Frederic Bastiat

In March 2009, the Federal Reserve printed $1 trillion in new currency, entirely untethered to anything of value, to prop up previous failures of government intervention.

What will be the effect of the injection of this new, additional money on all current and future currency? The effect of inflation of the money supply is currency debasement.

Currency debasement leads to price increases as markets seek equilibrium.  However, when the money is new, it holds its current value. When that money eventually trickles down it is worth less and less over time. The rich and well-connected get to use the money while it temporarily retains value. The rest of us get the debased money. And so do your children, and their children.

Economist and philosopher Frederic Bastiat said, “Government is the great fiction through which everybody endeavors to live at the expense of everybody else.”

It is time now, at long last, to put an end to generational theft and unconstitutional over-reach before the U.S. dollar collapses and the vision of the Founders is a curious textbook memory.

TIM PECK
Asheville

Reporting praised, but firm does not use market timing

EDITOR’S NOTE: The following letter is in response to the lead story in the December 2008/January 2009 edition of the Daily Planet headlined “Great Depression (No. 2) predicted” with a subhead of “‘Perfect Storm’ duo projects ‘rough times’ to linger into 2020s.”
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Investment advisor Laura McCue addresses a standing-room-only turnout on Dec. 11 at Asheville Racquet Club during a free seminar on titled “The Perfect Storm.”

We are so thrilled to see the article regarding our seminar! Thank you for writing it and for providing so much coverage.

I only have one concern with regard to the statement in the article that says we practice market timing. This is incorrect.

I have never said that we practice market timing, which is buying and selling based on the daily news. We do not buy and hold, but neither do we time the market based on news. We simply follow our charts which show us the short, intermediate and long-term pictures representing supply and demand for an investment.

This distinction is important and we will need to explain to our clients and your readers that we do not time the markets. 

Thank you again for the article. Much appreciated.

LAURA McCUE
Investment Advisor
White Oak Financial Management Inc.
Asheville

Obama’s ties to Farrakhan termed highly worrisome

I am a retired teacher who has watched many major news programs, interviews, debates and commentaries on the presidential race.

I also bought Obama’s last book and read where he praised (Venezuelan President Hugo) Chávez on Page 232. There are some “dots” I feel are not being connected that could greatly affect our nation.

First is Obama’s stand on guns. He voted against our gun rights at least four times while in his (Illinois) state legislation. Now he says he will abide with the recent U.S. Supreme Court ruling in favor of our right to protect ourselves. Will his future (Supreme) Court appointees keep that ruling or change it?

Obama has blocked the release of his college thesis. Why?

Louis Farrakhan! I first saw him years ago on C-Span, when he had (Fidel) Castro speak to his Muslim congregation. I was amazed at the hatred for America and “whites” that was expressed there. He later organized the Million Man March in (Washington) D.C. and repeated the same hatred.

Obama attend that march and wrote praises of Farrakhan afterwards. The Rev. (Jeremiah) Wright’s published sermons were repeats of the same, and he and his church gave Farrakhan a special award for his greatness.

I recently saw a short clip of Farrakhan preaching, saying, “Obama is our (Muslim’s) new Messiah” (def. — New deliverer). This should concern all Americans ... but how many know about it?

What does Farrakhan know that we don’t?

ROBERTA MORGAN
Logan, Ohio

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Hugo Chávez	Louis Farrakhan	Obama and Wright