Archive for April 11th, 2013

Pronk Pops Show 104, April 12, 2013: Segment 3: Friedrich August von Hayek: Fighting the Planners — The Road To Serfdom — A Profile in Liberty — Videos

Posted on April 11, 2013. Filed under: American History, Budgetary Policy, Business, Communications, Consitutional Law, Economics, Education, Employment, European History, Federal Government, Fiscal Policy, Foreign Policy, Government, Health Care Insurance, History, Illegal Immigration, Immigration, Investments, Labor Economics, Law, Legal Immigration, Monetary Policy, Philosophy, Politics, Private Sector Unions, Public Sector Unions, Regulation, Religion, Social Science, Success, Tax Policy, Technology, Unemployment, Unions, Videos, Violence, War, Wisdom | Tags: , , , , , , , |

Pronk Pops Show 104: April 12, 2013

Pronk Pops Show 103: March 28, 2013

Pronk Pops Show 102: March 15, 2013

Pronk Pops Show 101: March 8, 2013

Pronk Pops Show 100: March 1, 2013

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Segment 3: Friedrich August von Hayek: Fighting the Planners — The Road To Serfdom — A Profile in Liberty — Videos

Cover_TheRoadToSerfdom

Friedrich August von Hayek – Profile / Biography (1/4)

The Intellectual Portrait Series: The Life and Thought of Friedrich A. Hayek (Indianapolis: Liberty Fund, 2003)

Friedrich August von Hayek – Profile / Biography (2/4)

Friedrich August von Hayek – Profile / Biography (3/4)

Friedrich August von Hayek – Profile / Biography (4/4)

The Life & Thought of Friedrich Hayek

The Intellectual Portrait Series: The Life and Thought of Friedrich A. Hayek (Indianapolis: Liberty Fund, 2003)

The Road to Serfdom

Hayek on The Road to Serfdom

Inside the Hayek Equation: An Interview with Friedrich von Hayek

Hayek: Fighting the Planners part 1 of 4

Hayek: Fighting the Planners part 2 of 4

Hayek: Fighting the Planners part 3 of 4

Hayek: Fighting the Planners part 4 of 4

Milton Friedman on Hayek’s “Road to Serfdom” 1994 Interview 1 of 2

Milton Friedman on Hayek’s “Road to Serfdom” 1994 Interview 2 of 2

Hayek and Friedman: Head to Head | Roger W. Garrison

Glenn Beck -6/8/2010- The Road to Serfdom

Hayek, the Market Order and the Fatal Conceit

Related Posts On Pronk Palisades

Friedrich Hayek–Videos

Friedrich A. Hayek–Interviews–Videos

Inside the Hayek Equation: An Interview with Friedrich von Hayek–Video

An Interview with Friedrich Hayek–Videos

Related Posts On Pronk Pops

Pronk Pops Show 104, April 8, 2013: Segment 0: Double Dip Recession Begins: The Ever Shrinking U.S. Labor Force Declined By 496,000!–Labor Participation Rate Declines .2% to 63.3% New Obama Low and Lowest Since Carter in May 1979! and Only 88,000 Nonfarm payroll Increase in March 2013 — U-7b Unemployment Rate Over 22%! — Videos

Pronk Pops Show 104, April 12, 2013, Segment 1: Beyond budget busting: spending addiction disorder bordering on fiscal insanity, part 1 — Videos

Pronk Pops Show 104, April 12, 2013, Segment 2: Conservative savior of UK’s economy, Margaret Thatcher dead at 87 — Videos

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Pronk Pops Show 104, April 12, 2013, Segment 2: Conservative savior of UK’s economy, Margaret Thatcher dead at 87 — Videos

