SP 500 and NDX Futures Daily Charts - NASDAQ Hits a New 15 Year High - Death By Overdose

"Easy is the descent down to hell;

Its gates stand open, day and night.

But to retrace one's steps, to return

To see again the pure clean air, and cheerfulness and life:

That is the real task, that is our true labour."

Vergil, Aeneid

I cannot believe it, they are going to do it all over again.

All the fraudulent securities, the wanton bubbles in paper, the watered stocks, the wildly overvalued IPOs, the lies and double dealing, the financial deception, the mispriced risks, the abuse of language, the widespread corruption of public policy, and then the inevitable, sickening crunch.

 

Never have so many sacrificed so much, for such an underserving, careless few.

 

If heaven is seeing and in turn being seen, transformed and made new, by the beatific face of Pure Love in resplendent glory, then hell must be seeing, at the last and forever, one's own dark and miserable soul, as it really is, alone.

Finally, I can believe it, what I could never really accept before, believe in the reality of a place and people with a will that is beyond redemption.

 

Have a pleasant evening.

 

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.

Gold Daily and Silver Weekly Charts - Further Into the Wilderness of Arrogant Illusion and Greed

The big news this afternoon was that the EU has reached a tentative debt settlement with Greece. And stocks took off, and gold and silver were smacked down.

As the news continued to come out, it appears that the Eurozone and Greece have agreed to a four month extension of the loan agreement, with some modifications, provided Greece can provide an 'acceptable' action plan by Monday evening.

There is some serious room for wobbles in this. The Greek parliament must agree to whatever action plan that the current government develops, and all eyes will be on the rollbacks of austerity.

The major concession it appears the Eurozone made was the relaxation of the virtually unachievable requirement for a 4.5% budget surplus that had been imposed on Greece, known as the Arbeit Macht Frei austerity program. 

 

Most developed economies are not capable of sustaining a 4.5% budget surplus in today's global economy, much less one that is largely not a major exporting country, still teetering from the domestic shock and awe of wage and job cuts imposed by austerity.

Let's hope that a sustainable agreement is reached, but I have my doubts.

And let's see how things develop in Spain.   And Italy.

The problem is that no matter what they have so far on the table, the basic weaknesses in the Eurozone as it is now conceived still remain.  Until they find a way to make a currency union work without acknowledging that a 'one size fits all' monetary policy does not work in a varied economic region, there will be continuing crises.  

As a practical matter, the inherent instability of a monetary union without a comprehensive fiscal union to ameliorate the problems created by inflexibility of one policy for all remains.  This also speaks to the difficulty of a single country like the US holding the world's reserve currency without adhering to some external restraint like a gold standard. 

Speaking of ongoing problems we will take a further look at the US economy performance next week when we see the second revision of the US 4Q GDP.   I am wondering how long the government can keep kicking the existing arrangement down the road, until something comes apart at the seams.

 

We are now in the sixth year of The Recovery™.

There really is no recovery for most people, with over half of all public school students in the US now living at the poverty level.   One of the great obstacles to the recovery is that the financial elite in the US has absolutely no rational idea of the depths of the problems and issues with which they are dealing.  And at the end of the day, they do not care. 

 

They are taking selfies in the mouth of the abyss.

I was almost flabbergasted at the reaction this morning on Bloomberg TV to the wage increase announced by Walmart.   After all, if such a large employer of the underclass pays this much, $20,000 per year for a full time employee, then everyone will expect such princely wages, and this is going to lead to the decline of US industry, Western civilization, and capitalism as we know it.

After the bell, Moody's cut Russia to junk.  The currency war continues. 

 

Save your servants who trust in you, O Lord, from every threat or harm from evil.

 

Have a pleasant weekend.