SP 500 and NDX Futures Daily Charts - Gresham's Law of Morality

"Our government... teaches the whole people by its example. If the government becomes the lawbreaker, it breeds contempt for law; it invites every man to become a law unto himself; it invites anarchy."

Louis D. Brandeis

Stocks paused today as the unemployment claims number came in much higher than expected.

The Recovery™ is doing well for the corporations, the new ubermenchen.

It is all the carbon life forms that are causing the problems for the economy. 

Speaking of setting a bad example, a Microsoft Exec who has been charged with insider trading says he did it, even though he knew it was wrong, because Congress does it.

Have a pleasant evening.

Comex Registered Gold Plummets To New Low of 490,000 As JPM Takes Deliveries

Gold? We don't need no stinkin' gold! Just keep selling!

JPM has managed to control a lot of the December delivery by taking it into their own vaults for their house account.

I don't suppose that anyone from the CFTC has bother to stop by and ask, 'And what are you all up to if we may ask?'

Still, 490,000 of gold remaining deliverable at these prices is a bit thin.

I will print the claims per ounce late tonight or early tomorrow, when we can get the data wrangler away from the barbie. Or is that Sheila? I forget.

Bloomberg: London Gold Vaults 'Virtually Empty' - Shipped to China Not to Return

"Gold? We don't need no stinkin' gold!"

And the natural reaction at this point in what has proven to be a year of a brutal, almost relentless market correction is to say, 'if this is so, how can they keep selling gold down in price?'

How can they indeed. By being audacious. Like this: Secret Traders' Club Rigged Biggest Market's Rates

And they remain arrogantly defiant.

"But there is a sort of 'Ok guys, you're mad, but how are you going to stop me' mentality at the top."

Robert Johnson

This is going to be interesting.

Seymour Hersh: On the Push For War Against Syria

The discussion of this lead up to war certainly came and went quickly.

One thing that comes out in this interview is the determined opposition to the Administration's goals and the power of the Executive Branch that came out of the intelligence community and the Pentagon.  Perhaps there were some lessons learned in the Iraq war after all.

It is too bad that the lessons presented from the financial crisis of 2008 have not had a similar effect.

Hersh's closing remarks on the role of journalism are quite simple and to the point.





Whose Sarin? - Seymour Hersh