Posted on April 11, 2013. Filed under: American History, Books, Budgetary Policy, Business, Climate Change, Communications, Consitutional Law, Culture, Economics, Employment, Energy, Federal Government, Fiscal Policy, Government, Government Spending, Health Care, Health Care Insurance, History, Housing, Illegal Immigration, Immigration, Investments, Labor Economics, Law, Legal Immigration, Media, Monetary Policy, Philosophy, Politics, Private Sector Unions, Public Sector Unions, Radio, Regulation, Resources, Social Science, Success, Tax Policy, Technology, Unemployment, Unions, Videos, Violence, War, Weapons, Wisdom | Tags: , , , , , , , , , , , , |

Pronk Pops Show 104: April 12, 2013

Pronk Pops Show 103: March 28, 2013

Pronk Pops Show 102: March 15, 2013

Pronk Pops Show 101: March 8, 2013

Pronk Pops Show 100: March 1, 2013

Listen To Pronk Pops Podcast or Download Shows 104

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Listen To Pronk Pops Podcast or Download Shows 98-100

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Segment 2: Conservative savior of UK’s economy, Margaret Thatcher dead at 87 — Videos

Conservative savior of UK’s economy, Margaret Thatcher dead at 87

By Raymond Thomas Pronk

Margaret_Thatcher

“Some Socialists seem to believe that people should be numbers in a State computer. We believe they should be individuals. We are all unequal. No one, thank heavens, is like anyone else, however much the Socialists may pretend otherwise. We believe that everyone has the right to be unequal but to us every human being is equally important.”

~Margaret Thatcher, Speech to Conservative Party Conference, October 10, 1975

Ceremonial funeral services with military honors for Margaret Thatcher, former prime minister of the United Kingdom, known as Maggie to her friends and “the Iron Lady” to her opponents, will be held this Wednesday at St Paul’s Cathedral, according to Prime Minister David Cameron’s office.

Her legacy was to change her country’s dominant ideology from collectivist state socialism implemented in decades of Labour Party policies to an individualist market capitalism implemented in Conservative Party policies. In the process she returned the U.K. to eight years of economic growth and prosperity in the 1980s.

Thatcher supported President Ronald Reagan and the United States in defeating communism in the Soviet Union and winning the Cold War.

Thatcher had been in declining health for a number of years and died peacefully in her sleep the morning of April 8 following a stroke.

British Prime Minister David Cameron said of Thatcher, “As our first woman prime minister, Margaret Thatcher succeeded against all the odds and the real thing about Margaret Thatcher is that she didn’t just lead our country, she saved our country, and I believe she’ll go down as the greatest British peacetime prime minister.”

President Barack Obama said, “The world has lost one of the great champions of freedom and liberty and America has lost a true friend.” Obama said she had taught “our daughters that there is no glass ceiling that can’t be shattered.”

John Boehner, speaker of the house, said, “The greatest peacetime prime minister in British history is dead. Margaret Thatcher, a grocer’s daughter, stared down elites, union bosses and communists to win three consecutive elections, establish conservative principles in Western Europe and bring down the Iron Curtain. There was no secret to her values – hard work and personal responsibility – and no nonsense in her leadership.”

Nancy Reagan, widow of former President Ronald Reagan said: “Ronnie and Margaret were political soul mates, committed to freedom and resolved to end Communism. As Prime Minister, Margaret had the clear vision and strong determination to stand up for her beliefs at a time when so many were afraid to ‘rock the boat.’ As a result, she helped to bring about the collapse of the Soviet Union and the liberation of millions of people.”

In 1975 Thatcher was elected leader of the Conservative Party. She was subsequently elected prime minister of the United Kingdom on May 4, 1979. Thatcher served three terms from 1979 to 1990 becoming Britain’s longest-serving prime minister in over a century as well as the most dynamic, inspirational and controversial.

When Thatcher took office, the British economy was in shambles and in recession, inflation was rising and the government faced possible bankruptcy. This was a direct result of many years of Labour Party socialistic policies of out-of-control government spending, confiscatory taxation and the nationalization or state control of many industries including coal, steel, railways, gas, electricity, water, trucking, airlines and telecommunications.

The writings of Austrian economist and political philosopher, Friedrick A. Hayek, winner of the 1973 Nobel Prize in Economics, in particular his book, “The Road to Serfdom”, inspired and guided Thatcher’s economic policies.

