The Committee to Destroy the World. Lewitt Michael E.

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Treaty Clause, which requires the president to submit major foreign policy agreements that constitute treaties to the Senate for two-thirds approval. Article II, Section 2 of the Constitution states that the president “shall have Power, by and with the Advice and Consent of the Senate, to make Treaties, provided two-thirds of the Senators present concur.” Knowing it lacked the requisite 67 votes to approve this agreement, Mr. Obama deemed the agreement to be an “executive agreement” that would only bind Mr. Obama and not subsequent presidents. In fact, only 42 members of the Senate supported the deal, 25 votes short of what would be necessary for a treaty. Of course, even if a subsequent president repudiates this unlawful agreement, the sanctions relief cannot be reversed.

      The Obama administration also violated the Take Care Clause of the Constitution. Article II, Section III holds that the president must “take Care that the Laws be faithfully executed.” In May 2015, both houses of Congress passed by overwhelming majorities, and the president signed into law, H.R. 1191, the Iran Nuclear Agreement Review Act of 2015 (the “Review Act” also known as the “Corker-Cardin Bill”) that provided for congressional oversight of the nuclear deal. The Review Act required the president to submit to Congress the text of the deal as well as all “annexes, appendices, codicils, side agreements, implementing materials, documents and guidance, technical or other understandings, and any related agreements, whether entered into or implemented prior to the agreement or to be entered into or implemented in the future.” The administration violated this language by failing to provide to Congress the side agreements between Iran and the IAEA that provided, among other things, that Iran would be permitted to inspect its own Parchin nuclear site (the agreement Iran breached in late 2015). So in addition to violating the Constitution, Mr. Obama broke his word to Congress by failing to provide these side agreements.

      In a further end-run around Congress and the American people, the Obama administration allowed the deal to be brought to the United Nations Security Council for approval before even bringing it to Congress, giving Vladimir Putin and Xi Jinping the first word on the agreement.

      President Obama’s deal with Iran ignored the legitimate concerns of Israel, Egypt and Saudi Arabia and led these traditional American allies to seek new alliances and, in the case of the latter two, their own nuclear weapons capability. While the Israeli Prime Minister tried to explain to Mr. Obama that “the enemy of my enemy is my enemy,” the Middle East will now be governed by the adage “the enemy of my enemy is my friend.” Such arrangements are fragile and unstable. Obama’s dismissive treatment during his administration of Israel, the only democracy in the Middle East and a steadfast ally, has been a national and moral disgrace as well as a profound strategic blunder that weakens the influence and interests of the U.S. not only in the Middle East but throughout the world. This treatment most likely emboldened several Jewish members of Congress to vote in favor of the Iran nuclear deal, shamefully selling out their constituents and their principles. When you openly mistreat one of your most important allies, your other allies question your reliability and your character.

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      McKinsey Global Institute, “Debt and (Not Much) Deleveraging,” February 2015, 9. In view of the opacity of China’s economic statistics, the country’s debt could well be much higher. No doubt it is higher than the 2014 figure of $28 trillion as this book comes to press.

      2

      The federal deficit was $10.6 trillion on the day Barack Obama took office in January 2009. By April 12, 2015, it had increased to $18.152 trillion.

      3

      Office of the Federal Register, “Federal Register Pages Published 1936–2013,” https://www.federalregister.gov/uploads/2014/04/OFR-STATISTICS-CHARTS-ALL1-1-1-2013.pdf. These statistics are cited in

1

McKinsey Global Institute, “Debt and (Not Much) Deleveraging,” February 2015, 9. In view of the opacity of China’s economic statistics, the country’s debt could well be much higher. No doubt it is higher than the 2014 figure of $28 trillion as this book comes to press.

2

The federal deficit was $10.6 trillion on the day Barack Obama took office in January 2009. By April 12, 2015, it had increased to $18.152 trillion.

3

Office of the Federal Register, “Federal Register Pages Published 1936–2013,” https://www.federalregister.gov/uploads/2014/04/OFR-STATISTICS-CHARTS-ALL1-1-1-2013.pdf. These statistics are cited in Mark R. Levin, Plunder and Deceit: Big Government’s Exploitation of Young People and the Future (New York: Threshold Editions, 2015), 171.

4

Office of the Federal Register, “Federal Register Pages Published 1936–2013,” https://www.federalregister.gov/uploads/2014/04/OFR-STATISTICS-CHARTS-ALL1-1-1-2013.pdf.

5

See “The Committee to Destroy the World,” The Credit Strategist, April 1, 2015.

6

At least English professors study human nature for a living. Human nature, not the soft science of economics, was the decisive factor guiding the economy after the financial crisis. Economic actors saw low interest rates as a sign that the economy was floundering and reacted by limiting their economic activity, behavior that escaped the rigid and outmoded models of the Federal Reserve’s economists.

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One had to shudder listening to Fed apologists like former PIMCO economist Paul McCulley appear on CNBC in August 2015 and proclaim that the Fed should “declare victory” and “take a victory lap” with respect to policies that had failed in virtually every respect. Other than preventing a total meltdown of the financial system in 2008 (which their policies led to), these policies have been abject failures. They distorted markets, destroyed liquidity, increased wealth inequality, failed to produce the type of inflation they desired while grotesquely inflating asset prices, failed to promote genuine employment growth (the labor participation rate in 2015 was at its lowest level since the 1970s), and contributed to the largest misallocation of capital in history through the largest debt buildup in history. Federal Reserve governors routinely make public statements demonstrating their total ignorance of how the real economy works while cowering in fear of the markets. They don’t trust markets and neither do their apologists. Rather than declaring victory, they and their cheerleaders should be hanging their heads in shame. The intellectual failures of policymakers and those who pimp for them in the media and on Wall Street have inflicted enormous damage on this country and its economy.

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Hyman

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