Week in Review

Quote of the week

“The bold effort the present (central) bank had made to control the government … are but premonitions of the fate that await the American people should they be deluded into a perpetuation of this institution or the establishment of another like it.” – Andrew Jackson

Escaping the Great Depression – and Extending the Greater Depression

by Doug Casey

“Here at Casey Research, our view of the Great Depression of the 1930s is a little different from that of most people. In our eyes, Franklin Roosevelt wasn’t a hero, he was a villain. Nearly everything he did served to extend and deepen the economic downturn.

“With the exception of supporting the 21st Amendment for the repeal of Prohibition, Roosevelt’s involvement in the economy was an unmitigated disaster. But in popular memory, that failure is obscured by U.S. success in WW2, over which Roosevelt presided.” more…

Reject the Patriot Act: The Constitution Demands it

by Rand Paul

“The USA PATRIOT Act, passed in the wake of the worst act of terrorism in U.S. history, is no doubt well-intentioned. However, rather than examine what went wrong, and fix the problems, Congress instead hastily passed a long-standing wish list of power grabs like warrantless searches and roving wiretaps. The government greatly expanded its own power, ignoring obvious answers in favor of the permanent expansion of a police state.” more…

Gold, Silver, Copper, Nickel and the Slow Death of Money

by Gary Gibson

“A huge opportunity to hedge against both inflation and deflation is lying out there in the open. There are no transaction costs and right now there’s even a built-in discount. But most people will never realize any of this.” more… [The article is about hoarding nickels, but there's some history about money in the 20th century United States.]

Will Color Revolutions Remove Central Banks?

by The Daily Bell

“In watching various color revolutions now and in the 1990s in Eastern Europe, it has occurred to us that they are specifically designed to keep money power in place. Hosni Mubarak has been removed from power along with some of his cronies, but the STRUCTURE of Egypt (the monetary structure, which is what matters) remains intact. This has nothing to do with politics or with the military – all areas that have received a great deal of attention. But as this article excerpted above shows us clearly, financial instrumentalities remain untouched.” more…

Regulars

  • The Bain Report – a must read for Michiganders.
  • Failure Friday
  • Amazon Best Sellers:#1 Heaven is for Real: A Little Boy’s Astounding Story of His Trip to Heaven and Back by Todd Burpo, Sonja Burpo, Colton Burpo, Lynn Vincent; #2 Unbroken: A World War II Story of Survival, Resilience, and Redemption by Laura Hillenbrand; #3 A Discovery of Witches: A Novel by Deborah E. Harkness
  • Another four failed banks this week. I dispute the notion that shutting down the government is in “no one’s interest”.

Other Stuff

And now the numbers…

DOW Jones Industrials – 12,391.25 (+117.99/0.96%)
S&P 500 – 1,343.01 (+13.86/1.04%)
VIX – 16.43 (+0.74/4.72%)
CSI 300 (China) – 3,211.876 (+90.92/2.91%)
BSE 500 (India) – 7,028.15 (+197.70/2.89%)
MICEX (Russia) – 1,690.11 (-23.82/-1.39%)
BOVESPA (Brazil) – 68,066.82 (+2,311.164/3.51%)
Nikkei 225 (Japan) – 10,842.80 (+237.15/2.24%)
RICI (Commodities) – 4,052.06 (+34.67/0.86%)
Oil/bbl (Brent) – 102.52 (+1.58/1.57%)
Corn/bu – 720.25 (+3.00/0.42%)
Wheat/bu (CBT) – 855.75 (-43.00/-4.78%)
Rough Rice (CBOT) – 15.075 (-0.81/-5.10%)
Copper/lb – 449.60 (-4.00/-0.88%)
Gold/oz – 1,388.60 (+28.20/2.07%)
Silver/oz – 32.296 (+2.301/7.67%)
EUR-USD – 1.3693 (+0.0139/1.03%)
USD-JPY – 83.1835 (-0.249/-0.30%)
USD-BRL – 1.6621 (-0.0036/-0.22%)
USD-HKD – 7.7848 (-0.011/-0.14%)
NZD-USD – 0.7616 (+0.001/0.13%)
3 Month Treasury – 0.09 (-0.02/-18.18%)
2 Year Treasury – 0.75 (-0.08/-9.64%)
10 Year Treasury – 3.58 (-0.05/-1.38%)
30 Year Treasury – 4.68 (-0.01/-0.21%)
3 Month LIBOR – 0.31 (UNCHG)
U.S. Public Debt (official) – 14,123,589,307,190.50 (+40,243,541,108.30/0.29%)
Baltic Dry Index (BDIY:IND) – 1,301.00 (+123.00/10.44%)

Definitely check out the Billion Prices Project from MIT and the comparisons with the CPI. You will be shocked by the difference.

If you can believe we have had our first pizza delivery since moving to Ann Arbor last night. Cottage Inn. Pretty good stuff, chewy crust. Typically we buy frozen cheese pizzas and top them ourselves. That way we can still have our favorite topping – green chile.

Baby Girl is making some serious progress. She can scale a coffee table in less than two seconds. Also kitchen chairs and a number of other tallish objects. She can also deliver the remote control for the TV on demand. So that’s nice. Her vocabulary is also expanding at a rapid rate. She’s got most facial features down -nose, eyes, chin, hair, etc – and many other body parts, foods, colors.

Otherwise not too much new to report.

So that’s it! Have a nice weekend!

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