Quote of the week
“A free person should have the right to possess whatever he desires. End of story. And only slaves, or those with a slave mentality, comply with no thought of resistance when they’re told what they can or cannot own.” – Doug Casey
by Doug Casey
“Longtime readers know my standard response to questions about the severity of the Greater Depression: it’s going to be worse than even I think it’s going to be. ‘Coming Collapse’ books will undoubtedly accumulate into an entire genre in the next few years, as they did a generation ago. This time it’s not just fearmongering, although things won’t get as bad as in James Kunstler’s book ‘The Long Emergency’ and certainly not as rough as in the movies ‘Road Warrior’ or ‘I Am Legend.’ But it’s a good bet that a lot more is going to change than just some features of the financial system. Let’s engage in a little speculation as to the shape of things to come.” more…
by Thomas Woods
“We were once told that boom-bust business cycles were a thing of the past because, thanks to the Fed, we now had scientific management of the money supply. If anyone believes that today, I’d like to meet him. Artificially low interest rates courtesy of the Fed do not yield us a utopia of sunshine and kittens. To the contrary, they artificially stimulate capital-goods production and long-term investment. They thereby deform the structure of production into a configuration that the public’s freely expressed pattern of saving and consumption will be unable to sustain. When this phony boom inevitably collapses, it is “capitalism” that takes the blame – when in fact the Fed, a non-market institution, is the culprit.” more…
by Gary Galles
“September 27 marks the anniversary of the publication of the first of the Antifederalist Papers in 1789. The Antifederalists were opponents of ratifying the US Constitution. They feared that it would create an overbearing central government, while the Constitution’s proponents promised that this would not happen. As the losers in that debate, they are largely overlooked today. But that does not mean they were wrong or that we are not indebted to them.” more…
In the news…
- Peter Schiff is officially exploring a run for the Senate.
- China’s forex reserves pass $2 trillion.
- California may be getting their budget together.
- The Audit the Fed Bills: HR1207 and S604 have 270 and 13 co-sponsors respectively.
- Arab festival in Dearborn, Michigan, or “Sharia in the US”, or “Big Guys in a Group with a Little Authority Quickly Become Thugs”, or “Annoying Guy with Camera Gets his Come Uppance”. Either way, several folks asked me to share this.
- The Fed Under Fire.
And now the numbers…
DOW Jones Industrials – 8,743.94 (+597.42/7.33%)
S&P 500 – 940.38 (+61.25/6.97%)
VIX – 24.34 (-4.68/-16.13%)
CSI 300 (China) – 3,519.809 (+121.499/3.58%)
BSE 500 (India) – 5,581.78 (+459.44/8.97%)
MICEX (Russia) – 966.18 (+94.85/10.89%)
BOVESPA (Brazil) – 52,072.488 (+2,851.707/5.79%)
RICI – 2,827.11 (+144.34/5.38%)
Gold/oz – 937.50 (+25.00/2.74%)
Silver/oz – 13.403 (+0.743/5.87%)
Copper/lb – 242.30 (+21.15/9.56%)
Oil/bbl (Brent) – 65.38 (+4.86/8.03%)
Wheat/bu (CBT) – 541.75 (+23.00/4.43%)
Corn/bu – 331.50 (-6.50/-1.92%)
EUR-USD – 1.4102 (+0.0166/1.19%)
USD-JPY – 94.195 (+1.65/1.78%)
USD-BRL – 1.9261 (-0.0697/-3.49%)
3 Month Treasury – 0.16 (-0.01/-5.88%)
2 Year Treasury – 0.99 (+0.09/10.00%)
10 Year Treasury – 3.64 (+0.34/10.30%)
30 Year Treasury – 4.54 (+0.34/8.10%)
U.S. Public Debt (official) – 11,598,417,943,168.19 (+72,113,884,342.70/0.63%)
Baltic Dry Index (BDIY:IND) – 3,542.00 (+557.00/18.66%)
Just a couple of notes this week. I got back from Phoenix on Monday evening so that meant I was two days behind on my reading. That is partially to explain the thin report this week. The other reason is that I worked the Michigan Campaign for Liberty Booth at the Ann Arbor Art Fair both Thursday and Friday afternoon. Anyway, things are kind of thin. Sorry. But we have Comics again!!! Thanks Randy!
Meanwhile I think the crazy health care bill passed the House. Ugggg. I swear if they would have set out in January asking “how could we best bankrupt these United States” they could not have done a better job than they have. Bunch of criminals as far as I’m concerned. Turns out the national debt has grown $2 trillion in the last year. Officially. That doesn’t count the entitlement debacle or the money Helicopter Ben has been churning out.
John Dingell, of Michigan District 15 fame, is not able to pay attention to the 250 words that is HR1207 because he’s been busy bankrupting the country, err, authoring the healthcare “reform” bill.
He had a booth at the Art Fair about 10 or so down from us. After folks signed our petition for HR1207 we sent them down to his with a flier in hand. That was yesterday. They weren’t there today… Coincidence? Who knows?