Quote of the week
“[I]f any man or group wishes to enslave us it will of course describe itself as ‘scientific planned democracy.’ All the more reason to look very carefully at anything which bears that label.” – C.S. Lewis
by David J. Theroux
“For decades, many Christians and non-Christians, both ‘conservative’ and ‘liberal,’ have unfortunately embraced an ill-conceived, ‘progressive’ (i.e., authoritarian) vision to wield intrusive government powers as an unquestionable and even sanctified calling for both domestic and international matters, abandoning the Judeo-Christian, natural-law tradition in moral ethics and economics. In contrast, the Oxford/Cambridge scholar and best-selling author C. S. Lewis did not suffer such delusions, despite the gigantic and deeply disturbing advances and conflicts of total war, the total state, and genocides that developed during his lifetime.” more… [I highly recommend this article.]
by Ralph Raico
“Classical liberalism — or simply liberalism, as it was called until around the turn of the century — is the signature political philosophy of Western civilization. Hints and suggestions of the liberal idea can be found in other great cultures. But it was the distinctive society produced in Europe — and in the outposts of Europe, and above all America — that served as the seedbed of liberalism. In turn, that society was decisively shaped by the liberal movement.” more… [Also very good. Something of a history lesson.]
by Michael Strong
“An entrepreneur is someone who recognizes that there are economic goods or services that are currently undervalued, and he or she then takes action, in the hopes of realizing a profit, by means of selling the undervalued goods or services at their market price. Kirzner thus identifies “profit” as the entrepreneurial reward for being alert to opportunity. It is analytically distinct from returns on capital investment received by the owners of the capital or managerial salaries received by managers of the enterprise (though one individual might simultaneously play the roles of entrepreneur, investor, and manager).” more… [The article is a critique of academics who fail to understand the role of the entrepreneur in moving the economy, but it does a good job of shedding light on critical role the entrepreneur plays in society. It is a role that can not exist without liberty.]
by Porter Stansberry
“Here’s the deal. You’re going to start a business or expand the one you’ve got now. It doesn’t really matter what you do or what you’re going to do. I’ll partner with you no matter what business you’re in – as long as it’s legal.
“But I can’t give you any capital – you have to come up with that on your own. I won’t give you any labor – that’s definitely up to you. What I will do, however, is demand you follow all sorts of rules about what products and services you can offer, how much (and how often) you pay your employees, and where and when you’re allowed to operate your business. That’s my role in the affair: to tell you what to do.” more… [This is shorty, but a goody and hits the nail right on the head.]
by Ron Paul
“Defending the controversial use of property should be no more difficult than defending the 1st Amendment principle of defending controversial speech. But many conservatives and liberals do not want to diminish the hatred for Islam – the driving emotion that keeps us in the wars in the Middle East and Central Asia.
“It is repeatedly said that 64% of the people, after listening to the political demagogues, don’t want the mosque to be built. What would we do if 75% of the people insist that no more Catholic churches be built in New York City? The point being is that majorities can become oppressors of minority rights as well as individual dictators. Statistics of support is irrelevant when it comes to the purpose of government in a free society – protecting liberty.” more…
- The Bain Report: Articles that Affect You and Your Family
- Amazon Best Sellers: (Looks like summer fiction, back to school, and anti-Obama cover the top ten).
- I don’t see any failed banks this week, but my report of four last week was wrong. It was actually eight.
- Bill Bonner – Zen and the Art of Economy Repair (a very solid one this week).
Politics and Such
- AutoIRA bill introduced by Jeff Bingaman (D-NM) in the Senate. The nanny state just keeps ramping up. Bill number is S3760.
- India will open markets to foreign retail investors.
- Could 62 million houses be foreclosure proof?
- Los Angeles builds FRN$578 million high school.
- Michigan’s fake “Tea Party” is denied ballot access on procedural grounds. An appeal is in the works.
- Existing home sales fall 27%.
- New home sales are down 12.4%.
- Stay vigilant on the “food safety” bill. The people surrounding it are hardly disinterested. Beware Monsanto!
- Jon Stewart on the much talked about mosque. (Video ~9:00)
- GPS tracking without a warrant is declared legal by the 9th Circuit’s Despots in Robes.
- Facebook censors marijuana legalization ads.
- Arizona’s immigration law is mentioned in the Obama administrations report to the UN Human Rights Commission.
- EPA considering a ban on lead-core ammunition.
- Arguably the 9th Circuit Court did not have jurisdiction to rule on the AZ immigration suit. The gist of the argument comes down to Article 3, Section II of the Constitution, which in part reads: “In all Cases affecting Ambassadors, other public Ministers and Consuls, and those in which a State shall be Party, the supreme Court shall have original Jurisdiction.”.
- The Primal Blueprint (it’s a diet and exercise thing)
- Dogs gone wild or what happens when you leave the mutts alone with the pool.
And now the numbers…
DOW Jones Industrials – 10,150.65 (-62.97/-0.62%)
S&P 500 – 1,064.59 (-7.10/-0.66%)
VIX – 24.45 (-1.04/-4.08%)
CSI 300 (China) – 2,858.566 (-39.767/-1.37%)
BSE 500 (India) – 7,310.94 (-158.20/-2.12%)
MICEX (Russia) – 1,366.50 (+0.18/0.01%)
BOVESPA (Brazil) – 65,585.141 (-1,092.015/-1.64%)
RICI – 3,144.41 (+33.78/1.09%)
Gold/oz – 1,237.90 (+9.10/0.74%)
Silver/oz – 19.074 (+1.033/5.73%)
Copper/lb – 338.45 (+7.30/2.20%)
Oil/bbl (Brent) – 76.65 (+2.39/3.22%)
Wheat/bu (CBT) – 695.00 (-17.00/-2.39%)
Corn/bu – 436.00 (-0.25/-0.06%)
EUR-USD – 1.2762 (+0.005/0.39%)
USD-JPY – 85.225 (-0.39/-0.46%)
USD-HKD – 7.7783 (+0.0041/0.05%)
NZD-USD – 0.7109 (+0.0042/0.59%)
USD-BRL – 1.75 (-0.0062/-0.35%)
3 Month Treasury – 0.14 (-0.01/-6.67%)
2 Year Treasury – 0.55 (+0.06/12.24%)
10 Year Treasury – 2.64 (+0.03/1.15%)
30 Year Treasury – 3.69 (+0.03/0.82%)
3 Month LIBOR – 0.36 (+0.03/9.09%)
U.S. Public Debt (official) – 13,376,189,739,693.60 (+12,962,165,751.90/0.10%)
Baltic Dry Index (BDIY:IND) – 2,712.00 (-44.00/-1.60%)
Well we were going to have a yard sale this weekend, but instead I’m working. So yay. Hopefully we’ll get to the yard sale next weekend. Gotta do it soon. Been meaning to do it since June. If we wait too much longer, well, that will be that and we’ll have to wait till May.
Little Wife has been working night shifts again. No good that.
Baby girl is just about fully walking under her own power. She still falls after about 8 or so steps, but we’re getting there. Ball throwing is similarly improving. Plato, the dog, may have a new best friend soon!
The State Republican Convention is this week. I didn’t get elected, and the yard sale, now work, kept me from planning to go. Lame excuse, right?
I am curious about what you think of the Michigan Fair Tax. I think it’s a good idea. Getting rid of the income tax and its implied slavery is a great idea even if the whole thing is revenue neutral.
Week in review has a Facebook page. Check it out. “Like it”. I also need a logo. Can anyone help?
Alright, that’s all for tonight. The summer weekends are becoming quite scarce, so make the best of them!