02 December 2012

Weekend Reading: Thomas Merton


Self-Love Stifles Our Being and Becoming


"The logic of worldly success rests on a fallacy: the strange error that our perfection depends on the thoughts and opinions and applause of other men...

The selfishness of an age that has devoted itself to the mere cult of pleasure has tainted the whole human race with an error that makes all our acts more or less lies against God...

The devil is no fool. He can get people feeling about heaven the way they ought to feel about hell. He can make them fear the means of grace the way they do not fear sin.

And he does so, not by light but by obscurity, not by realities but by shadows; not by clarity and substance, but by dreams and the creatures of psychosis. And men are so poor in intellect that a few cold chills down their spine will be enough to keep them from ever finding out the truth about anything...

Only the man who has had to face despair is really convinced that he needs mercy. Those who do not want mercy never seek it. It is better to find God on the threshold of despair than to risk our lives in a complacency that has never felt the need of forgiveness.

A life that is without problems may literally be more hopeless than one that always verges on despair...

Indeed, the truth that many people never understand, until it is too late, is that the more you try to avoid suffering, the more you suffer, because smaller and more insignificant things begin to torture you, in proportion to your fear of being hurt.

The one who does most to avoid suffering is, in the end, the one who suffers the most: and his suffering comes to him from things so little and so trivial that one can say that it is no longer objective at all. It is his own existence, his own being, that is at once the subject and the source of his pain, and his very existence and consciousness is his greatest torture...

Despair is the absolute extreme of self-love. It is reached when a person deliberately turns his back on all help from anyone else in order to taste the rotten luxury of knowing himself to be lost...

It is therefore of supreme importance that we consent to live not for ourselves but for others. When we so this we will be able first of all to face and accept our own limitations.

As long as we secretly adore ourselves, our own deficiencies will remain to torture us with an apparent defilement. But if we live for others, we will gradually discover that no expects us to be "as gods". We will see that we are human, like everyone else, that we all have weaknesses and deficiencies, and that these limitations of ours play a most important part in all our lives.

It is because of them that we need others and others need us. We are not all weak in the same spots, and so we supplement and complete one another, each one making up in himself for the lack in another...

To say that I am made in the image of God is to say that Love is the reason for my existence, for God is love. Love is my true identity. Selflessness is my true self. Love is my true character. Love is my name.”

Thomas Merton

A perfect love is not obtainable in this life. We are but sinners, attempting great things.

But love is our benchmark, our touchstone. It is how we are able to know if what we say or do or hold dear is founded in goodness and life, or in a destructive snare, a willfulness, the cult of the self, and death.

For love takes us out of ourselves and completes us. And the opposite of love is not hatred, but the selfishness of self-love, and the dark angel's first sin, pride.
“I think that the depth of Satan's pride is difficult for humans to understand, and therefore it is easy to fall into this error and partake of it, thinking, all the while, that we are instead doing something great and beautiful.”

Fyodor Dostoyevsky

01 December 2012

Ten Stocks Driving 88% of SP 500 Earnings Growth



Look at the concentration of financially related stocks in that top ten.

That speaks volumes about the nature of this Fed generated 'recovery.'

h/t The Big Picture

30 November 2012

Gold Daily and Silver Weekly Charts - Oppan Gangnam Style


"Vanity is the quicksand of reason."

George Sand

Another bit of a bear raid in the metals took gold back down to touch the 30% retracement on the handle intraday.

Otherwise it was an uneventful day, as the true money believers placed another appendage in the dike of their illusions, and hoped for the best.

The word for the day is 'fatuous.' It means frivolous, silly and pointless.

Much of the financial market action in times of general fraudulence is fatuous, with genuine significance.

There is a faith based culture among the nation's financiers, as typified by Modern Monetary Theory, naturally efficient market theory, job creationism, free trade, and so forth.  It serves to show that a lack of faith in God is easily compensated for by an equally fervent faith in something else, like yourself.  Everyone believes in something.

And where the facts of the real economy are in conflict with such esoteric theories, a profane faith intensifies and rises to meet and exceed all objections.  After all, it is bound by no exterior restraints, being by its very nature willfully self-referential and manipulative.

And nothing chafes vanity more than hard reality, some recent post election behaviour being a case in point.

Any person is entitled to their own opinion, but not to their own facts and outcomes. So one may believe as they will, but will be held accountable by the numbers for their beliefs. At the end of the day, life is a school of probability.

See you Sunday evening.





Gangnam is an area of Seoul south of the Han River. It is an icon of the rapid economic development of South Korea, having benefited from skyrocketing real estate prices and planned economic development. Gangnam is where the elite live, and the well-to-do young people go to party. In the song, the rapper Psy describes the kind of guy he is and the kind of girl he wants, painting caricatures of the ostentatious culture of the people in Gangnam.
This Korean rap video went 'viral' and is on its way to a billion views on Youtube. It is a 'catchy tune,' and would likely be easy to dance to in the manner of techno music which swept the Manhattan party scene during the era of the 'club kids.'

But it is also emblematic of the age and the culture: self-absorbed, frivilous, extravagant, unproductive, and vain.


SP 500 and NDX Futures Daily Charts


Quite a nothing of a day. The big excitement was another round of histrionics from Representative Boehner with regard to the 'fiscal cliff.'

And there was the big driver of volume today, the MSCI rebalancing, which occurred at the close, as index managers scurried about chasing that other bit of nothingness.

Have a pleasant weekend.