Thought this interesting----
/PRNewswire/ -- A national effort to add ten specific amendments to the Constitution of the United States was launched this week when the nation's 7,300 state legislators received the book "10 Amendments for Freedom" along with information on how to convene a Constitutional Convention.
The effort is being spearheaded by 10 Amendments for Freedom, Inc., a not-for-profit organization, to provide permanent restraints upon the federal government.
"The initial goal is to have the state legislatures vote to have Congress convene a Constitutional Convention to propose ten specific amendments be added to the Constitution," stated William H. Fruth, Founder and National Director. "After the amendments are proposed by the convention, they will need to be ratified by three-fourths of the states."
The proposed Constitutional amendments include the following topics:
1. Require the federal government to have a balanced budget and stop
incurring debt.
2. Repay the national debt over a 50-year period.
3. Force Congress to be more transparent regarding the legislative
process.
4. Enable the president to have "line-item veto" authority.
5. Limit the number of terms a person can serve in Congress.
6. Mandate Congress control illegal immigration.
7. Provide a legal framework to prevent becoming a bilingual nation.
8. Prevent foreign laws and courts from having authority over the American
people.
9. Restrain the growth of the federal government and prevent "socialism."
10. Allow for the presence of "God" in the public domain.
"The Constitutional Convention will be the most important political event held in 200 years," Fruth continued. "It will reaffirm the belief the American people have in individual liberty and freedom and that government is created to serve the people, not control their lives."
In order to amend the Constitution, an amendment must first be formally "proposed." There are two ways to propose an amendment.
Either Congress, by two-thirds of the vote of both the House and the Senate, or the delegates at a Constitutional Convention may propose amendments.
The Constitution has been amended 27 times. Each amendment was proposed by Congress.
"Since most of the amendments place limits on Congress, it is not likely Congress will propose them," Fruth continued. "As a result, a Constitutional Convention called by the states is needed."
Article V. of the Constitution states that upon the "application" of the legislatures of two-thirds of the states, Congress shall convene a Constitutional Convention.
After the convention is convened, the delegates will decide if each of the amendments should be proposed for ratification.
If they are proposed, 38 states must then ratify them in order for an amendment to become part of the Constitution. The convention itself cannot change the Constitution.
Information regarding this effort and the text of the amendments is posted at http://www.10amendments.org/.
Showing posts with label debt. Show all posts
Showing posts with label debt. Show all posts
Thursday, January 7, 2010
Monday, February 9, 2009
Japan Didn't Spend Enough?
Is the Treasury's Plan to 'Go Japanese' Doomed to Fail?
/PRNewswire/ -- In the latest issue of The Casey Report, the flagship publication of Casey Research, Managing Director David Galland and Chief Economist Bud Conrad have examined the decline of the Japanese economy since 1990 and note the many similarities, and a few key dissimilarities, to the United States' current crisis.
"Statements made by Treasury Secretary Tim Geithner suggest that he views the Japanese crisis as a useful comparison to the current situation in the U.S., except that Japan did not apply enough monetary stimulus early enough," says David Galland. "Our analysis suggests critical differences which could cause efforts to stimulate the economy back to life to fail."
Similar to the U.S., in the years leading up to its "Lost Decade" per-capita debt in Japan soared, by seven-fold. Also similarly, the debt bubble in Japan collapsed, dealing a crushing blow to equities and real estate markets. The Japanese government responded to its financial crunch by going on a fiscal stimulus spree. The Japanese government debt grew to 160% of the GDP. The United States' debt is currently 75% of the GDP but expected to climb significantly as further stimulus is applied.
Japan also cut its lending rate to zero percent, just as the United States has done. The Bank of Japan, similar to our Federal Reserve, acquired Japanese government bonds and providing more liquidity to weak banks. That this approach did not provide the desired results and did not revive the Japanese stock market, Treasury Secretary Geithner attributes to Japan's hesitant approach, indicating a willingness to act more forcefully, and to continue applying stimulus, in order to restart the economy.
"The Treasury secretary's words and the plans so far revealed seem to us to misunderstand some key differences between the U.S. economy now, and Japan's then," says David Galland:
-- Japan had a current account surplus throughout its crisis which
provided support to the yen, whereas going into its crisis the U.S.
has a record current account deficit and is the world's largest debtor
nation.
-- The Japanese are savers by nature. Americans are big spenders and are
entering the crisis with little or no savings.
-- The work ethic and the quality of primary education in the United
States have declined more than in Asia.
-- There are record amounts of U.S. dollars in the hands of foreigners
who are paying close attention to actions by our Treasury department.
Excessive stimulus could trigger a devastating exit from the dollar,
creating a vicious circle of a weakening dollar and soaring interest
rates.
Casey Research is a team of highly experienced investors and trained economists who spend countless hours researching powerful economic trends and the very best ways to profit from same. Their clientele is made up of individual and institutional investors who share the costs -- through subscription fees -- in exchange for unbiased research and information they can use in managing their portfolios to produce above-average returns.
/PRNewswire/ -- In the latest issue of The Casey Report, the flagship publication of Casey Research, Managing Director David Galland and Chief Economist Bud Conrad have examined the decline of the Japanese economy since 1990 and note the many similarities, and a few key dissimilarities, to the United States' current crisis.
"Statements made by Treasury Secretary Tim Geithner suggest that he views the Japanese crisis as a useful comparison to the current situation in the U.S., except that Japan did not apply enough monetary stimulus early enough," says David Galland. "Our analysis suggests critical differences which could cause efforts to stimulate the economy back to life to fail."
Similar to the U.S., in the years leading up to its "Lost Decade" per-capita debt in Japan soared, by seven-fold. Also similarly, the debt bubble in Japan collapsed, dealing a crushing blow to equities and real estate markets. The Japanese government responded to its financial crunch by going on a fiscal stimulus spree. The Japanese government debt grew to 160% of the GDP. The United States' debt is currently 75% of the GDP but expected to climb significantly as further stimulus is applied.
Japan also cut its lending rate to zero percent, just as the United States has done. The Bank of Japan, similar to our Federal Reserve, acquired Japanese government bonds and providing more liquidity to weak banks. That this approach did not provide the desired results and did not revive the Japanese stock market, Treasury Secretary Geithner attributes to Japan's hesitant approach, indicating a willingness to act more forcefully, and to continue applying stimulus, in order to restart the economy.
"The Treasury secretary's words and the plans so far revealed seem to us to misunderstand some key differences between the U.S. economy now, and Japan's then," says David Galland:
-- Japan had a current account surplus throughout its crisis which
provided support to the yen, whereas going into its crisis the U.S.
has a record current account deficit and is the world's largest debtor
nation.
-- The Japanese are savers by nature. Americans are big spenders and are
entering the crisis with little or no savings.
-- The work ethic and the quality of primary education in the United
States have declined more than in Asia.
-- There are record amounts of U.S. dollars in the hands of foreigners
who are paying close attention to actions by our Treasury department.
Excessive stimulus could trigger a devastating exit from the dollar,
creating a vicious circle of a weakening dollar and soaring interest
rates.
Casey Research is a team of highly experienced investors and trained economists who spend countless hours researching powerful economic trends and the very best ways to profit from same. Their clientele is made up of individual and institutional investors who share the costs -- through subscription fees -- in exchange for unbiased research and information they can use in managing their portfolios to produce above-average returns.
Subscribe to:
Posts (Atom)
