"We have now sunk to a depth at which the restatement of the obvious is the first duty of intelligent men."
George Orwell
"The system of corruption depends on another factor beyond secrecy, one that is perhaps even more important: impunity. Impunity means that the rich and powerful escape from punishment even when their malfeasance is in full view. Impunity is epidemic in America. The rich and powerful get away with their heists in broad daylight.
Impunity is not an accidental or incidental defect of American society. It is a system foisted on us by the rich and powerful, and it continues to work its magic.
Our major institutions, the ones that should know better, are often gross enablers of impunity.
The channels of corruption and secrecy havens are largely owned and operated by the big boys — the United States and the UK — and depend absolutely on the gross impunity that prevails at the highest reaches of power and finance in the United States."
Jeffrey Sachs, The Age of Impunity, 12 May 2016
"'Come, I will show you the judgment on the great harlot who reigns over many waters. The kings of the earth have sinned with her, and the worldly became drunk on the wine of her infamies.' Then he carried me to a deserted place where I saw a woman seated on a scarlet beast that was covered with blasphemous names, with seven heads and ten horns. The woman was wearing purple and scarlet and adorned with gold, precious stones, and pearls.
She held in her hand a gold cup that was filled with the abominable and sordid deeds of her harlotry. On her forehead was written a name, which is a mystery, 'Babylon the great, the mother of harlots and of the abominations of the earth.' I saw that the woman was drunk on the blood of the innocent and on the blood of witnesses to righteousness."
Revelation 17:1-6
Today was a reflective day for the markets, as they continued to give up a little risk exposure in equities.
The Dollar and VIX were higher.
Gold was up a bit with silver a little lower.
The market continue to be wobbly.
Biden will be giving his State of the Union message tomorrow night so I think any serious market dislocations are not in the cards, barring some exogenous event.
Have a pleasant evening.
