Quote of the week
“Promoters of 10th Amendment resolutions need to understand that the 10th Amendment does not enforce itself. Nor will it ever be recognized by any of the three branches of the central apparatus or existing political parties. It will have to be enforced by the people of the States whose freedom it was intended to protect.” – Clyde Wilson
by Deo Volente
“As a nation we got lazy. We developed the notion that we no longer had to concern ourselves with being self reliant, since the big brother of government would gladly do all of the heavy lifting for us. We stopped believing in our capacity for self-government, abandoned the American principle of enterprise, and adopted the confession that an intellectual elite in a far-distant capital can manage our lives for us better than we can ourselves. Now this likely isn’t true for everyone (certainly no one actually reading this), but take a look around . . . isn’t this how most people in this country honestly believe they’re to live their lives now?” more…
by Sean W. Malone
“Free-market, laissez-faire capitalism sure has been taking a beating in the press lately. The official story seems to be that everyone knows the financial crisis represents a failure of the capitalist system, and now only a ‘gigantic program of economic defense’ will save us. I suppose that would make plenty of sense, if only the details [that] we are being told day in and day out were actually true.” more…
By Investor’s Business Daily
“Didn’t Treasury Secretary Timothy Geithner say that it was not the administration’s intent to control private companies? Then why is it reportedly reluctant to accept TARP repayments from some banks?” more…
by Nassim Nicholas Taleb
“1. What is fragile should break early while it is still small. Nothing should ever become too big to fail. Evolution in economic life helps those with the maximum amount of hidden risks – and hence the most fragile – become the biggest.” more…
In the news…
- The Cybersecurity Act of 2009 would give the president the power to “declare a cybersecurity emergency” and shut down or limit Internet traffic in any “critical” information network “in the interest of national security.” The bill does not define a critical information network or a cybersecurity emergency. That definition would be left to the president. And just in time, here’s the fear piece that pushes the agenda forward… Here’s some more about the proposed law from the EFF.
- An industrial hemp bill has been introduced in Congress. Although hemp looks like marijuana is a different plant species and does not have any of the psychotropic effects associated with marijuana (i.e. you can’t get stoned smoking hemp). Here’s a statement by Ron Paul on the subject.
- Here’s a bit on the cap-and-trade stuff from the FT.
- Turns out Detroit has more registered voters than citizens over the age of 18…
- HR1444 would create a committee that, amongst other things, would determine “whether a workable, fair, and reasonable mandatory service requirement for all able young people could be developed, and how such a requirement could be implemented”. On the other hand, Amendment XIII of the Constitution reads: “neither slavery nor involuntary servitude, except as a punishment for crime whereof the party shall have been duly convicted, shall exist within the United States, or any place subject to their jurisdiction.” Here’s a bit more on all of this.
- Wild Chimpanzees enter into “deals” whereby they exchange meat for sex.
- The Obama administration is continuing the warrantless wiretapping that he was in such a ruffle about when he was a Senator. The administration has asserted that, “the Government can never be sued for surveillance that violates federal privacy statutes”. Hmmm. Isn’t the whole notion of “privacy”, at its very core, about our right to privacy from state snooping and interference in our lives?
- Here’s a bit from a guy in Argentina. I love apocalyptic prognostications…
And now the numbers…
DOW Jones Industrials – 8,083.38 (+65.79/0.82%)
Wilshire 5000 – 8,744.55 (+145.21/1.69%)
CSI 300 (China) – 2,595.53 (+25.03/0.97%)
BSE 500 (India) – 3,931.42 (+193.77/5.18%)
MICEX (Russia) – 927.38 (+89.44/10.67%)
BOVESPA (Brazil) – 45,538.71 (+1147.73/2.59%)
Gold/oz – 881.00 (-15.60/-1.74%)
Silver/oz – 12.33 (-0.405/-3.18%)
Copper/lb – 2.071 (+0.0795/3.99%)
Oil/bbl (Brent) – 54.06 (+0.59/1.10%)
Wheat/bu (CBT) – 5.22 (-0.415/-7.36%)
Corn/bu – 3.9025 (-0.1425/-3.52%)
Dollar/Euro – 1.3197 (-0.0294/-2.18%)
Yuan/Dollar – 6.8291 (-0.0012/-0.02%)
Yen/Dollar – 100.25 (-0.075/-0.07%)
Dollar/Real – 0.4615 (+0.0078/1.72%)
3 Month Treasury – 0.18 (-0.02/-10.00%)
2 Year Treasury – 0.95 (UNCHG)
10 Year Treasury – 2.92 (+0.03/1.04%)
30 Year Treasury – 3.75 (+0.06/1.63%)
Fed Target Rate – 0.25 (UNCHG)
U.S. Public Debt – 11,169,466,380,008.30 (+44947078755.10/0.40%)
Baltic Dry Index (BDIY:IND) – 1478.00 (-28.00/-1.86%)
I’m a little late getting this out tonight, so I’ll keep it brief. Just two things. First, have a look at the Read The Bills Act. Second, have a great weekend and a happy Easter!