them and their struggles and victories to benefit the Asian-American community and to stop dwelling on these issues in a bubble.

On Obama vs Obama – The First American Presidential Debate

All this debate hoopla between Willard “Mitt aka Obama 2.0” Romney and Barack “Socialist Kenyan Muslim” Obama has really gotten out of hand. Sure, I enjoyed the memes about angry Big Birds, the Jim Lehrer incompetence rants, and the fact everyone was getting so worked up on Obama 2.0 supposedly beating Prez Obama to a pulp in last night’s debate.

But to be honest, I was more excited that the New York Yankees are going to the World Series again and how Ben Bernanke‘s QE3+ is causing inflation in Hong Kong. Since QE3+ was announced with the intention of propping up the stagnant American economy until unemployment drops to 5.5% (ROFL), inflation in Hong Kong has increased around 5-10% and the real estate bubble has gotten to the point where the government is getting involved to deflate it. Also, the price of food has increased and the HKD is going to lose more value against the Renminbi.

Note to self: begin splitting half of my HKD holdings in the bank into RMB to hedge against more damage from QE3+.

For all the theatrics and political WWF-style wrestling in the debate, neither Romney nor Obama really said anything substantial. Obama was just being passive as usual while Romney just pulled numbers out of nowhere and made them real with his confidence and photogenic smile. And yes, we now know Romney is a capable multitasker because he was able to both moderate the debate and hand Obama his ass at the same time.

I can say all these things while others are getting worked up over comments on their debate posts to the point of deleting either the comments, posts or even dropping a contact or two because I am not going to vote in November. Yes, I am not going to vote. No absentee ballots, no online voting and no write-ins for you-know-who and that Johnson fellow. Full disclosure, I voted for Obama in 2008 and it didn’t seem to pay off in any way so I am not voting for him or his Obama 2.0 (Romney) tool presented by the GOP. Even if I voted, my vote would be just filtered down to a handful of electoral votes that would go to Obama and my supposed absentee ballot will take its sweet time to pass customs to be added to the totals.

So no, I am not going to vote on November 6th. Conversely, I have no plans to play Halo4 that day either. I am just going to go to work, focus on the work, attend a few client meetings, have lunch with colleagues, and then head home to exercise and read a William Gibson novel or even one from Phillip K. Dick. Not voting on election day by choice will be one of the most American things I will do since becoming a naturalised citizen of the United States of America.

Thank you and I love Big Bird too.

14 reasons why Rick Perry would be a bad President


The following are 14 reasons why Rick Perry would be a really, really bad president….

#1 Rick Perry is a “big government” politician.  When Rick Perry became the governor of Texas in 2000, the total spending by the Texas state government was about $49 billion.  Ten years later it was about $90 billion.  That is not exactly reducing the size of government.

#2 The debt of the state of Texas is out of control.  According to usdebtclock.org, the debt to GDP ratio in Texas is 22.9% and the debt per citizen is $10,645.  In California (a total financial basket case), the debt to GDP ratio is just 18.7% and the debt per citizen is only $9932.  If Rick Perry runs for president these are numbers he will want to keep well hidden.

#3 The total debt of the Texas government has more than doubled since Rick Perry became governor.  So what would the U.S. national debt look like after four (or eight) years of Rick Perry?

#4 Rick Perry has spearheaded the effort to lease roads in Texas to foreign companies, to turn roads that are already free to drive on into toll roads, and to develop the Trans-Texas Corridor which would be part of the planned NAFTA superhighway system.  If you really do deep research on this whole Trans-Texas Corridor nonsense you will see why no American should ever cast a single vote for Rick Perry.

#5 Rick Perry claims that he has a “track record” of not raising taxes.  That is a false claim.  Rick Perry has repeatedly raised taxes and fees while he has been governor.  Today, Texans are faced with much higher taxes and fees than they were before Rick Perry was elected.

#6 Even with the oil boom in Texas, 23 states have a lower unemployment rate than Texas does.

