Quote of the week
“[I]f government becomes ‘independent of politics’ it can only mean that that sphere of government becomes an absolute self-perpetuating oligarchy, accountable to no one and never subject to the public’s ability to change its personnel or to ‘throw the rascals out.’ If no person or group, whether stockholders or voters, can displace a ruling elite, then such an elite becomes more suitable for a dictatorship than for an allegedly democratic country. And yet it is curious how many self-proclaimed champions of ‘democracy,’ whether domestic or global, rush to defend the alleged ideal of the total independence of the Federal Reserve.” – Murray Rothbard
by Thomas Woods
“What the economy really needs, contra Obama, is not government ‘stimulus’ spending to try to revive it as it is. We should not want to ‘stimulate’ what should now be obvious to everyone was an unsustainable economy. That only encourages it to continue along a false path whose inevitable abandonment in the future will be all the more painful thanks to our insistence on propping it up now. As we’ll see, what the economy instead needs is a market-driven restructuring, in which bubble activities shrink and resources are reallocated into lines of production that conform to what consumers want and can afford.” more…
by Thomas J. DiLorenzo
“Most recently, the current economic crisis is said to be caused by the ‘excesses’ of economic freedom and ‘too little regulation’ of the economy, especially financial markets. This is said by the president and numerous other politicians, with straight faces, despite the facts that there are a dozen executive-branch cabinet departments, over 100 federal agencies, more than 85,000 pages in the Federal Register, and dozens of state and local government agencies that regulate, regiment, tax, and control every aspect of every business in America, and have been doing so for decades.” more…
by John Pugsley
“Bernard Madoff defrauded a few hundred clients of some $65 billion. Yet his scam pales next to the swindle being perpetrated at this moment on hundreds of millions of Americans who have been told they have accumulated more than $40 trillion in future retirement benefits. This scam is the Social Security system.” more…
by Adam de Angeli
“The Federal Reserve is accountable to no one. It has no budget, no congressional committee monitors its operations, and although the Government Accountability Office (GAO) is tasked with auditing the Fed, it is so constrained as to be useless.” more…
In the news…
- Here’s a bit about the Pentagon’s take on cyber-warefare.
- California could be bankrupt by July.
- Former State Republican Party Chair, Allen Weh has formed an exploratory committee for the governorship of New Mexico.
- The tail is officially wagging the dog, Federal aid is now the top source of funds for state governments.
- The government is no longer funding hydrogen fuel cells. They prefer to waste China’s money on other things.
- College student shoots and kills a home invader in College Park, Georgia.
- The Medicare fund is 8 years from insolvency.
- Genetically engineered puppies glow in the dark.
- The FDA is going after Cheerios.
- Here’s John Dingell’s (MI-15) response to the question: “Why won’t you co-sponsor HR 1207?”.
- The who knew what when torture debate is raging. Republicans deflect blame from Bush to Pelosi. And then she dodges.
- New information about ocean currents calls into question models of climate change.
- HR1207 has 165 co-sponsors.
- A bit on the future of the GOP.
- 50 year old cartoon about liberty, free enterprise, and politics in America.
- The scene on the Washington mall after the Obama inauguration. “130 tons of garbage left behind for others to pick up. They left behind blankets, coats, sleeping bags, as well as the bottles, bags and paper garbage. This is the real legacy of the so-called ‘green crowd.’ ‘Green living’ is what other people do, paid for with other people’s money.”
- A treaty that would create a international gun registry is being pushed by Obama.
And now the numbers…
DOW Jones Industrials – 8268.64 (-306.01/-3.57%)
S&P 500 – 882.88 (-46.35/-4.99%)
VIX – 33.12 (+1.07/3.34%)
CSI 300 (China) – 2796.116 (+6.897/0.25%)
BSE 500 (India) – 4444.70 (+98.01/2.25%)
MICEX (Russia) – 1002.19 (-26.72/-2.60%)
BOVESPA (Brazil) – 49007.211 (-2388.779/-4.65%)
RICI – 2700.55 (-88.44/-3.17%)
Gold/oz – 931.30 (+14.00/1.53%)
Silver/oz – 13.99 (-0.015/-0.11%)
Copper/lb – 201.75 (-12.80/-5.97%)
Oil/bbl (Brent) – 55.98 (-2.16/-3.72%)
Wheat/bu (CBT) – 577.50 (-13.50/-2.28%)
Corn/bu – 417.25 (-3.75/-0.89%)
EUR-USD – 1.3495 (-0.0139/-1.02%)
USD-JPY – 95.201 (-3.269/-3.32%)
USD-BRL – 2.1126 (+0.0524/2.54%)
3 Month Treasury – 0.16 (-0.01/-5.88%)
2 Year Treasury – 0.85 (-0.13/-13.27%)
10 Year Treasury – 3.13 (-0.16/-4.86%)
30 Year Treasury – 4.08 (-0.19/-4.45%)
U.S. Public Debt – 11270547397564.599609375000000 (+14280757514.40/0.13%)
Baltic Dry Index (BDIY:IND) – 2544.00 (+330.00/14.91%)
Tomorrow is the weekly Washtenaw County Campaign for Liberty breakfast. It’s at the City Limits Diner in Saline at 8AM. If you’re in the area come out and visit.
What else? Not too much really. And I do not have anything special planned for the weekend either. That’s nice. It’s been a while where I haven’t had something specific to do. Thinking about it I will probably walk my neighborhood and get some signatures on the HR1207 petitions. John Dingell will come around with enough pressure.
I think I’ll be doing some reading too. Funtimes! Have a great weekend!