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Week in Review

A Beginner’s Guide to the European Debt Crisis

by Gonalo Lira

“For ordinary, non-specialist people just tuning in to the horror-show which is the European crisis, the whole mess can seem daunting and almost hermetic—almost like a secret language, or a really complicated code.” more… [This is worth a read.]

Taking Executive Orders Too Far

by Ron Paul

“This may be news to the supposed constitutional scholar who is now our president, but if the political process seems inconvenient to the implementation of his agenda, that is not a flaw in the system. It was designed that way. The drafters of the Constitution intended the default action of government to be inaction. Hopefully, this means actions taken by the government are necessary and proper. If federal laws or executive actions can’t be agreed upon constitutionally- which is to say legally- such laws or actions should be rejected.” more…

Understanding the Price of Money

by Robert P. Murphy

“In a money economy, the money commodity is on one side of every transaction, and hence reduces the number of relevant prices. The direct exchange ratio between any two commodities can easily be computed from their respective money prices. The `price’ or purchasing power of money is the array of goods and services for which a unit of money can be exchanged.” more…

Regulars

Other Stuff

And now the numbers…

DOW Jones Industrials – 12,153.68 (+170.44/1.42%)
S&P 500 – 1,263.85 (+10.62/0.85%)
VIX – 30.04 (-0.12/-0.40%)
CSI 300 (China) – 2,695.002 (-68.744/-2.49%)
BSE 500 (India) – 6,585.87 (-156.21/-2.32%)
MICEX (Russia) – 1,484.97 (-16.21/-1.08%)
BOVESPA (Brazil) – 58,546.97 (-122.95/-0.21%)
Nikkei 225 (Japan) – 8,514.47 (-286.93/-3.26%)
RICI (Commodities) – 3,754.70 (+10.33/0.28%)
Oil/bbl (Brent) – 114.16 (+2.19/1.96%)
Corn/bu – 647.75 (-8.00/-1.22%)
Wheat/bu (CBT) – 646.00 (+9.25/1.45%)
Rough Rice (CBOT) – 15.22 (-0.905/-5.61%)
Copper/lb – 348.30 (-8.15/-2.29%)
Gold/oz – 1,788.10 (+32.00/1.82%)
Silver/oz – 34.682 (+0.598/1.75%)
EUR-USD – 1.3807 (+0.0015/0.11%)
USD-JPY – 77.1213 (-1.1182/-1.43%)
USD-BRL – 1.7435 (-0.0083/-0.47%)
NZD-USD – 0.7894 (-0.0044/-0.55%)
3 Month Treasury – 0.00 (+0.01/-100.00%)
2 Year Treasury – 0.23 (+0.01/4.55%)
10 Year Treasury – 2.06 (+0.03/1.48%)
30 Year Treasury – 3.13 (+0.04/1.29%)
3 Month LIBOR – 0.46 (+0.02/4.55%)
U.S. Public Debt (official) – 14,973,303,402,600.00 (+74,794,200.00/0.00%)
Baltic Dry Index (BDIY:IND) – 1,835.00 (+51.00/2.86%)

 

Not too much going on around here. Thought I’d watch some football today, but that’s been largely a no go, although I can see that the Broncos are winning. Wonderful Wife has worked all weekend and Little Bear and I have been hanging out. Went to Cabella’s yesterday, looked at all of the fish, and shopped around. Mainly I needed a pair of gloves, you know, for shoveling the snow that is about to come. Today we’ve mainly watched TV: Peppa Pig, Harry Potter, Ponyo, and some football. She’s sleeping now. I’m headed back to watch football and read a bit. New baby is going to be here in just a couple of weeks!

Have a great week!

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Week in Review

Quote of the week

“[W]e just ignore the state’s rules whenever it suits us and wherever we can get away with it.” – Gary Gibson

Freedom in the 50 States

“This study comprehensively ranks the American states on their public policies that affect individual freedoms in the economic, social, and personal spheres. It updates, expands, and improves upon our inaugural 2009 Freedom in the 50 States study. For this new edition, we have added more policy variables (such as bans on trans fats and the audio recording of police, Massachusetts’s individual health-insurance mandate, and mandated family leave), improved existing measures (such as those for fiscal policies, workers’ compensation regulations, and asset-forfeiture rules), and developed specific policy prescriptions for each of the 50 states based on our data and a survey of state policy experts. With a consistent time series, we are also able to discover for the first time which states have improved and worsened in regard to freedom recently.” more… [I always love browsing these kinds of surveys.]

