“To ripen a person for self-sacrifice he must be stripped of his
individual identity and distinctness. The most drastic way to achieve this end is by the
complete assimilation of the individual into a collective body. The
fully assimilated individual does not see himself and others as
human beings. When asked who he is, his automatic response is
that he is a member of a certain tribe or family. He has no purpose, worth and
destiny apart from his collective body; and as long as that body
lives he cannot really die."
Eric Hoffer, The True Believer
“Totalitarianism in power invariably replaces all first-rate talents, regardless of their sympathies, with those crackpots and fools whose lack of intelligence and creativity is still the best guarantee of their loyalty.”
Hannah Arendt, The Origins of Totalitarianism
When Fascism came into power, most people were unprepared, both theoretically and practically. They were unable to believe that man could exhibit such propensities for evil, such lust for power, such disregard for the rights of the weak, or such yearning for submission. Only a few had been aware of the rumbling of the volcano preceding the outbreak.”
Erich Fromm, Escape from Freedom, 1941
"The whole town and all its inhabitants are quite drowned in carnival din, masks and confetti. And on top of that the news of the Reichstag fire. Dancing on a volcano."
Alban Berg, Letter from Berlin, September 1, 1933
Risk assets were in full rally mode today, with stocks and other bits of bubble stuff going out near the daily highs.
Silver moved up a little, gold trading was heavy to the downside.
The Dollar slumped.
You wouldn't think that Iran had just bombed US bases in Iraq and Qatar, given the defiant buying of risk.
There were no U.S. casualties, President Donald Trump said, as he dismissed the attack as a “very weak response” and said the U.S. was warned by Iran in advance. “Most importantly, they’ve gotten it all out of their ‘system,’ and there will, hopefully, be no further HATE,” Trump posted on Truth Social.
And so the risk markets rallied, because Iran apparently showed restraint, once again.
But this is far from over. And Iran has not 'gotten it all out of their system.'
There is most likely some Iranian interest in providing a more lasting lesson to the Netanyahu government.
Have a pleasant evening.
