Week In Review

Quote of the week

“The founders of the United States of America distrusted democracy so much they designed a whole government to prevent it. Not once does the word ‘democracy’ appear in the Declaration of Independence, the Constitution, or the Bill of Rights. The Constitution is basically an elaborate restriction on what the voters can do. There are different branches of the federal government, expected to offset each other’s power. And there’s the Bill of Rights itself, limiting the power of the central government – no matter how many people vote.” -Bill Bonner, The Daily Reckoning

The United States Fiat Money & the Federal Reserve System

“Wealth, e.g. money, is power in a stored state. Unleashed, wealth is capable of doing its possessors’ bidding for better or worse. Wealth can exacerbate suffering or alleviate it and its power to do both – usually the former – has been coveted by governments since governments existed.”

“While productivity is doing more with less, fiat money allows governments to do more with nothing. Fiat currencies are a way for governments to spend what they don’t have; and while counterfeiting by individuals is a crime, passing government coupons off as money is legal because governments make the laws.” more…

Activists turn to Blackwater over Darfur

“Mia Farrow, the actress and activist, has asked Blackwater, the US private security company active in Iraq, for help in Darfur after becoming frustrated by the stalled deployment of a United Nations peacekeeping force.” more…

The Oil Follies

“Anyone familiar with modern politics knows that Republicans and Democrats regularly vie with each other to see who can be more economically illiterate. But it seems that with some newly proposed legislation, Democrats are determined to take the lead and cripple the US oil industry permanently.” more…

Perot Charts Go Live

“Ross Perot, business leader and former presidential candidate, announced today the launch of ‘PerotCharts.com,’ a public information website that contains objective, factual information about the current economic crisis in America. The site is being launched as an alert and appeal for American citizens to inform themselves about federal government spending. Perot said, ‘The U.S. national debt reached $9.4 TRILLION on April 30, and it is increasing by more than $1 billion every day. We are leaving our children and grandchildren with debt they cannot possibly pay.'” more…

Gun Owners of America on the Heller Decision

“Gun Owners Foundation wants to lay the groundwork for the next battle in the Second Amendment war between those of us who love liberty and those who would allow the government to disarm us as the first step to our own enslavement.” more…

Udall Wavers on Handgun Ruling

“Is Rep. Tom Udall sticking to his guns when it comes to ownership of firearms in the District of Columbia?”

“Udall, a Democrat, praised the Supreme Court’s decision to strike down a 32-year-old gun ban in Washington, D.C., on Thursday, but congressional records show he earlier voted three times to uphold the ban.” more…

And Now The Numbers

New features this week:

  1. U.S. Treasury rates.
  2. Change from the previous week on all (non-new) measures.
  3. Quote of the week, which I hope will become a regular feature.

Stocks got spanked this week, big time… The dollar is not getting any love, and the shiny yellow stuff is rallying. Meanwhile the Fed, by maintaining an interest rate below the so-called rate of price-inflation, (the CPI numbers are garbage, see Shadow Stats), continues to inflate the currency which will ultimately result in higher commodity prices and serve to make each and every one of us poorer in the long run. Know that every new dollar they put in circulation makes each of the existing ones worth just a little bit less.

DOW Jones Industrials – 11346.51 (-496.18 )
Wilshire 5000 – 13081.02 (-433.87)
CSI 300 (China) – 2816.02 (-33.65)
BSE 500 (India) – 5367.19 (-380.44)
MICEX (Russia) – 1765.91 (-63.31)
BOVESPA (Brazil) – 64321.11 (-292.68 )
Gold/oz – 926.80 (+25.50)
Silver/oz – 17.48 (+0.16)
Copper/lb – 3.94 (+0.0435)
Oil/bbl (Brent) – 140.31 (+ 5.45)
Wheat/bu (CBT) – 9.12 (+0.2775)
Corn/bu – 7.87 (+0.315)
Rough Rice – 18.69 (-1.34)
Dollar/Euro – 1.5799 (+0.0192)
Yuan/Dollar – 6.857 (-0.0186)
Yen/Dollar – 106.13 (-1.145)
Dollar/Real – 0.6252 (+0.001)
3 Month Treasury – 1.65 (NEW)
2 Year Treasury – 2.63 (NEW)
10 Year Treasury – 3.97 (NEW)
30 Year Treasury – 4.52 (NEW)
Prime Rate – 5.00 (UNCHG)
Fed Target Rate – 2.00 (UNCHG)

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