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June 2021

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As Biden Bumbles Abroad, Inflation Roars at Home Lew Uhler, Peter Ferrara, and Joe Yocca

By on June 26th, 2021

https://issuesinsights.com/2021/06/25/as-biden-bumbles-abroad-inflation-roars-at-home/

While President Joe Biden was focused on being his best European/Russia-pleasing preener at the G-7 and Vice President Kamala Harris embarrassed herself in Central America, here at home Americans are suffering the beginning of wild inflationary conditions not seen since the 1970s.

Our country is in crisis. Adding to a dangerous rise in criminal behavior across the nation and especially at our southern border, our economy is adrift. As we move out from under the destructive lockdowns owed to the pandemic, this should be a time of optimism and hopefulness. Instead, many industries are sputtering to re-open as inflation is “stealing” from returning working American’s paychecks, trading economic joy for malaise. Even the stock markets are recognizing the dangers and are beginning to readjust the prices of assets.

Super-charged inflationary pressures continued to gain momentum according to a survey by the Philadelphia Fed this month, adding to alarming price jumps recorded in April.  Eighty-two percent of manufacturing companies in the recent Philly Fed’s survey reported paying higher prices for the inputs of their products, while just one percent said costs had fallen. As a result, the diffusion index (a metric of manufacturing activity and costs) moved up four points to 80.7, the highest reading since June 1979. 

But what if the Fed continues to incorrectly apply misguided inflationary policies at this critical moment? They typically get inflation “wrong” because they misdiagnose the cause for alarming increases in prices: printing too much money. The danger is revealed in the Fed’s policies to date which will exacerbate, not retard, inflation for the immediate and longer-range future.

Nobel Laureate Milton Friedman observed that inflation is always and everywhere a monetary phenomenon and that even without the gold standard there were inherent limits to printing more money. The fundamental rule is the supply of money must be equal to the demand for money. But the demand for money is a slippery concept: it’s natural but dangerous to operate under the notion that the demand for money is endless. It’s anything but.

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Has the Military Gone ‘Woke’? Gen. Milley too easily dismisses the risks to recruitment and morale.

By on June 26th, 2021

https://www.wsj.com/articles/has-the-military-gone-woke-11624660049?mod=opinion_lead_pos2

Army Gen. Mark Milley is getting kudos from the media for telling Congress that the military hasn’t become “woke,” even as its leadership urges soldiers and sailors to absorb woke ideas. The brass is trying to have it both ways on this issue, and that may ultimately undermine its core mission.

The Chairman of the Joint Chiefs told the House Armed Services Committee Wednesday that he “personally” found it “offensive” that Republicans have accused general officers of being “woke.” A pair of Florida Congressmen had been criticizing Gen. Milley over seminars at West Point about “white rage.” The Chief of Naval Operations has recommended “How to Be an Antiracist,” a book that proposes “future discrimination,” ostensibly against white people, on his professional reading list for sailors.

Gen. Milley has to be sensitive to the political realities in the White House, but he was clearly exercised about the criticism, saying it’s “important actually for those of us in uniform to be open-minded and be widely read.” He later added: “I’ve read Mao Zedong. I’ve read Karl Marx. I’ve read Lenin. That doesn’t make me a communist.” So, he asked, “what is wrong” with “having some situational understanding about the country for which we are here to defend?”

Of course sailors and Marines should read widely. Chief of Naval Operations Admiral Michael Gilday said similarly last week that he was merely exposing sailors to new ideas. But one can still wonder why “How to Be an Antiracist,” a book promoting sectarian racism, is on the reading list as “foundational” material on par with Jim Hornfischer’s classic naval histories.

The Navy’s reading list for sailors also includes “The New Jim Crow: Mass Incarceration in the Age of Colorblindness” and “Sexual Minorities and Politics.” Contrary to Gen. Milley and the Navy brass, it is not an assault on open-mindedness to ask whether an institution that requires esprit de corps and a common purpose can function if sailors are primed to view white shipmates as potential “oppressors.”

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Can Vivek Ramaswamy Put Wokeism Out of Business? Corporate America ‘makes money critiquing itself.’ The rest of us pay the price in diminished freedom.By Tunku Varadarajan

By on June 26th, 2021

https://www.wsj.com/articles/can-vivek-ramaswamy-put-wokeism-out-of-business-11624649588?mod=opinion_lead_pos5

A self-made multimillionaire who founded a biotech company at 28, Vivek Ramaswamy is every inch the precocious overachiever. He tells me he attended law school while he was in sixth grade. He’s joking, in his own earnest manner. His father, an aircraft engineer at General Electric, had decided to get a law degree at night school. Vivek sat in on the classes with him, so he could keep his dad company on the long car rides to campus and back—a very Indian filial act.

“I was probably the only person my age who’d heard of Antonin Scalia, ” Mr. Ramaswamy, 35, says in a Zoom call from his home in West Chester, Ohio. His father, a political liberal, would often rage on the way home from class about “some Scalia opinion.” Mr. Ramaswamy reckons that this was when he began to form his own political ideas. A libertarian in high school, he switched to being conservative at Harvard in “an act of rebellion” against the politics he found there. That conservatism drove him to step down in January as CEO at Roivant Sciences—the drug-development company that made him rich—and write “Woke, Inc,” a book that takes a scathing look at “corporate America’s social-justice scam.” (It will be published in August.)

Mr. Ramaswamy recently watched the movie “Spotlight,” which tells the story of how reporters at the Boston Globe exposed misconduct (specifically, sexual abuse) by Catholic priests in the early 2000s. “My goal in ‘Woke, Inc.’ is to do the same thing with respect to the Church of Wokeism.” He defines “wokeism” as a creed that has arisen in America in response to the “moral vacuum” created by the ebbing from public life of faith, patriotism and “the identity we derived from hard work.” He argues that notions like “diversity,” “equity,” “inclusion” and “sustainability” have come to take their place.

“Our collective moral insecurities,” Mr. Ramaswamy says, “have left us vulnerable” to the blandishments and propaganda of the new political and corporate elites, who are now locked in a cynical “arranged marriage, where each partner has contempt for the other.” Each side is getting out of the “trade” something it “could not have gotten alone.”

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