Week in review

Quote of the week

“Probably like you, I have spent a lot of time in bars educating the common people found there that central bankers and most economists of the world are a corrupt, moronic and treacherous clot of intellectual traitors who don’t know squat about economics, and instead believe strange, new equation-based theories that have names like ‘General Dynamic Integrated Analytical Equilibrium Monetary Whiz-Bang Do Wah Diddy Theory’ that is all predicated on laughable-yet-inviolable imperatives like, for instance, ‘If you lower interest rates, borrowing will automatically increase’, which is followed by the even more preposterous ‘if borrowing increases, GDP will automatically increase’, which is all so ludicrous that it makes you laugh until you realize that this describes the economic system of the United States, whereupon you puke your guts out in fear and you scream, crying like a little baby, ‘The Mogambo was right! This is crazy crap! We’re freaking doomed!'” – The Mogambo Guru

‘The Secretary Will Disavow Any Knowledge of Your Actions’

by Becky Akers

“Erich Scherfen of New Jersey is a 37-year-old commercial pilot who converted to Islam in 1994. He also married a Pakistani woman. His faith and spouse have apparently set the Feds a-flutter: despite Erich’s dearth of a criminal record and terrorist connections, he’s landed on the one of the ‘U.S. government’s secret terrorist watch lists.’ But Our Masters refuse to inform those they so honor, so how does Erich know this? Because the government’s goons thoroughly and unconstitutionally search the Scherfens at checkpoints in airports and on the country’s borders. ‘Ah,’ you say, ‘but all citizens are now subject to this hallmark of the police state. Has Erich got other evidence?’ Yep: his employer, Colgan Air, says his inclusion in the Feds’ file means the company must fire him by September 1. And what is the government’s response to this outrage? ‘The Justice Department…said in a statement that the FBI’s Terrorist Screening Center, ‘for both national security and personal privacy reasons,’ does not confirm or deny the existence of any name on the watch lists that it maintains.'” more…

Freedom is Golden

by Congressman Ron Paul

“Central Planning is sold to a hopeful people as a way to solve societal problems, to right wrongs, and bring about perfect justice and equality. Central Planning promises you everything you are entitled to. As a bonus, goods and services produced by others are added to the list of commodities that everyone has a ‘right’ to. Suddenly everyone is entitled to healthcare, housing, education, food, et cetera. It might sound nice that the state will magically provide all these wonderful things, but these rosy promises mask a dehumanizing, ugly reality. The other side of these entitlements is that now the doctor, the builder, the teacher, the farmer are slaves to the all-powerful state. No longer do they serve patients, students, or customers. They work in complete obedience to the state, their only customer.” more…

Why Taxes Don’t Matter Much Anymore

by Jeffrey A. Tucker

“It is not difficult to understand if we think of how a criminal with a counterfeiting machine might behave. Would we see fiscal restraint? Of course not. If a person could create all the money he needs or wants with a printing press, we would expect unlimited profligacy. This is precisely what the Federal Reserve does. It not only acts as the guarantor of the liquidity of the banking system but also functions as the guarantor of the entire government financial system.”

“Given this, it is hardly surprising that there seems to be a strange disconnect between tax policy and spending policy. The politician isn’t concerned about it any more than the counterfeiter worries about the bills coming and going. They know that the money is going to be there if they need it. This is not only bad policy in general, but it introduces an occasion of sin for the political class. It is too much to ask of anyone to be financially disciplined if he has the capacity to create out of thin air all the money he wants.” more…

Longing for Dictatorship

by Lew Rockwell

“It is often said that there is not a dime’s worth of difference between the parties, but there is little reflection on what precisely they have in common. It comes down to a love of some version of dictatorship, of which they believe they will be the administrators.” more…

And now the numbers

DOW Jones Industrials – 11,543.55 (-84.51)
Wilshire 5000 – 13,288.52 (+103.26)
CSI 300 (China) – 2,391.64 (-13.29)
BSE 500 (India) – 5,631.51 (+61.04)
MICEX (Russia) – 1,348.92 (-25.77)
BOVESPA (Brazil) – 55,680.41 (-169.72)
Gold/oz – 835.20 (+ 1.70)
Silver/oz – 13.707 (+0.117)
Copper/lb – 3.387 (-0.0725)
Oil/bbl (Brent) – 114.05 (+ 0.13)
Wheat/bu (CBT) – 8.0125 (-0.8925)
Corn/bu – 5.85 (-0.215)
Rough Rice – 18.90 (+ 0.90)
Dollar/Euro – 1.4677 (-0.012)
Yuan/Dollar – 6.8442 (+0.0146)
Yen/Dollar – 108.815 (- 1.22)
Dollar/Real – 0.615 (-0.001)
3 Month Treasury – 1.71 (+ 0.02)
2 Year Treasury – 2.37 (- 0.03)
10 Year Treasury – 3.81 (- 0.06)
30 Year Treasury – 4.42 (- 0.05)
Fed Target Rate – 2.00 (UNCHG)
U.S. Public Debt – 9,650,327,577,961.58 (+31682378567.50)

The goings on with Russia are interesting if not a bit worrisome. Seems like a huge pissing contest… I just don’t understand why this country, my country, must meddle in the affairs of every country on the planet and get involved in every conflict. The other thing I don’t get is this territorial integrity crap. It’s as if God came down from heaven and drew the lines and to undo them would be the greatest act of blasphemy. At yet and the same time self-determination (i.e. democracy) is parroted as the ultimate goal. It’s funny we tried that self-determination thing once here and it caused the war between the states… Self-determination is only acceptable when a nation is determined to do the “right” thing.

And yeah, I know those break away provinces will be satellite Russian states before we know it, kinda like Georgia is already a US satellite state. Whatever happens getting involved in more foreign wars seems a bad idea to me, and that should mean keeping Georgia out of the overdue to be disbanded club NATO.

Haven’t had a chance to watch Obama’s speech from the DNC yet, but I suppose I’ll have to check that out, though it’s likely more of the same, hoping for change… I’m pretty sure I don’t want the kind of change he’s proffering. The guy is a communist crackpot, but in fact not too much worse that John McLame. It amazes me how we have such idiots running for president, and it’s not like this is the first time. It’s a regularity. In fact I don’t recall a time when idiots were not running for president… My grandma always said, “scum floats to the top”. And Douglas Adams said something like “anyone who can manage to get themselves elected to the post should by no means be allowed to do the job.” Anyway there has to be some truth in both of those statements…

Meanwhile the first Michigan home game is tomorrow, and from what I hear the traffic in this town gets ridiculous. Consider this: 1. The population of Ann Arbor is about 100,000, and 2. The stadium holds over 100,000… Should be interesting!

I’ll let you know how it goes. Have a great weekend and be safe this Labor Day.

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