Week in review

Quote of the week

“Who are these arrogant people, these Pelosi’s, these Franks, these Bainard’s, these McConnell’s, these Dodd’s? Who are they to stand in front of us with all of their arrogance to say that they know what’s best for us? … These Congressmen these Senators, I don’t know how any adult could look up to any of them. They are not my leaders. They couldn’t lead me across the street. They’re political hacks.” – Gerald Celente

How the Fed Helped Pay for World War I

by John Paul Koning

“In this article, I will look under the hood of the Federal Reserve during World War I to explain the actual tools and levers used by monetary authorities to reduce the value of the public’s money in order to fund government war spending. This example will help readers better understand the more general idea of an “inflation tax,” and how such a tax might be used in the future to fund the state’s wars.” more…

Pfizer and Kelo’s Ghost Town

by Wall St. Journal

“The Supreme Court’s 2005 decision in Kelo v. City of New London stands as one of the worst in recent years, handing local governments carte blanche to seize private property in the name of economic development. Now, four years after that decision gave Susette Kelo’s land to private developers for a project including a hotel and offices intended to enhance Pfizer Inc.’s nearby corporate facility, the pharmaceutical giant has announced it will close its research and development headquarters in New London, Connecticut.” more…

Congress to Healthcare Market: Drop Dead

by Mark J. Perry

“Given the momentum in Congress for some kind of government healthcare overhaul, the media attention is understandable. But at the same time that Congress debates different versions of Obamacare and considers various public options, some market-based healthcare solutions have gone largely unnoticed, despite the fact that they have successfully lowered medical costs and improved both access and quality of service.

“Here are seven such examples of market-based healthcare alternatives:” more…

The “Lorenzo Jones” Case Emerges

by Lyle Denniston

“It took less than two minutes Monday for the high-stakes patent case in the Supreme Court to descend to the level of questioning whether ‘Lorenzo Jones’ could get a patent on one of his hare-brained inventions, if Bernard Bilski and Rand Warsaw could get one on their theory about managing business risk. ‘Jones,’ an old-time radio figure who thought his creations in a garage would bring him fame and fortune, made an appearance in the first question, by Justice Antonin Scalia.” more…

Regulars

  • Failed bank report. We’re at 120 on the year.
  • CNN’s News Pulse. See what’s hot… (no comics this week, this will have to be a poor substitute).

Politics and Econmy

  • Ft. Hood killer linked with 9/11 hijackers, tried to contact Al Qaeda. Here’s a totally different take on all of that.
  • Here’s the final vote results for the healthcare bill with information about how each (un)representative voted.
  • In any case, as Bloomberg points out, the healthcare overhaul is far from over.
  • Key oil figures distorted. Peak oil may have come and gone.
  • Senator DeMint introduces a term limits amendment to the Constitution.
  • A bit on Senator Dodd’s financial regulation overhaul. Note that it does not include the language of HR1207. That is, under this bill, the Fed will not get its audit.
  • Treasury auctions off a record $81 billion worth of debt this week.
  • Kentucky joins the 10th Amendment movement.
  • Asian leaders urge Obama to back free trade.
  • CNN asks the question: “How much would you be willing to give to help pay down the national debt?”

Technology

  • Google has a new computer language, Go.
  • Software could replace sports writers.

Videos

And now the numbers…

DOW Jones Industrials – 10,270.47 (+247.05/2.46%)
S&P 500 – 1,093.48 (+24.18/2.26%)
VIX – 23.36 (-0.83/-3.43%)
CSI 300 (China) – 3,518.722 (+35.701/1.03%)
BSE 500 (India) – 6,538.25 (+243.75/3.87%)
MICEX (Russia) – 1,310.27 (+68.35/5.50%)
BOVESPA (Brazil) – 65,325.629 (+859.50/1.33%)
RICI – 3,146.42 (+25.68/0.82%)
Gold/oz – 1,116.70 (+21.00/1.92%)
Silver/oz – 17.38 (+0.005/0.03%)
Copper/lb – 299.95 (+4.70/1.59%)
Oil/bbl (Brent) – 76.31 (+0.44/0.58%)
Wheat/bu (CBT) – 559.75 (+62.50/12.57%)
Corn/bu – 405.75 (+38.75/10.56%)
EUR-USD – 1.4903 (+0.0055/0.37%)
USD-JPY – 89.657 (-0.219/-0.24%)
USD-BRL – 1.7225 (+0.0023/0.13%)
3 Month Treasury – 0.05 (+0.01/25.00%)
2 Year Treasury – 0.81 (-0.03/-3.57%)
10 Year Treasury – 3.42 (-0.08/-2.29%)
30 Year Treasury – 4.36 (-0.04/-0.91%)
U.S. Public Debt (official) – 11,991,219,535,897.90 (+658,091,068.40/0.01%)
Baltic Dry Index (BDIY:IND) – 4,111.00 (+718.00/21.16%)

So despite the healthcare “reform” monstrosity having passed the House, it still has not passed the Senate. Plus it is so obviously unconstitutional (the mandate) that even the despots in robes would have to see fit to overturn it. Plus it doesn’t take immediate effect, so there’s time… Still, it’s bad news.

In terms of strategy it seems that the “no tax payer funds for abortion amendment” should have been opposed by the Republicans, in which case more Democrats would have voted against the final bill. It is said that this amendment is what brought on enough support from wavering Democrats to pass the full bill. Methinks the Republicans made a strategic blunder, which admittedly I see only in hindsight… Or…

Anyway, that’s my assessment of the bare majority vote that was taken last weekend. It’s a total overhaul of 1/6 of our economy with a bare majority. The climate scam bill passed in exactly the same way.

Major changes with bare majorities… It’s all a power grab. Nothing more. In my opinion any hope we have of restoring sanity rests in the various state governments pushing back on the Feds.

Finally, watch out for the climate change treaty that will surely be coming out of Copenhagen. That’s bound to have some provisions for some poop flavored international bureaucratic control over your life.

On a positive note, I’m very happy to see Kentucky take a step toward nullification.

Alright, well no more for tonight. Have a good weekend!

The Constitution has 27 amendments, and 12 of those amendments came within the last century. One of those 12 amendments (#18) was repealed by a later amendment (#21). If we once thought that we had to amend the Constitution to ban “intoxicating liquors” and later had to again amend the Constitution to re-legalize the stuff, wouldn’t we need an amendment to allow the government to intrude even more intimately into our lives?
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