“The most tragic thing in the world is a man of genius who is not a man of honor."
George Bernard Shaw
"We may make ourselves popular by telling our fellow citizens that they have made Discoveries, conceived Inventions, and made Improvements; We may boast that we are the chosen people; we may even thank God that we are not like other men. But after all it will be but flattery, and the delusion, the self deceit of the Pharisee."
John Adams, Letter to John Taylor, 29 July 1814
“Melancholia is the beginning and a part of mania. The development of a mania is really a worsening of the disease. A period of lewdness and shamelessness exists with the worst type of manic delirium.”
Aretaeus of Cappadocia
"Time and again we hope for better leaders, but all too often those hopes are dashed. The reason is that power causes people to lose the kindness and modesty that got them elected, or they never possessed those sterling qualities in the first place. In a hierarchically organised society, the Machiavellis are one step ahead. They have the ultimate secret weapon to defeat their competition. They’re shameless.”
Rutger Bregman, Humankind: A Hopeful History
“The real conflict is the inner conflict. Beyond armies of occupation and the the sacrifice of many victims of extermination camps, there are two irreconcilable enemies in the depth of every soul: good and evil, sin and love. And what use are the victories on the battlefield if we ourselves are defeated in our innermost personal selves?”
Maximilian Kolbe
Stocks had a number of ways to demonstrate that they have put in a decent bottom from this recent flirtation with lower lows.
The action today was not one of them.
A gap open and sprint higher that flopped into the close reeked of artificiality.
Gold and silver did manage a bounce from the expiration lows, and went out nearer to the highs of the day.
But to extend that in the face of titanic monetary events is key.
The Dollar continued its march higher, taking on the 103 handle and then some.
Or should we more correctly say that this is not Dollar strength so much as Yen and Euro weakness?
And is this Dollar strength more like the receding of the ocean, prior to some greater seismic event?
The strong Dollar has had its impact already, shaving several whole points off GDP in a yawning trade imbalance, fostered by a stronger dollar.
A strong Dollar favors imports, discourages exports, and encourages hot money of finance to seek acquisitions abroad.
Save yourself from the madness, if you will.
And you may be grateful yet, if you do so moderate your passions, while remaining standing safely and faithfully, on higher ground.
Have a pleasant evening.
