Week in review

Quote of the week

“[S]ocialism, fascism and communism all institutionalize the violation of the Rule of Law as they institutionalize the violation of all individuals’ inherent rights to life, liberty and justly acquired property.” – Scott Lazarowitz

“[I]f you are not among the favored guests at the table where officials make detailed lists of who is to receive what at whose expense, you are on the menu.” – Angelo M. Codevilla

America’s Ruling Class — And the Perils of Revolution

by Angelo M. Codevilla

“As over-leveraged investment houses began to fail in September 2008, the leaders of the Republican and Democratic parties, of major corporations, and opinion leaders stretching from the National Review magazine (and the Wall Street Journal) on the right to the Nation magazine on the left, agreed that spending some $700 billion to buy the investors’ “toxic assets” was the only alternative to the U.S. economy’s “systemic collapse.” In this, President George W. Bush and his would-be Republican successor John McCain agreed with the Democratic candidate, Barack Obama. Many, if not most, people around them also agreed upon the eventual commitment of some 10 trillion nonexistent dollars in ways unprecedented in America. They explained neither the difference between the assets’ nominal and real values, nor precisely why letting the market find the latter would collapse America. The public objected immediately, by margins of three or four to one.” more… [I can not recommend this article highly enough. It is a must read. The first paragraph above does not even begin to do it justice.]

Welcome to Maywood, Mexico….”Racist Pilgrims Go Home”

by Roger Hedgecock

“Boasting a population that is 97% Hispanic, more than half foreign born, and 40% illegal, the Los Angeles County, Calif., incorporated city of Maywood has achieved the Reconquista goal. It is now as lawless

and chaotic as any place in Mexico . Maywood is a warning to every city and town in America .

“The Maywood City Council announced this week that after years of radical policies, corruption and scandal, the city was broke and all city employees would be laid off and essential city services contractedout to neighboring cities or to L.A. County government.

“How did this happen?” more…

The Patriotic Expat

by Dave vonKleist

“The grievances enumerated against King George…. ARE ALMOST IDENTICAL TO THE ISSUES AND PROBLEMS AMERICANS HAVE WITH OUR GOVERNMENT TODAY! We started and fought a revolution for less than what is going on right now! Yet, here we are, singing ‘I’m proud to be an American, (where I get to THINK I’m free)’, have picnics and barbeques, play with matches and make loud noises with imported pyrotechnics. ‘July 4th Sale!’ scream the newspaper and TV ads. ‘July 4th! July 4th!’ Over and over.

“Think about this for a moment. How would all the Christians feel if Christmas was suddenly called ‘December 25th’ with no mention of ‘Christmas’? ‘Merry December 25th!’ They would be up in arms! Why then are we so oblivious to the same scenario when it comes to our most patriotic holiday? Is it possible that the attention has been redirected away from the Declaration for the simple reason that we as Americans might, just might actually think about what patriotism is really all about? Wow! What a concept! Standing up to authority! Pitchforks! Torches! Tar and feathers!” more…

It’s Obama’s Empire Now

by Stanley Kutler

“The American Empire is alive and well—and as expansive as ever. We have established more than 700 military bases across the world, largely encircling the peripheries of Russia and China, which are now central to the Iraq and Afghanistan conflicts. The Cold War in the aftermath of World War II drove the expansion as we searched for security—and markets, to be sure.

“Perhaps we now are the largest imperial power the world ever has known. Bagram Air Base in Afghanistan trivializes the once-massive naval and air facility at Cam Ranh Bay during the Vietnam War, and we have developed ‘permanent’ mega-bases in Iraq. We engage in denial, and euphemisms abound. Stumping for the colonial takeover of the Philippines in 1901, Theodore Roosevelt, so fashionable today, insisted that ‘there is not an imperialist in the country. … Expansion? Yes. … Expansion has been the law of our national growth.’ Chalmers Johnson reminds us of Democrat Woodrow Wilson’s liberal ‘idealist imperialism,’ which would make the world safe for democracy. (See Johnson’s ‘The Sorrows of Empire: Militarism, Secrecy, and the End of the Republic’ and other works.) Deceit comes from the top.” more… [Here’s some more on the follies of nation building.]

