Quote of the week
“Refusing to face the truth about marijuana laws and their failure is the modern day equivalent to Prohibition, which served only to jump-start organized crime — just as our marijuana laws are providing vast riches to the cartels who are terrorizing our southern border.” – Gary Johnson
by Jacob Sullum
“Next month, the Joint Select Committee on Deficit Reduction, a 12-member subset of Congress that Congress created to make the hard fiscal choices Congress has failed to make, is expected to propose $1.2 trillion in cuts from projected spending during the next decade. This week, Rep. Ron Paul (R-Texas), who is seeking the Republican presidential nomination, unveiled a plan to cut nearly that much in 2013 alone, followed by similar cuts in the next two years, yielding a balanced budget by 2015.
“The contrast between the so-called super committee’s goal and Paul’s plan shows how pathetic official Washington’s gestures of fiscal responsibility are. Paul’s detailed numbers refute the myth that the budget cannot be balanced without raising taxes while challenging his opponents to put up or shut up.” more…
by Ron Paul
“To know what is wrong with the Federal Reserve, one must first understand the nature of money. Money is like any other good in our economy that emerges from the market to satisfy the needs and wants of consumers. Its particular usefulness is that it helps facilitate indirect exchange, making it easier for us to buy and sell goods because there is a common way of measuring their value. Money is not a government phenomenon, and it need not and should not be managed by government. When central banks like the Fed manage money they are engaging in price fixing, which leads not to prosperity but to disaster.” more… [This article begs to be read.]
by James Sinclair
“We should pay less attention to the individual lunatics, and more attention to what a movement is really about. Occupy Wall Street, at its core, is a reaction to the increasing power and influence of large corporations. The Tea Party, at its core, is a reaction to the government’s constant interference with private enterprise. But wait a minute—aren’t those things connected?” more… [Here’s a very nice article from Reason on that as well.]
- Despite prohibitions on domestic spying, the CIA is working with the NYPD.
- Gary Johnson asks: If 50% of the populace supports marijuana legalization, where are the politicians?
- Federal spending is up 5% this year. So much for cuts, eh?
- Michigan Senate panel votes down the boondoggle bridge to Canada.
- ATF says medical marijuana patients are in forfeit of their Second Amendment rights.
And now the numbers…
DOW Jones Industrials – 11,808.79 (+164.30/1.41%)
S&P 500 – 1,238.25 (+13.67/1.12%)
VIX – 31.32 (+3.08/10.91%)
CSI 300 (China) – 2,507.877 (-145.905/-5.50%)
BSE 500 (India) – 6,461.12 (-105.96/-1.61%)
MICEX (Russia) – 1,447.01 (+15.09/1.05%)
BOVESPA (Brazil) – 55,255.23 (+224.78/0.41%)
Nikkei 225 (Japan) – 8,678.89 (-69.07/-0.79%)
RICI (Commodities) – 3,628.76 (-68.23/-1.85%)
Oil/bbl (Brent) – 109.56 (-2.67/-2.38%)
Corn/bu – 649.25 (+9.25/1.45%)
Wheat/bu (CBT) – 632.00 (+9.25/1.49%)
Rough Rice (CBOT) – 16.715 (+0.09/0.54%)
Copper/lb – 322.30 (-18.55/-5.44%)
Gold/oz – 1,636.10 (-46.90/-2.79%)
Silver/oz – 31.193 (-0.98/-3.05%)
EUR-USD – 1.3896 (+0.0014/0.10%)
USD-JPY – 76.286 (-0.933/-1.21%)
USD-BRL – 1.7755 (+0.0427/2.46%)
NZD-USD – 0.8031 (-0.0023/-0.29%)
3 Month Treasury – 0.02 (+0.01/100.00%)
2 Year Treasury – 0.27 (UNCHG)
10 Year Treasury – 2.22 (-0.03/-1.33%)
30 Year Treasury – 3.26 (+0.03/0.93%)
3 Month LIBOR – 0.42 (+0.02/5.00%)
U.S. Public Debt (official) – 14,940,365,910,700.00 (+66,481,572,900.00/0.45%)
Baltic Dry Index (BDIY:IND) – 2,153.00 (-20.00/-0.92%)