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Wednesday, June 4, 2025

"Oliver Sacks on Gratitude, the Measure of Living, and the Dignity of Dying"

"Oliver Sacks on Gratitude,
the Measure of Living, and the Dignity of Dying"
by Maria Popova

“Living has yet to be generally recognized as one of the arts,” proclaimed a 1924 guide to the art of living. That one of the greatest scientists of our time should be one of our greatest teacher in that art is nothing short of a blessing for which we can only be grateful - and that’s precisely what Oliver Sacks (July 9, 1933–August 30, 2015), a Copernicus of the mind and a Dante of medicine who turned the case study into a poetic form, became over the course of his long and fully lived life.

In his final months, Dr. Sacks reflected on his unusual existential adventure and his courageous dance with death in a series of lyrical New York Times essays, posthumously published in the slim yet enormously enchanting book Gratitude (public library), edited by his friend and assistant of thirty years, Kate Edgar, and his partner, the writer and photographer Bill Hayes.

In the first essay, titled “Mercury,” he follows in the footsteps of Henry Miller, who considered the measure of a life well lived upon turning eighty three decades earlier. Dr. Sacks writes: "Last night I dreamed about mercury - huge, shining globules of quicksilver rising and falling. Mercury is element number 80, and my dream is a reminder that on Tuesday, I will be 80 myself. Elements and birthdays have been intertwined for me since boyhood, when I learned about atomic numbers. At 11, I could say “I am sodium” (Element 11), and now at 79, I am gold. Eighty! I can hardly believe it. I often feel that life is about to begin, only to realize it is almost over."

Having almost died at forty-one while being chased by a white bull in a Norwegian fjord, Dr. Sacks considers the peculiar grace of having lived to old age: "At nearly 80, with a scattering of medical and surgical problems, none disabling, I feel glad to be alive - “I’m glad I’m not dead!” sometimes bursts out of me when the weather is perfect… I am grateful that I have experienced many things - some wonderful, some horrible - and that I have been able to write a dozen books, to receive innumerable letters from friends, colleagues and readers, and to enjoy what Nathaniel Hawthorne called “an intercourse with the world.”

I am sorry I have wasted (and still waste) so much time; I am sorry to be as agonizingly shy at 80 as I was at 20; I am sorry that I speak no languages but my mother tongue and that I have not traveled or experienced other cultures as widely as I should have done."

But pushing up from beneath the wistful self-awareness is Dr. Sacks’s fundamental buoyancy of spirit. Echoing George Eliot on the life-cycle of happiness and Thoreau on the greatest gift of growing older, he writes: "My father, who lived to 94, often said that the 80s had been one of the most enjoyable decades of his life. He felt, as I begin to feel, not a shrinking but an enlargement of mental life and perspective. One has had a long experience of life, not only one’s own life, but others’, too. One has seen triumphs and tragedies, booms and busts, revolutions and wars, great achievements and deep ambiguities, too. One has seen grand theories rise, only to be toppled by stubborn facts. One is more conscious of transience and, perhaps, of beauty. At 80, one can take a long view and have a vivid, lived sense of history not possible at an earlier age. I can imagine, feel in my bones, what a century is like, which I could not do when I was 40 or 60. I do not think of old age as an ever grimmer time that one must somehow endure and make the best of, but as a time of leisure and freedom, freed from the factitious urgencies of earlier days, free to explore whatever I wish, and to bind the thoughts and feelings of a lifetime together."

In another essay, titled “My Own Life” and penned shortly after learning of his terminal cancer diagnosis at the age of eighty-one, Dr. Sacks reckons with the potentiality of living that inhabits the space between him and his death: "It is up to me now to choose how to live out the months that remain to me. I have to live in the richest, deepest, most productive way I can. In this I am encouraged by the words of one of my favorite philosophers, David Hume, who, upon learning that he was mortally ill at age 65, wrote a short autobiography in a single day in April of 1776. He titled it “My Own Life.”

