01 May 2017

Stocks and Precious Metals Charts - Ship of Fools

Albrecht Dürer, Of the End of Power
"The idiots take over in the final days of crumbling civilizations. Idiot generals wage endless, unwinnable wars that bankrupt the nation. Idiot economists call for reducing taxes for the rich and cutting social service programs for the poor, and project economic growth on the basis of myth. Idiot industrialists poison the water, the soil and the air, slash jobs and depress wages.

Idiot bankers gamble on self-created financial bubbles and impose crippling debt peonage on the citizens. Idiot journalists and public intellectuals pretend despotism is democracy. Idiot intelligence operatives orchestrate the overthrow of foreign governments to create lawless enclaves that give rise to enraged fanatics. Idiot professors, 'experts' and 'specialists' busy themselves with unintelligible jargon and arcane theory that buttresses the policies of the rulers."

Chris Hedges, Reign of Idiots

"Sie müssen hören Wahrheit alle,
Ob ihnen es auch nicht gefalle."

Sebastian Brant, Das Narrenschiff

"Now in vessels which are in a state of mutiny and by sailors who are mutineers, how will the true pilot be regarded?   Will he not be called by them a star-gazer, someone who speaks foolishness, and a good-for-nothing?"

Plato, Republic

That person who spoke as a true navigator for reform and recovery was Bernie Sanders.   And he was ridiculed, cheated, and spurned by the established powers who do not care if the ship is sinking as long as they have first class seats.

And meaning no disrespect to Chris Hedges, but aren't we the real idiots in this dark comedy?  After all, we listen to them and let it happen, and we tend to be the ones who pay the tab for their self-enriching escapades.

The economic news this morning was not good.

The big cap tech stocks rallied the NDX to a new all time high, with the broader markets lagging badly.

The markets are factoring in a repatriation of the corporations big cash hoards from overseas tax havens at some bargain as a part of 'tax reform.'

We are led by demagogues who surround themselves with oligarchs and their stooges.  Any 'reforms' are merely the next stage in the looting of the productive economy.   The notion that either Trump or Hillary were 'populists' is laughable.   They could care less about the public when compared to their own personal ambitions.

Things are more likely to get much worse before they get better.   This will not end well.

Gold and silver took a hit in New York trading when someone dumped a large amount of paper claims on the market.

Have a pleasant evening.