A LION in the House

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Another government default. In my Straight Talk column two weeks ago (click here if you didn’t see it), I mentioned that the U.S. government has defaulted on its obligations at least twice in the past. Ron Paul, my favorite LION in the House (that’s an acronym I made up; it stands for Libertarians In Office Now), reminds me that there was a third and more recent default. In 1968, Uncle Sam unilaterally reneged on all the silver certificates that were in circulation. The notes promised to “pay on demand” their equivalent value in silver. But as of 1968, all you could exchange them for were other Federal Reserve notes. Can you guess who got the worst of that deal?

Ron Paul sues the President. And here’s an item you probably haven’t heard much about unless you read about it in Personal Liberty Digest. Last month, Congressman Paul joined six other Republicans and three very brave Democrats in a lawsuit against the Obama Administration for its “illegal” war in Libya. Paul says Obama’s boys claim they can ignore the War Powers Resolution “because Libya is so militarily weak” the actions there don’t constitute a real war. What a great defense if you ever decide to mug someone. “It wasn’t really a crime, your honor, because the victim was too weak to fight back.”

Hey, airlines, give us that money back! With all the dithering over the budget debate, Congress failed to renew a tax on airline tickets that helped fund the Federal Aviation Administration. The expired taxes can be $25 or more on a typical $300 ticket. But rather than pass the savings on to consumers, all of the major airlines simply raised their ticket prices by an amount equal to the expired tax. I understand their rationale: Congress will probably re-impose the tax shortly.  But in the meantime, this makes the airlines sound awfully cheap.

That was a great tweet, Mr. Speaker. Did you see the tweet John Boehner sent the president during Obama’s “Town Hall Twitter” earlier this month? It was a dilly: “After embarking on a record spending binge that’s left us deeper in debt, where are the jobs?” Obama didn’t answer in 140 characters or in many words, for that matter. No wonder he’s a little ticked off at the Speaker.

–Chip Wood

 

Chip Wood

is the geopolitical editor of PersonalLiberty.com. He is the founder of Soundview Publications, in Atlanta, where he was also the host of an award-winning radio talk show for many years. He was the publisher of several bestselling books, including Crisis Investing by Doug Casey, None Dare Call It Conspiracy by Gary Allen and Larry Abraham and The War on Gold by Anthony Sutton. Chip is well known on the investment conference circuit where he has served as Master of Ceremonies for FreedomFest, The New Orleans Investment Conference, Sovereign Society, and The Atlanta Investment Conference.