“I now reckon upon a speedy dissolution,” he wrote. “I have suffered very little pain from my disorder; and what is more strange, have, notwithstanding the great decline of my person, never suffered a moment’s abatement of my spirits. I possess the same ardour as ever in study, and the same gaiety in company.”

Gliding his mind’s eye over one of Hume’s most poignant lines - “It is difficult to be more detached from life than I am at present.” - Dr. Sacks considers the paradoxical way in which detachment becomes an instrument of presence: "Over the last few days, I have been able to see my life as from a great altitude, as a sort of landscape, and with a deepening sense of the connection of all its parts. This does not mean I am finished with life.

On the contrary, I feel intensely alive, and I want and hope in the time that remains to deepen my friendships, to say farewell to those I love, to write more, to travel if I have the strength, to achieve new levels of understanding and insight."

"Gratitude" is a bittersweet and absolutely beautiful read in its entirety. Complement it with Dr. Sacks on the life-saving power of music, the strange psychology of writing, and his story of love, lunacy, and a life fully lived, then revisit my remembrance of Dr. Sacks’s singular spirit.

"What The Herd Hates Most..."

"What the herd hates the most is the one who thinks differently. It is not so much the opinion itself, as the audacity of wanting to think for themselves. Something they do not know how to do." – Schopenhauer
o
Read a book? That'll be the day!
"Nationwide, on average, 79% of U.S. adults are literate in 2024.
21% of adults in the US are illiterate in 2024.
54% of adults have a literacy below 6th grade level."
o
"The problem isn't that Johnny can't read. The problem isn't 
even that Johnny can't think. The problem is that Johnny 
doesn't know what thinking is; he confuses it with feeling."
- Thomas Sowell
o
"Five percent of the people think; 
ten percent of the people think they think; 
and the other eighty-five percent would rather die than think."
- Thomas Edison

Prepper News, "Alert! Something Isn't Right Here... the War is About to Explode"

Full screen recommended.
Prepper News, 6/4/25
"Alert! Something Isn't Right Here... 
the War is About to Explode"
Comments here:
o
Judge Napolitano - Judging Freedom, 6/4/25
"COL. Douglas Macgregor: Is Russia on the Ropes?"
Comments here:

"How It Really Is"

 

"Live Dangerously And You Live Right"

"Live Dangerously And You Live Right"
by Paul Rosenberg

"The title of this post, live dangerously and you live right, comes from the great author Johann Wolfgang von Goethe, and he was ever so correct. The life of meek obedience is a sin against the self. It is a surrender of mind and passion. It’s a half life at best. But unquestioning compliance is the easy way. It’s what the system is designed to extract from you. It’s what school trains you for, it’s what corporations expect of you, and it’s what government demands. In the end, compliance is extorted from you by manipulation and violence. Everyone does it, so you’d better do it, and if you don’t, you’ll get in a lot of trouble. We’ve all experienced this, but we often fail to call it by its true name.

And yet Goethe is correct. If you want to live as an energized, expansive, open, and honest being, you have no choice but to live dangerously… because the system has made real living dangerous. Only what services the machine is “safe.” And it wasn’t just Goethe who thought this. I want you to see the thoughts of other men and women on this subject:

"The meaning of life is that it is to be lived, and it is not to be 
traded and conceptualized and squeezed into a pattern of systems."
– Bruce Lee

"Thousands of geniuses live and die undiscovered 
– either by themselves or by others."
– Mark Twain

"The tragedy of life is what dies in the hearts
 and souls of people while they live."
– Albert Einstein

"Life shrinks or expands according to one’s courage."
– Anais Nin


"Life is a process of becoming, a combination of states we have to go through. Where people fail is that they wish to elect a [condition] and remain in it. This is a kind of death."
– Anais Nin

