Craig W. Wright

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Week in review

Posted by kungfucraig on Friday, July 10, 2009

Quote of the week

“How often does the government have to be wrong, and how wrong do they have to be before people and the media stop taking them seriously?” – Gerald Celente

How Long Before the Fed’s Days Are Numbered?

by Michael J. Panzner

“Before you dismiss my words as a rant, hear me out. Why, for example, is the power to commit substantial resources on taxpayers’ behalf, to influence many of the most important commitments and relationships of businesses, individuals, and governments, and to initiate economic and regulatory policies with far-reaching consequences, in the hands of unelected officials with unexceptional abilities and no real accountability?” more…

Get Ready for 14 Percent Unemployment

by Louis Woodhill

“‘Stimulus’ is based upon the superstition that government borrowing and spending creates ‘demand’. In reality, it does no such thing. ‘Stimulus’ is like trying to raise the level of the Hudson River by dipping out a bucket of water, walking five feet downstream, and pouring it back in. The only difference between the Bush and Obama plans is that Obama’s bucket is bigger (and will create more debt). Ironically, the July 2 jobs report prompted calls from leftist economists for Obama to go back to the river with an even bigger bucket.” more…

When Stimulus Does Not Stimulate

by Shawn Ritenour

“From an economic perspective, Obama’s stimulus plan is equivalent to a giant welfare scheme. Instead of the money going to lower income Americans, however, it is meant to go to municipal bureaucrats of various stripes. Instead of productive American citizens determining what to do with their own scarce resources, the state is stepping in and dictating how they will be used. Consequently, such spending is essentially government consumption, which is what vulgar Keynesians think we need now more than ever. Such economists are shocked — shocked! — to find out that Americans are now saving any increases in income instead of blowing it on even more consumer goods. Not to worry, however. If private citizens do not consume enough for official tastes, the government always can.” more…

Pope Calls for “World Political Authority”

by Thomas R. Eddlem

“Benedict described what a powerful world government with teeth would look like: ‘Such an authority would need to be universally recognized and to be vested with the effective power to ensure security for all.’ He added: ‘Obviously it would have to have the authority to ensure compliance with its decisions from all parties’ — that is, nations.” more…

California…

  • Wall Street (and others) trade California IOUs.
  • California’s credit rating is cut close to junk.
  • Major banks will not take California IOUs. Already have too many junk assets.
  • Meanwhile revenues from property taxes are falling.

In the news…

  • Comics are back!!!
  • North Korea test fired seven missiles on Independence Day.
  • Pope calls for global political authority to oversee world economy.
  • The Michigan Campaign for Liberty was in the Ann Arbor News.
  • Google announces new operating system.
  • HR1207, S604
  • China continues to chip at dollar.
  • $18 million will be spent by Obama administration to redesign “recovery.gov“.
  • The Fed explains why they don’t need to be accountable.
  • Government Motors has emerged from bankruptcy.

And now the numbers…

DOW Jones Industrials – 8,146.52 (-134.22/-1.62%)
S&P 500 – 879.13 (-17.29/-1.93%)
VIX – 29.02 (+1.07/3.83%)
CSI 300 (China) – 3,398.31 (+71.175/2.14%)
BSE 500 (India) – 5,122.34 (-524.28/-9.28%)
MICEX (Russia) – 871.33 (-102.74/-10.55%)
BOVESPA (Brazil) – 49,220.781 (-1,713.91/-3.36%)
RICI – 2,682.77 (-175.97/-6.16%)
Gold/oz – 912.50 (-20.00/-2.14%)
Silver/oz – 12.66 (-0.765/-5.70%)
Copper/lb – 221.15 (-5.30/-2.34%)
Oil/bbl (Brent) – 60.52 (-5.09/-7.76%)
Wheat/bu (CBT) – 518.75 (-10.25/-1.94%)
Corn/bu – 338.00 (-20.00/-5.59%)
EUR-USD – 1.3936 (-0.0044/-0.31%)
USD-JPY – 92.545 (-3.495/-3.64%)
USD-BRL – 1.9958 (+0.0424/2.17%)
3 Month Treasury – 0.17 (+0.02/13.33%)
2 Year Treasury – 0.90 (-0.08/-8.16%)
10 Year Treasury – 3.30 (-0.20/-5.71%)
30 Year Treasury – 4.20 (-0.12/-2.78%)
U.S. Public Debt (official) – 11,526,304,058,825.50 (+36,743,059,514.80/0.32%)
U.S. Public Debt (actual est.) – 61,550,294,000,000.00 (-315,481,000,000.00/-0.51%)
Baltic Dry Index (BDIY:IND) – 2985.00 (-535.00/-15.20%)

I’ve got little to say and less time to say it. Going to Phoenix tomorrow for the weekend. Still have to pack and clean the house a bit. Have a great weekend!

Posted in Week In Review | Leave a Comment »

Week in review

Posted by kungfucraig on Friday, July 3, 2009

Quote of the week

“[W]hat is the point of keeping Madoff in prison? He represents no threat. Rather than pay $30,000 per year to keep him locked up, we suggest that he be forced to do community service work. He should be pressed into service as the next head of the Federal Reserve after Ben Bernanke’s term expires in December. With Madoff in the big office, there would be no longer any illusions about what sort of bank the Fed is running.” – Bill Bonner

California, Here We Come!

by Pat Buchanan

“In just a few weeks time, California hits the wall. And Americans should take a good, long look at the fiscal and social wreck of the Golden Land, because California is at a place to which all of America is heading.” more…

Carbongate

by Investor’s Business Daily

“Little evidence? Outdated U.N. research? No reason to rush? This is not what the Obama administration and House Speaker Nancy Pelosi were telling us when they were rushing to force a Friday vote on Waxman-Markey. We were given the impression that unless we passed this cap-and-tax fiasco, polar bears would be extinct by the Fourth of July.” more…

Whose Right Is It, Anyway?

by Art Carden

“If I give a government the power to force you to accept my values, I also give them the power to force me to accept your values at some point in the future. Another way of saying this is that any government with the power to take an atheist’s money and give it to my church is also a government with the power to take my money and give it to Planned Parenthood. When we use force to restrict others’ liberty, we endanger our own.” more…

Too Much Spending, Not Enough Savings: Destruction of an Economy

by Byron King

“For every U.S. household that SAVED part of its income last year (you know who you are), there was another that spent more than it took in (and YOU know who YOU are, as well). On the surface, it may seem like there’s nothing wrong with households spending the whole wad. After all, it’s OK if income and expenses are in balance, right? Wrong.

