Quote of the week
“Consumer prices rose 0.1% in November… and less than a percent over the past year. If you strip out food and energy — which government number crunchers do, because those prices are allegedly ‘volatile’ — you still get a 0.1% increase.
“That’s the ‘core’ CPI, and that’s what the monetary mandarins at the Federal Reserve care about when drafting plans to buy Treasuries, control interest rates, goose employment numbers, order pizza, drink wine, play XBox 360 or any of the myriad other things they do during their FOMC meetings.” – Addison Wiggin
“[Y]ou know this is bullshit: In capitalism, nothing is too big to fail. That’s the whole point of capitalism: There are no sacred cows.” – Gonzalo Lira
by Gonzalo Lira
“Recently, I read up on how Iceland is doing—surprisingly well, actually. Unemployment is down, the Krona is going back up. Good balance of trade, good fiscal balance sheet. Quite the turnaround, after its troubles over the last couple of years——so then if Iceland is doing OK, why then are we in the hole that we’re in?” more… [If you click on nothing else. Click on this one.]
by John Hagel
“Put briefly, the mounting pressure is not just the result of intensifying competition. The basis of competition is also shifting in fundamental ways. For example, the source of value creation is shifting from knowledge stocks to knowledge flows, something I have described in more detail elsewhere. In a world of more rapidly depreciating knowledge stocks, the only way to continue to create economic value is to find ways to participate in a larger number of richer and more diverse knowledge flows. The deterioration in corporate performance reflects our futile attempts to make practices and institutions developed in a previous era work in a new era requiring different approaches to create value.” more… [The masculine archetype vs. the feminine archetype. Yin vs. yang. The eternal struggle. Accept what comes; follow as it goes; thrust when the hand is free.]
by Simon Black
“The system that they’ve created is one in which suspicion equals guilt, all without due process. Once they deem you suspicious, they can freeze your accounts and seize your assets, thus taking away whatever resources you might have to defend yourself and prove your own innocence.” more… [This is one of the five articles that come each week from Simon Black. If you’re ambitious and interested in finding liberty and prosperity wherever it may be, he’s worth following.]
- The Bain Report: Essential News From Michigan
- Yikes! Six failed banks this week.
- Failure Friday. Funny stuff, as always.
- Amazon Best Sellers: #1 Autobiography of Mark Twain, Vol. 1 by Mark Twain; #2 Decision Points by George W. Bush [seriously]; #3 Unbroken: A World War II Story of Survival, Resilience, and Redemption by Laura Hillenbrand
News and Such
- Virgina judge rules ObamaCare unconstitutional.
- Detroit: The Third World in Southeast Michigan. Up to 20% of the city could have police service, garbage service, and street light and road repair removed from it.
- Is China’s strategic aggression ill-timed?
- President’s decision to assassinate US citizens abroad is judicially unreviewable.
- 200 countries, 200 years, in four minutes.
- German government bans cultivation of GMO corn.
- EFF reports wins in two Fourth Amendment cases.
- United States, highest corporate tax rate among 34 OECD nations.
- France and Germany break taboo over fiscal union.
- The future of public employee unions in Michigan is perhaps bleak.
And Now the Numbers…
DOW Jones Industrials – 11,491.91 (+81.59/0.72%)
S&P 500 – 1,243.91 (+3.51/0.28%)
VIX – 16.11 (-1.50/-8.52%)
CSI 300 (China) – 3,225.661 (+63.684/2.01%)
BSE 500 (India) – 7,732.46 (+127.29/1.67%)
MICEX (Russia) – 1,666.84 (+10.50/0.63%)
BOVESPA (Brazil) – 67,981.219 (-360.609/-0.53%)
Nikkei 225 (Japan) – 10,303.83 (+91.88/0.90%)
RICI (Commodities) – 3,751.35 (+50.22/1.36%)
Gold/oz – 1,379.20 (-5.70/-0.41%)
Silver/oz – 29.133 (+0.528/1.85%)
Copper/lb – 415.90 (+4.70/1.14%)
Oil/bbl (Brent) – 91.67 (+1.19/1.32%)
Wheat/bu (CBT) – 756.75 (-18.75/-2.42%)
Corn/bu – 596.50 (+22.25/3.87%)
Rough Rice (CBOT) – 13.985 (+0.06/0.43%)
EUR-USD – 1.3188 (-0.0038/-0.29%)
USD-JPY – 83.9823 (+0.0333/0.04%)
USD-HKD – 7.7772 (+0.0038/0.05%)
USD-BRL – 1.7143 (+0.0073/0.43%)
NZD-USD – 0.7362 (-0.0121/-1.62%)
3 Month Treasury – 0.10 (-0.02/-16.67%)
2 Year Treasury – 0.61 (-0.03/-4.69%)
10 Year Treasury – 3.33 (+0.01/0.30%)
30 Year Treasury – 4.44 (+0.01/0.23%)
3 Month LIBOR – 0.30 (UNCHG)
U.S. Public Debt (official) – 13,878,837,351,150.60 (+32,342,503,580.70/0.23%)
Baltic Dry Index (BDIY:IND) – 1,999.00 (-96.00/-4.58%)
Again, very late this week. Test on Tuesday. Then one more class till MS degree. Then the real world; for real. Baby Girl is happy as ever. Little Wife is doing good, but also ready for that one class to be over. Busy with work. To Cincinnati early next week. Merry Christmas to all, but you will hear from me again before then.