Europe’s Future Comes Into Focus

by Detlev Schlichter

“What struck me most when reading the first responses to the EU summit was this: Most of what you get from the mainstream media pundits or from the financial economists on Wall Street or in the city of London not only misses the relevant points, it usually gets things completely the wrong way round. What these analysts suggest is good policy is almost always bad policy and should be avoided under any circumstances.

“Let’s go through the salient points:” more…

Wherever You Go, Cameras Are Watching You

by Aaron Saenz

“The modern digital camera is small enough to fit on a phone, powerful enough to record in high definition, and popular enough to be almost everywhere. With the rise of camera technology have come two dueling trends: the popularity of sharing videos and pictures online, and the fear that we’re losing privacy to security surveillance. Which force is more powerful: Big Brother or Big Social Sharing? And where is all this camera technology leading us in the years ahead? Our friends at Mezzmer Eyeglasses have created another compelling infographic to give you the details about digital recording in the 21st Century. Delve into the exclusive Singularity Hub image below. Wherever you go, cameras are watching you. It’s about time to figure out what’s going on behind those electronic eyes.”  more… [Cool infographic.]

Regulars

Other Stuff

And now the numbers…

DOW Jones Industrials – 11,983.24 (-247.87/-2.03%)
S&P 500 – 1,253.23 (-31.86/-2.48%)
VIX – 30.16 (+5.63/22.95%)
CSI 300 (China) – 2,763.746 (+54.729/2.02%)
BSE 500 (India) – 6,742.08 (-671,476.92/-99.01%)
MICEX (Russia) – 1,501.18 (-25.39/-1.66%)
BOVESPA (Brazil) – 58,669.92 (-843.21/-1.42%)
Nikkei 225 (Japan) – 8,801.40 (-249.07/-2.75%)
RICI (Commodities) – 3,744.37 (-29.00/-0.77%)
Oil/bbl (Brent) – 111.97 (+2.06/1.87%)
Corn/bu – 655.75 (+0.75/0.11%)
Wheat/bu (CBT) – 636.75 (-7.75/-1.20%)
Rough Rice (CBOT) – 16.125 (-0.875/-5.15%)
Copper/lb – 356.45 (-14.15/-3.82%)
Gold/oz – 1,756.10 (+8.90/0.51%)
Silver/oz – 34.084 (-1.204/-3.41%)
EUR-USD – 1.3792 (-0.0355/-2.51%)
USD-JPY – 78.2395 (+2.415/3.18%)
USD-BRL – 1.7518 (+0.0797/4.77%)
NZD-USD – 0.7938 (-0.0272/-3.31%)
3 Month Treasury – -0.01 (-0.01/INF%)
2 Year Treasury – 0.22 (-0.07/-24.14%)
10 Year Treasury – 2.03 (-0.29/-12.50%)
30 Year Treasury – 3.09 (-0.29/-8.58%)
3 Month LIBOR – 0.44 (+0.01/2.33%)
U.S. Public Debt (official) – 14,973,228,608,400.00 (+33,652,959,800.00/0.23%)
Baltic Dry Index (BDIY:IND) – 1,784.00 (-234.00/-11.60%)

 

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Week in Review

Quote of the week

“The last thing we need is a larger, more centralized version of what we have now.” – Thomas Woods

Depoliticize Everything

by Stephen Mauzy

“What strain of person derives profit — monetary or psychic — from elected office? Mostly the strain of person I strive to avoid: the nosy neighbor too quick to comment on your daughter’s comings and goings; the junior-college erudite miffed by the world’s reluctance to embrace his brilliance; the sentimental Luddite who believes yesterday is always better than today; the impassioned community organizer whose sentences are too peppered with `we’ and `must.'” more…

The US Is Fast Becoming a Third World Police State

by Jeff Berwick

“For anyone who has their eyes open and are paying attention, the writing is on the wall as to what is going to happen in the US. All it will take is another 9/11 event or for the US Government to default on its debts or for the dollar to enter hyperinflation and the US will be locked down like a prison.” more…

TSA Gets Wise To Precious Metals Owners

by Gary Gibson

“We don’t mean to sound alarmist, good patron. But we are at a loss today. The security state is advancing inexorably. The feds are inserting themselves everywhere on the pretext of protecting us from `evildoers who wish to harm us for our freedoms.’

