Stocks and Precious Metals Charts - The Higher Immorality of the Elite

 

“The mainstream media must be considered part of the deep state. Its assumptions, biases, priorities, and defaults are very much a function of the interests of a tiny elite of corporate wealth whose interests the media necessarily serves regardless of this or that outlet’s position along the ever-narrowing spectrum of allowable political perspective.”

Aaron Good, American Exception: Empire and the Deep State, June 2022

"This is what a society looks like when the glue that holds it together starts to dissolve.  This is the way ordinary citizens react when they learn that the structure beneath them is crumbling.  And this is the thrill that pulses through the veins of the well-to-do when they discover that there is no longer any limit on their power to accumulate."

Thomas Frank, Rendezvous With Oblivion, June 2018

"Political corruption is one aspect of a more general immorality; the level of moral sensibility that now prevails is not merely a matter of corrupt men. The higher immorality is a systematic feature of the American elite; its general acceptance is an essential feature of the mass society.

Of course, there may be corrupt men in sound institutions, but when institutions are corrupting, many of the men who live and work in them are necessarily corrupted. In the corporate era, economic relations become impersonal-and the executive feels less personal responsibility. Within the corporate worlds of business, war-making and politics, the private conscience is attenuated-and the higher immorality is institutionalized. It is not merely a question of a corrupt administration in corporation, army, or state; it is a feature of the corporate rich, as a capitalist stratum, deeply intertwined with the politics of the military state.

Despite – perhaps because of – the ostracism of mind from public affairs, the immorality of accomplishment, and the general prevalence or organized irresponsibility, the men of the higher circles benefit from the total power of the institutional domains over which they rule.

Status follows big money, even if it has a touch of the gangster about it. Status follows power, even if it be without background. Below, in the mass society, old moral and traditional barriers to status break down and Americans look for standards of excellence among the circles above them, in terms of which to model themselves and judge their self-esteem.

A society that is in its higher circles and on its middle levels widely believed to be a network of smart rackets does not produce men with an inner moral sense; a society that is merely expedient does not produce men of conscience. A society that narrows the meaning of ‘success’ to the big money and in its terms condemns failure as the chief vice, raising money to the plane of absolute value, will produce the sharp operator and the shady deal. Blessed are the cynical, for only they have what it takes to succeed."

C. Wright Mills, The Power Elite, April 1956

"True peace is not merely the absence of tension; it is the presence of justice."

Martin Luther King, Stride Toward Freedom: Memoir of the Montgomery Boycott, September 17, 1958

"There is probably no greater threat to the faithful than that of the sanctifying of success by worldly measures."

Jesse, Sanctifying Greed, 6 June 2023


I think that some day historians, in their attempt to make a coherent sense of a diversity of actors and events of our time,  may make the case that the most common denominator among the people of power, our Western elite, was not wisdom or virtue or learning or even genuine accomplishments.

The most valued characteristic of our system seems to be the willingness of the individual to surrender themselves to the unspeakable— to do whatever they are told to do, say anything that they are told to say, attend whatever institution and join whatever organization that may be required, and to profess anything with fervent conviction that they are told to believe.  And to never, ever violate the secrecy and carefully crafted image of the ruling class.

Whether this servile attitude comes from a total lack of character, a sociopathic obsession with power and money, or on the negative side a susceptibility to sexual or financial blackmail, for example, it just a  spectrum of a system that has degenerated into a secretive series of schemes, scams, and cons, hidden behind an official mythology of manufactured stories under a blanket of closely guarded secrecy.

Gold, silver, and the Dollar rallied.

VIX rose.

Stocks meandered, finishing weakly for the most part.

The locus of the bubble, big cap tech, made a decent showing.  But it is mostly for  show, with little substance as of yet.

There will be an option expiration for the precious metals on the Comex next Monday the 28^th. 

The average person is busy caring for family and building and growing things, and so they treasure productivity and peace.

The powerful and their elite love chaos, war, uncertainty, injustice, and unrest.  For they gather in lawlessness from the misery of others.

And the band played on.

Have a pleasant weekend.

Stocks and Precious Metals Charts - Lies, Damned Lies, and Fraud

 

"I am writing to alert you to a possible circumstance of fraud and manipulation in your popular ETF, SLV, due to the excessive short-selling of its shares.  Current reports indicate the most recent level of total short sales now exceed 36 million shares.  This is an increase of more than 14 million shares from the previous reported amount.

Publicly-traded ETFs that have specific metal backing are highly unique securities.  Perhaps a small short position may be overlooked on a temporary basis until the metal is deposited in the Trust due to logistical considerations.  But a short position that represents more than 10% of the outstanding shares issued means that many buyers of the shares have no metal backing.  This is clearly not in keeping with the spirit of the prospectus that each share issued be backed by one ounce of silver on deposit with the custodian."