"When you are inspired by some great purpose, some extraordinary project, all your thoughts break your bonds; your mind transcends limitations, your consciousness expands in every direction, and you find yourself in a new, great and wonderful world. Dormant forces, faculties and talents become alive, and you discover yourself to be a greater person by far than you ever dreamed yourself to be." – Patanjali (2nd century BC)

"The most beautiful emotion we can experience is the mysterious. It is the fundamental emotion that stands at the cradle of all true art and science. He to whom this emotion is a stranger, who can no longer wonder and stand rapt in awe, is as good as dead, a snuffed-out candle." – Albert Einstein, "Mein Weltbild"

"To live is the rarest thing in the world. Most people exist, that is all."
– Oscar Wilde

"All theory is against the freedom of the will, all experience for it."
– Samuel Johnson

"Conscience is deceived by the social."
– Simone Weil, "The Great Beast"

"The secret is that only that which can destroy itself is truly alive."
– Carl Jung, "Psychology and Alchemy"

Obedience Is Boring: To obey is to turn away from your own thoughts and decisions. To obey is to live someone else’s life. To whatever extent we obey, we cease being. But once you turn a deaf ear to the taskmaster, you turn on. Your life enlarges, expands, and becomes a force in the universe. Five years later you’ll look back and be amazed at the scales that fell from your eyes. Fear is a brain hack. Fear is the great enemy. To live by your own being is to open yourself to expansion, to deep satisfaction, and to love.

Please reread the quotes above. Turn and face the fear. Tell it to go to hell. Start living your way. Make your own mistakes. Repair them. Live and love."

Dan, I Allegedly, "Banks Are Closing Your Accounts Without Warning"

Full screen recommended.
Dan, I Allegedly, 6/4/25
"Banks Are Closing Your Accounts Without Warning"
"Banks are closing your accounts, and here’s why - it’s all about inactivity. In today’s video, I’m breaking down the steps you need to take to keep your bank account and credit cards from being closed. I share real stories from subscribers, explain how to protect your money, and highlight what major banks like Wells Fargo are doing. Plus, I discuss how unclaimed funds, credit card activity, and even global financial concerns like the bond market and potential wars can impact us all. Don’t let the banks dictate your financial future. I'll share practical tips, like using your debit card, making deposits, and keeping accounts active. We’ll also cover how to check for unclaimed funds for free at unclaimed.org. Protect yourself and your money before it’s too late!"
Comments here:

"Watch The Economy Stagflate, Complete With Unrelated Bikini Picture"

"Watch The Economy Stagflate, 
Complete With Unrelated Bikini Picture"
by John Wilder

“We, the people, suffered. We still suffer from
unemployment, inflation, crime and corruption.”
– "Taxi Driver"

"Back in the bad (economically) old days of the 1970s, a word came into existence that described the economic policy of the Carter Administration: Stagflation. Now, if this would have been about massive helium-filled deer antlers, it would have been great. Surreal, but great. But it wasn’t. Instead, it was surreal but bad – the economy was stagnant, but the price of everything kept going up. It was like going to the dentist because of a toothache and finding out that instead of anesthetic you just got pepper spray in your eyes to take your mind off the dental surgery.

But back to surreal. The impacts of stagflation were likewise as surreal as the giraffe clock currently melting in my light socket. Here’s an example: I remember when I was first married to The Mrs., we would go and visit her parents and spend the weekend in her old bedroom. In one part of the closet was a dust-covered box filled with toys from when The Mrs. was a very young The Miss.

One toy in particular stood out – it was a cheap plastic injection-molded car. It still had the grocery store price sticker on it – and it was something like $8.99. Whoa! Back in the late 1990s, $8.99 would have bought something like a dozen similar cheap plastic injection-molded cars. Inflation had been out of control in the late 1970s when The Mrs. had been given that toy.

