06 June 2023

Stocks and Precious Metals Charts - It Can't Happen Here


"It seems that under the overwhelming impact of rising power, humans are deprived of their inner independence and, more or less consciously, give up establishing an autonomous position toward the emerging circumstances.

The fact that the foolish person is often stubborn must not blind us to the fact that he is not independent. In conversation with him, one virtually feels that one is dealing not at all with him as a person, but with slogans, catchwords, and the like that have taken possession of him.

He is under a spell, blinded, misused, and abused in his very being. Having thus become a mindless tool, the foolish person will also be capable of any evil and at the same time incapable of seeing that it is evil. This is where the danger of diabolical misuse lurks, for it is this that can once and for all destroy human beings.”

Dietrich Bonhoeffer, Letters and Papers From Prison

"People do not wake up one morning and decide to become monsters that will be reviled by all civilized people throughout history.  They go down that path one small step at a time, one seemingly harmless and practical decision after another.  They are just being reasonable, practical, realistic— merely following the advice of thought leaders and repeating the stories and slogans that 'everyone knows.'  

For most people it quickly becomes depersonalized, a kind of game.  What clever slogans and high sounding arguments can one memorize, what authorities and books will one reference and quote, and finally, what resolve can a person muster to stubbornly go back and defend the position which they have taken, which most likely has little or nothing to do with logical arguments or reason?

Having freed ourselves from the constraints of truth and morality, we live in a truly cynical age.  My purpose is this— to show us what we are becoming, to expose that which we serve, without any self-righteous illusions."

Jesse, It Can't Happen Here: Pride, Power, Exceptionalism, 8 May 2017

"And then he prompts you what to say, and listens to you, and praises you, and encourages you.  He bids you mount aloft.  He shows you how to become as gods.  Then he laughs and jokes with you, and gets intimate with you; he takes your hand, and gets his fingers between yours, and grasps them, and then you are his." 

John Henry Newman, In Time of Antichrist


Stocks chopped around today finishing largely unchanged.

Gold and silver did a similar slide and chop back to evens.

VIX fell sharply which was a bit of a surprise.

The Russell 2000 was the star of the day led by regional banks. 

Hair of the dog for the eternal Wall Street optimists?

Fitch downgraded the US REIT sector to 'deteriorating.'

The markets will be looking for the inflation data as it comes.

The Fed is on 'pause' but since Australia unpaused today and hiked rates it may be a week stimulant.

Have a pleasant evening.