Thatcher turned the economy around and made Britain governable again by taking on and taming the trade unions with labor reform legislation. No longer were the unions able to dictate the nation’s economic policies. Under Thatcher the British government pursued a policy of selling state assets with privatization of industry, thus reversing the Labour Party’s nationalization of industry.

When the Argentina government under the fascist junta invaded the British protectorate of the Falkland Islands in April 1982, she led the U.K. to victory. The Argentinians soon toppled the military junta.

In October 1984 there was an assassination attempt on her life when a hotel in Brighton where she and her husband and other members of her cabinet were staying was bombed by Irish Republican Army (IRA) terrorists.

Thatcher supported Reagan in opposing communism and confronting the “evil empire” of the Soviet Union. She was instrumental in the introduction of cruise missiles in Britain to counter the Soviet military threat. She allied the United Kingdom with the United States against the communist expansion and subversion in the West and the winning of the Cold War with the Soviet Union.

A concise biography of her life can be found at the Margaret Thatcher Foundation web site http://www.margaretthatcher.org/essential/biography.asp. An excellent critical biography is Claire Berlinsky’s “There is No Alternative: Why Thatcher Matters” and related interview on YouTube video titled, “Thatcher & More with Claire Berlinski.”

An excellent multi-part documentary about Thatcher produced in 2008 by the conservative paper, The Daily Telegraph, can be viewed on YouTube as well as an entertaining movie about her early political career titled, “Margaret Thatcher – The Long Walk to Finchley.”

Her husband of more than 50 years, Denis Thatcher, died in June 2003. She is survived by her twin son, Mark, and daughter, Carol, born in 1953.

Thatcher remains a controversial figure in Britain. She was loved and revered by many as well as loathed and reviled by some. She will be remembered by all who value economic freedom and individual liberty.

“Freedom to choose is something we take for granted—until it is in danger of being taken away. Socialist governments set out perpetually to restrict the area of choice, Conservative governments to increase it. We believe that you become a responsible citizen by making decisions yourself, not by having them made for you.”

~Margaret Thatcher, Speech to Conservative Party Conference, October 10, 1975

David Cameron’s Commons tribute to Margaret Thatcher in full

Margaret Thatcher – Falklands War – YouTube

MARGARET THATCHER – Pt 1 The Making of Margaret (Telegraph Documentary)

MARGARET THATCHER – Pt 2 The Falklands (Telegraph Documentary)

MARGARET THATCHER – Pt 3 World Stage (Telegraph Documentary)

MARGARET THATCHER – Pt 4 The Age of Dissent (Telegraph Documentary)

MARGARET THATCHER – Pt 5 Taking on the Unions (Telegraph Documentary)

MARGARET THATCHER – Pt 6 Public Image, Private Life. (Telegraph Documentary)

MARGARET THATCHER – Pt 7 The Fall (Telegraph Documentary)

MARGARET THATCHER – Pt 8 The Legacy (Telegraph Documentary)

Margaret Thatcher – The Long Walk To Finchley Full Movie

Thatcher: The Downing Street Years (1/4 BBC)

Thatcher: The Downing Street Years (2/4 BBC)

Thatcher: The Downing Street Years (3/4 BBC)

Thatcher: The Downing Street Years (4/4 BBC)

Related Posts On Pronk Palisades

Margaret Thatcher — Rest In Peace — Videos

Claire Berlinski–Why Margaret Thatcher Matters: “There Is No Alternative”–Videos

Friedrich August von Hayek: Fighting the Planners — The Road To Serfdom — A Profile in Liberty — Videos

Related Posts On Pronk Pops

Pronk Pops Show 104, April 8, 2013: Segment 0: Double Dip Recession Begins: The Ever Shrinking U.S. Labor Force Declined By 496,000!–Labor Participation Rate Declines .2% to 63.3% New Obama Low and Lowest Since Carter in May 1979! and Only 88,000 Nonfarm payroll Increase in March 2013 — U-7b Unemployment Rate Over 22%! — Videos

