Bernard M. Baruch
“When the system is rigged, when ordinary citizens are powerless, and when whistle-blowers are pariahs at best, three things happen. First, the worst people rise to the top. They behave appallingly, and they wreak havoc. Second, people who could make productive contributions to society are incented to become destructive, because corruption is far more lucrative than honest work.
And third, everyone else pays, both economically and emotionally; people become cynical, selfish, and fatalistic. Often they go along with the system, but they hate themselves for it. They play the game to survive and feed their families, but both they and society suffer.”
Charles H. Ferguson, Inside Job
Misdeeds, once exposed, have no refuge but in audacity. And they had accomplices in all those who feared the same fate.”
Tacitus, Annals
It appears that there is a dwindling and overleveraged supply of gold and silver heading towards an unmanageable and relentless source of demand.
Or in other words, exhaustible supply meets seemingly insatiable demand.
Gold and silver rallied strongly on the much weaker than expected Jobs Report.
The recent and illegal Dr. Evil smack down in prices comes full circle, once again.
What a surprise.
The assumption by the markets is that the weakness of The RecoveryTM will keep the Fed on the sidelines except for the occasional symbolic effort and jawboning.
Stocks had another ranging day, giving 'investors' vertigo.
The SP 500 could not quite regain the green, finishing slightly lower for the day.
The bubble marquee stocks ended slightly higher.
There will be a Labor Day holiday in the US on Monday, so those markets will be closed.
Have a pleasant weekend.
