“The problem of the last three decades is not the ‘vicissitudes of the marketplace,’ but rather deliberate actions by the government to redistribute income from the rest of us to the one percent. This pattern of government action shows up in all areas of government policy.”

Dean Baker

“Most of them became wealthy by being well connected and crooked.And they are creating a society in which they can commit hugely damaging economic crimes with impunity, and in which only children of the wealthy have the opportunity to become successful. That’s what I have a problem with. And I think most people agree with me.”

Charles Ferguson, Predator Nation

“If the IMF’s staff could speak freely about the U.S., it would tell us what it tells all countries in this situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time.”

Simon Johnson, The Quiet Coup
 

I think it is telling, if not a bit amusing, that the two presumptive presidential candidates are not only disfavored but actually despised by a greater percentage of the people than ever before.

Well, it tracks with the arrogant propensity to continually misprice the risks, thinking that we can be as gods, and the market is our instrument of service.

Besides ‘it is different this time’ the most damaging assumption about what comes next is ‘well, it has not happened yet.’

The madness of greed and hubris that drives all this will serve none but itself.

Let’s see if gold will provide us with any meaningful movement on the chart formations.

Silver needs to hold 16.

Have a pleasant evening.