Week in Review

Quote of the week

“[T]he simpler the Keynesians attempt to make their argument, the worse it actually sounds. They should just continue mumbling economics jargon in order to confuse the public. That tactic has worked pretty well thus far.” – Verdun Vuk

“Public opinion polls suggest that the world most Americans want to live in is one in which we can afford global hegemony, a gold-plated welfare state, and low levels of taxation — in short, a world without scarcity. Of course, we can’t have that world.” – Gene Healy

Hayek’s Ghost Haunts the World

by Jeffrey A. Tucker

“Think of it. Those in charge have only recently sworn — yet again! — that if we keep interest rates at zero, keep battling the symptoms of recession and unemployment with spending and jobs programs, clobber the speculators with regulations, and otherwise keep trying to revive moribund industries, all will be well. Just don’t cut government spending or let interest rates rise! “So where have we heard it all before? It was the 1930s, when the battle between F.A. Hayek and J.M. Keynes raged in the English-speaking world, not only in the academic journals but in the newspapers in London and the United States.” more…

The Neverending Story of a “Gold Bubble”

by Frank Holmes

“One point to pop the `gold bubble’ talk is that negative real interest rates are poised to stick around for a while. We’ve previously discussed that negative real interest rates—one of the main drivers of the Fear Trade—have historically been a miracle elixir for higher gold prices. The magic number for real interest rates is 2 percent. That’s when you can earn more than 2 percent on a U.S. Treasury bill after discounting for inflation. Our research has shown that commodities tend to perform well when rates fall below 2 percent.” more…

Ron Paul Leaps Past Bachmann in Latest Poll

by John Thorpe

“Ignored by the media and dismissed by the Republican Party in general, liberty-minded Congressman Ron Paul leaped into third place today in the Gallup Presidential Nomination preference poll.” more…

The Wise Are Not Academic

by Jeff Thomas

“Since Bernanke became Chairman, he has seemed to me to only open his mouth to change feet. Throughout the evolution of Quantitative Easing, he has repeatedly made predictions on what the Fed’s efforts would achieve. He has been amazingly consistent in being wrong on nearly every one of his predictions. I’ll go way out on a limb here and predict that he will continue to do the same in the future.” more… [The author explains how Bernanke is Greenspan’s patsy.]

Regulars

Other Stuff

And now the numbers…

DOW Jones Industrials – 11,284.54 (+466.89/4.32%)
S&P 500 – 1,176.80 (+53.27/4.74%)
VIX – 35.59 (-7.46/-17.33%)
CSI 300 (China) – 2,901.216 (+93.552/3.33%)
BSE 500 (India) – 6,192.03 (-119.31/-1.89%)
MICEX (Russia) – 1,458.84 (+20.10/1.40%)
BOVESPA (Brazil) – 53,350.79 (+903.161/1.72%)
Nikkei 225 (Japan) – 8,797.78 (+78.54/0.90%)
RICI (Commodities) – 3,934.88 (+92.74/2.41%)
Oil/bbl (Brent) – 111.08 (+2.46/2.26%)
Corn/bu – 767.00 (+41.75/5.76%)
Wheat/bu (CBT) – 797.00 (+35.75/4.70%)
Rough Rice (CBOT) – 17.31 (+0.26/1.52%)
Copper/lb – 411.65 (+11.40/2.85%)
Gold/oz – 1,826.70 (-25.50/-1.38%)
Silver/oz – 41.26 (-1.207/-2.84%)
EUR-USD – 1.4492 (+0.0094/0.65%)
USD-JPY – 76.6885 (+0.1427/0.19%)
USD-BRL – 1.6019 (+0.0023/0.14%)
NZD-USD – 0.8397 (+0.0215/2.63%)
3 Month Treasury – -0.01 (-0.01/INF%)
2 Year Treasury – 0.19 (UNCHG)
10 Year Treasury – 2.19 (+0.13/6.31%)
30 Year Treasury – 3.54 (+0.15/4.42%)
3 Month LIBOR – 0.32 (+0.02/6.67%)
U.S. Public Debt (official) – 14,653,547,886,400.00 (+33,351,302,975.80/0.23%)
Baltic Dry Index (BDIY:IND) – 1,582.00 (+120.00/8.21%)

It was a good week!

Yesterday was the 3rd Annual Michigan Campaign for Liberty Festival. It was by far the best one yet! Our family spent most of the afternoon and evening out there, and we had a great time. Hats off to the people who worked so hard to put the event together.

Today is yard work day. I’ve got a front and back lawn to mow, edging, and then hopefully I have time to clean out my trailer a bit. We’ve had to do some rearranging in the house on account of the new baby and as yet there’s no room in the trailer for the overflow. Basically, it’s time to sell or give away some stuff. I figure if I haven’t used it in over a year and it’s not a book, a tool, or camping gear then it can probably go.

Otherwise I suppose it’s time to get to work! Have a great week!

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