Quote of the week
“I urge you to remove the word ‘consumer’ from your lexicon, it’s degrading. It suggests we have no duty to our fellow man.” – James Howard Kunstler
by Andrew Sumereau
“In the era of Obama’s imperial presidency, with ever accumulating and unaccountable Czars, explosive debt, bank bailouts, corporate takeovers, Congressional redistricting, tax increases, a lack of any perceptible restraint on the judiciary, the sad reality is dawning on many if not finally on most that we live in a post-constitutional nation. The volume and emotion of the protests comes both from a sincere anger and panic but also from the frustration of an inarticulate and uninformed citizenry that feels what it doesn’t know. People may cry ‘liberty!’ and ‘hands off’ but don’t have the education and intellectual ammunition to make a solid case.” more…
by Garet Garrett
“We have crossed the boundary that lies between Republic and Empire. If you ask when, the answer is that you cannot make a single stroke between day and night. The precise moment does not matter. There was no painted sign to say, ‘You now are entering Imperium.’ Yet it was a very old road and the voice of history was saying: ‘Whether you know it or not, the act of crossing may be irreversible.’ And now, not far ahead, is a sign that reads: ‘No U Turns.’ more…
by John Mackey
“While we clearly need health-care reform, the last thing our country needs is a massive new health-care entitlement that will create hundreds of billions of dollars of new unfunded deficits and move us much closer to a government takeover of our health-care system. Instead, we should be trying to achieve reforms by moving in the opposite direction—toward less government control and more individual empowerment. Here are eight reforms that would greatly lower the cost of health care for everyone.” more…
by Michael F. Cannon
“The Obama administration’s offer to drop a Medicare-like health insurance option for Americans under age 65 is neither a surprise nor a comfort, because it does nothing to change the administration’s dangerous plan for health reform. Rather, it is a tactic designed to change the debate – one that fits nicely within the administration’s broader strategy of deception.” more… [Take action with DownsizeDC.org here.]
by Rosslyn Smith
“Watching our political class fumble with the hot potato of ObamaCare has proven to make for a highly entertaining August. We assume that elected officials must have considerable people skills. Yet many Democrats have been ham handed in the extreme when faced with voters who want to be heard on one hand and party leaders who will not tolerate dissent on the other. … The lengths to which some Congressmen and Senators have gone to avoid voters who simply want to be heard is amusing and informative.” more…
by Bob Irish
“How can you insure the base of deposits, when banks are allowed to loan out $10 for every $1 on deposit? You can’t. It’s mathematically impossible. The same way it would be impossible for every depositor to get their money back if they all showed up at the bank on the same day. When swindlers and crooks pull a scam like this we call it a ‘pyramid scheme’. When the banks do it, it’s called ‘fractional reserve banking.’ When the government does it, it’s called ‘Social Security.'” more…
In the news…
- Obama Joker poster artist interviewed.
- Local government viewed more favorably than federal.
- DNA evidence can be fabricated.
- Backlash grows on healthcare “reform”.
- TALF (term asset-backed securities loan facility/troubled asset loan facility) to be extended.
- Poll indicates that Rand Paul is competitive in the Kentucky Senate race.
- “Liberals” boycott Whole Foods because of CEO’s op-ed. The op-ed is linked above.
- First Lady, Michelle Obama, “requires” 26 servants.
- The Arizona legislature passed a bill that will stop “enhanced drivers licenses” in the state. This is yet another rejection of the REAL ID Act.
- On a similar note, REAL ID is being reincarnated as PASS ID.
- Man jailed for three months on breath mint posession.
- Weekly Alibi interviews Adam Kokesh, Republican candidate for Congress (NM-3).
- The ostensibly successful “cash for clunkers” program is coming to an end. Read about the Broken Window Fallacy here.
- Meanwhile, auto dealers are having trouble getting paid for those destroyed “clunkers”.
- Public opinion is turning against the Afghan War.
- Existing home sales are up 7.2% in July.
- 49% say that workers should be able to opt-out of Social Security.
- Mexico decriminalizes small-scale drug possession.
