“Keeping international reserves in dollars means recycling dollar inflows to buy U.S. Treasury bills — U.S. government debt issued largely to finance the military spending that has been a driving force in the U.S. balance-of-payments deficit "
Michael Hudson, The Bubble and Beyond
"If at the start this cancerous growth in the nation was not particularly noticeable, it was only because there were still enough forces at work that operated for the good, so that it was kept under control. As it grew larger, however, and finally in an ultimate spurt of growth attained ruling power, the tumor broke open, as it were, and infected the whole body."
The White Rose, Second Leaflet, Munich 1942
"Though justice often moves slowly, it seldom fails to overtake the unjust."
Horace, Odes
“O Lord, our great and awesome God, who keeps his promises with mercy to those who love him and keep his commandments, we have sinned and done wrong and acted wickedly and rebelled, turning aside from your commandments and judgements. We have not listened to your servants the prophets, who spoke in your name to our kings, our princes, and our fathers, and to all the people of the land."
Daniel 9:4-6
“The enormous gap between what US leaders do in the world and what Americans think their leaders are doing is one of the great propaganda accomplishments of the dominant political mythology."
Michael Parenti
It started as a 'risk on' day with stocks surging higher and the havens lower.
But by the end of the day stocks were back to about unchanged.
Gold and silver recovered much off their intraday lows, and were just a bit lower.
The Dollar slid lower again.
I suspect markets are trying to anticipate the next two days of testimony by Fed Chair Jay Powerll to the US Congress.
So 'positioning' with a little wash and rinse thrown in. How could they resist.
Big Jobs Report on Friday.
FOMC meeting coming in March.
Have a pleasant evening.