“We also don’t mean to seem too snarky here, but is the government’s plan to make the supposed freedom-haters lose interest in harming us by removing all our privacy and liberty?” more…

Regulars

Other Stuff

And now the numbers…

DOW Jones Industrials – 12,231.11 (+422.32/3.58%)
S&P 500 – 1,285.09 (+46.84/3.78%)
VIX – 24.53 (-6.79/-21.68%)
CSI 300 (China) – 2,709.017 (+201.14/8.02%)
BSE 500 (India) – 678,219.00 (+671,757.88/10396.93%)
MICEX (Russia) – 1,526.57 (+79.56/5.50%)
BOVESPA (Brazil) – 59,513.13 (+4,257.90/7.71%)
Nikkei 225 (Japan) – 9,050.47 (+371.58/4.28%)
RICI (Commodities) – 3,773.37 (+144.61/3.99%)
Oil/bbl (Brent) – 109.91 (+0.35/0.32%)
Corn/bu – 655.00 (+5.75/0.89%)
Wheat/bu (CBT) – 644.50 (+12.50/1.98%)
Rough Rice (CBOT) – 17.00 (+0.285/1.71%)
Copper/lb – 370.60 (+48.30/14.99%)
Gold/oz – 1,747.20 (+111.10/6.79%)
Silver/oz – 35.288 (+4.095/13.13%)
EUR-USD – 1.4147 (+0.0251/1.81%)
USD-JPY – 75.8245 (-0.4615/-0.60%)
USD-BRL – 1.6721 (-0.1034/-5.82%)
NZD-USD – 0.821 (+0.0179/2.23%)
3 Month Treasury – 0.00 (-0.02/-100.00%)
2 Year Treasury – 0.29 (+0.02/7.41%)
10 Year Treasury – 2.32 (+0.10/4.50%)
30 Year Treasury – 3.38 (+0.12/3.68%)
3 Month LIBOR – 0.43 (+0.01/2.38%)
U.S. Public Debt (official) – 14,939,575,648,600.00 (-790,262,100.00/-0.01%)
Baltic Dry Index (BDIY:IND) – 2,018.00 (-135.00/-6.27%)

Had a very interesting Friday night. Little Bear put a bean in my ear. It was stuck way down my ear canal. We eventually got it out with a paper clip with a small hook at the end, but not before many other things had been tried. The vacuum did not work, nor a q-tip with super glue, nor a trip to the ER which would have had me waiting for perhaps 8 hours. No, in the end Wonderful Wife got it out for me.

Otherwise not too much going on. Grocery shopping today. Halloween party last night. It’s starting to get cold. The leaves are nice though.

Have a great week!

 

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Week in Review

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

Ron Paul’s Budget Cuts Put U.S. on Right Track

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…

Blame the Fed for the Financial Crisis

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.]

Occupy Wall Street vs. The Tea Party

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.]

Regulars

Other Stuff

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%)

 

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NFL Margin of Victory Graph Through Week 6

Arrows point from winners to losers. Numbers indicate margin of victory.

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Week in Review

Quote of the week

“The protesters of the `occupy’ movement imagine themselves to be in the spirit of history’s great radicals — speaking truth to power and all that. As many have said, the movement seems blind to the real source of power in society, else they would be protesting government bureaucracies and the Federal Reserve.” –  Jeffrey A. Tucker

The Ticking Euro Bomb

by Spiegel Staff

“The Greek crisis has revealed why the euro is the world’s most dangerous currency. The euro was built on a foundation of debt and trickery, where economic principles were sacrificed to romantic political visions. The history of the common currency is the story of a good idea that turned into a tragedy of epic proportions.” more…

Policy Uncertainty Is Choking Recovery: Baker, Bloom and Davis

by Scott R. Baker, Nicholas Bloom and Steven J. Davis

“A major factor behind the weak recovery and gloomy outlook is a climate of policy-induced economic uncertainty. An index we devised (see attached chart) shows U.S. policy uncertainty at historically high levels.” more… [That, and perhaps unprecedented levels of debt?]