#7 Back in 1988, Rick Perry supported Al Gore for president.  In fact, Rick Perry actually served as Al Gore’s campaign chairman in the state of Texas that year.

#8 Between December 2007 and April 2011, weekly wages in the U.S. increased by about 5 percent.  In the state of Texas they increased by just 0.6% over that same time period.

#9 Texas now has one of the worst education systems in the nation.  The following is from an opinion piece that was actually authored by Barbara Bush earlier this year….

•  We rank 36th in the nation in high school graduation rates. An estimated 3.8 million Texans do not have a high school diploma.

•  We rank 49th in verbal SAT scores, 47th in literacy and 46th in average math SAT scores.

•  We rank 33rd in the nation on teacher salaries.

 

#10 Rick Perry attended the Bilderberg Group meetings in 2007.  Associating himself with that organization should be a red flag for all American voters.

#11 Texas has the highest percentage of workers making minimum wage out of all 50 states.

#12 Rick Perry often gives speeches about illegal immigration, but when you look at the facts, he has been incredibly soft on the issue.  If Rick Perry does not plan to secure the border, then he should not be president because illegal immigration is absolutely devastating many areas of the southwest United States.

#13 In 2007, 221,000 residents of Texas were making minimum wage or less.  By 2010, that number had risen to 550,000.

#14 Rick Perry actually issued an executive order in 2007 that would have forced almost every single girl in the state of Texas to receive the Gardasil vaccine before entering the sixth grade.  Perry would have put parents in a position where they would have had to fill out an application and beg the government not to inject their child with an untested and unproven vaccine. Since then, very serious safety issues regarding this vaccine have come to light.  Fortunately, lawmakers in Texas blocked what Perry was trying to do.  According to Wikipedia, many were troubled when “apparent financial connections between Merck and Perry were reported by news outlets, such as a $6,000 campaign contribution and Merck’s hiring of former Perry Chief of Staff Mike Toomey to handle its Texas lobbying work.”

Rick Perry has a record that should make all Republicans, Democrats, Libertarians and Independents cringe.

He is not the “conservative Republican” that he is trying to claim that he is.  He is simply another in a long line of “RINOs” (Republicans in name only).

If Rick Perry becomes president, he will probably be very similar to George W. Bush.  He will explode the size of the U.S. government and U.S. government debt, he will find sneaky ways to raise taxes, he will do nothing about the Federal Reserve or corruption in our financial system and he will push the agenda of the globalists at every turn.

Look, the truth is that another four years of Barack Obama would be a complete and total nightmare.

But so would four years of Rick Perry.

America deserves better than the “lesser of two evils”.

Unfortunately, the American people have been dead asleep and have sent incompetents, con men and charlatans to Washington D.C. for decades.

Hopefully things will be different in 2012.

Why 9/11 Truth-Seekers Will Never Go Away, or How I Learned to Stop Worrying and Love America

CORY

Cory Chu-Keenan is a father and a proponent of getting Civics back into American schools. He is an activist for Architects & Engineers for 9/11 Truth, Media Reform, and Restoration of Civil Rights. He will be debuting a Politically Conscious Hip-Hop Album in 2012 entitled Technofetishistic Psychodrama under the emcee name, Cory the Keen One.

We don’t teach Civics in America anymore. We teach Literature, Mathematics, and, ahem, History, but we don’t teach our youth how to keep a Democratic Republic. We’ve gotten to the point where we no longer understand what it means to do civic duty.

America was designed as an experiment. It was the first time in human history where the People, the citizenry, were called upon to govern themselves. And this system, designed by the framers of the Constitution, became a beacon of freedom for the rest of the world.

What freedom meant to our founding fathers was chiefly freedom from tyranny. But they couldn’t just say, “Okay, from now on, no more tyranny.” They had to replace monarchical rule with a different form of rule: Rule by the People, for the People.

Oh, by the way, when’s the last time you read the Constitution? Or the Declaration of Independence? Or how about the Bill of Rights?

