Quote of the week
“[H]ere is the question that socialists have never been able to answer: if the goal is to get government to operate like a private service, what is the value added by having it provided by the government in the first place? The only reason for a government service is precisely to provide financial support for an operation that is otherwise unsustainable, or else there would be no point in the government’s involvement at all.” – Lew Rockwell
by David Saied
“The only way to solve a debt crisis — a path demonstrated by other countries that have survived through similar crises — is to drastically reduce the total levels of debt. Individuals, businesses, and the government must all tighten their belts, reduce expenditures, and live well within their means. How can a monetary policy that promotes more credit and a fiscal policy that creates more debt solve the debt crisis? The answer is clear: it cannot.” more…
“We’ve long felt that public hatred of insurance companies is the main source of support for increased government involvement in health care. But now people seem to be realizing that the real reason to hate the insurance companies is because of… The United States of Corporate Welfare.” more…
by Michael Gaddy
“When I decided to write this article, I did not contact the government, submit to a background check, submit fingerprints, take a government endorsed writing class and pay for permission. What is the difference in the exercise of my inalienable right to free speech and my inalienable right to keep and bear arms? The difference is: the state currently fears my ability to resist tyranny with a firearm more than with words, but as we can see from the reaction of the government and its media lackeys to the spoken objections to the tyranny of socialized medicine, that is about to change.” more…
by Bill Bonner
“A ‘good’ is a good only insofar as it is good to the person who wants it. The public servant – as able and self-less as he may be – has to guess. History and theory tell us what happens; he usually guesses wrong. Only the individual knows what he wants and how to get it. He compares one good against others – using prices to guide him to where he gets the most good for his money. But when the government steps in with its subsidies, it effectively pisses in the stream of price information. Now, the consumer, with no clean signal to guide him, makes mistakes. He may be lured to buy a new car. The central planners may be pleased. They see the effect they desired – more auto sales. But what don’t they see?” more…
by Gerald Celente
“The natives are restless. The third shot of the ‘Second American Revolution’ has been fired. History is being made. But just as with the first two shots, the third shot is not being heard. America is seething. Not since the Civil War has anything like this happened. But the protests are either being intentionally downplayed or ignorantly misinterpreted.” more…
by Josh Levin
“Predictions of modern America’s collapse usually say more about the speaker than about the country’s condition. Igor Panarin, the Russian political scientist who believes the United States will break into six pieces in 2010, seems to be extrapolating from what happened to the Soviet Union. Texas Gov. Rick Perry, who paid lip service to secession at a tax-day rally earlier this year, was less predicting America’s downfall than feeding chum to a riled-up, ‘Secede!’ -chanting crowd. ‘[I]f Washington continues to thumb their nose at the American people,’ Perry said, ‘you know, who knows what might come out of that.’ more… This is from a series of articles, the first of which is here.
In the news…
- The NFL preseason is rolling.
- More than $2 billion goes into electric car grants, with the mega-corporations and government owned enterprises getting the lion’s share of the money.
- Artificial bones made of wood.
- Emerging from banruptcy, Government Motors leaves its environmental liabilities with the old company.
- Tim Geithner has asked the Congress to increase the federal debt limit beyond the current $12.1 trillion within the next two months.
- Army spies on domestic anti-war activists.
- A little bit on the Kentucky Senate Race, the one in which Rand Paul is running.
- Banks to collect $38.5 billion in overdraft fees.
- Cool cyborg legs.
- Gene mutation tied to requiring less sleep discovered.
- Use of local currencies is on the rise.
- Newly elected Democrats may tread lightly on heathlcare. Let’s keep giving them hell.
- Cash for clunkers could suffer from unintended consequences.
- Representative Michele Bachmann on our Thugocracy especially as it relates to the nationalization of General Motors.
- Billy Joel – We Didn’t Start the Fire – with lots of pictures. A whirlwind tour of the second half of the 20th century.
And now the numbers…
DOW Jones Industrials – 9,321.40 (-48.67/-0.52%)
S&P 500 – 1,004.09 (-6.39/-0.63%)
VIX – 24.27 (-0.49/-1.98%)
CSI 300 (China) – 3,344.462 (-210.633/-5.92%)
BSE 500 (India) – 5,887.76 (+128.60/2.23%)
MICEX (Russia) – 1072.74 (-42.67/-3.83%)
BOVESPA (Brazil) – 56,638.00 (+308.488/0.55%)
RICI – 2961.02 (-76.63/-2.52%)
Gold/oz – 948.70 (-10.80/-1.13%)
Silver/oz – 14.722 (+0.054/0.37%)
Copper/lb – 285.10 (+6.55/2.35%)
Oil/bbl (Brent) – 71.44 (-2.15/-2.92%)
Wheat/bu (CBT) – 509.50 (-7.25/-1.40%)
Corn/bu – 327.75 (+1.25/0.38%)
EUR-USD – 1.4203 (+0.002/0.14%)
USD-JPY – 94.94 (-2.63/-2.70%)
USD-BRL – 1.8484 (+0.028/1.54%)
3 Month Treasury – 0.17 (UNCHG)
2 Year Treasury – 1.05 (-0.25/-19.23%)
10 Year Treasury – 3.57 (-0.28/-7.27%)
30 Year Treasury – 4.43 (-0.17/-3.70%)
U.S. Public Debt (official) – 11,662,830,881,880.09 (+2,688,427,676.10/0.02%)
Baltic Dry Index (BDIY:IND) – 2,752.00 (-20.00/-0.72%)
Don’t have too much time this week, but I want to say one thing. The whole concept of “hate speech” and “hate crimes” really chaps my hide. First, despite how offensive or ignorant a person’s words are, they have a right to those words. To say them without threat of legal action, but with the full realization that there may be social consequences. Like people not wanting to associate with you because you’re an idiot, for example.
As for the “hate crime” thing. If a person does a crime the punishment should not depend upon their motive. The crime is the crime. That’s it. If you punish someone for what they believe you are walking off the edge of a cliff into an abyss. This goofy crap has to stop. Seriously. Probably anyone reading this agrees with me, but I’d like to hear some sane arguments in favor of “hate crime/speech” legislation. Anyone want to play devil’s advocate?
Okay that’s it. I’ve got nothing else this week, but I am working on something for next week! Maybe I’ll have time to finish. Have a great weekend.