Quote of the week
“I am still outraged at the stupidity and despicability of the Federal Reserve in creating so much money and credit so that the traitorous, corrupt Congress could spend so much money to change the economy into a bloated, misshapen, cancerous, government-centric piece of corrupt socialist trash, bit by bit, year after year, and now (in case you are new around here and haven’t heard me bellowing that we’re freaking doomed), the federal government is going to deficit-spend upwards of $2 trillion next year! On top of the $3 trillion it is already budgeted to spend!” – The Mogambo Guru
by Llewellyn H. Rockwell, Jr.
“[I]t might be a good idea to understand precisely why socialism is a bad idea. The Obama administration doesn’t seem to get it. And there is plenty to get. Socialism crushes human rights, builds the state, impinges on the liberty of conscience, and breeds social, cultural, and economic degeneration.” more…
by Thomas E. Woods, Jr.
“Tax reductions are desirable, to be sure, but the crisis we are facing is a systemic one that is not going to be fixed by marginal changes here and there. We need to start talking big changes. We need to open up questions the regime has long since considered closed. We need to talk about the monetary system, the Fed, entitlements, and much else. In other words, if the Left can advocate $1 trillion-plus annual deficits as far as the eye can see, why can’t supporters of the free market be equally bold in the opposite direction?” more…
by Dave Gonigam
“Counter-intuitive proposition of the day: Anyone who considers himself a ‘deficit hawk’ or ‘fiscal conservative’ and gets worked up over earmarks is either clueless or disingenuous.” more…
by Peter Schiff
“The central tenets of Obamanomics appear to be that access to credit will enable people to borrow money to buy stuff, the spending will spur production and employment, and thus the economy will grow. It’s a neat and simple picture, but it has nothing whatsoever to do with how an economy works. The President does not understand that consumption is made possible by production and that credit is made possible by savings. The size and complexity of modern economies has obscured these simple concepts, but reducing the picture to a small scale can help clear away the fog.” more…
In the news…
- To avoid having to take bailout funds from Fedzilla, Ford is trying to swap some of its debt for cash and equity. Good for them!
- GM, on the other hand, looks to be running out of cash. Bankruptcy looms.
- The EFF has launched a site to inform individuals about how to avoid government surveillance online and to secure the data on your computer.
- The Fed has refused to release information regarding its “loans”. So, how does it make you feel to know that the people who control the dollar printing press have absolutely no accountability? Congress may not even be able to pry this information away from them! This is the result of “public-private-partnership“. Some actually call it what it is, fascism.
- Jim Rogers and Max Keiser on the Eastern European mess.
- More from Jim Rogers. Just can’t get enough of Jim Rogers.
And now the numbers…
DOW Jones Industrials – 6,626.94 (-435.99/-6.17%)
Wilshire 5000 – 6,935.38 (-538.59/-7.21%)
CSI 300 (China) – 2,286.58 (+146.09/6.83%)
BSE 500 (India) – 3,037.84 (-194.27/-6.01%)
MICEX (Russia) – 688.87 (+22.82/3.43%)
BOVESPA (Brazil) – 37,105.09 (-1078.22/-2.82%)
Gold/oz – 942.00 (-3.50/-0.37%)
Silver/oz – 13.335 (+0.23/1.76%)
Copper/lb – 1.689 (+0.154/10.03%)
Oil/bbl (Brent) – 44.85 (-0.99/-2.16%)
Wheat/bu (CBT) – 5.27 (+0.055/1.05%)
Corn/bu – 3.615 (+0.025/0.70%)
Dollar/Euro – 1.2652 (-0.0018/-0.14%)
Yuan/Dollar – 6.84 (+0.0053/0.08%)
Yen/Dollar – 98.27 (+0.645/0.66%)
Dollar/Real – 0.419 (UNCHG)
3 Month Treasury – 0.20 (-0.05/-20.00%)
2 Year Treasury – 0.95 (-0.02/-2.06%)
10 Year Treasury – 2.87 (-0.14/-4.65%)
30 Year Treasury – 3.55 (-0.16/-4.31%)
Fed Target Rate – 0.25 (UNCHG)
U.S. Public Debt – 10,953,034,411,520.19 (+71,874,689,497.80/0.66%)
Baltic Dry Index (BDIY:IND) – 2225.00 (+275.00/14.10%)
Here’s some audio of Economics in One Lesson. You could put it on your iPod or on a CD and listen to it in your car…
HR1207 has been introduced by Ron Paul and would demand an audit of the Federal Reserve, something that has rarely (if ever) happened in the Fed’s almost 100 year history. Call your representative, please. Ron Paul’s statement about the bill can be found here.
Some folks are trying to get us all to “teabag” the folks is DC. Basically on April 1st, send a tea bag to El Presidente and each one of your representatives. That way it’ll make it in time for Rape Day on April 15th.
Meanwhile, the weather is warming up here. Wow! We had a 65+ day today. Walked the dogs. Went outside (without a jakcet). Good stuff. Allergies are starting to get to me though. Only on the right side. My right nostril leaks, and my right eye won’t stop watering. The left side is perfectly fine. No problems there… I seriously do not get it. Oh well. Have a good weekend!