Middle School? Or maybe you heard all about it in a Schoolhouse Rock song one Saturday morning after The Smurfs.

I’m not going to challenge you to read these documents or anything, simply because I know you wouldn’t do it anyway. Hell, have I ever read any of these? But I do hope you contemplate the power that these words hold for our nation and realize that you are here, with the rights that you hold, and the freedoms you enjoy, because of this ink. Period.

It’s good to be you.

Why is it good to be you?

Because the freedom that you have provides you with many choices. Our inalienable rights allow us to vote, assemble, lobby, and even run for public office. As a citizen of the USA, you are allowed to participate in your own government.

Or not! :D

You can choose to kick back and enjoy all the bread and circus this land of milk and honey provides for your leisure and entertainment, and let all the experts figure out the boring foreign policy stuff. God bless you, citizen!

But, ahhh, therein lies the paradox of success: material gain has an inverted relationship to happiness and feelings of satisfaction. Being the lone superpower standing after the Cold War ended in 1991 was fun for a minute, until skyscrapers started exploding one beautiful morning in Manhattan.

Let’s pause here for a sec before I get ahead of myself. I’m going to make a deal with you: I promise not to talk about World Trade Center Building 7, what the features of controlled demolition look like, the fact that Osama Bin Laden was never placed on the FBI’s most wanted list after 9/11 because they said they had no evidence linking him to it, or that the Secret Service failed to evacuate Emma E. Booker Elementary School in Sarasota, Florida where President Bush sat at a highly publicized location (read: target for terror) but instead decided to stay put in order to read a book about a goat and then afterwards hold a press conference at the same location!

I’m not going to talk about any of these things or the hundreds of other holes, discrepancies, fabrications, and omissions in the official story of 9/11, the majority of which the Kean Commission innocently overlooked. I’m not going to talk about any of these things!

I’m going to leave it up to you to do your own due diligence. Because that’s what civic duty and being an American is all about. Deal?

What I am going to talk about here is how America grows weaker and weaker the more and more we see ourselves as a nation divided.

We’ve come to an unfortunate, and illusory, political climate in America where we believe that we only have two choices: Red or Blue.

Not the Crips or the Bloods. Not Snoop or Weezy. I’m talking about Red States and Blue States. Left or Right. Liberal or Conservative. Blanket Pacifism or Reactionary War-Making.

We’re told that, as Americans, we must choose a team and play for it. And anyone who questions this dialectic is a nut-job, crackpot, or worse, a terrorist. -Thanks there, Patriot Act, recently grandfathered through the congressional backdoor! :D

And speaking of patriotism, there are two kinds, you know. There’s Patriotism, and then there’s “patriotism.” The former, with the capital “P” is the kind where you actually take action on performing your civic duty (there’s that phrase again) of thinking critically about your government by questioning the direction the American Experiment is taking. The latter, lowercase-in-air-quotes, form happens to be the emotional variety that’s spoon-fed to you on a nightly basis via the established corporate media. Thanks, Media Saturation, made up of five corporations that own 85% of all media! :/

Anyhoo, I’m not trying to get all college professor on you or anything. We don’t live in the University of Wisconsin or anything weird like that. We live in the real world. And in the real world, the Law of Attraction will someday give me a Lamborghini if I paste together a vision board and think only positive thoughts.

I mean, take for example The Project for a New American Century, a manifesto-ish document penned by the Neo-Conservative think-tank consisting of Dick Cheney, Paul Wolfowitz, Donald Rumsfeld, Jeb Bush, and other students of the late Machiavellian Professor Leo Strauss. PNAC is the Law of Attraction in action!

These guys literally wished into existence a New Pearl Harbor in the form of 9/11, which resulted in “rapid transformation” of our military and foreign policy.

“It’s just what I wanted! Yay!!!” shrieked Richard Perle. Clap clap clap clap.

Regardless of what I think of the official story of 9/11, and regardless of what you think about it, ten years later I think we can all agree that we’re in bad shape as a result of our actions taken as a nation in reaction to the event.