- If you’re not having fun advocating for liberty you’re doing it wrong.
- Everything the government runs is bankrupt.
- Peter Schiff on Warren Buffet’s idiocy, Bill Gross, and our longer term prospects if the current course is maintained.
And now the numbers…
DOW Jones Industrials – 9,505.96 (+184.56/1.98%)
S&P 500 – 1,026.13 (+22.04/2.20%)
VIX – 25.01 (+0.74/3.05%)
CSI 300 (China) – 3,203.624 (-140.838/-4.21%)
BSE 500 (India) – 5,822.52 (-65.24/-1.11%)
MICEX (Russia) – 1,077.65 (+4.91/0.46%)
BOVESPA (Brazil) – 57,728.59 (+1,090.59/1.93%)
RICI – 2,985.70 (+24.68/0.83%)
Gold/oz – 954.70 (+6.00/0.63%)
Silver/oz – 14.199 (-0.523/-3.55%)
Copper/lb – 289.40 (+4.30/1.51%)
Oil/bbl (Brent) – 74.19 (+2.75/3.85%)
Wheat/bu (CBT) – 487.25 (-22.25/-4.37%)
Corn/bu – 326.25 (-1.50/-0.46%)
EUR-USD – 1.4326 (+0.0123/0.87%)
USD-JPY – 94.382 (-0.558/-0.59%)
USD-BRL – 1.83 (-0.0184/-1.00%)
3 Month Treasury – 0.16 (-0.01/-5.88%)
2 Year Treasury – 1.09 (+0.04/3.81%)
10 Year Treasury – 3.56 (-0.01/-0.28%)
30 Year Treasury – 4.37 (-0.06/-1.35%)
U.S. Public Debt (official) – 11,720,828,555,380.19 (+57,997,673,500.10/0.50%)
Baltic Dry Index (BDIY:IND) – 2,468.00 (-284.00/-10.32%)
Wow what a week. My baby daughter is here! Times they are a changing…
When I was 18 I swore I’d never have kids. I suppose this is not the first time I’ve proven myself wrong though. I always thought “who’d want to bring a kid into this insane world?” But in retrospect, maybe just maybe, the kids we raise can foster some much needed sanity. No doubt they’re going to be tough to do it though. Toughness, now that’s something that’s lacking in our society…
But that’s for another day. I have finished yet another book… The seventh book in the Wheel of Time, The Crown of Swords. The eighth book awaits. Not sure if I want to start it. It’s staring at me from under the end table… Classes start again in about two weeks. But before that my mom is coming to visit! And then my dad two weeks later. They want to meet their new grandaughter. The call of the book is strong… So strong…
I’m rambling. Sorry. I suppose that’s what happens when you have two beers before putting the finishing touches on the newsletter.
So maybe I’ll just wrap it up with a joke that someone sent me:
Barack Obama was visiting a primary school and he visited one of the classes. They were in the middle of a discussion related to words and their meanings. The teacher asked the president if he would like to lead the discussion on the word ‘tragedy.’ So our illustrious president asked the class for an example of a ‘tragedy.’
One little boy stood up and offered: ‘If my best friend, who lives on a farm, is playing in the field and a tractor runs over him and kills him, that would be a tragedy.’
‘No,’ said Obama, ‘that would be an accident.’
A little girl raised her hand: ‘If a school bus carrying 50 children drove over a cliff, killing everyone inside, that would be a tragedy.
I’m afraid not,’ explained Obama. ‘That’s what we would call great loss.’
The room went silent. No other children volunteered. Obama searched the room. ‘Isn’t there someone here who can give me an example of a tragedy?’
Finally at the back of the room, Little Johnny raised his hand. In a quiet voice he said: ‘If the plane carrying you and Mrs. Obama was struck by a ‘friendly fire’ missile and blown to smithereens that would be a tragedy.’
‘Fantastic!’ exclaimed Obama. ‘That’s right , and can you tell me why that would be tragedy?’
‘Well,’ says the boy, ‘It has to be a tragedy, because it certainly wouldn’t be a great loss . . . and it probably wouldn’t be an accident either
Have a great weekend!