“Persuading the people to vote against their own best interests has been the awesome genius of the American political elite from the beginning.”
Gore Vidal, Homage to Daniel Shays
"The more power a government has the more it can act arbitrarily according to the whims and desires of the elite, and the more it will make war on others and murder its foreign and domestic subjects."
R. J. Rummel, Death by Government: A History of Mass Murder and Genocide Since 1900
"Character is, in the long run, the decisive factor in the life of individuals and of nations alike."
Theodore Roosevelt
"Ayn Rand's 'philosophy' is nearly perfect in its immorality, which makes the size of her audience all the more ominous and symptomatic as we enter a curious new phase in our society. Moral values are in flux. The muddy depths are being stirred by new monsters and witches from the deep. Trolls walk the American night. Caesars are stirring in the Forum."
Gore Vidal, Comment, Esquire, July 1961
"At first the love of money, and then of power, began to prevail, and became, as it were, the source of every evil. For greed subverted honesty, integrity, and other honorable principles, and, instead encouraged pride, inhumanity, contempt for religion, and general corruption. Ambition prompted many to become deceitful; to keep one thing concealed in the heart, and another on the tongue; to consider friendships and disagreements, not by their true worth, but according to their monetary value; and to bear a false face than an honest heart."
Sallust, The Conspiracy of Catiline
The Advance GDP number came in stronger than expected this morning.
There is an interesting mismatch between the GDP growth rate and the GDP Price index.
I suspect that this will find some resolution in future revisions, perhaps price higher and growth lower.
But the seeds planted yesterday regarding a protracted period of higher interest rates released the volatility of the markets and provided a nice setup for the corrosive forces of unrestrained financialization.
Wash, rinse, repeat.
The Dollar rose sharply.
Gold and silver were hammered.
The major stock indices initially rallied much higher, but then reversed sharply, falling all afternoon and into the close.
Wash, rinse, repeat.
Willful pride brings a whirlwind of consequences.
Have a pleasant evening.
