Week in review

Quote of the week

“[T]he spirit of free enterprise, including the principle of personal responsibility of businesspeople, investors, and shareholders for their decisions, is being eroded in the last few months. There is no reason to believe that we can achieve better results by shifting responsibility onto the state.” – Vladamir Putin

Capitalism Needs a Sound-Money Foundation

by Judy Shelton

“Now is the time to challenge the exclusive monopoly of Federal Reserve notes as currency. Buyers and sellers, by mutual consent, should have access to an alternate means for settling accounts; they should be able to do business using a monetary unit of account defined in terms of gold. The existence of parallel currencies operating side-by-side on an equal legal footing would make it clear whether people had more confidence in fiat money or money redeemable in gold. If the gold-based system is preferred, it means that people fully understand that the purpose of money is to facilitate commerce, not to camouflage fiscal mismanagement.” more…

Obama’s Wealth Destruction

by Llewellyn H. Rockwell, Jr.

“President Obama is under the impression that history owes him $1 trillion right now to spend on whatever he wants. His language is strident and full of irritation that anyone would question his right to live out his personal dream of being Franklin Roosevelt to George Bush’s Hoover. This, he says, is what the election was all about.” more…

Ruin Your Health With the Obama Stimulus Plan

by Betsy McCaughey

The scam bill calls for a “body with vast powers to make the ‘tough’ [medical] decisions elected politicians won’t make.” It will be called “the Federal Coordinating Council for Comparative Effectiveness Research (190-192). The goal, Daschle’s book explained, is to slow the development and use of new medications and technologies because they are driving up costs. He praises Europeans for being more willing to accept ‘hopeless diagnoses’ and ‘forgo experimental treatments,’ and he chastises Americans for expecting too much from the health-care system.” more…

In the news…

  • Comics.
  • In case you ever wondered what the President’s agenda was…
  • Lawmakers in 20 states move to reclaim sovereignty. I mentioned this last week. It seems it’s gotten bigger. Yay!
  • The Senate passed the scam, err stimulus, bill. Of course everyone knows that by now. Then the house passed another one. This thing is a done deal. Spending our way to prosperity, what a novel idea…
  • U.S. taxpayers have now risked $9.7 trillion on bailout programs. In all of this we have to remember not only the money spent by congress, but the money created out of thin air by the Fed. The later is a much bigger sum. Nearly 10 times larger.
  • Here’s a bit about the health care provisions that sneaked into the scam bill.
  • China will continue to buy US bonds. They know it’s a trap and have said as much.
  • Here’s some information about states that have passed anti-“Real” ID bills. Some of these types of things (e.g. Real ID, government controlled electronic medical records, federalized education, federalized health care, the PATRIOT Act, deployment of US troops on US soil, etc..) might seem harmless and perhaps useful if taken alone, but when you start to connect the dots a threatening picture emerges. It’s from the ACLU, but the ACLU is actually good on a few things…
  • Is student debt bubble being inflated?


  • The bailout rap. Pretty good…
  • Obama and his cronies are following the Zimbabwe school of economics. So says Marc Faber. If he’s right, and arguably he is, we’re in some serious trouble.
  • On the suicidal increase in the money supply. I really wish there were happy things to report on.

And now the numbers…

DOW Jones Industrials – 7,850.41 (-430.18/-5.20%)
Wilshire 5000 – 8,385.74 (-399.36/-4.55%)
CSI 300 (China) – 2,399.06 (+161.78/7.23%)
BSE 500 (India) – 3,508.97 (+130.63/3.87%)
MICEX (Russia) – 732.21 (+76.12/11.60%)
BOVESPA (Brazil) – 41,673.62 (-1081.88/-2.53%)
Gold/oz – 942.20 (+30.00/3.29%)
Silver/oz – 13.625 (+0.55/4.21%)
Copper/lb – 1.5545 (-0.071/-4.37%)
Oil/bbl (Brent) – 44.81 (-1.49/-3.22%)
Wheat/bu (CBT) – 5.355 (-0.215/-3.86%)
Corn/bu – 3.6325 (-0.14/-3.71%)
Dollar/Euro – 1.2866 (-0.0073/-0.56%)
Yuan/Dollar – 6.8352 (+0.0052/0.08%)
Yen/Dollar – 91.925 (-0.01/-0.01%)
Dollar/Real – 0.4441 (+0.0002/0.05%)
3 Month Treasury – 0.29 (+0.02/7.41%)
2 Year Treasury – 0.96 (-0.04/-4.00%)
10 Year Treasury – 2.89 (-0.10/-3.34%)
30 Year Treasury – 3.68 (-0.02/-0.54%)
Fed Target Rate – 0.25 (UNCHG)
U.S. Public Debt – 10,759,196,587,563.40 (+41,198,464,275.70/0.38%)
Baltic Dry Index (BDIY:IND) – 1,908.00 (+410.00/27.37%)

It’s sort of amazing, or rather deeply ironic, that the former head of the KGB is speaking out against state, especially the United States, intervention in the economy. The world has practically flipped upside down…

If you had wanted to read Ron Paul’s book The Revolution: A Manifesto, but did not want to buy a copy, you can now get it for free online. It’s worth the read. It’s short and sweet and provides a solid idea of what needs to be done to make sure our children are free and prosperous, as opposed to equally destitute, enslaved, and miserable. After all that’s what the do-gooder, “equality above all else”, types have in store for us in the long-run if they get their way. Whether they realize it or not, and most of them probably do not.

I was listening to Glen Beck on the radio the other day. He’s trying to get something going. It’s called We Surround Them, and is based upon 9 sound, albeit simplified principles. Check it out. At this point anything we can do to slow down this runaway train would be worth while.  It can’t hurt to try.

And that brings me to the murmurs of a tax revolt. Care to guess what happens when millions of us decide to stop paying? Yeah, I’m not sure either… Maybe it shuts down the government, or maybe they just kick the printing press up a couple of notches.

Arguably the income tax, in fact all taxes, are redundant anyway. They can get all the revenue they need by printing money and taxing us indirectly through inflation. Not that that’s a good idea mind you! And the do-gooders would never go for it anyway because then all of the social engineering that is done through the income tax would be off the table. So they take a little from column A and a little from column B. A little inflation here, and bit of income tax there. Pretty soon, the sum of government at all levels consumes over 50% of GDP per year…

If you didn’t notice above, the sound money article was in the Wall Street Journal! Yeah, that’s big. The anti-central bank, pro-sound money argument is getting some much needed mainstream play. Assuming I have the time to write a bit, I’ll remind you next week why commodity money is better than fiat money.

There’s great news on the personal front though! My wife and I and having a baby. It’s due in August. We had a second ultrasound this week and everything looks good so far. We’re both very excited. I just remember holding my breath right before the ultra sound, wondering, “will be hear the heartbeat?” And sure enough we did, and we saw it too!

Have a great weekend!

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