28 February 2025

Stocks and Precious Metals Charts - Awful Faces From Beyond

 

"We sit by and watch the barbarian. We tolerate him in the long stretches of peace, we are not afraid. We are tickled by his irreverence; his comic inversion of our old certitudes; we laugh. But as we laugh we are watched by large and awful faces from beyond, and on these faces there are no smiles.”

Hilaire Belloc, The Barbarians, 1912

"The Hitler Party likes to emphasize its uniqueness, and it really should not be measured against conventional yardsticks.   Even if it were to explode into smithereens today, the fact would remain that it recently won fifteen million voters.  It must satisfy not only a particular political need, but also a specifically German emotional condition. Its brutality, loud-mouthedness and brainlessness have acted not as a deterrent but rather as an attraction, and have generated unconditional and subservient followers."

Carl von Ossietzky, Die Weltbühne, January, 1933

"Representative institutions no longer represent voters.  Instead, they have been short-circuited, steadily corrupted by an institutionalized system of bribery that renders them responsive to powerful interest groups whose constituencies are the major corporations and wealthiest Americans.  The courts, in turn, when they are not increasingly handmaidens of corporate power, are consistently deferential to the claims of national security.

Elections have become heavily subsidized non-events that typically attract at best merely half of an electorate whose information about foreign and domestic politics is filtered through corporate-dominated media.  Citizens are manipulated into a nervous state by the media's reports of rampant crime and terrorist networks, by thinly veiled threats of the Attorney General and by their own fears about unemployment.  What is crucially important here is not only the expansion of governmental power but the inevitable discrediting of constitutional limitations and institutional processes that discourages the citizenry and leaves them politically apathetic.

No doubt these remarks will be dismissed by some as alarmist, but I want to go further and name the emergent political system 'inverted totalitarianism.'  By inverted I mean that while the current system and its operatives share with Nazism the aspiration toward unlimited power and aggressive expansionism, their methods and actions seem upside down.   For example, in Weimar Germany, before the Nazis took power, the 'streets' were dominated by totalitarian-oriented gangs of toughs, and whatever there was of democracy was confined to the government.

In rebuttal it will be said that there is no domestic equivalent to the Nazi regime of torture, concentration camps or other instruments of terror.  Instead, inverted totalitarianism has its own means of promoting generalized fear; not only by sudden 'alerts' and the publicized heavy-handed treatment of aliens and the Devil's Island that is Guantánamo Bay, but by a pervasive atmosphere of fear abetted by a corporate economy of ruthless downsizing, withdrawal or reduction of pension and health benefits; a corporate political system that relentlessly threatens to privatize Social Security and the modest health benefits available, especially to the poor. 

With such instrumentalities for promoting uncertainty and dependence, it is almost overkill for inverted totalitarianism to employ a system of criminal justice that is punitive in the extreme, relishes the death penalty and is consistently biased against the powerless.

Thus the elements are in place: a weak legislative body, a legal system that is both compliant and repressive, a party system in which one party, whether in opposition or in the majority, is bent upon reconstituting the existing system so as to permanently favor a ruling class of the wealthy, the well-connected and the corporate, while leaving the poorer citizens with a sense of helplessness and political despair, and, at the same time, keeping the middle classes dangling between fear of unemployment and expectations of fantastic rewards once the new economy recovers.

That scheme is abetted by a sycophantic and increasingly concentrated media; by the integration of universities with their corporate benefactors; by a propaganda machine institutionalized in well-funded think tanks and conservative foundations; by the increasingly closer cooperation between local police and national law enforcement agencies aimed at identifying terrorists, suspicious aliens and domestic dissidents.  What is at stake, then, is nothing less than the attempted transformation of a tolerably free society into a variant of the extreme regimes of the past century."

Sheldon Wolin, Inverted Totalitarianism, May 1, 2003


Stocks took a dive again today, but managed to rally back and post some measurable gains.

Gold and silver were smacked again, hard.

The bears were leaning pretty heavily on the miners, particularly some that were ex-dividend today.

Buying them on the dip was an edgy trade at times.

But they managed to come back again into the close, somewhat.

VIX declined.

The Dollar rallied.

And so we toddle on into the weekend. 

As a reminder there will be a Non-Farm Payrolls report on Friday March 7th.

The weather has become rather warm here the last few days, rising into the low 60s while the sun is out.

And so today was a good day to wear shorts while taking Daisy for her afternoon walk.

It's the little things that make life worth living.

Need little, want less, love more.

For those who abide in love, abide in God, and God in them.

Have a pleasant weekend.

