“The essence of a speculative bubble is a sort of feedback, from price increases, to increased investor enthusiasm, to increased demand, and hence further price increases. Major speculative bubbles, as I argued in Irrational Exuberance, are always supported by some superficially plausible popular theory that justifies them, and that is widely viewed as having sanction from some authority figures. These may be called new-era theories.”
Robert Shiller
"When power is not attentive to justice it cannot endure. The market ideology is now the new form of imperial power and many of us, without any critical reflection, have signed onto that and organized our lives in that way."
Walter Brueggemann, Truth Speaks to Power, 2013
"Greed is not good. Greed is a disease, an aberration of simple honest ambition and necessary provision taken to excess. This simple distinction may be lost on a people no longer able to distinguish between virtue and sin, honor and expediency, appetite and gluttony, the means and the ends.
Every great religion, every school of philosophy has cautioned throughout history on the perils of unbridled and unregulated greed. And yet this generation would make a god of it, although they may not understand, or care, what it is that they are doing, and whom it is they serve.
Greed, often in company with hubris and fear, is a handmaiden of the corrupting influence of power and triumph of the will. Greed is contagious, and attacks the very contentment of society at its heart, turning it towards oligarchy and oppression.
What the US has today is not market capitalism that predominantly rewards the merits and work of individuals, but a system of fraud and plunder by privileged oligarchs masquerading as fair and honest markets of legitimate valuation and price discovery."
Jesse, Greed Is Not Good, 19 December 2010
"The most important problem in the world today is your soul, for that is what the struggle is about."
Fulton J. Sheen
Equity trading tomorrow will be light ahead of the Christmas holiday weekend.
The bond market will close early at 2 PM.
Stocks bounced back after yesterday's 'technical' selloff.
The Dollar declined.
VIX marked time but remained rather complacent.
Gold and silver rallied.
The Gold futures continuous contract is very obviously pinned against the stiff resistance at $2060, extending up to $2080.
I would expect the banksters to continue to put up resistance as they have done so in the past.
IF gold can break 2080 it could go on a run higher to some reasonable chart pattern projection, and markedly higher.
This is what the Western financial system and their highly leveraged paper gold pyramid scheme fears.
As a word of caution, it has been some time ksince the grip that the Western banking powers have not failed to meddle in the precious metals market.
The Incarnation is the reason for the season.
Have a pleasant evening.
