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Volume 4 Number 5                                   30 September 2012
Basic Ideas

Is Bernanke Buying the Election With Our Children's Money?
     Having financed the Federal deficit for more than a year with new money created out of thin air, 
Helicopter Ben comes out eight weeks before a hotly contested Presidential election and announces that the Fed is now going to purchase large amounts of mortgage backed debt with more money created out of additional thin air. Why? Ben asserts that  he needs to hold down home mortgage interest rates (already at record lows) and stimulate the economy because Congress is incapable of doing what needs to be done, leaving it up to the central bank to take action. ????
    C'mon Ben, talk sense. Home mortgage interest rates are at an all time low. Anuone who wants and can afford a home can get a mortgage at a historically low interest rate. You have already financed a large portion of the Federal deficit by putting it on the Fed's balance sheet, paying for it with pretend money. What you are doing is signing us up for inflation in the longer term in the hope of generating a stock market bounce in the short term to help Obama get re-elected. The problem is that the jobs are figments of your imagination, but the inflation is real - a ticking time bomb ready to take our savings and make our money worthless over time. I thought that you were better than that.

J.R. Wilt
From the Editor
  This newsletter is published as events warrant. Subscribers receive an email when updates are published. The email is very brief and contains a link to the new edition.  If you have news, pictures. links or comments  please let me know.  Note that the link on the Resources page now includes a way to check out the voting records of members of the SC legislature.
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    J.R. Wilt, Editor and Publisher

Deficit Tops
$1 Trillion
     The New York Times reports that the Federal deficit for the current year will top $1 trillion for the fourth year in a row. The total Federal debt now tops 73% of GDP. Interest on the debt is now a serious burden to the Federal budget. The Federal Reserve has been financing the deficit for some time now by creating money out of this air; this debt on the Federal Reserve balance sheet is not even counted as part of the Federal debt.
Changing Horses in Midstream   
  When the horse stubbornly insists on carrying you over the cliff - definately, ASAP.
Obama has us atop an enormous and growing mountain of debt headed for an enormous cliff when the first foreign businessman says "I don't want your dollars - give me gold."  By then it will be to late. When the problem is that the hole keeps getting deeper and deeper, STOP DIGGING!   

Why is Medicare Running Out of Money?
      The answer is that every time Obama wants to pump a little money into the economy, Obama reduces payroll taxes, which consist mostly of Social Security and Medicare taxes. The thought is that because Social Security and Medicare are the only Federal operations generating a surplus, it will not be necessary to cut other programs, but the reality is that these actions bring closer the day when Medicare and Social Security run out of money.
     The fact is that the Federal Government has been playing a gigantic shell game with Social Security and Medicare  funds for years, spending the money for other things as it comes in and replacing the funds with worthless paper, but the idea of telling people that they don't have to pay in to the fund at all is new. A scam piled on a scam.

AARP Sells Insurance
    AARP has long since ceased to be an advocacy organization for seniors and become an organization dedicated to making money by selling seniors insurance. AARP is running ads for Obamacare not because Obamacare will be good for seniors, but because it stands to make a great deal of money selling insurance to seniors under Obamacare.
National Database

    The first topic dealt with in the Obama care law is the creation of a national healthcare database. This database creation is already well under way will probably proceed whether the Obama care legislation is repealed or not.  At first glance creation of this database seems like a good idea, but closer inspection indicates a number of serious problems. These arise from the fact that there is no limit the amount of data that can be collected and there is no provision for citizens to edit their own data. Over time, for instance, this database will contain the entire residence record for every citizen, every pharmacy are used, every prescription ever  filled, every medical visit ever made, etc. It will also contain the answer to ancillary questions such as "Is there a firearm in the house?" and "Is it loaded?" these questions will be asked by medical professionals in the context of a medical history and answered by individuals not accustomed to protecting sensitive information.
    It goes without saying that  governments will have unlimited access to this database and that the database will probably contain information to which the  government has no right. There is, at the moment, no protection against the use of this information for prosecution or in court. Even if the information were protected from use in court, this database would be gold mine for a prosecutor, organization or individual bent on persecuting an individual or group.
    There are good reasons that the government has not been permitted to create these kind of databases in the past. Considerable attention must be paid to this database to set it up so that the benefits of consolidated medical records can be retained and potential abuses of the data can be eliminated.

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Joe Thompson
Joe Thompson
SC Senate
    Joe Thompson, Chair of SCD5 Patriots, is running as a petition candidate against SC Senator Wes Hayes, a  Republican, in District 15 (York).  News Article 2012921
Congresman Mick Mulvaney
Mick Mulvaney Meet and Greet
Union County
Tuesday, October 2
7:00 pm - 8:30 pm
Clemson Extension/4-H Office
120 Kirby Street,
Union, SC

Spartenburg County
Thursday, October 4
6:00 pm - 8:00 pm
Cherokee Springs Fire Dept.
201 Flatwood Drive
Chesnee, SC