I’m not going to mention the loss of life of American soldiers, the use of exotic weaponry the likes of depleted uranium, the torture photos, or gas prices. You can form your own opinions on those topics.

What I am going to mention is that 2012 is fast approaching, and seeing as how I’m considered a “conspiracy theorist” and all (a term originating within a CIA declassified document designed to discredit and ridicule dissenters during the COINTELPRO era), it would be irresponsible of me to pass up the opportunity to tell you my take on the end of the world. So here it goes:

Much like 9/11, the end of the Mayan calendar long count is going to result in a psychological shift. But instead of fear and insecurity, we’re going to finally discover the true meaning of self-governance and personal freedom. Not only in America, but on a global scale.

The true New World Order is the revolution that takes place in your own mind. All you have to do is turn off the TV and let it happen.

That being said, I’m going to end on a high note here just so that you don’t turn off your computer and go blow your brains out.

Here it goes:

Back in the 1960’s there was a guy named Huey Newton and a guy named Bobby Seale. They would go on to found The Black Panther Party right here in Oakland, CA, Bay Area.

Well it just so happens that there were six Asian guys in the Black Panther Party who were known as the Yellow Panthers.

Inspired yet?

Peace and Love,

God Bless America, forreal, forreal

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Barack H. Obama & George W. Bush

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Talking to several democrats, I have noticed that the crowd who liked Obama in 2008 still can’t accept that he has kept very few of his campaign promises. They claim that he is doing great, and is a better president than Bush. I will here point out some basic facts about Obama, and why he IS Bush.

Ron Paul: Unbelievable

The response to the grassroots R3VOLUTION v. RomneyCare Money Bomb is unbelievable.

As this email is being put together, the Money Bomb has raised over $637,000!

And every dollar will go toward building winning operations in early voting states like Iowa and New Hampshire.

www.ronpaul2012.com

If you have already contributed to this effort, I thank you.

If you have not yet made a contribution, now is your chance to show establishment candidates like Mitt Romney that the path to the GOP nomination is through grassroots support, and not millions of dollars in campaign contributions from bailed-out bankers on Wall Street.

So please, click here to make a contribution of $20.12, $35, $50, $100, $250, or maybe even the legal maximum of $2,500 ($5,000 per couple).

You and I have the opportunity to send a powerful message to the establishment that my campaign is top-tier, and that grassroots conservatives hold the key to the Republican nomination.

I thank you for all that you have done in the name of liberty.

For Liberty,

Ron Paul

P.S.  The Republican primary is wide open, and the nomination is there for the taking.

Establishment candidate Mitt Romney is hitting up Wall Street bankers for millions of dollars.

And now you can send a message to the establishment by contributing to the grassroots R3VOLUTION v. RomneyCare Money Bomb so I can put a top-flight operation on the ground in early voting states like Iowa and New Hampshire.

Click here to make a generous contribution of $20.12, $35, $50, $100, $250, or maybe even the legal maximum of $2,500 ($5,000 per couple).

National Inflation Association (NIA) Scam Warning from Peter Schiff

Their primary newsletters basically steal credit from Peter Schiff’s commentary or views while their follow-up newsletters are the ones with pump-and-dump stock recommendations.  Some NIA primary newsletters on current economic and social concerns were posted in the past in this site and are in line with views from Peter Schiff, Ron Paul and to a lesser extent, Jim Rogers.  However, I was unfamiliar with the fact that this is a scam until recently with the help of concerned readers.  Watch this video to learn more about NIA and for more rational advice on current economic issues.  It is true that America is going through an inflationary crisis but it is nowhere near the levels NIA claims to be.

Osama bin Laden is Dead

My father had colleagues working in the World Trade Centre before they were brought down in 9/11. He told me stories about how one colleague survived because he was late to his commute while another literally ran for his life as the towers collapsed, only losing a shoe in the process. My father never did mention what happened to the rest of his coworkers.

