Quotes of the day

The ultimate result of shielding men from the effects of folly is to fill the world with fools.-- Herbert Spencer

The problem with socialism is that eventually you run out of other people's money.--Margaret Thatcher

If you tax carbon, you tax fertilizer and pesticides. If you tax these things, you tax food, and by no small amount. A $15/ton CO2 tax would increase fertilizer production costs directly by about $60/ton, with the cap-and-trade bill’s increased transport costs inflating the burden still more. That’s enough to make many farmers use less fertilizer, and less fertilizer means less food. To get a sense of what it would mean for farmers to abandon fertilizer, it is only necessary to go to the supermarket and compare the price of the “organic” produce, grown without chemical fertilizer, to the regular produce, which, while just as nutritious, typically costs less than half as much. It is one thing for wealthy organic food buffs to voluntarily pay such high prices for their food — that is their right. But to impose such costs for basic groceries on everyone else, and particularly the poor, as part of a largely symbolic effort to try to change the weather, is self-indulgent in the extreme.--Robert Zubrin

So the marines in Iraq called these all-female teams (3-5 women) Lionesses. Again, no shortage of volunteers, as female marines, even more than their sisters in the army, were eager to get into the fight. But that's not what the lioness teams were created for. What the marines had also noticed was that the female marines tended to get useful information out of the women they searched. Iraqi women were surprised, and often awed, when they encountered these female soldiers and marines. The awe often turned into cooperation.--Strategy Page

Publicly, the politicians are split as to why the Fed irritates them. But I suspect a hidden agenda: politicians wish they had more control over the Fed -- but they don't, and that's why they were acting like spoiled kids last Thursday. Bernanke handled his grilling with admirable composure, and as I watched a recording of the session, I thanked my lucky stars that our country is, so far, still following Alexander Hamilton's advice to be sure that control of the central bank is kept AWAY from the politicians. If that condition changed and our esteemed politicians somehow gained a much larger measure of control over monetary policy, I'd have to triple or quadruple the odds of a deflationary depression or of high inflation — or both of those disasters taking turns in a perpetual cycle.--Skeptical Optimist

Political rivalries there are honestly more like sports rivalries than anything else, deeply felt but not deeply thought. It allows the illusion of flourishing, passionate democracy while concentrating actual power in the hands of a few wealthy familes. Honestly, I didn't see much difference between modern Honduras and the plantation system at higher levels of political organization.--Jesse Livermore