"Everything was not fine that spring with the American economy. It was showing ominous signs of trouble. Steel production was declining. The construction industry was sluggish. Car sales dropped. Customers were getting harder to find. And because of easy credit, many people were deeply in debt. Large sections of the population were poor and getting poorer...
It was this nature of mass illusion. Prices were going up, people bought. That forced prices up further, that brought in more people. And eventually, the process becomes self-perpetuating. Every increase brings in more people convinced of their God-given right to get rich.
At the end of 1929, as they celebrated New Year's Eve, all that lay in the future. Nobody knew that the Great Depression was coming -- unemployment, bread lines, bank failures -- this was unimaginable. But the bubble had burst. Gone was that innocent optimism, the confidence, the illusion of wealth without work. One era had ended. They toasted the coming of the 30s, but somewhere, deep down, they knew the party was over."
PBS American Experience, The Great Crash of 1929
It seems like the markets, and the world, are holding their breath, wondering what comes next.
Stocks finished off slightly.
The Dollar was largely unchanged, as were gold and silver.
"Psychopaths are social predators who charm, manipulate, and ruthlessly plow their way through life, leaving a broad trail of broken hearts, shattered expectations, and empty wallets. Completely lacking in conscience and in feelings for others, they selfishly take what they want and do as they please, violating social norms and expectations without the slightest sense of guilt or regret.
Psychopaths often come across as arrogant, shameless braggarts—self-assured, opinionated, domineering, and cocky. They love to have power and control over others and seem unable to believe that other people have valid opinions different from theirs. What makes psychopaths different from all others is the remarkable ease with which they lie, the pervasiveness of their deception, and the callousness with which they carry it out.
The most debilitating characteristic of even the most well-behaved psychopath is the inability to form a workable team.
The majority of people and therefore workplaces are easy prey, because we still want to believe that people are inherently good. We don't really want to believe that such people exist. Wherever you find money, prestige and power you will find them. We are far more likely to lose our life savings to an oily-tongued swindler than our lives to a steely-eyed killer."
Robert D. Hare, Without Conscience
“Over the past quarter century, the leaders of both the Democratic and the Republican political parties have perfected a remarkable system for remaining in power while serving the new economic oligarchy. Both parties take in huge amounts of money, in many forms — campaign contributions, lobbying, revolving-door hiring, favours, and special access of various kinds.
Politicians in both parties enrich themselves and betray the interests of the nation, including most of the people who vote for them. Yet both parties are still able to mobilize support because they skilfully exploit America’s cultural polarization. Republicans warn social conservatives about the dangers of secularism, taxes, abortion, welfare, gay marriage, gun control, and liberals.
Democrats warn social liberals about the dangers of guns, pollution, global warming, making abortion illegal, and conservatives. Both parties make a public show of how bitter their conflicts are, and how dangerous it would be for the other party to achieve power, while both prostitute themselves to the financial sector, powerful industries, and the wealthy. Thus, the very intensity of the two parties’ differences on “values” issues enables them to collaborate when it comes to money.”
Charles Ferguson, Predator Nation
Stocks are still struggling to recover from their recent decline and set a new high.
Gold and silver were hit sharply today early on, but recovered somewhat into the close, as the Dollar strengthened again.
The amount of gold available for delivery at these prices has become shockingly low.
“One of those freedoms most treasured by the Koch brothers is their ability to see a research study done by one of their funded economics departments, then have its dubious data quoted from the mouth of a funded ‘news’ celebrity.
From 2002 through 2006, the Koch funded Mercatus Center paid Lawrence Kudlow, a CNBC co-host and later host of his own show, ‘The Kudlow Report,’ a total of $332,500 through his consulting arm, Kudlow and Co. LLC. I obtained the information from public filings Mercatus made with the IRS. ”
The Martens, Wall Street On Parade
"Why should we not form a secret society with but one object— the furtherance of the British Empire and the bringing of the whole uncivilised world under British rule, for the recovery of the United States, for the making the Anglo-Saxon race but one Empire. What a dream, but yet it is probable, it is possible."
Cecil Rhodes, founder of the Rhodes Scholarships, 1877
"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole...
We now have a society in America, Europe and much of the world which is totally dominated by the two elements of sovereignty that are not included in the state structure: control of credit and banking, and the corporation... The only element of production they are concerned with is the one they can control: capital."
Carroll Quigley
The Dollar was stronger again today. I have included a five year chart as well as the intraday chart for context.
Gold and silver were lower. Gold needs to hold these levels to validate the potential 'W' bottom.
Stocks attempted to rally, but failed later in the day and settled back down to the 38.2% Fibonacci retracement level. This was not bullish action.
Next week is a lighter one for economic news. There will be the Fed minutes. The bobbleheads are hoping for a rate cut.
I suspect the economic conversation, and most likely the market trading, will be dominated by international trade relations, attempts at regime change in various places around the world, company earnings, and the usual distracting nonsense. The White House has been aggressively spinning headlines with an eye to the markets. And they have no shame in it.
And excepting for the schemes of a day, most of it is of little lasting consequence in the greater accumulations of daily life.
The key for the faithful is to remain steadfast, and not be drawn into the deception of madness by fear, hate or anger. The temptation is there, no doubt, and it can be strong, especially in our vain imaginings.
One must take steps to maintain an environment around themselves for themselves and their communities of interest, to do small things with great love, and to be prayerful in all of it, all the rest, secure in the armor of faithfulness and love. Loving is moving all around us. Take care not to lose sight of it, and with that, lose your way.
When the time comes to consider all things, we will wonder at so many things that greatly concerned us, that in the end really did not matter after all.
Have a pleasant weekend.
The light shines on in the darkness, and the darkness comprehends it not at all.
"Do you desire to be great? make yourselves little. There is a mysterious connexion between real advancement and self-abasement. If you minister to the humble and despised, if you feed the hungry, tend the sick, succour the distressed; if you bear with the froward, submit to insult, endure ingratitude, render good for evil, you are, as by a divine charm, getting power over the world and rising among the creatures. God has established this law. Thus He does His wonderful works.
His instruments are poor and despised; the world hardly knows their names, or not at all. They are busied about what the world thinks petty actions, and no one minds them. They are apparently set on no great works; nothing is seen to come of what they do: they seem to fail...
Our warfare is not with carnal weapons, but with heavenly. The world does not understand what our real power is, and where it lies. And until we put ourselves into its hands of our own act, it can do nothing against us. Till we leave off patience, meekness, purity, resignation, and peace, it can do nothing against that Truth which is our birthright, that Cause which is ours, as it has been the cause of all saints before us.
But let all who would labour for God in a dark time beware of any thing which ruffles, excites, and in any way withdraws them from the love of God and Christ, and simple obedience to Him...
Such is the rule of our warfare We advance by yielding; we rise by falling; we conquer by suffering; we persuade by silence; we become rich by bountifulness ; we inherit the earth through meekness; we gain comfort through mourning; we earn glory by penitence and prayer. Heaven and earth shall sooner fall than this rule be reversed; it is the law of Christ's kingdom, and nothing can reverse it but sin."
Let us pray for those whose hearts are hardened against His grace and loving kindness by greed, fear, and pride, and the seductive illusion and crushing isolation of evil.
We pray that we all may experience the three great gifts of our Lord's suffering and triumph: repentance, forgiveness, and thankfulness. And in so doing, may we obtain abundant life, and with it the peace that surpasses all understanding.
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