"This elite-generated social control maintains the status quo because the status quo benefits and validates those who created and sit atop it. People rise to prominence when they parrot the orthodoxy rather than critically analyze it. Real change in politics or society cannot occur under the orthodoxy because if it did, it would threaten the legitimacy of the professional class and all of the systems that helped them achieve their status."
Kristine Mattis, The Cult of the Professional Class
"Monetary and regulatory policy encourage asset bubbles to proliferate. Hot money seeks out the conscious mispricing of risk. Capital, in the form of both money and personal talent, increasingly flows into malinvestment and the gaming of markets.
The productive economy languishes, left wanting for the lack of creative resources and attention. The bubble rises to unsustainable valuations— and fails, and a nation's capital is consumed."
Jesse 5 August 2019, The Men Who Sold the World
Stocks were wobbly for the morning trade.
And then the Fed's more-hawkish-than-expected meeting minutes came out, and stocks went into a melt down as Treasury yields rose.
Gold and silver got smacked down from their rally attempt.
The Dollar had been selling off during the day, but rallied sharply higher on the 2 PM news, finishing almost unchanged.
The VIX moved higher.
What a surprise.
Is the rinse cycle over yet?
Never have so many paid such an exorbitant price for so few.
Non-Farm Payrolls report on Friday.
Have a pleasant evening.
