“The mob believes everything it is told, provided only that it be repeated over and over. Provided too that its passions, hatreds, fears are catered to. The grosser, the bigger, the cruder the lie, the more readily is it believed and followed. The mob has no memory; needless to pretend to any truth: the mob is radically incapable of perceiving it: the mob can never comprehend that its own interests are what is at stake.”
Alexandre Koyré, Réflexions sur le Mensonge
"A thriving upper class accepts with a good conscience the sacrifice of untold human beings, who, for its sake, must be reduced and lowered to incomplete human beings, to functionaries, to instruments."
Friedrich Nietzsche, Beyond Good and Evil
"You should thank God for bank bailouts— absolutely required to save your civilization. So I think when you have troubles like that you shouldn't be bitching about a little bailout. You should have been thinking it should have been bigger. You should thank God the government saved the big banks and their investors.
Now, if you talk about bailouts for everybody else, there comes a place where if you just start bailing out all the individuals instead of telling them to adapt, the culture dies. Suck it in and cope."
Charlie Munger, Christian Science Monitor, September 30, 2010
The Fed left its benchmark rate unchanged.
A dovish note was struck and reinforced in Chairman Powell's press conference.
The Dollar tanked.
The metals rallied.
Stocks rose a bit.
And a fortunate time is guaranteed— for a few.
Have a pleasant evening.
