"In the history of every great catastrophe, you will find that some masterly bit of stupidity sets fire to the oil-soaked rags."
Edwin Lefèvre, The Game Got Them, Everybody’s Magazine 1908
“It appeared that the whole world was one elaborate system, opposed to justice and kindness, and set to making cruelty and pain. And he and his father were part of that system, and must help to maintain it in spite of themselves. Their frail human nature was subjected to a strain greater than it was made for; the fires of greed had been lighted in their hearts, and fanned to a white heat that melted every principle and every law.”
Upton Sinclair, Oil, 1926
“The euphoric episode is protected and sustained by the will of those who are involved, in order to justify the circumstances that are making them rich. And it is equally protected by the will to ignore, exorcise, or condemn those who express doubts.”
John Kenneth Galbraith, A Short History of Financial Euphoria, 1990
"It's a small group with a lot of power. A lot of wealth. They don't necessarily - they're not necessarily always the names, the household names that spring to mind, in this kind of context. But they are the people who could pull the strings. Who have the influence. Who call the shots.
The oligarchs are flush with victory, and feel that they are firmly in control, able to subvert and direct any popular movement to the support of their own fascist ends and unslakable will to power. This is the contempt in which they hold the majority of American people and the political process: the common people are easily led fools, and everyone else who is smart enough to know better has their price. And they would beggar every middle class voter in the US before they will voluntarily give up one dime of their ill gotten gains."
Simon Johnson, The Quiet Coup, May 2009
"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
Gold and silver were in a sharp recovery rally today, after the protracted smackdown related to the recent stock option expiration.
They both went out near the highs of the day.
Yeah, Friday was the time to start buying slowly, and then put the pedal to the medal yesterday after the big stops-clearing dip.
Stocks traded weakly but managed to come back a bit in the quiet afternoon trade.
VIX popped and then fell back down in the afternoon.
The Dollar just chopped around and was nominally unchanged.
The Fed heads are meeting in Wyoming once again.
Now we know how many holes it takes to fill Jackson Hole.
It will be interesting to hear what Jay Powell has to say.
Donnie is putting quite a bit of pressure on him, and the rest of the Fed governors.
Donnie has been buying a lot of bonds for his own portfolio. Hint.
Have a pleasant evening.
