Free Markets, Free People

Dale Franks

Dale Franks’ QandO posts

The Third Age of Money

The first age of money was the age of gold and silver; your basic metal currencies. The second age was the age of the freely convertible fiat currency.  The third age of money will be virtual, unhackable, and anonymous. So, this is what you call “interesting”:

Bitcoin is an open-source virtual currency generated by a computer algorithm that is completely beyond the reach of financial intermediaries, central banks and national tax collectors. Bitcoins could be used to purchase anything, at any time, from anyone in the world, in a transaction process that it is almost completely frictionless. Yes, that’s right, the hacktivists now have a virtual currency that’s untraceable, unhackable, and completely Anonymous.

And that’s where things start to get interesting. Veteran tech guru Jason Calacanis recently called Bitcoin the most dangerous open source project he’s ever seen. TIME suggested that Bitcoin might be able to bring national governments and global financial institutions to their knees. You see, Bitcoin is as much a political statement as it is a virtual currency. If you think there’s a shadow banking system now, wait a few more months. The political part is that, unlike other virtual currencies like Facebook Credits (used to buy virtual sock puppets for your friends), Bitcoins are globally transferrable across borders, making them the perfect instrument to finance any cause or any activity — even if it’s banned by a sovereign government.

All is proceeding as I have foreseen.

Dale Franks
Twitter: @DaleFranks

Observations: The QandO Podcast for 15 May 11

In this podcast, Bruce, Michael, and Dale discuss the Indiana Supreme Court’s Ruling on the 4th Amendment, and this week’s political stories.

The direct link to the podcast can be found here.

Observations

As a reminder, if you are an iTunes user, don’t forget to subscribe to the QandO podcast, Observations, through iTunes. For those of you who don’t have iTunes, you can subscribe at Podcast Alley. And, of course, for you newsreader subscriber types, our podcast RSS Feed is here. For podcasts from 2005 to 2010, they can be accessed through the RSS Archive Feed.

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Observations: The QandO Podcast for 08 May 11

In this podcast, Bruce, Michael, and Dale discuss the death of Bin Laden, and the economy.

The direct link to the podcast can be found here.

Observations

As a reminder, if you are an iTunes user, don’t forget to subscribe to the QandO podcast, Observations, through iTunes. For those of you who don’t have iTunes, you can subscribe at Podcast Alley. And, of course, for you newsreader subscriber types, our podcast RSS Feed is here. For podcasts from 2005 to 2010, they can be accessed through the RSS Archive Feed.

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Observations: The QandO Podcast for 17 Apr 11

In this podcast, Bruce, Michael, and Dale discuss this week’s battles over the budget.

The direct link to the podcast can be found here.

Observations

As a reminder, if you are an iTunes user, don’t forget to subscribe to the QandO podcast, Observations, through iTunes. For those of you who don’t have iTunes, you can subscribe at Podcast Alley. And, of course, for you newsreader subscriber types, our podcast RSS Feed is here. For podcasts from 2005 to 2010, they can be accessed through the RSS Archive Feed.

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Krugman finally notices Obama’s an empty suit

Funny stuff.  Paul Krugman, representing much of the left, has apparently finally noticed what an empty suit Obama is:

What have they done with President Obama? What happened to the inspirational figure his supporters thought they elected? Who is this bland, timid guy who doesn’t seem to stand for anything in particular?

I realize that with hostile Republicans controlling the House, there’s not much Mr. Obama can get done in the way of concrete policy. Arguably, all he has left is the bully pulpit. But he isn’t even using that — or, rather, he’s using it to reinforce his enemies’ narrative.

Of course Krugman is pretty much focused on economic issues and so seemingly hasn’t been watching Obama through most of his presidency, as many of us have.  He’s finally noticed the “timid guy” who doesn’t seem to stand for anything but does enjoy a good round of golf.

I guess I shouldn’t be surprised it has taken this long – the blinkers had to be firmly in place to elect him in the first place.   You had, to quote Hillary Clinton as she addressed Gen. Petraeus about the situation in Iraq some years ago, “willingly suspend disbelief” in order to vote for the guy in the first place.  What you had to suspend was the belief that experience and leadership count for something, especially when you’re talking about the highest office in the land.

This timid guy Krugman is talking about has shown the rest of us over and over he’s really unsuited for the job.  And now, even the Krugman’s of the world are beginning to take some notice.

I have to admit to laughing out loud at Krugman’s example – apparently the one that finally clued him into the problem:

His remarks after last week’s budget deal were a case in point.

Maybe that terrible deal, in which Republicans ended up getting more than their opening bid, was the best he could achieve — although it looks from here as if the president’s idea of how to bargain is to start by negotiating with himself, making pre-emptive concessions, then pursue a second round of negotiation with the G.O.P., leading to further concessions.

And bear in mind that this was just the first of several chances for Republicans to hold the budget hostage and threaten a government shutdown; by caving in so completely on the first round, Mr. Obama set a baseline for even bigger concessions over the next few months.

