Week in review

Quote of the week

“Capitalism properly understood cannot operate in an environment where property ownership is not explicit. A fractional-reserve, debt-based money system guarantees delusional booms born of multiplying claims on the same asset and, if the boom lasts long enough, industry segment collapses when the process of sorting out those claims inevitably occurs. Critics of capitalism thus falsely attribute to it problems that actually arise from crucial anti-capitalistic policies.” – David Calderwood

It’s Not Our Fault

by Peter Schiff

“It seems that the primary qualification needed by any chairman of the Federal Reserve is the ability to never admit error, no matter how damning the evidence. During his tenure on the job, Alan Greenspan set the standard for implausible deniability. But in a speech last weekend in Atlanta, current chairman Ben Bernanke did the Maestro one better. In a tortured academic dissertation, Bernanke explicitly denied any Fed culpability for inflating the housing bubble and for the financial crisis that began when it burst. Despite his best efforts, no one seemed particularly convinced. By taking such an absurd stand, he has destroyed any credibility he may have had left.” more… [Peter Schiff is running for the US Senate in Connecticut.]

Neither Left Nor Right: Of Liberty And Libertarians

by Doug Carkuff

“The central libertarian principle is the principle of nonaggression. Taken to its logical conclusions it pretty much covers everything that is the cause of so much consternation in the life of our society. You would think that no one could possibly have a problem with this principle, but many people do. In order for the nonaggression principle to mean anything you have to believe you own yourself and, by extension, that you own the fruits of your endeavors. For any statist/collectivist self-ownership is conditional. In other words, you only own yourself to the extent society says you own yourself which is really the same as saying you don’t own yourself at all. You can make the decisions about your life that society/the state says you can make. Ultimately and inescapably, in the statist’s view, society/the state owns everything and anything you own, including yourself — you only own conditionally.” more…

On health-care bill, Democratic senators are in states of denial

by Dana Milbank

“As Senate Democrats finally complete their health-care legislation, those combing through the bill have uncovered many backroom deals that were made to buy, er, secure the 60 votes needed to ‘invoke cloture’ — the legislative term for cutting off debate and holding a final vote.” more…

I live in a van down by Duke University

by Ken Ilgunas

“For some, van-dwelling may conjure images of pop-culture losers forced into desperate measures during troubled times: losers like Uncle Rico from “Napoleon Dynamite,” or “Saturday Night Live’s” Chris Farley who’d famously exclaim, “I live in a van down by the river!” before crashing through a coffee table, or perhaps the once ubiquitous inhabitants of multicolored VW buses, welcoming strangers with complimentary coke lines and invitations to writhing, hairy, back-seat orgies.

“In my van there were no orgies or coke lines, no overweight motivational speakers. To me, the van was what Kon-Tiki was to Heyerdahl, what the GMC van was to the A-Team, what Walden was to Thoreau. It was an adventure.” more…




  • The Ohio Republic legislative agenda.
  • Historic footage of Obama repeatedly promising that “healthcare debate” will occur on “CSPAN” not in secret. (video 2:21)
  • 45% say that a selection of 435 random individuals from the phone book would do better than the current Congress.
  • An Illinois prison will be sold to Feds to replace Guantanamo.

And now the numbers…

DOW Jones Industrials – 10,618.19 (+190.14/1.82%)
S&P 500 – 1,144.98 (+29.88/2.68%)
VIX – 18.13 (-3.55/-16.37%)
CSI 300 (China) – 3,480.13 (-95.554/-2.67%)
BSE 500 (India) – 6,957.32 (+115.07/1.68%)
MICEX (Russia) – 1,370.01 (UNCHG)
BOVESPA (Brazil) – 70,262.703 (+1,674.297/2.44%)
RICI – 3,369.04 (+95.04/2.90%)
Gold/oz – 1,138.90 (+42.70/3.90%)
Silver/oz – 18.47 (+1.625/9.65%)
Copper/lb – 340.05 (+5.40/1.61%)
Oil/bbl (Brent) – 81.37 (+3.44/4.41%)
Wheat/bu (CBT) – 568.50 (+27.00/4.99%)
Corn/bu – 423.00 (+8.50/2.05%)
EUR-USD – 1.441 (+0.0086/0.60%)
USD-JPY – 92.656 (-0.379/-0.41%)
USD-BRL – 1.7264 (-0.0181/-1.04%)
3 Month Treasury – 0.04 (-0.02/-33.33%)
2 Year Treasury – 0.98 (-0.16/-14.04%)
10 Year Treasury – 3.83 (UNCHG)
30 Year Treasury – 4.72 (+0.09/1.94%)
U.S. Public Debt (official) – 12,280,845,281,517.60 (+135,952,264,947.10/1.12%)
Baltic Dry Index (BDIY:IND) – 3,140.00 (+135.00/4.49%)

Not much to say today. I’ve been hiding from the news a bit, which is due to my reading Starving the Monkeys. I may do a review after I finish. We’ll see.

Okay, that’s it. Back to reading. Have a great weekend!

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