Quote of the week
“Why should ingenuity exert itself in devising new modifications of paper Banking? The economy which prefers fictitious money to real, is, at best, like that which prefers a leaky ship to a sound one.” – William Gouge
by Thomas Woods
“As with the Fed, so with these other things: critics of the status quo are reflexively condemned as cranks, and alternatives to the status quo are dismissed as unthinkable. But they are only unthinkable because we have allowed fashionable opinion to keep us from thinking them. We have been forced into a box that confines our choices to various forms of statism. The movement to end the Fed is an astonishing and most welcome first step toward clawing our way out.” more… [Amongst other things, a nice primer on 19th century banking in the United States.]
by Simon Black
“So, completely screwing the people who have worked hard and are trying to save their money with sub-par interest rates that don’t keep up with inflation is good for America. Paying more for food, fuel, healthcare, insurance, state and local taxes, airfare, rent, building materials, household chemicals, etc. is good for America.” more…
by Jacob Sullum
“The New York Times considers the implications of a government `shutdown’ that looks increasingly likely this week. As the Times explains, the government does not actually shut down during a shutdown; only its “nonessential” functions do. The question that immediately springs to the libertarian mind is why government, which is a kind of force that is ultimately backed by the threat of violence, should be used to accomplish nonessential goals in the first place.” more… [Actually, it looks like said shutdown was averted, and according to NPR we can all breathe easy now. Yes, rest easy, the looting continues unabated. Frankly I’m disappointed.]
- The Bain Report
- Two Failed Banks this week.
- Failure Friday – The guy punching the sign is great, but the grill hopper is hard to top.
- Amazon Best Sellers: #1 The 17 Day Diet: A Doctor’s Plan Designed for Rapid Results by Dr. Mike Moreno; #2 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; #3 Bossypants by Tina Fey
- The much hated 1099 provision of ObamaCare is repealed by the Senate. All that remains is Zero’s signature.
- Nice recap of the week’s news by David Galland at Casey Research.
And now the numbers…
DOW Jones Industrials – 12,380.05 (+3.33/0.03%)
S&P 500 – 1,328.17 (-4.24/-0.32%)
VIX – 17.87 (+0.47/2.70%)
CSI 300 (China) – 3,353.358 (+80.629/2.46%)
BSE 500 (India) – 7,538.20 (+73.77/0.99%)
MICEX (Russia) – 1,855.97 (+12.54/0.68%)
BOVESPA (Brazil) – 68,718.008 (-550.281/-0.79%)
Nikkei 225 (Japan) – 9,768.08 (+59.69/0.61%)
RICI (Commodities) – 4,439.75 (+145.64/3.39%)
Oil/bbl (Brent) – 126.65 (+7.95/6.70%)
Corn/bu – 774.00 (+38.00/5.16%)
Wheat/bu (CBT) – 832.25 (+72.75/9.58%)
Rough Rice (CBOT) – 13.685 (-0.125/-0.91%)
Copper/lb – 450.15 (+24.30/5.71%)
Gold/oz – 1,474.10 (+45.20/3.16%)
Silver/oz – 40.608 (+2.876/7.62%)
EUR-USD – 1.4483 (+0.0246/1.73%)
USD-JPY – 84.764 (+0.7015/0.83%)
USD-BRL – 1.5689 (-0.0381/-2.37%)
USD-HKD – 7.7714 (-0.0069/-0.09%)
NZD-USD – 0.7827 (+0.015/1.95%)
3 Month Treasury – 0.04 (-0.02/-33.33%)
2 Year Treasury – 0.81 (+0.01/1.25%)
10 Year Treasury – 3.58 (+0.14/4.07%)
30 Year Treasury – 4.64 (+0.15/3.34%)
3 Month LIBOR – 0.29 (-0.01/-3.33%)
U.S. Public Debt (official) – 14,264,245,526,311.60 (-5,869,004,488.80/-0.04%)
Baltic Dry Index (BDIY:IND) – 1,376.00 (-144.00/-9.47%)
Whew! Just like last week it was another superbly busy one. Lots of reading, primarily on Dirichlet Processes. Made a business trip to Cincinnati on Monday. That was a 20 hour day 3:30AM – 1AM or something like that. We drove there and back on the same day. Happily, Wonderful Wife and Baby Girl traveled with me. They spent the day playing. Unfortunately it rained and they decided not to go to the zoo. Apparently Cincinnati has a new giraffe baby.
Otherwise it’s back to studying. The project is due on Monday! Have a great weekend!