The Hitch on G.K. Chesterton as Fascist Fellow Traveler

Seen here:

"[Chesterton's] idea of a body [the Roman Catholic Church] that actually did all the official thinking was probably not unrelated to the Mussolini concept of the corporate state. This would be repulsive to the English and American tradition."

Only until FDR, of course, who paved the way in America for the acceptance of the concept of the president as the blended strong man, as described in the memoirs of President Herbert Hoover.

In Spengler's phrase: "There is no contradiction between economic liberalism and socialism."

Can there be any other explanation for the three year somnolence of the 30 million strong Catholic Church in America while a ne'er-do-well poseur attempts to overthrow the country? Roman Catholics are incapable of recognizing tyranny, let alone stopping it, since they actually identify with a divine one. In fact, until recently Obama's social program and Catholics' have been virtually indistinguishable. Which is rather the point of Hitchen's critique of religion, and its heaven as the "Celestial North Korea."

Like many religious groups in America, Catholicism represents a country within the country and is only the most recent but vivid example of our continuing Balkanization and inevitable dissolution as one nation under the Protestant God.

The wall separating church and state in America was not built by Rome.

High Gasoline Prices Are In The News Again: Up 55 Percent Since 2007

For example, from The Associated Press:

The national average for gasoline began the year at $3.28 a gallon. The average price for February so far is $3.49 a gallon. That's up from $3.17 a gallon last February, a record at the time. Back in 2007, before the recession hit, the average for February was $2.25 a gallon. ...

Americans spent 8.4 percent of their household income on gasoline last year when gas averaged an all-time high of $3.51 a gallon. That's double the percentage a decade ago. They could pay even more this year, even though demand is the lowest in 11 years as people drive fewer miles in more efficient cars, says Tom Kloza, chief oil analyst at OPIS. ...

World oil demand is expected to increase by another 1.5 percent to 89.25 million barrels a day in 2012, according to the Energy Information Administration.

Read the complete story here.

The Rich Should Answer Obama's Class Warfare With A Prosperous Middle Class

As recognized long ago by Aristotle:

Now a tyranny is a monarchy where the good of one man only is the object of government, an oligarchy considers only the rich, and a democracy only the poor; but neither of them have a common good in view.

Tyranny, the worst excess imaginable, [is] a government the most contrary possible to a free state.

Tyranny arises from a headstrong democracy or an oligarchy, but very seldom when the members of the community are nearly on an equality with each other. When there is a want of a proper number of men of middling fortune, the poor extend their power too far, abuses arise, and the government is soon at an end.

A tyrant is chosen out of the meanest populace; an enemy to the better sort, that the common people may not be oppressed by [the better sort].

The Tea Party: A Middle Class Rebellion Against Bailouts

So Richard Viguerie, here:

"One of the establishment outrages that led to the middle class rebellion now known as the Tea Party was the $700 billion TARP program that bailed-out a select group of Wall Street and international banks from their bad bets on the U.S. housing market."

As of the End of 2011, President Obama Has Golfed 92 Times

So Keith Koffler for WhiteHouseDossier.com, here.

That means he's averaged about 2.5 outings per month over the three years.

A Moochelle Obama Retrospective from WhiteHouseDossier.com

Keith Koffler provides a nice summary of the First Lady's extravagances, the latest of which is a ski trip to Colorado this weekend hot on the heals after 17 days in Hawaii over Christmas:

The first lady, who just returned last month from 17 days of relaxation in Hawaii, is skiing in Colorado on Presidents’ Day Weekend for the second year in a row. ...

Just last August, she sojourned on Martha’s Vineyard, and the month before she travelled to southern Africa for a trip that mixed official business with tourist outings like an African safari. In July 2010, she took an exorbitant excursion to the southern coast of Spain, flying out with friends and family on a large jet that often serves as Air Force 2 and then staying at a ritzy hotel. ...

For her last two Hawaii vacations, Michelle left separately from her husband at extra cost to taxpayers in order to ensure she got the full vacation while the president was forced to remain in Washington a few extra days to finish work with Congress.

Read the full entry, here.

Energy Subsidies to Fossil, Renewable and Conservation Equal to Nuclear '73-'03

So says Wikipedia here, but you'll notice that the data isn't framed that way.

