“The greatest hazard of all, losing one’s self, can occur very quietly in the world, as if it were nothing at all. No other loss can occur so quietly; any other loss - an arm, a leg, five dollars, a wife - is sure to be noticed.”
Søren Kierkegaard, The Sickness Unto Death
“'The world says: 'You have needs — satisfy them. You have as much right as the rich and the mighty. Don't hesitate to satisfy your needs; indeed, expand your needs and demand more.' This is the worldly doctrine of today. And they believe that this is freedom. The result for the rich is isolation and suicide, for the poor, envy and murder.”
Fyodor Dostoyevsky, The Brothers Karamazov
"It was pride that changed angels into devils; and it is humility that makes men angels. There never has been, and never can be, and there never shall be any sin without pride.”
Augustine of Hippo
"Those among the rich who are not, in the rigorous sense, damned, can understand poverty, because they are poor themselves, after a fashion; they cannot understand destitution. They will be moved, to the sound of beautiful music, at Jesus’s sufferings, but His Cross, the reality of His Cross, will horrify them. They want it all out of gold, bathed in light, costly and of little weight; pleasant to see, hanging from a woman’s beautiful throat."
Léon Bloy
Our masters of the universe apparently discovered their chronic mispricing of risks today, and their reaction was swiftly self-serving.
In other words, we had yet another grand wash and rinse.
The CPI data, which is skewed by the way in which it accounts for housing, as compared to the Fed's favorite measure the PCE, came in a bit high this morning.
And there it was.
Gold and silver sank, as the Dollar rocketed higher.
Finally the continued nagging of Jay Powell that the Fed would not be pivoting dramatically anytime soon was believed.
Stocks dropped like rocks, with all the wax winged demi-gods plunging back towards earth.
VIX rose dramatically.
I came in expecting something like this, but it was certainly impressive in its shamelessness.
Markets seem to be mimicking our geopolitics in their ruthless destruction of the innocent.
We deserve better than this. But we are not going to get it, anytime soon.
Crime in the land ruled by the forsaken pays, very well.
Consequences are for those who believe in something besides their own exceptionalism.
And yet, despite everything, the people of God endure.
Tomorrow is another day.
Have a pleasant evening.