Of course Krugman, as typified by his one-trick pony policy of more and more government spending to cure all ills is bound to be upset by any spending concessions a Democrat might make.  However, I loved his characterization of Obama’s bargaining style.  It is true  and not only does it point to someone totally out of his depth, but someone with no real principles upon which to make a stand.

Krugman turns his attention, after wondering what happened to Obama, to trying to trash everything the GOP has put forward or will put forward.  But so captured is he by his discovery of what Obama isn’t that he has to return to that subject:

You might have expected the president’s team not just to reject this proposal, but to see it as a big fat political target. But while the G.O.P. proposal has drawn fire from a number of Democrats — including a harsh condemnation from Senator Max Baucus, a centrist who has often worked with Republicans — the White House response was a statement from the press secretary expressing mild disapproval.

What’s going on here? Despite the ferocious opposition he has faced since the day he took office, Mr. Obama is clearly still clinging to his vision of himself as a figure who can transcend America’s partisan differences. And his political strategists seem to believe that he can win re-election by positioning himself as being conciliatory and reasonable, by always being willing to compromise.

But if you ask me, I’d say that the nation wants — and more important, the nation needs — a president who believes in something, and is willing to take a stand. And that’s not what we’re seeing.

Baloney.  Krugman has to have lived in a cave if he believes the rhetoric has even come close to matching the reality of the Obama presidency.  He is not a transcendent figure by any stretch.  He is, instead, a true exception to the Peter Principle and has indeed risen to a level above his incompetence. 

But to Krugman’s last point – Obama believes in one thing – Obama.  And any objective appraisal of his performance in office these past 2+ years cannot give him very high marks on “principle” or a willingness to take a stand.   There’s a reason for that.  Obama traded principle for the achievement of his ambition years ago.  He’s intelligent enough to talk the talk, but he seems absolutely incapable of walking the walk or even attempting to do so.

As Dale said on the podcast last night, you sometimes get the feeling that when he says something he truly believes it becomes reality.  In this world you actually have to take action and lead to have things happen.  Obama has no idea how to do that.

~McQ

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Observations: The QandO Podcast for 10 Apr 11

In this podcast, Bruce, Michael, and Dale discuss this week’s government shutdown battle and the Wisconsin Supreme Court election.

The direct link to the podcast can be found here.

Observations

As a reminder, if you are an iTunes user, don’t forget to subscribe to the QandO podcast, Observations, through iTunes. For those of you who don’t have iTunes, you can subscribe at Podcast Alley. And, of course, for you newsreader subscriber types, our podcast RSS Feed is here. For podcasts from 2005 to 2010, they can be accessed through the RSS Archive Feed.

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Observations: The QandO Podcast for 03 Apr 11

In this podcast, Bruce, Michael, and Dale discuss the Koran-burning pastor in Florida, the public union struggle in Wisconsin, and the Federal budget.

The direct link to the podcast can be found here.

Observations

As a reminder, if you are an iTunes user, don’t forget to subscribe to the QandO podcast, Observations, through iTunes. For those of you who don’t have iTunes, you can subscribe at Podcast Alley. And, of course, for you newsreader subscriber types, our podcast RSS Feed is here. For podcasts from 2005 to 2010, they can be accessed through the RSS Archive Feed.

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Observations: The QandO Podcast for 27 Mar 11

In this podcast, Bruce and Dale discuss the Libyan situation.

The direct link to the podcast can be found here.

Observations

As a reminder, if you are an iTunes user, don’t forget to subscribe to the QandO podcast, Observations, through iTunes. For those of you who don’t have iTunes, you can subscribe at Podcast Alley. And, of course, for you newsreader subscriber types, our podcast RSS Feed is here. For podcasts from 2005 to 2010, they can be accessed through the RSS Archive Feed.

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Observations: The QandO Podcast for 20 Mar 11

In this podcast, Bruce, Michael, and Dale discuss the Japanese Libyan no-fly zone and the strange case of a man convicted of creating “Liberty Dollars”.

The direct link to the podcast can be found here.

Observations

As a reminder, if you are an iTunes user, don’t forget to subscribe to the QandO podcast, Observations, through iTunes. For those of you who don’t have iTunes, you can subscribe at Podcast Alley. And, of course, for you newsreader subscriber types, our podcast RSS Feed is here. For podcasts from 2005 to 2010, they can be accessed through the RSS Archive Feed.

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Observations: The QandO Podcast for 13 Mar 11

In this podcast, Bruce, Michael, and Dale discuss the Japanese earthquake and the implications for US nuclear policy, and Pres Obaba’s leadership style.

The direct link to the podcast can be found here.

Observations

As a reminder, if you are an iTunes user, don’t forget to subscribe to the QandO podcast, Observations, through iTunes. For those of you who don’t have iTunes, you can subscribe at Podcast Alley. And, of course, for you newsreader subscriber types, our podcast RSS Feed is here. For podcasts from 2005 to 2010, they can be accessed through the RSS Archive Feed.

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