Sometimes I wonder whether y'all are paying attention or not. Yesterday I wrote about the Three Stooges the Republicans are fronting as presidential candidates & their inability to beat Barack Obama. Some of y'all castigated me for not mentioning Ron Paul, some of you drew your breath in horrified as if I were supporting Obama. No. 1, know that it makes not a whit of difference who is elected, neither Obama nor the Three Stooges nor Jack Frost. Whoever it is will not have enough principle to raise a pimple on a hog if he were smallpox. The Establishment, who picks the president, doesn't pick 'em for principle, but for following orders. Whoever is elected, Democrat or Republican, will continue the same policies that are enslaving all of us and feeding our lifeblood to the Establishment, just as Obama continued the Bush policies who continued the Clinton policies who continued the Bush policies who continued the Reagan policies all the way back to Franklin Roosevelt. Whoever is elected will do the Establishment's bidding, or he will meet with a "Lone Assassin keeping a diary." Presidents are like judges, they don't pick 'em for character. No. 2, I share most of Ron Paul's principles, but perhaps y'all have not noticed that he is the Invisible Candidate. Why do you think that is? Because the media can't see him? Cataracts? Nope, it's because they know who signs their paychecks, and they cover what the signer wants covered. Assume the impossible, that Ron Paul is elected. What then? Assuming, too, he doesn't meet that convenient "Lone Assassin keeping a diary," how much could he change? How hard could he push against the entrenched bureaucracy, the defense establishment, & an economy addicted to defense spending, government money, borrowing, and inflation? Sure, go ahead, get angry at me because I'm just a fool telling you the obvious truth. Presidential politics is one big red herring intended to make you believe that you can really make a difference, but at that level you are no more than a pawn, utterly powerless. You make yourself the natural prey and dupe of these foul creatures. Where do you have power and influence then? In your family. In your neighborhood. In your community. In your town or city. In your county. In your state. There you have real power and influence, because those people know and love and trust you. Truth is, rather than do the hard work of fixing things in your own family and neighborhood & state, y'all want to run off flattering yourselves that you're changing the nation with presidential politics. Hogwash. Last night a reader sent me a quotation that sums it all up, from Buckminster Fuller. "You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete." Am I become your enemy because I tell you the truth? Today's markets brought no excitement or changes much. Silver & gold bounced, dollar eased off, stocks crept up. No gamechanger today. S&P500 did make a coup for morale by closing above the round number 1,400, up 8.06 (0.98%) to 1,402.60 Dow added 8.32 (0.6%) to 13,252.76. Stocks -- let 'em roar, let 'em roll -- stocks may rejoice in the evening, but the hangover cometh in the morning. Dollar Index is still backing off its high yesterday about 80.70. 'Twas 80.248, down 31.7 basis points (0.41%) when I looked, but made a low at 80.038. Dollar should hold 80 - 79.95, where support will be stout. Euro rose same 0.41% the dollar index fell, to 1.3082. Must cross above 1.3120 before it has a future upside. What a chart! Looks like a drunk driver using both feet on brakes & accelerator. Yen broke 120c today to close at 119.7c/Y100 (Y83.54/US$1). A bottom? Oversold as popcorn at the movie theater, but won't stop dropping. Can it go to zero? One meditates on the world fiat currency set-up & one must conclude that the central bankers all work together, as much as they all eat supper together once a month at the Bank for International Settlements in Basel. One pictures them sweating bullets & trying to restrain their bodily functions as the Euro crisis unfolded, & one can imagine that they would have sold their mothers as eternal streetsweepers just to get each other's co-operation. One then wonders if events unfolding in the currency markets are exactly what they planned. One wonders, that's all. One doesn't wonder what they do about gold: they fight it constantly, but with only occasional bouts of success. Our favorite precious metals, silver & gold, both bounced today, gold 1%, silver 1.7%. While this is a move in the right direction & promises better things, it doesn't rise to gainsaying the downtrend's control. Yesterday and today gold made what MIGHT be a rounding bottom, then put an lip on the bowl by rising to $1,665.60. Great, but that was Tuesday's low, so without conquering that, today's rise is merely noise & equivocation. Gold close up $16.60 at $1,659.10. I spoke yesterday of watching for the right & final shoulder of upside down head and shoulders patterns on both charts. Gold's right shoulder should come anywhere around $1,600, a little higher, but it could dip lower. In silver that shoulder could find its low from 3100c to 3000c. Of course, no cosmic law prevents their finishing those shoulders a little higher, either. Silver chart offers a reflection of gold's, with different numbers. Silver's low yesterday fell a little under 3150c, but today it gained 54.6c to close Comex at 3269.3. Barrier to silver's upward course is resistance at 3285/3275c. A fall through 3150c support will bring a bottom speedily. Silver did reach up to touch its 50 day moving average today (3292c). On 15 March 1781 General Nathanael Greene with 4,400 Continental & militia troops whipped General Cornwallis 1,900 British & Tories at the Battle of Guilford Courthouse, North Carolina. Following up on the American victory at the Cowpens in South Carolina, Greene played cat & mouse with Cornwallis, and escaped to safety over the flooded Dan River in Virginia. Greene then returned and caught Cornwallis & defeated him, driving him out of the Carolinas into Virginia on his road to Yorktown. Hillsborough, where the battle took place, was before the war a hotbed of the "Regulator" rebellion (1771) against colonial government and seizure of their property to pay taxes, plus assorted other corruptions. When I found out that one of my ancestors, Daniel Baldridge, was a Regulator, that explained a lot. I am a GENETIC tax protestor. I can't help it. It's a disease. They hanged six of the Regulators, but the rest bided their time. When the Revolution came, they joined the American forces. Patience is crucial for a tax protestor.
Argentum et aurum comparanda sunt —
Silver and gold must be bought.
— Franklin Sanders, The Moneychanger
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