"How removed from interactions with ordinary Americans did political elites have to be to plan the 2016 election as a return engagement between the two most famous political dynasties of late twentieth-century America: Bush versus Clinton? Yet the country’s wealthiest citizens committed hundreds of millions of dollars to secure just that outcome. Could they not foresee trouble? Apparently not...
The affluent and the secure persisted with old ways and old names in the face of the disillusionment and even the radicalization of the poorer two-thirds of American society. They invited a crisis. The only surprise was— how surprised they were when the invited crisis happened.
Donald Trump did not create the vulnerabilities he exploited. They awaited him. The irresponsibility of American elites, the arrogance of party leaders, the insularity of the wealthy: those and more were the resources Trump used on his way to power."
David Frum, Trumpocracy
Stocks went on a tear this morning, with new highs being reached. However, prices started falling back, in the face of some rather large bets being placed with a weighting to the short side.
Gold and silver managed to take another shot at overhead resistance. They gave up the gains for the most part to finish largely unchanged.
The DX dollar index hit a low of 90.15, a price level not seen since 2014.
Have a pleasant evening.
