Week in Review

Quote of the week

“As the budget kabuki played out, I was watching a bit of the TV news this past weekend. One talking head asked the typical rhetorical question, `What kind of country do we want this to be’? Nice try, pal. That’s the wrong question anymore. It’s not what we want the country to be. We’re far past `wanting’. The correct question to ask looking ahead is `What can this country afford’? And that’s a very tough question. Indeed, it’s a tough bullet to chew. Because a lot of people won’t like the answers.” – Byron King

Burning The Candle At Both Ends: Raising the Debt Ceiling, and Extending QE-2 Indefinitely

by Gonzalo Lira

“The imminent crisis we got: The shutdown of the Federal government, the sovereign default of the United States. If the debt ceiling isn’t lifted, the government will shut down and default. If QE-2 isn’t morphed into QE-3, then the Treasury won’t find enough buyers for its issuance, so then the government will shut down and default.

“If the choice is between having the government shut down and default on its debt, and kicking the can down the road, then there’s really no choice at all: Kick the can down the road! Extend QE-2, and raise the debt ceiling—full speed ahead!” more…

The Obama Regime Gives Itself Permission To Wage Unlimited War

by William Norman Grigg

“The United States Constitution, as the Obama Regime pretends to understand it, is a most peculiar document, one that is actually enhanced by the criminal actions of public officials who brazenly violate its most explicit provisions. Most people would assume that such actions would tarnish the Constitution. As the administration tells it, however, decades of persistent presidential contempt for the Constitution have conferred an `historical gloss’ on the document, just as decades of determined obfuscation of its unambiguous and easily understood war powers provisions have ‘clarified’ their meaning.” more…

EU Heart Attacked by Mainstream Press!

by The Daily Bell

“[W]e have long expected an EU `tea party moment and considered it almost inevitable; but to have the language surface in a Financial Times article is truly surprising. Such a statement cries out for elaboration, which the FT declines to provide. Yet in a sense having such a point raised in the FT – one of the Anglo-American power-elite’s most prominent mouthpieces – is of itself a `teachable moment’ and may be seen as a kind of metaphorical turning point in the argument over the EU’s survival.” more…

The Fed Obliterates the Savings Ethic

by Doug French

“Depression babies learned early that `saving for a rainy day’ was not something one hopes to do but a requirement. The saying originated when most people worked on the farm. And when it rained, the fields were too wet to plow, and the farmer — not to mention the hired hands — made no money.” more…

Egypt’s Revolution Doing Damage Control

by Tony Cartalucci

“It was only last month that ElBaradei came under attack by protesters who pelted him with rocks while astutely shouting `American agent’ at the interloping globocrat. Fearing a counterrevolution and perhaps a real awakening in Egypt, ElBaradei became the recipient of yet another fortuitous Wikileaks release, this one claiming that the US was unhappy with ElBaradei during his stint at the UN IAEA. Perhaps to be on the safe side, ElBaradei resorted to the tried and true rallying cry used often by the very dictators the `Arab Spring’ was supposed to replace, threatening war with Israel.” more…

Regulars

  • The Bain Report
  • Failure Friday
  • Six failed banks this week.
  • Amazon Best Sellers: #1 The 17 Day Diet: A Doctor’s Plan Designed for Rapid Results by Mike Moreno; #2 Bossypants by Tina Fey; #3 Heaven is for Real: A Little Boy’s Astounding Story of His Trip to Heaven and Back by Thomas Nelson

Other Stuff

And now the numbers…

DOW Jones Industrials – 12,341.83 (-38.22/-0.31%)
S&P 500 – 1,319.68 (-8.49/-0.64%)
VIX – 15.32 (-2.55/-14.27%)
CSI 300 (China) – 3,358.944 (+5.586/0.17%)
BSE 500 (India) – 7,527.54 (-10.66/-0.14%)
MICEX (Russia) – 1,780.36 (-75.61/-4.07%)
BOVESPA (Brazil) – 66,684.211 (-2,033.797/-2.96%)
Nikkei 225 (Japan) – 9,591.52 (-176.56/-1.81%)
RICI (Commodities) – 4,329.19 (-110.56/-2.49%)
Oil/bbl (Brent) – 123.45 (-3.20/-2.53%)
Corn/bu – 749.50 (-24.50/-3.17%)
Wheat/bu (CBT) – 780.00 (-52.25/-6.28%)
Rough Rice (CBOT) – 13.965 (+0.28/2.05%)
Copper/lb – 427.75 (-22.40/-4.98%)
Gold/oz – 1,486.00 (+11.90/0.81%)
Silver/oz – 42.571 (+1.963/4.83%)
EUR-USD – 1.443 (-0.0053/-0.37%)
USD-JPY – 83.1318 (-1.6322/-1.93%)
USD-BRL – 1.5762 (+0.0073/0.47%)
USD-HKD – 7.7743 (+0.0029/0.04%)
NZD-USD – 0.7995 (+0.0168/2.15%)
3 Month Treasury – 0.06 (+0.02/50.00%)
2 Year Treasury – 0.69 (-0.12/-14.81%)
10 Year Treasury – 3.41 (-0.17/-4.75%)
30 Year Treasury – 4.47 (-0.17/-3.66%)
3 Month LIBOR – 0.27 (-0.02/-6.90%)
U.S. Public Debt (official) – 14,270,792,119,184.90 (+6,546,592,873.30/0.05%)
Baltic Dry Index (BDIY:IND) – 1,296.00 (-80.00/-5.81%)

Things are calming down here a bit. That’s always nice.

Went out to Grizzly Peak for dinner last night. Had the hanger steak sandwich and a couple of cask IPAs. Actually Wonderful Wife and I had ordered some psuedo-New Mexico food (rellenos and tamales) at first, but were told that they only serve them Monday-Thursday. So that was a little disappointing. I’ve actually never had their tamales before, but their rellenos, despite being different than what you get in New Mexico, are quite good. Instead of a green chile peppers they use a poblanos, and the whole dish has a sort of sweetness to it. They might even use goat cheese to fill them. Anyway, no go on the rellenos, but the sandwich was still good.

Baby Girl has been doing really well. We got her a step stool some time back, and she has become a pro at using it. She’ll push it around the floor and use it to climb up on all sorts of things, which is both good and bad. For example last night, she pushed it up to a light switch and started flickering it on and off. That’s the good. Climbing up to the stove top is not so good. She really likes to help us cook though. She’ll climb up to the counter and get eggs out of the box and hand them to you. She’ll help you stir things. One day she even used the step stool to climb into the kitchen sink.

So that’s about all I have for tonight. Actually I woke up at about 4Am and couldn’t sleep, so I got up and decided to finish this up. It’s almost 5:30 now, and breakfast is in just a couple of hours. Going back to bed is probably not in the cards, though maybe I’ll take a short nap.

Have a great weekend!

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