Dancing on a volcano."
Alban Berg, Letter from Berlin, September 1, 1933
"When we look back on this period in time with the perspective of history, we will see markets dominated by control frauds and mispricing of risk that will seem painfully obvious. Bubbles have a surprising resiliency, as does evil in a hardened heart. And for the same reasons."
Jesse, April 2021
"Once more, let me remind you what fascism is. Fascism begins the moment a ruling class, fearing the people may use their political democracy to gain economic democracy, begins to destroy political democracy in order to retain its power of exploitation and special privilege."
Thomas Clement Douglas
"From top to bottom of the ladder, greed is aroused without knowing where to find ultimate foothold. Nothing can calm it, since its goal is far beyond all it can attain. Reality seems valueless by comparison with the dreams of fevered imaginations; reality is therefore abandoned."
Émile Durkheim, Le suicide: étude de sociologie, 1897
The Dollar slumped hard, as the markets celebrate, perhaps prematurely, the end of the Fed's fight against inflation.
Stocks went on a tear higher.
What do you think happens when they get most of the short hedges unwound?
Yeah buddy.
Silver continues to rocket off its recent option expiration lows.
They were carrying the silver shorts out of the pits today on stretchers.
Gold moved slightly higher.
Wash, rinse, repeat.
The St. Louis Fed's Jim Bullard is resigning as of August 14th, and will be heading the business school at Purdue. Jim was the longest-serving Fed President, and a rare instance of clarity amongst a disgraced profession.
Have a pleasant evening.
