Week in Review

Quote of the week

“It would seem to me that it would be easier to simply move to a third world country than to turn ours into one, but who am I to argue with 12-16 years of fine liberal publak skool edgeacation?” – Mike Gular, Candidate for Arizona House LD16

“What’s needed for sound decisions is a wise man in command, not hundreds of thousands of bureaucrats. And we don’t have a wise man in command, we have a glib ward healer from Chicago. If anything, he may be worse than Bush, which I didn’t think was possible.” – Doug Casey

Son of Subprime

by Addison Wiggin

“Though vast and complicated, the root of American municipalities is like any business or household: Money goes in, money goes out. Done right, a municipality takes in more money than it pays out. Money comes in mostly from taxes and revenue streams such as utilities and tolls. Money goes out to finance municipal government payrolls and public works programs. Cities and states sell bonds when they either can’t pay upfront for such needs. No big deal…at least, it wasn’t a big deal until recently.” more…

Cornering the Market

by Linda Brady Traynham

“It doesn’t matter much what the manipulators hope to gain by this reckless course of action for this discussion because the parts that interest us are the difficulty anyone short will have in delivering physical silver and what happens when the yo-yo springs back into our hand. Any change in the ratio will redound to our benefit, and a full snap back to 16:1 would literally quadruple the value of our holdings. Silver closed at a neat $18.00 last Friday, and the ratio does not have to return to traditional standards to make me smile. Even 30:1 will more than double the value of our stockpiles and that rise will make our silvery beauty even more desirable to investors, and concomitantly more dangerous to anyone short my favorite metal.” more…

Why The Rating Agencies Are Worthless

by Simon Black

“OK, wait… so instead of doing your job and publishing a factual analysis, you stuck your head in the sand and waited for it to blow up in everyone else’s face because you’d rather look stupid than a financially conservative?”

“This logic is like shouting ‘FIRE!’ from outside a crowded theater after it has already burned down to the ground.” more…

Sorry, this cake is not for you

by Sven Wilson

“I’ve been thinking about Chelsea Clinton’s $11,000 wedding cake. That’s gotta be a nice cake. Of course her nuptials in total are reported by the WSJ to be between 2-3 million dollars.

“In contrast, Amy Carter had a simple wedding at her Grandma’s house and, according to Gail Collins, baked her own wedding cake.

“The wedding of Jenna Bush, according to he WSJ, was a much more modest affair, coming in at only $100,000–still a lot more than I am going to spend on my daughter’s wedding, mind you.” more…

Enlightened and Enriched

by Joel Mokyr

“Was the Enlightenment a Good Thing? At first blush, the question sounds almost sacrilegious. The eighteenth-century Enlightenment, after all, taught us to be democratic and to believe in human rights, tolerance, freedom of expression, and many other values that are still revered, if not always practiced, in modern societies. On the other hand, historians question whether the Enlightenment actually led to brotherhood and equality (it did not, of course), and even freedom, its third objective, was achieved only partially and late. Some have even suggested that its ideas of human ‘improvement’ may have had unintended bad consequences such as twentieth-century totalitarianism, racism, and colonialism.” more…

Welcome to the Recovery

by Timothy F. Geithner

“The devastation wrought by the great recession is still all too real for millions of Americans who lost their jobs, businesses and homes. The scars of the crisis are fresh, and every new economic report brings another wave of anxiety. That uncertainty is understandable, but a review of recent data on the American economy shows that we are on a path back to growth.” more… [This is the official line. Bill Bonner has a nice critique.]

Regulars

Politics and Such

  • 59% favor repeal of ObamaCare.
  • New Zealand penguins will be designated an endangered species by the United States.
  • Missourian’s nullify ObambaCare by ballot initiative… 71% in favor.
  • Turns out body scan images are recorded and stored. That, despite prior assurances to the contrary.
  • Google Earth used to find “unlicensed pools” in New York.
  • Ron Paul introduced H.R. 5970, the SEC Transparency Act of 2010, which repeals a provision in the recent Dodd-Frank financial reform bill that the SEC has used to deny Freedom of Information Act (FOIA) requests.
  • Michelle Obama on a luxury vacation in Spain with just 160 retainers.
  • Governor Granholm responsible for forced unionization of day care workers.
  • The real issue behind gay marriage – the normalization of homosexual behavior in society.
  • The contemptible Kagan is confirmed. Here’s the money quote from Zero himself: “[Senators] got a sense of her formidable intelligence, her rich understanding of our Constitution, her commitment to the rule of law, and her excellent and occasionally irreverent sense of humor.”
  • Cato has some commentary on Kagan.
  • Snyder polls ahead of Bernero in Michigan governor’s race. Too bad the Republican is a central planner. Uggg.
  • Weekly jobs data distilled.

Miscellany

And now the numbers…

DOW Jones Industrials – 10,653.56 (+187.62/1.79%)
S&P 500 – 1,121.64 (+20.04/1.82%)
VIX – 21.74 (-1.76/-7.49%)
CSI 300 (China) – 2,897.659 (+28.813/1.00%)
BSE 500 (India) – 7,304.62 (+99.40/1.38%)
MICEX (Russia) – 1,403.08 (+5.96/0.43%)
BOVESPA (Brazil) – 68,094.758 (+579.36/0.86%)
RICI – 3,247.52 (+63.05/1.98%)
Gold/oz – 1,205.30 (+21.40/1.81%)
Silver/oz – 18.472 (+0.469/2.61%)
Copper/lb – 334.30 (+3.15/0.95%)
Oil/bbl (Brent) – 80.16 (+1.98/2.53%)
Wheat/bu (CBT) – 755.25 (+93.75/14.17%)
Corn/bu – 420.00 (+13.25/3.26%)
EUR-USD – 1.328 (+0.0228/1.75%)
USD-JPY – 85.51 (-0.96/-1.11%)
USD-HKD – 7.7622 (-0.0046/-0.06%)
NZD-USD – 0.7334 (+0.0074/1.02%)
USD-BRL – 1.7608 (+0.0059/0.34%)
3 Month Treasury – 0.14 (UNCHG)
2 Year Treasury – 0.51 (-0.04/-7.27%)
10 Year Treasury – 2.82 (-0.09/-3.09%)
30 Year Treasury – 3.99 (UNCHG)
3 Month LIBOR – 0.41 (-0.04/-8.89%)
U.S. Public Debt (official) – 13,310,887,351,665.80 (+64,378,491,093.70/0.49%)
Baltic Dry Index (BDIY:IND) – 2,030.00 (+63.00/3.20%)

I did some writing this week, a review of Thomas Woods’ book Nullification. You can read it here. Solid book, learned some interesting things, but you’ll have to read the review to find out what those were…

In other news, I won my contested precinct delegate election. Wife lost… The other guy won. Three people two seats.

Baby Girl is taking three or four steps at a time on her own. So that’s really cool. She’s getting to be throwing the ball for the dog too.

Actually I’ve got a story. We were throwing the ball for the dog tonight and he ran right into the tongue of our cargo trailer like at full speed. Funny thing he still kept going for the ball for a few seconds, but then started crying like crazy. I thought he broke his leg, but luckily he did not. In fact after some petting he was ready to play again. In retrospect, he may have hurt is shoulder or neck. Not bad, but it seems a little sore this evening.

We have breakfast in Saline tomorrow morning at 8AM. Also the Campaign for Liberty 2nd Annual Hog Roast is tomorrow afternoon at the Manchester Sportsman’s Club.

Otherwise, have a great weekend!

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