Cell Phone Guide for Occupy Wall Street Protesters (and Everyone Else)

by Eva Galperin

“Protesters of all political persuasions are increasingly documenting their protests — and encounters with the police — using electronic devices like cameras and cell phones. The following tips apply to protesters in the United States who are concerned about protecting their electronic devices when questioned, detained, or arrested by police. These are general guidelines; individuals with specific concerns should talk to an attorney.” more…

Regulars

Other Stuff

And now the numbers…

DOW Jones Industrials – 11,644.49 (+731.11/6.70%)
S&P 500 – 1,224.58 (+93.16/8.23%)
VIX – 28.24 (-14.72/-34.26%)
CSI 300 (China) – 2,653.782 (+72.431/2.81%)
BSE 500 (India) – 6,567.08 (+181.32/2.84%)
MICEX (Russia) – 1,431.92 (+65.38/4.78%)
BOVESPA (Brazil) – 55,030.45 (+2,706.03/5.17%)
Nikkei 225 (Japan) – 8,747.96 (+47.67/0.55%)
RICI (Commodities) – 3,696.99 (+234.24/6.76%)
Oil/bbl (Brent) – 112.23 (+9.47/9.22%)
Corn/bu – 640.00 (+47.50/8.02%)
Wheat/bu (CBT) – 622.75 (+13.50/2.22%)
Rough Rice (CBOT) – 16.625 (+0.675/4.23%)
Copper/lb – 340.85 (+25.65/8.14%)
Gold/oz – 1,683.00 (+60.70/3.74%)
Silver/oz – 32.173 (+2.09/6.95%)
EUR-USD – 1.3882 (+0.0494/3.69%)
USD-JPY – 77.219 (+0.1565/0.20%)
USD-BRL – 1.7328 (-0.1466/-7.80%)
NZD-USD – 0.8054 (+0.044/5.78%)
3 Month Treasury – 0.01 (-0.01/-50.00%)
2 Year Treasury – 0.27 (+0.03/12.50%)
10 Year Treasury – 2.25 (+0.33/17.19%)
30 Year Treasury – 3.23 (+0.32/11.00%)
3 Month LIBOR – 0.40 (+0.03/8.11%)
U.S. Public Debt (official) – 14,873,884,337,800.00 (+178,782,229,600.00/1.22%)
Baltic Dry Index (BDIY:IND) – 2,173.00 (+274.00/14.43%)

 

Well, we got back from Albuquerque. It was a nice time. Saw a lot of family and friends. We got out to the balloon fiesta, which Little Bear absolutely loved. Got a ristra to bring home. Ate lots of good food. Was productive at work. Good stuff.

Then it was back home on the train, which was about 4 hours late getting out of Albuquerque. Then we delayed another hour before Lamy, NM. And before we knew it we were nearly eight hours late getting into Chicago. Needless to say we missed our connection to Ann Arbor, so we stayed in Chicago overnight, had breakfast and took the afternoon train home.

It was about noon when we got on the train leaving Chicago for Ann Arbor and early afternoon by the time we hit western Michigan. The sky was clear, but the afternoon sun was muted and there were abundant shadows across the landscape. The trees were anywhere from barren to green and every shade in between, bright red, pale yellow, lustrous orange. But seeing how they interleaved with farms, most of whose fields had already been harvested, and ponds and hills was something else entirely. The experience definitely made up for the late train the day before, and in fact I would highly recommend an autumn Amtrak ride from Chicago to at least as far as Kalamazoo.

Otherwise it was back to work this week, to the Liberty Breakfast this morning, and work tomorrow. Wonderful Wife is doing well and New Baby is due in about six weeks, so that’s super exciting.

Have a great weekend!

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