Category Archives: Politics: Tinfoil

Nutty, Even By Relaxed Modern Standards

TPM, With Eye on Fiscal Armageddon, Texas Set to ‘Repatriate’ Its Gold To New Texas Fort Knox.

On Friday, Gov. Greg Abbott signed legislation that will create a state-run gold depository in the Lone Star State – one that will attempt to rival those operated by the U.S. government inside Fort Knox and the Federal Reserve Bank of New York’s vault in lower Manhattan. “The Texas Bullion Depository,” Abbott said in a statement, “will become the first state-level facility of its kind in the nation, increasing the security and stability of our gold reserves and keeping taxpayer funds from leaving Texas to pay for fees to store gold in facilities outside our state.” Soon, Abbott’s office said, the state “will repatriate $1 billion of gold bullion ((As you will see if you read the article, this is malarky. There is no such $1 billion in gold from the Federal Reserve in New York to Texas.” In other words, when it comes preparing for the currency collapse and financial armeggedon, Abbott’s office really seems to think Texas is a whole ‘nother country

Just read it. And weep.

PS. Bonus crazy:

Indeed, Texas has no gold bars in the Federal Reserve’s New York vault. And what the state has is not worth a billion dollars. Instead some 4,200 gold bars bought in 2011 by the University of Texas’s endowment fund (the second largest in the country after Harvard’s) are stored in the basement vault of HSBC’s headquarters at 450 5th Avenue in New York City, just south of the New York Public Library. For the last four years, the endowment has paid an estimated $1 million per year to store their gold there. (If it had been at the New York Fed the cost would have totaled about $15,400 over that period). And the new depository law does not require the university’s endowment fund to relocate the gold to Texas.

How did UT end up holding actual gold?

In 2010 and 2011, … the University of Texas Investment Management Company’s board of directors … put nearly 5% of the then-$19 billion university and pension fund they manage into physical gold by converting options into bullion. …

When the endowment fund bought the gold, their basis for calculating a return – called their cost basis – was $1,150.17 per ounce. The fund eventually traded a third of their physical gold stake for gold futures and other equities, but never reduced their overall exposure to gold. That’s why they still own about 4,200 bars worth just under $500 million. After a significant run-up and subsequent fall in 2012, gold traded on Monday at $1,186. Over more than four years that just a 3% gain for the fund before you account for the cost of housing the gold in New York [which is $1 million / year] and the transaction costs that will be incurred if and when the endowment fund ships the bars back to Texas or sells them to a buyer. Over the same period, the S&P 500 index – a broad measure of owning stocks – gained 60%.

Posted in Econ & Money, Politics: The Party of Sleaze, Politics: Tinfoil | 3 Comments

David Brin Epic Takedown of Fox’s Soros-Haters

Epic indeed:

Let’s illustrate the mad-right’s narrative machine, and how sadly incurious millions of our neighbors have become, nodding and swallowing anything that gets fed to them on Fox. 

Use this!  Ask your crazy uncle what he thinks of a man named… George Soros. 

Oh, any Fox-watcher will tell you about Soros! How he is a criminal mastermind with a huge media empire that has suckered millions of Blue Americans into raving socialist-communist frenzy. 

Never mind that Soros’s wealth and media “empire” are minuscule compared to the triumvirate of Rupert Mudoch, the Koch boys and the Saudi royal family, all co-owners of Fox. Folks following the narrative call George Soros a “super-leftist” master-demon.

A special moment: they nod in terror when Glen Beck howls “Soros toppled EIGHT foreign governments!” 

In fact, that’s true! For once, Beck ain’t lying at all. George Soros did help to topple eight foreign governments! He is, indeed, a formidable fellow. Alas, in a sign of how far GOP intellect has plummeted since days of Goldwater and Buckley, not one audience member of the Beck or Limbaugh or Fox riefenstahl-rallies ever lifts his head to ask … 

“Um… Glen? Rush? Sean? WHICH eight foreign governments do you credit Soros – the super leftist with toppling?”

 In ten years of daring these guys, none of the Fox-ites I’ve  confronted has ever been able to name even one of those toppled foreign governments. It just never occurred to them, to ask.

