Charles Dickens
"Jim, lad, there be consequences an' then there be consequences. Devil take 'em all, says I, and pass aft the rum."
Robert Louis Stevenson, Treasure Island
"A credibility trap is when the managerial functions of a society have been sufficiently compromised by corruption so that the leadership cannot reform, or even honestly address, the problems of that system without implicating a broad swath of the powerful, including themselves. The moneyed interests and their servants tolerate the corruption because they have profited from it, and would like to continue to do so. Discipline is maintained by various forms of soft financial rewards and social and organizational privileges."
Jesse
"Nemesis, the goddess of retribution and vengeance, the punisher of pride and hubris, waits impatiently for her meeting with us."
Chalmers Johnson
Stocks were wobbly today, and despite taking back some of their losses in the quieter afternoon trading, they still managed to go out near the lows.
Gold and silver were initially strong, but lost ground as the Dollar rallied in the afternoon.
The markets are signalling many contrary things about risks and rates.
Indeed, the predictive value of the US financial markets is about as reliable as Hunter Thompson on a three day road trip.
Short and possibly quiet holiday week dead ahead.
Have a pleasant weekend.