Ted Butler, Open Letter to Larry Fink, CEO BlackRock, April 28, 2011

“In a sense, blowback is simply another way of saying that a nation reaps what it sows.  Although people usually know what they have sown, our national experience of blowback is seldom imagined in such terms because so much of what the managers of the American empire have sown has been kept secret.”

Chalmers Johnson, Blowback, 2004

"This empire, unlike any other in the history of the world, has been built primarily through economic manipulation, through cheating, through fraud, through seducing people into our way of life, through the economic hit men. And I was one of them."

John Perkins, Confessions of an Economic Hitman, 2004

"Price discovery is not a sexy function of markets, but it is critical to the efficient allocation of scarce capital and resources, and to the preservation of the long term wealth of investors and the economy as a whole.  If price discovery is compromised by manipulation, then we will all be gradually impoverished and the economy will be imbalanced and unstable."

London Banker, Lies, Damned Lies, and LIBOR, 10 July 2012

"Power will achieve its murderous potential. It simply waits for an excuse, an event of some sort, an assassination, a massacre in a neighboring country, an attempted coup, a famine, or a natural disaster, to justify the beginning of murder en masse."

R. J. Rummel, Death By Government, 1994


We are advised not to look at things which the empire's elites wish to do, but find inconvenient to be made known.  

And so there is a steady progression in the decline of their morals, from swindles, to frauds, and  lawlessness.

This will not end well, but it will end.  

 They take offense at everything except their greed, but have no shame in their own unrighteousness.

And so when the fall comes, and they are caught up short, they will reach into our pockets for  another bailout. 

Stocks managed to sustain a little bounce, after several days of declines.

Gold and silver rebounded as the Dollar declined.

VIX remains subdued and most likely mispriced.

We are not pricing in the enormous risks being engaged by the madness of the elite.

A reckoning is coming.   I will take no joy in it, because of the number of innocents who will be harmed.

As the empire staggers, one or more of its vassal states will fall first, as a sign and a warning. 

Denial is more likely than reform.

The madness serves none but itself.

Have a pleasant evening.

Stocks and Precious Metals Charts - Revelation To the Servants of the Dragon

 

"I wonder whether people who ask God to interfere openly and directly in our world quite realize what it will be like when He does.  When that happens, it is the end of the world.  When the author walks on to the stage the play is over.  What is the good of saying you are on His side then, when you see the whole natural universe melting away like a dream and something else—something it never entered your head to conceive—comes crashing in; something so beautiful to some of us and so terrible to others that none of us will have any choice left?  

For this time it will be God without disguise; something so overwhelming that it will strike either irresistible love or irresistible horror into every creature.  It will be too late then to choose your side.  There is no use saying you choose to lie down when it has become impossible to stand up.  That will not be the time for choosing; it will be the time when we discover which side we really have chosen, whether we realized it before or not. "

C. S. Lewis,  Mere Christianity, 1944

“Finally, the poor man died and was carried by the angels to be with Abraham.  The rich man also died and was buried, and his soul went to the place of the dead.  There, in torment, he saw Abraham in the far distance with Lazarus at his side.

The rich man shouted, ‘Father Abraham, have some pity!  Send Lazarus over here to dip the tip of his finger in water and cool my tongue.  I am in anguish in these flames.’  But Abraham said to him, ‘My son, remember that during your lifetime you had everything you wanted, and Lazarus had nothing.  So now he is here being comforted, and you are in anguish.  And there is a great chasm separating us.  No one can cross over to you from here, and no one can cross over to us from there.’

Then the rich man said, ‘Please, Father Abraham, at least send him to my father’s home.  For I have five brothers, and I want him to warn them so they don’t end up in this place of torment.’  But Abraham said, ‘Moses and the prophets have warned them.  Your brothers can read what they wrote.’

The rich man replied, ‘No, Father Abraham!  But if someone is sent to them from the dead, then they will repent of their sins and turn to God.’   But Abraham said, ‘If they won’t listen to Moses and the prophets, they will not be persuaded, even if someone rises from the dead.’”

Luke 16:19-31

"It is not possible to found a lasting power upon injustice, perjury, and treachery. These may, perhaps, succeed at first, and limp along on hope for awhile with a flourishing appearance. But time betrays their weakness, and they eventually fall into ruin of their own designs."

Demosthenes, Bartleby, 1917

The sin of the rich man in the parable of Lazarus was not that he had been given great wealth, even though has no gratitude, no sense of obligation, and thereby no empathy. He thinks that it is all because of his own merits.  His sin is that he allowed his preoccupation, his obsession with worldly possessions, to blind himself with his pride to the suffering of Lazarus, his poor brother, who sat every day on his doorstep.  And he gave him nothing, not even a look or a kind word.

