Baltic Dry Index. 1740 +40 Brent Crude 64.23
Never ending Brexit now October 31,
maybe.
Trump’s Nuclear China Tariffs
Now In Effect.
USA v EU trade war postponed to
November, maybe.
“We must all hang
together, or assuredly we shall all hang separately.”
This summer weekend, something a little
different. A little more on that famous US revolution 1775 to 1783. When the world turned upside down.
But first this update on Friday’s
action.
Stocks end slightly lower after strong jobs report puts Fed rate cuts in question
By Chris
Matthews and Mark
DeCambre
Published: July 5,
2019 4:22 p.m. ET
U.S. stocks closed slightly lower Friday, though above
session lows, after the monthly government payrolls report estimated the
economy added a better-than-expected 224,000 jobs in June, reducing the chances
of multiple Federal Reserve rate cuts by the end of the year. Equities logged weekly gains. The main U.S. stock indexes ended a holiday-shortened session on Wednesday at simultaneous record highs for the first time in 17 months.
U.S. markets were closed on Thursday for Independence Day.
The Dow Jones Industrial Average DJIA, -0.16% shed 43.88 points, or 0.2%, to finish at 26,922.12, the S&P 500 index SPX, -0.18% declined 5.41 points, or 0.2%, to close at 2,990.41, while the Nasdaq Composite Index COMP, -0.10% gave up 8.44 points, or 0.1%, ending at 8,161.79.
----The U.S. economy created 224,000 new jobs in June, above economists expectations of 170,000 jobs, according to a MarketWatch poll, while the unemployment rate ticked up slightly to 3.7% from 3.6%.
After a lackluster reading of 75,000 jobs created in May, Wall Street anticipated the number of new jobs to bounce back in June, though not as much as reported. The figure may call into question the strongly held belief in futures markets that Federal Reserve will cut interest rates at its July 30-31 meeting.
More
“The distinctions between
Virginians, Pennsylvanians, New Yorkers, and New Englanders are no more. I Am
Not A Virginian, But An American!”
.
Facts about the American Revolution
The American Revolution was a struggle between 13 American colonies and Great Britain. - The American colonies wished to attain independence and create a new sovereign nation – the United States.
- The American Revolutionary War lasted for eight years – between April 1775 to September 1783.
- The American colonists supporting independence were named Patriots.
- The American army was known as the Continental Army after the Continental Congress of 13 states.
- The 13 colonies were Delaware, Pennsylvania, New Jersey, Georgia, Connecticut, Massachusetts Bay, Maryland, South Carolina, New Hampshire, Virginia, New York, North Carolina, and Rhode Island.
- Colonists remaining loyal to the British crown were known as ‘loyalists’.
- British soldiers were known as ‘redcoats’ or ‘devils.’
- During the war, the majority of people living in the American colonies were ‘fence sitters’ not taking either side.
- The American Commander in Chief was George Washington.
- The British military commander at the start of Revolution was Sir William Howe, though he was later replaced due to failures in the British war effort.
- King George III led British resistance to American independence. The British Prime Minister was Lord North (a Tory)
- Not all British MPs supported military action against the American Patriots. The ‘Whig’ faction, e.g. Edmund Burke criticised military action to resolve the issue.
- During the war, African-American slaves served on both sides of the war. The British offered freedom to slaves who escaped their masters and served with loyalist forces. After 1776, George Washington raised a small number of black only units.
- During the chaos of war, many slaves were able to escape. In South Carolina, 30% of slaves escaped, migrated or died during the conflict.
- Approx 25,000 American Patriots died during military service – the biggest cause of death was disease – often in unsanitary prisoner of warships.
- Compared to the ratio of the population, The War of Independence was the second-deadliest American conflict after the Civil War.
- In 1776, the population of the 13 American colonies was estimated at 2.4 million. 85% of the white population was of British descent, with 9% of German origin and 4% Dutch.
- Approx 42,000 British sailors deserted in the war. American colonies also had difficulties raising troops due to the economic need to stay on a farm. 90% of the American population worked on farms.
- The British army was weakened by needing to also fight in the Caribbean.
Background to Revolution
- The Stamp Act (1765) required a tax on official documents to help raise revenue for Great Britain after the expensive British-French war of 1763. The tax was unpopular and created resentment against British rule from London.
- The Sons of Liberty was a secret society of people from the American colonies who wanted to protect the rights of colonists.
- Boston Massacre (1770): Four colonists protesting against custom laws were shot by British troops.