“The problem with households not saving is that over the long run, it ruins the economy.” more…

Inefficiency, Transaction Costs Plague Health Care

by Allen M. Parkman

“On closer scrutiny, the problems with this industry should be viewed differently, as purchases of health care are often inefficient with unnecessary transaction costs. Let me explain. They can be inefficient because consumers are not exposed to the true cost of the services they are receiving and, consequently, the benefits may not justify the costs. In addition, there are unnecessary costs associated with each transaction. In contrast to a simple credit card purchase at a grocery store, health care expenses covered by insurance require additional paperwork for the provider and then administrative scrutiny from the insurance company.” more…

Is It Obama’s Economy Yet?

by Carl M. Cannon

“Someday quite soon, like maybe tomorrow, this mess of an economy will belong to Barack Obama and his administration. He will own it, not his predecessor. This is as it must be – we only have one president at a time — and public-opinion polls suggest that millions of Americans feel that this is already the case, their numbers increasing with each new round of the deteriorating economic news that has greeted each of Obama’s five-plus months in office.” more…

In the news…

  • June economic summary in graphs.
  • Madoff was sentenced to 150 years in prison.
  • The first quantum processor has been created by Yale researchers.
  • Comic book writer detained by TSA for carrying a script depicting terrorist attacks. Arguably this could be a hoax, but it’s still believable, and that in and of itself says something.
  • Honduras suffers a coup. But have you really heard the whole story?
  • Michigan offers to house prisoners for California.
  • Toyota develops mind controlled wheel chair.
  • Firefox 3.5 is released.
  • Poll says voters back public health insurance option, but wouldn’t want to actually use it.
  • Washington Post offers lobbyists paid access to Obama regime as well as its own political editors and reporters, then backtracks.
  • Human implantable RFID chips. Yummy.

Videos

  • “I Want Me Some TARP” or “The Stimulus Song“.

And now the numbers…

DOW Jones Industrials – 8,280.74 (-157.65/-1.87%)
S&P 500 – 896.42 (-22.48/-2.45%)
VIX – 27.95 (+2.02/7.79%)
CSI 300 (China) – 3327.135 (+198.714/6.35%)
BSE 500 (India) – 5,646.62 (+60.29/1.08%)
MICEX (Russia) – 974.07 (+13.91/1.45%)
BOVESPA (Brazil) – 50,934.691 (-550.918/-1.07%)
RICI – 2,858.74 (-73.44/-2.50%)
Gold/oz – 932.50 (-8.50/-0.90%)
Silver/oz – 13.425 (-0.68/-4.82%)
Copper/lb – 226.45 (-4.45/-1.93%)
Oil/bbl (Brent) – 65.61 (-3.31/-4.80%)
Wheat/bu (CBT) – 529.00 (-5.25/-0.98%)
Corn/bu – 358.00 (-46.25/-11.44%)
EUR-USD – 1.398 (-0.0076/-0.54%)
USD-JPY – 96.04 (+0.855/0.90%)
USD-BRL – 1.9534 (+0.017/0.88%)
3 Month Treasury – 0.15 (-0.02/-11.76%)
2 Year Treasury – 0.98 (-0.13/-11.71%)
10 Year Treasury – 3.50 (-0.04/-1.13%)
30 Year Treasury – 4.32 (-0.02/-0.46%)
U.S. Public Debt (official) – 11,489,560,999,310.69 (+126,046,634,945.50/1.11%)
U.S. Public Debt (actual est.) – 61,865,775,000,000.00 (+314,146,000,000.00/0.51%)
Baltic Dry Index (BDIY:IND) – 3,520.00 (-183.00/-4.94%)

I asked a question last week: “What are the ties that bind our nation?” Sadly, the response was underwhelming. Here were the answers I got (in no particular order):

  • Blind faith
  • Love of cash, although this person noted love of cash binds the world
  • English
  • “Multicultural America is a proud, strong, productive and free society — we kick serious ass”

So we’ll discount #1 and #2 as sarcasm and leave it at that.

English was one of the things I was thinking about when I asked the question. Indeed the commonly used language tends to change at the borders of countries. Still Brits, Australians, New Zealanders,  and quite a few Indians speak English as a first language. Language seems to be a component, and perhaps it is a key component, necessary but not sufficient is my conclusion on English.

The last response is interesting and perhaps hits the nail on the head. If enough people believe this then America is America and we are bound. I take issue with this explanation only in so far as it is becoming less and less true with each passing day. Just ask yourself the question, are we becoming freer? Are we more free than our grandparents? What is the current trajectory and how long have we been on it? Without freedom can we be truly productive? Without productivity can we be strong? And at that point what is there of pride?

Some other possibilities that cross my mind are:

  • Christianity
  • The “live and let live” mindset
  • A common enemy
  • Commerce
  • Geography
  • Sense of a shared destiny
  • Our founding documents
  • Debt
  • A common currency
  • The NFL, NBA, MLB, NHL, etc…
  • Other cultural things like music, movies, and art
  • A shared past
  • Habit

I plan on doing some more thinking on this. Will share updates when it’s useful.

So strangely, I didn’t read any more or any less than I usually do this week, but wow there were some good articles out there as you can tell from the fact that I linked six articles as opposed to my usual three or four. And seriously, there were at least two other pieces that would have made it on an average week. I’m not sure what the pattern is or if in fact there is one at all, but perhaps everyone was writing good stuff because it was the end of the month or maybe its because Independence Day is on Saturday.

Speaking of Independence Day. Please make the time to read our Declaration of Indepdence this weekend. Also, there are many many gatherings around the country on Friday and Saturday where liberty loving individuals will be meeting to discuss current events and plan for the future. Please attend one of these events and make some new friends! Alone we are nothing, but working together we might move mountains. To that end I will be in Manchester on Saturday.

Okay that’s it! Long winded today I was.

Have a great weekend and a Happy Independence Day!

Posted in Week In Review | Leave a Comment »

Honduras Coup: An Act to Save The Honduran Republic From A Hugo Chavez Would Be

Posted by kungfucraig on Friday, July 3, 2009

by Mitch Cummins

I don’t profess to be an expert at Honduran politics or constitution, but I have been here a while and stay pretty involved with what’s going on in Honduras and especially Roatan. For those that don’t know me, I’m an American investor that has lived in Honduras full time since 2002. I’m very active on several commissions and have met with minister level executives of the Honduran government many times in the past few years.

There have been a lot of comments, descriptions, and hypothesis over the past few days. I’ve spent a LOT of time reading Spanish and English reports, talking to a lot of people on the islands and on the mainland, and listening to the local politicians. I’d like to present my take on what’s happened. This is especially for Nick who’s been posting on the Roatan Tourist discussion group, but hopefully it will help clarify some points for others as well.

Mel Zelaya was elected 3 ½ years ago with an underwhelming 49% of the vote. He was seen as a fairly conservative member of the liberal party. The general feeling when he was elected was that he wasn’t the greatest pick, but his background as a wealthy logger and rancher coupled with his more liberal social policies would probably be OK.

Almost from day 1, Mel started shifting Honduras policies to the left.

Remember when he tried to nationalize the oil industry – forcing all fuel distributors to buy from 1 company so that Mel could control the price? The US rightfully reminded Mel that the US oil companies had a lot invested here and the confiscating of those assets would not be a good thing. Mel changed his mind a couple of days later.

Mel gave away the fishing rights to an area that Honduras has been fishing for decades if not a hundred years. He gave those rights to Nicaragua for nothing – or at least nothing that was ever publicly reported. Mel forgot to mention this transaction to anyone in the country, let alone the fisherman. Guess how the fishermen found out? The Nicaraguan Navy confiscated several boats over a period of a few weeks. The crews on these boats were detained from a few days to a few weeks. Some of the boats were eventually returned to the rightful owners – after paying “fines”. Some of the boats even had the electronics and gear still on board when they were returned to the owners. The Honduran government did absolutely nothing to repatriate these boats.

