House bypasses governor’s veto to claim Oklahoma’s sovereignty

Although Gov. Brad Henry vetoed similar legislation 10 days earlier, House members Monday again approved a resolution claiming Oklahoma’s sovereignty.

View the video and read the article HERE.

This is another case in which the state is moving to reclaim state sovereignty against unconstitutional actions by the federal government. All should do the same and then add some teeth to the legislation. In Oklahoma's case the governor should hang his head in shame.

More on foreign lending to support our spending and bail out binges from The Daily Pfennig:

"The inflation numbers will be followed by the Empire manufacturing number, which everyone expects to show another major contraction in manufacturing here in the US.  Then we will get the all important TIC flow data which will give us an indication of the appetite of foreign investors for our US treasuries.  We have educated investors on the importance of this number for years, as foreign investment is the only thing enabling the US to continue to live above our means.  With the large increase in the budget deficit predicted for 2009, foreign investment has become even more important.  But several overseas investors, including Asian central banks, have started worrying about the amount of US debt they are holding.  But even if they wanted to continue financing our debt (and they have many self-serving reasons to do just that), the drop in global trade has put less money in the coffers of these export driven economies.  They simply don't have as much to invest as they did during the past few years.    So the I would expect to see the TIC flows decrease, putting Bernanke and his boys in an even tougher spot.  There are two ways they can try to entice these foreign investors back into the US treasury market, either let interest rates increase, or let the value of the US$ fall.  Now which do you think they will choose?  They have been running the printing presses on overdrive in order to try and keep interest rates down to create another refinance boom.   The Fed will try to do everything they can to keep interest rates down, so the alternative is to let the value of the US$ fall.  The drop in TIC flows, combined with a huge increase in funding requirements by the US, will have to lead to a general debasing of the US dollar."
When foreign funding for us ceases as it seems to be doing, where will the federal government get the funds to continue the spending hemorrhage? Creating more dollars out of thin air will without a doubt give us inflation and hyperinflation. Then the precious metals will skyrocket in price.

This is Friday and the markets will get a rest for the week end. Anything can happen. I am always pleased that all is in the hands of the God who loves His people and cares for them daily. His word overflows with faithful promises which encourage us and build our faith in Him during times of challenges. He cared for and disciplined His people, Israel, in Old Testament days and now that He has founded the church as His people since the incarnation of Jesus Christ, He cares for us in the same way. He, also, disciples us, as well.

Best to each, Doug