- Tea Act (1773) designed to help the East India Company unpopular in America.
More
The Founders Who Opposed the Constitution
The Anti-Federalists gave us the Bill of Rights. Judge Andrew Oldham says they can also give us insight on the modern administrative state.
Jason Willick July 3, 2019 6:08 pm ET
In 1789,
when Rep. Madison introduced the first 10 amendments in the First Congress, he
was making a concession to the Anti-Federalists. Those writers and
politicians—including Robert Yates, Mercy Otis Warren and Richard Henry
Lee—opposed the original Constitution. Partly because they lost, their
arguments are poorly understood today. Their papers are out of print, most law
students never read them, and no one sings about them on Broadway.
Judge
Oldham, 40, seeks to raise their profile. A former clerk for Justice Samuel
Alito and general counsel for the governor of Texas, he became one of the
youngest judges on the federal bench when the Senate confirmed him to the Fifth
U.S. Circuit Court of Appeals in July 2018. He quickly earned a reputation as
one of the judiciary’s most intellectually ambitious members, and he’s making a
public case that the Anti-Federalists can enrich the legal community’s
understanding of the Constitution’s original meaning. They matter, he tells me,
not merely because they secured the Bill of Rights but “because of all of the
things they said” during the ratification debates.
“We
understand what the document itself meant in 1787,” Judge Oldham says, through
the “dialectic” between the Federalists and the Anti-Federalists. Many arguments
in the Federalist Papers—in which Hamilton, Madison and John Jay made their
case for the Constitution—were rebuttals to Anti-Federalists who published
first after the Constitutional Convention. “They’re talking to each other,”
Judge Oldham says. Reading them against each other “shows you what people
thought the document was doing.” Yet few of today’s jurists—Justice Clarence
Thomas is a notable exception—frequently cite the Anti-Federalist Papers.
The
Anti-Federalists’ arguments were often “scattershot,” Judge Oldham says, partly
because they “weren’t collaborating in the same way” as their Federalist
rivals. But they all worried that basic liberties were at risk “if we have a
new federal government that has new power, and no Bill of Rights.” The Anti-Federalists
would ask: “What if Congress does X, and it’s going to abridge my rights?” The
Federalists would reply: “Congress can’t do X because Article I, Section
8”—Congress’s enumerated powers—“doesn’t have that power in it.”
Yet the
Anti-Federalists’ reading of history was that “our rights are secure when we
write them down on paper,” Judge Oldham says. Their models were the 1628
Petition of Right and the 1689 English Bill of Rights. States ended up
ratifying the Federalists’ Constitution “on the premise that it would have
these amendments to it.”
More
Finally, on this day in 1776 the
American Declaration of Independence was first published on front page of
"PA Evening Gazette"
Signed by representatives from 13 states
on 4th July 1776 the declaration was a statement adopted by the Second
Congressional Congress and the first step toward forming an independence United
States.
The declaration was drafted by Thomas Jefferson and edited by the Committee of Five headed by John Adams before being further refined by Congress. It was first printed and disseminated by John Dunlap in Philadelphia and then sent across America. A copy reached the Commander-in-Chief of the Continental Army George Washington who read it to his troops on the 9th July.
The engrossed version of the Declaration with its signatures was requested by Congress in 1777 and it is this copy that resides on display in the National Archives. By 1820 the document was already showing some wear so an engraving was made and it is this engraved image which is now the mostly widely known image and that pictured here.
The declaration was drafted by Thomas Jefferson and edited by the Committee of Five headed by John Adams before being further refined by Congress. It was first printed and disseminated by John Dunlap in Philadelphia and then sent across America. A copy reached the Commander-in-Chief of the Continental Army George Washington who read it to his troops on the 9th July.
The engrossed version of the Declaration with its signatures was requested by Congress in 1777 and it is this copy that resides on display in the National Archives. By 1820 the document was already showing some wear so an engraving was made and it is this engraved image which is now the mostly widely known image and that pictured here.
“Our properties within our
own territories [should not] be taxed or regulated by any power on earth but
our own.”
New: This weekend’s musical diversion.
A. VIVALDI: Concerto for 2 Horns, Strings and B.C. in F major RV 538, La Serenissima
The monthly Coppock Indicators finished June
DJIA: 26,600
+51 Up. NASDAQ: 8,006 +70 Down. SP500: 2,942 +50 Up.
The S&P has reversed again to up after only one
month. The Dow has reversed to up, while the NASDAQ remains down. On to next month’s numbers for clarification.
No comments:
Post a Comment