Week In Review

Everything You Love You Owe to Capitalism

Whatever the specifics of the case in question, socialism always means overriding the free decisions of individuals and replacing that capacity for decision making with an overarching plan by the state. Taken far enough, this mode of thought won’t just spell an end to opulent lunches. It will mean the end of what we all know as civilization itself. It would plunge us back to a primitive state of existence, living off hunting and gathering in a world with little art, music, leisure, or charity. Nor is any form of socialism capable of providing for the needs of the world’s six billion people, so the population would shrink dramatically and quickly and in a manner that would make every human horror ever known seem mild by comparison. Nor is it possible to divorce socialism from totalitarianism, because if you are serious about ending private ownership of the means of production, you have to be serious about ending freedom and creativity too. You will have to make the whole of society, or what is left of it, into a prison. more…

Why the Stock Market Has Not Broken Out

We are likely to see an increase in regulation in 2009 and thereafter. Politics shows no sign of reversing the march into the Keynesian system of government regulation. The Democrats will not roll back the welfare state. They will not roll back anything that strengthens the state’s control over the economy.

What is the case for a bull market in U.S. stocks?

It escapes me. more...

The Return of Bond Vigilantes

In March, the raw data showed consumer prices rising at a 10% annual rate. But by the time the Labor Department’s goons got finished with it, they reported a CPI going up at an annual rate of only 3.6%. ‘Seasonal adjustments,’ they called it. Then, in April, when the raw data came in at a 7.2% annual inflation rate, they seasonally adjusted it down to only 2.4%. They didn’t seem to notice that the season had changed! more…

DOW Jones Industrials 12479.63
NASDAQ 2444.67
Wilshire 5000 13954.47
S&P 500 1375.93
Gold/oz 924.2
Silver/oz 18.19
Copper/lb 3.8099
Oil/bbl (Brent) 131.57
Wheat/bu (CBT) 7.525
Corn/bu 5.9975
Rough Rice 20.35
Dollar/Euro 1.577
Yuan/Dollar 6.9462
Yen/Dollar 103.325
Prime Rate 5.00
Fed Target Rate 2.00

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