24 September 2015

SP 500 and NDX Futures Daily Charts - Ave! Morituri te salutant

"People of privilege will always risk their complete destruction rather than surrender any material part of their advantage. Intellectual myopia, often called stupidity, is no doubt a reason.

But the privileged also feel that their privileges, however egregious they may seem to others, are a solemn, basic, God-given right. The sensitivity of the poor to injustice is a trivial thing compared with that of the rich."

John Kenneth Galbraith

Stocks came in much lower this morning, roiled by the markets in Asia and Europe overnight.

And Wall Street is still throwing a hissy fit because Janet did not raise interest rates, and I think more importantly because so many other central banks are now cutting rates.

Contrary to popular beliefs promoted by your favorite mainstream media outlet, there is no sustainable economic recovery.

The oligarchs are taking the greatest share of income growth and Fed monetary stimulus for themselves, and their spending patterns tend to be focused in certain high end areas of consumption, and their investment patterns are often predominantly monopolistic and predatory.

And so we have broad wages stagnant, aggregate demand sluggish, but rents outpacing wages, and housing bubbles in the haunts of the moneyed.

This is not a sustainable situation, but I do not yet see what will change our path from it to something more beneficial and just and advantageous for the nation and the people as a whole.

The very rich and the privileged think that they are winning the race with their cleverness and hearts hardened by custom, but in reality they are running away from the fullness of life.  They are empty souls who seek to plug their emptiness with warehouses of material things,  acolytes of the abyss,  the walking dead.

And what is worse, the only real sadness, it that they are willfully blind, blinded to that love which is moving, even now, among us. And that is their best and perhaps only hope.


Have a pleasant evening.