In Time of Madness

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by Jesse

Cabrera, The Virgin of the Apocalypse

“`In that direction,’ the Cat said, waving its right paw round, `lives a Hatter: and in that direction,’ waving the other paw, `lives a March Hare. Visit either you like: they’re both mad.'”

Lewis Carroll, Alice’s Adventures in Wonderland

“He who makes a beast of himself gets rid of the pain of being a man.”

Samuel Johnson

“Man has places in his heart which do not yet exist, and into them enters suffering, in order that they may have life.”

Léon Bloy

“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.”

Henryk Sienkiewicz, Quo Vadis

“Amen I say to you, you are Peter, and upon this rock I will build my church, and the gates of hell shall not prevail against it.”

Matthew 16:18

Fed Chair Jay Powell made dovish sounds in his talk at Jackson Hole today. And the PBOC made some noises about the weakness of the yuan overnight.

READ  The Fed’s Reverse Repo Madness

No big surprise there since it is clear to informed observers that the Fed is raising rates, not to dampen incipient inflation, but rather to get off their protracted stay near the zero boundary, so they will have the room to make policy decision, eg. interest rate cuts, when their latest financial asset bubble implodes.

And so the dollar slumped, gold and silver took off like scalded cats, and stocks were able to go out near the highs.

READ  The Fed’s Reverse Repo Madness

We will be closing out the month of August next week, with Friday being the 31st. So alas, we will have to wait until the following week for the next Non-Farm Payrolls Report.

We will be having a Comex precious metals option expiration on the 28th. However this contract month is much more significant to silver rather than gold.

It is hard not to conclude that we are caught in a system of unfettered capitalism gone mad.

When you have nothing else that is nice to say, perhaps it is better to say nothing at all.

Need little, want less, love more. For those who abide in love abide in God, and God in them.

Have a pleasant weekend.

 

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