"We want to go on the record, here and now, that the past scandals of the New York Stock Exchange are going to look like minor hiccups when the history of the current New York Stock Exchange era is written. The listing standards for companies that the New York Stock Exchange allows to trade under its imprimatur is the worst in its history."
Pam Martens, Wall Street On Parade, 30 December 2021
"What normalization does is transform the morally extraordinary into the ordinary. It makes us able to tolerate what was once intolerable by making it seem as if this is the way things have always been.
The dangers of fascist politics come from the particular way in which it dehumanizes segments of the population. It limits the capacity for empathy among other citizens, leading to the justification of inhumane treatment, from repression of freedom, mass imprisonment, and expulsion to, in extreme cases, mass extermination."
Jason Stanley, How Fascism Works, 2018
"In this respect our townsfolk were like everybody else, wrapped up in themselves; in other words they were exceptional humans: they did not believe in plagues.'It's impossible that there could be a plague, because everyone knows that they have vanished from the West. We should not act as though half the town were threatened with death, because then it would be.' Yes, everyone knew that, except for the dead.
Our townsfolk were not more to blame than others; they forgot to be human, that was all, and thought that everything still was possible for them; which presupposed that plagues were impossible. They went on doing business, arranged for journeys, and formed views. How could they have given a thought to anything like a plague, which rules out any future, cancels journeys, silences the exchange of views. They fancied themselves free, and no one will ever be free so long as there are plagues."
Albert Camus, The Plague, 1947
“Nation will rise against nation, and kingdom against kingdom. There will be powerful earthquakes, famines, and plagues from place to place; and awesome sights and mighty signs will come from the sky."
Luke 21:10-11
Stocks sold off early, on signs that the 'peace' in the Mideast is an illusion.
Gold was sold but bounced back a bit. Silver shook off the sellers and gained for the day.
VIX fell of course.
The Dollar continues to hang around the 98 handle.
Japan is selling dollars to support the yen. But their portion of the DXY index is not large enough to move it.
Bitcoin fell back to support on the higher end of the 80k handle.
I continue to believe, very strongly, that if the 'peace' with Iran falls apart, the markets are going to crater, and take a number of things with them.
But cooler heads *might* prevail.
Donald regrets getting himself into this, against the advice of his own intelligence agencies and military.
But Netanyahu wants to dominate the area, and Iran stands in his way.
Why Trump allows himself to be used in this way is a puzzle. Every president since Reagan has been approached with the same proposition, and turned it down.
Perhaps some day the truth will be revealed.
In the meantime, the mispricing of risk continues.
Let's hope for the best, but prepare for the worst.
Have a pleasant evening.