Everything sucked economically – crappy quality at inflated prices. Two major factors led to that situation – Nixon pulling the United States off the gold standard was the most critical one. If we had to prove-up our spending with gold, well, we’d have to have some sort of discipline or we wouldn’t have any gold. Discipline sounds like it’s boring, and the 1970s was made for disco parties, drugs, and infidelity, so why have discipline with our money? That’s just not cool, man. Besides, who needs rules when you have bitchin’ bell bottoms?

The other situation is that the United States had reached a (then) peak in oil production, and was now dependent upon oil supplies from foreign nations (they were nations instead of countries back then – now, not so much). Since one group of foreigners (Arabs) didn’t like another group of foreigners (Israelis) the group that had all the oil (Arabs) decided to stop selling so much oil.

Oil is a big deal, because the price of oil is hidden almost everywhere in our economy. It’s required for planes to move bikini models, for trucks to move PEZ™, and in some places heats homes. So, increasing the price of oil was just like tossing a big tax on everything, so moms everywhere went to work to bring home the bacon, fry it up in a pan, and then wear crappy perfume and nylon pantsuits.

I think I just gave the origin story of Hamburger Helper™, but I digress. What does this mean to today’s problem? Are we in the same place? Partially.

We’ve been partying, mostly, since the 1970s, and have gotten away with it through various shenanigans. As Ayn Rand said, “You can avoid reality, but you cannot avoid the consequences of avoiding reality.” I’ll just shrug and Ayn was talking about her polyamorous relationships, but I can’t be sure.

Regardless, 2025 is a big year for dealing with consequences. Our current national debt is something like $33 trillion. I know, it’s like Whoopi Goldberg’s butt, it’s so big it’s meaningless. But we have to refinance $9 trillion of that $33 trillion plus another $3 trillion that we’re spending that we don’t have, this year. I mean, who is going to buy all that debt? Don’t know. Probably not China. Or Canada. Or Mexico.

Let’s think about where that debt is now. The Federal Reserve® already owns about $5 trillion, and it’s not like they have a choice, so they’re probably in for several trillion. But the biggest holder of the national debt is . . . the government. It owes itself $7 trillion dollars.

Yes, you read that right. Big chunks of that are Social Security “trust fund” that’s stuck in Al Gore’s “lock box”. I mean, seriously, what do people not understand about a lock box? But it also includes things like DOD retirement, and civil service retirement (which is over a trillion dollars). And you know we’re spending down that Social Security trust fund right now, so that just means more debt that someone else will have to buy.

It’ll be the Fed©, snapping up debt like it’s at a Black Friday sale on silicon oven-mitts on TEMU™. A trillion here, a trillion there, and soon enough we’re talking about real money. The way debt bonds are sold is that people bid on ‘em at an auction. What are people bidding? The interest rate. So if there’s a huge supply and lower demand, what goes up? The interest rate.
Since we’re not paying the bills out of cash, but out of borrowed money, that means the interest paid will just go onto the debt as it’s paid, which means that even more bonds will need to be sold. That means that there will be more supply and higher interest rates. It’s a vicious circle, but one that works as long as the economy keeps growing. But the economy likely didn’t grow last quarter, so we’re (at least right now) stagnant.

Oddly, the tariffs and deportations seem to have broken something and right now we have the lowest inflation in the last four years. I don’t think that will last. Higher interest rates will bleed into businesses, and money for expansion or even day-to-day operational expenses. These higher interest rates will also make trillions of bank assets (my mortgage, for instance) worth less. My mortgage is at an interest rate lower than I can get with a deposit a savings account. I assure you my bank is aware of that and loves it when I toss them my monthly check. This is what led to the Silicon Valley Bank® implosion – it had too many dollars tied up in low interest loans and securities, and then rates went up.

Thankfully, the Fed® made the decision that the banks can ignore the fact that their assets are worth less, or else all of them would have self-extinguished. And you wonder why gold is selling at $3,300 an ounce?

