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.

 

 

 

SP 500 and NDX Futures Daily Charts - Back to the Bubble with Nasdaq 5,000

The big tickle today was 'Nasdaq 5000' with the cash Nas around the 4960 area.

The tech heavy Nas was leading the way higher today, and traders are pushing it to squeeze the shorts.

It is a bubble, it will eventually collapse, the Fed and the Wall Street courtiers know it, but don't care.

This is the entitled triumph of the 'careless few.'

Have a pleasant evening.

 

 

 

 

NAV Premiums of Certain Precious Metal Trusts and Funds

The cash level at Sprott Silver couldn't buy a decent residential house in a Canadian city.

 

I wonder when the shoe of a secondary offering will drop.