Quote of the Week
“[O]il prices are high because the U.S. dollar is weakening every month. Federal spending is hemorrhaging. The tax system is dysfunctional, with more than half of U.S. households paying net-nothing, and they’re more tax-takers than tax-payers. The Federal Reserve is buying up Treasury debt like it’s nobody’s business — except it’s YOUR business, because it’s wrecking the value of the dollar over the long term.” – Byron King
by Robert P. Murphy
“Earlier in the year, the BBC featured a series of articles commemorating the 20th anniversary of the fall of the state in Somalia. Although the articles expressed the typical revulsion at `anarchy,’ the series was surprisingly balanced for such a mainstream outlet. Somalia is undeniably experiencing progress according to several criteria, despite (or, some would say, because of) its lack of a strong central government. “Economists familiar with the Rothbardian tradition have taken the analysis even further, persuasively arguing that Somalia is much better without a state than it was with one. The standard statist put-down — `If you Rothbardians like anarchy so much, why don’t you move to Somalia?’ — misses the point. The Rothbardian doesn’t claim that the absence of a state is a sufficient condition for bliss. Rather, the Rothbardian says that however prosperous and law-abiding a society is, adding an institution of organized violence and theft will only make things worse.” more…
by David Galland
“Getting thrown in prison for a crime you didn’t commit is probably one of the most terrifying experiences a person can endure. It gets even worse when that prison is in a third-world country that doesn’t have the same concept of `innocent until proven guilty’ that seems to exist, for the most part, in the developed world.” more… [Very interesting interview. Here's part 2. And part 3.]
by Brian Roberts
“Will the real constitutional champions in Texas please stand up? Lately we have our share of pretenders, talkers and chest-beaters in the Texas leadership. The TSA anti-groping bill inspired perfect examples of Texas leaders with big words followed by treacherous action, and treacherous action followed by blame games. It’s like a political game of musical chairs. Who’s going to be the poor dope left standing between angry Texans and the federal government, defending the indefensible?” more…
by Alex Leff
“When the Panama Canal was built almost 100 years ago, it revolutionized travel and trade. Now expansion of the canal, set to be unveiled in 2014, is a new driving force for ports across the hemisphere that see the need to gear up for the future it promises: an all-water route for oversize ships transiting from Asia to the Atlantic.” more…
- A Federal appeals court upholds ObamaCare. Cato has a nice opinion piece on that.
- Los Alamos fire near radioactive waste.
- Graphene, a material set to revolutionize just about everything. (The article is a little old, but it was a nice summary of what graphene is all about).
- California has made online retailers state tax collectors. Watch as they flee the state…
- Dayton police taser a retarded kid repeatedly at his doorstep.
- The Amerikan police state is the ‘new normal‘.
And now the numbers…
DOW Jones Industrials – 12,582.77 (+648.19/5.43%)
S&P 500 – 1,339.67 (+71.22/5.61%)
VIX – 15.87 (-5.23/-24.79%)
CSI 300 (China) – 3,049.745 (+22.275/0.74%)
BSE 500 (India) – 7,270.10 (+208.80/2.96%)
MICEX (Russia) – 1,698.10 (+64.11/3.92%)
BOVESPA (Brazil) – 63,394.34 (+2,377.621/3.90%)
Nikkei 225 (Japan) – 9,868.07 (+189.36/1.96%)
RICI (Commodities) – 3,919.98 (+77.88/2.03%)
Oil/bbl (Brent) – 111.77 (+6.65/6.33%)
Corn/bu – 596.75 (-35.25/-5.58%)
Wheat/bu (CBT) – 612.25 (-48.75/-7.38%)
Rough Rice (CBOT) – 14.91 (+0.405/2.79%)
Copper/lb – 430.25 (+18.70/4.54%)
Gold/oz – 1,482.60 (-18.30/-1.22%)
Silver/oz – 33.705 (-0.945/-2.73%)
EUR-USD – 1.4526 (+0.0338/2.38%)
USD-JPY – 80.828 (+0.4022/0.50%)
USD-BRL – 1.556 (-0.0488/-3.04%)
NZD-USD – 0.8273 (+0.0155/1.91%)
3 Month Treasury – 0.02 (+0.01/100.00%)
2 Year Treasury – 0.47 (+0.14/42.42%)
10 Year Treasury – 3.18 (+0.32/11.19%)
30 Year Treasury – 4.39 (+0.21/5.02%)
3 Month LIBOR – 0.25 (UNCHG)
U.S. Public Debt (official) – 14,343,087,640,008.40 (-1,415,767,700.50/-0.01%)
Baltic Dry Index (BDIY:IND) – 1,422.00 (-2.00/-0.14%)
Not too much time tonight, but I’ve met my deadline so that’s always nice. I’m going to be taking the next two weeks off. So don’t look for another edition until July 22nd.
Until then, Happy Independence Day!