Tuesday, June 18 2013 10:18 AM EDT2013-06-18 14:18:23 GMT
(CBS/CNN) - Chrysler is expected to explain why its refusing to recall more than 2.5 million jeep SUVs. The National Highway Traffic Safety administration says 51 people have suffered fiery deaths inMore >>
Chrysler is expected to explain why its refusing to recall more than 2.5 million jeep SUVs and another recall on the Nap Nanny infant recliner.More >>
Monday, June 17 2013 9:41 AM EDT2013-06-17 13:41:31 GMT
(CNN) - A science-fiction-style project -- which could bring internet access to five billion people across the planet -- is being tested out in New Zealand. Software giant Google is launching balloonsMore >>
A science-fiction-style project -- which could bring internet access to five billion people across the planet -- is being tested out in New Zealand. Software giant Google is launching balloons into the stratosphere -- equipped with wireless technology that could create a truly global network.More >>
Friday, June 14 2013 10:13 AM EDT2013-06-14 14:13:03 GMT
(CNN) - An elephant stuck in a well, a really big hornet's nest and flying food trays are all video that will have you talking today. It's not a place you would expect to find an elephant, even a babyMore >>
An elephant stuck in a well, a really big hornet's nest and flying food trays are all video that will have you talking today.More >>
Thursday, June 13 2013 10:32 AM EDT2013-06-13 14:32:18 GMT
(CNN/CBS) - Hashtags are coming to Facebook. This is to help users better surface conversations. The social network wants to make it easier for users to find content already on Facebook and functionalMore >>
In today's What's Trending report, #Hashtags are coming to Facebook. This is to help users better surface conversations. More >>
Wednesday, June 12 2013 10:09 AM EDT2013-06-12 14:09:28 GMT
(CNN) - Buying your clothes from thrift stores, also called, "thrifting," is becoming more popular and trendy. An example of how it's grown: Goodwill Industries reported an 83% increase in revenue fromMore >>
Buying your clothes from thrift stores, also called, "thrifting," is becoming more popular and trendy. An example of how it's grown: Goodwill Industries reported an 83% increase in revenue from 2007 to 2012.More >>
Tuesday, June 11 2013 9:50 AM EDT2013-06-11 13:50:52 GMT
(CBS) - Law enforcement from San Francisco and New York are holding a smartphone summit this week. They'll meet with representatives from Apple, Google, Samsung and Microsoft and urge them to create newMore >>
A smartphone summit gets underway this week to tackle the rise in gadget thefts and more than 300,000 Honda Odysseys are being added to a federal probe of faulty air bags.More >>
Monday, June 10 2013 9:53 AM EDT2013-06-10 13:53:42 GMT
(CNN/KSDK) - A woman's chance of living at least five years after being diagnosed with breast cancer has gone up from 50% in the 1970's to 85%. But modern science doesn't get all the credit for the healing,More >>
A chair dubbed-- The Healing Chair-- helps seven women recover from cancer. The big brown recliner has been passed down by several ladies who were going through chemo and surgery.More >>
Saturday, June 8 2013 11:48 PM EDT2013-06-09 03:48:40 GMT
(CNN) - An Idaho grandmother who believes in living on the edge, jumps off a bridge wearing a chute and a smile. Get this, it was all for her 102nd birthday. Maybe you'll recognize her from appearances.More >>
An Idaho grandmother who believes in living on the edge, jumps off a bridge wearing a chute and a smile. Get this, it was all for her 102nd birthday.
Thursday, June 6 2013 2:16 PM EDT2013-06-06 18:16:46 GMT
(CNN) - In Entertainment News, Michael Jackson's 15 year old daughter Paris is hospitalized this morning. She's recovering after cutting one of her wrists. A family lawyer said Paris is physically fine. OneMore >>
Michael Jackson's 15 year old daughter Paris is hospitalized. More good news for Jennifer Love Hewitt, the actress is engaged.More >>
Wednesday, June 5 2013 10:33 AM EDT2013-06-05 14:33:44 GMT
(CNN) - The apparent kidnapping of a U.S. Marine and the recent arrest of a mother on drug charges. These cases are raising questions about the safety of Americans in Mexico. Americans flock to MexicoMore >>
The apparent kidnapping of a U.S. Marine and the recent arrest of a mother on drug charges. These cases are raising questions about the safety of Americans in Mexico.More >>
(CNN/TIME.com) - Some Republicans want to take the country forward by taking us back — way back – to the gold standard. The Republican party platform, approved on Tuesday, warns against the evils of "easy money and loose credit" and calls for a commission to "investigate possible ways to set a fixed value for the dollar." This proposal is clearly a sop to Ron Paul, who made "sound money" one of his big issues during his failed campaign, and has about as much chance of being enacted as Romney has of winning the African-American vote. But the mere fact of its existence is significant.
