"This elite-generated social control maintains the status quo because the status quo benefits and validates those who created and sit atop it. People rise to prominence when they parrot the orthodoxy rather than critically analyze it. Intellectual regurgitation is prized over independent thought. Voices of the dispossessed, different, and un(formally)educated are neglected regardless of their morality, import, and validity.
Real change in politics or society cannot occur under the orthodoxy because if it did, it would threaten the legitimacy of the professional class and all of the systems that helped them achieve their status...
Even Alan Greenspan admits that neoclassical economics has flaws in theory and practice, yet it continues to be the dominant model at universities and in society. The faulty belief in the uber-rational, self-interested homo economicus probably persists mainly because it is a projection of the people who inhabit the privileged class.
Corporate externalization of costs are absorbed by society and forgotten when heralding the successes of industrialists and capitalists. Resource extraction and environmental degradation, which are part and parcel of production, consumption, and consequently, economic growth, are downplayed or ignored."
Kristine Mattis, The Cult of the Professional Class
"I don’t think there’s any doubt that quantitative easing enabled the rich and the quick. It was a massive gift… I hope that we do indeed succeed in being able to say in the end the wealth effect was more evenly distributed. I doubt it.”
Richard Fisher, former Dallas Fed President, Apr 7, 2014
"A glance at the situation today only too clearly indicates that equality of opportunity as we have known it no longer exists. We are steering a steady course toward economic oligarchy, if we are not there already."
Franklin D. Roosevelt, Commonwealth Club Address, September 1932
The Consumer price information came in a little light this morning.
Stocks soared and went out near the highs.
The Dollar tanked.
VIX dropped back down again.
Gold and silver rallied sharply and held on to most of it.
No trend breakouts in the metals yet.
Blue skies.
Have a pleasant evening.
