Week in Review

Quote of the week

“[I]t is not up to the President whether or not we intervene in Libya, or set up `no-fly’ zones, or send troops. At least, it is not if we follow the Constitution.” – Ron Paul

A Handy Guide to the Revolts in the Middle East—And Their Likely Effects On Us

by Gonzalo Lira

“In 1848, protests and revolutions swept through Europe. The specific causes were different in each country, but the underlying cause was the same everywhere: The middle and upper middle classes—politically powerless in these absolutist monarchies—wanted more control over their lives.” more… [A very nice piece. Well worth the read.]

Making the Chicken Run

by Doug Casey

“I’ve written many times about the importance of internationalizing your assets, your mode of living, and your way of thinking. I suspect most readers have treated those articles as they might a travelogue to some distant and exotic land: interesting fodder for cocktail party chatter, but basically academic and of little immediate personal relevance.” more…

The Biggest Bubble on The Planet

by Simon Black

“Clearly for the purposes of calculating food inflation, the government expects everyone to eat Ramen Noodles and other chemically manufactured food-like substances… not the recommendations of its own Agriculture Department.

“US Federal Reserve policy decisions completely ignore rises in food and energy prices; somehow they’ve been able to convince otherwise reasonable people that this is a legitimate policy stance… after all, the Fed cannot affect the weather and geopolitical events, and creating trillions of new dollars in no way affects commodities prices, right?” more…

HSIEH: Best Health Care Political Pull Can Buy

by Dr. Paul Hsieh

“As a result of Obamacare, fewer physicians will work in the familiar two- to five-person small-group practices most Americans prefer. Instead, doctors will be increasingly driven into large, impersonal `accountable care organizations’ – not to take better care of their patients, but simply to survive economically. This consolidation is not some `unintended consequence,’ but rather an explicit goal, as White House health adviser Nancy-Ann DeParle acknowledged when praising Obamacare for encouraging ‘vertical organization of providers’ and `physician employment by hospitals and aggregation into larger physician groups.’” more…

Another Imperial Quagmire?

by Ivan Eland

“Unbelievably, after experiencing 10 years of quagmire in Afghanistan and Iraq, the American foreign policy establishment is now clamoring for the institution of a no-fly zone in Libya. Luminaries on both the Left and the Right have endorsed the concept: for example, Senators John Kerry, Joe Lieberman, and John McCain. Even though the U.S. military would have to first attack Libyan radars, air defenses, runways, aircraft, and command, control, and communication facilities, John Kerry argued that a no-fly zone was not a military operation. Traditionally, the foreign policy elites of declining empires have never accepted the need to retrench overseas before it was too late. The U.S. establishment hasn’t either.” more…


  • The Bain Report
  • Failure Friday
  • Zero failed banks this week.
  • Amazon Best Sellers#1 The 17 Day Diet: A Doctor’s Plan Designed for Rapid Results by Dr. Mike Moreno; #2 Moonwalking with Einstein: The Art and Science of Remembering Everything by Joshua Foer; #3 Love Wins: A Book About Heaven, Hell, and the Fate of Every Person Who Ever Lived by Rob Bell

Other stuff

And now the numbers…

DOW Jones Industrials – 11,858.52 (-185.88/-1.54%)
S&P 500 – 1,279.20 (-25.08/-1.92%)
VIX – 24.44 (+4.36/21.71%)
CSI 300 (China) – 3,215.685 (-31.691/-0.98%)
BSE 500 (India) – 6,925.81 (-72.15/-1.03%)
MICEX (Russia) – 1,747.32 (+27.37/1.59%)
BOVESPA (Brazil) – 66,879.891 (+195.289/0.29%)
Nikkei 225 (Japan) – 9,206.75 (-1,047.68/-10.22%)
RICI (Commodities) – 4,150.91 (+19.46/0.47%)
Oil/bbl (Brent) – 113.93 (+0.09/0.08%)
Corn/bu – 683.50 (+19.25/2.90%)
Wheat/bu (CBT) – 723.00 (+4.25/0.59%)
Rough Rice (CBOT) – 13.635 (+0.625/4.80%)
Copper/lb – 433.90 (+13.15/3.13%)
Gold/oz – 1,416.10 (-5.70/-0.40%)
Silver/oz – 35.058 (-0.877/-2.44%)
EUR-USD – 1.4182 (+0.0279/2.01%)
USD-JPY – 80.584 (-1.2605/-1.54%)
USD-BRL – 1.6655 (+0.0006/0.04%)
USD-HKD – 7.7998 (+0.0121/0.16%)
NZD-USD – 0.7311 (-0.0116/-1.56%)
3 Month Treasury – 0.06 (-0.01/-14.29%)
2 Year Treasury – 0.58 (-0.06/-9.38%)
10 Year Treasury – 3.27 (-0.13/-3.82%)
30 Year Treasury – 4.42 (-0.13/-2.86%)
3 Month LIBOR – 0.31 (UNCHG)
U.S. Public Debt (official) – 14,223,730,274,180.80 (+60,297,203,045.50/0.43%)
Baltic Dry Index (BDIY:IND) – 1,531.00 (-31.00/-1.98%)

It’s late and I’m tired, so no commentary tonight.

Breakfast tomorrow at the Classic Cup Cafe, at 8AM.

Have a nice weekend!

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