Week in Review

Quotes of the week

“When it comes to clinging to an outmoded paradigm in the face of public anger and all evidence to the contrary… Hosni Mubarak has nothing on the U.S. Treasury. At least he had the good sense to step down.” – Addison Wiggin

“The U.S. director of national intelligence told Congress this week that the Muslim Brotherhood is a `largely secular’ organization. Does he really believe that? Wow, the DNI is misinformed — if not stupid — if he believes that.” – Byron King

Rumsfeld’s “Defender of the Constitution” Award Has Few Defenders

by Michael Tennant

“`If you’re like me,’ wrote Thomas Woods, tongue planted firmly in cheek, `you spend a lot of time concerned — weeping, even — that one of the great men ever to serve in American government, Donald Rumsfeld, continues to go unrecognized. At last this injustice is being rectified.'” more…

Frauds of WikiLeaks?

by The Daily Bell

“WikiLeaks in our estimation becomes an evermore-obvious charade, and Julian Assange its conductor. We’ve been writing about it for months now, and each new leak raises our suspicions. None of the high-profile leaks with the exception of the first – a damning video of American helicopter pilots machine-gunning Iraqi civilians and Reuters reporters – have proven especially embarrassing to the West or overly inconvenient to the powers-that-be. In fact a number of them seemed to advance Western promotional and intel efforts, casting Western foes in a bad (or at least scary) light.” more…

Ron Paul’s First Hearing As Chairman of The Committee on Monetary Policy

So Ron Paul is the head of the House Sub-committee Domestic Monetary Policy and Technology.

This week he had his first hearing, and Thomas DiLorenzo was brought in as a witness. Later, the Washington Post columnist Dana Milbank wrote a piece about the hearing, which was simply a smear piece on DiLorenzo and by extension Ron Paul.

Milbank started with an ad hominem attack and then went on to argue about some piece of minutiae, which was apparently the justification for his lead in. The substance of U.S. monetary policy was not even considered.

Paul Krugman also used smear tactics against DiLorenzo and failed to get to the substance.

So the two “newspapers of record” in the United States have their editorial writers engaging in simple-minded name calling, when what is sorely needed is some rational debate. Unfortunately such a debate is unlikely to occur, as it must necessarily show the Federal Reserve and central banking in general to be the organized crime syndicate that it is.

Moreover, it is crystal clear that Milbank, Krugman, and the establishment in general will defend the Fed by whatever means possible. And since they are destined to lose any serious intellectual debate, they resort to name calling.

Their hope is to make it appear that monetary policy and questions of the Fed’s existence are not even issues worth seriously debating. In turn the goal behind these smear tactics is to prevent  the “monetary policy” meme from entering the public debate at all. What is encouraging is that this may be the best tactic the establishment has, as again an open honest debate about these things would not favor them.

It’s encouraging to see Ron Paul continually hammering away at the Fed, and with any luck he will bring the  issue into the mainstream and force a serious debate.

If you want you can watch the entire hearing here. It’s about two hours. I didn’t watch it myself.

Regulars

  • Comics
  • The Bain Report
  • Failure Friday – always funny
  • Four more failed banks this week.
  • Amazon Best Sellers: #1 – Unbroken: A World War II Story of Survival, Resilience, and Redemption by Laura Hillenbrand; #2 – The Grand Jihad: How Islam and the Left Sabotage America by Andrew C McCarthy; #3 – Heaven is for Real: A Little Boy’s Astounding Story of His Trip to Heaven and Back by Todd Burpo, Sonja Burpo, Colton Burpo, Lynn Vincent

Other stuff

  • Saudi oil reserves may be substantially less than estimated, which could spell trouble for that despotic regime.
  • Montana legislature will consider a bill that allows for armed “home guard” force comprised of citizen volunteers. Full text here.
  • Check out Project Gutenberg – free ebooks.

And now the numbers…

DOW Jones Industrials – 12,273.26 (+181.11/1.50%)
S&P 500 – 1,329.15 (+18.28/1.39%)
VIX – 15.69 (-0.24/-1.51%)
CSI 300 (China) – 3,120.956 (+43.673/1.42%)
BSE 500 (India) – 6,830.45 (-165.28/-2.36%)
MICEX (Russia) – 1,713.93 (-52.60/-2.98%)
BOVESPA (Brazil) – 65,755.656 (+486.508/0.75%)
Nikkei 225 (Japan) – 10,605.65 (+62.13/0.59%)
RICI (Commodities) – 4,017.39 (-2.31/-0.06%)
Oil/bbl (Brent) – 100.94 (+1.11/1.11%)
Corn/bu – 717.25 (+38.75/5.71%)
Wheat/bu (CBT) – 898.75 (+45.00/5.27%)
Rough Rice (CBOT) – 15.885 (+0.085/0.54%)
Copper/lb – 453.60 (-4.35/-0.95%)
Gold/oz – 1,360.40 (+11.40/0.85%)
Silver/oz – 29.995 (+0.936/3.22%)
EUR-USD – 1.3554 (-0.0027/-0.20%)
USD-JPY – 83.4325 (+1.2495/1.52%)
USD-BRL – 1.6657 (-0.008/-0.48%)
USD-HKD – 7.7958 (+0.0098/0.13%)
NZD-USD – 0.7606 (-0.0095/-1.23%)
3 Month Treasury – 0.11 (-0.04/-26.67%)
2 Year Treasury – 0.83 (+0.09/12.16%)
10 Year Treasury – 3.63 (-0.01/-0.27%)
30 Year Treasury – 4.69 (-0.04/-0.85%)
3 Month LIBOR – 0.31 (UNCHG)
U.S. Public Debt (official) – 14,083,345,766,082.20 (-17,081,254,798.70/-0.12%)
Baltic Dry Index (BDIY:IND) – 1,178.00 (+135.00/12.94%)

So I’ve decided to bring back the “Other Stuff” category. Things tend to pop up that I want to share, but that don’t deserve more than a sentence. So there’s that.

Super busy this week, and this weekend, so that’s it for now. Have a great weekend!

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