"Fascism begins the moment a ruling class, fearing the people may use their political democracy to gain economic democracy, begins to destroy political democracy in order to retain its power of exploitation and special privilege."
Thomas Clement Douglas
"When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I have determined to rout you out, and by the Eternal, (bringing his fist down on the table) I will rout you out."
Andrew Jackson
“Human nature being what it is, small loopholes are likely to be exploited until they become big ones, and big ones until they turn into financial disasters.”
Seth Klarman
“The point of modern propaganda isn't only to misinform or push an agenda. It is to exhaust your critical thinking, to annihilate truth.”
Garry Kasparov
"And we headed out of the hotel, went to the airport, got on the plane and, about halfway through the flight, I found myself alone in the President’s cabin with him. I said, 'Mr. President, there’s something going on.' He said, 'You bet. There is something else going on.' And he said, 'When you find out, grab your balls and run.'
Pierre Salinger, On the Cuban Missile Crisis
There is a serious imbalance in the American financial and political system, which is going to be affecting the rest of the global economic structure.
When that cancer exhibits, it will be past time to hit the exits as best as one may manage.
There was an August gold contract option expiration on the Comex today. Silver was not directly affected.
Gold moved lower with the Dollar rallying higher.
Silver gained back some of its recent losses, which was a little surprising considering the strength of the Dollar and the weakness of equities.
And yet, there it is.
Perhaps this highlights the artificial, 'technical' nature of the some of the recent declines driven by the over-sized, predatory positioned bullion operators on Wall Street.
FOMC rate decision tomorrow. The market is expecting a 75 bps increase in the benchmark.
Stocks seem to be approaching a short term oversold condition.
At this point events will weigh heavily on the markets, which themselves are possessed by a greater than usual volatility, both up and down.
Have a pleasant evening.
