"It would be rash indeed to discount the terrifying roster of distinguished men whom totalitarianism can count among its sympathizers, fellow-travelers, and inscribed party members."
Hannah Arendt, Origins of Totalitarianism
"This elite-generated social control maintains the status quo because the status quo benefits and validates those who created and sit atop it. People rise to prominence when they parrot the orthodoxy rather than critically analyze it. Intellectual regurgitation is prized over independent thought.
Real change in politics or society cannot occur under the orthodoxy because if it did, it would threaten the legitimacy of the professional class and all of the systems that helped them achieve their status."
Kristine Mattis, The Cult of the Professional Class
“It is difficult to get a man to understand something, when his salary depends on his not understanding it.”
Upton Sinclair
"The most important problem in the world today is your soul, for that is what the struggle is all about."
Fulton J. Sheen
As I noted last night, 'There appears to be some divergence in the relative perceptions of market risk.'
The tide was already receding a bit noticeably as the pros and insiders continued to take measure to lock down their gains.
And so today there was a small break in the market, led downwards by the 'story stocks' and megacaps.
The VIX got some legs higher.
But the Dollar, gold and silver all sold off a bit.
This might have been due to some liquidation of assets to meet other demands, like margin calls and gaps in the old account.
Or just as likely it was shenanigans on the eve of the Jobs Report out tomorrow.
The inventory of physical gold in the Comex Hong Kong warehouses remains remarkably thin.
There will be no sustainable recovery, until meaningful reform occurs.
Have a pleasant evening.