27 February 2025

Stocks and Precious Metals Charts - Dying of Their Hypocrisy

 

"The same pride which makes a man treat those of less powerful standing arrogantly, makes him cringe servilely to those above him. It is the very nature of this vice, which is neither based on personal merit nor on virtue, but on riches, posts, influence, and useless knowledge, to render a man a snob to those who are below him as to faown upon those who are above."

Jean de La Bruyère, Les Caractères, 1688

“We run heedlessly into the abyss, after putting something in front of us to stop us from seeing it.”

Blaise Pascal, Pensées

"And I'll leave you with one set of numbers that I found today, which is just an absolute for this whole thing. In 2015, Wall Street Bonuses, not regular compensation, bonuses, seven years after they were bailed out with the public purse, totaled $29.4 billion dollars. Total compensation paid to every single person in this country who makes minimum wage totaled $14 billion.  The era of neo-liberalism is over. The era of neo-nationalism has just begun."

Mark Blyth, Foreign Affairs, November 15, 2016

"There is nothing covered that shall not be revealed, and hidden, that shall not be made known. Whatever has been said in the darkness shall be heard in the light: and what has been whispered behind closed doors shall be shouted from the roof tops."

Luke 12:1-3

“There may be thunder in Europe, but it is in America the lightning will fall.”

Ambrose Bierce, The Fall of the Republic

"What theology, history and common sense have also taught me is that the civilizations which allow the gap to widen between the ideal to which they claim and the realizations which they propose of it, these civilizations are dying of their hypocrisy.“

Henri-Irénée Marrou, France ma patrie, Le Monde, 5 Avril 1956


There was a general sell off today in the markets, led lower by the risk assets in the stock market bubble.

The GDP price index came in higher than expected.

The Dollar rose on expectations of interest rates maintaining a higher level for a longer time and a flight to safety.

Bitcoin continued to decline, but is holding support in the low 80,000.

Gold and silver were smacked lower.

VIX rose sharply.

There will be some additional inflation information out tomorrow morning.

Let's see how that goes.

Most of the news these days is interwoven with lies.   This is expected in times of madness.

What I find more concerning is the cavalier attitude that the ruling elite is taking towards personal freedoms and liberties. 

Even in the height of the civil rights movement and anti-war protests the better, 'sophisticated' universities were not so draconian and biased in their suppression of even peaceful dissent. 

And to think that much of this pressure now is coming from the 'thought leaders' who are generally the transmitters of culture and civilized behavior is particularly discouraging.  

Especially when they betray their official duties and oaths for position, worldly admiration, and money.  

The madness twists even the best of intentions in its lust for power and control, and turns on those who embrace it, and in the end serves none but itself. 

People forfeit their souls for vain idolatries, and help to raise the abomination of desolation, which in turn destroys all that they have been given.

It is an old story. 

Have a pleasant evening.

 

26 February 2025

Stocks and Precious Metals Charts - More Corrupt than Courageous: The Silence of the Lambs

 

"Congress shall make no law...abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances."

Constitution of the United States, Amendment I

"Representative institutions no longer represent voters.  Instead, they have been short-circuited, steadily corrupted by an institutionalized system of bribery that renders them responsive to powerful interest groups whose constituencies are the major corporations and wealthiest Americans.  The courts, in turn, when they are not increasingly handmaidens of corporate power, are consistently deferential to the claims of national security."

Sheldon Wolin, Democracy Incorporated: Inverted Totalitarianism, April 2008

"Intellectual freedom is essential — freedom to obtain and distribute information, freedom for open-minded and unfearing debate and freedom from pressure by officialdom and prejudices. Such freedom of thought is the only guarantee against an infection of people by mass myths, which, in the hands of treacherous hypocrites and demagogues, can be transformed into bloody dictatorship."

Andrei Sakharov, Reflections on Progress, Peaceful Coexistence, and Intellectual Freedom, July 22, 1968

"The schools would fail through their silence, the Church through its forgiveness, and the home through the denial and silence of the parents.  The new generation has to hear what the older generation refuses to tell it."

Simon Wiesenthal, Introduction: The Sunflower, Paris, 1969

"When I was suddenly catapulted into the leadership of the bus protest in Montgomery, Alabama, a few years ago, I felt we would be supported by the white church. I felt that the white ministers, priests and rabbis of the South would be among our strongest allies. Instead, some have been outright opponents, refusing to understand the freedom movement and misrepresenting its leaders; all too many others have been more cautious than courageous and have remained silent behind the anesthetizing security of stained glass windows."

