SP 500 and NDX Futures Daily Charts - NASDAQ Hits a New 15 Year High - Death By Overdose

"Easy is the descent down to hell;

Its gates stand open, day and night.

But to retrace one's steps, to return

To see again the pure clean air, and cheerfulness and life:

That is the real task, that is our true labour."

Vergil, Aeneid

I cannot believe it, they are going to do it all over again.

All the fraudulent securities, the wanton bubbles in paper, the watered stocks, the wildly overvalued IPOs, the lies and double dealing, the financial deception, the mispriced risks, the abuse of language, the widespread corruption of public policy, and then the inevitable, sickening crunch.

 

Never have so many sacrificed so much, for such an underserving, careless few.

 

If heaven is seeing and in turn being seen, transformed and made new, by the beatific face of Pure Love in resplendent glory, then hell must be seeing, at the last and forever, one's own dark and miserable soul, as it really is, alone.

Finally, I can believe it, what I could never really accept before, believe in the reality of a place and people with a will that is beyond redemption.

 

Have a pleasant evening.

 

What Then Is Your Point, Mr. Potter?

"The more people rationalize cheating, the more it becomes a culture of dishonesty. And that can become a vicious, downward cycle. Because suddenly, if everyone else is cheating, you feel a need to cheat, too."

Stephen Covey, The Speed of Trust

"The greatest crimes of human history are made possible by the most colorless human beings. They are the careerists. The bureaucrats. The cynics. They do the little chores that make vast, complicated systems of exploitation and death a reality... And they do not ask questions."

Chris Hedges, The Careerists

 

If, as Jamie Galbraith has put it, economics is 'a disgraced profession,' what does it matter, when almost all the professions from medicine to law to finance have also given themselves over to the darkness of this world in high places?

 

Can they be so aloof that they do not see it, see what they are becoming?  See what they serve?

Are they such bystanders that they can no longer even see themselves and where they stand?

Can such a lack of self-awareness be attributed to the blindness of egoism? Or some more profound denial of conscience that rips the very fabric of their reality and its consequences?

Have we finally approached the tipping point of corrosive indifference in our leadership and the careless few, again?

Have the wages of supreme narcissism and exceptionalism finally come to be paid with a third financial crisis, and then another?  And finally the unleashing of madness?

 

It profits a man nothing to give his soul for the whole world... but for a stipend?

 

And when the hard winds of nemesis start howling across the land, where do they think it will end, and who and what do they think will remain standing?

 

Gold Daily and Silver Weekly Charts - The Reign of the Careless Few

Tomorrow will be an option expiration for the precious metals on the Comex. A calendar is included below. The March contract is not active and the expiration itself is not likely to be significant.

Probably more important will be Janet Yellen's testimony to the Congress, which will last two days.

 

It is difficult to forecast exactly what the Fed chair will say.  Of late, she is focusing on 'productivity,' that most malleable of metrics, as a possible sign of a recovery. 

 

And of course, we see the cash Nasdaq pushing at the 5,000 level, bringing back sweet memories of 1997-2000.

 

There is certainly a recovery--  for some.

And of course the presentation of the action plan by the Greek government to the troika which was postponed by them today.

These are very 'technical' markets, meaning the usual fundamental ties to the real economy and market supply and demand are a bit 'tenuous.'

 

We seem to arrive at this point, about every seven years or so.   It is not that hard to do, when you keep repeating the same failed policies that benefit only a few.

What could go wrong?  

Have a pleasant evening.