Quote of the week
“The Patriot Act has trashed the Fourth Amendment. The Military Commissions Act gutted habeas corpus. Presidents of both parties have claimed the authority to detain someone indefinitely, even an American citizen, without due process, or even to declare someone an enemy combatant and be summarily killed.” – Anthony Gregory on post- 9/11 America
by Llewellyn H. Rockwell Jr.
“The sight of New York City’s twin World Trade Center towers falling to the ground, the result of an act of deliberate aggression, seems to symbolize two points that seem entirely forgotten today: the magnificent contribution that commerce makes to civilization, and just how vulnerable it is to its enemies. If the enemies of capitalist commerce are hell-bent on the destruction of the source of wealth, there are few means available to prevent it.” more…
by Gary North
“Whenever you hear that hyperinflation is inevitable, keep your hand upon your wallet and your back against the wall.
“Hyperinflation is a policy option. It has been adopted only once by a Western, industrial nation’s central bank in peacetime since 1946: Israel’s. That is a small nation. Its leaders have not made that policy error since 1985.
“If we get hyperinflation, it will not last long: a few years at the most. It will be a great disruption in the lives of most Americans, but if the government does not impose price controls, there will not be devastation. There will be losses. People will have to scramble. They will adjust. They will get poorer. They will consume capital. But they will survive.” more…
by Malou Innocent
“By every measure, violence is higher than ever. The coalition and civilian casualty rate for this year is on pace to break the record for last year, which in turn eclipsed the record for 2009, which in turn eclipsed the record for 2008. Spiraling violence came after significant increases in troops and resources. Defiant optimists have claimed that with more troops comes more combat and naturally, more casualties. But to accept that things will get worse before they get better is also a slippery slope: never giving up, no matter the cost, discourages a dispassionate assessment of whether a continued investment is justified. In turn, the longer we stay and the more money we spend, the more we feel compelled to remain to validate our investment. Unfortunately, the conventional wisdom, as expressed by President Obama in March 2009, is that “If Afghanistan falls to the Taliban…that country will again be a base for terrorists who want to kill as many of our people as they possibly can.” We are also told that if America and its allies fail to create a minimally functioning government in Afghanistan, then Pakistan will collapse and its nuclear weapons will fall to the Taliban.” more…
by Stefano R. Mugnaini
“Any conversation about the superfluity of the federal government or her legion of agencies will invariably turn to this question: “Who will keep our food safe?” It is as sure as Godwin’s law — except in this case, the fascists have, inexplicably, become the good guys. “Apparently, the FDA and the USDA have a stellar and unblemished track record of keeping the populace safe from tainted food and dangerous medicines. It is a measure of the success of state propaganda that such a glaring untruth is so commonly seen as axiomatic and beyond question.” more…
- Here’s a run down on the Solyndra thing. It is lame how this scandal is used almost solely to attack Obama when the entire paradigm of government “investment” in private enterprise is such garbage.
- Tunnel across the Bering Strait?
- A federal computer access law is ready to expand to horrific proportions.
And now the numbers…
DOW Jones Industrials – 11,509.09 (+516.96/4.70%)
S&P 500 – 1,216.01 (+61.78/5.35%)
VIX – 30.98 (-7.54/-19.57%)
CSI 300 (China) – 2,733.987 (-17.108/-0.62%)
BSE 500 (India) – 6,596.34 (+13.91/0.21%)
MICEX (Russia) – 1,511.50 (-6.72/-0.44%)
BOVESPA (Brazil) – 57,210.11 (+1,431.72/2.57%)
Nikkei 225 (Japan) – 8,864.16 (+126.50/1.45%)
RICI (Commodities) – 3,873.91 (-48.10/-1.23%)
Oil/bbl (Brent) – 112.22 (-0.28/-0.25%)
Corn/bu – 692.00 (-44.50/-6.04%)
Wheat/bu (CBT) – 688.25 (-41.50/-5.69%)
Rough Rice (CBOT) – 17.89 (-0.44/-2.40%)
Copper/lb – 393.15 (-6.80/-1.70%)
Gold/oz – 1,814.70 (-43.60/-2.35%)
Silver/oz – 40.831 (-0.704/-1.69%)
EUR-USD – 1.3796 (+0.0139/1.02%)
USD-JPY – 76.795 (-0.816/-1.05%)
USD-BRL – 1.7331 (+0.059/3.52%)
NZD-USD – 0.8292 (+0.0071/0.86%)
3 Month Treasury – 0.00 (-0.01/-100.00%)
2 Year Treasury – 0.17 (UNCHG)
10 Year Treasury – 2.05 (+0.13/6.77%)
30 Year Treasury – 3.31 (+0.06/1.85%)
3 Month LIBOR – 0.35 (+0.01/2.94%)
U.S. Public Debt (official) – 14,696,963,569,800.00 (+11,413,183,900.00/0.08%)
Baltic Dry Index (BDIY:IND) – 1,814.00 (+32.00/1.80%)
No time to write this week. Wonderful Wife is working night shifts all weekend and I’m on sole Little Bear duty. It’s been good, but busy!
Have a great weekend.