In their heavily self-biased opinion, if they want something, by rights it should be their's. So, nothing if not opportunistic, they take from public and private coffers alike whatever they think they can get away with. And given their grandiose sense of self, they're inclined to believe they can get away with most anything.
Exploiting their privileged position in such a manner hardly leaves them plagued with guilt. In general, guilt isn't an emotion they're prone to. How could they be if they feel entitled to the objects of their desire? In their minds their very ability to attain something must certainly mean it was merited."
Leon F. Seltzer
As I have remarked previously, we live in a time of the narcissists, both in our political and financial centers. And as always, they seem to attract those without a defined moral character who, in seeking substance for themselves, merely follow the most brazen and ostentatious figures that they can find, in the hope of obtaining some sense of identity and power for themselves.
This is what is at the core of 'identity politics.' This is exactly what Hannah Arendt meant by 'the banality of evil.'
Gold was soaring this morning on global fears and worse than expected US economic news, after showing some earlier strength in the London trade. Stocks were slumping badly.
However the tide was turned and the trading algorithms reversed gears and paper was driven higher, with gold coming well off of its breakout attempt having run up to a little over 1250. It finished out the day with only a modest gain to around 1230.
As befits a day driven by the fear of risk, gold was outpacing silver.
Nothing has changed, the fundamentals remain as poor as they have been. We have merely been treated to a 'wash and rinse' day, which is the hallmark of a market that has diverged badly from its proper place as a source of fruitful investment, and productive resource allocation.
As for gold and silver, since things continue to unfold, almost surprisingly in some matters, as one might have expected, I do not have many qualms about their ultimate performance as expected, although many things can happen depending on how arbitrary things may become.
A few people sent me a notice of a new scheme for placing one's precious metals with a firm that will pay you interest for them. And if you read what they have to say, it is obvious they will be lending that metal out to other uses, and will return it 'in kind' at some point in the future.
Has all that I have said amounted to nothing? How can anyone possibly ask me if that is an arrangement which I would endorse for myself? I would have nothing to do with any of the bullion banks, and will shun all schemes with unallocated assets and the pooling of risks no matter how 'reputable' that organization may present itself.
Do you remember when Harvey Organ's son reportedly went to the vaults of Scotia bullion bank to see their own precious metal holdings, and found the vaults almost shockingly empty of all bullion, not just their own? It was a minor scandal at the time, dismissed by some as an understandable 'overreach for profits' and a 'lapse in management.' And we are sure this could not happen again elsewhere? Do we not recall the great abuses of trust still unpunished, such as MF Global?
As the reckoning approaches, what some have also called 'the Big Reset,' one must be prepared to cling firmly to those things that we value, both in the material and probably more importantly in the spiritual or ethical world.
And to diverge briefly to the secular world, one cannot serve goodness with violence, and derision, and hardness of words and acts, and expect to receive His merciful judgement. I ask you sincerely to remember these things, even if it becomes confusing and difficult. Don't worry too much about what others are doing, but rather look first to yourself and your own heart and conscience.
Have a pleasant evening.