"In my view it [QE] failed, 100 per cent. It caused the stock market to go up because people took all that liquidity and invested it in the stock market, but it did not cause the economy to grow even 10 basis points faster. I like to nickname quantitative easing monetary policy for rich people.
Steve Eisman
“The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little.”
Franklin D. Roosevelt
“Four sorrows are certain to be visited on the United States.
First, there will be a state of perpetual war.
Second is a loss of democracy and Constitutional rights as the presidency eclipses Congress and is itself transformed from a co-equal ‘executive branch’ of government into a military junta.
Third is the replacement of truth by propaganda, disinformation, and the glorification of war, power, and the military legions.
Lastly, there is bankruptcy, as the United States pours its economic resources into ever more grandiose military projects and shortchanges the education, health, and safety of its citizens.”
Chalmers Johnson, The Sorrows of Empire, 2005
Stocks opened lower this morning, and were weak most of the day.
Most of the stock losses evaporated in the afternoon, with the Nasdaq 100 turning green, and the SP loses only a little ground.
The metals were largely unchanged despite an early attempt to rally as the Dollar moved sharply lower.
There will be an option expiration for the precious metals on the Comex tomorrow. The contract month is more significant for gold than silver.
And because of the increase in wickedness, the love of most will grow cold.
Have a pleasant evening.
