Issues, News and Views


Sworn In
April 10, 2017

A Tremendous Day for
sound jurisprudence and
our Constitution!

Watch the swearing-in
and savor the prospect of
a Supreme Court Justice
who will defend our

Below is our rating of
Supreme Court justices
based upon judgement of
their fidelity to the

As the chart illustrates,
there are too many rogue
justices on the Supreme
Court. These appointed,
life-term judges take it
upon themselves to
arbitrarily unilaterally and
autocratically over-rule the
will of the people. They are
the equivalent of tyrants.

It is crucial to our
Democracy to fill all open
seats on all Courts, as
they arise, with true-to-
the-law judges. With
originalist, textualist
judges who apply the law
as passed by the
representatives of the

It is NOT the role of judges
to over-rule laws they just
happen to dislike. As
Gorsuch said at the

"A judge who likes every
outcome he reaches is
very likely a bad judge..."

April 07, 2017

A Supreme Court seat
opened with the passing of
Antonin Scalia just months
before the 2016 election.

President Obama
nominated Merrick Garland
as a replacement, but
Senate Majority Leader
Mitch McConnell (R-KY)
blocked the nomination,
claiming that the voters
should decide.

Elections have
consequences. Democrats
were certain they would
hold the White House and
regain the Senate in 2016,
thereby giving them full
control of the nomination

But the GOP held the
Senate, and won the
White House, against
all predictions.
Republicans campaigned
on the Supreme Court
issue, and won.

And that's why Democrats
lost the Supreme Court
nomination: because they
didn't win the election. The
people spoke. As it should

January 31, 2017

President Trump has
nominated Neil Gorsuch to
the United States Supreme
Court. View the
proceedings at the White

As the President so
appropriately remarked at
the nomination ceremony:

"I have always felt that
after the defense of our
nation, the most important
decision a president of the
United States can make is
the appointment of a
Supreme Court justice.
Depending on their age, a
justice can be active for 50
years and his or her
decisions can last a
century or more and can
often be permanent."

We anticipate that Neil
Gorsuch will be an
outstanding Supreme
Court Justice, just like
Antonin Scalia, the great
man he will replace.

Neil Gorsuch: a judge who
understands both what a
judge's role is; and what a
judge's role is not.


2017/07/20 - Herewith Chalprem provides you with our semi-annual economic update.

We continue to hold a constructive view of the United States economy, expecting that modest economic growth will continue. Before we outline the reasons why, let us lay out a few potential risks.

First, there are always risks. Even in our daily lives, we risk… being hitting by a car, being attacked by an animal, being a crime victim, contracting a disease, or suffering an accident of some type. They are called “accidents” for a reason. Accidents happen.

There are also foreseeable risks. The US deficit is far too high, and that poses risks, but the catalyst required to ignite that risk and turn it to chaos are not presently visible. One possible catalyst over the next six months is the debt ceiling, but we’ll have to see how that develops.

One possibility is that the biased leftist media, finally feeling the Russia fatigue that has been suffered by ordinary Americans for about six months now, probably knows it is time to move on and latch onto a new fake news anti-Trump meme. They might use the debt ceiling to induce some fake chaos, but we’ll see have to see how it plays it out. The fake hysteria could morph into a self-fulfilling real crisis.

Another foreseeable risk is the situation in North Korea. Chalprem believes it is the objective of Kim Jung-un to unite the Koreas, that to do it he will risk a full-scale war if necessary, and that it will be sooner rather than later. Possibly around the time of the 2018 Winter Olympics in South Korea.

Given North Korea’s designs, it is also Chalprem’s position that the less-worse alternative for the US, South Korea and Japan is to act pre-emptively, immediately, even if that means risking full-scale war.

And a full-scale war would be expected to have significant economic repercussions, though not necessarily bad, depending upon how the war goes. A rapid elimination of the Kim regime and absorption of the North by the South could add to intermediate term market confidence, and strongly support longer term economic growth. But it would trigger no lack of short-term turbulence.

