"Gentlemen! I too have been a close observer of the doings of the Bank of the United States. I have had men watching you for a long time, and am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country.
When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin!
Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I have determined to rout you out, and by the Eternal, (bringing his fist down on the table) I will rout you out."
Andrew Jackson, The original minutes of the Philadelphia bankers meeting from Andrew Jackson and the Bank of the United States (1928) by Stan V. Henkels
“Believe in truth. To abandon facts is to abandon freedom. If nothing is true, then no one can criticize power, because there is no basis upon which to do so. If nothing is true, then all is spectacle. The biggest wallet pays for the most blinding lights. Fascists rejected reason in the name of will, denying objective truth in favor of a glorious myth articulated by leaders who claimed to give voice to the people."
Timothy Snyder, On Tyranny
Gold and silver had bounces that faded by the end of the day, after yesterday's brutal mugging.
The Dollar and the VIX were both lower.
It was a risk on day in the markets.
Financial TV had the pom poms out in force, cheering on the SP 500 a recovery of its previous blowout bubble high.
Alas, this was not to be. Although the index is within fairly easy reach, helped by slight volumes and high speculative fever.
Techs were off a bit, although APPL is burning bright in the overvalued firmament.
And despite the numbers this morning for core inflation growth, which was the greatest increase since 1991, the spokesmodel Bloomberg noted that gold has failed to rise, so there must not be any inflation, or it just does not work as a safe haven.
I guess we can forget the all time high its price hit in Dollars within the past week.
What a fix we are in.
Have a pleasant evening.
