Terry Coxon on the Trouble With the US Economy and Its Two Major Causes

with Scott Smith


The Daily Bell is pleased to present an exclusive interview with economist and financial author Terry Coxon.

 

Introduction. Terry Coxon is the author of Keep What You Earn and was for many years a close collaborator with and editor for the late Harry Browne. He currently is a regular contributor to The Casey Report. Mr. Coxon has a distinguished history as an architect of innovative financial planning arrangements, including the Permanent Portfolio Fund, the United States Gold Trust (the first gold ETF), the Passport Financial Offshore Trust and the Open Opportunity IRA.

 

Daily Bell: Thank you for sitting down with us for the interview.

 

Coxon: I've been looking forward to it. I enjoy the Daily Bell, and now it's a pleasure to be part of it from an interview standpoint.

 

Daily Bell: The U.S. economy had so many factors working in its favor for so long -- an abundance of physical and human capital, technological leadership, a relatively free market and widespread respect for property. And the whole world thought of the U.S. dollar as its own reserve currency. With so many strengths, how did the American economy find its way into its present dire straits? Is it all Alan Greenspan's fault? 

 

Coxon: No, it's not just Mr. Greenspan's doing, although he does seem to have been the right man to keep the process going.

 

The problems that have come into public view since the latter part of 2008 -- the housing melt-down, the credit crisis, the fatalities and near-death experiences on Wall Street and the deep recession -- weren't born recently. They were a long time in coming. They grew out of two strains of government activity, each of which was trouble-rich by itself. Together they made poison.

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Strong medicine

By Sarge

 

Getting old sucks. I mean it stinks in many ways. Some things are becoming more and more difficult to do. Walking has slowed. Eyesight has dimmed. The singing voice has coarsened and the thought process has slowed. So, if you’re like so many people accompanying me into twilight from the limelight you’ll understand my displeasure at having to admit the volume of medicine I swallow and/or inject daily.

 

Each morning, I endure the indignity of the dreaded medication absorption process. I take six (6) pills/capsules for my heart condition and/or Type 2 Diabetes; then endure three to four Diabetes control injections dependent on the number of times I eat. Then I tolerate supplements (vitamins and minerals). My physician prescribed them, feeling my metabolic structure requires chemical balancing. For a specific period of time after this ordeal I rattle while walking as the sundry assemblage of pills, potions and encapsulated alchemical mass gyrates and collides freely in my gut. I love life and want to stay a part of it but, sometimes it’s hard work, unpleasant and more times than not, something I have to pay close attention to for survival.

 

I never believed I’d be 58 years old. It’s not a bad age. I’m glad I’ve made it this long. That was never a given with the profligate lifestyle I once lived. Eat, drink and be merry was the motto. I ignored the AMA’s (American Medical Association) caveat: “with moderation”. I wanted to be the best, the strongest, the fastest; the most hardy and heartiest and the brightest.

 

Best: I never made it. Strongest: Came close (300 pound bench press – no hernia). Fastest: capable of downing a pitcher of beer in near record time. Hardy and heartiest: Could stay awake and party for days with minimal sleep, rest and/or recovery. Brightest: Not by a long shot-billions of brain cells lay dead , scattered and littered across the battlefield my mind (and life) once was.

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Secession and the Power of the Purse

By Russell D. Longcore

 

You may have seen Edwin Vieira’s three-part series at DumpDC.com, which was a dissenting opinion about secession. I think that his analysis is wrong in all but two points. After all he is a Yankee and educated at Harvard (Just kidding, Ed…kind of…mostly). But there is one point he makes that is unarguable. That is the absolute requirement of a seceding state to wield the Power Of The Purse.

 

The Power of the Purse is the ability of the seceding state to establish its own money.

 

I’ve written over and over about this for months and feel like the Lone Ranger. I see all sorts of activity in states like Texas and New Hampshire about secession, and the educational activities that these secession hotbeds are doing is crucial. There is such a dearth of knowledge in the populace about secession that it won’t happen unless the citizens know about it commonly.

 

But the movement won’t move forward unless someone takes control of the Power of the Purse.

 

The successful secession will be preceded by the establishment of a new currency that is based in precious metals. Any state that tries to secede without its own new currency is destined to fail. You cannot counterfeit your way to prosperity.

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It Is Now Official: The U.S. Is a Police State

by Paul Craig Roberts

 

Americans have been losing the protection of law for years. In the 21st century the loss of legal protections accelerated with the Bush administration’s "war on terror," which continues under the Obama administration and is essentially a war on the Constitution and U.S. civil liberties.

 

The Bush regime was determined to vitiate habeas corpus in order to hold people indefinitely without bringing charges. The regime had acquired hundreds of prisoners by paying a bounty for "terrorists." Afghan warlords and thugs responded to the financial incentive by grabbing unprotected people and selling them to the Americans.

 

The Bush regime needed to hold the prisoners without charges because it had no evidence against the people and did not want to admit that the U.S. government had stupidly paid warlords and thugs to kidnap innocent people. In addition, the Bush regime needed "terrorists" prisoners in order to prove that there was a terrorist threat.

 

As there was no evidence against the "detainees" (most have been released without charges after years of detention and abuse), the U.S. government needed a way around U.S. and international laws against torture in order that the government could produce evidence via self-incrimination. The Bush regime found inhumane and totalitarian-minded lawyers and put them to work at the U.S. Department of Justice (sic) to invent arguments that the Bush regime did not need to obey the law.

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