When they found a God whom they could love, they had found that which the society of the time could not give any one— happiness and love."
Henryk Sienkiewicz, Quo Vadis: In the Time of Nero
“Do not let your hearts be troubled. You have put your trust in God, and so trust also in me."
The First Quarter GDP number came in quite low, surprising those who have not been following the forecasts from the Atlanta Fed. I suspect that it will be revised lower in the next few iterations.
Additionally, the 'chain deflator' or the measure of inflation in this report was higher than expected at 2.3%.
So with very low growth, and higher inflation, we see some evidence of that odd phenomenon that is really the child of exogenous forces and continuing policy errors once thought to be impossible called stagflation.
Silver began trading its May contract with a large number of paper claims trading hands as noted below in the clearing report from yesterday. JPM's house account is notably absent, although a 'customer' of that bank sold a large number of contracts.
The first chart below shows that the Shiller P/E index is now at the same level of that bubble in 1929.
I was amused to hear some of the Wall St denizens and spokesmodels noting that the bubble can certainly go much higher, so now may be a good time to buy.
Remember that salvation has been bought for us by the greatest love that one can receive, and that we should therefore take no pride in it. Rather, we are a child not of our own works or words but of mercy, and we are therefore expected, no we are commanded, to extend that mercy to others. As you judge, so shall you be judged.
To take pride in our position and status and knowledge in the manner of the Pharisees, and especially to abuse our faith as a platform for hatred, violence, and other offenses against others, is to sin against the Spirit. And this is the one sin that will not be easily forgiven.
This then is a purpose of suffering, that we may be kept safe from such a temptation to think so falsely of ourselves, and imagine ourselves to be what we are not. For it is in this disordered pride that the first sin found its mark.
"The common are but a breath, the highborn but a lie. If weighed on a balance, they are nothing; together they are only a breath, less substantial than their vanity."Spring is in full force here, and life is abounding. The queen and dolly are getting along well, and keeping me busy. Three more of these radiation treatments, and then the waiting begins again.
In seeing, so that we may believe.
Please remember the poor in both wealth and spirit. And especially God's creatures who have been entrusted to your care.
Have a pleasant weekend.