In case the US constitution is alien to you or you haven't perused it in a while, today might be a good day to refresh your memory on the original document that led to placing America among the greatest nations of the world.
We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.
-- preamble to the constitution of the United State of America
Focusing on the capitalized words alone - Union, Justice, Tranquility, Welfare, Blessings, Liberty, Posterity - consider how the goals of our constitution are being handled today and especially since the 2020 pandemic, now bordering on seven months hence.
As a country, the United States can hardly be called a Union under today's circumstances. Cities across the country have been set on edge and ablaze by notorious terrorist groups such as ANTIFA and BLM, whose insistence on putting race above reason and union are tearing the country apart, community by community.
These very same people call for Justice while burning, looting, rioting, demanding that all Americans respect the credo of "Black Lives Matter" over all else, insisting that "All Lives Matter" is not appropriate to their cause and that "White Privilege" and "Systemic Racism" are at the root of their protestation, which, at its heart is divisive, disruptive, and degenerative.
Because of these people, there is no Tranquility. Most of them would prefer to be on Welfare rather than take on a job and work for an honest living.
They are able to spread their message of racism and hatred with the Blessings of large swaths of the Democrat party, many mayors and city councils, and a compliant media which fails repeatedly to point out the failure of their messaging.
Thanks to the media, the rioters and protesters, the self-ordained medical junta, the governors of various states, and mayors of various cities, individual Liberty has been denied and obstructed via unconstitutional edicts, recommendations, orders, and draconian lockdown measures.
At the pace the country is going, we will leave to our Posterity not a nation, but the picked over bones of what was once a place endowed with a proud history, a land of opportunity, a welcoming refuge from tyranny and oppression.
As far as honoring and adhering to our constitution, the Federal Reserve System, a private banking organization which, in 1913, was granted a charter to pillage the American people with a fiat currency in the form of bills of credit (Federal Reserve Notes), in contravention to the constitution that nothing other than gold and silver can be used as legal tender. When it created the charter for the Federal Reserve System, congress exceeded its authority to assign the power of issuing legal tender as bills of credit.
For 107 years, the United States has been operating with a bank charter that is neither constitutional nor legal and the current congress steadfastly refuses to amend the charter for the Federal Reserve or expunge it entirely.
Americans will never be free until the Federal Reserve System is completely nullified and constitutional money, backed by gold and silver reinstated.
Adding insult atop a century of injury, on Wednesday, the Federal Reserve concluded another of its Federal Open Market Committee (FOMC) policy meetings on Wednesday, stating that it would keep its key lending rate - the federal funds rate (or intra-bank rate) - at or near zero until 2023.
In the press conference following the policy announcement, Chairman Jerome Powell suggested that congress and the president need to pass another stimulus bill, as if the Fed's own endless monetary magic, via creation of currency out of thin air and backstopping or buying all debt, from corporate bonds, to junk, to treasuries, to munis, wasn't already enough of a monstrosity.
Action on a second major coronavirus stimulus bill has been stalled in congress since late July and prospects of anything passing through the House and Senate to the president's desk are dim.
The House is scheduled to go into recess on October 3rd and not return until after the elections. The Senate is scheduled for a recess beginning October 12.
On the Fed's policy announcement Wednesday - the final FOMC meeting prior to the November 3 elections - stocks, which were mixed prior to the 2:00 pm ET announcement, initially rose, but uniformly fell as the trading day commenced, with the Dow and NYSE Composite barely holding onto slim gains and the NASDAQ and S&P 500 finishing in the red.
As Thursday's opening bell approached, the weekly initial unemployment claims data was released, sending stock futures further into negative territory when new claims came in 860,000, close to the prior two weeks which saw 880,000 initial claims.
Initial claims such as have been witnessed since the beginning of the pandemic in March have been exaggerated over previous recessions, where initial claims would run hot - around 600-800,000 per week -at the start, but settle into a lower range of 250-380,000. Current initial and ongoing claims are well beyond historic norms.
As of this writing, Dow futures are off by about one percent; NASDAQ futures are down more than two percent.
Get ready for another culling.
At the Close, Wednesday, September 16, 2020:
Dow: 28,032.38, +36.78 (+0.13%)
NASDAQ: 11,050.47, -139.86 (-1.25%)
S&P 500: 3,385.49, -15.71 (-0.46%)
NYSE: 12,997.86, +30.67 (+0.24%)
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