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The_Phillip_Medhurst_Picture_Torah_122._Abraham_purchasing_Ephron._Genesis_cap_22_v_16._Hoet (2)

Abraham purchasing the cave of Machpelah from Ephron by Phillip Medhurst. Courtesy of Wikimedia Commons.

Abraham weighed out the silver for Ephron which he had named in the hearing of the sons of Heth, four hundred shekels of silver, currency of the merchants.

  • Genesis 23:16

In his lecture “Money, Freedom and the Bible,” John Robbins argued that the manufacturing of money was not a proper function of government, because there is no warrant for this in Scripture.  The Bible charges the civil magistrate with the duty to punish evildoers and reward the good.  There is no mention of anywhere in Scripture of God granting civil governments the right to manufacture money.

The first time I heard this many years ago, I was shocked by this idea.  “But all governments manufacture money,” I thought to myself.  “If the government didn’t supply money, who would?” I continued.

Of course, my initial objection can be answered by pointing out that simply because a thing is done does not logically imply that it ought to be done.  In the 18th century, David Hume famously made this point.

Secondly, concerning who would supply money in the absence of governments, the answer to this is the market would take care of this.  As Robbins noted in his lecture, there is such an example of this in Genesis 23, where Abraham pays for the field to bury Sarah by weighing 400 shekels of silver, “currency of the merchant.”  Note that it was not the currency of Pharaoh, nor the currency of the King of the Hittites that Abraham weighed out.  It was the currency of the merchants.  That is to say, it was a unit of money that arose from the common practice of the free market.  Importantly, it was not a government issued currency, neither was it the product of a government licensed central bank.

For that reason, that it arose in the marketplace and was privately managed by the merchants who used it, the shekel weighed out by Abraham was an honest unit of money.  The same cannot be said for sovereign currencies of our day.  Not only do they fail to maintain purchasing power, but they are deliberately designed to lose value over time.  To this author’s knowledge, there is not one honest currency in use today, including, and perhaps especially, the U.S. Dollar.

Last week’s post titled “This is Going to Hurt, Part 1: Honestly Facing our National Bankruptcy,” discussed the disastrous economic numbers coming out as a result of the government’s response to the coronavirus pandemic.  Please note, I did not write, “the disastrous economic numbers coming out as a result of the coronavirus pandemic,” but, “the disastrous economic numbers coming out as a result of the government’s response to the coronavirus pandemic.” It is not the Chinese coronavirus that caused over 30 million Americans to lose their jobs in the past six weeks, it is decision, more accurately decisions, of various government officials that have led to this disaster.

But oddly, as I also noted, the stock market has rebounded even as economic activity has made record declines.  How can this be?  The short answer to this question is money printing on a mind-blowing scale by the U.S. Federal Reserve, the central bank of the United States.

My purpose in this post is to lay out in non-technical language what a central bank is and what it does.  In subsequent posts, I shall illustrate the unbiblical, immoral nature of central banking by looking in detail at the origin, the workings and the disastrous effects Federal Reserve (the Fed) policy has had on our nation.

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Fauci

Dr. Anthony Fauci speaks at a White House press briefing.

The so-called corona virus (CV) pandemic has taken the world by storm.  Like many people, this author had never so much as heard the term “corona virus” until about three or four months ago.  But writing now in early May 2020, it seems as if it’s been with us forever.

One of the barriers to thinking clearly about the CV pandemic and resulting lock down of the economy was the remarkable speed at which it all occurred.  It seemed that one day all was well, and the next that governors across the country were ordering their citizens to “shelter in place.”  It was almost as if the entire nation were sucker punched at once.  One day we were going about our business, working our jobs as we always had, and the next we were working from home or not working at all.  Who could ever have imagined such a thing as recently as the beginning of this year?

The official narrative is that the virus is an unexpected event, originating in China.  Despite the Chinese leadership’s heroic efforts to contain it, the virus managed to spread throughout all the world.  Here in the US, Anthony Fauci is officially hailed as a hero and governors who locked down their states are thought to have taken bold action to save the nation from an even higher death count than has been reported.  They are heroes.  And the more severely they locked down their states, the more heroic they are.

Although the rapidity at which the crisis emerged and my unfamiliarity with pandemics made analysis difficult at first, the whole CV pandemic always seemed more than a bit suspect to me.  And the longer it has gone on and the more information that has come out, the more my original suspicions have been confirmed.  Below are thirteen reasons why I doubt CV narrative.

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Closed

“[W]hen it goes down to essentially no new cases, no new deaths at a period of time.  I think it makes sense that you will have to relax social distancing.”

  • Anthony S. Fauci, Director of National Institute of Allergy and Infections Diseases

“I want to be able to say to the people of New York – I did everything we could do, and if everything we do saves just one life, I’ll be happy.”

