Yesterday, the Federal Reserve announced that it was adding almost $1 trillion into the economy in a move designed to get the gears greased enough to put the economic engine back into forward motion.

Dick Morris and Eileen McGann explain why the move, which amounts to the Fed giving banks and other lending institutions significant lines of credit, as well as buying up long term Treasury bills, is a perilous one.

Think of a parking garage filled with cars. The cars' owners leave them in the garage, because it's a bad day with rain and snow and conditions aren't suitable for driving. Similarly, banks and consumers leave their money in the vault at the Fed or in their bank accounts or under the mattress.

When conditions improve, though, all those metaphorical cars will suddenly be taken out for a drive. All at once. And a traffic jam of monumental proportion will ensue.

When everybody starts spending the money they're now leaving in vaults and mattresses, way too much money will be chasing way too few goods and services. Double-digit inflation will return to America.

Read the whole thing.

James Hansen, the NASA scientist who is largely responsible for pushing the global warming theory believes that democracy is not working in the fight against climate change by limiting carbon emissions. He is quite right. People will not vote for politicians who want to raise their taxes, limit their choices, or put regulations in place that cause the businesses that employ them to contract, if not go out of business entirely. Unfortunately for Mr. Hansen, totalitarian regimes won't do much better, since they will not put policies into place that will cause their economies to grow more slowly, or shrink, due to the negative reaction from their peoples that would inevitably ensue. If Mr. Hansen's theory is correct, then the world will warm substantially during the course of this century as carbon emissions increase due to the growing, carbon fuel-based economies of all the nations of the Earth. We will only be saved by one of two things. Either new technologies will be invented that will allow us to move away from carbon fuels (oil, natural gas, coal) and move toward fuels that do not emit much in the way of global warming gases, or the theory is incorrect, and the world will not warm up that much, and may even cool down (as it appears to be doing over these last two years).

Nouriel Roubini believes the entire country was participating in a Ponzi scheme over these last 15 to 20 years, not just Mr. Madoff and his victims.

Peter Brookes says Russia has hit the re-set button when it comes to modernizing their military machine.

The President, no doubt stung by the firestorm he created, decides to scrap a policy that would have charged veteran's for the care they receive at VA hospitals. I am absolutely astounded by the political stupidity of those around the President who even allowed this to become an issue, and I wonder at the President's political acumen, as well. Is there no one in the White House who could have foreseen this controversy, and headed it off at the pass? Incompetence is the word that comes to mind.