"We cannot look to the conscience of the world when our own conscience is asleep."
Carl von Ossietzky, German editor of Die Weltbühne, awarded the Nobel Peace Prize in 1935
"It would be no sin if statesmen learned enough of history to realize that no system which implies control of society by privilege seekers has ever ended in any other way than collapse."
William Dodd, historian and US Ambassador to Germany, 1933
There isn't any recovery. Or at least the false recovery that has been erected is showing great holes through its painted canvas and thin veneer of distorted statistics.
The Fed will still raise interest rates at least once or twice, for 'technical reasons' that have nothing to do with the real economy and everything to do with their own financial engineering practices and the desires of the financiers.
The credibility trap remains a powerful snare for the pampered princes and princesses. How can they admit what is wrong without endangering their own privileged positions and undermining the 'authority' that they so undeservedly enjoy?
And so by example and by continuing reinforcement, lies and deception have become the generally accepted way of doing business in the land of the exceptional. Exceptionally self-deluded that is.
The Banks must be restrained, and the financial system reformed, with balance restored to the economy, before there can be any sustainable recovery.
Have a pleasant evening.
