"It is no exaggeration to say that since the 1980s, much of the global financial sector has become criminalised, creating an industry culture that tolerates or even encourages systematic fraud. The behaviour that caused the mortgage bubble and financial crisis of 2008 was a natural outcome and continuation of this pattern, rather than some kind of economic accident.
This behaviour is criminal. We are talking about deliberate concealment of financial transactions that aided terrorism, nuclear weapons proliferation and large-scale tax evasion; assisting in major financial frauds and in concealment of criminal assets; and committing frauds that substantially worsened the worst financial bubbles and crises since the Depression.
And yet none of this conduct has been punished in any significant way."
Charles H. Ferguson, Heist of the century: Wall Street's role in the financial crisis
"Gold is a trust anchor. With shares, bonds and other securities: there is a risk to everything. If things go wrong, prices may fall. But, crisis or not, a gold bar always holds value. Central banks such as DNB have traditionally had a lot of gold in their house. Gold is the ultimate 'nest egg': the trust anchor for the financial system. If the entire system collapses, the gold stock provides a collateral to start over. Gold gives confidence in the power of the central bank's balance sheet. That gives a safe feeling."
Dutch Central Bank Statement
"Being in a position to know and nevertheless shunning knowledge creates direct responsibility for the consequences.”
Albert Speer
"Evil, I think, is the absence of empathy."
Captain G. M. Gilbert, Army Psychologist, Nuremberg Trials
"Those who corrupt the public mind are just as evil as those who steal from the public purse."
Adlai Stevenson
The oligarchs and demagogues of Rome famously provided their public with 'bread and circuses.'
We are being given platitudes and fantasy, often designed to keep the readers in a continual state of distraction, and outrage, addicted to the consumption of junk food and cheap thrills for the mind.
Stocks vacillated around unchanged today. They could not really bring themselves to admit that the 'trade deal' was just another story.
But it was an odd sort of day. The VIX dropped again, but the Dollar, gold, and silver were all higher together.
Let's see how earnings and the international news affect prices this week.
There will be a stock options expiration on Friday.
Have a pleasant evening.
