“One day, we will have to stand before the God of history. And we will talk in terms of things we've done. And its seems to me that I can hear the God of history saying, 'That was not enough. For I was hungry, and you fed me not. I was naked, and you clothed me not. I was devoid of a decent sanitary house to live in, and you provided no shelter for me. And consequently, you cannot enter the kingdom of greatness.'" Martin Luther King
“Therefore I must say that, as I hope for mercy, I can have no other notion of all the other governments that I see or know, than that they are a conspiracy of the rich, who, on pretense of managing the public, only pursue their private ends, and devise all the ways and arts they can find out; first, that they may, without danger, preserve all that they have so ill acquired, and then that they may engage the poor to toil and labor for them at as low rates as possible, and oppress them as much as they please."
Thomas More, Utopia
Today was an FOMC decision day, and the Fed pretty much decided to do nothing. They did acknowledge that there is some slowing in the economy in the first quarter. Ya think? lol
But as usual, the quarter was dismissed by reason of bad statistical analysis and/or adverse weather.
Stocks held up into the close despite weakness all day. This *could* be the handoff of the rally from the pros to the schmoes. Let's see how the rest of the week goes.
Gold and silver were steadily knackered from the open in NY, and pushed down to the lows in very quiet trade into the close. The daddies of brides in India thank you for your service.
Today was the last of the queen's radiation treatments, and she is doing remarkably well. We are getting dinner out (meaning I go out and bring it home) to celebrate.
There will be the Non-Farm payrolls report on Friday.
"The idiots take over in the final days of crumbling civilizations. Idiot generals wage endless, unwinnable wars that bankrupt the nation. Idiot economists call for reducing taxes for the rich and cutting social service programs for the poor, and project economic growth on the basis of myth. Idiot industrialists poison the water, the soil and the air, slash jobs and depress wages.
Idiot bankers gamble on self-created financial bubbles and impose crippling debt peonage on the citizens. Idiot journalists and public intellectuals pretend despotism is democracy. Idiot intelligence operatives orchestrate the overthrow of foreign governments to create lawless enclaves that give rise to enraged fanatics. Idiot professors, 'experts' and 'specialists' busy themselves with unintelligible jargon and arcane theory that buttresses the policies of the rulers."
"Sie müssen hören Wahrheit alle,
Ob ihnen es auch nicht gefalle."
Sebastian Brant, Das Narrenschiff
"Now in vessels which are in a state of mutiny and by sailors who are mutineers, how will the true pilot be regarded? Will he not be called by them a star-gazer, someone who speaks foolishness, and a good-for-nothing?"
Plato, Republic
That person who spoke as a true navigator for reform and recovery was Bernie Sanders. And he was ridiculed, cheated, and spurned by the established powers who do not care if the ship is sinking as long as they have first class seats.
And meaning no disrespect to Chris Hedges, but aren't we the real idiots in this dark comedy? After all, we listen to them and let it happen, and we tend to be the ones who pay the tab for their self-enriching escapades.
The economic news this morning was not good.
The big cap tech stocks rallied the NDX to a new all time high, with the broader markets lagging badly.
The markets are factoring in a repatriation of the corporations big cash hoards from overseas tax havens at some bargain as a part of 'tax reform.'
We are led by demagogues who surround themselves with oligarchs and their stooges. Any 'reforms' are merely the next stage in the looting of the productive economy. The notion that either Trump or Hillary were 'populists' is laughable. They could care less about the public when compared to their own personal ambitions.
Things are more likely to get much worse before they get better. This will not end well.
Gold and silver took a hit in New York trading when someone dumped a large amount of paper claims on the market.
"Caesar was swimming in blood, Rome and the whole pagan world was mad. But those who had had enough of transgression and madness, those who were trampled upon, those whose lives were misery and oppression, all the weighed down, all the sad, all the unfortunate, came to hear the wonderful tidings of God, who out of love for men had given Himself to be crucified and redeem their sins.
When they found a God whom they could love, they had found that which the society of the time could not give any one— happiness and love."
Henryk Sienkiewicz, Quo Vadis: In the Time of Nero
“Do not let your hearts be troubled. You have put your trust in God, and so trust also in me."
John 14:1
The First Quarter GDP number came in quite low, surprising those who have not been following the forecasts from the Atlanta Fed. I suspect that it will be revised lower in the next few iterations.
Additionally, the 'chain deflator' or the measure of inflation in this report was higher than expected at 2.3%.
So with very low growth, and higher inflation, we see some evidence of that odd phenomenon that is really the child of exogenous forces and continuing policy errors once thought to be impossible called stagflation.
Silver began trading its May contract with a large number of paper claims trading hands as noted below in the clearing report from yesterday. JPM's house account is notably absent, although a 'customer' of that bank sold a large number of contracts.
The first chart below shows that the Shiller P/E index is now at the same level of that bubble in 1929.
I was amused to hear some of the Wall St denizens and spokesmodels noting that the bubble can certainly go much higher, so now may be a good time to buy.
Remember that salvation has been bought for us by the greatest love that one can receive, and that we should therefore take no pride in it. Rather, we are a child not of our own works or words but of mercy, and we are therefore expected, no we are commanded, to extend that mercy to others. As you judge, so shall you be judged.
To take pride in our position and status and knowledge in the manner of the Pharisees, and especially to abuse our faith as a platform for hatred, violence, and other offenses against others, is to sin against the Spirit. And this is the one sin that will not be easily forgiven.
This then is a purpose of suffering, that we may be kept safe from such a temptation to think so falsely of ourselves, and imagine ourselves to be what we are not. For it is in this disordered pride that the first sin found its mark.
"The common are but a breath, the highborn but a lie. If weighed on a balance, they are nothing; together they are only a breath, less substantial than their vanity."
Psalm 62:9
Spring is in full force here, and life is abounding. The queen and dolly are getting along well, and keeping me busy. Three more of these radiation treatments, and then the waiting begins again.
In seeing, so that we may believe.
Please remember the poor in both wealth and spirit. And especially God's creatures who have been entrusted to your care.
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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