Why do I predict the high likelihood of Civil War 2.0 by 2032? Because by then, if you do the math, you’ll see that just interest on the debt will be at least half of the total tax hauled in, but I think it will be worse, because the numbers always are worse.

The solution to this won’t be a business-as-usual solution, and there will be extreme economic dislocations. There is no evidence of anyone wanting to increase our economy at the China-like rates we’d need to outrun this mess, and no appetite to cut the cost of government. At some point the consequences of ignoring reality will become so manifest that they aren’t something we can ignore.
Well, the good news is that we probably won’t see $8.99 injection molded plastic toy cars. The bad news is that they’re already selling the one in the picture above for $10.00."

Bill Bonner, "A Big, Beautiful, Abomination"

"A Big, Beautiful, Abomination"
by Bill Bonner

"I'm sorry, but I just can't stand it anymore... This massive, outrageous, 
pork-filled Congressional spending bill is a disgusting abomination."
- Elon Musk on Donald Trump’s Big, Beautiful Budget Bill

Youghal, Ireland - "He drove up in a BMW at great speed and skidded to a halt in front of the kitchen. The door opened...out poked a cane with a silver handle. There unfolded a tall, dignified man in his 70s. Germanic in his stature. Teutonic in his bearing. Prussian in his manner. His driver’s license had been taken away in his native Germany, so he moved to the South of France. Now he had come to visit us.

Dr. Kurt Richebacher walked with a limp, a souvenir from WWII. More important were his recollections of the war years in Germany. “We all knew it was crazy,” the Wehrmacht veteran once told us, banging his cane on the table for emphasis. “But the whole apparatus of the government, politics, the media, big industry - all of it - was lined up to support the war. Big business made its money from the war. Mothers had sent their sons off to fight the war. Politicians argued about the best strategies to win the war... but none really questioned it. You couldn’t oppose it, or you’d be a traitor.” Kurt reminded us that money isn’t everything. And there are times when having a clear head about it doesn’t help much.

We feel fairly confident in our money outlook: For all intents and purposes Donald Trump’s MAGA program is going nowhere. The ‘reciprocal’ tariffs were abandoned after the stock market began its plunge. And Elon Musk’s efforts to identify ‘waste, inefficiency and fraud’ got the ol’ rug pull when Republican lawmakers failed to include any of the cuts he identified in their Big, Beautiful Budget Bill (BBBB)

The two programs - the trade war and DOGE - were already stuck in the mud. And then, federal courts have ruled them unconstitutional! Yes, after a 90-year nap, judges - appointed by Republicans as well as Democrats - suddenly seemed to wake up... rubbed the sleep from their eyes ... and realized that the US Constitution was still the law of the land.

So those money initiatives are dead in the water. So too is the most important part of Trump’s economic agenda (although Trump may not realize it), the Big, Beautiful, Budget Bill itself. Any hope of really making America great again depends on bringing federal spending under control. With the House and the Senate both in Republican hands, it seemed as though there was at least a chance that spending might be slowed, giving the economy an opportunity to catch up.

But no...that didn’t happen either. And Musk is right. Instead of tightening its federal belt, the BBBB, more than 1,100 pages of grift and grab, is ‘a disgusting abomination.’ It increases spending...deficits...and the US debt. It is essentially ‘more of the same’ that will bring us to a $60 trillion debt within ten years. If...all goes well.

In an historical sense, this is as it should be. Since 1999, the US empire has been doing the sorts of things that empires do when they get long in the tooth and short in the purse - with unnecessary military spending, unnecessary wars, and unnecessary deficits and debt. These ‘more of the same’ programs merely confirm and reinforce the Primary Trend.

But Kurt was warning us; there are worse things. When people got sent to the death camps...or to the Eastern Front... they typically forgot to worry about whether they had paid the electric bill. They had other things to think about. Things more important than money. And when things go really bad, few can say so. In WWII, Germany pursued a preposterously bad economic policy (directing at one point half the nation’s GDP toward the military), but economists mostly kept their mouths closed.

