Quote of the week
“Health care cannot be a right, because rights cannot come from government. At best, they can be protected by government. The founders understood this, which is why our Bill of Rights is really a list of restrictions on the government in Washington.” – Jonah Goldberg
by Michael S. Rozeff
“It is entirely reasonable to conclude that discretionary central banking with open market operations and without gold playing an essential constraining role is the cause of greater price instability and price inflation. Central banking with discretionary open market operations and without the constraint of gold is what helps define central banking; that and the fact that its notes are legal tender by law. If open market operations were taken away and if the central bank had to redeem its currency in gold, we would no longer have central banking as we know it now and as we have known it since 1913. For this reason, it is reasonable simply to say that central banking is the cause of greater price instability. To achieve price stability, we need only get rid of central banking. If we do that by stripping it of various powers like open market operations and by making it redeem in gold, all the while retaining the shell institution, we are essentially getting rid of central banking.” more…
by The Washington Times
“Mr. Conyers might think it’s an antiquated notion that congressmen actually read legislation, but it is the most fundamental responsibility of elected representatives to know and understand laws and how they will affect the lives of their constituents.” more…
by Thomas J. DiLorenzo
“The government’s initial step in attempting to create a government-run healthcare monopoly has been to propose a law that would eventually drive the private health insurance industry out of existence. Additional taxes and mandated costs are to be imposed on health insurance companies, while a government-run ‘health insurance’ bureaucracy will be created, ostensibly to ‘compete’ with the private companies. The hoped-for end result is one big government monopoly which, like all government monopolies, will operate with all the efficiency of the post office and all the charm and compassion of the IRS.” more…
In the news…
- Texas Governor Rick Perry invokes 10th Amendment in healthcare debate.
- The Feds will take a 34% stake in Citi.
- Elliot Spitzer backs Federal Reserve audit.
- A bit from the NY Times on ruthless defaulters.
- Republicans lead on a generic congressional ballot.
- Peter Schiff for Senate Money Bomb is August 7th.
- Turns out that Maya Soetoro, Barack Obama’s half sister who was born in Indonesia, has a Hawaiian Certification of Live Birth.
- Rasmussen poll reports that 75% of the people support an audit of the Federal Reserve Bank.
- The Congress is considering a bill that would blackmail state governments into passing laws to make texting while driving illegal.
- Listen to police radio online.
- US Government broke the record for weekly debt sales this week.
- Breaking from tradition, Wolfram Alpha, claims ownership of its “computational knowledge engine’s” output. Possible effects on copyright law are discussed here.
- Cash for clunkers is out of money, looking for another $2 billion.
- GDP contraction slows to 1%.
- A 10 page critique of HR3200, aka “The Healthcare Bill”.
- Rasmussen polling data on healthcare.
- The Audit the Fed bill, HR1207 has 281 co-sponsors. The Senate version, S604 has 20. Please call your Senators and ask for their support!
- Stephen Colbert – “Enjoy the Police State”.
- Ben Bernanke compilation from 2005-2007. What a buffoon.
And now the numbers…
DOW Jones Industrials – 9,171.61 (+78.37/0.86%)
S&P 500 – 987.48 (+8.22/0.84%)
VIX – 25.92 (+2.83/12.26%)
CSI 300 (China) – 3,734.622 (+67.066/1.83%)
BSE 500 (India) – 5,940.38 (+115.32/1.98%)
MICEX (Russia) – 1,053.30 (+26.35/2.57%)
BOVESPA (Brazil) – 54,765.719 (+308.43/0.57%)
RICI – 2,976.04 (+70.92/2.44%)
Gold/oz – 955.80 (-0.10/-0.01%)
Silver/oz – 13.94 (+0.065/0.47%)
Copper/lb – 262.35 (+10.15/4.02%)
Oil/bbl (Brent) – 71.70 (+1.38/1.96%)
Wheat/bu (CBT) – 528.25 (+12.00/2.32%)
Corn/bu – 349.50 (+22.25/6.80%)
EUR-USD – 1.4257 (+0.0055/0.39%)
USD-JPY – 94.682 (-0.11/-0.12%)
USD-BRL – 1.8651 (-0.0307/-1.62%)
3 Month Treasury – 0.18 (UNCHG)
2 Year Treasury – 1.11 (+0.12/12.12%)
10 Year Treasury – 3.48 (-0.18/-4.92%)
30 Year Treasury – 4.30 (-0.24/-5.29%)
U.S. Public Debt (official) – 11,581,201,791,282.09 (-24,319,288,560.00/-0.21%)
Baltic Dry Index (BDIY:IND) – 3,350.00 (+5.00/0.15%)
Okay, prepare for a disorganized deluge.
First something kinda cool, an image of a painting of many influential people from ages past and present. Granted they are missing a few, for instance Jesus and Thomas Jefferson. In fact not one person from the Revolutionary Era is present. And George W. Bush and Bill Clinton are. Go figure. Anyway it’s worth a look, and each character has a link to a Wikipedia entry.
Also found out something interesting about Nickels this week. They weigh 5 grams and are composed 75% of copper and 25% of nickel. Yup, a “nickel” is mostly copper because well if it was 100% nickel it would be worth more than a nickel and what government would produce a coin that was worth more than its face value when it could just as easily debase said coin? Exactly… Anyway a nickel has approximately $0.04 of actual metallic value. So you might want to hold onto your nickels. I suspect the metallic content will outpace face value.
That bit about the law where the Feds want to ban texting is bothersome to me. Yeah, texting while your driving is idiotic and municipalities and states should probably pass laws to prohibit it, but the Feds have no Constitutional authority to do this – (10th Amendment and Article I). Unfortunately the precedent already exists (the drinking age is linked to highway funding), which just goes to show that if you give them an inch they take a mile. This is why even “common sense” legislation that is of questionable constitutionality should be opposed outright. Otherwise the lawgivers acquire the habit of not obeying their own charter and end up just a bunch of lawless thugs. They have already insulated themselves from the effects of their pernicious laws, have elevated themselves above the people of this country, and have nearly earned that title – Thug.
Which brings me to the lawless thug from Detroit, John Conyers, whose wife – an esteemed city councilor – was just found to have been taking bribes. Of course John Conyers doesn’t know anything about that. Anyway, Mr. Conyers thinks that reading legislation is for suckers not for congressmen and made a statement to that effect this week. Thousands of pages of laws come out of that body each month. It’s sickening, and another good reason to support Downsize DC’s Read the Bills Act. Another good reason to vote against all incumbents.
Have you noticed how pretty much everything Congress is doing is being done with a bare majority? Even during the Bush years this was the case. And they try to do so much. This just seems a prescription for inculcating resentment and anger, and yet there appear few outlets. Someday somewhere something has to give. Because how can 51% dictate so much to 49%? In all of this regional difference are glaring. I wonder why most of us are willing to put with New Englanders, New Yorkers and Californians.
Finally, don’t you just love the part where Obama says “we inherited this from Bush”. He forgets to tell you that the Democrats controlled Congress from 2006 onward. Oh, wasn’t he part of those majorities. Hmmmm. I wish he would take twice as many vacations as Bush did. Maybe he could buy a ranch in Kenya.
Okay, that’s it. There was some other stuff I wanted to say about the environment and environmentalism (positive stuff), but I’m running short on time and have gone on for a long time now. Plus I do not think I can give it its due in a single paragraph, and to use more than one paragraph would be to destroy my motif, and well I could just never forgive myself for that. So that’s that.
Breakfast in Saline tomorrow at 8 AM at the City Limits Diner. Join us if you can. Otherwise have a great weekend!