Gold Daily and Silver Weekly Charts - End of Quarter, Hearts of Darkness, Web of Lies

"The Brussels Eurocrats are in the image of Plato’s Philosopher King, only there are too many Kings all believing themselves to be the most capable ruler. For two years I have written that the European leaders feared referenda more than anything, for direct democracy was an affront to the wisdom of the self-anointed elite. The European project was too important to be left to the capricious voters...

The ruling elites, the Davos Gang, are not really financially astute for the Greeks could have kicked the proverbial can down the road for a mere 7.5 billion euros. Today’s market response to the new uncertainty probably wiped 500 billion in value off global equity markets and raised borrowing costs for the less credit-worthy countries of peripheral Europe. Egomania, like a membership in a quality credit card company, has a price to be paid...

It is not economic contagion but political contagion that strikes fear in the heart of Angela Merkel."

Yra Harris, Looking Back on the European Dystopia

"Our main challenge, since the global financial crisis, has been to make rapid (or at least as rapid as possible) progress toward achieving these objectives. While it has taken a long time, and extraordinary monetary policy actions, the U.S. economy is now close to full employment..."

Stanley Fischer, Vice Chairman Federal Reserve, Monetary Policy In the US and Developing Countries, 30 June 2015

And in fairness to the hubris of the Eurocrats, the same thing can be said today about the ruling elite in the US, especially the Federal Reserve.   At some point in the credibility trap, power begins to serve itself without the veil of reason or the pretense of progress towards a 'cure.'  

And as for The Recovery, maybe the ruling elite don't even know anyone who is unemployed, or struggling as one of the working poor.  Why would they fraternize?  Or maybe Stanley Fischer was just pulling our leg, winding us up, in light of the 37% of the people not in the labor force.

 

Now that the political class has put on the feed bag of corruption, they need only pay attention to the rabble during the occasional election contest.  It is not a genuine two way conversation between representatives and the people, but performance art which is carefully stage managed using a mountain of dark money. Otherwise, the people can be generally ignored while in pursuit of personal power and privilege.

 

Gold and silver were held down to the lower bound of their trading ranges for the end of the 2nd quarter. 

 

Almost 4 million ounces of silver were 'claimed' on the Comex.  As can be seen from the warehouse reports however, the physical bullion in the warehouses is mostly pushed around the plate, like unwanted vegetables.  It is becoming an embarrassment, and barely sustainable.

 

Accounts will be balanced. Even the biggest lies, intended to last for a thousand years, unwind. There is a reckoning coming, and a downfall. 

 

Have a pleasant evening.

 

 

 

 

 

 

 

 

 

SP 500 and NDX Futures Daily Charts - The Human Costs of a Corrupt System

According to investigative reports that appeared in Der Spiegel, the New York Times, BBC, and Bloomberg News from 2010 through 2012, Blankfein, now Goldman Sachs CEO, Cohn, now President and COO, and Loudiadis, a Managing Director, all played a role in structuring complex derivative deals with Greece which accomplished two things: they allowed Greece to hide the true extent of its debt and they ended up almost doubling the amount of debt Greece owed under the dubious derivative deals.

Wall Street On Parade, Goldman Sachs Doesn't Have Clean Hands In the Greece Crisis

“Antidemocracy, executive predominance, and elite rule are basic elements of inverted totalitarianism. Antidemocracy does not take the form of overt attacks upon the idea of government by the people. Instead, politically it means encouraging what I have earlier dubbed “civic demobilization,” conditioning an electorate to being aroused for a brief spell, controlling its attention span, and then encouraging distraction or apathy. The intense pace of work and the extended working day, combined with job insecurity, is a formula for political demobilization, for privatizing the citizenry. It works indirectly.

Citizens are encouraged to distrust their government and politicians; to concentrate upon their own interests; to begrudge their taxes; and to exchange active involvement for symbolic gratifications of patriotism, collective self-righteousness, and military prowess. Above all, depoliticization is promoted through society’s being enveloped in an atmosphere of collective fear and of individual powerlessness: fear of terrorists, loss of jobs, the uncertainties of pension plans, soaring health costs, and rising educational expenses.”

Sheldon Wolin

The ECB and the Fed stand ready to bail out any financial institutions affected by a Greek default.

Anyone, that is, except for the general public, commonly known as the 99%.

 

They no longer have a voice, or a choice.

Today was the end of the 2nd quarter. 

 

Fed Vice-Chairman Stanley Fischer celebrated The Recovery™ today at a conference in England for African Central Bankers, saying that the US is 'almost at full employment.'

 

Morals matter.  People matter.  Justice matters.  Truth matters.

Time has a way of balancing accounts.

Have a pleasant evening.

 

 

 

 

Chris Hedges: A Prayer For Democracy - Town Hall Seattle

"Empires communicate in two languages. One language is expressed in imperatives. It is the language of command and force. This militarized language disdains human life and celebrates harshness and brutality. It demands. It makes no attempt to justify the flagrant theft of natural resources and wealth or the use of indiscriminate violence.

The other language of empire is softer. It employs the vocabulary of ideals and lofty goals and insists that the power of empire is noble and benevolent. The language of beneficence is used to speak to those outside the centers of death and pillage, those who have not yet been totally broken, those who still must be seduced to hand over power to predators.

The road traveled to total disempowerment, however, ends at the same place. It is the language used to get there that is different."

Chris Hedges

Gold Daily and Silver Weekly Charts - Capped - The Fog of Currency War

The Lord is my light and my salvation;
          whom shall I fear?
The Lord is the center and refuge of my life;
           of whom shall I be afraid?

Psalm 27:1

With the VIX soaring and the US equity markets seeing their first 2% correction in many moons, the capping on the precious metals was determined and obvious.

So much for 'Greek capitulation.'

I think Syriza realized they were being presented an untenable solution, the 'generous offer' of extend and pretend by Merkel and the Eurocrats, with the IMF playing heavy.

This bailing out of private creditors while extracting a pound of flesh from the Greek people, facilitated by corporate friendly governments, was exactly how Greece came into this situation in the first place.

I thought fomenting a bank closure on Greece by the EU was a bit tough, and probably senseless. Showing them the lash to get them to fall to heel and all that.

Most economic commentators in the US are completely clueless about money these days, and global economics as well.

More surprises will therefore be coming I am sure.

Have a pleasant evening.