Fastforward to May 2011 with Obama announcing the killing of Osama bin Laden by American special forces. From news reports, bin Laden was killed by headshots in his custom mansion along with his family and some associates in Abbottabad, which is about 60km from Islamabad, Pakistan. Initial reaction was a sense of closure, but most Americans used this as an excuse to revel in a military kill mission.

The victims of 9/11 should feel relief knowing that bin Laden is dead given his attack and the grief it caused in America.  Bin Laden’s death was well-deserved in the same sense as a death row inmate being sentenced to die by a firing squad. In a prison execution, the victims or the victim’s families tend to feel a sense of closure, relief, and sadness that the criminal is dead but will live knowing it doesn’t change what had happened. However, when bin Laden was confirmed to be killed, the 9/11 victims were finally at peace, while the rest of the country, which was indirectly affected by 9/11, was celebrating as if they all won the lottery and a major sports championship.

The images shown in New York City and Washington DC had people climbing polls, cheering and chanting “USA! USA! USA!”. Somehow this mindless celebration seems to be in poor taste given that Americans were angered when foreigners celebrated 9/11 and the fact that bin Laden’s death is a Pyrrhic victory knowing that it took almost 10 years, nearly a million lives in collateral damage, and the deep financial costs from invading two countries.

Watching the domestic reaction to bin Laden’s death was almost unreal. The people I saw on TV were either drunken college kids who were just children when 9/11 happened and grew up with nothing but sensationalised accounts of terrorism and with no real emotional connection to the real tragedy. While the other group on TV were mostly out-of-state tourists, who also did not have a real connection to the people in NYC, showing their misguided patriotism by gloating around Ground Zero and Times Square. This type of behaviour towards Osama’s death sends the wrong signal to the world and really shows the trashier side of America (if shows like “Jersey Shore” and “Real Housewives” weren’t enough). It’s only a matter of time before this behavior is unfairly compared to the mob mentality in the Muslim world by California liberals and critics outside of America.

I simply find it sad that a country used to be looked up as a moral and honorable society has fallen to such a dumbed-down existence.  It’s nice to see happy Americans post Toby Keith videos online and chant “USA” but this changes little except closure for 9/11 victims. For me, I really won’t feel real closure until I see a verified photo of his corpse knowing that the government has been misleading the world since the War of Terror started.  His death will only have meaning if it gets American troops home, ends the PATRIOT ACT, and brings back the quality of life that sounds mythical in our current situation. Unfortunately, bin Laden has succeeded in weakening America with attacks designed to restrict freedom, spread terror to the Muslim world, and reduce American society into reactionaries.

With all this in mind, only the 9/11 victims were the real winners from bin Laden’s death while others will use it to advance their petty agendas.

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Thoughts on Arab Revolts and Japanese Tsunami/Meltdown

There isn’t too much going on in the world except for the Arab Revolts. So far Egypt and Tunisia have changed their rulers while it is still in process in Libya and Yemen. Things are just getting started in Syria while the revolt in Bahrain is crushed with the help of some Saudi and Emirati forces. The other countries like Jordan and Morocco are proactively avoiding a revolt by appeasing the disgruntled citizens. It would be nice to see changes in Yemen and Libya with as little violence as possible but it looks like those uprisings are simply beyond the point of nonviolence.

And how does this affect any of us? For one, the price of petrol has already gone up as a result of the instability and it will make it less appealing for foreign investment to go into places where the revolts are ongoing or brutally crushed. On the other hand, it is a boon to oil speculators and the cause of short-term shocks in the financial markets. I can only hope that the people’s revolutions in Yemen and Libya sort themselves out before it starts attracting more unwanted elements.

The Japanese earthquake and tsunami was just devastating. This earthquake was the “big one” pundits, geologists, and survivalists always feared in Japan. It is fortunate that only northeast Japan was affected and I’m glad that 2 of my former classmates and a former instructor are out of danger. Even my penpal who I have not spoken to in over a year is no longer in danger. The major complaints from them are the trains running late or being cancelled (just like with NJTransit trains) and making a strange effort to adjust despite all the loss of life and potential nuclear meltdown.

