Quote of the week
“Keynesians and Krugmanites are clueless, and while they revel in their cluelessness and their ignorance is celebrated in the media as Great Wisdom, nonetheless, they are ignorant people, but (unfortunately) ignorant people who are influencing the government to destroy what is left of our economy.” – William J. Anderson
by Bill Jenkins
“The problem with government jobs is generally two-fold. First, we know that they are expensive. Second they are not productive. Thus, the very nature of government work, is to funnel money from the private sector to pay for these jobs, and then to see that little or nothing is produced. Where nothing is produced, nothing is sold. Where nothing is sold, no income is created. Where no income is created, there is a fiscal loss.” more…
by Ivan Eland
“Contrary to the rhetoric of congressional Republicans, who are stridently criticizing Obama for his excessive spending, these budget deficits are largely the result of George W. Bush’s new entitlement program (Medicare prescription drug coverage), the usual Republican fake tax cuts (tax cuts without concomitant reductions in government spending), bank and insurance bailouts, and the conduct of two disastrous U.S. occupations of foreign countries. Of course, Obama is far from blameless.” more…
by Walter Russell Mead
“The global warming movement as we have known it is dead. Its health had been in steady decline during the last year as the once robust hopes for a strong and legally binding treaty to be agreed upon at the Copenhagen Summit faded away. By the time that summit opened, campaigners were reduced to hoping for a ‘politically binding’ agreement to be agreed that would set the stage for the rapid adoption of the legally binding treaty. After the failure of the summit to agree to even that much, the movement went into a rapid decline.” more…
by Danny O’Brien
“EFF has compiled a list of seven corporations that are reportedly selling surveillance technology to the Chinese government and related entities. We’re designating them ‘corporations of interest’.” more…
- Just one failed bank this week. That makes 16 on the year.
- Financial Sense Editorials – Vintage Wine Turns Sour for Financiers – by Alex Daley and Doug Hornig
- Bill Bonner – Everybody Off The Beach
- The Bain Report – Articles That Affect You and Your Family
Politics and Such
- Thousands of Japanese protest American military presence in their country.
- 65% skeptical of big government and big business.
- Does your Super Bowl Party violate copyright law?
- Nancy Pelosi abuses her ability to charter military aircraft.
- Medina polling 16% in Texas gubernatorial race.
- Who’s behind “The Tea Party is Over”?
- Google and NSA will form a partnership to ward off cyber-attacks.
- Potential turmoil in the Euro Zone.
- Americans overwhelmingly reject Keynesian economics. I’ve always thought the reason the power-elite have liked Keynesian economics so much was because it flattered their egos, and allowed them to think they were more important than they actually were or ever could be. On the other hand the Austrian school gives them much lower regard, demoting them to the level of tolerable at best and parasitic at worst.
- UN agency calls for “driver’s license” for Internet users. Craig Mundie, Microsoft’s Chief Strategy officer, supports it. You still buying their products?
- Rand Paul is looking good in the Kentucky Senate race. Sarah Palin has endorsed him.
- Social Security will be cash flow negative this year for the first time in 25 years.
- FBI wants Internet Service Providers to keep logs of what sites their customers have visited for two years.
- Google phasing out support for IE6 and other older browsers.
- Robot wrestling. (suflex around 4:30)
- Documentary on the end of aging to premiere February 11th.
- Gotta love this piece by the NY Times on the Obama Budget. If you don’t get a giggle by the second paragraph, well then you probably haven’t read this far anyway. We’re all Keynesians now, right? Right?!?!
- An article on sleep deprivation.
And now the numbers…
DOW Jones Industrials – 10,012.23 (-55.10/-0.55%)
S&P 500 – 1,066.19 (-7.68/-0.72%)
VIX – 26.11 (+1.49/6.05%)
CSI 300 (China) – 3,153.087 (-51.068/-1.59%)
BSE 500 (India) – 6,314.73 (-195.17/-3.00%)
MICEX (Russia) – 1,355.64 (-63.78/-4.49%)
BOVESPA (Brazil) – 62,762.699 (-2,639.071/-4.04%)
RICI – 2,940.98 (-74.37/-2.47%)
Gold/oz – 1,052.80 (-31.00/-2.86%)
Silver/oz – 14.83 (-1.36/-8.40%)
Copper/lb – 285.75 (-19.50/-6.39%)
Oil/bbl (Brent) – 69.59 (-1.87/-2.62%)
Wheat/bu (CBT) – 473.25 (-0.75/-0.16%)
Corn/bu – 351.50 (-5.00/-1.40%)
EUR-USD – 1.3678 (-0.0185/-1.33%)
USD-JPY – 89.25 (-1.017/-1.13%)
USD-BRL – 1.8794 (-0.0156/-0.82%)
3 Month Treasury – 0.09 (+0.02/28.57%)
2 Year Treasury – 0.76 (-0.05/-6.17%)
10 Year Treasury – 3.57 (-0.01/-0.28%)
30 Year Treasury – 4.52 (+0.03/0.67%)
U.S. Public Debt (official) – 12,346,427,470,024.00 (+71,996,041,986.70/0.59%)
Baltic Dry Index (BDIY:IND) – 2,715.00 (-133.00/-4.67%)
We’ve been getting a little snow lately. That’s nice. There hasn’t been very much this winter at all.
My daughter is eating her first foods! In fact she really loves avacados. Other than that it’s just been rice cereal and oatmeal though. She really knows how to make a mess of eating. Fun stuff. I can’t believe how big she’s getting. She’s a tall one.
Otherwise not too much going on. Breakfast in Saline at the City Limits Diner at 8AM.
Have a nice “super weekend”. Seriously the NFL is trying to copyright that, or already has, or trademarked it or something. Freaking ridiculous. I’m hoping the game won’t be a blow out.
Have a great weekend!