"Still another danger is represented by those who, paying lip service to democracy and the common welfare, in their insatiable greed for money and the power which money gives, do not hesitate surreptitiously to evade the laws designed to safeguard the public from monopolistic extortion. American fascists of this stamp were clandestinely aligned with their German counterparts before the war, and are even now preparing to resume where they left off, after 'the present unpleasantness' ceases.
They claim to be super-patriots, but they would destroy every liberty guaranteed by the Constitution. They demand free enterprise, but are the spokesmen for monopoly and vested interest. Their final objective toward which all their deceit is directed is to capture political power so that, using the power of the state and the power of the market simultaneously, they may keep the common man in eternal subjection."
Henry Wallace, 9 April 1944
"People of privilege will always risk their complete destruction rather than surrender any material part of their advantage. Intellectual myopia, often called stupidity, is no doubt a reason. But the privileged also feel that their privileges, however egregious they may seem to others, are a solemn, basic, God-given right. The sensitivity of the poor to injustice is a trivial thing compared with that of the rich."
John Kenneth Galbraith, The Age of Uncertainty
“It appeared as if the whole world was one elaborate system, opposed to justice and kindness, and set to making cruelty and pain.”
Upton Sinclair, Oil!
There was intraday commentary on the EU and rising populism here.
After a brief bobble while the lady Yellen reslung her jawbone, stocks and precious metals went on a tear higher as the dollar slumped.
Smells like dovishness and a short squeeze all rolled into one happy package.
Stocks are so overextended that even the VIX had to reflect the increased sense of risk.
When is that SNAP IPO going to be squeezed out to the market? Maybe not soon enough to be a correction.
My laptop screen failed on Sunday evening. Since it is only seven months old the new screen and connector will be free, but the inconvenience of not having it this week is particularly annoying because I am keeping an eye on the queen and helping her out quite a bit. I cannot do that from my study downstairs. It should be back by the end of this week.
We have a three day weekend coming up with President's Day on the 20th.
There still has been no sustainable recovery.
Have a pleasant evening.