Category Archives: China

Stimulus Spending, For What? For Who?

With the economy still in recession, and the President still touting his American Jobs Act, Americans are becoming more skeptical about what all the stimulus spending has done for them. And the news about questionable stimulus spending and special deals is beginning to bubble up to the surface. Some new, some old.

Old news that is coming around again is the Fisker Automotive  (now Tesla Motors) luxury electric sports car that Vice President Al Gore invested in. That company got a half billion dollars for so-called green jobs. It is an electric car. It is a luxury car with a 50 mile range in total electric mode. Big investment for no market. But it did create jobs, in Britain and Finland.

The Fisker Karma sedan is priced at $87,400, with buyers eligible for a $7,500 credit on their Federal income tax returns.

Want one? Call them up and put down your $25,000 deposit. They’ll let you know when it is ready. Sell price? $87,400 to over $109,000.

So we subsidize a car company whose target market is “millionaires and billionaires,” then we give them $7,500 more of our tax dollars to incentivize them to buy it. All that from the guy that calls himself a ‘warrior for the middle class.’

Then there is the Solyndra scandal (Solar-Gate?) that wasted another half billion taxpayer dollars. That solar panel company declared bankruptcy not long after receiving your half billion dollars. Another big investment in an industry where there is no market. Officers of that company are big-time campaign fundraising bundlers for President Obama. Now those green jobs went directly to China. And Solyndra’s execs are pleading the 5th in Congressional hearings about it.

Are you seeing a pattern here of connected democrats and Big Labor being on the receiving end of millions and billions of your (and your grandkid’s) tax dollars? All in the name of stimulus and green jobs.

Undocumented Christians Rounded Up In Beijing

We know of the danger and threats to a country that undocumented aliens can cause. But did you know that in communist China undocumented Christian churches are too!

“I think this reflects the overall panic mood of the government leadership over what’s happening in the Middle East and north Africa,” said Bob Fu of the China Aid Association, a Texas-based group critical of China’s controls on religion, which has monitored the Shouwang Church dispute.

Is it really anything new? China has suppressed religion all along. And Tiananmen Square proved that they don’t like public displays of anything that is contrary to, or not approved by, the government.

Link:  Chinese police break up planned service by evicted church

Mr. President, What Are We Doing In Libya?

Peggy Noonan wrote an article in the Wall Street Journal that perfectly lays out what Americans are thinking.

I cannot for the life of me see how an American president can launch a serious military action without a full and formal national address in which he explains to the American people why he is doing what he is doing, why it is right, and why it is very much in the national interest.

The absence of such a statement from our President, the Commander In Chief, is especially puzzling when you consider his previous position on the use of our military.

“I don’t oppose all wars … what I am opposed to is a dumb war.” – Barack Obama, 2002

For the first time, Obama is the Commander-in-Chief of a war that he authored rather than inherited. And the man who a decade ago anointed himself the arbiter of intelligent warfare is leading the U.S. into a conflict that is questionable on its merits and incoherent in its execution.

The blatant in-over-his-head behavior of our president is embarrassing. Certainly causing belly laughs in Iran, North Korea, China, and Russia.

Links: The Speech Obama Hasn’t GivenLibya: Confusion, by Committee

Hu News That China Won’t Hear

The talks between Chinese President Hu Jintao and President Obama had some give and take on the economic front. The ‘human rights’ front was another issue. Hu pretty much excused his human rights atrocities as nothing more than growing pains.

Hu said China is a developing country with an enormous population facing challenges in economic and social developments. He said human rights must be viewed under those circumstances.

Pains like his communist government can not handle, manage, or feed its huge population. So some executions here, forced abortions and sterilization there, and other population control measures, imprisoning political dissidents and Nobel Peace Prize winners is just something they have to do while working to, get this, ‘improve the lives of our people and promote democracy and rule of law.’ {emphasis added}

At the risk of jumping the gun on this one, The Lunch Counter is holding back awarding President Hu Jintao the Most Ridiculous Item Of The Day award. The clincher will be when it is learned that no one in China will hear or see those words. You can bet the ranch that Hu’s statement was for U.S. consumption only. It was the bone President Obama wanted to make the visit look ‘productive.’

