“People with advantages are loathe to believe that they just happen to be people with advantages. They come readily to define themselves as inherently worthy of what they possess; they come to believe themselves 'naturally' elite; and, in fact, to imagine their possessions and their privileges as natural extensions of their own elite selves.”
C. Wright Mills, The Power Elite
“Instead of flooding the entire economy with liquidity, and thereby increasing the danger of inflation, the Fed could support the stock market directly by buying market averages in the futures market, thereby stabilizing the market as a whole.”
Robert Heller, Federal Reserve Board, 1989
Now, we don't have the legal right to sell gold but I'm just frankly curious about what people's views are on situations of this nature because something unusual is involved in policy here. We're not just going through the standard policy where the money supply is expanding, the economy is expanding, and the Fed tightens. This is a wholly different thing."
Alan Greenspan, Federal Reserve Minutes from May 18, 1993
"We looked into the abyss if the gold price rose further. A further rise would have taken down one or several trading houses, which might have taken down all the rest in their wake. Therefore at any price, at any cost, the central banks had to quell the gold price, manage it. It was very difficult to get the gold price under control but we have now succeeded. The US Fed was very active in getting the gold price down. So was the U.K."
Eddie George, Governor Bank of England, in a conversation with the CEO of Lonmin, September 1999
Lawlessness breeds lawlessness.
Why are you surprised, given the example of lawlessness that we have embraced at the national level?
The Imperial Presidency is reaching a critical junction.
How much of the rule of law and integrity are we willing to surrender for the sake of easy money and stock market gains?
Thomas Paine once wrote that 'these are the times that try men's souls.' In his original pamphlet he used the word 'try' in the sense of testing, or straining.
There is also another meaning to the word, and that is 'judge,' and a soul is a soul.
The craziness will continue until the market crashes.
In some ways that is a collateral event to what is really at stake, for you personally, in what really matters.
Have a pleasant evening.