Mel wanted Honduras to join ALBA – a collection of countries that was formed by Cuba and Venezuela to counteract NAFTA/CAFTA from the US. When this was announced, there was a lot of concern – especially from the business community. I was in a meeting with the local congressman less than a week before it was ratified. The message being sent was that this was just a way to get cheap oil from Venezuela. The congress wouldn’t consider ratifying this treaty for 6 or 8 months and by then Mel would have the oil that he was after. Again, less than a week later Mel got the treaty was ratified by the congress.

Not too long ago, the minimum wage was raised from L. 3,500 per month to L. 5,500. That’s about a 60% increase. I’m not saying that the minimum wage didn’t need to be raised, but this huge increase was 3 times more than the labor unions were requesting (20%) and 6 times more than the business organizations had offered (10%). These increases caused tremendous layoffs on the mainland. Many maquillas (garment factories) began to move to Nicaragua because the cost of business in Honduras had gotten too high. This was another huge drop in jobs. I’ve not seen the actual number of jobs lost
because of the 60% increase in minimum wage, but it was staggering.

The Honduran constitution says that each year the President presents the annual budget to congress for approval. If the approval is not obtained by a specific date (I think it’s the end of January, but am not 100% sure) the budget from last year will be used until the new budget is approved by congress.

Mel never submitted a budget for 2009, hence the Congress can’t approve it so Honduras is operating in 2009 on 2008’s budget.

Now, why would a President not submit a budget? Who knows for sure but one of the possibilities is that 2009 is an election year. Mel would like to stay in power past 2009. The budget in 2008 didn’t include an election, so in essence there is NO money available for the 2009 election because we’re operating on 2008’s budget. There are other theories about hiding graft and corruption, but I would assume that anyone that becomes President in Honduras wouldn’t be concerned about hiding corruption and theft in the budget – he certainly didn’t mind doing it the previous 3 years!

Somewhere along the way, Mel decided to take a lesson from his mentor (Chavez) and arrange it so that he could remain in power for as long as he wanted. There was a little problem with this. The Honduran constitution, enacted in 1982, has 378 articles. 6 of these articles are “cast in stone”, meaning that they can NOT be changed. These 6 articles deal with defining the type of government, territory claims, and presidential term limits. They are the basis of the Honduran democracy.

One other tidbit from the constitution – Article 42, Section 5 says that anyone who is found to “incite, promote, or aid in the continuation or re-election of the President” would face loss of citizenship. Remember this one later on in this saga.

To further complicate things for Zelaya, ANY changes to the constitution have to be initiated by the legislative branch. The congress has to convene a constituent assembly. That’s basically a group of people selected by the congress to analyze any proposed changes and form those ideas into the new constitution. After the proposed changes are formulated, the congress would approve them to be put to a national referendum. The executive branch (the President) has nothing to do with that process.

Mel didn’t think that the congress would go along with his ideas of staying in power so he decided he’d call his own referendum. He doesn’t have the authority to do that – remember that constitutional changes can only be done by the legislature AND the term limits are one of the articles cast in stone – but he goes ahead and calls one anyway.

The Honduran Supreme Court says “Sorry Mel, you can’t do a referendum. That’s not within your power as president”.

Mel, or more probably one of his advisors, figures out that if a referendum can’t be done, we could probably do a survey or a poll instead! Great idea – nobody will figure out that the poll that we’re now going to do is exactly the same thing as we were going to do with the referendum.

Damn those people on the Supreme Court! They figured out the ruse! They ruled unanimously that regardless of what you call it, if it acts like a referendum the president can’t do it. If it looks like a duck, and walks like a duck, and quacks like a duck . . . .

Mel continues to talk of doing the poll on June 28 regardless of the Supreme Court

The Congress looks at the poll that Mel wants to do and gives an opinion that the poll would be illegal and they will not support it. Remember that Mel’s own political party is in control of the congress.

The Attorney General also analyzes the poll and determines that it is illegal. Over the course of the weeks leading to June 28, the AG reiterates many times that the poll is illegal and anyone participating in the poll would be committing a crime and could be arrested.

Mel runs into another logistical snafu. He needs some ballots printed. The entire political structure of Honduras (except him) has ruled that the poll is illegal. It’s a pretty sure bet that he can’t get the government to print the ballots for an illegal referendum so he asks his buddy Hugo Chavez to print the ballots. Of course Hugo says “No Problem Commrade!”

The rhetoric in the 2 weeks before the “poll” gets tense. Every legal opinion in Honduras says that the poll is illegal. The Supreme Court reaffirms its ruling that the poll is illegal. The Attorney General keeps saying that the poll is illegal and that anyone participating is committing a crime. Mel’s own political party says that the poll is illegal. There literally is not one legitimate group in the country that is siding with Mel about the poll.

Traditionally the military handles the distribution of the ballots and voting materials. The head of the military, Romeo Vasquez Velasquez says that the military will not participate in the poll because the Supreme Court is the entity that determines what is legal and what is illegal in Honduras. The Supreme Court has determined that the poll is illegal, so the military will not participate.

Mel Zelaya promptly fired Romeo Vasquez. The other heads of military (Navy and Air Force) as well as the Minister of Defense resigned in support of Vasquez.

The next day the Supreme Court ruled unanimously that Vasquez was fired without reason and demanded his reinstatement. Zelaya refused.

The ballots arrive in Honduras (from Venezuela on a Venezuelan flagged plane). The Attorney General demands that the ballots be confiscated and held at a military installation.

Mel decides that if the military won’t distribute the ballots, he’ll get his own people to distribute them

Mel gets a couple of busses and a few cars full of supporters. They drive to the Air Force installation that was holding the ballots. They forcibly entered the installation and took the ballots. Not only was this “breaking and entering” it was a complete betrayal of a lawful order of the Attorney General

The Attorney General says that the President has committed treason and asks for him to be removed from office. The congress created a commission to  examine Zelaya’s actions and determine if removal from office is appropriate.

A side note here about removal from office. I’m in no way a Honduran constitutional expert, but from what I understand, there’s not a clear means to impeach a sitting president. In a lot of constitutions, the impeachment of a president would be done by the legislative branch. In Honduras, there’s no such structure. There could be criminal charges brought against the president and the trial would be handled by the judicial branch. Not much different than anyone else accused of a crime. I’ve not heard of any provision to temporarily remove a president from office until the criminal charges were adjudicated. What would you do? Let a man accused of treason remain as the sitting president until the trial was completed? That would be insane, but that may be the only choice.

On Saturday, June 27, Mel got most, if not all, of the ballots distributed around the country. The polls were set to open at 7am on Sunday.

The Supreme Court voted to remove Zelaya. The Congress decided to remove Zelaya. The Attorney General stated many times that Zelaya was committing illegal acts and in fact committing treason. The military determined that the poll was illegal and that their responsibility was to uphold the constitution as opposed to supporting the president.

Early Sunday morning, about 6am, the military went to the president’s house and removed him from the building. He was put on a plane to Costa Rica. This was done to enforce the ruling from the Supreme Court.

This is where Article 42 of the constitution comes into play. The way that I read that article, Zelaya should have lost his Honduran citizenship at this point.

Once Mel had been removed, the President of the Congress (Roberto Micheletti) was sworn in as the new President of Honduras. This was exactly the person that is indicated by the constitution. It was a proper and legal succession of the presidency. The first thing that Micheletti did was confirm that the regularly scheduled elections would be held in November. His post is temporary until the new President was duly elected.

