Marcus Tullii Ciceronis, Orationum Pars I, Venice, 1554
"But God said to worldly man, ‘You fool, this very night your life will be demanded of you, and the things which you have prepared, to whom will they belong?’ Thus will it be for all who store up worldly instruments for themselves, but are not rich in the things that matter to God.”
Luke 12:20-21
"It’s not just America. The whole world has sort of turned muddy. By and large, the world is increasingly run by ignoramuses, wackos and psychotics. This was long before Donald Trump. But we’ve got more crazy people running the world now than ever. Do you really want me to try and make you feel better? Because I want you to make me feel better. This is where we are. It is incredibly messy. If I were the Democrats I would stop worrying about Donald Trump and start talking to the American people about jobs and health care. I think it’s inevitable that you don’t get truth-tellers. I want the American people to stop believing everything they hear and to ask more questions, to become more skeptical."
Chauncey Devega, Interview with Seymour Hersh, Salon, July 23, 2019
"Having fallen from the eternal, the evil one's desires are endless, insatiable. Having fallen from pure Being, he is driven by the desire to possess, to fill his emptiness. But the problem is insoluble, always. He is compelled to have and to hold, to possess and consume, and nothing else. All he takes, he destroys. He can create nothing, because he has no being. Therefore he can only copy, distort, or steal. His greatest masterpiece is a flawless counterfeit of reality, a mirage designed to make us believe that the void is full, and that death is life."
Denis de Rougemont, La Part du Diable, 1942
"Listen then to what the parable of the sower means. When anyone hears the good news and does not understand it, the evil one comes and snatches away what was sown in their heart. This is the seed sown along the path. The seed falling on rocky ground refers to someone who hears the word and at once receives it with joy. But since they have no firm roots, they last only a short time. When trouble or persecution comes because of the word, they quickly fall away.’
Matthew 13:18-22
The Consumer Price Index data came in 'better than expected' this morning. They were particularly irrelevant, even given their dubious authenticity, because of the recent spikes in the price of oil which it does not even begin to capture.
So stocks bounced, the Dollar eased.
Gold and silver rallied back, Bitcoin bounced.
VIX of course fell.
There will be an option expiration on Friday.
I think the pricing discovery mechanics of the US risk markets is broken.
Nothing too surprising if you believe that we are in a late stage asset bubble.
The conflict in the Persian Gulf is intensifying. The Ukraine is as well.
What's odd is that most of the involved parties are attempting to avoid climbing the escalation ladder, with a few notable exceptions from those who it appears are on the losing end of things at least for now.
How long can this be sustained?
Ladies and gentlemen, place your bets.
Have a pleasant evening.
