"Day by day the money-masters of America become more aware of their danger, they draw together, they grow more class-conscious, more aggressive. The [first world] war has taught them the possibilities of propaganda ; it has accustomed them to the idea of enormous campaigns which sway the minds of millions and make them pliable to any purpose.
American political corruption was the buying up of legislatures and assemblies to keep them from doing the people's will and protecting the people's interests; it was the exploiter entrenching himself in power, it was financial autocracy undermining and destroying political democracy. By the blindness and greed of ruling classes the people have been plunged into infinite misery."
Upton Sinclair, The Brass Check
"Following the second, third and fourth largest bank failures in U.S. history in the spring of last year, Federal Reserve Chair Jerome Powell gave his semiannual monetary policy report to the House Financial Services Committee and the Senate Banking Committee in June. During both appearances, Powell stated the same thing: 'The U.S. banking system is sound and resilient.'
But according to a report last week from the federal agency whose mandate is to keep federal regulators apprised of the true condition of the U.S. banking system, it is actually ripe for another crisis and its condition is 'fragile and uncertain.'”
WSOP, Federal Agency Finds US Banking System 'Ripe for Another Crisis, January 2, 2024
“It is difficult to get a man to understand something, when his salary depends on his not understanding it.”
Upton Sinclair, I, Candidate for Governor: And How I Got Licked
The talking heads were assuring us today that stocks were retreating because they had become extremely over bought last week/year/
Funny how they only tell us these things after the fact.
The Dollar strengthened.
Gold and silver were lower.
The VIX remains fairly complacent.
And so the new year begins.
Have a pleasant evening.
