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Contra Club

When The Police Are Militarized, Posse Comitatus Is No More And War Zone Rules Prevail

Having spent more than half a century exporting war to foreign lands, profiting from war, and creating a national economy seemingly dependent on the spoils of war, we failed to protest when the war hawks turned their profit-driven appetites on us, bringing home the spoils of war – the military tanks, grenade launchers, Kevlar helmets, assault rifles, gas masks, ammunition, battering rams, night vision binoculars, etc. – to be distributed for free to local police agencies and used to secure the homeland against “we the people.”

Inside The Fed Meeting Transcripts: How ZIRP Was Born Out Of Thin Air

What follows is a transcription of just how ignorant, moreover, willingly ignorant, and, it may be, enthusiastically ignorant, was the Bernanke Fed when it decided that holding interest rates at zero percent would be its policy. Before plunging through the looking glass, here is the conclusion: If ever there was a time to protect one’s assets from further FOMC derangement, this is it…..

Contra News & Views

Blue Chip Economists Wrong Again: 2014 Consensus GDP Growth Forecast Now Impossible

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…. to hit the current target of 2.4% annualized GDP growth for the entire year, the final two-quarters of 2014 must hit a minimum growth rate of 3.92%. The chart below shows there have only been 2 out of the past 34-quarters that have yielded an economic growth rate of greater than 3.92%. There have been ZERO times that real GDP annualized growth has hit 3.92% consecutively.

Bellicose Bombs Bursting In Air: The Budget-Busting Cult Of Air Power

Obviously, there are staggering amounts of money to be made by feeding America’s fetish for bombers. But the U.S. cult of air power and its wildly expensive persistence requires further explanation. On one level, exotic and expensive attack planes like the F-35 or the future “long range strike bomber” (LRS-B in bloodless acronym-speak) are the military equivalent of sacred cows. They are idols to be worshipped (and funded) without question. But they are also symptoms of a larger disease – the engorgement of the Department of Defense. I

Car Repos Soar 70% As Auto Subprime Bubble Begins To Pop

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As NBC summarizes: “The repo man is getting very busy as a growing number of car and truck owners are struggling to make their monthly auto loan payments. Experian, which analyses millions of auto loans, said Wednesday that the percentage of those loans that were delinquent or ended up in default with the vehicle being repossessed surged in the second quarter of this year.”