Week in Review

Quote of the week

“[W]e see a beautiful dive from the high board, two somersaults and a half-twist, into the Third World.” – Fred Reed

The Fiat Dollar & Debt Democracy Experiments Have Failed

by Ron Holland

“Washington claims the federal debt limit extension and the threat of default is postponed. This is just more political theatre as the Treasury debt downgrade will happen and eventually a bankrupt America will attempt to inflate the debt away and default. It is the same across the Atlantic where the sovereign debt crisis still stalks the politicians in the EU.” more…

Bread, Circuses, Spending Cuts, Unicorns & The Appearch of Wealth

by The Burning Platform

“The Roman authorities provided free wheat to the peasants as a superficial means of appeasing the masses and distracting them from the fact that public policy and public service had failed, as corruption and decadence engulfed those in control of government. Free bread, chariot races, and feeding Christians to lions kept the small-minded peasants satiated and ignorant of their civic duty. Today, the authorities don’t hand out bread they hand out EBT cards to 45.5 million Americans, or 14.6% of the entire population.” more…

Opponents Of Debt Hike to be Barred From “Super Congress”

by Paul Joseph Watson

“Given the fact that the `Super Congress’ is brazenly being established as a weapon with which to butcher what remains of the constitution and the rule of law, it’s hardly a surprise that Washington insiders have already moved to ensure that the few lawmakers in DC who are not completely corrupt and compromised will have no say in how it operates.” more…

Gas Prices Don’t Move Much In Good Currencies

by Gary Gibson

“Gas is still only $0.20 per gallon. If you pay with un-debased U.S. currency.” more…

Just Freeze the Budget!

by Ron Paul

“One might think that the recent drama over the debt ceiling involved one side wanting to increase or maintain spending with the other side wanting to drastically cut spending, but that is far from the truth. In spite of the rhetoric being thrown around, the real debate is over how much government spending will increase. No plan under serious consideration cuts spending in the way you and I think about it. Instead, the cuts being discussed are illusory and are not cuts from current amounts being spent, but cuts in prospective spending increases. This is akin to a family saving $100,000 in expenses by deciding not to buy a Lamborghini and instead getting a fully loaded Mercedes when really their budget dictates that they need to stick with their perfectly serviceable Honda.” more…

Regulars

Other Stuff

And now the numbers…

DOW Jones Industrials – 11,444.61 (-698.63/-5.75%)
S&P 500 – 1,199.38 (-92.90/-7.19%)
VIX – 32.00 (+6.75/26.73%)
CSI 300 (China) – 2,897.417 (-74.662/-2.51%)
BSE 500 (India) – 6,788.67 (-322.64/-4.54%)
MICEX (Russia) – 1,587.00 (-118.18/-6.93%)
BOVESPA (Brazil) – 52,949.219 (-5,874.23/-9.99%)
Nikkei 225 (Japan) – 9,299.88 (-533.15/-5.42%)
RICI (Commodities) – 3,827.77 (-205.87/-5.10%)
Oil/bbl (Brent) – 109.37 (-7.37/-6.31%)
Corn/bu – 703.00 (+34.25/5.12%)
Wheat/bu (CBT) – 723.00 (+7.25/1.01%)
Rough Rice (CBOT) – 16.295 (+0.18/1.12%)
Copper/lb – 411.70 (-36.25/-8.09%)
Gold/oz – 1,651.80 (+20.60/1.26%)
Silver/oz – 38.211 (-1.895/-4.72%)
EUR-USD – 1.4282 (-0.0117/-0.81%)
USD-JPY – 78.40 (+1.635/2.13%)
USD-BRL – 1.5761 (+0.0268/1.73%)
NZD-USD – 0.8434 (-0.0359/-4.08%)
3 Month Treasury – 0.01 (-0.08/-88.89%)
2 Year Treasury – 0.29 (-0.07/-19.44%)
10 Year Treasury – 2.56 (-0.24/-8.57%)
30 Year Treasury – 3.85 (-0.27/-6.55%)
3 Month LIBOR – 0.27 (+0.01/3.85%)
U.S. Public Debt (official) – 14,564,970,167,709.40 (+222,104,282,402.90/1.55%)
Baltic Dry Index (BDIY:IND) – 1,268.00 (+4.00/0.32%)

 

Okay, no time today. Gotta clean the house! Have a great week!

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