Kurt knew that from personal experience. He lived through it. Stuck in a military hospital for months...he took up the study of economics. “The Nazis even threatened to put me in prison. But my father still had some influence. He got me sent to the Eastern Front. I’m not sure which was worse.”

And now that the MAGA economic agenda has been clarified, the financial future is predictable. Trade agreements will be renegotiated... court decisions will be challenged and resolved...and the House and Senate will blither and blather and ultimately keep doing what they’ve been doing for the last half a century.

Senator Rand Paul: "If I vote for the $5 trillion debt, who's left in Washington that cares about the debt? The GOP will own the debt once they vote for this." The money future is dark and depressing. But the non-money future may be the one to worry about. Stay tuned.

Tuesday, June 3, 2025

Musical Interlude: Leonard Cohen, "Hallelujah"

Leonard Cohen, "Hallelujah"

"I did my best, it wasn't much,
I couldn't feel, so I tried to touch.
I've told the truth, I didn't come to fool you.
And even though it all went wrong
I'll stand before the Lord of song
With nothing on my tongue but Hallelujah..."

I'll be back, soon...

"Debtor's Island"

Approaching the ancient Island of Delos, home of the Delian League,
 and scene of the world’s first “sovereign debt default.”
"Debtor's Island"
by Joel Bowman

“May you have plenty of wealth, you men of Ephesus,
 in order that you may be punished for your evil ways.”
~ Heraclitus (per Diogenes Laërtius in his 
“Lives and Opinions of Eminent Philosophers,” 
circa. 220–250 AD

Syros, Greece - “Change is the only constant,” observed the pre-Socratic philosopher, Heraclitus, more than two and a half millennia ago. Clever fellow, that ol’ Ephesian. But even if “no man ever steps in the same river twice,” history does tend to rhyme. The tale of sovereign debt defaults, that tragi-comic play in which Greece has earned a recurring, sometimes starring role, provides a useful example.

Regular readers will recognize the timely subject as a familiar circus rolls into town over in the United States. From Fox Business: "Treasury's Bessent says US is 'never going to default' as debt limit deadline looms. Treasury Secretary Scott Bessent on Sunday said that the U.S. government will never default on its debt as the federal government faces a looming deadline to address the debt limit this summer.

Bessent appeared on CBS News’ “Face the Nation” and was asked about the tax package that Republicans in Congress are advancing, which includes a $4 trillion increase in the debt limit – enough to push the debt ceiling out roughly two years given federal budget deficits are close to $2 trillion annually.

CBS' Margaret Brennan asked Bessent, “How close of a brush with default could this be” given potential changes to the bill and Congress needing to raise the debt limit by mid-July. “Well, first of all, Margaret, I will say the United States of America is never going to default,” Bessent replied. “That is never going to happen, that we are on the warning track and we will never hit the wall.” How... quaint. But let us return to our historical example...

Empires in Ruins: Not unlike in our adopted country of Argentina, much editorial ink has been spilled describing the ongoing cycles of economic crisis here, in the jewel of the Aegean. (Our guess is that much more will be spilled before it is over… should that day ever actually arrive.) Certainly, shirking one’s debt is nothing new for the Hellens.

Indeed, history’s first recorded “sovereign debt default” occurred not far from where we sit today, on the island of Delos, historical centerpiece of the Cyclades archipelago and mythological birthplace of Apollo. (We journeyed with dear wifey to the “floating island” over the weekend, as part of a surprise birthday expedition.)
There’s a lot of ruin in an empire… and plenty of empires in ruins.
Historically, as today, the tiny island produced very little of real world value… thus making it the ideal meeting place for the bloviating congresses of the ancient Delian League. Leto, mythological daughter of Titans Coeus and Phoebe, beseeched the island while searching for a birthplace for her twins, Artemis and Apollo:

"Delos, if you would be willing to be the abode of my son Phoebus Apollo and make him a rich temple -; for no other will touch you, as you will find: and I think you will never be rich in oxen and sheep, nor bear vintage nor yet produce plants abundantly. But if you have the temple of far-shooting Apollo, all men will bring you hecatombs and gather here, and incessant savour of rich sacrifice will always arise, and you will feed those who dwell in you from the hand of strangers; for truly your own soil is not rich." ~ Homeric Hymn to Delian Apollo 51-60. And so it was that, for a time, the Temple flourished… until the wealth residing therein became too alluring for the many hands grabbing at it.

