William McChesney Martin, Speech to Investment Bankers Association of New York, October 1955
“The job of the Federal Reserve is 'to know when to remove the punch bowl at the party.' Under Alan Greenspan’s leadership its motto became let’s all get drunk and see what happens."
Said Elias Dawlabani, The Next Generation Economic System, 2013
"We're not even thinking about thinking about the consequences of our actions."
Jerome Powell, Chairman, Federal Reserve, June 2020
"The problems we face did not come down from the heavens. They are made, they are made by bad human decisions, and good human decisions can change them. The economic game is rigged, and this level of inequality is unsustainable. We need an economy that works for all, not just the powerful. "
Bernie Sanders
“As is often the case, we are navigating by the stars under cloudy skies.”
Jerome Powell, Fed Chair, Jackson Hole Remarks, Ausust 25, 2023
It's so difficult and complex. Shut up and know your place.
Don't look at the man behind the curtain.
It's so difficult and complex. Shut up and know your place.
After all, who could have seen it coming?
Financial asset bubbles, such as the several we have seen since 1999, result in outsized gains and fabulous wealth for the shameless few, especially if they are greased up with high bracket tax cuts by a servile political class.
The most popular corrective measure is higher prices and the austerity of cutbacks, wage stagnation, and unemployment for the 98% who obtained little or no benefit from this orgy of control frauds, regulatory failures, insider trading, and willful policy errors.
And in the aftermath they say that they're only human and repeatedly make the same mistakes, for outsized pay and power. Be afraid, and know your place. And take out your confusion and anger on the innocent and the weak and the other, those who we choose to offer up for sacrifice.
You may suffer, but they'll suffer even more, and you may draw some self-righteous comfort from a small portion of our dark power.
Words of hate and fear are a narcotic, and the power elite's favorite mass distraction. And as we saw so many times in the last century, they do this all too well.
And so there we have it, another fine wash and rinse in the city on a hill.
Stocks finished higher, while the VIX finished lower.
Gold and silver took a hit, as expected, but managed to finish up not all that badly.
There will be a precious metals option expiration at the Comex on Monday.
It's traditional to give the 'in-the-money' call option holders a gut check on the day after to encourage them to sell those new futures contracts positions.
Play the long game. Eternity is for keeps.
Have a pleasant evening.
