Week in review

Quote of the week

“There has to be a separation of money and banking from the state, just as there is with church and state.” – Donald W. Miller, Jr., MD

The Age of Folly

by Llewellyn H. Rockwell, Jr.

“How about a bit of reality? Not the ridiculous promises from Washington: the absurd talk of “green shoots” while unemployment soars and investment falls; the silly guarantees that GM has a bright future, even as its stock price falls to less than the price of a Snickers bar; the nonsense about how if we spend more and inflate more, recovery will come tomorrow morning.” more…

Hello Dr. State

by Ron Paul

“If Congress requires individuals to purchase insurance, Congress must define what insurance policies satisfy the government mandate. Thus, Congress will decide what is and is not covered in the mandatory insurance policy. Does anyone seriously doubt that what conditions and treatments are covered will be determined by who has the most effective lobby? Or that Congress will be incapable of writing a mandatory insurance policy that will fit the unique needs of every individual in the United States?” more…

Geithner Takes His Act On The Road

by Investor’s Business Daily

“It’s never a good sign when you want to borrow money and your potential lender laughs in your face. But that’s exactly what happened to U.S. Treasury Secretary Tim Geithner on his recent trip to China.” more…

The Austrian Cure for Economic Illness

by Donald W. Miller, Jr., MD

“While the government can decree that it be used as a medium of exchange and serve as a unit of measurement, the U.S. Dollar has proved to be a poor store of value. A basket of goods that cost $100 in 1913, when the Fed was formed, cost $409 in 1971 and now cost $2,152. Over the 96 years that the Federal Reserve System has been in existence it has inflated the money supply (M2) 500-fold, from $16.4 Billion in 1914 to $8,264 Billion in April, 2009. The U.S. Dollar has lost 96 percent of its value. The life blood of an economy is its currency, which makes economic calculation and efficient markets possible. Federal Reserve monetary policy is like a cancer that is ravaging the body of a leukemic patient.” more…

In the news…

  • Recent microsoft update sneaks in a Firefox extension.
  • Timmy the Treasury Secretary took a trip to China.
  • The Supreme Court will review business method patents.
  • Pending home sales rise.
  • The government says that government managed universal healthcare would increase the efficiency of the healthcare system. Call me skeptical.
  • Food prices are expected to continue rising.
  • German chancellor criticizes central banks.
  • Not one week into bankruptcy and the Feds are already politicizing their ownership of GM.
  • Netherlands closes prisons for lack of criminals.


  • Peter Schiff on Obama in Saudi Arabia, China, elections, the Republican Party and more.

And now the numbers…

DOW Jones Industrials – 8,763.13 (+262.80/3.09%)
S&P 500 – 940.09 (+20.95/2.28%)
VIX – 29.62 (+0.70/2.42%)
CSI 300 (China) – 2,939.306 (+179.594/6.51%)
BSE 500 (India) – 5,767.03 (+246.78/4.47%)
MICEX (Russia) – 1,144.27 (+20.89/1.86%)
BOVESPA (Brazil) – 53,341.012 (+143.282/0.27%)
RICI – 3,018.05 (+69.05/2.34%)
Gold/oz – 962.60 (-17.70/-1.81%)
Silver/oz – 15.28 (-0.47/-2.98%)
Copper/lb – 228.40 (+8.65/3.94%)
Oil/bbl (Brent) – 68.34 (+2.82/4.30%)
Wheat/bu (CBT) – 623.00 (-14.25/-2.24%)
Corn/bu – 444.00 (+7.75/1.78%)
EUR-USD – 1.3968 (-0.019/-1.34%)
USD-JPY – 98.64 (+3.30/3.46%)
USD-BRL – 1.9615 (-0.0087/-0.44%)
3 Month Treasury –  0.18 (+0.05/38.46%)
2 Year Treasury –  1.29 (+0.38/41.76%)
10 Year Treasury –  3.83 (+0.37/10.69%)
30 Year Treasury –  4.63 (+0.29/6.68%)
U.S. Public Debt (official) – 11,388,997,387,553.00 (+77,315,682,466.90/0.68%)
U.S. Public Debt (actual est.) – 61,378,892,000,000.00 (+59,820,000,000.00/0.10%)
Baltic Dry Index (BDIY:IND) – 3809.00 (+315.00/9.02%)

The week just flew by, and I’m going to be busy this weekend. Then next week I have a pseduo-vacation because we’re going to have visitors for three days. So that means my wife and I will get to do some of the things we’ve been meaning to do this summer, like go to the arboretum (I’m sure I spelled that wrong) and maybe the UofM art museum. I think we’re going to Amish country too. Should be fun.

Next, the Washtenaw County Campaignfor Liberty has its bi-monthly breakfast in Saline tomorrow morning at the City Limits Diner at 8AM. We meet the first and third Saturday’s of every month, which actually turns out to look like every other Saturday at times, but do not be fooled. Anyway come out if you have the time and you’re in the area (you know who you are.. :)

On the newsletter front I added the “actual national debt” number, which takes into account the Medicare and Social Security liability. It’s over 5 times the amount of the “official debt”. In addition, I am now using a URL shortening service (bit.ly) for the links. I had been looking for a such a service (don’t care for tinyurl) and stumbled upon it during my Twitter use. Oh, look me up on Twitter if you get a chance. I’m kungfucraig.

Nothing much else going on. Working on a 64 bit port of  Comet (my company’s software). The research project is also going pretty well (poker playing AI thingy). Actually that’s been quite fun to work on. Version 1 is due in about a week. For what it’s worth, computers can’t compete in Poker at a world class level, yet…

Anyway I’m tired. I think I’m going to have some wine and go to bed. Have a nice weekend.

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