In the years following the end of the Persian Wars, a dozen or so municipalities drew loans from the Temple of Delos, the Delian League capital where the vast treasures of the confederation of the Greek city-states were kept. But in 454 B.C., a few of the debtors came up short on their repayments. These defaults cost the temple dearly, inspiring Pericles to “relocate” the treasury to Athens. Needless to say, the Hellens’ propensity for borrowing too much and repaying too little would not be bound by mere geography. Nor, it seems, by the passage of time.

The Modern Era: The first default of the Modern Era occurred during the Greek War of Independence. As America has spent the better part of this century discovering, from “Mission Unaccomplished” in Iraq to their costly misadventure in Afghanistan (dubbed the “Graveyard of Empires”) onto bombing campaigns in Syria and Libya and, for the past two years, funding a proxy war in The Ukraine, war can be an expensive business… even for the “winning” team.

And so it was that, while raging to throw off the yoke of Ottoman rule in 1824, the Greeks ran up debts of nearly half a million pounds… to which was added another 1.1 million pounds the following year. As the War of Independence descended into civil war, the loans went unpaid… all the while accruing interest. (It wasn’t until more than half a century later, in 1878, that the Greek government made good on the debt, which by then had reached the titanic sum of roughly 10 million pounds.)

Nevertheless, Greece did win her independence in the year 1832, an occasion she celebrated by promptly incurring still more debts, this time totaling around 60,000,000 francs, to the governments of Britain, France and Russia. That’s about the time a curious historical figure by the name of Otto Friedrich Ludwig became King of Greece. Still a minor when bequeathed the throne, the young Bavarian found himself in the difficult position of having simultaneously to satisfy his restless constituents on one hand, who demanded continuous handouts and lavish social programs, and keeping his creditors appeased on the other. No easy task, not even for a great statesman, which, by many accounts, poor Otto was not. In the words of historian Thomas Gallant, the ruling philhellene was “neither ruthless enough to be feared, nor compassionate enough to be loved, nor competent enough to be respected.”

This Time Isn’t Different: Payments on the loans ceased in 1843, the same year popular rebellion found its way to the Palace of Athens. Otto’s own story ended in exile and death in the year 1862, 16 years before the loans were eventually repaid and the international capital markets again reopened to the country over which he had once ruled.

The river of time might have changed course and flow, but the waters were the same. As before, lenders and borrowers took to their queer, mutually destructive arrangement like drunks to an ouzo bottle. By 1893, debts having risen to familiarly unsustainable levels, the government once again suspended payments on external debt. Five years later, under growing foreign pressure, Greece found herself beholden to a kind of Old School “Austerity Bureau,” bearing the unimaginative title of the International Committee for Greek Debt Management.

Against all natural inclination, the government managed to keep its nose clean until the Great Depression when, in 1932, it joined a queue of other countries in the now-familiar default line. This was to be the longest of the five defaults of the Modern Era and would last until 1964, more than three decades.

All in all, the Greeks have found themselves in default more often than not since becoming an independent state. Economists Reinhart and Rogoff highlighted this ignominious fact in their book, "This Time Is Different: Eight Centuries of Financial Folly." Between 1800 and the crisis of 2008, according to the authors, Greece spent 50.6% of her time either in outright default or rescheduling her debt. (Only Angola, Ecuador and Honduras spent longer in the proverbial poor house.)

