"The twentieth century has been characterized by three developments of great political importance: the growth of democracy, the growth of corporate power, and the growth of corporate propaganda as a means of protecting corporate power against democracy. It is arguable that the success of business propaganda in persuading us, for so long, that we are free from propaganda is one of the most significant propaganda achievements of the twentieth century."
Alex Carey, Taking the Risk Out of Democracy, 1995
"Surveys show that the usual investors in major rallies – pension funds, hedge funds and retail investors – have not been net buyers of equities. And he says the most likely explanation for this anomaly in the biggest stock market rally since the 1930s is that major investment banks are the anxious buyers.
'Their buying would appear to be for one of two reasons. Firstly because they think the authorities will prevail in their (so far unsuccessful) efforts to inflate their way out of debt liquidation; or secondly because they are too big to fail and so can afford to take a huge gamble that enough buying will convince others to rush in and buy their inventory of risk assets at even higher prices.'"
Leigh Skene, Equity Rally Not Driven by the Usual Investors, Financial Times, April 28, 2010
"Right now the US is on the path to a devaluation and a selective default on its debt and currency. No one can say 'how and when' with certainty. Some suggest that devaluation of a sovereign currency no longer has any significance and meaning. Why? Because what would one devalue such a currency against, as it is tied to no external standard? And so they say that the Dollar is its own standard as the reserve currency of the world.
It is always a mistake to assume that there are no external standards, no dissenting views, that things are merely what we say they are and should be, for everyone. The dollar standard is in fact the 'full faith and credit of the United States.' And if that confidence is broken, the reversion to fundamental 'external' values may be impressive."
Jesse, Thinking the Unthinkable, 11 November 2008
“Woe to you, learned scribes and the elite— hypocrites! For you are like whitewashed tombs which appear beautiful, but inside are full of dead men’s bones and all corruption. You outwardly look righteous, but inside you are full of hypocrisy and wickedness."
Matthew 23:27-28
"Gold is unique among assets, in that it is not issued by any government or central bank, which means that its value is not influenced by political decisions or the solvency of one institution or another."
Salvatore Rossi, Chief of the Central Bank of Italy, 30 Sept 2013
And that is why gold is the king of assets, par excellence.
Today's market action was, in a word, nonsensical.
Let's see what happens when the adults come back next week.
The young man is on his way back.
I thoroughly enjoyed the company I had for Christmas dinner. But with five little petri dishes running around, I have understandably contracted a fairly nasty head and chest cold.
Oh the price we grandparents pay. lol
Have a pleasant weekend.
