I still have ‘too much’ on my plate but it’s raining, providing a temporarily respite from my outdoors ‘to-do’ list.
The ‘inside’ list is more tolerant of my tendency to procrastinate and I feel the need to create a fresh post while I wait for other things to happen.
Which is more than a little ironic considering the ‘Waiting for Godot’ situation we are all experiencing right now…at least the things I’m waiting for are things I have set in motion and they actually ‘will’ happen, they are not a ‘matter of faith.’
Speaking of faith, we can only wonder who the hell thought this sudden urge towards ‘frugality’ when it comes to government spending is a good idea?
Yes, we need to ‘rein in’ wasteful spending but it is far more important to insure that basic needs are being met. I have no interest in belonging to a society that expects me to off myself so a few can
What is really at stake here, good citizen, is who controls the resources our species needs.
Would you do a better job of it than the incumbents? Chances are you wouldn’t, thus are we faced with the need to remove the ability to ‘profit’ from ‘positions of trust’.
This involves changing both the properties and rules regarding the ‘acquisition’ of money because we can’t proceed using the same rules we have now.
Which brings us to the current situation, a picture perfect example of ‘chaos’ in action. The rules ‘flex’ to accommodate desired outcomes, bizarre case by case ‘exceptions’ where it’s okay for somebody else but it’s not okay for you.
YOU get locked up for being behind on your credit cards but our ‘corporate overlords’ can destroy all life in the Gulf of Mexico and the worst thing that is going to happen to them is they aren’t going to get a dividend check this quarter.
Can you say ‘mis-management’? How long are you willing to tolerate this brand of ‘willful incompetence’?
The longer you put up with it, the worse it gets.
Which brings us to tonight’s offering
SP 500 Futures and Gold at 10:30 AM
The Sept SP 500 Futures daily chart rolled over at big overhead resistance and has now fallen to support, retracing approximately 50% of its advance. Housing sales are falling dramatically according to this morning's economic reports. [Big surprise, huh?]
Why this would surprise anyone is beyond me. Outside of the cheerleading the economy in the US is wooden, zombie-like, dominated by non-productive speculation and wealth transferal. It is becoming a textbook example of policy error for the next school of economic thought to come forward after this epic failure by the neo-liberals and their faux free market hypocrisy.
The SP 500 *could* fall to the bottom of that trading range which would take it down to 1050. However, JPM and Morgan Stanley have been appointed to get a General Motors IPO out into the market over the next week or so, which will help to relieve the US government of its 60+% stake in that company. [It will also relieve the taxpayer of any benefit gained by owning 60% of GM as well. (Not that there is a lot of ‘upside’ in the automobile market, energy scarcity will ‘kill’ that.)] So, while it may decline further, or find a footing here despite the news, I would not expect it to fall apart unless there is a big event or breaking news. They would really like to prop the market until they can get this pig out the door.
Gold was hit again by bear raids today. Make no mistake, this is what it is, and it is as we forecast. If one had hedges in place it did not matter, but it does serve to illustrate the shallow venality of this market, and the lax stewardship of the CFTC.
The economic news this morning was quite dire, and concerns about a 'double dip' will revive as the US enters its 'zombie-like' stagflation which is the natural consequence of policy errors and a failure to reform. [As has been repeated both here and across the web, NOTHING has changed, there has been no ‘reform’ so ‘improvements’ are mostly ‘illusions’…or delusions, take your pick.]
How can a country being run by gamblers, control fraud operators, corrupt politicians, and the idiot sons and shills of decrepit oligarchs (W Bush, Clinton, Obama, Palin for example) possibly turn around without a serious reform and change in regime, and a return to the fundamentals that made it great?
This is what Americans voted for in the last election, and they were cheated, and rightfully feel betrayed and disappointed. Change will still inevitably come, but such changes are historically fraught with risk. Other ways will be sought to further distract a restless public. Change and progress will be resisted with a remarkable intensity by a powerful few, like men possessed. The drums of war are being beaten by those who never fight themselves, but feed their half lives off the misery of others.
And so we go into the future with fear and trembling.
It doesn’t matter whether you agree with this statement or not, it is the future and it is coming, definitely the bad and marginally ‘some’ of the good as well.
Why bother to warn the ‘sheep’ they are being herded to slaughter? Because unlike sheep, we do have the ability to fight back…and that’s what the ‘wolves’ fear the most.
Too ‘chicken’ to fight back? When push come to shove you won’t be. You’ll be so pissed you’ll wonder why you put up with this nonsense so long (considering how easy it is to ‘refuse to cooperate’.)
That is perhaps the most damning part of our collective exploitation, it requires our explicit ‘cooperation’.
Ask yourself why you continue to go along with a situation that only holds despair and doom for you and those you profess to love, but lack the courage to protect…
Thanks for letting me inside your head,
Gegner
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