  • Andrew Cuomo, Governor of New York

 

Here in Ohio, we’ll soon be entering the third week of Governor Mike DeWine’s Stay At Home order, which requires Ohio residents remain in the homes unless out on essential business.  Only business deemed “essential” are permitted to remain open, meaning a significant portion of the state’s economy has been shut down by government order.

Nationally, the situation is much the same.  Perhaps no statistic better illustrates the severity of the economic impact of the government led economic shutdown than last weeks unemployment claim numbers which reached the truly staggering total of 6.6 million.  Taken together with the previous week’s total of 3.34 million new jobless claims, the second half of March saw a total of 10 million new jobless claims.  To put this is some perspective, the previous weekly record for new jobless claims was 650,000, which total occurred at the height of the 2008 global financial crisis.  The employment crisis taking place now is an order of magnitude greater

Is there any end in sight to the economic decimation going on in America?  If we take Dr. Anthony Fauci and New York Governor Andrew Cuomo at their word, no there is not.  Dr. Fauci wants to see new cases and deaths attributed to Coronavirus go “to essentially” zero before relaxing social distancing rules. Since social distancing is the driving factor behind shuttering businesses, this means that if Dr. Fauci gets his way, there will be no return to normal business until the China coronavirus is eliminated.

So how long will it take to get to the point where Anthony Fauci allows Americans to get back to something like normal levels of activity.  According to this article in ScienceNews, “probably not any time soon.”  The article goes on to state that social distancing measures will need to be in place, “for one to three months, at minimum.”  Based on this assessment, early May is the soonest we can expect a return to normalcy, and it could well be much later than that.

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Yahoo_Limit Down_2020_03_22_802pm

Yahoo finance reports US stock futures in ‘limit down’ status on Sunday, 3/22/2020.  Worth noting is Yahoo’s attribution of the crisis to the “coronavirus crisis.”  This is incorrect.  Our financial crisis is the responsibility of the Fed and those who justify and encourage its ungodly practices of debt creation, monetary debasement and bailouts.

“And we know that all things work together for good to those who love God, to those who are called according to his purpose.”

Romans 8:28

That was an interesting week.  Last week, I’m talking about.  The one where, if we are still working, we’re doing so from makeshift home offices, the one where governors are locking down the citizenry of entire states and shutting down their economies, the one where the financial markets continue of crash at a rate comparable to, or even exceeding, that of 1929, and this at a time when the Fed is printing more funny money faster than it ever has.

It would seem that Humpty Dumpty indeed has fallen, and all the king’s horses and men are working feverishly to put him back together.  Will they succeed?  That depends on your definition of success.  It may well be that by printing enough money and bailing out not just individual companies, but entire industries, the powers that be may succeed in extending the current politico-financial system a bit longer.  Maybe another year of so.  Who knows?  Longer term, it is doubtful that the current governmental and financial structures currently in place will be able to survive in their current form.  Change is going to happen.

Just to give you a idea about how desperate some in the political establishment haver become, last week a member of Congress suggested  that the federal government provide every person in America – she did not say citizens, but every person in America, which includes, among others, illegal aliens – with a pre-loaded debit card in the amount of $2,000, which would be renewed with $1,000 per month for a year.  That works out to $660 billion for the first month, then $330 Billion for the next eleven months.  If I’ve done my math correctly, this works out to almost $4.2 trillion.

How does she plan to pay for it?  This Congresswoman, Rashida Tlaib (D-Mich.), wants the Treasury to issue two $1 trillion platinum coins, have the Fed purchase the coins, then have the Treasury sweep the funds into the Treasury General account, from which the money would be disbursed to “every person in America.”

This is nothing but a massive dollar devaluation scheme, not unlike what FDR did in 1933-34 when he forced everyone to turn in his physical gold, then devalued the dollar about 70% against gold.  The biggest difference is that Tlaib’s scheme would be far more aggressive in devaluing the dollar, meaning it would be massively inflationary.  This can easily be seen if we consider the current price os platinum and the amount of investment grade platinum that is currently available.  The current price of platinum in US dollars is $618.61.  According to this article, there are about 8 million total ounces of investment grade platinum bullion available in the world.  At current prices, this means the total value of all investible platinum is about $5 billion.  If the US federal government used this entire 8 million ounces to mint two huge coins weighing 4 million ounces each, this implies that the dollar would be devalued against platinum to approx. 1/400 of its current value.  Put another way, platinum would go from $618.62 per ounce to around $247,444 per ounce.  Other prices would rise accordingly.  Put another way, the dollar would lose 99.75% of its value against platinum.  This is even enough to make an inflationist such as FDR blush.

