Quote of the week
“Companies should be able to pay their employees however much they please. They should be able to go broke too. That’s how capitalism is supposed to work.” -Bill Bonner
by Ron Paul
“The real issue is that the overall budget is too big, by far, which is why I always vote against it. But attacking the 1 percent that was earmarked solves nothing. The whole issue is a distraction from the real problems we face, which are that the Federal Government will absorb over 1/3 of our country’s GDP this year and taxpayers are forced to fork over more than half their income to fund government at all levels. On top of that, the national debt is $11 trillion, which is $36,000 per citizen. The recent increases in bailouts, government spending and money creation is going to hobble our economy for decades. We must curb the government’s appetite severely if this country is ever to thrive again. The noise over “earmarks” is a red herring and a distraction from the real issue of uncommitted spending.” more…
by W Joseph Stroupe
“Increasingly ominous clouds are gathering in what could soon be the perfect storm against the United States dollar and against the present dollar-centric global financial order.” more…
by The National Inflation Association
“It is our belief that the monetary policies of the Federal Reserve and United States Treasury will soon put an end to this deflationary phase, and we will see massive inflation in the U.S. that could ultimately lead to Zimbabwe-style Hyperinflation.” more…
by Yaron Brook
“Why do we accept the budget-busting costs of a welfare state? Because it implements the moral ideal of self-sacrifice to the needy. Why do so few protest the endless regulatory burdens placed on businessmen? Because businessmen are pursuing their self-interest, which we have been taught is dangerous and immoral. Why did the government go on a crusade to promote ‘affordable housing,’ which meant forcing banks to make loans to unqualified home buyers? Because we believe people need to be homeowners, whether or not they can afford to pay for houses.” more…
by Lew Rockwell
“[Obama] came to power amidst the hosannas of the left, who saw in him the capacity to achieve all their dreams, whatever they were. But all he has done is extend the corporate fascist policies of George Bush – the same way that FDR extended the corporate fascist policies of Hoover.” more…
In the news…
- Chinese leaders are expressing concern with the quality of the US debt, of which they hold so much.
- Here’s an interview with a primary care doctor who was charging patients a $79/month retainer fee for unlimited visits. The government said he couldn’t do that. That it made him an insurance company.
- Flying car is closer to reality.
- The Fed will buy $300 billion in Treasuries. Holy pubes Batman, the Fed is monetizing government debt!
- Obama climate plan could cost $2 trillion.
- Obama healtcare plan could cost $1.5 trillion. Seriously, I’m sick of hearing about central planning.
- Here’s a scary one. Forecast of total collapse from a guy with a really good track record. Of course, one could say that with such a good track record he’s due a mistake. Then again…
- Ron Paul on abolishing the Fed, bailouts, and other stuff.
- If you can do 1 hour+ of Peter Schiff, this is great stuff.
And now the numbers…
DOW Jones Industrials – 7,278.38 (+54.40/0.75%)
Wilshire 5000 – 7,801.35 (+125.41/1.63%)
CSI 300 (China) – 2,379.84 (+174.42/7.91%)
BSE 500 (India) – 3,259.52 (+98.19/3.11%)
MICEX (Russia) – 792.05 (+42.76/5.71%)
BOVESPA (Brazil) – 40,076.41 (+1,061.04/2.72%)
Gold/oz – 956.20 (+26.10/2.81%)
Silver/oz – 13.84 (+0.63/4.77%)
Copper/lb – 1.796 (+0.136/8.19%)
Oil/bbl (Brent) – 51.22 (+6.29/14.00%)
Wheat/bu (CBT) – 5.5025 (+0.32/6.17%)
Corn/bu – 3.965 (+0.08/2.06%)
Dollar/Euro – 1.358 (+0.0653/5.05%)
Yuan/Dollar – 6.8228 (-0.0105/-0.15%)
Yen/Dollar – 95.93 (-2.04/-2.08%)
Dollar/Real – 0.4412 (+0.0064/1.47%)
3 Month Treasury – 0.20 (+0.01/5.26%)
2 Year Treasury – 0.87 (-0.09/-9.37%)
10 Year Treasury – 2.63 (-0.26/-9.00%)
30 Year Treasury – 3.66 (-0.01/-0.27%)
Fed Target Rate – 0.25 (UNCHG)
U.S. Public Debt – 11,039,686,130,898.09 (+56,136,202,169.40/0.51%)
Baltic Dry Index (BDIY:IND) – 1782.00 (-340.00/-16.02%)
The Audit the Fed bill (HR1207) currently has 39 co-sponsors. Please call your federal representative and ask them to co-sponsor this legislation.
On the calling note, I keep calling my representative’s office every Monday morning asking him to cut Federal spending. Anyway, I got a letter from him in response to my repeated calls. It was basically a big middle finger form letter. Something like, “I appreciate your comments, but I’m going to go ahead and do exactly the opposite of what you’re requesting.” It’s basically what I expected. I keep wondering how a person who “represents” over 1/2 million people can really claim to represent anyone at all. No “normal” person ever gets to talk to them. No “normal” person could ever run against one of them and expect to win.
I posted a Campaign for Liberty branded Bill of Rights earlier today. It’s in PDF format, and is designed to be printed in black and white on 8.5×11 paper. Check it out here.
Meanwhile, there was very good news this week. My wife and I are having a baby girl, and she’s due in mid-August. We’re both very excited! Anyway, most of you reading this probably already know that by now, but just in case. Other than that nothing much is happening around here, although it is warming up, which is soooooo welcome. Hopefully I can get out for a bit this weekend.
Have a great weekend!