The presentation lumps nuclear and fossil together at $74 billion to make it appear that these "bad" sources received far more in subsidies than poor old renewable and conservation at $26 billion.

But fossil, renewable and energy efficiency subsidies combined totaled $50 billion from 1973 to 2003, matching the subsidies to nuclear over the period.

Perhaps even more interesting fossil received slightly less in subsidies than renewable over the period.

Overall, subsidies amounted to just $100 billion over 30 years, for an average of $3.3 billion per annum, a drop in the bucket compared to the trillions of dollars homeowners extracted from home equity, much of it blown on jet fuel for vacations.

Here is the screen shot:

Something funny going on with the reference, though. Must be too controversial:

In South Carolina Private Drone Shot Down With Small Arms

Video here. Story here.

The Percentage of People Working Hasn't Been This Bad Since November 1983

Get a grip, people. Obama is a fisherman, trolling along the bottom, catching nothing for three years except a good buzz from a boat-full of beer.

Full Time Employment in January 2012 is at November 2003 Level: 113.8 Million

Part-Time For Economic Reasons Remains Elevated at 8.2 Million

Data here.

Total Private Employment Still Over 5 Million Lower Than in January 2008

Data here.

Historical Real GDP From BEA, Recent Quarterly, and Annual Data 1996-2011

From the most recent release, Friday, January 27, 2012, here:

The 2011 GDP advance over 2010 of 1.7 percent represents a decline in the pace of recovery of 43 percent, a huge fall-off. The money borrowed (!) to stimulate the economy has done nothing to re-ignite growth, as critics of Keynesianism predicted.

Post-WW2 GDP growth averaged 3.5 percent per annum.

The period from 2001 through 2007 averaged only 2.4 percent.

The back-to-back declines in 2008 and 2009 represent a small depression.

The 2010-11 recovery period so far is averaging only 2.4 percent, a return to the unimpressive growth pattern under one George W. Bush, whose best year in 2004 merely equaled the post-war average.

Real recovery would look more like 6 percent real GDP growth or even higher for a number of years back-to-back.

2010's 3.0 is shaping up to be just a one-off.

Liberal Jonathan Turley Smells An Imperial President In Obama's 'Recess' Appointments

Because the Congress wasn't in recess:

Yet the latest recess appointments push this controversy to a new extreme. The shortest prior period for a recess appointment in recent history was a break of 10 days. In this case, Congress did not intend to take such a recess and took steps to "stay in business" to prevent any end run by the president. Under the Constitution, neither chamber of Congress can recess for more than three days without the consent of the other chamber. This winter, the House expressly declined to give consent — holding sessions every three days to prevent any recess appointments. Moreover, this session was hardly "pro forma." Just three days after going into the session in December, Congress passed the president's demand for a two-month payroll tax holiday extension. So the Obama administration was doing business with Congress on important legislation while simultaneously claiming that Congress was functionally out of session.

Yeah, but most of the House went home, leaving a skeleton crew behind to pass the payroll tax holiday extension for two months, repudiating an earlier vote in the House which called for a one year extension.

Just as bad, the skeleton crew also raised a tax on mortgages for two years to pay for the lousy two month extension. The new tax on mortgages is not just a first, but is utterly insane at a time when the Fed is doing everything it can to stimulate housing through long term interest rate interventions. A tax will only suppress home-buying.

If Republicans had any balls, they'd remove Speaker Boehner and Majority Leader Cantor for that.

It's not just an imperial presidency at work in this case, but an unrepresentative House of Representatives.

See Turley's complete remarks for USA Today here, which provide a very reasonable interpretation of the meaning of the conditions under which recess appointments may be made, i.e. when a vacancy occurs during a recess.

Obama's appointments didn't occur during a recess, and the vacancies didn't occur during one, so they're wrong. And so were George Bush's.

Consumption is in Decline, Frugality is in the Ascendant

As reported here:

Legendary Swiss investor Felix Zulauf believes that the current rally in risk assets is likely to last until at least the end of March, but that global sharemarkets will again succumb to downward pressure in the second half of the year.