Hugo Chavez, Dictator For A Year

In a lame duck session that upstaged (as in much worse) our lame duck session here in the United States, the Venezuelan lame duck session just gave Venezuelan President Hugo Chavez (the hemisphere’s idiot) the power to make laws by decree for one year. As in, without the input from the legislature. This action totally undermines the newly elected legislature set to take over in three weeks. A legislature with enough power to put the brakes on some of Chavez’s socialist initiatives.

First on his agenda is to get control of the internet, having already taken over broadcast media. Saying that his government should protect citizens against online crimes. In his little communist mind, an online crime would be disagreeing with him and/or his policies. Like this blog post for example.

Chavez’s congressional allies are considering extending the “Social Responsibility Law” for broadcast media to the Internet, banning messages that “disrespect public authorities,” “incite or promote hatred” or crimes, or are aimed at creating “anxiety” in the population.

Whether or not they will admit it, the folks in Washington have a huge problem with Chavez and his band of gypsies and anti-capitalists. With his proclaimed disdain for the Unites States, supporting the world’s worst regimes and making way in Venezuela for a combination of a hostile Russia, Cuba, Iran, China, and North Korea in our own hemisphere does not portend for a peaceful (by any measure) future. Toss in an extra boost for the drug lords, al-Qaeda, and a lack of border security at home, and we are looking at a future of unrest and tumult.

Links: Venezuelan legislature grants Chavez decree powers | Chavez defends plan for Internet regulations

Florida’s No-Energy Policy Is No Energy Policy

It’s not surprising that the St. Petersburg Times would come out with an editorial supporting the President’s about face on opening up 25 million acres of land off of Florida’s coast to oil exploration. They also thought that shutting down ALL oil drilling in the entire Gulf of Mexico by ALL oil companies was a good idea too! It reflects the knee-jerk reaction to pressure from the environmentalist lobby who, last I checked, does not produce energy.

Critics of the plan, like State Senate President Mike Haridopolos, are right to say that the Florida ban will cost jobs. It is preventing jobs from being created. Forget that ‘saved or created’ nonsense. This, like the rest of Obama’s economic policies are preventing jobs from being created and the economy from recovering.

Out of the lost wages and earnings, all of which BP is responsible for replacing, the Times did not give a number of jobs lost due to the leak. And didn’t BP put thousands of people to work (because of the leak) all over the Gulf coast to do the cleanup work? Sorry to say, but devastating hurricanes create jobs and work too! This is no more a justification for lax safety procedures than a hope for another accident. Point is, we can recover from accidents and disasters.

The jobs lost by extending this Florida waters moratorium another 12 years is real. Likewise, the jobs lost from our president and Ken Salazar putting the drilling moratorium in effect for all drilling in the Gulf in the wake of the 4/20 BP rig explosion was ignored by the St. Pete Times. But, that is to be expected of them.

It’s been 15 years since the Clinton administration put the kibosh on ANWR development, which would have long been producing energy by now had that not happened. Now we’re to wait twelve more years for Florida and the Eastern U.S. to use its resources?

Time is long overdue for an energy policy that gets some. In every area. How many new nuclear generating plants have opened in the last 20 years? How many new refineries have been built in the last 20 years? Did you know that 57% (that’s more than half for those of you educated in government schools) of our electrical energy comes from coal? How many new coal-fired electrical generating plants have been built in the last 20 years? So President Clinton made our nation’s only low sulfur coal reserves (the largest in the world) off-limits, handing China a monopoly. And banning oil development off our East and Gulf coasts, leaves OPEC to profit. Buying coal from China and oil from OPEC is not good for national security, nor is it a good energy policy.

Long story short. Unless you expect the energy industry to make environmental guidelines, don’t expect the environmentalists to make energy policy.

Link:    Shelving expanded gulf oil drilling is responsible courseOil spills kill jobs

Climate Change Conference ‘Going Backwards’

That’s the good news. Frustrated by the competition to play God, the big U.N. climate talks in Cancun are ‘going backwards.’

They are arguing over adjusting the imaginary global thermostat down 2 degrees or 1.5 degrees. While the world’s two biggest polluters, China and India, feel it is unfair that they be forced to participate, don’t want anything to do with it. They haven’t signed on to the Kyoto Protocol either.

Then there’s the rift as to who would manage the $100 billion per year fund that they say they need in order to meet their goal. The World Bank or the United Nations? No matter who it would be, you know it would be nothing more than a slush fund for dictators and despots around the world, helping them to play God while the United States mostly foots the bill for their folly.