Of course, it’s highly doubtful that, even if Tlaib’s scheme were put into practice, the coins – if you can call a 4 million troy ounce object a coin at all – would almost certainly be far smaller than in my example above.  This means that the devaluation of the dollar would be far greater than 99.75%

Further, Tlaib claims that her scheme is deficit-neutral, not requiring any new debt to be issued.  Perhaps I’m missing something here or have done my math wrong, but the cost of her program for one year is more than double the $2 Trillion value of her two proposed coins, so where does the other $2 trillion plus come from?

I went through the above exercise in some detail just to give you an example of the sort of absurd nonsense that passes for thinking among our leaders in Washington.  And while Tlaib’s scheme is ridiculous, it’s really not all that much more absurd than proposals being floated by the Trump administration.  Trump is talking about bailing out whole industries, having the federal government own stock of bailed out companies and sending checks to everyone as well.  President Trump himself has gone on record arguing for negative interest rates and quantitative easing.

As in 2008, so it is in 2020.  Government officials are running around with their hair on fire desperately trying to fix a debt crisis by, wait for it…taking on more debt!

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Farage

Nigel Farage and others bid farewell to the EU Parliament, January 29, 2020.

“There’s a historic battle going on now across the West, in Europe, America and elsewhere. It is globalism against populism.  And you may loath populism, but I tell you a funny thing, it’s becoming very popular.”

  • Nigel Farage

 

As of January 31, 2020, Great Britain is no longer part of the European Union (EU).  Britain’s success in parting ways with the EU, what is commonly called Brexit, short for British Exit from the EU, is the culmination of nearly 30 years of work by Britons opposed to the Maastricht Treaty, which the was signed by the U.K.’s conservative government in 1992, making Great Britain part of the EU.

In June 2016, a referendum was held asking voters whether they wanted to remain in the EU or leave.  Despite a great deal of opposition from the establishment, the vote went 52% in favor of Brexit, with 48% electing to remain in the EU.

Although interests dedicated to keeping Britain in the EU worked hard to subvert Brexit, the resounding victory of the conservatives under the leadership of Boris Johnson on December 12, 2019, effectively guaranteed the success of Brexit.

In this post, I don’t intend to get into the weeds of the political process that brought about Brexit.  Neither do I intend to write much about the principle figures who supported Brexit or opposed it.  My aim here is to step back and to view Brexit in its larger historical context, that of conflict between the Protestant Westphalian World Order and the New World Order globalism of the Roman Catholic Church-State (RCCS).

Though very little attention has been paid to the religious aspect of Brexit by mainstream journalism, and though it may seem strange to some to speak of any relationship between the 16th century Protestant Reformation and the 21st century Brexit, this author holds that, not only is there a relationship between the Reformation and Brexit, but that the relationship is a close one.  Indeed, it is not an overstatement to put the relationship in these terms:  No Protestant Reformation, no Brexit.  It’s that simple.

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2020

Once again, I find myself looking back at the year past and peering forward at the one to come.   As is no doubt the case with many, this is for me a bittersweet annual experience.  By God’s grace, I can say that I have been partially successful in redeeming the time.  But a little honest reflection convicts me that I could have, and should have, done better.

Sin, it would seem, is ever present with me, tainting even my best works.

But thanks be to God, for it is not my own works that justify me.  Rather, I am acceptable to God “only for the righteousness of Christ imputed to [me], and received by faith [belief] alone.”

Truly, the grace of God is amazing toward sinners! It’s as if God were to say to us wretched rebels, “All your guilt, all your hopelessness, all your fear of death and of righteous judgment and of eternal punishment, these things I have taken away in my Son.  Only believe in him and be saved from the wrath to come.”

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“Unless I am convicted by Scripture and plain reason – I do not accept the authority of popes and councils, for they have contradicted each other – my conscience is captive to the Word of God. I cannot and I will not recant anything, for to go against conscience is neither right nor safe. God help me, Amen.”

    – Martin Luther

Here I Stand, A Life of Martin Luther by Roland Bainton (New York, New York: Meridian, 1995, 302 pages with bibliography, references, source of illustrations and index).

Luther_HIS

Many years ago, when first I began to read about the Reformation, I came across Roland Bainton’s biography of Martin Luther and couldn’t put it down. I thought then, and think to this day, that it is a classic on the subject of Martin Luther and the Reformation.

Born in England in 1894, Bainton lived most of his life in the United States, graduating from Yale University with a Ph.D., where he later served as the Titus Street Professor of Ecclesiastical History. With a background like that, readers it may be tempted to suppose that Bainton’s writing, while scholarly, would have little appeal to the non-specialist. He would be half right. While it is true that Bainton was a gifted scholar, Here I Stand is anything but a dull read.

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