In a wide-ranging interview with Business Spectator, Zulauf, who is president of Zulauf Asset Management and who has been a member of Barron’s Roundtable for more than 20 years, paints a gloomy picture of debt-laden industrialised countries, where central banks have no choice but to print money in an attempt to stave off dire deflationary pressures.

He also predicts that dwindling demand from the West will force China to redouble its efforts to boost domestic consumption, but that this will reduce China’s rate of economic growth. ...

"I think we are now dealing with a structural weakness in consumption in the industrial world due to declining prosperity. Real disposable personal income in most industrialised countries is stagnating, or even declining. And that means China has to change its model. Its export industries won’t be as vigorous as they used to be, both as a result of the weakness in demand outside China, and also because Chinese labour costs have risen sharply in recent years." 

USPS Needs To Cut $20 Billion, Plans To Close 3,830 Post Offices To Save $0.3 Billion

"That doesn't make any sense!"

As reported here by Reuters:

The Postal Service chose post offices for possible closure based primarily on revenue. Two-thirds of the 3,830 post offices slated for closure earned less than $27,500 in annual sales, postal data show. Nearly 90 percent of these post offices are located in rural areas, where shrinking populations and dwindling businesses mean the post offices simply cost more to operate than they earn. ...

The statistics show that closing all of the post offices under consideration would save about $295 million a year - about four-tenths of 1 percent of the Postal Service's annual expenses of $70 billion. ...

To match the falling demand, the agency says it needs to cut $20 billion in operating expenses by 2015. Restructuring healthcare programs, eliminating jobs, ending Saturday delivery and closing post offices are among the moves being considered, though some of these would require permission from a Congress that remains deeply divided on how to address the Postal Service's woes.

The postal service question is a matter of civil liberties: the guarantee of private communication. No cost is too high to protect it. That we don't care about it anymore just shows we are no longer a free people.

If we repealed the Davis-Bacon Act of 1931, however, the costs of postal service would plummet almost overnight, and we might be less inclined to sell our birthright for a bowl of pottage.

Obama Plans To Cut Deployed Nukes To As Few As 300 From 1790 Now

So reports AP Obama here:

The potential cuts would be from a current treaty limit of 1,550 deployed strategic warheads.

A level of 300 deployed strategic nuclear weapons would take the U.S. back to levels not seen since 1950 when the nation was ramping up production in an arms race with the Soviet Union. The U.S. numbers peaked at above 12,000 in the late 1980s and first dropped below 5,000 in 2003. ...

The U.S. already is on track to reduce to 1,550 deployed strategic nuclear warheads by 2018, as required by New START. As of last Sept. 1, the United States had 1,790 warheads and Russia had 1,566, according to treaty-mandated reports by each. The treaty does not bar either country from cutting below 1,550 on their own.

The World Currently Owes Japan Approximately $3.23 Trillion

At an exchange rate of 77.87 yen to the dollar:

Japan’s current-account surplus has meant that it hasn’t needed to rely on foreign capital to finance its budget deficits, unlike the U.S.  Foreign buyers hold about less than 10 percent of the public debt, compared with almost half for the U.S. Yields on 10-year Japanese government bonds were at 1 percent, among the world’s lowest.

A legacy of years of trade surpluses has left Japan as largest net holder of external assets, a position it had for a 20th straight year in 2010, with a position of 251.5 trillion yen, according to the finance ministry. Figures for 2011 are due in May. China is second-largest, according to the ministry.

Japan has moved into trade deficit for the first time since 1980, according to the story at Bloomberg here.

Two Reasons For Legal Offshore Cash

Political risk, as in:

If the country implodes and you've got to renounce citizenship you'll have some resources abroad waiting for you.

Litigation risk, as in:

Rich people make big targets, so to prevent everything you've got from being exposed to a lawsuit, you park some money out of reach.

Brett Arends explains here.

Does it inspire confidence that a prospective president might think that way?

Romney Unlikely To Reform Tax Code Fearing Charges Of Personal Gain

So says Cato Institute Senior Fellow Dan Mitchell, here:

Romney will be reluctant - because of his personal wealth - to advance policies that can be portrayed as helping the so-called rich. We can't expect a Reagan-style agenda of economic liberty and individual freedom, so something like a flat tax is very unlikely.