"Nothing in all the world is more dangerous than sincere ignorance and conscientious stupidity."
Martin Luther King
“Booms start with some tie-in to reality, some reason which justifies the increase in asset values, and then -- and this is the critical feature of speculative mood -- the market loses touch with reality.”
John Kenneth Galbraith
"Day by day the money-masters of America become more aware of their danger, they draw together, they grow more class-conscious, more aggressive. The [first world] war has taught them the possibilities of propaganda ; it has accustomed them to the idea of enormous campaigns which sway the minds of millions and make them pliable to any purpose.
American political corruption was the buying up of legislatures and assemblies to keep them from doing the people's will and protecting the people's interests; it was the exploiter entrenching himself in power, it was financial autocracy undermining and destroying political democracy. By the blindness and greed of ruling classes the people have been plunged into infinite misery."
Upton Sinclair, The Brass Check
As befitting the day before a quad witch, stocks had a ranging day, but finished almost unchanged compared to the day's highs and lows.
The wash and rinse is on, and small specs are being cleansed of their funds.
The surprisingly high number for new unemployment claims put a dark cloud over dreams of a rosy dawn of a V-shaped recovery.
Although the SP 500 continues to lag, the big cap NASDAQ stocks are still near lofty all time highs. They are the heart of the classic 'new era' speculation and spin.
Gold and silver were struggling all day, and the Dollar drifted a bit higher.
This is all going to end in a tragedy of course. What else can we expect when we allow ourselves to be convinced that printing money without end will have no consequences?
It does serve to make a few filthy rich— at the expense of almost everyone else.
It breeds self-deception, financial corruption, civil unrest, and the degradation of values.
But there are no serious consequences. Right?
Have a pleasant evening.