But aside from those black swans, we expect the economy to continue to grow, albeit at a pace somewhat below what we are actually capable of. This represents a bit of a downgrade from January, as we have been disappointed by the Congressional Republicans to get their act together and help the President with his agenda.

At the heart of our still optimistic view is the global availability of plentiful inexpensive energy. Fracking has structurally changed the oil and gas market from a global near-monopoly controlled by OPEC, to an almost perfectly competitive global market. This is not a great thing for producers - stay away from energy stocks – but it is a wonderful thing for energy consumers. And global economic growth.

Which brings us to the second reason for optimism about the US economy: global economic growth. At this time almost every region of the planet is pulling at least part of the economic load as the outlook improves in South America, Europe and Asia including China. An indicator of improvements in China is the price of copper, which had drifted lower in the spring, but has strengthened over the past couple of months.

The third reason we will not see a recession any time soon is that the continued slow growth avoids a buildup of pressure that might cause a reset. Ideally an economy would go ten steps forward and then one step back to consolidate. But our economy hasn’t needed to take a break, since it hasn’t been able to work up a sweat under Obama’s anti-growth policies.

The American economy is like that talented but lazy basketball player who never needs to come off the court because he doesn’t work hard enough - but he’d accomplish a lot more if he’d work harder and take an occasional break.

The fourth reason for continued optimism is the Trump Administration - even though Democrats are hell bent on preventing Trump from doing the good things that would make America great again, at least the negative forces that would impose further decline are held at bay.

The regulatory state won’t get worse legislatively, and the executive branch is doing what it can to ease the practical burden of regulation. Less austere, hostile and adversarial enforcement of existing legislation is already a plus for the economy.

Gridlock is far from the worst thing for business. As bad as Obama’s “hope and change” policies were for economic growth, even good policy changes are still changes, and they make business planning, spending and expanding a more complicated, higher risk proposition.

Still, pro-growth changes in public policy, though possibly somewhat disruptive in the short term, move us to higher sustained levels of growth, output and prosperity without increasing the deficit. What is holding us back is the inability of Republicans to push forward their agenda: full absolute repeal of Obamacare, tax reform and tax cuts, entitlement reform, and an absolute contraction in the scope and scale of government services and spending.

Don’t be fooled - government redistributional tax-and-spend is no-upside harmful beyond the short term sugar high. Free markets - households and businesses - are far more efficient at allocating capital then governments. When government uses its coercive powers to confiscate resources from market participants and reallocate the resources elsewhere, the results are usually suboptimal if not damaging. The creation of large bureaucracies is a drain on our economy. Thankfully, we don't expect damaging redistributional fiscal measures from this Congress or Administration.

A fifth reason we will not see a recession any time soon is the low interest rates. Inflation continues at a low level with little pressure in sight. The Fed will have little incentive or need to raise interest rates except at a very slow pace. Expectations of rising rates are overstated. Look for no more than two 25-bip increases in the next twelve months.

Real GDP clocked in at 0.7% in the first quarter, but rebounded to 2.9% in the second quarter. We expect GDP to continue in the 2% to 3% range for the rest of the year.

So, in summary, not a lot has changed since our January update. Globally prospects have gotten better, locally prospects are a bit diminished from higher hopes. If congressional Republicans can get their act together and accomplish anything in the way of tax cuts, spending cuts, tax reform, Obamacare repeal that would be additive (and shocking!). For the time being we will take solace in the executive branch’s deregulatory policies.


August 12, 2017 - America is the world third most populous country, 325,000,000 people. There are oh so many kind, reasonable, good-willed people in our great land.

Unfortunately, the law of large numbers says that even if 95% of Americans are wonderful people, that leaves over 16,000,000 nasty stupid people living amongst us.

During the summers of Obama we saw plenty of mean stupid black people displaying their character deficiencies in places like St. Louis and Baltimore. Now in this summer of Trump we are being treated to the white people version of nasty stupidity in Charlottesville, VA.

Yup, nasty stupid people with a propensity for violence come in all sizes and shapes. And colors. Don't forget color. Racists come in all colors too. KKK, black panthers, Black Lives Matter, Antifa, all of 'em. Just different sides of the same coin.