It’s been said all over the press that Mel was arrested in his pajamas. I personally don’t believe that. In an hour he would have been at some polling place to vote and also to motivate those that showed up. This was the biggest day of his life. I’d be amazed if he slept at all I know I wouldn’t be able to. There was one report that Mel was actually in suit pants and a crisply ironed white shirt when he was arrested and he asked to change into other clothes. Quite frankly, I see this as more likely.

I believe that this is an accurate depiction of the events that led to Zelaya’s expulsion on Sunday. If I’m wrong on a any points, I don’t think I’m off by much. The salient points are certainly accurate.

I personally think that it would have been better to arrest Zelaya and hold him somewhere in the country. He was removed from Honduras in the interest of public safety. The feeling at the time was that if he was held within Honduras, his supporters would take violent actions to release him from captivity. It would be a difficult decision and I’m sure the powers that be did what they thought was best.

I have been disgusted at the world reaction to these events. It=92s like they only looked at what happened on Sunday morning and ignored what events led to that day. I don’t understand how the removal of Zelaya was anything less than a small country demanding that their country remain democratic.

Their constitutional process worked exactly right to remove a rogue president with an agenda that was detrimental to the Honduran constitution and society. While the actions of June 28 would fit some definitions of a coup, it was certainly a legal and CONSTITUTIONAL coup. There have been several articles written that state that it was a MANDATORY coup. That’s a very difficult concept for most people from the first world to understand, but there are some coups that are good and even required.

I’ve read so much over the past few days that I can’t remember where I read this, but the author was talking about the events in Honduras. He concluded by stating quite simply that if you find yourself aligned with Castro, Chavez, and Ortega – you should REALLY look at where you’re standing.

I think that the Hondurans should be honored for what occurred. I know that I’ve never been prouder of a group of people than I’ve been of Hondurans the past several days. Instead of being isolated from the world and denounced as being “anti-democratic” they should be lifted on the shoulders of all free men around the world. I’m sure that there are plenty of people in Cuba, Venezuela, and North Korea that would LOVE to hear the story of what a small country can do to ensure democracy lives in their society for their children to enjoy. That is if the people in those countries ever hear of the great accomplishments of a small third world country with ideals and principals larger than the “democratic showcase” of the first world.

=B7         On Saturday, June 27, Mel got most, if not all, of the =
ballots
distributed around the country. The polls were set to open at 7am on =
Sunday.

=B7         The Supreme Court voted to remove Zelaya. The Congress =
decided to
remove Zelaya. The Attorney General stated many times that Zelaya was
committing illegal acts and in fact committing treason. The military
determined that the poll was illegal and that their responsibility was =
to
uphold the constitution as opposed to supporting the president.

=B7         Early Sunday morning, about 6am, the military went to the
president=92s house and removed him from the building. He was put on a =
plane
to Costa Rica. This was done to enforce the ruling from the Supreme =
Court.

=B7         This is where Article 42 of the constitution comes into =
play. The
way that I read that article, Zelaya should have lost his Honduran
citizenship at this point.

=B7         Once Mel had been removed, the President of the Congress =
(Roberto
Micheletti) was sworn in as the new President of Honduras. This was =
exactly
the person that is indicated by the constitution. It was a proper and =
legal
succession of the presidency. The first thing that Micheletti did was
confirm that the regularly scheduled elections would be held in =
November.
His post is temporary until the new President was duly elected.

=B7         It=92s been said all over the press that Mel was arrested in =
his
pajamas. I personally don=92t believe that. In an hour he would have =
been at
some polling place to vote and also to motivate those that showed up. =
This
was the biggest day of his life. I=92d be amazed if he slept at all =96 =
I know I
wouldn=92t be able to. There was one report that Mel was actually in =
suit
pants and a crisply ironed white shirt when he was arrested and he asked =
to
change into other clothes. Quite frankly, I see this as more likely.

=20

I believe that this is an accurate depiction of the events that led to
Zelaya=92s expulsion on Sunday. If I=92m wrong on a any points, I =
don=92t think
I=92m off by much. The salient points are certainly accurate.

=20

I personally think that it would have been better to arrest Zelaya and =
hold
him somewhere in the country. He was removed from Honduras in the =
interest
of public safety. The feeling at the time was that if he was held within
Honduras, his supporters would take violent actions to release him from
captivity. It would be a difficult decision and I=92m sure the powers =
that be
did what they thought was best.

=20

I have been disgusted at the world reaction to these events. It=92s like =
they
only looked at what happened on Sunday morning and ignored what events =
led
to that day. I don=92t understand how the removal of Zelaya was anything =
less
than a small country demanding that their country remain democratic. =
Their
constitutional process worked exactly right to remove a rogue president =
with
an agenda that was detrimental to the Honduran constitution and society.
While the actions of June 28 would fit some definitions of a coup, it =
was
certainly a legal and CONSTITUTIONAL coup. There have been several =
articles
written that state that it was a MANDATORY coup. That=92s a very =
difficult
concept for most people from the first world to understand, but there =
are
some coups that are good and even required.

=20

I=92ve read so much over the past few days that I can=92t remember where =
I read
this, but the author was talking about the events in Honduras. He =
concluded
by stating quite simply that if you find yourself aligned with Castro,
Chavez, and Ortega =96 you should REALLY look at where you=92re =
standing.

=20

I think that the Hondurans should be honored for what occurred. I know =
that
I=92ve never been prouder of a group of people than I=92ve been of =
Hondurans the
past several days. Instead of being isolated from the world and =
denounced as
being =93anti-democratic=94 they should be lifted on the shoulders of =
all free
men around the world. I=92m sure that there are plenty of people in =
Cuba,
Venezuela, and North Korea that would LOVE to hear the story of what a =
small
country can do to ensure democracy lives in their society for their =
children
to enjoy. That is if the people in those countries ever hear of the =
great
accomplishments of a small third world country with ideals and =
principals
larger than the =93democratic showcase=94 of the first world.

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The Declaration of Independence

Posted by kungfucraig on Thursday, July 2, 2009

by Thomas Jefferson

When in the Course of human events it becomes necessary for one people to dissolve the political bands which have connected them with another and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature’s God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.

We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness. — That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, — That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness. Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shewn that mankind are more disposed to suffer, while evils are sufferable than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security. — Such has been the patient sufferance of these Colonies; and such is now the necessity which constrains them to alter their former Systems of Government. The history of the present King of Great Britain is a history of repeated injuries and usurpations, all having in direct object the establishment of an absolute Tyranny over these States. To prove this, let Facts be submitted to a candid world.

He has refused his Assent to Laws, the most wholesome and necessary for the public good.

He has forbidden his Governors to pass Laws of immediate and pressing importance, unless suspended in their operation till his Assent should be obtained; and when so suspended, he has utterly neglected to attend to them.

He has refused to pass other Laws for the accommodation of large districts of people, unless those people would relinquish the right of Representation in the Legislature, a right inestimable to them and formidable to tyrants only.

He has called together legislative bodies at places unusual, uncomfortable, and distant from the depository of their Public Records, for the sole purpose of fatiguing them into compliance with his measures.

He has dissolved Representative Houses repeatedly, for opposing with manly firmness his invasions on the rights of the people.