The people of Japan, like America, are generally pleasant and poorly informed and their government, like America, is run by a group of semi-corrupt idiots. These parallels help explain how Japan, despite all its might and sophistication, could have allowed itself to suffer a devastating tsunami that wiped out its historic communities and leave themselves open to a potential nuclear meltdown. Like Japan, for all its might and ability to wage a War of Terror on the Muslim World, America also allowed itself to suffer a devastating hurricane that ravaged historic regions and left themselves without the means to properly rebuild. There are some similarities to America and Japan and it would be no surprise if America lurches into a Lost Decade like its Japanese friend, but I digress.

In the past, I found it easy to simply repost an article and give a running commentary on the various points written in the article. Now, I find I lost the drive that allowed me to write paragraphs of coherent and focused commentary that made parts of this blog popular in the first place. It will take me some time to get back into that state of mind after being ravaged by a thankless relationship, a thankless jobs, and a thankless circle of friends.

This cartoon made my day:

NIA Addresses Bernanke’s ’60 Minutes’ Interview

NIA Addresses Bernanke’s ’60 Minutes’ Interview

Federal Reserve Chairman Ben Bernanke was a guest on ’60 Minutes’ this evening and the National Inflation Association felt it was important to address Bernanke’s comments.

Bernanke claims to be concerned primarily about two things: unemployment and deflation. Bernanke says between the economic peak and the end of last year, 8.5 million jobs in America were lost with only 1 million jobs being regained since then. He says it could take 4 to 5 years for the U.S. to get back to a “more normal unemployment rate of 5% or 6%”.

The truth is, real unemployment in the U.S. today once you account for everybody who has given up looking for work as well as everybody who is underemployed, is already about 22%. NIA believes it is more likely that in 4 to 5 years from now, U.S. unemployment will rise to Great Depression levels. Bernanke’s policy of printing money and creating inflation will not create jobs because the money the Fed creates is going to fund non-productive and wasteful U.S. government spending. The only jobs being created are artificial government jobs.

U.S. government spending is up 108% from 10 years ago. We have a U.S. government spending bubble that will eventually go bust by the U.S. dollar becoming worthless and the U.S. government no longer being able to meet its obligations. Bernanke says we should only be concerned about the long-term deficit because in “10, 15, or 20 years from now the entire budget will be spent on Medicare, Medicaid, Social Security, and interest payments on the debt” and “there will be no money left for the military or other services the government provides”.

The truth is, the U.S. currently has a budget deficit from just Medicare, Medicaid, and Social Security alone and even if the U.S. got rid of all government spending besides Medicare, Medicaid, and Social Security, it wouldn’t be enough to balance the budget (including changes in our unfunded liabilities). Countries usually see hyperinflation of their currencies once interest payments on their national debt reach about 50% of tax receipts, and the U.S. is at risk of seeing interest payments on its debt reach 50% of tax receipts in the middle of this decade. In other words, the U.S. should be concerned about surviving these next 5 years, before it worries about surviving the next 10, 15, or 20 years.

According to Bernanke, inflation is “very very low” and this is a major concern to him because we are very close to falling prices or deflation, which he says would lead to falling wages. Bernanke believes that with his $600 billion in “quantitative easing”, the risk of deflation is now “pretty low” but if he didn’t act, deflation would be a more serious concern.

The truth is, gold is the best gauge of inflation, not the government’s phony CPI numbers. Gold is above $1,400 per ounce and near a new all time high. If deflation was as serious of a risk as Bernanke says, we would be seeing falling gold prices. Bernanke’s quantitative easing has now made deflation absolutely impossible and Americans need to be concerned about the risk of massive inflation and perhaps hyperinflation. If we saw deflation, it would actually be a good thing because the savings and incomes of middle-class Americans would be worth more and prices for food and energy will become cheaper.

