Quote of the week
“The onus is always on those who support a bill to justify it.” – James Wilson
by Greg Canavan
“Gold’s recent breach of the symbolic US$1,000 level has elicited a predictable amount of commentary from mainstream analysts. The problem is, much of it is ill-informed. Due to the general amnesia of most market analysts, of all asset classes gold remains the most misunderstood. In order to comprehend why gold is rising and why it will continue to rise in the years ahead, we need to review some history.” more…
by Robert Higgs
“Thousands of Americans have just staged a demonstration in Washington, D.C., to express their displeasure with the growth of government in general and the Obama administration’s health-insurance proposals in particular. Such demonstrations are a tradition in this country. The First Amendment, which people usually associate with freedom of speech, religion, and the press, also stipulates that Congress shall make no law abridging ‘the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.’ The Founders knew that people would sometimes desire to complain publicly against government policies that affected them adversely. After all, their own revolution had begun amid many such protests against the British government.” more…
Interview by Sudeep Reddy
“I always thought the day would come… This economy is going to get worse and this dollar is going to get a lot worse. It’ll take care of itself. My real goal is educating people to the nature of money so that when this system fails, that they’ll know what to do and not just say ‘Well, we need a better manager.’” more…
In the news…
- ACORN will not be involved with the 2010 census.
- TEA Party march was last Saturday – up to a million attend. Pictures, and more here.
- Up to 45% of doctors would consider quitting if Obamacare passes.
- Peter Schiff is officially running for the Senate.
- A vehicle tracking tax is under consideration. It would require a GPS unit in every car.
- Questions about 9/11 remain. It’s always good to ask questions. Most especially when you might not like the answers.
And now the numbers…
DOW Jones Industrials – 9,820.20 (+214.79/2.24%)
S&P 500 – 1,068.30 (+25.57/2.45%)
VIX – 23.92 (-0.23/-0.95%)
CSI 300 (China) – 3,199.689 (-38.444/-1.19%)
BSE 500 (India) – 6,416.69 (+210.56/3.39%)
MICEX (Russia) – 1,208.35 (+33.20/2.83%)
BOVESPA (Brazil) – 60,703.012 (+2,336.633/4.00%)
RICI – 2,975.27 (+88.74/3.07%)
Gold/oz – 1,010.30 (+3.90/0.39%)
Silver/oz – 17.065 (+0.365/2.19%)
Copper/lb – 278.50 (-6.15/-2.16%)
Oil/bbl (Brent) – 71.32 (+3.63/5.36%)
Wheat/bu (CBT) – 457.25 (-10.00/-2.14%)
Corn/bu – 318.00 (-1.75/-0.55%)
EUR-USD – 1.4712 (+0.0141/0.97%)
USD-JPY – 91.291 (+0.581/0.64%)
USD-BRL – 1.8082 (-0.0224/-1.22%)
3 Month Treasury – 0.08 (-0.05/-38.46%)
2 Year Treasury – 0.99 (+0.09/10.00%)
10 Year Treasury – 3.46 (+0.11/3.28%)
30 Year Treasury – 4.22 (+0.04/0.96%)
U.S. Public Debt (official) – 11,809,239,038,438.40 (+14,193,058,001.80/0.12%)
Baltic Dry Index (BDIY:IND) – 2356.00 (-112.00/-4.54%)
The first full week of classes is over. I’m swamped.
That and my dad and step-mom are in town, which means I’m running out of routine.
Went to the Henry Ford museum today. Neat stuff. Cars, airplanes, American history, tractors, trains, all kinds of stuff.
Going to the Michigan vs. Eastern Michigan game tomorrow with my dad. That’ll be fun. Go Blue!
We’re thin this week. Sorry. Actually I’ve cut my news consumption down quite a bit. That and I’m looking for a good source of World News. The BBC bums me out. The South China Morning Post is a paid service. The New York Times is bunk. The International Hearld Tribune is just the NY Times world style, thus bunk. The Financial Times is too statist (more so than most sources methinks). Anyway, does anyone have any suggestions? I’d prefer a non-US source.
So it’s pretty obvious the Congress does not read the bills it passes. Maybe if they just focused on Constitutional stuff they could read the bills. In any case, each member of Congress should be required to read or have read to him every bill in its entirety for which that member of Congress casts an affirmative vote. In addition, upon such a vote the member of Congress should be required to sign an affidavit stating that such a reading has taken place. Why is that so hard? What could be controversial about this? What are these folks being paid for anyway?
I’m tired. Have a great weekend!