He has refused for a long time, after such dissolutions, to cause others to be elected, whereby the Legislative Powers, incapable of Annihilation, have returned to the People at large for their exercise; the State remaining in the mean time exposed to all the dangers of invasion from without, and convulsions within.

He has endeavoured to prevent the population of these States; for that purpose obstructing the Laws for Naturalization of Foreigners; refusing to pass others to encourage their migrations hither, and raising the conditions of new Appropriations of Lands.

He has obstructed the Administration of Justice by refusing his Assent to Laws for establishing Judiciary Powers.

He has made Judges dependent on his Will alone for the tenure of their offices, and the amount and payment of their salaries.

He has erected a multitude of New Offices, and sent hither swarms of Officers to harass our people and eat out their substance.

He has kept among us, in times of peace, Standing Armies without the Consent of our legislatures.

He has affected to render the Military independent of and superior to the Civil Power.

He has combined with others to subject us to a jurisdiction foreign to our constitution, and unacknowledged by our laws; giving his Assent to their Acts of pretended Legislation:

For quartering large bodies of armed troops among us:

For protecting them, by a mock Trial from punishment for any Murders which they should commit on the Inhabitants of these States:

For cutting off our Trade with all parts of the world:

For imposing Taxes on us without our Consent:

For depriving us in many cases, of the benefit of Trial by Jury:

For transporting us beyond Seas to be tried for pretended offences:

For abolishing the free System of English Laws in a neighbouring Province, establishing therein an Arbitrary government, and enlarging its Boundaries so as to render it at once an example and fit instrument for introducing the same absolute rule into these Colonies

For taking away our Charters, abolishing our most valuable Laws and altering fundamentally the Forms of our Governments:

For suspending our own Legislatures, and declaring themselves invested with power to legislate for us in all cases whatsoever.

He has abdicated Government here, by declaring us out of his Protection and waging War against us.

He has plundered our seas, ravaged our coasts, burnt our towns, and destroyed the lives of our people.

He is at this time transporting large Armies of foreign Mercenaries to compleat the works of death, desolation, and tyranny, already begun with circumstances of Cruelty & Perfidy scarcely paralleled in the most barbarous ages, and totally unworthy the Head of a civilized nation.

He has constrained our fellow Citizens taken Captive on the high Seas to bear Arms against their Country, to become the executioners of their friends and Brethren, or to fall themselves by their Hands.

He has excited domestic insurrections amongst us, and has endeavoured to bring on the inhabitants of our frontiers, the merciless Indian Savages whose known rule of warfare, is an undistinguished destruction of all ages, sexes and conditions.

In every stage of these Oppressions We have Petitioned for Redress in the most humble terms: Our repeated Petitions have been answered only by repeated injury. A Prince, whose character is thus marked by every act which may define a Tyrant, is unfit to be the ruler of a free people.

Nor have We been wanting in attentions to our British brethren. We have warned them from time to time of attempts by their legislature to extend an unwarrantable jurisdiction over us. We have reminded them of the circumstances of our emigration and settlement here. We have appealed to their native justice and magnanimity, and we have conjured them by the ties of our common kindred to disavow these usurpations, which would inevitably interrupt our connections and correspondence. They too have been deaf to the voice of justice and of consanguinity. We must, therefore, acquiesce in the necessity, which denounces our Separation, and hold them, as we hold the rest of mankind, Enemies in War, in Peace Friends.

We, therefore, the Representatives of the united States of America, in General Congress, Assembled, appealing to the Supreme Judge of the world for the rectitude of our intentions, do, in the Name, and by Authority of the good People of these Colonies, solemnly publish and declare, That these united Colonies are, and of Right ought to be Free and Independent States, that they are Absolved from all Allegiance to the British Crown, and that all political connection between them and the State of Great Britain, is and ought to be totally dissolved; and that as Free and Independent States, they have full Power to levy War, conclude Peace, contract Alliances, establish Commerce, and to do all other Acts and Things which Independent States may of right do. — And for the support of this Declaration, with a firm reliance on the protection of Divine Providence, we mutually pledge to each other our Lives, our Fortunes, and our sacred Honor.

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Week in review

Posted by kungfucraig on Friday, June 26, 2009

Quote of the week

“Bribery in third world countries goes on under the table, behind closed doors, hidden from nosy journalists. In the US bribery of public officials occurs in broad daylight, paid out as speaker’s fees and advisor’s compensation.” – Eric Janszen

Beware the Neo-Cons on Iran

by Jim Scarantino

“President Obama is handling the Iran situation expertly. I am a frequent critic, but on this one, he’s got it right. US meddling in Iran will not aid the reformers and pro-democracy voices. We are still the Great Satan, even to many of the people marching in the street. One sure way to discredit the dissenters is to connect them to the US. The worst thing we can do is to inject ourselves into an internecine dispute.” more…

Dangers of a Constitutional Convention

by Larry Greenley

“Although attempting to get the federal government back under control by amending the Constitution is very appealing to many conservatives and constitutionalists, it does not address the primary problem. The primary problem is that the three branches of the federal government do not adhere to the Constitution as originally intended by the Founders. Surprisingly, this indifference to the Constitution began with some of the decisions of Chief Justice John Marshall nearly 200 years ago. Over the years this indifference has grown slowly, but with the advent of the Obama presidential administration combined with a Democratic majority in both houses of Congress, we’re now witnessing almost daily naked displays of raw, unconstitutional usurpations of power by the federal government with regard to states, businesses, and individuals.” more…

BRIC Nations Getting Bolder

by Bill Jenkins

“The BRIC countries (Brazil, Russia, India, China) had a much-ballyhooed meeting to discuss global economics and shake their fists at the U.S. powers that be for crushing their U.S. investments.” more…

In the news…

  • GAO has issued a report on arms trafficking in Mexico. Here’s a bit from the NRA about it.
  • Politicians spar over US response to the events in Iran.
  • French President Nicolas Sarkozy denounces burqas as a symbol of subservience and debasement.
  • Car makers get government loans to turn green.
  • EFF demands public release of FBI surveillance rules.
  • AIG will give the New York Fed two of its life assurance units.
  • Ron Paul and Jim Bunning: Fed trendsetters.
  • The Fed will keep pumping.
  • Fox News identified Mark Sanford as a Democrat in the wake of his announcement, however this is apparently not the first time they have made this type of mistake.
  • The Lord of the Rings trilogy will be broadcast in its entirety in Iran, ostensibly to help quell the protests.
  • Billionaires meet to discuss world overpopulation.
  • Eight Republicans have helped confirm an anti-gun zealot to the State Department.
  • China continues to criticize the dollar.
  • And last, but certainly not least. The House of Representatives passed a 1500 page “cap’n trade” bill.

Videos

  • Brookings is wary about the long-term fiscal situation for the United States. The future is now.
  • Barack Obama, he’s come to save the day. This is wayyyyy toooo funny!