Pronk Pops Show 104, April 12, 2013, Segment 1: Beyond budget busting: spending addiction disorder bordering on fiscal insanity, part 1 — Videos

Pronk Pops Show 104, April 12, 2013: Segment 3: Friedrich August von Hayek: Fighting the Planners — The Road To Serfdom — A Profile in Liberty — Videos

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Pronk Pops Show 104, April 12, 2013, Segment 1: Beyond budget busting: spending addiction disorder bordering on fiscal insanity, part 1 — Videos

Posted on April 11, 2013. Filed under: American History, Budgetary Policy, Business, Communications, Consitutional Law, Economics, Education, Employment, European History, Federal Government, Fiscal Policy, Foreign Policy, Government, Government Spending, Health Care, History, Illegal Immigration, Investments, Labor Economics, Law, Media, Monetary Policy, Philosophy, Politics, Polls, Resources, Tax Policy, Unemployment, Videos, Violence, War, Wisdom | Tags: , , , , , , , |

Pronk Pops Show 104: April 12, 2013

Pronk Pops Show 103: March 28, 2013

Pronk Pops Show 102: March 15, 2013

Pronk Pops Show 101: March 8, 2013

Pronk Pops Show 100: March 1, 2013

Listen To Pronk Pops Podcast or Download Shows 104

Listen To Pronk Pops Podcast or Download Shows 101-103

Listen To Pronk Pops Podcast or Download Shows 98-100

Listen To Pronk Pops Podcast or Download Shows 94-97

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Segment 1: Beyond budget busting: spending addiction disorder bordering on fiscal insanity, part 1 — Videos

Beyond budget busting: spending addiction disorder bordering on fiscal insanity, part 1

By Raymond Thomas Pronk

Note: This is part 1 of a four-part opinion series on the economic consequences of the federal government’s fiscal year 2014 budget contained in House, Senate and presidential budget proposals.

Washington ruling power elites from the Democratic and Republican parties are misleading the American people into believing that they are fiscally responsible and balancing the federal government budget.

Both political parties suffer from an out-of-control spending addiction disorder (SAD) — spending beyond the means of the American people—that borders on fiscal insanity.

For 12 years the federal government has been running up massive budget deficits where government spending outlays exceed tax revenues by hundreds of billions of dollars. The end result is about 40 cents of every dollar the federal government spends today must be financed by U.S. Treasury debt in the form of bills, notes and bonds.

The situation has gotten so bad that the Federal Reserve System, the U.S. central bank, is now purchasing the majority of Treasury securities—the monetization of debt. The Fed pays for these securities by creating Federal Reserve notes, thereby expanding credit and the U.S. money supply. The Fed has become a buyer of first resort when it comes to U.S. Treasury securities and financing the federal government, thus enabling the spending addition disorder to continue unabated.

This leads to inflation, a rise in the general price level and a decline in the purchasing power of your money. It has also led to excessive speculation in commodity future contracts and other securities such as stocks. Every time you go to the gas station or the supermarket, you see the results of an easy monetary policy and excessive speculation in rising energy and food prices. Inflation is a hidden tax that all Americans are now paying to support the federal government spending addiction disorder habit.

American families, businesses, charities, churches, schools, colleges, cities, counties, states and other institutions are all required to balance their budgets or face financial ruin and bankruptcy. The federal government should also be required to balance its budget by limiting spending to expected tax revenues.

The House of Representatives Committee on the Budget, chaired by Paul Ryan (R-Wis.), passed the Fiscal Year 2014 Budget resolution on March 21, titled The Path to Prosperity, A Responsible, Balanced Budget by a vote of 221-207. Ten Republicans and 197 Democrats voted against the bill.

