Quote of the week
“I want to see [another stimulus package] enacted right away. It is going to be of a size and scope that is necessary to get this economy back on track.” – Barack Obama
“Back on track… to what? we ask, sheepishly. Credit-fueled consumer spending and another mortgage bubble?” – Addison Wiggin, in reaction to Obama
by Mike Vonasten
“[T]he major myth behind the Fed is that it is the center of our free enterprise system. In fact, it is the exact reverse. It is the state’s tool for socializing and intervening in the most crucial of all commodities in an exchange economy – money itself. Going back to the Hamiltonians who always wanted a national bank to fund their pet corporate welfare projects, the central bankers and their advocates have always been the great enemy of free markets in America.
“If the free-enterprise myth is the thesis of monetary propaganda, and the progressive myth is its antithesis, they both serve together to form the synthesis of all of us being ripped off and very few understanding what is happening. In reality, the Fed is the worst of both worlds: Privatized profits and socialized risk: It is the key to corporate socialism and the corporate state: It is the intersection of the wealthiest private interests with the brutal power and monopoly that only the government can offer: It is economic fascism in our midst.” more…
“The Big Three’s problems are self-inflicted, from signing extravagant union contracts to building gas-guzzling SUV’s. Foreign-owned automakers who build cars in the U.S. aren’t facing the same difficulties. So why should taxpayers have to subsidize the incompetence of the Big Three, when reorganization under the bankruptcy laws would allow them to correct their errors at little cost to innocent bystanders?” more…
by Michael Pento
“There are some in our government who claim that we face a possible depression if we do not engage in a massive amount of deficit spending and money printing to resurrect the economy. The prescription is intended to cure the credit crisis by forcing banks to step up their lending practices. In their inability to accept or understand the cause of our current crisis in the first place, however, we face increasing odds of a depression as our fearless leaders fight this recession with yet more of the disease itself: inflation.” more…
In the news…
- Obama has selected Janet Reno‘s underling Eric Holder as his Attorney General, a man who is on record for wanting to regulate speech on the internet. The association with Reno is scary enough as is.
- Google, Echostar, and Equifax will combine forces to target advertising to television viewers based upon their household income and buying habits. Data will be anonymous… So they say.
- Citigroup will receive a $20 billion rescue package, a.k.a. bailout from the government.
- U.S. government is prepared to lend more than $7.4 trillion on behalf of American taxpayers. Some in Congress want to reign in Fed.
- The Free Lakota Bank, a non-reserve, non-fractional bank that issues, accepts for deposit, and circulates silver and gold is open for business.
- Eclipse Aviation has filed for bankruptcy. They were heavily funded by New Mexico taxpayers.
- The gun rush is on so says a surprisingly balanced article from the BBC!
- Russia President is visiting Brazil and Venezuela, where he and Chavez have reached an agreement on nuclear energy.
My two cents
“So it has been, and so it has come to be that there is scarcely anything about the Federal Government that is worth conserving. It is a horrid abomination, practically illegitimate, and certainly bastardized. The conservative movement has thus failed. The only question that remains is what will replace it.” more…
DOW Jones Industrials – 8,829.04 (+782.62/9.73%)
Wilshire 5000 – 8,945.22 (+1,019.16/12.86%)
CSI 300 (China) – 1,829.92 (-90.82/-4.73%)
BSE 500 (India) – 3,295.60 (+33.30/1.02%)
MICEX (Russia) – 611.32 (+94.39/18.26%)
BOVESPA (Brazil) – 36,595.87 (+5,345.27/17.10%)
Gold/oz – 819.00 (+27.20/3.44%)
Silver/oz – 10.23 (+0.725/7.63%)
Copper/lb – 1.6495 (+0.0705/4.46%)
Oil/bbl (Brent) – 53.49 (+4.30/8.74%)
Wheat/bu (CBT) – 5.6125 (+0.4325/8.35%)
Corn/bu – 3.6575 (+0.2725/8.05%)
Dollar/Euro – 1.2693 (+0.0106/0.84%)
Yuan/Dollar – 6.8214 (-0.0048/-0.07%)
Yen/Dollar – 95.525 (-0.41/-0.43%)
Dollar/Real – 0.4349 (+0.0303/7.49%)
3 Month Treasury – 0.04 (+0.03/300.00%)
2 Year Treasury – 0.98 (+0.16/19.51%)
10 Year Treasury – 2.92 (-0.28/-8.75%)
30 Year Treasury – 3.44 (-0.25/-6.78%)
Fed Target Rate – 1.00 (UNCHG)
U.S. Public Debt – 10,647,917,555,364.40 (-7,539,674,557.90/-0.07%)
So our first Thanksgiving away from New Mexico is finished. It was nice if a bit quieter than usual. My wife and I made steaks, green bean casserole, sweet potatoes, and pumpkin pie. Talked to our family in New Mexico, sisters, brothers, parents. That was nice. I hope everyone else had a nice Thanksgiving as well.
Meanwhile check out opencurrency.com. They are putting together standards for sound private commodity backed currency. The Free Lakota Bank, mentioned above is a member of that organization.
So that’s all for this short week. The semester is winding up here in Ann Arbor and I’ve got one big push left before I can declare victory. The authoring of the 25+ page project report begins tomorrow! Have a great weekend!