Jeffrey Sachs
"It is no exaggeration to say that since the 1980s, much of the global financial sector has become criminalized, creating an industry culture that tolerates or even encourages systematic fraud."
Charles H. Ferguson
"At first, the love of money, and then that of power began to prevail, and these became, as it were, the sources of every evil. For avarice subverted honesty, integrity and other honorable principles and, in their stead, inculcated pride, inhumanity, contempt of religion and general venality. Ambition prompted many to become deceitful; to keep one thing concealed in the breast and another ready on the tongue; to estimate friendships and enmities, not by their worth, but according to interest; and to carry rather a specious countenance than an honest heart. These vices first advanced but slowly, and were sometimes restrained by correction; but afterward, when their infection had spread like a pestilence, the state was entirely changed, and the government, from being the most equitable and praiseworthy, became the most rapacious and insupportable."
Sallust, Conspiracy of Cataline
“The worst crimes were dared by a few, willed by more, and tolerated by all.”
Tacitus
As you have probably heard the Jobs Number came in strikingly below estimates this morning.
It was a shock because many very important people said that once unemployment compensation was cut, then people would go take any job that was available.
And so stocks did a pop n' flop.
The 'pop' was because the low number made traders think that the Fed would tend to remain dovish longer, since there is a lack of genuine economic recovery in the number.
But alas, the selling came in and stocks ended up in the red on the day.
This is one very dangerous and volatile market.
"O Jerusalem, Jerusalem, you who murder your prophets, and persecute those whom God has sent as messengers to you. As you have willed, your house is now yours— but is made desolate."
We have learned nothing, and are emboldened by our willful ignorance.
We make beasts of ourselves, to avoid the pain of our lack of humanity.
We make a private cult out of our own childlike selfishness, sinning shamelessly against the word and the spirit.
We lay down with swine, and call it greatness.
Gold and silver also rallied strongly for the same reason.
And then were steadily sold through the day to finish unchanged or even a little lower.
There are some powerful interests in London and New York defending their bearish positions in gold and silver.
The dollar drifted a little lower as one might expect from a dovish economic indicator.
Need little, want less, love more.
For those who abide in love abide in God, and God in them.
Have a pleasant weekend.