And now the numbers…

DOW Jones Industrials – 8,438.39 (-101.34/-1.19%)
S&P 500 – 918.90 (-2.33/-0.25%)
VIX – 25.93 (-2.06/-7.36%)
CSI 300 (China) – 3,128.421 (+48.42/1.57%)
BSE 500 (India) – 5,586.33 (+120.00/2.20%)
MICEX (Russia) – 960.16 (-57.13/-5.62%)
BOVESPA (Brazil) – 51,485.609 (+111.839/0.22%)
RICI – 2,932.18 (-30.02/-1.01%)
Gold/oz – 941.00 (+4.80/0.51%)
Silver/oz – 14.105 (-0.095/-0.67%)
Copper/lb – 230.90 (+4.75/2.10%)
Oil/bbl (Brent) – 68.92 (-0.27/-0.39%)
Wheat/bu (CBT) – 534.25 (-21.00/-3.78%)
Corn/bu – 404.25 (-15.25/-3.64%)
EUR-USD – 1.4056 (+0.0119/0.85%)
USD-JPY – 95.185 (-1.085/-1.13%)
USD-BRL – 1.9364 (-0.0388/-1.96%)
3 Month Treasury – 0.17 (UNCHG)
2 Year Treasury – 1.11 (-0.09/-7.50%)
10 Year Treasury – 3.54 (-0.24/-6.35%)
30 Year Treasury – 4.34 (-0.16/-3.56%)
U.S. Public Debt (official) – 11,363,514,364,365.19 (-35,744,432,400.90/-0.31%)
U.S. Public Debt (actual est.) – 61,551,629,000,000.00 (+55,344,000,000.00/0.09%)
Baltic Dry Index (BDIY:IND) – 3703.00 (-367.00/-9.02%)

Ugggg. They just won’t slow down in Washington. It’s one thing after another after another. The newest installment in the radical transformation of our country lies with the Carbon Cap and Trade bill that just passed the House of Representatives. It was 1500 pages of legislation. Do you think any of them actually read it? You do? Oh then I  have got a deal for you. You see my cousin, the crowned prince of Nigeria, needs some help getting his inheritance out of the country…

In all seriousness, this monstrous piece of legislation, if it gets through the Senate and Zero signs it, will be very expensive. And Zero said that he wasn’t going to raise taxes. Oh, he was talking about the income tax you say… Oh then it’s okay. My heating bill was only $300/month last year and we kept the thermostat at 68 during the day, and 62 at night. Who cares of the price of natural gas doubles? I always wanted my utility bill to be as much as my rent. Bring it on! Freaking fantastic!

Can you imagine what our country is going to be like three years from now? I mean if Pelosi, Reid, and Zero can do this much in five months. My mind boggles. Were the Republicans this bad when they had both houses and the Presidency? Maybe they were. I do not recall. In any case allowing any single political party to control the legislative branch and the executive branch is a horribly poor idea. Horribly poor.

Gridlock I miss you so much. Please come back to me. I was a fool to want Washington to accomplish anything.

The census will be taken next year. I hear ACORN is going to be involved. You know the one, many of whose employees are facing voter fraud charges in 10 states. Hmmmm…. That this organization has not been throughly investigated is unforgivable. Rather, they may be working on the census, the primary purpose of which is to apportion federal representatives for the next 10 years!

Apparently there will be some really important questions on the census, like how many times you flush your toilet per day. Or so I’ve heard. And the penalty for not answering each question is a $100-$5000 fine. Constitutionally (yes, I know, it’s basically a dead letter) all they are supposed to do is count how many of us there are.

Okay, that’s enough of all of that. I have been pondering a question recently: “what are the ties the bind our country?” Please send me your answers and I’ll write about that next week!

And as always, have a nice weekend.

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Bash function for ‘cd’ aliases

Posted by kungfucraig on Sunday, June 21, 2009

For about two weeks there I thought I was going to drop Cygwin for Windows Power Shell. As I was in the process of doing that I ran across an interesting WPSH function by Peter Provost. Nothing earth shattering, but it was pretty useful. Keep a map of aliases to full paths and provide a function “go” that changes your current directory to the full path when you invoke “go” with the appropriate alias.

I got used to using this in WPSH and decided that I would implement it in bash. Of note: I had a number of aliases and shell functions defined before that did this, but using the map, or in the case of bash a file, to hold the aliases makes the whole scheme a heck of a lot more extensible.

Anyway here it is:

##############################################
# GO
#
# Inspired by some Windows Power Shell code
# from Peter Provost (peterprovost.org)
#
# Here are some examples entries:
# work:${WORK_DIR}
# source:${SOURCE_DIR}
# dev:/c/dev
# object:${USER_OBJECT_DIR}
# debug:${USER_OBJECT_DIR}/debug
###############################################
export GO_FILE=~/.go_locations
function go
{
   if [ -z "$GO_FILE" ]
   then
      echo "The variable GO_FILE is not set."
      return
   fi

   if [ ! -e "$GO_FILE" ]
   then
      echo "The 'go file': '$GO_FILE' does not exist."
      return
   fi

   dest=""
   oldIFS=${IFS}
   IFS=$'\n'
   for entry in `cat ${GO_FILE}`
   do
      if [ "$1" = ${entry%%:*} ]
      then
         #echo $entry
         dest=${entry##*:}
         break
      fi
   done

   if [ -n "$dest" ]
   then
      # Expand variables in the go file.
      #echo $dest
      cd `eval echo $dest`
   else
      echo "Invalid location, valid locations are:"
      cat $GO_FILE
   fi
   export IFS=${oldIFS}
}

Posted in Software, Technology, and Computing | Leave a Comment »

Are You a National-Socialist and don’t know it?

Posted by kungfucraig on Saturday, June 20, 2009

by Jeff Wright

There’s a reason why secessionist talk still runs through American discourse–America was born of secession.  Today, what’s looked at as fringe, was mainstream when the country was founded and for about 30-40 years.  Then it all started to break down.  The breakdown proceeded through the Civil War and then accelerated in the late 19th Century.

However, there’s also a very practical down-to-earth reason secession remains of interest:  Large, centrally-controlled entities simply don’t work in the long-run, they are ultimately highly inefficient (even though appearing for awhile to be efficient) and they tend to break up on their own anyway.  Actually large, centrally-controlled organization is mostly an artifact of 19th and 20th century industrialization that has likely run its course for both business and government.  It is gasping for air in the throes of its own disassembly.

It should be obvious that America was not founded as a large, centrally-controlled anything.  The states were meant to be their own mini-countries, the “laboratories of Democracy,” tied together in a loose federation having minimal centralized and very limited functions.  That distribution of power and control was meant to be the strength of America, with individual freedom and liberty the hallmark of our former country.

That model changed after the Civil War and into the industrial age as the power aggrandizers and despots started seeking ways to drive centralized control into the country and the move towards “nationalization” proceeded.  That’s when references to the United States changed from “are”  (as in “the United States are…”) to “is.”  It was becoming a single “thing.

The distorted homogenization and nationalization of the country has proceeded virtually unfettered throughout the 20th century as opportunists took advantage at every turn of fortune and misfortune to make nationalism the centerpiece of the citizen’s thoughts of their former state and country.

We are now beginning to see the weaknesses and the danger in having large, centralized control structures in banking, finance, and economic planning of any type.  Soon will follow with the inherent weaknesses of such structures of governance.  Such systems may not fail often, and indeed can appear to be highly successful for a time, but when they do fail it is catastrophic because it fails everywhere, all at once.

