"Greed is a bottomless pit which exhausts the person in an endless effort to satisfy the need without ever reaching satisfaction."
Mammon, Child of Pride
Erich Fromm
"Over the last thirty years, the United States has been taken over by an amoral financial oligarchy, and the American dream of opportunity, education, and upward mobility is now largely confined to the top few percent of the population. Federal policy is increasingly dictated by the wealthy, by the financial sector, and by powerful (though sometimes badly mismanaged) industries such as telecommunications, health care, automobiles, and energy. These policies are implemented and praised by these groups’ willing servants, namely the increasingly bought-and-paid-for leadership of America’s political parties, academia, and lobbying industry.
If allowed to continue, this process will turn the United States into a declining, unfair society with an impoverished, angry, uneducated population under the control of a small, ultrawealthy elite. Such a society would be not only immoral but also eventually unstable, dangerously ripe for religious and political extremism.
The real challenge is figuring out how the United States can regain control of its future from its new oligarchy and restore its position as a prosperous, fair, well-educated nation."
Charles Ferguson, Predator nation
"Fascism begins the moment a ruling class, fearing the people may use their political democracy to gain economic democracy, begins to destroy political democracy in order to retain its power of exploitation and special privilege."
Thomas Clement Douglas
US equity markets pushed higher into the close to new highs, led by a fairly narrow advance of the usual big cap suspects in quiet trading.
Gold has broken out of its downtrend and silver is following suit.
We are in financial asset bubble territory. This one is eventually going to end as badly as 2008 and 2002.
But there is no stopping a group a people determined to become rich quickly, when they are maddened by greed with thoughts of future consequences or collateral damage to others. Even words of caution inflame their sense of entitlement to spoils and towering pride.
And they have plenty of examples to emulate amongst our prominent people and leaders.
Let's see how we go into the New Year.
Have a pleasant evening.