Almost everyone who is not Ron Paul, or at the very least a Ron Paul fan, thinks the idea of returning to the gold standard is daft. A recent University of Chicago poll of top academic economists found precisely zero who thought that was a good idea. Liberal commenters are aghast that the issue is even being raised. Economist and New York Times columnist Paul Krugman has described the gold standard as "an almost comically (and cosmically) bad idea." On The Atlantic, Matthew O'Brien called the gold standard "the world's worst economic idea." He conceded that "[t]here might be worse ideas than this, but they generally involve jumping off the Brooklyn Bridge because everybody else is doing it."
But aversion for the gold standard is hardly confined to the left. Economist Milton Friedman, the late king of the monetarists, argued that the idea was fundamentally "anti-libertarian because what they mean by a gold standard is a governmentally fixed price for gold."
Yet the gold standard still has its fans. What's the appeal? True goldbugs have an almost religious faith in the power of the precious metal, and a deep distrust of government. To some, what they call "sound money" is the only moral solution. At a conference organized by the libertarian Cato Institute last fall, speakers denounced our current policy of "fiat money" with the fervor of preachers. As George Melloan observed in the American Spectator,
"the consensus view [as the conference] seemed to be that in these parlous times a return to the gold standard might very well be the only way to restore order in the bawdy house Washington has become."
What worries the goldbug the most is the specter of inflation, which some at the conference referred to as not only harmful but "immoral." When the government can print money on demand — without having to back up its bucks with real gold — goldbugs warn, the end result can be hyperinflation and economic chaos.
And, as Joe Weisenthal points out on Business Insider, "the ability to create fiat money out of thin air is a stealth form of taxation, because the creation of more dollars diminishes the value of those already in existence." This makes the gold standard especially enticing to tax-hating conservatives.
The trouble is that the idea of gold as a bulwark against economic chaos is based on illusions. Going on the gold standard would essentially require an instant end to deficits, robbing to government of its ability to fight recessions (and possible depressions) with stimulus money. Moreover, it would link the value of the dollar to the gold supply, leaving our economic future in the hands of gold miners. If miners were to strike, as Noam Scheiber notes in The New Republic,
"there [would] be too few dollars relative to the amount of buying and selling going on in the economy. When there are too few dollars, each dollar becomes more valuable, and people start to hoard them. Spending slows and the economy collapses."
We all saw what happened when banks started hoarding their dollars during the financial crisis; imagine what might have happened if the rest of us had done the same.
Anyone who thinks the gold standard means stability needs only look at American history to see that theory rebutted, again and again, by the crashes and "panics" of the gilded age and afterwards. As Krugman sardonically notes, "under the gold standard America had no major financial panics other than in 1873, 1884, 1890, 1893, 1907, 1930, 1931, 1932, and 1933."
Given all this, it seems likely that any commission tasked with examining the gold standard would return with a conclusion similar to that reached by the Reagan Gold Commission back in 1982, the last time such an exercise was conducted: that a return to the gold standard "does not appear to be a fruitful method for dealing with the continuing problem of inflation." That's putting it mildly.
Tuesday, June 18 2013 6:50 PM EDT2013-06-18 22:50:52 GMT
TYLER (KYTX) - One man is dead after being shot in a hotel room at 6:55 Saturday morning at the American Inn Motel. Tyler Police said a report of a shooting victim was called in to police. When officersMore >>
Tyler Police are hoping surveillance video will lead them to four men wanted in connection with a deadly weekend shooting.More >>
Tuesday, June 18 2013 6:07 PM EDT2013-06-18 22:07:12 GMT
(KYTX)- TYLER, Texas-A Tyler eco-tourism guide was discovered with something up his sleeve in August of 2012. U.S. Attorney John M. Bales announced today that sixty-three year old William Lamar has nowMore >>
U.S. Attorney John M. Bales announced today that sixty-three year old William Lamar has now has pleaded guilty to smuggling snakes into the country.More >>
Tuesday, June 18 2013 5:54 PM EDT2013-06-18 21:54:38 GMT
An award winning local East Texas Bakery has announced their sweet secret that reveled them as contestants on the Food Network's hit show "Cupcake Wars." The Luscious Crumb filmed their episode back inMore >>
An award winning local East Texas Bakery has announced their sweet secret that reveled them as contestants on the Food Network's hit show "Cupcake Wars."More >>
Wednesday, June 19 2013 8:29 AM EDT2013-06-19 12:29:39 GMT
TYLER (KYTX) - Along with the arrival of summer comes the threat of ticks and the sicknesses that some of them can carry. A North Carolina family is mourning the loss of their six-year-old girl. SheMore >>
Along with the arrival of summer comes the threat of ticks and the sicknesses that some of them can carry.More >>
Wednesday, June 19 2013 7:58 AM EDT2013-06-19 11:58:19 GMT
EAST TEXAS (KYTX) - Foggy here in East Texas this morning with a dense fog advisory in effect until 10am. Otherwise, a stalled out front near Lufkin will provide a 20% chance of scattered afternoon andMore >>
Foggy here in East Texas this morning with a dense fog advisory in effect until 10am. A stalled out front near Lufkin will provide a 20% chance of scattered afternoon/evening thunderstorms.More >>