"One can protest against evil; it can be unmasked and, if need be, prevented by force. Evil always carries the seeds of its own destruction, as it makes people, at the least, uncomfortable.
Against folly we have no defense. Neither protests nor force can touch it; reasoning is no use; facts that contradict personal prejudices can simply be disbelieved — indeed, the fool can counter by criticizing them, and if they are undeniable, they can be just pushed aside as trivial exceptions.
So the fool, as distinct from the scoundrel, is completely self-satisfied; in fact, he can easily become dangerous, as it does not take much to make him aggressive. A fool must therefore be treated more cautiously than a scoundrel; we shall never again try to convince a fool by reason, for it is both useless and dangerous."
Dietrich Bonhoeffer
"That the rate of interest will be lower when commerce languishes and when there is little demand for money, than when the energies of commerce are in full play and there is an active demand for money, is indisputable; but it is equally beyond doubt, that every speculative mania which has run its course of folly and disaster in this country has derived its original impulse from cheap money."
The Economist, 1858
"He will perish for lack of self-restraint; and will be lost because of an abundance of foolishness."
Proverbs 5:23
The stock futures did a major pop and flop, rallying in the overnight, and cracking down lower during the day trade.
The cause was a mix of disappointment over the lack of stimulus and fiscal response, and also the cessation of shenanigans from Friday's option expiration.
The Dollar continued on a bit lower.
The VIX was higher with the perception of increased risk, aka uncertainty.
Gold and silver were both sharply higher during the day, but gave up much of their gains in the afternoon.
No matter how loud and how stubbornly foolish one may be, in the end, life is a school of probability.
Have a pleasant evening.
