Quote of the week
“‘Put your sword back in its place,’ Jesus said to him, ‘for all who draw the sword will die by the sword.'” – Matthew 26:52
By Anthony Gregory
“The U.S. has been an interventionist empire under both parties for the better part of a century. September 11 occurred after years of such interventions. The current administration is virtually identical to the last administration in clinging to this counterproductive and unconstitutional foreign policy. At the core of this continuity is a philosophical problem, a dedication to intervention in our national culture that must be questioned and confronted. Our true hope for security and freedom lies in restoring the constitutional limits on presidential power, bringing the troops home from around the world, and restoring the republic.” more…
by Ryan Grim
“The Federal Reserve, through its extensive network of consultants, visiting scholars, alumni and staff economists, so thoroughly dominates the field of economics that real criticism of the central bank has become a career liability for members of the profession, an investigation by the Huffington Post has found.” more… (Highly recommended).
by Benjamin Schwarz
“Not to be faux-populist about it, but although such matters as the electoral turmoil in Iran, the Bernanke/Lewis he said/he said, and the bloating of the list of Oscar finalists (to take the week of June 21) constitute what Charlie Rose and his knowing ilk like to think of as the national discussion, I suspect that an altogether different set of concerns haunts the commuter driving home, is fumbled over on the AYSO sidelines, and is the chief subject across kitchen tables after the kids are put to bed. As Americans confront what has been dubbed the worst economic catastrophe since the Great Depression, they may be forgiven for failing to linger over soon-to-be-old current events, because they recognize that for the first time in their lives they’re in the grip of history. They’re anxious, even terrified, about what that may mean for their daily lives and dreams and—really the same question—for their children’s lives and dreams.” more…
by Llewellyn H. Rockwell, Jr.
“There is something affected, something not believable, something agitpropish, about all the cheers for the glorious economic recovery we are experiencing. Some of its biggest boosters don’t even quite believe it.” more…
by David Hume
“At some point we’re going to come to the end of the line with all this nonsense. We’re a mammoth nation of ~300 million people, can we truly coordinate our disparate values and abilities to realize what we wish to be? Conservatives wonder as to the scalability of the European Union, with the all the kludginess entailed by its common monetary policy. But the late great financial panic makes me wonder if these United States is of appropriate scale either. Ah, but that’s an unpatriotic thought.” more…
by Michael S. Rozeff
“A key variable in the success or failure of a nation and government like ours is the production of wealth. We the People produce this wealth. When our government selects strategies that impair the production of wealth and that destroy wealth, it causes failure.
“Let’s look at six major government strategies that are causing major failure. There are many more. In each case, there is a pattern of persistence. The government failures do not deter it from continuing the failed strategy. The government enlarges them. The end result of such behavior is the ruination of the country.” more…
In the news…
- Van Jones, the (green jobs, environmental) (czar, guru, advisor, whatever) quits. Here’s some useful commentary on all of that.
- Iran will continue its nuclear program, which is adamantly defended as peaceful.
- Mach 6 test aircraft ready for trial.
- Ever wonder what the DHS knows about you? For example it knows, the IP address of the computer you last made any travel arrangements from.
- China to issue bonds to offshore investors.
- Obama’s speech to the school children (full text).
- Obama’s address to Congress (full video and text).
- HR1207 (Audit the Fed) is going to have a hearing.
- Chris Dodd is vulnerable, which is good news for Peter Schiff.
- NFL regular season starts this week. Pittsburgh beat Tennessee 13-10 in the Thursday opener.
- CEOs of public companies have been selling.
- Wall Street is looking to bundle life insurance like it did mortgages.
- Burglary of an Apple store pulled off in 31 seconds. Action starts at about 0:55.
- Judge Napalitano on the President’s czars.
And now the numbers…
DOW Jones Industrials – 9,605.41 (+164.14/1.74%)
S&P 500 – 1,042.73 (+26.33/2.59%)
VIX – 24.15 (-1.11/-4.39%)
CSI 300 (China) – 3,238.133 (+160.991/5.23%)
BSE 500 (India) – 6,206.13 (+161.11/2.67%)
MICEX (Russia) – 1,175.15 (+89.57/8.25%)
BOVESPA (Brazil) – 58,366.379 (+1,714.098/3.03%)
RICI – 2,886.53 (+25.83/0.90%)
Gold/oz – 1,006.40 (+9.70/0.97%)
Silver/oz – 16.70 (+0.415/2.55%)
Copper/lb – 284.65 (-2.00/-0.70%)
Oil/bbl (Brent) – 67.69 (+0.87/1.30%)
Wheat/bu (CBT) – 467.25 (-4.50/-0.95%)
Corn/bu – 319.75 (+13.50/4.41%)
EUR-USD – 1.4571 (+0.0275/1.92%)
USD-JPY – 90.71 (-2.30/-2.47%)
USD-BRL – 1.8306 (-0.0136/-0.74%)
3 Month Treasury – 0.13 (UNCHG)
2 Year Treasury – 0.90 (-0.03/-3.23%)
10 Year Treasury – 3.35 (-0.09/-2.62%)
30 Year Treasury – 4.18 (-0.09/-2.11%)
U.S. Public Debt (official) – 11,795,045,980,436.59 (+7,983,773,723.10/0.07%)
Baltic Dry Index (BDIY:IND) – 2,468.00 (+53.00/2.19%)
Lots of studying to do this weekend. I’m going to be super busy over the next few months. Hopefully I’ll be able to write an article per month or so. Otherwise this section is going to be pretty thin.
I’ll be reading about 100 pages of Complexity by Mitchell Waldrop tonight. Tomorrow it’s least squares linear regression. Machine learning is going to be fun!
One quick thought before I depart. We all seem to accept the fact we live in a society where the majority rules. And yet it would fly in the face of all of our sensibilities to think that if 51% of the people said to the other 49%, “we voted on it, and the people have decided to kill you all.” That’s absurd, right? Of course it is. Yet we don’t blink at the statement, “we voted on it, and the people have decided to take your money to do X.” Murder by majority is abhorrent. Theft by majority, eh not so much. Why not?
Alright, that’s all for now. Football starts this weekend! Go Broncos!!!