Free Markets, Free People

Daily Archives: June 25, 2013


Economic Statistics for 25 Jun 13

Here are today’s statistics on the state of the economy:

May durable goods orders jumped 3.6% overall, while ex-transportation orders rose 0.7%. This follows a similar 3.6% rise in April. On a year-over-year basis, orders are up 7.6% overall, while ex-transportation orders are up 2.8%.

New home sales were stronger-than-expected in May, with an annual rate of 476,000 homes sold.

The S&P Case-Shiller Home Price Index jumped 12% in April, with a year-over-year increase of 12.1%.

The Conference Board’s consumer confidence index rose to 81.4–a recovery high–in June from last month’s 76.2.

Like most of the recent Fed indices, the Richmond Fed Manufacturing Index was strongly positive, rising to 8 in June from -2 in May.

The State Street Investor Confidence Index surged over 100, rising from 94.8 in May to 106.8 in June.

The FHFA House Price Index continues to move upward, rising 0.7% in April, which is a gain of 7.4% on a year-over-year basis.

In weekly retail sales, ICSC-Goldman reports a 1.1% increase for last week, but a weak 1.6% increase over last year. Redbook reports a 2.8% year-over-year same-store retail sales increase, which is right on trend.

~
Dale Franks
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The epic decline of American influence and power

And it has primarily happened under this administration as Bret Stephens outlines in his Wall Street Journal piece.  The Snowden chase has been most instructive in how little influence American now has.  When your naive foreign policy is to have other countries “like” you instead of understanding the respect is currency you should be dealing in (and also understanding how you earn that), then the results are predictable:

At this writing, Edward J. Snowden, the fugitive National Security Agency contractor indicted on espionage charges, is in Moscow, where Vladimir Putin’s spokesman insists his government is powerless to detain him. “We have nothing to do with this story,” says Dmitri Peskov. “I don’t approve or disapprove plane tickets.”

Funny how Mr. Putin always seems to discover his inner civil libertarian when it’s an opportunity to humiliate the United States. When the Russian government wants someone off Russian soil, it either removes him from it or puts him under it. Just ask investor Bill Browder, who was declared persona non grata when he tried to land in Moscow in November 2005. Or think of Mr. Browder’s lawyer, Sergei Magnitsky, murdered by Russian prison officials four years later.

Mr. Snowden arrived in Moscow from Hong Kong, where local officials refused a U.S. arrest request, supposedly on grounds it “did not fully comply with the legal requirements under Hong Kong law.” That’s funny, too, since Mr. Snowden had been staying in a Chinese government safe house before Beijing gave the order to ignore the U.S. request and let him go.

“The Hong Kong government didn’t have much of a role,” Albert Ho, a Hong Kong legislator, told Reuters. “Its role was to receive instructions to not stop him at the airport.”

Oh … so those freedom loving countries couldn’t do anything?  Both just ignored us.  That’s right, because they knew what?  There’d be no reprisal nor would they suffer any harm for ignoring us.  In fact, today it was decided that ignoring the US would have no lasting or negative effect on US-Chinese relationships.  In fact, China shot back:

China rebuked the United States on Tuesday for accusing it of facilitating the flight of fugitive U.S. spy agency contractor Edward Snowden, and said suggestions that it had done so were “baseless and unacceptable”.

Oh, what the heck.  We all know a toothless tiger when we see one and the US is perceived as such right now.  Don’t believe it?  Look at how well our new SecState “negotiated” our position in Afghanistan:

Merely to get the Taliban to the table for a bogus peace process, the administration agreed at Pakistan’s urging to let Mullah Omar come to the table on his owns terms: no acceptance of the Afghan Constitution, no cease-fire with international forces, not even a formal pledge to never again allow Afghanistan to become a haven for international terrorism. The U.S. also agreed, according to Pakistani sources, to allow the terrorist Haqqani network—whose exploits include the 2011 siege of the U.S. Embassy in Kabul—a seat at the table.

Yet having legitimized Haqqani and given the Taliban everything it wanted in exchange for nothing, the U.S. finds itself being dumped by its own client government in Kabul, which can always turn to Iran as a substitute patron. Incredible: no peace, no peace process, no ally, no leverage and no moral standing, all in a single stroke. John Kerry is off to quite a start.

Stunning.  Not surprising, given the cast of characters, but stunning in its demonstration of the level of incompetence this administration demonstrates daily.

And Russia – they’re so unimpressed with this administration that they’ve redefined “reset” to mean they can pretty openly cheat on the 1987 missile accord and fear no consequences.  That while the Taliban, after getting all they wanted from Kerry, then turned around and attacked the Afghan presidential palace in a brazen attack.  Obviously they fear no meaningful consequences for that either.

Oh, yeah, they’re on top of it all aren’t they?

So sure, after doing such a great job in the areas mentioned, and don’t forget Libya and Egypt, by the way, this disastrous crew want to involve us in Syria?

No thanks.

~McQ

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