Quote of the week
“If men through fear, fraud or mistake, should in terms renounce and give up any essential natural right, the eternal law of reason and the great end of society, would absolutely vacate such renunciation; the right to freedom being the gift of God Almighty, it is not in the power of Man to alienate this gift, and voluntarily become a slave.” – John Adams
by Congressman Ron Paul and Senator Jim DeMint
“For nearly a century the Federal Reserve has operated in the shadows, away from the prying eyes of Congress, journalists and the American people. Created in 1913, the Fed was given enormous responsibility to protect the value of our currency. Yet in the last 96 years the U.S. dollar has lost more than 95% of its purchasing power. The Fed’s unprecedented actions over the past year in attempting to stabilize the financial system have now forced it into the spotlight, and caused millions of people around the country to question the opacity of the Fed’s financial transactions.” more…
by Rick Rozoff
“Not only does one country account for the overwhelming plurality of world military expenditures, but that nation also has troops and bases on all six habitable continents (as well as a 54-year military mission in Antarctica, Operation Deep Freeze) and eleven aircraft carrier strike groups and six navy fleets that roam the world’s oceans and seas at will. It is also expanding a global interceptor missile system on land, on sea, in the air and into space that will leave it invulnerable to retaliation.
“Reports from the first twelve days of November indicate the global scope of the first attempt in history by one nation to achieve uncontested worldwide military power.
“A survey of that period will trace recent trends across the globe with the alphabet as a compass.” more…
by Downsize DC
“Some members of the media, CNSNews in particular, are asking members of Congress to cite the part of the Constitution that gives them authority to impose an individual health insurance mandate. So far, supporters of the mandate – many of them well-known Congressional leaders – have been stumped.
“We chronicle some of the embarrassing or aggravating answers here…”
by Doug Hornig
“[A] big chunk of our prosperity during the past twenty years was due to a trade deficit that put billions of dollars into the hands of foreigners, who then turned around and bought Treasuries with them, helping the U.S. government finance its massive deficit spending. That’s over — and the unwinding process has just begun.” more…
by Michael S. Rozeff
“Capital flight is a significant method of eluding the reach of the state and its oppressive regulations and taxes. Money can go anywhere on earth. The U.S. and other states want to close down this escape hatch. If one or a few states that operate tax havens or respect financial privacy do not cooperate, then the U.S. and other states look for ways to break them down.
“This event should not be construed as a victory for those who pay taxes, or thought of narrowly as a defeat for those who evade taxes. This is a defeat for all of us who are unnecessarily shackled by the intrusive powers of the state in areas of our person where it has no right trespassing.” more…
- We’re at 123 failed banks on the year. Here’s the FDIC’s report.
- Financial Sense Editorial from Casey Research.
- Bare Branches, Bill Bonner’s weekly. If you have not read The Empire of Debt or seen I.O.USA you are missing out.
News and Stuff
- Government loses $98 billion. This is not the kind of loss that comes from a bad invesment, but rather the “oh crap, I seemed to have misplaced $98 billion and don’t know where to find it,” kind of loss.
- Obama says climate deal must have “immediate effect.”
- Presidential poll numbers: 27% strongly approve, 41% strong disapprove, 47% total approval.
- Learn about Freedom Force International.
- First US marijuana cafe opens up in Portland.
- Audit the Fed news coverage. It passed committee and it’s moving!!!
- Leopard Seals. Cool stuff!
And now the numbers…
DOW Jones Industrials – 10,318.16 (+47.69/0.46%)
S&P 500 – 1,091.38 (-2.10/-0.19%)
VIX – 22.19 (-1.17/-5.01%)
CSI 300 (China) – 3,631.013 (+112.291/3.19%)
BSE 500 (India) – 6,606.00 (+67.75/1.04%)
MICEX (Russia) – 1,334.15 (+23.88/1.82%)
BOVESPA (Brazil) – 66,327.281 (+1,001.652/1.53%)
RICI – 3,214.96 (+68.54/2.18%)
Gold/oz – 1,146.80 (+30.10/2.70%)
Silver/oz – 18.44 (+1.06/6.10%)
Copper/lb – 313.40 (+13.45/4.48%)
Oil/bbl (Brent) – 77.20 (+0.89/1.17%)
Wheat/bu (CBT) – 580.75 (+21.00/3.75%)
Corn/bu – 407.00 (+1.25/0.31%)
EUR-USD – 1.4862 (-0.0041/-0.28%)
USD-JPY – 88.885 (-0.772/-0.86%)
USD-BRL – 1.7314 (+0.0089/0.52%)
3 Month Treasury – 0.01 (-0.04/-80.00%)
2 Year Treasury – 0.72 (-0.09/-11.11%)
10 Year Treasury – 3.37 (-0.05/-1.46%)
30 Year Treasury – 4.29 (-0.07/-1.61%)
U.S. Public Debt (official) – 12,011,787,382,266.60 (+20,567,846,368.70/0.17%)
Baltic Dry Index (BDIY:IND) – 4,507.00 (+396.00/9.63%)
I ran into some guy this week who were trying to get others to write letters to support some clean energy spending in Lansing. Me being me, I engaged the guy in a long unproductive conversation so as to keep him from getting any work done. In any case it turns out that he was being paid to collect these letters. It also turns out he was being paid by money that came from a government grant. So we have a guy being paid by a government grant circulating petitions for more government. Brilliant!
Of course all kinds of hoopla has been made over the decision to try a group of terrorists in New York. Aside from me not liking the word terrorist, here are a few things to consider. First, if we didn’t have this massively arrogant imperial presence all over the globe, we probably wouldn’t have this problem to begin with. Osama bin Laden has said as much himself.
Sun Tzu said know yourself and know your enemy. Arguably we know neither, but I digress…
Second, in criminal court you are supposed to be tried by an impartial jury. How is that really going to happen? It almost makes a mockery of the legal system to think that this is possible. Of course that point has been harped on elsewhere, but there’s also this concept of being tried by a jury of one’s peers. However if you buy that notion, then you do have to ask, who are the peers of these men? And, will you find them in Manhattan? Perhaps the Bronx? Methinks not. Maybe in the Hamptons…
Third, and this has been mentioned as well, at least one side of it. If these men were water boarded, will this evidence be used in court? If such evidence is inadmissible it could prevent a conviction. That’s the part that has been covered. The part that has not been covered is, if said evidence is admissible, what kind of precedent would that set?
In the article above “Where in the Constitution”, there is a quote from some nitwit Senator equating the mandate to buy health insurance with the draft. Something like, “we forced people into the army, we can force them to buy health insurance too.” To wit many a commentator has said that the draft is specifically provided for by the power granted to Congress for raising an army.
Both lines of reasoning are garbage. The draft is slavery pure and simple. But wait slavery is prohibited by the 15th Amendment to the Constitution you say. It’s not slavery you say? No? Then explain how the state can command you to die on its behalf without your consent? I ask you, who owns whom?
We’ll not broach the income tax nor the central bank, but consider this the draft implies you don’t own yourself and the income tax implies you don’t own the fruits of your labor. Again, who owns whom?
Breakfast is tomorrow at the Classic Cup Cafe on Jackson Road in Ann Arbor at 8AM. Our third Saturday breakfast is probably moving there. The first Saturday breakfast will continue to be in Saline at the City Limits Diner. Of course all of this is up for discussion. I’m impartial to the whole thing myself. Hope to see some of you there tomorrow.
Otherwise, have a great weekend!