I live in New York City. When trouble is stirred up, which is frequesntly, I make a point of staying far away from it by a wide margin - not looking for trouble. If you live anywhere near Charlottesville, hopefully you were wise enough to avoid the nasty stupid people by a wide margin.

Which brings us Heather Hayer, a young woman who died in the violence. Foolishly she chose to seek trouble and be near it. And unfortunately she got too close and the nasty stupidity bit her.

We've commented before on the nice but stupid people who get too close to violent stupid people and it costs them their lives, for example- Kayla Mueller and Otto Warmbier. Now you can Heather Hayer to that list.

August 10, 2017 - The threat of war on the Korean Peninsula continues to escalate. No surprise to us, we've been talking about his for several years.

In fact, precisely two and a half years ago today we published a piece expressing scorn for Obama's global nuclear policy and predicting how it could only come to tears.

Well it is time to go looking for your hankies, the tear is near.

At the time Democrat strategist Pat Caddell called Obama "a president occupying himself in his own fantasy world in the twilight zone."

The Obama Administration's legacy continues to amass a miserable record.

August 09, 2017 - Yesterday President Trump promised to deliver "fire and fury" to North Korea.

Suddenly the biased leftist media is no longer talking of Russia blah blah blah ad nauseam. Suddenly the talking heads are scampering about offering sound bites on North Korea, including the likes of clueless Bill Richardson on CNBC this morning.

Hacks like Richardson criticize the President as if Trump created the whole Korean problem. Wrong. You can lay some of the blame on Harry Truman and most on, of all people, Richardson's old boss Bill Clinton. Trump is just stuck with the mess.

Yes, Richardson was Clinton's Ambassador to the United Nations from 1997 to 1998 when North Korea was at a low ebb and we could have rescued 25 million people from torture with little effort.

The pundits, the globalists, the elites, the media, the intelligentsia - the know-nothing know-it-alls - the Bill Richardsons of the world - are all talking about more negotiations, as if North Korea wants anything that can be negotiated.

Negotiations are the problem. Negotiations are what has allowed the problem to compound, and metastasize to the point where the US mainland is threatened.

Kim's objective is territorial expansion. This is not crazy, or even unusual. Think no further than Jeff Bezos (Amazon acquiring Whole Foods) or Vladimir Putin (annexing Crimea). Territorial acquisition is what leaders do.

Any Korea analysis not premised in Kim's objective of taking over the South, is ill-premised and will lead to false conclusions.

Kim is determined to unite the Koreas, and is willing to risk war to accomplish that objective.

August 02, 2017 - Today a pundit named David Ignatius published a RealClearPolitics article about North Korea. As is usually the case on this topic, the article was falsely premised.

The author made the following misguided statement: "A peaceful solution is impossible without help from the other great power in East Asia".

The premise of his op-ed was only half right - we argue the following: "A peaceful solution is impossible, with or without help from the other great power in East Asia".

In our view Kim Jong-un parallels Adolph Hitler, and the situation in Asia today parallels the situation in Europe in 1938 or even 1939.

In both cases we have a military dictator whose objective is to expand his realm, and who is fully willing to go to war to accomplish that objective.

We challenge the premise that a peaceful solution with North Korea is possible. Any attempt by our side to keep the peace will simply be used by Kim to further strengthen his forces.

Time is on Kim's side, not ours. Soon it will be September 1, 1939 all over again.

We suspect - and hope - that the Trump people understand this. That they will not repeat Chamberlain's disastrous Munich Agreement. That what we are seeing is the Colin Powell song-and-dance warm-up act: hurry up and go through the motions of trying everything else first, then do what you were going to do all along.

Or will we fall for that "peace for our time" disaster yet again?

Kim doesn't want peace, any more than Hitler did, so no peace is possible. Got it?

There are only 3 possibilities, ranked from least-worst to most-worst: 1. Decapitation of the regime; 2. War; or 3. Give Kim what he wants - cede South Korea to him.


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