21 January 2021

Stocks and Precious Metals Charts - Shall We Stop This Bleeding? - Willful Pride, Plagues, and Foolishness


“An enthusiastic philosopher, of whose name we are not informed, had constructed a very satisfactory theory on some subject or other, and was not a little proud of it.  'But the facts, my dear fellow,' said his friend, 'the facts do not agree with your theory.'  'Don't they?'  replied the philosopher, shrugging his shoulders, 'then, tant pis pour les faits;' —so much the worse for the facts.” 

Charles Mackay, Extraordinary Popular Delusions and the Madness of Crowds


“Against such foolishness we are defenseless.  Reasons fall on deaf ears; facts that contradict one’s prejudgment simply need not be believed – in such moments the foolish person even becomes critical – and when facts are irrefutable they are just pushed aside as inconsequential, as incidental.   

In all this the foolish person, in contrast to the malicious one, is utterly self satisfied and, being easily irritated, becomes dangerous by going on the attack.  Never again will we try to persuade the foolish person with reasons, for it is senseless and dangerous.” 

Dietrich Bonhoeffer, Letters and Papers from Prison


"It is a far, far better thing to have a firm anchor in nonsense than to put out on the troubled seas of thought." 

John Kenneth Galbraith 


"Foolishness has a knack of getting its way; as we should see if we were not always so much wrapped up in ourselves.  In this respect our townsfolk were like everybody else, wrapped up in themselves; they did not believe in plagues." 

Albert Camus


The story stocks moved higher. The rest of the market not so much. 

Gold and silver moved sideways as the Dollar continued lower. 

No one likes to be a centrist, a non-participant, much less a voice of reason.

You see the folly of both sides, and may incur the anger of both, if you stand for the facts, and the truth as it has been given to you.

Even if you only refuse to join in with the crowd in its madness, especially in times of general hysteria and even often shocking apostasy.

This is what Galbraith, Bonhoeffer, Camus, and Mackay are all speaking about in the quotes above, each in a different context and situation involving speculative bubbles, political extremism cynical ignorance, and minds hardened by unrealistic ideology.

Yes life is filled with gray areas.   But sometimes the voices from the extremes of both sides are filled with madness, sometimes compelling and seemingly overwhelming, popular, irresistible.

You don't have to do this because I say so, and I will not be shocked if you reject such thinking.   I am not doing what I do for you either,  per se.

Standing for what is true, even when it is not easy or convenient, profitable, is the recurrent theme of those who would take up their cross and follow Him,  who stood fast but silent in answer to the cynical observation, 'What is truth?' 

And we know who the father of lies is, and what it ultimately costs to follow the easy path of selfishness and madness.  As Dostoevsky notes, when we lie to ourselves, we lose respect for the turth, and the ability to love.

"And because of the increase in wickedness, the love of most will grow cold.   But those who stand, firmly to the end, will be saved." 

Matthew 24:12 

Do what is right and good for your own sake, if not for fear of the consequences at the least, but for the sake of His love.

Have a pleasant evening.