Europeans Pile Into Gold

Gold Reaches Record as Europeans Pile In; Dow Declines 36.88 – Carolyn Cui And Liam Pleven, The Wall Street Journal
As overspending by government, and giant bailouts ruin the value of their paper currency, Europeans are piling into gold to save their wealth. It’s no surprise that gold has gone rip-roaring up past its all time highs. Fiscal dementia on the part of the Greeks, and a failure to hold the monetary line at the ECB have led Europeans to question their officials handling of the currency. To hedge their bets, they’re buying up gold. – Dick Young

Extend the Bush Tax Cuts —For Now – Martin Feldstein, The Wall Street Journal
Rather than continuing to dicker around on an immigration bill that isn’t going to happen this year, or a cap and trade bill that will only hurt America’s businesses, Congress should get a move on and extend the Bush tax cuts to give businesses some idea of what they will be facing next year. Congress should at least make a decision on the rates so businesses can plan their operations in the year ahead. – Deborah Young

The Bounds of Silence – Jacob Sullman, Reason.com
If you want a simple illustration of Elena Kagan’s view of the constitution, Jacob Sullman has provided one in Kagan’s own words. “Whether a given category of speech enjoys First Amendment protection, depends upon a categorical balancing of the value of the speech against its societal costs.” Societal costs? Is free speech up for review now that the Radical Progressive Movement is in power? Appointing Kagan to the court will place a constitutional radical child within reach of the cookie jar. Kagan will “interpret” the constitution to say whatever she likes. A confirmation of Kagan will be an absolute disaster for the court. – Deborah Young

ChiCom Surprise – Michael Goldfarb, The Weekly Standard
The Obama administration and U.S. Defense Secretary Robert Gates, by cancelling the Air Force’s advanced F-22 last year and being way off schedule and budget with the F-35, have put our country at risk from a more conventional attack. Last year Gates said China was not projected to have a fifth general aircraft by 2020. This past weekend he said “Is it a dire threat that by 2020 the United States will have only 20 times more advanced stealth fighters than China?” I think it is. Air supremacy is the reason we haven’t lost a soldier from enemy aircraft since 1953 and it’s the reason we no longer fight conventional wars. That could change. – E.J. Smith