Thursday, October 27, 2011

A Short Illustration of Why America is in Decline

USA Today ran a short article on how we could save $5.6 Billion by switching from the paper $1 bill to longer lasting $1 coins.  (An older Business Week article is here).   Just like most other western economies use coins.  As a frequent visitor to Canada, I know that Canadians are especially proud of their pretty $1 coin, the Loonie, and reasonably accepting of their $2 coin, the Toonie.  I like the British pound £1 coin cause it is hefty and really feels like you have something valuable.  So, how does the USA fare with the idea?  There's a proposal in Congress, with the cute name "Currency Optimization, Innovation and National Savings (COINS)Act" to replace the $1 bill with a coin.

The original proposals for $1 coins came from Jim Kolbe, R-Ariz.  Not because it was a good idea or would save money, but as "a way to help Arizona mining interests".  At least he is honest.  By now we have two PACs formed, a pro-coin group, the Dollar Coin Alliance, (of which Kolbe is honorary chairman) and an anti-coin Americans for George.  The former is supported by mining interests, vending machine companies, and the United Steelworkers Union.  You can guess why.

Tom Ferguson, former government employee (Director of the Bureau of Engraving and Printing), probably drawing a large pension, and now a (probably) well-paid consultant and lobbyist, represents Americans for George and claims that "A nation's currency is more than just paper. It is iconic. It is emblematic. It signifies the economy".  Other groups oppose the coin.  Larry Sabbath of the National Armored Car Association has a valid concern, the increased weight.  John Kerry, D-Mass, along with rival Scott Brown, R-Mass, show bipartisanship in opposing the move to coins.  Their reasons?  All paper for U.S. currency is made in Massachusetts by Crane and Co.

In the grand scheme of things, $5.6 billion isn't that much, but this issue really illustrates the fundamental nature of our current government.  Selfishness and Corruption.

Wednesday, October 12, 2011

Newspaper Vice President Complains about Free Speech

Lincoln Millstein wrote an unbelievable editorial in the Monday Oct 10 San Francisco Chronicle.  In which he complains about the free press in Taiwan.  It's "unfettered", it's "free speech run amok".

From the cracks about Fox News and Sarah Palin, it is clear that Millstein is liberal.  Fine.  But apparently he is not liberal enough to favor free speech.  For any American to complain about too much free speech is wrong.  And a senior newspaperman should know better, for him to complain about too much free speech should be a firing offense.  This guy is a Senior Vice President at Hearst Newspapers.  Who wants to limit free speech.

As for the Taiwan/China politics, here I must plead a lot of ignorance.  Millstein decries Tsai Ing-wen, opposition party leader of Taiwan, as an extremist for not attending the Double Ten National Day ceremonies, a "shocking rebuke".  Do another Google search.  I quickly found this editorial, which seems to present a balanced view, revealing that this is not a rebuke, it is not the first time that a Taiwanese political party missed the ceremonies.  The editorial decries a lack of political consensus on Taiwan (hmm, we don't have any of that problem here, do we?) and says that the invitation to Tsai Ing-wen was a "ruse" and calling her "shrewd" for declining.  For a couple of more articles, none blaming Tsai for anything, see here and here.  According to the second article, she did attend the ceremony!


A quick Google search on Millstein brought up some other incidents where he overstepped his editorial bounds, and digressed from Gernwich CT local politics into Taiwanese politics.

Saturday, October 8, 2011

SEIU Editorial in WSJ almost convincing

Mary Kay Henry, president of the Service Employees International Union, writes an editorial in today's Wall Street Journal supporting the "Occupy Wall Street" protesters.  She makes many good points.
It's been three years since Wall Street CEOs crashed our economy. When Wall Street was on its knees, the American taxpayers came to their rescue with trillions of dollars in bailouts and promise from the big banks that they'd invest in our recovery.
One could argue if it was solely Wall Street CEOs that crashed the economy.  Whatever.  We did bail them out.  And we have received little in return.  They have returned to their bonuses and excesses.  They sit on hordes of cash and layoff workers.  I'm pissed at them.  I agree with David Brooks, neither of us a left-wing firebrand, that banks that are "too large to fail" should have been broken up during the bailout.  Instead they got even larger.

But she then digresses into bald-faced politics.
And this week House Speaker John Boehner and Majority Leader Eric Cantor again turned their backs on the American people by refusing to even bring the American Jobs Act up for a vote.
A fair-minded observer would also criticize Harry Reid who, two days ago, triggered a "nuclear option" to prevent a vote in the Senate on the American Jobs Act.  But SEIU can't criticize Democrats, cause they are in bed with them.

Ms. Henry argues that Congress should pass the American Jobs Act and put Americans back to work.
to keep teachers in our classrooms, police on the beat, health-care workers at our hospitals and clinics, and ensure that we have enough firefighters to protect our communities.
Fine.  If you are a teacher, health-care worker. etc.  Which happens to be pretty much what the SEIU represents. Taxing the rich to pay SEIU members will provide some job creation and provide some spark to the economy, but it is hardly a cure all for the private sector, and is certainly not a righteous stand by the president of their union.