Are you ready to ask? Ready for the list? Here are those eight foreign governments Beck/Limbaugh/Fox credit George Soros with toppling.

The communist dictatorship of Hungary.

The communist dictatorship of Poland

The communist dictatorship of Czechoslovakia

The communist dictatorship of Romania

The communist dictatorship of Bulgaria

The communist dictatorship of Estonia

The communist dictatorship of Latvia

The communist dictatorship of Lithuania

And mind you it isn’t just uber-conservatives Beck and Limbaugh who credit Soros with this terrifying feat! The Heritage Foundation and AEI and most rightist pundit-castes have repeated it! Along with many GOP candidates. (Though sometimes the figure is nine since it rightfully should include East Germany.) Indeed, Soros’s relentless efforts to undermine the USSR and communism made up his core life’s work and even many sane political observers credit him substantially.

Let’s make this explicit. Glen Beck and all those other right wing mavens officially credit terrifying leftist George Soros with the toppling of the Iron Curtain and the end of the Warsaw Pact, the liberation of hundreds of millions and the victorious end of the Cold War. 

Huh. I thought it was that other liberal (compared to today’s GOP) Ronald Reagan. In fact, they both share equal credit with Michail Gorbachev and with the architect of our grand 1945-2000 plan — George Marshall. (With Jimmy Carter deserving more of an assist cred than you’d believe.)

Look, the crux here is not who actually tore down the wall. Hey, let’s credit the people of those nations, above all. 

No, the core point is this: why are the viewers of Fox and Beck/Limbaugh so cosmically stupid that they never — any of them — ask enough questions to notice the tsunami of ironies and contradictions and outright lies at their Nuremberg Rally? 

So… um… where does this ghastly example of looniness, incuriosity and knee jerk obedience to declared dogma leave the credibility of today’s monster that has hijacked the once intellectually solid American conservative movement?

Oh, pity Barry Goldwater. spinning 6000 RPM in his grave.

Posted in Politics: Tinfoil, Politics: US | 5 Comments

Not One Shred of Evidence, But Don’t Let that Stop You

Most of the stuff I blog under the “Tinfoil” label has been right-wing craziness, so it gives me a bemused sort of satisfaction to be able to offer an entertaining left-wing edition, Anonymous, Karl Rove and 2012 Election Fix?

Note that not one shred of evidence is actually offered for the theory that uber-hackers stopped Karl Rove from stealing the Ohio election, but don’t let that stop you enjoying it.

Posted in Politics: Tinfoil | 3 Comments

GOP Loses Even the Centrist Press

“Today, however, we have no choice but to acknowledge that the core of the problem lies with the Republican Party.

… It is ideologically extreme; scornful of compromise; unmoved by conventional understanding of facts, evidence and science; and dismissive of the legitimacy of its political opposition.”

    — Thomas E. Mann and Norman J. Ornstein

Mann & Ornstein are bigtime DC establishment centrists. Could this be a Cronkite Moment?

(Or, if there never was an actual ‘Cronkite Moment’, will this be a “Mann & Ornstein Moment” instead?)

Probably not, but one can wish.

Posted in Politics: Tinfoil | 8 Comments

Genuine Tinfoil Solution to ID Hacking

Foil Electronic Pickpockets with Aluminum Foil or Multiple Credit Cards — Lifehacker.

(Not really ‘politics’ but I couldn’t resist putting this under “tinfoil”.)

Posted in ID Cards and Identification, Politics: Tinfoil | Leave a comment

The Ultimate Case of Obama Derangment Syndrome

Conspiracy Theory Claims President Teleported to Mars.

(“Obama Derangement Syndrome” explained.)

Posted in Politics: Tinfoil | 3 Comments

Mississippi Rejects (Absurd) Personhood Amendment

It wasn’t even close. AP has the votes. The amendment was not a serious attempt to do anything more than rally the troops, since it was medical nonsense to suggest that every fertilized (not even implanted!) embryo should have ‘personhood’ status. Even so, 42% of the voters (at last count) voted for it in this low-turnout off-year contest.

But if we’re going to put personhood on the ballot, how about putting corporate personhood on the ballot? That could be a fun debate.

Posted in Politics: Tinfoil | 2 Comments