Vanishing Act

And as the flames climbed high into the night
To light the sacrificial rite,
I saw Satan laughing with delight
The day the music died
--Don MacLean

Although I fully anticipated that bureaucrats would pull out all stops to prop up badly listing markets, the historic interventions of the past week find me mired in a sadness that I can't seem to shake. From where I sit, the last semblance of freedom is being extracted from our markets.

Present and future generations will surely suffer as a result.

Two other brief comments at this point. For those unaware of our political economy's bias towards the bank, please open your eyes and observe the present situation.

Also, it's hard to believe how this activity is not bullish for gold. The sheer size and aggressiveness of these interventions further distort an already unstable system in a manner that drastically raises probability that markets will come completely unglued down the road.

position in gold