Today, most Americans erroneously think in completely nationalistic terms about the United States as “one nation, under God, indivisible…”  Even the pledge of allegiance, from which the term flows, was the creation of a Fabian Christian Socialist by the name of Francis J. Bellamy whose mission was to get Americans to think in more nationalistic, socialist terms (look it up! http://en.wikipedia.org/wiki/Francis_Bellamy).  The phrase, “and to the Republic, for which it stands…” is completely oxymoronic to the line that follows it with virtually no one questioning the obvious fallacy.  Long practice and constant recitation have embedded it deep into the conciousness of the population in a way that will make most react violently to the truth of its origin and meaning.

It would appear Bellamy and many others have succeeded.  It is complete historic irony that most people think it approaches blasphemy not to stand and commit such a nationalistic act as reciting the “pledge” en masse.  Speaking ill of the “pledge” can start a fight with almost any citizen today.  The brainwashing is that complete.  Just think about how your mind is already working for ways to justify maintaining “our sense of the nation” rather than our country.

A population that thinks in nationalistic terms is much easier to control as it behaves in massively conforming ways easier to manipulate and frighten into following the central “authority,” usually with unthinking obedience.  However, that is not the country the founders intended or in any way wanted or died to secure.  That is specifically the transition from a country they sought to avoid.

For the moment, the nationalists have won.  Nationalism has spread to virtually every corner of thought and speech throughout the country.  Just as “our Democracy” has substituted for “our Republic.”  The true independent, free-thinking and law-abiding American is now looked upon as, at minimum, highly unusual.  At worst, they are looked upon as actually dangerous to “social order.”  That is the result of 150 years of creeping, insidious nationalism.  There is hope that in the ongoing failure and natural disassembly of the current centralized system of control and power that a return to historic and fundamental American values will be resurrected.  At this point, it is only a hope.

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Week in review

Posted by kungfucraig on Saturday, June 20, 2009

Quote of the week

“Perhaps the greatest oxymoron is giving the Federal Reserve additional authority as a ’systemic risk regulator,’ despite its demonstrated incompetence in preventing, predicting, or even recognizing systemic risk of its own creation over the past two decades, culminating in our current crisis.” – B.J. Lawson

National Health Care Is Making Me Sick

by Emily Matthews

“Every choice (whether to have private or socialized medicine) leads to other choices. So if what the media tells us is true, that ‘most people favor socialized medicine,’ then what they’re really saying is most people would rather be dead than bankrupt. Huh?” more…

Divided We Stand

by Paul Starobin

“Remember that classic Beatles riff of the 1960s: ‘You say you want a revolution?’ Imagine this instead: a devolution. Picture an America that is run not, as now, by a top-heavy Washington autocracy but, in freewheeling style, by an assemblage of largely autonomous regional republics reflecting the eclectic economic and cultural character of the society.” more…

The Coming of the Fourth American Republic

by James V. DeLong

“[I]t is not unusual for decadent political arrangements to blaze brightly before their end. Indeed, the total victory of the old arrangements may be crucial to bringing into being the forces that will overthrow it. In some ways, the grip of the aristocracy on 18th-century France tightened in the decades leading up to 1789, and the alliance-of-states idea could have lasted a while longer had the Confederacy not precipitated the crisis. So the utter triumph of the Special Interest State over the past 15 years, and particularly in the recent election, looks like the beginning of its end.” more…

Fascialism: The New American System

by Thomas J. DiLorenzo

“The two worst scourges of humanity in the twentieth century were socialism and fascism. Together, they wrecked much of the world economy because of their shared ‘fatal conceit’ (F.A. Hayek’s term) that government central planners were superior to private property and free markets. Fascist and socialist governments (not that there’s much difference between them) murdered over 100 million of their own citizens, as the sociologist R.J. Rummel has documented (See his book, Death by Government), and instigated wars that caused the deaths of millions more.

“Incredibly, the two-party duopoly that has long ruled America has adopted both fascism and socialism as the defining characteristics of our economic system. Call it Fascialism. It is a recipe for national economic suicide.” more…

In the news…

  • North Korea vows to weaponize its remaining plutonium.
  • Ahmadinejad’s questionable victory in the Iranian elections was greeted by protests.
  • Twitter/Facebook played a key role for Iranian protestors.
  • The US government has urged Twitter to postpone is scheduled downtime because of the role it is playing in the Iranian election protests.
  • Obama’s plan to aggrandize the power of the Federal Reserve could meet some resistance in Congress.
  • Summary of this weeks BRIC meeting. BRIC=(Brazil Russia India China). Learn that term well…
  • African entrepreneurs will launch weather balloons to provide broadband access.
  • The state sovereignty movement is getting some press in the LA Times.
  • Large parts of Flint, Michigan are undergoing planned demolition.

Videos

  • A recent history of the US economy

And now the numbers…

DOW Jones Industrials – 8,539.73 (-259.53/-2.95%)
S&P 500 – 921.23 (-24.98/-2.64%)
VIX – 27.99 (-0.16/-0.57%)
CSI 300 (China) – 3,080.001 (+173.715/5.98%)
BSE 500 (India) – 5,466.33 (-265.18/-4.63%)
MICEX (Russia) – 1,017.29 (-121.23/-10.65%)
BOVESPA (Brazil) – 51,373.77 (-2184.46/-4.08%)
RICI – 2,962.20 (-111.82/-3.64%)
Gold/oz – 936.20 (-4.50/-0.48%)
Silver/oz – 14.20 (-0.63/-4.25%)
Copper/lb – 226.15 (-12.15/-5.10%)
Oil/bbl (Brent) – 69.19 (-1.73/-2.44%)
Wheat/bu (CBT) – 555.25 (-29.50/-5.04%)
Corn/bu – 419.50 (-6.00/-1.41%)
EUR-USD – 1.3937 (-0.0079/-0.56%)
USD-JPY – 96.27 (-2.165/-2.20%)
USD-BRL – 1.9752 (+0.0492/2.55%)
3 Month Treasury – 0.17 (UNCHG)
2 Year Treasury – 1.20 (-0.06/-4.76%)
10 Year Treasury – 3.78 (-0.01/-0.26%)
30 Year Treasury – 4.50 (-0.14/-3.02%)
U.S. Public Debt (official) – 11,399,258,796,766.09 (+23,632,376,456.50/0.21%)
U.S. Public Debt (actual est.) – 61,496,285,000,000.00 (+59,375,000,000.00/0.10%)
Baltic Dry Index (BDIY:IND) – 4,070.00 (+487.00/13.59%)

Lots going on in the larger world. Too much to even pay attention to really. Hell, it’s hard enough to keep up with Obama’s never ending list of new initiatives. They come a million a minute, or so it seems.  He’s doing way too much way too fast as far as I’m concerned. The phrase “radical transformation” (for the worse) comes to mind.

I find the happenings in Iran very intersting and like so many others I am watching and hoping that the situation resolves itself to the benefit of the Mousavi supporters. That would be progress.

Have a nice weekend.

Posted in Week In Review | 2 Comments »

The Fed and Iran

Posted by kungfucraig on Friday, June 19, 2009

by B.J. Lawson

I hope you are enjoying a beautiful and bountiful summer. We’ve just finished up the political organizing season with an interesting NC GOP convention, and we’ve been taking some family time to get our personal house (well, gardens really) in order while preparing for what’s next.

There’s more to come on both of those fronts, but I wanted to drop a quick note on recent events with some good news. Just this week the Obama Administration presented its plans for (re)regulating the financial system, and Treasury Secretary Geithner was defending the proposal on Capitol Hill yesterday.

