"There seems little question that in 1929, modifying a famous cliche, the economy was fundamentally unsound. This is a circumstance of first-rate importance. In 1929 the rich were indubitably rich. The figures are not entirely satisfactory, but it seems certain that the five per cent of the population with the highest incomes in that year received approximately one-third of all income.
The proportion of personal income received in the form of interest, dividends, and rent – the income, broadly speaking, of the well-to-do – was about twice as great as in the years following the Second World War. This highly unequal income distribution meant that the economy was dependent on a high level of investment or a high level of luxury consumer spending or both.
The rich cannot buy great quantities of bread. This high bracket spending and investment was especially susceptible, one may assume, to the crushing news from the stock market in October 1929."
John Kenneth Galbraith, The Great Crash of 1929
"Time is a flat circle. Everything we have done or will do we will do over and over and over again— forever. This place is like somebody's memory of a town, and the memory is fading. It's like there was never anything here but jungle."
Rust Cohle, True Detective
"Foolishness has a knack of getting its way; as we should see if we were not always so much wrapped up in ourselves. In this respect our townsfolk were like everybody else, wrapped up in themselves; they did not believe in plagues."
Albert Camus, The Plague
Stocks had the wobbles today, but managed to close higher in the late afternoon while the rest of the world slept.
Gold, silver, and the Dollar all were weakly trading. Silver finished unchanged.
There will be a Comex option expiration for the metals tomorrow.
All eyes will be on the FOMC meeting this Wednesday.
I doubt they will do anything or say much before their soiree in Jackson Hole in August. k
Try to remember yourselves, who you are, and whom it is you serve.
We have gone through a period of madness, which I would have not believed possible.
Hopefully we will come back to our senses. Especially if we stop filling our minds and hearts with lies and hate.
It is not worth it. And especially for those who send and teach these things to their children and grandchildren. Their sorrow will be profound.
Have a pleasant evening.
