22 January 2019

Stocks and Precious Metals Charts - Théâtre de l'Absurde - Tales from Two Dimensional Davos Men

Estragon:  We always find something, eh Didi, to give us the impression we exist?

Vladimir:  Yes, yes, we're magicians...

Estragon: Who believes him?

Vladimir: Everybody. It's the only version they know."

Samuel Beckett, Waiting for Godot

The world needs a new generation of policymakers who don’t hobnob with billionaire speculators and who understand workers’ concerns. Unfortunately, the change will not come smoothly."

Andy Xie

"At the root of America's economic crisis lies a moral crisis: the decline of civic virtue among America's political and economic elite. A society of markets, laws, and elections is not enough if the rich and powerful fail to behave with respect, honesty, and compassion toward the rest of society and toward the world."

Jeffrey Sachs

"Wealth, in even the most improbable cases, manages to convey the aspect of intelligence. Wealth is the relentless enemy of understanding. In a community where the primary concern is making money, one of the necessary rules is to live and let live. To speak out against madness may be to ruin those who have succumbed to it. So the wise in Wall Street are nearly always silent. The foolish thus have the field to themselves. None rebukes them.

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."

John Kenneth Galbraith

Stocks were in selloff mode from the overnight, as the rumors about trade deals that lifted the markets late last week had grown stale.

The economic news was not helping, either domestically or from overseas.

Some late afternoon rumor calibration from Larry Kudlow had stocks coming off their lows of the day, but still closing with some less than inconsequentials losses.

Gold and silver finished higher as the Dollar managed to close nearly unchanged after a dipsy doodle day.

The news of the day from Davos was almost unbelievably scripted and vacuous behind the headlines, while at the same time mildly nauseating.   Much like so many modern reality TV shows.

Speaking of which, McConnell has agreed to bring some of the Democratic 'kick the can' proposals over opening the government for a few weeks to a floor vote in the Senate.  They will also vote on Trumpolini's compromise proposal.

Need little, want less, love more.  For those who abide in love abide in God, and God in them.

Have a pleasant evening.