Week in review

Quote of the week

“Republican or Democrat, conservative or liberal, we can surely all admit that Fedzilla is on the rampage, running amok, out of control, destroying everything in its bloated, unaccountable, ineffective path. We the people had best get cracking and turn up the heat right now, or Fedzilla will eat the American Dream and all her Dreamers like the cannibalistic pig it is.” – Ted Nugent

Tooth Fairy Economics

by Tom Woods

“The primary fallacy of the tooth-fairy economics at the heart of the stimulus is the very idea that economic health is the product of government spending, which is financed either by borrowing (which leaves private businesses with a smaller share of the pool of savings for them to borrow from), printing money out of thin air, or direct seizure from the population. Whatever government spends the money on is necessarily arbitrary — government lacks the profit-and-loss feedback mechanism that keeps the private sector from squandering resources and employing factors of production in ways that do not cater to consumer wants. It can seize its resources from the people without their consent, and it makes no difference to government whether or not people actually want or wind up using the things it produces. Meanwhile, the economy loses the goods that would have been produced by the voluntary sector had the government not seized these resources for its own use.” more… If you wanted just one thing to read, this would be it.

Sixpence None the Wiser

by Phil Maymin

“Our money will soon be as worthless and our markets as regulated as they were 300 years ago.” more…

The Left in Power

by Llewellyn H. Rockwell, Jr.

“After all the ghastly statism of the Bush years, you might think that the Left would back off from using power to achieve its aims. Instead, they have learned nothing. The Left has been lying in wait for its chance. As the Obama people entered the White House, it was as if they found a closet labeled ‘failed ideas of the past.’ They opened it and the contents spilled everywhere. They started grabbing things and putting them in the regulatory books and in legislation.” more…

Printing Like Mad

by Frank Shostak

“What permits real economic growth is an improvement in the investment infrastructure of the production process. What makes the improvement possible is real savings. It is real savings that fund the enhancement of infrastructure through various tools and machinery, i.e., capital goods. With better tools and machinery, a better quality and a greater quantity of goods and services can be produced.” more…

In the news…

  • Comics
  • Congressman Walter Jones has introduced a bill that would punish executive branch officials who make false claims to lead us into war.
  • 80% of crime is perpetrated by less than 1% of the population, and 4 out of 5 crimes are committed by gang members. And what activity produces the most revenue for gangs? Oh yeah, drug dealing. Legalize drugs and you smash the gang problem by cutting their funding. I could go on and on about this. At the very least the “war on drugs” should not be fought by the Feds. It’s time for the various states to regrow their balls on this and a plethora of other issues.
  • Our “leaders” are warming up to bank nationalization. Contrary to what stream of garbage that comes from most media sources and politicians says, the root cause of this problem is NOT, I repeat NOT banking and housing. The root of the problem is the loose monetary policy that was pursued by the Federal Reserve under Alan “Bubbles” Greenspan and now “Helicopter” Ben Bernanke. Here is a nice summary of the Austrian School’s Theory of the Business Cycle.
  • Micro USB is going to be used as a standard interface for charging cell phones. There’s some good news!!!
  • Here are the highlights of the $787 billion scam-stimulus bill. At the very bottom you will note that the national debt ceiling has been raised to $12.1 trillion. We’re pushing $11 trillion. Last July it was a little less than $9.5 trillion. Yes, seriously…
  • A state sovereignty bill has been introduced in Texas. We need one of these introduced and passed in every state.
  • After all of the boondoggling of the last month, Obama says now he’s going to have a “fiscal responsibility summit.” It’s really hard to take him seriously, isn’t it? I’ve reread this a few times, and get a giggle every time…
  • What would you think about trading the gas tax for a tax on how much you actually drive? What would you think of said proposal if it included putting a GPS unit in your car and tracking you wherever you went? Of course this would only be used to send you your driving bill…
  • I’ve been staying away from the news this week…

Videos

  • CNBC’s Rick Santelli on bailouts. This rant has stirred up quite a bit of buzz…

And now the numbers…

DOW Jones Industrials – 7,365.67 (-484.74/-6.17%)
Wilshire 5000 – 7,802.20 (-583.54/-6.96%)
CSI 300 (China) – 2,344.32 (-54.74/-2.28%)
BSE 500 (India) – 3,233.97 (-275.00/-7.84%)
MICEX (Russia) – 631.66 (-100.55/-13.73%)
BOVESPA (Brazil) – 38,714.64 (-2,958.98/-7.10%)
Gold/oz – 1002.20 (+60.00/6.37%)
Silver/oz – 14.49 (+0.865/6.35%)
Copper/lb – 1.433 (-0.1215/-7.82%)
Oil/bbl (Brent) – 41.89 (-2.92/-6.52%)
Wheat/bu (CBT) – 5.305 (-0.05/-0.93%)
Corn/bu – 3.5025 (-0.13/-3.58%)
Dollar/Euro – 1.2831 (-0.0035/-0.27%)
Yuan/Dollar – 6.8327 (-0.0025/-0.04%)
Yen/Dollar – 93.225 (+1.30/1.41%)
Dollar/Real – 0.4181 (-0.026/-5.85%)
3 Month Treasury – 0.27 (-0.02/-6.90%)
2 Year Treasury – 0.94 (-0.02/-2.08%)
10 Year Treasury – 2.79 (-0.10/-3.46%)
30 Year Treasury – 3.57 (-0.11/-2.99%)
Fed Target Rate – 0.25 (UNCHG)
U.S. Public Debt – 10,802,021,982,124.69 (+42,825,394,561.30/0.40%)
Baltic Dry Index (BDIY:IND) – 2099.00 (+191.00/10.01%)

If your federal representatives is on the House Judiciary committee please call him to oppose HR 45, which is a firearms owner licensing and registration bill. This was going to be tried eventually and it is absolutely unacceptable. You can look-up the bill here. Like I alluded to before it’s in the House Judicitary comittee. It was introduced by Bobby Rush of Illinois. Conyers, who is from Michigan, is the chair of the committee. No one from New Mexico is on it and Conyers is the only one from Michigan. The link will take you the the committe membership page.

I challenge everyone of you to start calling your federal and state representatives on a weekly basis to demand spending cuts, balanced budgets, and in the case of state legislators, passage of state sovereignty bills. If you’re in Michigan district 15, Dingell’s number is 202.225.4071. If you’re in New Mexico district 1, Heinrich’s number is 202.225.6316. Harry Teague, New Mexico district 2, 202.225.2365. And finally district 3, Ben Lujan, 202.225.6190. Put the numbers in your speed dial and use them frequently. A call, if you do not have to look up the number, takes less than a couple minutes. Look up your state rep’s number too!!!

Meanwhile, there’s not much else going on around here. Busy with school. Read the Black Swan last week. It was a nice book if a little light on details. The weather is getting a bit nicer. At least we’re past the sub-zero days I think. My dogs will not stay out of the trash. If I don’t remember to put something on top of it when I leave there is a 100% guarantee that they’ll have it strewn about the house when I get home. Gotta love ’em. I’m thinking of that as warm-up exercises for kids… Anyway, I really don’t have anything very interesting to say so I’ll cut it off here. Have a great weekend!

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