Guest Post by Jesse
“It is better to be a child of God than king of the whole world.” – Aloysius Gonzaga
As you most likely have heard by now, the Non-Farm Payrolls Report For May came in quite shockingly low.
Despite a great deal of popular nonsense The Recovery™ is reserved for the one percent.
I had to crack up at one remark this morning that the jobs number is so low because we are at full employment, and therefore there are not any more jobs to be had or people to take them.
Never mind the Labor Participation Rate which is still falling and awful, and average wages which are sluggish.
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But nevertheless stocks rallied as expectations of the Fed’s raising rates this year more than once or twice have fallen dramatically on the lack of inflation and jobs.
And because of that, the dollar tumbled and gold and silver caught a bid on expectations of more Fed looseness, along with their buddies at the ECB and BoJ.
So what next?
Make no mistake. Stocks are in a bubble now. And the underpinnings in the real economy, despite the rhetoric from the ivory towers and beltway bandits, is just not there. And therefore this inflated paper asset tower is doomed to fail because there is no organic growth to sustain it.
They may bubble on even more, but one look at big cap tech should tell you everything you need to know. They are mispriced for risk, or on the other hand, now priced for stupidity. And the Wall Street denizens wait patiently for the greater fools.
How will the Fed and the government respond to the next financial crisis? What new lies and scapegoats will be forthcoming from the maw of the establishment? What jealous entities are undermining our exceptionalism now?
This is not going to be pretty, especially since there are so many propagandized zealots running around with great expectations fed by their respective demagogic saviours on the polarized right and left. The only genuine reformers and friends of the people are largely friendless in the circles of power and the rat alleyways that surround them.
And the powerful and the wealthy are ascendant, and feeling good about themselves almost to the point of fearlessness. This is the effect of disordered minds, whose judgement has been corrupted by pride, and a lack of self-knowledge grounded in place their true place in the universe.
They do not know themselves, or even what they do not know, being willfully blind.
Exceptional. Our hypocrisy knows no bounds.
The arrogance and hubris of our ruling elite is only matched by the gross ignorance and apathy of the population they rule. It’s a synergy that continues to spew out the particular psychosis of the rulers and the general psychosis of the ruled. America has become a case study of mental illness writ large.
The country has become an asylum for those incapable of seeing the truth, run by those who produce and perpetuate that incapacity. Unfortunately, there are still a significant number of involuntary inmates who still see the world as it is and not as they might wish it to be. For these hard cases, the state stands ready to administer the requisite “treatments” needed to bring them back to a state of compliant normalcy. In short, for all the real lunatics to feel comfortable and safe, the involuntarily committed must be “McMurphied” into compliance. If that doesn’t work, then being silenced is the only option.
I reserve judgment as to whether our current president has the strength and testicular fortitude to become our “Chief.” I suspect the involuntary inmates will have to band together to knock a hole in the wall of this nuthouse big enough for us to escape.
A lot of horses went down in the fourth turn and even the leaders now are hobbling. The track is frantically trying to get patrons to make side bets but the crowd looks surprisingly hostile.