"An elite class that is free to operate without limits - whether limits imposed by the rule of law or fear of the responses from those harmed by their behavior - is an elite class that will plunder, degrade, and cheat at will, and act endlessly to fortify its own power."Glenn Greenwald
"You! You made us in the house of pain! You made us... things!
Not men. Not beasts. Things!"
H. G. Wells, The Island of Dr. Moreau
After the bell Moody's cut Greek bonds to CAA2 with the outlook negative. Greece is facing the gravest threat to its national sovereignty, even worse than the American supported military regimes of the 'Greek colonels,' since 1941.
Who will be next? Who can stand against the dark power of the world, and wickedness in high places? C'est la guerre, sans fin. Ainsi soit-il.
Who will be next? Who can stand against the dark power of the world, and wickedness in high places? C'est la guerre, sans fin. Ainsi soit-il.
There was intraday commentary about the Fed's policy statement here.
Ex-accounting gimmicks, the US economy contracted in the first quarter. The BEA fudged this advance estimate a bit, showing one of the lowest positive numbers possible, but the economy is obviously teetering on recession driven by stagnant wages, policy errors leading to asset bubbles, and weak aggregate demand. It is not that people are 'saving too much.' The problem is that too many people have too little income.
They will show a revision of the truth at some point when no one cares as much about it. The credibility trap forbids Beltway Washington from being honest critics of their policy and political failures to reform.
I found it amusing that a few minutes after the Fed statement financial TV announced that 'gold was dropping,' and continued with that theme throughout the afternoon, without mention of the dropping dollar or stocks. Gold declined from 1210 to 1206 to the dollar.
Reports from The Bucket Shop show that 'deliveries,' which are the exchange of claim checks, and warehouse movements were relatively quiet.
The bankers and financiers will have another shot at managing our perceptions of their own incompetence tomorrow.
I am keeping an eye on the upcoming elections in the UK. As you know Europe and the UK are 'bellwethers' of a sort in my thinking.
The situation in Greece might be more influential than some would allow.
The political and economic situation in the States is 'simmering.'
Uncle Oligarch, wrapped in the flag, is pushing the TPP with an almost desperate zeal. It is surprising how many politicians and professionals have been 'rented' by corporate money in support of the cause.
Smells like teen spirit.
The situation in Greece might be more influential than some would allow.
The political and economic situation in the States is 'simmering.'
Uncle Oligarch, wrapped in the flag, is pushing the TPP with an almost desperate zeal. It is surprising how many politicians and professionals have been 'rented' by corporate money in support of the cause.
Smells like teen spirit.
Things are unfolding as badly as even a most cynical man might expect, alas.
And so a group of fools, driven by greed, will push their perceived advantages, blind to the consequences, even to the point of plunging into the abyss.
They see strength and power in numbers, for they are many.
And so a group of fools, driven by greed, will push their perceived advantages, blind to the consequences, even to the point of plunging into the abyss.
They see strength and power in numbers, for they are many.
Have a pleasant evening.