Bernanke says that those who look at the $600 billion in quantitative easing as being inflationary are “not looking at the risks of not acting”. He says the Fed has “very carefully analyzed inflation every which way” and that fears of inflation are “way overstated”. Bernanke claims it is a “myth” that the Fed is “printing money” because the “money in circulation is not changing in any significant way”.

The truth is, the Fed’s M2 money supply has risen by $44.9 billion to $8.8092 trillion over the past month. If you annualize this increase, we are talking about a 6.1% increase in the M2 money supply. All Americans who shop for food, gas, or clothes, realize that the U.S. currently has around 6% price inflation and the CPI’s 1.17% rate way understates inflation. The U.S. Bureau of Labor Statistics uses geometric weighting and hedonics to understate inflation. The government’s CPI simply cannot be relied upon.

Bernanke admitted in his 60 Minutes interview that he did not see the panic of 2008 coming. His excuse was that the Fed didn’t have oversight of AIG or Lehman Brothers, and if the Fed had more powers they would have seen the crisis coming.

The truth is, there are many Austrian economists, including those who co-founded and are associated with NIA, who did see the panic of 2008 coming. Every Austrian economist who predicted the panic of 2008, now believes that massive inflation is in our future. It doesn’t make sense for Americans to trust Bernanke about inflation when he was wrong about the housing bubble and just about everything else.

Bernanke went on to say that the reason the U.S. has the largest income disparity gap out of any country in the world is because of “educational differences”. Bernanke claims that unemployment for Americans with college degrees is only 5%, compared to 10% unemployment for Americans with just a high school education.

The truth is, the reason for our income disparity gap is inflation. When the Fed prints money, it steals from the incomes and savings of the poor and middle-class and transfers this wealth to those on Wall Street who have access to the Fed’s cheap and easy money. It has nothing to do with education. In fact, because of Bernanke making it so easy for college students to get student loans, the U.S. has a college tuition inflation crisis.

College tuitions now cost 60% of the median U.S. income, triple the rate of 20% which held strong from 1950 to 1980. Americans today who have college degrees are now worst off, because they are deeply into debt. The only reason their rate of unemployment is lower than those without college degrees is because those with college degrees are more determined to find jobs. If you ask any college graduate who has a job if their college degree helped them become employed, NIA believes the overwhelming majority of college graduates will tell you no.

Bernanke says that he is “trying to achieve balance” and “will not allow inflation to rise above 2%”. He says the Fed can “raise interest rates in 15 minutes if we have to” and the Fed will have “no problem raising rates, tightening monetary policy, and reducing inflation when the time is appropriate”.

NIA believes the time is appropriate to raise interest rates now. The real rate of inflation is already a lot higher than 2% and if Bernanke waits for the U.S. to be in an all out currency crisis, it will be impossible to contain inflation. The U.S. will have a major inflationary problem with rising precious metals, food, energy, and clothing prices, until the Federal Reserve raises interest rates to a level that is higher than the real rate of price inflation. If the Fed waits for real price inflation in the U.S. to be in the double-digits, it means we will need to see double-digit interest rates, which will send our interest payments on the national debt to over $1 trillion per year.

Bernanke says that all the Fed’s quantitative easing is doing is, “lowering interest rates”, but in fact, yields on the 10-year bond are now 2.97%, a new four-month high. NIA believes it is likely that bond yields will continue to rise dramatically in the months ahead, with 10-year bond yields likely to rise above 4% in the first half of 2011. The Fed’s goal of keeping interest rates low is obviously failing. The bond bubble is getting ready to burst, which will collapse the U.S. government debt bubble with it.

Americans simply cannot trust Bernanke, who has continuously lied to the American public and been wrong about everything. All Americans need to realize that the real economic crisis is still ahead and it will come as a result of Bernanke’s dangerous and destructive actions. Americans need to be preparing now for hyperinflation if they want to survive, because the U.S. government will soon no longer be able to provide for them.

It is important to spread the word about NIA to as many people as possible, as quickly as possible, if you want America to survive hyperinflation. Please tell everybody you know to become members of NIA for free immediately at: http://inflation.us