Martin Luther King, Letter from a Birmingham Jail, August 1963

"There is nothing so threatening to systemic evil as those willing to stand against it regardless of the consequences. It’s unbelievable— or we’re supposed to think it is— that a president was murdered by our own government agencies because he was seeking a more stable peace than relying on nuclear weapons. It’s unspeakable. Our collective denial of the obvious, in the setting up of Oswald and his transparent silencing by Ruby, made possible the Dallas cover-up. The success of the cover-up was the indispensable foundation for the subsequent murders of Malcolm X, Martin Luther King, and Robert Kennedy by the same forces at work in our government—and in ourselves. The unspeakable is not far away."

James Douglass, JFK and the Unspeakable, Maryknoll, 2008


I always thought that there would be a strong movement for the suppression of speech in the aftermath of these market bubbles, and the rising tyranny of a powerful few that would impose on the freedoms of the many, with increasing force and fraud.

The only example in my own memory that occurs is the McCarthy era, in which the threat of being labeled a 'communist' terrified otherwise people of conscience into silence in the face of the abuse of power and the Constitution.

But I never saw it coming as it is upon us now, wrapped in the guise of civility and the 'cancel culture'  wrapped around the iron heel of big Money.  The irony and shamelessness of its hypocrisy is astonishing. 

 Stocks did their usual pop and flop again today, as Wall Street breathlessly awaiting the Nvidia numbers after the bell.   They hope to be able to keep the tech bubble alive with AI.

The Dollar drifted higher.

Gold and silver were slammed hard, as the expected follow up to the recent Comex option expiration.

But they managed to come back and provide a decent showing as the shenanigans were only for the morning's entertainment.

I am pretty convinced we have been shocked into accepting, in silence, the outrageous assault on freedoms that form the basis of the American republic in favor of a wealthy few.

Have a pleasant evening.

 

25 February 2025

Stocks and Precious Metals Charts - Tender Mercies

 

"We pray for the big things, and forget to give thanks for the ordinary, small (and yet really not so small) blessings.”

Dietrich Bonhoeffer

"We must live in sunshine, even when we sorrow; we must live in God's presence, we must not shut ourselves up in our own hearts, even when we are reckoning up our past sins. As many as are our sins, His grace is greater.  He counts our sins, and, as He counts, so can He forgive; for that reckoning, great though it be, comes to an end; but His mercies fail not, and His Son's merits are infinite."

John Henry Newman, Present Blewwings, Parochial and Plain Sermons, Vol 5, Sermon 19

“Man has places in his heart which do not yet exist, and into them enters suffering, in order that they may have life.”

Léon Bloy, The Pilgrim of the Absolute

"There are times when we fall to our knees and thank God for all His blessings and tender mercies.

And there are other times when we arrogantly refuse to bend or bow, and to defer to anything but ourselves, in complacent pride.  And then God brings us to our knees, to remind us of who we are, and how to be grateful for what we have been given.

Please remember to feed the least of His creatures, the birds and animals, and of course His children.  It is our duty and joy and freedom to lessen the troubles of others, out of acceptance and thankfulness for His love, of those who are unworthy, like us."

Jesse, Loving Kindness and Tender Mercies, 27 November 2024

"Let no man pull you so low as to hate him."

Martin Luther King, A Knock at Midnight, 11 February 1962

"Show me your ways, O Lord,
       and instruct me on your paths.
  Lead me in your truth, and teach me:
       for you are the God of my salvation; and I wait for you all the day.
  Remember, O Lord, your tender mercies and loving kindness,
       as they have always been of old."

Psalm 25:4-6


As previously mentioned, several times, today was a futures contract option expiration for  precious metals on the Comex.

And as is customary, the metals were slammed down hard, if for no other reason to skin those who trade their option markets.

The Dollar fell.

Bitcoin finally teetered and fell off its support.  It did come back a little bit, but is still off its recent trading range.

At some point this could begin a cascade decline as those who are leveraging up on BTC with debt start having to liquidate their holdings.  It's hard to say.

Stocks were clocked again in continuation selling.

That did not help BTC at all because it is a risk asset.

Stocks fell to must hold support and bounced back a bit, but it was not a robust finish.

The geopolitical risks are still screaming out loud, even though Trump seems to be backing off the Deep State's fetish of provoking Russia. 

Let's see how the rest of the week goes.

As you know those happy few who ended up holding new contracts in the metals futures will often get a followup gut check to make sure their hands are strong.

The injustice of the US financial system is endemic, making it rotten to the core.  I don't see anything that is going to make it better anytime soon.

The oligarchs have the Dollar and its support systems firmly in hand. 

Truly, only God is good.   And they have nothing to do with Him, serving the darkness in themselves.

Have a pleasant evening.