"For it is impossible to bring back to repentance those who were once enlightened— those who have experienced the good things of heaven and shared in the Holy Spirit, who have tasted the goodness of the word of God and the power of the age to come— and who then turn away from God.
It is impossible to bring such people who were given the grace to see and then fallen away, back again to true forgiveness— for by accepting Him with their words, and then rejecting Him with their actions and in their hearts, they themselves have nailed him back on to His cross, and held Him publicly to shame."
Hebrews 6: 4-6
"You want to distance yourself to the degree possible from conflict
entrepreneurs. These are people or pundits or platforms that
intentionally exploit conflict for their own ends. People who really
delight in every twist and turn of the conflict. And right now we tend
to amplify those voices. On social media and other places."
Amanda Ripley
"They will be unloving and unforgiving; they will slander others and
have no self-control. They will be cruel and hate what is good. They
will betray their friends, be reckless, be puffed up with pride, and
love pleasure rather than God. They will act religious, but they will
refuse the grace that could make them righteous."
2 Timothy 3:3-5
The emptier the hearts and minds, the louder the voice, the more elaborate the rules and ceremony.
The Fed released their Financial Stability Report late on Friday.
Not exactly prime time for the news media.
The Stability Report asks insiders about their concerns, which are general macro and exogenous. It never touches on this concern that Wall Street On Parade highlighted from a US Office of Financial Research 2015 report:
“The larger the bank, the greater the potential spillover if it defaults; the higher its leverage, the more prone it is to default under stress; and the greater its connectivity index, the greater is the share of the default that cascades onto the banking system. The product of these three factors provides an overall measure of the contagion risk that the bank poses for the financial system. Five of the U.S. banks had particularly high contagion index values — Citigroup, JPMorgan, Morgan Stanley, Bank of America, and Goldman Sachs.”
One might assume from the report that the massive leverage in the system was no longer a concern.
If only we had some regulator which had the power and capability to directly address and temper the systemic risk of these overleveraged, derivative monstrosities of a national banking system.
Oh yeah we do.
It's called the Fed.
And they have been serving the Banks, at the expense of the public, since 1913.
Stocks continued their bounce higher.
The US Dollar continued its recent decline, down to the 110 handle, which is still at high levels historically.
Gold and silver mostly marched in place.
The US will have its midterm elections tomorrow.
They may move markets, when the results are finally tallied.
Have a pleasant evening.