Let’s Ditch the Home Ownership Dream

by Investor’s Business Daily

“What if it would have been better all along to let the chips fall where they may and not try to stop the liquidation of all that housing debt? Then the answer would be that the government has tried too hard, and has racked up far too much debt for the taxpayers, in a futile effort to delay the inevitable.” more…

Regulars

Politics and Such

  • Sri Lankans protest UN.
  • Long term Dow-Gold Ratio. Yikes…
  • IRA is questioning its ability to enforce parts of ObamaCare.
  • Senate balance of power
  • 42 reasons to oppose Harry Reid, from Gun Owners of America.
  • Illinois sells FRN$900 million in bonds.
  • Signs telling you how “stimulus” funded project X cost FRN$10,000 each.
  • Financial “reform” passes the Senate and is on its way to Zero’s desk.
  • As of Thursday evening, it looks like the oil may be finished gushing.
  • Software will be unpatentable in New Zealand.
  • The USDA has one employee for every 11 farmers or 500 or so farmers, depending upon how you count… But either way….
  • The Fed gets more power and responsibility and no freaking audit!
  • DHS wants single national sign-on for Internet.
  • Right to Work is now an “out in the open” issue in the Michigan governor’s race.

Miscellany

And now the numbers…

DOW Jones Industrials – 10,097.90 (-100.13/-0.98%)
S&P 500 – 1,064.88 (-13.08/-1.21%)
VIX – 26.25 (+1.27/5.08%)
CSI 300 (China) – 2,616.128 (-30.976/-1.17%)
BSE 500 (India) – 7,223.77 (+60.31/0.84%)
MICEX (Russia) – 1,327.55 (+3.38/0.26%)
BOVESPA (Brazil) – 62,339.27 (-1,137.05/-1.79%)
RICI – 3,022.63 (+18.96/0.63%)
Gold/oz – 1,188.20 (-21.60/-1.79%)
Silver/oz – 17.788 (-0.285/-1.58%)
Copper/lb – 292.95 (-12.40/-4.06%)
Oil/bbl (Brent) – 75.37 (-0.05/-0.07%)
Wheat/bu (CBT) – 587.25 (+49.25/9.15%)
Corn/bu – 407.25 (+12.00/3.04%)
EUR-USD – 1.293 (+0.0289/2.29%)
USD-JPY – 86.573 (-2.048/-2.31%)
USD-HKD – 7.7752 (NEW)
NZD-USD – 0.7106 (NEW)
USD-BRL – 1.782 (+0.0266/1.52%)
3 Month Treasury – 0.15 (UNCHG)
2 Year Treasury – 0.58 (-0.04/-6.45%)
10 Year Treasury – 2.92 (-0.13/-4.26%)
30 Year Treasury – 3.94 (-0.10/-2.48%)
3 Month LIBOR – 0.52 (-0.01/-1.89%)
U.S. Public Debt (official) – 13,240,228,521,494.90 (+47,993,671,180.70/0.36%)
Baltic Dry Index (BDIY:IND) – 1,720.00 (-182.00/-9.57%)

It’s been a long week again. Got lots of work done. A bit of reading. I have just 50 more pages in my Systems Thinking book… I’ll write a little about that when I’m finished. It’s been good stuff.

Definitely read that first article from above. It offers a great diagnosis of what is going on around you. The prescription and prognosis are left as exercises for the reader…

Meanwhile at home Baby Girl and Little Wife are doing wonderfully well.

Breakfast at Classic Cup tomorrow morning at 8AM.

Otherwise, have a great weekend!

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  1. #1 by Shakes on Saturday, July 17, 2010 - 16:25

    I like the Codevilla quote and the piece. I am getting as many of my friends to read it as possible.

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