It was only in the torment of the afterworld that the rich man's eyes are opened.  And looking across the great gulf he finally sees Lazarus, with the holy Abraham.  And the first thing that the rich man does is to beg for comfort for himself, and ask Lazarus for a favor.  He feels no repentance, never once saying that he is sorry.  For even as his eyes were opened, his heart remained hardened, obstinate, and he remained firmly in the grip of his sins. It was his sins that were the chasm that separated him from true life— the door to his torment was locked from the inside.

Nations that have been blessed can blind themselves to their excesses and offenses, while taking sole credit for the blessings that have been given to them.  And so they misuse their power and wealth and great fortunes, granted to them by God, to oppress and subjugate others.    And in their hardened hearts they hold their selfishness aloft, profanely, as the greatest good, the exceptional — even as they oppress and plunder and murder their own and others.  

Until at long last God humbles them, and breaks the backbone of their power."

Jesse, Lazarus and the Rich Man, 12 March 2020


Stocks declined sharply today, although they managed to rebound from the lows in the last hour of trading.

Gold and silver corrected, somewhat sharply.  The Dollar rose to 104.40.

The managers of the casino could see the specs leaning into the precious metals rally, and decided to take them out for a quick wash and rinse.   

For in this casino, the house knows in aggregate and sometimes in the specific what you are holding in your hand. 

VIX rose slightly but remains subdued.

I am sick at heart over what the servants of the darkness of this world are doing, by their own hand and through those they have bought, having been bought themselves, in a mutual fellowship of corruption.

Their judgement will be terrible to behold.  May God have mercy on their souls.  

Cromwell: Sir Richard is appointed Attorney General for Wales.
Thomas More: For Wales. Why Richard, it profits a man nothing to give his soul for the whole world— but for Wales?"

Robert Bolt, A Man For All Seasons

But if it is God's will, may they face some justice in this life, for their own repentance perhaps, and as an example for salvation of the many.

Have a pleasant evening.

Stocks and Precious Metals Charts - The Storm of Dissolution and Madness

 

"We looked into the abyss if the gold price rose further. A further rise would have taken down one or several trading houses, which might have taken down all the rest in their wake. Therefore at any price, at any cost, the central banks had to quell the gold price, manage it. It was very difficult to get the gold price under control but we have now succeeded. The US Fed was very active in getting the gold price down. So was the U.K."

Eddie George, Governor Bank of England, in a conversation with the CEO of Lonmin, September 1999

“The men of the higher circles are not representative men; their high position is not a result of moral virtue; their fabulous success is not firmly connected with meritorious ability. Those who sit in the seats of the high and the mighty are selected and formed by the means of power, the sources of wealth, the mechanics of celebrity, which prevail in their society.

When institutions are corrupting, many of the men who live and work in them are necessarily corrupted. Within the corporate worlds of business, war-making and politics, the private conscience is attenuated— and the higher immorality is institutionalized.   It is not merely a question of a corrupt administration in corporation, army, or state; it is a feature of the corporate rich, as a capitalist stratum, deeply intertwined with the politics of the military state.”

C. Wright Mills, The Power Elite, Oxford Press, 1956

"If at the start this cancerous growth in the nation was not particularly noticeable, it was only because there were still enough forces at work that operated for the good, so that it was kept under control. As it grew larger, however, and finally in an ultimate spurt of growth attained ruling power, the tumor broke open, as it were, and infected the whole body."

The White Rose, Second Leaflet, Munich 1942

“We are little flames poorly sheltered by frail walls against the storm of dissolution and madness, in which we flicker and sometimes almost go out.”

Erich Maria Remarque, All Quiet on the Western Front, 1928

Stocks had another wobbly, wide ranging trading day.

But fortunately they ended up a little lost, to mostly unchanged.

Gold and silver continued their breakouts higher.

Silver has taken the 35 handle.

Gold is punching higher towards its next measuring objective.

The Dollar dropped and then came back, holding on to 104.

The gold and silver rally is not dollar related.  It looks like a flight to safety.

Let's see if anything substantial comes out of the BRIC summit.

Leaked intelligence documents purport to show the IDF plans to attack Iran.

Curioser and curioser.

As JFK noted to Pierre Salinger in private conversation during the lead up to the Cuban Missile Crisis, "I said, 'Mr. President, you don't have a cold. There’s something going on.'   He said, 'You bet there is something else going on.'  And then he said, 'When you find out, grab your balls and run.' 

Pierre Salinger, On the Cuban Missile Crisis, 1995

Have a pleasant evening.