Week in review

Quote of the week

“Resources are allocated either by the invisible hand – the give and take of free people – or by the heavy hand of whoever is in power.” – Bill Bonner

Regulation of Financial Markets

by Michael Smith

“We don’t have an unregulated free market. We have a ‘mixed economy’, with a few elements of capitalism struggling under the weight of literally thousands of pages of rules and regulations and dozens of government agencies interfering in virtually every aspect of our economic lives. … We don’t have an unregulated free market; we have an out-of-control government intent on looting us blind.” more…

Why Did This Happen?

by Thomas J. DiLorenzo

“How did America in the twenty-first century end up with a government that is so highly centralized that the president alone can order the expenditure of hundreds of billions of dollars without the consent of Congress, let alone the public? How did we end up with a government that creates severe economic hardship for average citizens while showering big, politically-connected businesses with literally trillions of dollars in ‘bailout’ money? Is this the real purpose of the Fed, as opposed to all of its happy talk about its supposed duty to ‘stabilize’ the economy? And why is it that the Constitution is completely ignored, if not ridiculed, by the same Washington politicians who all that take an oath to defend the Constitution?” more…

Trickle-Down Hypocrisy

by Jim Babka

“The only way to stimulate the economy is to deny money to the politicians and let those who actually earned the money decide how to spend or invest it. What we really need are massive tax cuts and massive spending cuts.” Oppose the “stimulus” bill.

The Drumbeat

by William Staneski

“[E]ach human being must be accorded his or her natural rights, individual sovereignty, and self responsibility to be in harmony with human nature. Each of us must have the freedom to succeed or to fail. Western culture, culminating in the great American experiment, has been perverted. Due to these perversions, many failures have already occurred, which have then, ironically, been used to justify further perversions of the same sort as those which caused the problems to begin with.” more…

In the news…

  • Editorial cartoons.
  • New Hampshire is putting the smackdown on the Feds. We’re talking nullification here. They say that it’s time to rein in the Feds, that they are out of step, out of touch, and have grossly overreached.
  • Here’s one from Washington (state). Also a decent read. Federalism… what a concept.
  • Despite the downturn the Federal workforce is growing. More like metastasizing.
  • Obama will “cap” executive salaries at companies getting bailout money. This interference in business is completely unacceptable, though now that the “taxpayer”, err state, is a shareholder what do you expect? This is why these companies should have been allowed to fail. This is a bad bad bad bad bad bad bad bad precedent. Not sure where the Constitutional authority is for the bailout or this action… Seems like a good time to recommend reading The Road to Serfdom, in case you were wondering where this type of garbage leads.
  • Man robs stores with Klingon sword. Too funny, but the headline says it all.
  • Ron Paul has introduced a bill to abolish the Federal Reserve.
  • Here’s a vacuous statement in the Washington Post from our dear President. If you read this and can find any meaning in it whatsoever I’d like to hear from you.
  • The “Fairness Doctrine” is being kicked around again. Another bad sign of the times.


  • Short (7:29) critique of Keynesianism. This is the “economic” theory that our rulers are using to “save” us.
  • The income tax is voluntary, according to Harry Reid, though his definition of voluntary seems like an exercise in doublethink to me. Note he is the Senate majority “leader”. I love how Rush Limbaugh refers to him as “Dingy Harry”.

And now the numbers…

DOW Jones Industrials – 8,280.59 (+279.73/3.50%)
Wilshire 5000 – 8,785.10 (+266.04/3.12%)
CSI 300 (China) – 2,237.28 (+204.60/10.07%)
BSE 500 (India) – 3,378.34 (-48.42/-1.41%)
MICEX (Russia) – 656.09 (+31.19/4.99%)
BOVESPA (Brazil) – 42,755.50 (+3454.71/8.79%)
Gold/oz – 912.20 (-15.10/-1.63%)
Silver/oz – 13.075 (+0.51/4.06%)
Copper/lb – 1.6255 (+0.157/10.69%)
Oil/bbl (Brent) – 46.30 (+0.42/0.92%)
Wheat/bu (CBT) – 5.57 (-0.11/-1.94%)
Corn/bu – 3.7725 (-0.0175/-0.46%)
Dollar/Euro – 1.2939 (+0.0124/0.97%)
Yuan/Dollar – 6.83 (-0.0005/-0.01%)
Yen/Dollar – 91.935 (+1.985/2.21%)
Dollar/Real – 0.4439 (+0.0121/2.80%)
3 Month Treasury – 0.27 (+0.04/17.39%)
2 Year Treasury – 1.00 (+0.05/5.26%)
10 Year Treasury – 2.99 (+0.15/5.28%)
30 Year Treasury – 3.70 (+0.10/2.78%)
Fed Target Rate – 0.25 (UNCHG)
U.S. Public Debt – 10,717,998,123,287.69 (+91700703156.90/0.86%)
Baltic Dry Index (BDIY:IND) – 1498.00 (+428.00/40.00%)

I added a new section of links on my WordPress page. It’s a section of things to do, of which there are only a few right now. One I will be adding and commenting on is getting state sovereignty bills introduced in your legislature. Anyway, the section is an indication of some of the things that I have done/do, that I think are useful, and would like others to join me in. Check it out.

Also, if you have any suggestions about how this newsletter could be better or more useful I would be happy to hear them. “Don’t send it to me,” will not be considered a helpful comment…

So here goes a short rant:

We elect to Congress and government in general some of the most abjectly worthless people in the country. Take a look at their resumes…. How many of them have ever produced anything of value, ever? How many have held a private sector job for more than a few years of their entire lives? Quite a few have not – for example Mr. Dingell (D-MI), Mr. Heinrich (D-NM), and Mr. Obama. Government (dis)service and rabbling rousing (err community organization) simply do not count.

That they have rarely, if ever, had to create a product or provide a service that another person would voluntarily trade for (i.e. buy with their hard earned money of their own free will) means that they really can not understand what normal people go through. Sure they can theorize, but they really have no clue. Their academic buddies, the “experts” to whom they defer, seem to me about same, completely out of touch.

What should scare you is that, despite the fact they have never even ran a lemonade stand, these people profess to be able to “run” the whole economy. But really anyone who says they can “run the economy” is either an aspiring dictator or a buffoon. In either case that person ought to be tarred and feathered and run out of town. Literally, and BEFORE the election!

We should be electing people who have had real jobs, and who after a period of a few years in Congress, would like to return to those real jobs.  I think folks who have had real jobs might be a little more humble about the extent of their capabilities. Still, even if they would claim to be able to “run the economy”….

Now I’m not picking on Democrats here really. It’s just that we have a Democratic president, so he’s the easy target.  Dingell is the representative for where I live now, in the People’s Republic of Ann Arbor, and Heinrich is the representative of the district in which I lived when I was in New Mexico. Dingell, for what it’s worth, is the longest sitting member of Congress. He’s been there since the 1950s.

Okay, I’m done ranting now. Have a great weekend!

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