"Where are the princes of this world, and those who lorded it over the creatures of the earth? Those who made sport of the birds of the air, and hoarded up riches in which they trusted, and for whom there is no limit to their greed, those who schemed to get wealth, and were always anxious about their possessions. But now there is no trace left of them. They have vanished down into the bowels of the earth, and others have risen to take their place."
Baruch 3:16-19
"Rome has grown so much from its humble beginnings that it is now overwhelmed by its greatness."
Titus Livius, Praefatio, Ab Urbe Condita
“Foolishness is a more dangerous enemy of the good than malice. Against such foolishness we are defenseless. Neither protests nor the use of force accomplish anything here; reasons fall on deaf ears; facts that contradict one’s prejudgment simply need not be believed – in such moments the foolish person even becomes critical – and when facts are irrefutable they are just pushed aside as inconsequential, as incidental.
In all this the foolish person, in contrast to the malicious one, is utterly self satisfied and, being easily irritated, becomes dangerous by going on the attack. For that reason, greater caution is called for when dealing with a foolish person than with a malicious one. Never again will we try to persuade the foolish person with reasons, for it is senseless and dangerous.”
Dietrich Bonhoeffer, Prisoner for God: Letters and Papers from Prison, 1944
"Where does the truth lie? Should one go off and build a little house with flowers outside the windows and a garden outside the door and extol and thank God and turn one’s back on the world and its filth? Isn’t seclusion a form of treachery, of desertion? I am weak and small, but I want to do what is right."
Hans Scholl, Letters and Diaries, 1941
"Where are the leaders? Has our political process become so compromised by powerful interest groups and the threat of character assassination that even the best among us will not dare to speak honestly about the solutions that might bring us back to common sense and fundamental fairness?"
Senator Jim Webb, A Time to Fight, 2008
"Now why don't you just take it easy, Group Captain, and please make me a drink of grain alcohol and rainwater, and help yourself to whatever you'd like."
General Jack D. Ripper (Sterling Hayden), Dr. Strangelove
The Non-Farm Payrolls report came in much 'hotter' than expected this morning.
And that triggered a reaction in the market with regard to the timing and size of interest rate cuts by the Fed this year.
And so stocks fell, rather sharply, and put in another lower low to go with its recent trend of lower highs and lower lows.
Not constructive for the bull market narrative in equities.
Gold and silver rallied sharply higher along with the US Dollar.
I'm not quite sure how to explain that one, except that together with the rising VIX it looked like a 'flight to safety' provoked by uncertainty of what Big Daddy Fed may do next.
We will have a minor stock option expiration next Friday.
This market is one accident away from a meltdown.
And Uncle Thug and his bridegrooms of death are driving recklessly, drunk with power.
The mispricing of risks is going to have its effect.
Have a pleasant weekend.
