20 March 2023

Stocks and Precious Metals Charts - The Seething Brew of History in the Making


"When what remained of the German Republic was about to collapse, Fritz Lang made Das Testament Des Dr. Mabuse, a sort of last-ditch stand against impending disaster.  But the curtain fell before this Nero production could be released, and no sooner did the Nazis take over than Dr. Goebbels banned it. 

In his subsequent talk with Lang he expressed his delight in Metropolis, without so much as mentioning his disapproval of the new Mabuse film; whereupon Lang deemed it wise to leave Germany.  An uncut print of the film's French version, made simultaneously with the German original, was smuggled across the border and edited in France.

In 1943, when the film reached New York audiences, Lang wrote a 'Screen Foreword,' expounding his original intentions: 'This film was made as an allegory to show Hitler's processes of terrorism.   Slogans and doctrines of the Third Reich have been put into the mouths of criminals in the film. 

Thus I hoped to expose the masked Nazi theory of the necessity to deliberately destroy everything which is precious to a people.  Then, when everything collapsed and they were thrown into utter despair, they would try to find help in the 'new order.'"

Siegfried Kracauer, From Caligari to Hitler, 1947

"Is this a sign that the Germans are brutalized in their simplest human feelings, that no chord within them cries out at the sight of such deeds, that they have sunk into a fatal consciencelessness from which they may never, never awake?"

Sophie Scholl, The White Rose, Second Leaflet, Munich 1942

"The totalitarian doctrine of the state thus satisfied the various traditional partisans of German reaction: university professors, bureaucrats, army officers, and big industrialists.  It was also acceptable to the western world in general.  The situation was difficult and Hitler was prompt to use the weapon of the totalitarian doctrine. The revolution was to proceed in an orderly fashion—in so far as property, the civil service, and the army were concerned."

Franz Neumann, Behemoth: The Structure And Practice Of National Socialism 1933-1944

"When humanity, subjugated by the terror of crime, has been driven mad by fear and horror, and when chaos has become the supreme law, then the time for the empire of lawlessness will have come."

Friedrich Rudolf Klein-Rogge, Das Testament des Dr. Mabuse

The FOMC will be announcing its rate decision on Wednesday, and that may move markets.

For now expectations are for a 25 bp increase, and that is a fairly reasonable bet given the alternative downsides.

However, what the Fed and the Chairman may choose to say about the banking system, and the recent bank runs, is another potential for exogenous market impact.

Stocks had another wide ranging day, with a finish unchanged to slightly green.

VIX is a yo-yo and today it fell.

Gold and silver went out mostly unchanged.

The Dollar fell a little.

We think we are something grander than ourselves.

Soon enough we will find out where things really stand, as the tides recede.

Have a pleasant evening.