Archive for June 8th, 2010

Gov’t Media Takeover Would Endanger Freedoms

Tuesday, June 8th, 2010

One key component necessary for a despot to take control of the country would be a takeover of the media.

Because of the support from the White House, some groups are pushing for a tighter reign on media outlets like radio, Internet, and cable news. Among others, the Media Justice, the Rainbow Push Coalition, and Common Cause are calling on the feds for more regulation — and they have joined with some 30 liberal organizations and have sent a letter to the Federal Communications Commission (FCC), urging the agency to monitor, what it calls, “hate speech.”

While the First Amendment protects freedom of speech and freedom of religion, Dan Gainor, vice president for business and culture at the Culture and Media Institute (CMI) of the Media Research Center (MRC), warns that those freedoms could be in danger if the government gets its way.

“One of the FCC commissioners described what they want to see, which is PBSS — Public Broadcasting System on Steroids,” Gainor reports. “They want to take what the left is calling for — $30 billion a year — and push it toward lefty websites. And trust me, talk radio…Fox and other more mainstream outlets aren’t going to see a penny.”

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“The Hand of God at Work” by Todd Strandberg

Tuesday, June 8th, 2010

The state of our global financial system has once again captured my attention. Since I last commented on the economic state of the world, the outlook has become dramatically worse.

In Europe, the euro has plunged in value as investors realize the enormity of the “sovereign debt” dilemma. First, Greece, Portugal, and Spain saw their debt ratio getting lowered. Now the contagion has moved to eastern Europe, with Hungary added to the sick list. The cost of insuring against losses on Hungarian sovereign debt has soared in recent days.

You may be wondering what sovereign debt is. In its simplest form, sovereign debt means government debt. It is any financial loan taken out by any nation. It usually also means the accumulated debts of government subentities such as states, provinces, municipalities, agencies, boards, and commissions for which the senior government is ultimately responsible.

In the U.S., we just surpassed the $13 trillion mark for federal debt. When you add state and local city debt to the mix, the total comes to a mammoth $16 trillion in American sovereign debt.

I am absolutely dismayed over Washington’s inability to deal with out debt problem. The financial crisis in Europe has failed to knock any sense into our leaders. Instead of working on saving money, Congress is constantly adding to the national tab. It is currently working on a bill that would add another $154 billion to the $1.5 trillion shortfall already projected for fiscal year 2011.

Congress did recently establish a committee to come up with cuts, and it managed to find $16 billion in potential savings. The federal budget is over $3 trillion, so this is just insulting to only propose cuts that are a third of a percent of the total. Any realistic fix will have to deal with sacred cows like Social Security and Medicare.

Investment analyst Marc Faber has become something of a superstar by predicting the subprime meltdown, the rise in gold prices, and the 1987 crash. He obviously hopes to continue his winning streak by forecasting more economic calamity: “I am 100 percent sure that the U.S. will go into hyperinflation. Not tomorrow, but the problem with the government debt growing so much is that when the time will come and the Fed should increase interest rates, they’ll be very reluctant to do so and so inflation will start to accelerate,” Faber said to Bloomberg News.

The growth rate of our debt is scary. Since 2002, it has more than doubled. A recent poll found that 79 percent of the American people are very concerned about our national debt. With $6 trillion dollars of pension money invested in government IOUs, millions of people should be alarmed.

We may now be at the point where out economy is starting to succumb to the burden of uncontrolled spending. The recovery from the credit crunch of 2008 has been very slow. Despite pumping nearly $2 trillion into the economy, only 20,000 non-government jobs were created last month. With trillions of dollars locked up in Treasury bills, there is no money for new investment. If we don’t quickly get the economy growing again, we are doomed.

So much attention has been paid to the financial crisis in Europe and in Washington that the state budget problem has largely gone unnoticed. Several key states are sliding towards bankruptcy. One estimate says that states may need a $1-trillion-dollar bailout package to keep them afloat.

The suddenness and enormity of all these financial problems convince me that the hand of God is at work here. I’ll never forget how quickly the Soviet Empire collapsed. Within the space of a couple of years, every single one of those Communist states fell as if they were being pushed over like dominos. If God has the same idea for the global financial system, there is nothing that all the economists in the world can do.

I don’t have any special insight from the Lord to say, “Don’t worry folks, we Christians are going to be raptured before the Western civilization implodes.” Because it would be too much of a tip-off to be around to see the Antichrist reestablish order, our departure would have to be very near.

“Therefore be ye also ready: for in such an hour as ye think not the Son of man cometh” (Matt. 24:44).

— Todd

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