As you might imagine, educated observers are not impressed. Perhaps the greatest oxymoron is giving the Federal Reserve additional authority as a “systemic risk regulator,” despite its demonstrated incompetence in preventing, predicting, or even recognizing systemic risk of its own creation over the past two decades, culminating in our current crisis.

Despite the Fed’s performance as grounds for skepticism, I still run into people who are comfortable placing more trust and authority in our central bank. Apparently its placing $15 trillion of public funds at risk in one year (yes, that’s around our total GDP) isn’t reason enough to seek more fundamental reform. How can that be?

Helpful hint: when you find folks who articulately defend the status quo, and don’t think transparency and accountability need apply with money and banking, ask for their resumes. Chances are they have spent more time benefiting personally from the system than understanding and experiencing its undesirable side effects.

The good news, however, is that our fight for Federal Reserve accountability is bearing fruit. H.R. 1207, the Federal Reserve Transparency Act introduced by Rep. Ron Paul, now has 234 cosponsors — that’s a majority, with broad bipartisan support.

Given our recent success, it’s no surprise that the Federal Reserve is hiring veteran lobbyist Linda Robertson to represent its interests on Capitol Hill — the ultimate irony is that Ms. Robertson is best known for heading Enron’s lobbying office before its 2002 collapse. Clearly, hiring Enron’s former lobbyist means we’re making progress!

On another encouraging note, I hope you’ve been able to follow the revolution unfolding in Iran. Despite media restrictions, courageous Iranian citizens are documenting their growing uprising against tyranny via cellphones, video cameras, and intermittent Internet connections.

While it’s dangerous to draw conclusions from real-time blogs, cell phone videos, and Twitter, there are some encouraging signs. For example, we continue to see graphic videos of beatings and shootings by the private militia loyal to the current regime as they seek power through fear and intimidation. As the  crowds have swelled, however, some of these Basij militia are now covering their faces to avoid retaliation by protesters.

As our Independence Day approaches, I do hope our Supreme Court is watching the videos of home/dorm invasions, beatings, and killings by the Basij militia. As noted by Jews for the Preservation of Firearm Ownership, the purpose of our Second Amendment has never been clearer.

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Week in review

Posted by kungfucraig on Friday, June 12, 2009

Quote of the week

“[T]he central banks, money center banks and most politicians of the world (except Germany’s Angela Merkel) HATE monetized gold and silver. Why? Because precious metals require these worthies to suck it up. They have to live in an economy based on hard work, long-term investment and honest governance. Can’t have that, can we?” – Byron King

They think reading the bills is a joke

by James Wilson

“Not only are bills never read before a quorum in Congress, they aren’t read in committee either. Our supposed representatives think it’s a joke to believe they should know what they’re inflicting on us. But we don’t think it’s funny…

  • “The cap & trade bill, H.R. 2454, will remake the entire U.S. economy
  • “The bill is an astounding 932 pages long

“But the politicians don’t think it’s worth reading. In fact, Chairman Waxman introduced the bill on May 15th with the intention moving it out of committee in just one week! It took longer than that, but most of the committee’s time was spent defeating Republican amendments – which were also unread.” more…

Round and Round GM Goes

by Richard Marmo

“Round and round GM goes and where she stops, nobody knows.  Even a cursory examination of the various news reports, on the net at MSNBC or through the spoon-feeding of NBC Nightly News that arrives via your nice, new, widescreen digital television set, reaches the conclusion that no one really knows what they’re talking about.” more…

GM, Amtrak and an Increasingly Fascist America

by Ron Paul

“Last week, General Motors finally declared bankruptcy. Many in government thought $20 billion in taxpayer dollars would save the company, but as predicted, it only postponed the inevitable. The government will dump another $30 billion into GM and take a 60 percent controlling interest for it. Public officials are now involving themselves in tactical business decisions such as where GM’s headquarters should move and what kind of cars it will build.” more…

In the news…

  • Steve Ballmer, CEO of Microsoft, states that higher corporate taxes will send Microsoft jobs overseas.
  • Here’s a very depressing interview with Gerald Celente.
  • The Federal Reserve Bank will hire a lobbyist.
  • European Union election summary. The Pirate Party has secured at least one seat, maybe two.
  • A Toledo start-up is making thin-film solar cells on flexible steel sheets.
  • Turns our Airbus airplanes have no manual override for pilot, while on the other hand, Boeing’s do.
  • Good news everyone! Futurama will be back with 26 new episodes starting in 2010.
  • Pension liabilities will continue to nag GM post bankruptcy.
  • The Tenth Amendment movement continues to gain steam.
  • California faces a financial meltdown within 50 days.
  • The Senate has passed a bill that will have the FDA regulate cigarettes.
  • HR1207 now has majority support in the House of Representatives. On to Senate Bill 604. Call your Senators!
  • The army exoskeleton is becoming a reality.

Videos

  • $350 billion in TARP funds are missing in the Grand Theft Nation. (Thanks Jeff)
  • Peter Schiff on the Daily Show.

And now the numbers…

DOW Jones Industrials – 8799.26 (+36.13/0.41%)
S&P 500 – 946.21 (+6.12/0.65%)
VIX – 28.15 (-1.47/-4.96%)
CSI 300 (China) – 2906.286 (-33.02/-1.12%)
BSE 500 (India) – 5731.51 (-35.52/-0.62%)
MICEX (Russia) – 1138.52 (-5.75/-0.50%)
BOVESPA (Brazil) – 53558.23 (+217.218/0.41%)
RICI – 3074.02 (+55.97/1.85%)
Gold/oz – 940.70 (-21.90/-2.28%)
Silver/oz – 14.83 (-0.45/-2.95%)
Copper/lb – 238.30 (+9.90/4.33%)
Oil/bbl (Brent) – 70.92 (+2.58/3.78%)
Wheat/bu (CBT) – 584.75 (-38.25/-6.14%)
Corn/bu – 425.50 (-18.50/-4.17%)
EUR-USD – 1.4016 (+0.0048/0.34%)
USD-JPY – 98.435 (-0.205/-0.21%)
USD-BRL – 1.926 (-0.0355/-1.81%)
3 Month Treasury – 0.17 (-0.01/-5.56%)
2 Year Treasury – 1.26 (-0.03/-2.33%)
10 Year Treasury – 3.79 (-0.04/-1.04%)
30 Year Treasury – 4.64 (+0.01/0.22%)
U.S. Public Debt (official) – 11375626420309.599609375000000 (-13370967243.40/-0.12%)
U.S. Public Debt (actual est.) – 61436910000000.0000000000 (+58018000000.00/0.09%)
Baltic Dry Index (BDIY:IND) – 3583.00 (-226.00/-5.93%)

I am in the thick of getting this poker agent out this evening and this weekend. That’s been fun, but there’s so much more to do.

Meanwhile my pregnant wife just keeps growing. She’s so cute. :)

And we had visitors this week. My mom and step-dad came to visit us in Ann Arbor! Yay! Then we went to Amish country, which is just another tourist trap knick knack hell. Need random trash from China to put on your shelves? It can be had in Amish country. The only saving grace is that they make really cool furniture, and the Davis Mercantile Building is freaking awesome. Worth the trip, but a bit disappointing.

Okay that’s all for now. Have a great weekend!

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