House Speaker John Boehner (R-Ohio) said “Voting for this budget means supporting the Keystone pipeline and American-made energy, means more jobs and lower energy bills.” He said “Repealing Obamacare and supporting patient-centered reforms means more jobs and lower health care costs for the American people. Protecting and strengthening Medicare means a secure retirement for older Americans. Cutting waste means more fairness and accountability for hard-working taxpayers. Doing all of this means preserving the American Dream, which is what we were sent here to do.”

The budget’s label is very misleading, for the fiscal year 2014 budget is clearly unbalanced with an estimated deficit of at least $528 billion. The actual deficit would most likely be much higher for it optimistically estimates tax revenues to be $3 trillion. Should the economy’s growth rate slow to under 2 percent or go into another recession, tax revenues would be closer to $2.5 trillion. The table below clearly shows the House budget would not balance until 2023 at the earliest and assumes that Obamacare would be repealed. This would require the Republicans keeping control of the House and recapturing control of the Senate and presidency in 2016.

House Republican Fiscal Year 2014 Budget

(Nominal Dollars in Billions)

House Budget

As a Share of Gross Domestic Product

FiscalYear Outlays Revenues Deficit (+)Surplus (-) Debt Held by Public Outlays Revenue Deficit Debt Held by Public
2014

3,531

3,003

528

12,850

21.2%

18.0%

3.2%

77.2%

2015

3,498

3,373

125

13,070

19.8%

19.1%

.7%

74.1%

2016

3,660

3,591

69

13,226

19.5%

19.1%

.4%

70.4%

2017

3,820

3,765

54

13,362

19.1%

18.9%

.3%

66.9%

2018

3,991

3,937

54

13,485

19.1%

18.8%

.3%

64.4%

2019

4,198

4,101

97

13,648

19.2%

18.7%

.4%

62.4%

2020

4,401

4,279

122

13,837

19.3%

18.7%

.5%

60.5%

2021

4,587

4,496

91

13,993

19.2%

18.9%

.4%

58.7%

2022

4,827

4,734

93

14,154

19.4%

19.0%

.4%

56.9%

2023

4,954

4,961

-7

14,211

19.1%

19.1%

0.0%

54.8%

10 Years

10-Year Average

2014-2023

41,466

40,241

1,225

 

19.5%

18.8%

.6%

 

Source: http://budget.house.gov/uploadedfiles/summary_tablesfy14.pdf

Since the current Congress cannot bind future Congresses, the budget estimates for fiscal years 2014 and 2015 are the only ones of relevance and would add more than $653 billion in deficits and additional debt to the nation’s existing public-held debt exceeding $12 trillion. However, this is significantly less than the four previous fiscal years under President Barack Obama where the deficits exceeded $1 trillion each year and added more than $5 trillion to the national debt.

Part 2 of the opinion series will review the Senate Democratic fiscal year 2014 budget.

Baseline Budgeting

Achieving a Sustainable Federal Budget

Battle of the Budgets: House vs. Senate

Paul Ryan: The House Delivers A Responsible, Balanced Budget

House Session 2013-03-21 (09:00:30-10:02:47)

Paul Ryan: A Balanced Budget Will Grow the Economy

Credibility Deficit: President’s False Claims Evaporate

Paul Ryan Announces 2014 Budget Proposal and Calls for No New Taxes

President Obama Announces the Fiscal Year 2014 Budget

Related Posts On Pronk Pops

Pronk Pops Show 104, April 8, 2013: Segment 0: Double Dip Recession Begins: The Ever Shrinking U.S. Labor Force Declined By 496,000!–Labor Participation Rate Declines .2% to 63.3% New Obama Low and Lowest Since Carter in May 1979! and Only 88,000 Nonfarm payroll Increase in March 2013 — U-7b Unemployment Rate Over 22%! — Videos

Pronk Pops Show 104, April 12, 2013, Segment 2: Conservative savior of UK’s economy, Margaret Thatcher dead at 87 — Videos

Pronk Pops Show 104, April 12, 2013: Segment 3: Friedrich August von Hayek: Fighting the Planners — The Road To Serfdom — A Profile in Liberty — Videos

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