Meanwhile, environment ministers began flying in Saturday, hoping to put new life in the U.N. talks. Don’t you wonder about ‘the cost’ that their carbon footprint places on our green earth?

Link:  Plodding climate talks stepping up to higher level

Is Currency Devaluation Coming?

That’s what the group of global financial egg-heads like Timothy Geithner are looking to avoid. The group of 20, G-20, ended their two-day meeting in South Korea Saturday with nothing to show for it but words that express a need for some way to prevent that from happening. On the positive side, there seemed to be more faith in a free market than a government manipulated one to manage the global economy.

The grouping, which accounts for about 85 percent of the global economy, said in a statement that it will “move towards more market determined exchange rate systems” and “refrain from competitive devaluation of currencies.”

The agreement comes amid fears that nations were on the verge of a “currency war” in which they would devalue currencies to gain an export advantage over competitors – causing a rise in protectionism and damaging the global economy.

Funny how Geithner’s position on free markets changes when he goes abroad. Considering the negative attitude that Geithner and his boss have over free markets here, is there any doubt that we are looking at our future with headlines like these?

Group of 20 vows to avoid currency devaluations and G-20 Vows to Avoid a Currency War

With our debt sitting squarely on the shoulders of future generations of Americans, much of which is owned by China, it’s time for a new dynamic. Something that will maximize business opportunity and job growth. Something that will grow the private-sector economy. Given that the devaluation of the dollar is not a matter of if but of when, the imperative has to be growing the economy, not government.

That new dynamic is a bold replacement of our current tax code. The current tax code taxes work, investment, and productivity, everything we want, to one that only taxes consumption. It is called the FairTax.

Implementing the FairTax does not increase the debt. Aside from being progressive in nature, it will attract new international business and bring back trillions of dollars of business capital that has fled this country because of the current tax code. Putting $10-15 Trillion to work in the United States, in other words, letting the market drive the economy instead of politicians in Washington, is the best way to hedge against the devaluation and hyper-inflation that may follow.

And speaking of the FairTax, Gov. Huckabee challenges anyone in Washington to a debate about the merits of it.

China Putting Mineral Embargo On The West

Have you heard? Probably not. Sad thing is, the President and the State Department probably haven’t heard either. Either that, or they don’t have the time to spend on national security and ‘our image around the world’ when the President is on the campaign trail. And where is our Secretary of State on this?

China, which has been blocking shipments of crucial minerals to Japan for the last month, has now quietly halted some shipments of those materials to the United States and Europe, three industry officials said this week.

That President Obama is so focused on political expediency to the detriment of his constitutional duties, qualifies as a dereliction of duty. Then again, he prioritizes as a community organizer would, not as a president should.

Are you feeling more secure now?

Link: China Said to Expand Rare Earths Embargo to West – NYTimes.com.

U.S. Debt Poised to Overtake GDP

Hellooooo! Eh, no problem. According to VP Joe Biden, the stimulus bill was an absolute success.  Maybe so for labor unions, and government workers. The latter being the only job sector that has grown.

When government grows government jobs, it is adding overhead to an already broke company, or rather, country. Who pays their salaries? You do. Government employees and government jobs don’t make money, they consume it.

What happens next? Picture a snowball at the top of a hill. For the last couple years, economists were warning about out-of-control spending, deficit spending. So is China, a major benefactor of the dreamers in Washington.

The government is gambling with the future of the country, or more accurately, the future of your children and grand children. They claimed that all this spending was needed to jump-start the economy. Realists were warning that the debt is heading to an unsustainable point. They warned that when interest rates begin to rise from their all-time low, that we wouldn’t be able to make the interest payments on the debt, let alone the debt itself.

The problem is not where to get more tax revenue. The problem is where to find the guts to cut spending. Realists were telling Washington to look at Greece and Europe to see what we can expect to happen here IF we don’t roll back spending.

Well, it is starting. Interest rates on our debt is poised to rise. The time to get real has come. The time has come to put all our dreams of a socialist utopia behind us and realize the truth of the matter that, just like you and your household can’t live beyond your means, the country can’t either.

Link: U.S.’s $13 Trillion Debt Poised to Overtake GDP: Chart of Day – Bloomberg.com.