"It is difficult to get a man to understand something when his job depends on not understanding it."
"The problems we face did not come down from the heavens. They are made, they are made by bad human decisions, and good human decisions can change them."
"Throughout my long service life in the Department of Defense, first as an army officer and then as a member of the Defense Intelligence Senior Executive Service, there was a phrase in common usage: 'I will fall on my sword over that.' It meant that the speaker had reached a point of internal commitment with regard to something that his superiors wanted him to do and that he intended to refuse even though this would be career suicide. The speaker preferred career death to the loss of personal honor.
This phrase is no longer widely in use. What has taken its place is far more sinister in its meaning and implications. 'I drank the Kool-Aid' is what is now said. It signifies that the person in question has given up personal integrity and has succumbed to the prevailing group-think that typifies policymaking today. This person has become 'part of the problem, not part of the solution.'"
W. Patrick Lang, Drinking the Kool Aid, 2004
Gold had a little bounce today. Silver, not so much.
There is intraday commentary on why I think this is happening now as it is. It its titled An Almost Perfect Storm of Incompetence and Felony.
Incompetence is probably much too kind an interpretation.
There are now 666.11 tonnes of gold in the GLD ETF.
The decisions that these public servants are making are not so often out of well intentioned ignorance and ideological blindness, as a former Fed Chairman seems to suggest. That is what I call the CEO-defense. Rather they are made as a price of power and privilege, and selfish betrayal of trust.
See who is getting the sinecures in the financial sector, and the enormous fees for speeches after their 'public service,' all out of proportion to their real value. And then you may understand why there is no reform, and no sustainable recovery.
And this is why the great mass of voters are feeling 'restless' with things as they are. And the people of privilege do not know what to make of their growing discontent.
Have a pleasant evening.
P.S. Gold is moving from West to East. And there will be consequences, as there always are, not so much with the original misdeeds, but the ongoing coverup.