Interesting analysis from Tom Luongo on leverage and near zero interest rates and its effect on society:
“All of the woke-ism and dumb ideas that have proliferated have done so at the zero bound rates. A corrupt money begets a corrupt society - we can’t even define who a man and a woman is anymore. Dumb ideas don’t die when money has no cost. Getting rid of the leverage is how you get rid of a lot of the aberrant behavior. Get rid of cheap money and everyone’s like, ‘Guess we don’t have time to waste time on things like whether or not words are micro-aggressions because there are ditches to be dug, electricity lines to be run....We’ve had this false sense of having conquered scarcity which only comes with the mania of fifteen years of zero-bound dollars.”
More controversially and speculatively he continues on the bank failure today (Silicon Valley Bank):
This Silicon Valley Bank thing is happening before 5pm on a Friday. So, this is meant to affect the closing of this week's market. In 2008/09 all the FCID bank closures happened after the market closed on Fridays to limit the damage. Today we are treated to a vandalistic Biden regime making a big deal out of this DURING trading hours. From a purely political and qualitative standpoint I'd say a number of things are at play here.
For a major SV bank to fail this spectacularly in 24 hours, 72 after the FOMC Chair went full hawk smells of a setup to force a "pivot" this weekend.
But, it could also be revenge for the direct attacks on JPM CEO Jamie Dimon by running a 'nuts and sluts' campaign on him through Jeffrey Epstein and an incomprehensible ruling against him earlier in the week.
We have continued attacks happening against Credit Suisse, who the Fed helped out last summer, and who the Saudis and UAE put large sums into their spun-off IB unit.
This is a clear Davos attack on their enemies.
Peter Thiel comes out against $SIVB lends credence to me that this is a $JPM revenge play against SV for selling out the US to foreign, globalist powers. Take away their money, you take away their power. More fallout from the Fed's war on egregious leverage.
This smells like another $FTX hit job by the Fed and Wall St. to roll over one of their clear enemies and this is why it's not happening over the weekend...
I'm not here to give definitive answers but to present the possible scenarios at play.
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Ye olde Catholic blogger of yore, Jim of "Bethune Catholic", is exactly my age. Steph and I visited him in South Carolina quite a few years ago.
Despite his (relative) youth, he had open heart surgery in December.
His initial post:
I am home! Surgery a great success and "miraculous" in the words of the surgeon. Without going into too many details, 4- 100% blockages successfully bypassed, when initially, it was questionable if a by-pass would even work. Doctor didn't understand why I was still walking around especially being so active.
Now, some may say it is all the bacon and sausage I consume, but not only do we not eat so much of that, it is more the food I consume when I am off-farm which has gotten me. (I love doughnuts!).
Some TWO MONTHS later (ouch) he writes this:
I don't like to dwell too much on my surgery and recovery, but what else is there? I still have trouble concentrating enough to read deep. But I am still thinking, but still occupied with the whole experience.
So, do I recommend it? That is do I recommend open heart surgery? More accurately, was the fun I had for 58 or so years clogging my arteries worth the pain of Cbbg X 4 and the current ongoing recovery.
I guess it is analogous to our life and Heaven vs. Hell. We can chase pleasure, power, wealth and (supposed) happiness for our 58 or 93 years or whatever time we have on this Earth and consequently suffer Hell.
Of course surgery and recovery is not eternal, so the analogy eventually breaks down.
But going forward, I certainly will try to avoid a repeat even if I need to suffer a little bit more. I am finding out that many of my elderly neighbors have had multiple open hearts. Not sure I am man enough to go through it again.
Prayers for Jim.
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Of your charity, pray/give here to a relative of Darwin Catholic's family:
https://www.gofundme.com/f/help-for-baby-joshua-and-the-egan-family?member=25585661&utm_campaign=p_lico+share-sheet&utm_medium=copy_link&utm_source=customer
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Pope Benedict XVI once wrote:
“Let us renew our ‘yes’ to God who chose the way of the Cross in order to save us. This is the great mystery which continues and will continue to take place until the end of the world, and which also asks for our collaboration.”
The mystery of human suffering is only exceeded by the mystery of God suffering in the person of Jesus. It’s odd enough for humans to have to suffer but more so for sinless Jesus.
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“International Women’s Day” was yesterday. There should be an “international humans day” because the biggest current threat is not seeing humans as intrinsically valuable.
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Sometimes at lunch when I was working downtown I’d head off to the Columbus Library and walked past Grant Medical Center. It’s a large modern hospital and I never gave it a second thought but had I been able to time -travel back to 1950 I would’ve seen an amazing Victorian building called “St Francis Hospital”. Like most beautiful old buildings, it was razed in 1957.
And even more odd is that I would be passing by the office of a 42 year old nun who was my dad’s godmother. (Technically anyway; she was a bit hands-off when it came of that role but who am I to judge?)
Sister Marie Grace served in Columbus, in the finance offices of St Francis Hospitals, splitting her time between one in Indiana and this one in Columbus from 1943 to 1953.
St Francis was built during the Civil War:
“Because of the lack of medical facilities in Columbus, local physicians organized a move to bring a group of nuns to the Columbus community to serve as health care workers in 1861. In February 1865, a 99-year lease was granted to the Sisters of the Poor of St. Francis to operate St. Francis Hospital.”
James Rosen has a new bio out on Antonin Scalia. The way "Washington works" sounds suspiciously like "the Spirit of Vatican II" and the desire to go beyond what the Council's texts said. From an Eric Metaxas interview:
“Scalia became worldly about the way Washington works. He came to understand that sometimes lawmakers would recognize there were certain provisions they wanted enacted into law but that wouldn’t survive an actual floor vote so they would sprinkle indications of their intent for the law into floor debates, committee reports..and they were confident that when the law was enacted liberal judges, strolling through the garden of legislative history, would find these little seedlings and expand the meaning of the law beyond the text that was passed and graft their own policy preferences onto laws.”