Quote of the week
“This global financial crisis is a predictable result of secretive central banking and unsound fiat currency. Governments are entirely committed to this system of fiat money and fractional reserve banking for obvious reasons: it enables them to do what they love most, namely, spend hoards of money with near impunity. Without the limitations of sound money, governments will spend without limit. They will spend money to hire their cronies, pay off special interests, give out favors, create dependence and generally distract from the terrible job they do at their chief mandate, which is to protect the liberties of the people. Fiat money is a blank check to government, which is very dangerous, and we are witnessing the death throes of the system as the bills come due and the underlying capital is squandered away.” – Ron Paul
by Derek Sheriff
“Too many Americans hear the terms ‘states’ rights’ or the word ‘nullification’ and immediately think of racial prejudice, Jim Crow laws and school segregation. Honestly, if all I had to rely on was what I remember being taught in public school, I would probably tell you that the theory of nullification was first invented in the 1800s’ by advocates of slavery. They used nullification of tarrifs as a test run in the 1820s. Of course, what they really had in mind was maintaining the institution of slavery against any possible attempt by the federal government to abolish it. Then America fought the Civil War in order to end slavery, but the ideas of states’ rights and nullification were later revived in the 1950s’ by belligerent white southerners in an attempt to block the racial integration of schools. The Civil Rights Movement started and the feds had to step in and force the southern states to treat everyone equally. THE END.
“That’s a rough, abbreviated version of the narrative that was handed to me, but it gives you an idea of what many Americans think they know about states’ rights and nullification.” more…
by Wayne Allyn Root
“The old saying goes, “A trillion here and a trillion there…pretty soon we’re talking about real money.” Well let’s give you some perspective of the trouble we are in. Greece owes $300 billion to the banks. That amount…from a tiny country…threatens to bankrupt banks across Europe and bring down the entire EU. Yet Obama spent $800 billion in one stimulus bill last year. That stimulus by the way, created zero jobs. ZERO. He wanted to spend a trillion more on his expansion of government-run healthcare. If $300 billion can bring down the entire EU…and make big European banks insolvent…who can possibly bailout America’s $100 trillion tab? Just one state- California- is in similar shape and facing the same kind of economic collapse as Greece.” more…
by Ron Paul
“Is it possible that our Federal Reserve has had some hand in bailing out Greece? The fact is, we don’t know, and current laws exempt agreements between the Fed and foreign central banks from disclosure or audit.” more…
by Puru Saxena
“It is our contention that similar to Mr. Madoff’s hedge fund, the sovereign debt markets in the West have now become gigantic scams. Only this time around, the players have changed and the sums involved are significantly larger.” more…
by Paul Gessing
“Liberals, the conventional wisdom goes, are the protectors of the poor and downtrodden, the environment, and everything that is good and holy in our society. Conservatives (and libertarians), on the other hand, are nothing but greedy supporters of big business, corruption, and those who would rape and pillage society for the benefit of a small oligarchy of elites. At least this is how I interpret many of the articles and letters I see in the Alibi.
“But is it really so? Are liberals always on the side of virtue? Do people like me—who believe that government is usually the source of, not the solution for, many of society’s biggest problems—simply not care? Are we hardhearted, or just misguided?” more…
- The Bain Report
- Bill Bonner – History to Fukayama: The Show Must Go On – This is Bonner at his best.
- Casey Financial Sense Editorials – The ABCs of ETFs – by Marin Katusa
- Four failed banks this week. That’s 20 for 2010.
Politics and Such
- The anti-gunners at the Brady Campaign are pressuring Starbucks.
- As Congress deadlocks on “key issues”, executive orders from Obama may be forthcoming.
- Professor kills three (with a gun) in a gun-free zone.
- The New York Times analyzes the Tea Party Movement. I recommend reading some of the comments as well.
- The TSA might swab your hand for explosive residue when checking into the airport. And the ACLU doesn’t mind as long as those screened are not profiled. As if you needed another reason not to fly.
- According to Rasmussen most Americans think that the various state governments should be able to opt-out of various federal programs. Only 14% think that includes the ultimate opt-out – outright secession.
- The Rail Runner (aka Bill Richardson’s Choo Choo) continues to devour New Mexican resources.
- Nevada Tea Party bolts the GOP and Glen Beck. Some good insight in a fairly short article here.
- Only 21% believe the feds have the consent of the governed.
- Feds making loan guarantees for new nuclear plants in Georgia.
- Joe Stack’s suicide letter (the man who flew the plane into the Austin IRS building).
- Five unfortunate similarities between Bush and Obama.
- Google has been given permission to play in the energy markets (i.e. to buy energy wholesale). Permission? Indeed…
- A bill in the South Carolina legislature would ban the use of Federal Reserve Notes for state business. Comment 26 is instructive I think.
Miscellany (finally spelled it right)
And now the numbers…
DOW Jones Industrials – 10,402.35 (+303.21/3.00%)
S&P 500 – 1,109.17 (+33.66/3.13%)
VIX – 20.02 (-2.71/-11.92%)
CSI 300 (China) – 3,251.278 (UNCHG)
BSE 500 (India) – 6,458.09 (-5.90/-0.09%)
MICEX (Russia) – 1,353.75 (+48.89/3.75%)
BOVESPA (Brazil) – 67,597.43 (+1,742.461/2.65%)
RICI – 3,195.42 (+136.82/4.47%)
Gold/oz – 1,122.10 (+32.10/2.94%)
Silver/oz – 16.439 (+0.992/6.42%)
Copper/lb – 337.90 (+27.70/8.93%)
Oil/bbl (Brent) – 78.19 (+5.29/7.26%)
Wheat/bu (CBT) – 504.00 (+2.75/0.55%)
Corn/bu – 371.75 (-1.50/-0.40%)
EUR-USD – 1.3613 (-0.0019/-0.14%)
USD-JPY – 91.52 (+1.56/1.73%)
USD-BRL – 1.8028 (-0.0516/-2.78%)
3 Month Treasury – 0.09 (UNCHG)
2 Year Treasury – 0.92 (+0.09/10.84%)
10 Year Treasury – 3.77 (+0.08/2.17%)
30 Year Treasury – 4.70 (+0.05/1.08%)
U.S. Public Debt (official) – 12,401,448,666,808.30 (+52,124,202,524.00/0.42%)
Baltic Dry Index (BDIY:IND) – 2,714.00 (+143.00/5.56%)
So the baby has outgrown the sink and has been taking her baths in the bathtub. Twice a week. Once with my wife and once with me. That means I’ve taken up bathing once a week. In fact I just got out of the bath. Baths are great. As is the accompanying bath buzz. Plus splashing around in the water with my daughter is great fun!
It’s been a busy couple months. My classes are running me pretty hard. Add to that family, work, teaching kung fu, the news letter, and before one knows it one is horribly busy. It’s more like a marathon than a sprint though, and I’m not complaining. I like staying busy.
The Washtenaw County Campaign for Liberty breakfast is tomorrow starting at 8AM at The Classic Cup Cafe on Jackson Road.
This month seems colder than last month and more snow looks to be on the way. I like the snow… It makes the cold worth it. If only there were mountains in Michigan… I haven’t been snow boarding in years.
Well, I got nothing else tonight. So it’s off to watch Smallville with my wife have a glass of wine and get to bed so I can get to breakfast tomorrow morning.
Have a great weekend!