But who knows? Maybe this time really is different? Maybe Greece will learn to live within her means? Maybe America will abandon her hubristic military misadventures abroad? Maybe the feds – from Athens to DC and beyond – will ditch their phony fiat “money” and return instead to a gold standard? And maybe we’ll all fly off into a golden sunset... on wings made of wax."

"Stay tuned for more Notes From the End of the World..."

Bill Bonner, "Semper Augustus: End of the Golden Age"

A Semper Augustus Tulip
"Semper Augustus: End of the Golden Age"
by Bill Bonner

Youghal, Ireland - "On our way back from Argentina, we stopped over in Amsterdam. It was our first visit to the city. It is late spring in Europe. Cold and rainy when we arrived, the weather turned beautiful on the weekend.

Every dog has its day. And the Dutch Republic - precursor to today’s Netherlands - had its day in the mid-17th century. It broke away from the Spanish Empire in 1579 and became the richest place in the world with a far-flung empire of its own.

Today, the country is still prosperous…and attractive. Everything is clean and well-maintained - the highways, buildings, factories. Even the farms are exceptionally orderly. It’s a small country, so space there is little wasted ground, with cultivated fields close up against housing developments, cities, and factories.

One of the first things you notice is the lack of noise. Most of the cars are parked along the leafy streets. And those few in motion are quiet. They are almost all electric. People get around on bicycles…millions of them. The loudest sound you hear is the tching tching of bicycle bells warning you to get off the bike path or you will be run down. Many of the two-wheelers are electric, too. And the flat, small country - with its abundance of bicycle lanes - is ideal for them.

Another thing you notice is an absence of fat. The Dutch are big, but rarely do you see American-style heft. Perhaps that, too, is a consequence of the bicycle culture.

There are also various species of tiny electric vehicles that we had not seen elsewhere. They are so short they park perpendicular to the sidewalk…and so small and quiet, they must be well suited to in-town driving.

Even the quietest residential areas are punctuated by restaurants, bars and shops. The overall effect is one of calm elegance along with urban convenience. It seems like a nice place to live, where you can leave your house and find a good restaurant or coffee shop within walking distance.

We did not go into the Rijksmuseum. We’ve never seen a line we wanted to join…and the queue to buy tickets for the museum was one of them. Apparently, we didn’t miss much. “The Rijksmuseum was terrible,” came the eyewitness report, tipping us off. “It is very crowded… and noisy. There are great pieces of art from the Golden Age - Vermeer, Rembrandt, et al - but the most popular works have hordes of tourists gawking at them… with tour guides loudly giving out information and opinions. Probably better to go in the winter.”

Instead, we took a taxi to the Hague to visit the quieter Mauritshuis museum, focused completely on the Dutch Masters. “People in the Hague are nicer than those in Amsterdam,” said our Hague-based driver. But there, too, we were almost turned away… “You didn’t reserve? I’m sorry but the museum is full,” said the tall, thin blond. Then, calling someone on a walkie-talkie… “Wait…it’s okay…you can go in…”

It is a large private mansion that has been repurposed as a museum. What surprised us about it was how many Dutch masters there were… and how very good they were. Of course, many of the paintings are well known throughout the world. But the visitor is still impressed; the level of expertise - capturing light and shadow…facial expressions… and telling stories - is extraordinary.

What does it take to have a ‘Golden Age?’ Ancient Lydia had its day in the sun, making its king ‘as rich as Croesus.’ Greece had its golden age, too, which came to an end when Athens banned trade with Sparta and set off the Peloponnesian War. Hollywood had a golden age — between the 1920s and the 1960s. Golden ages, like empires and head colds, come and go.

With only 1.5 million people…and a tiny surface area…the Dutch Republic flourished from trade. It bought and sold. Did it get ‘ripped off’ by its trading partners? The question seems absurd. If they felt they were being ripped off…Dutch merchants wouldn’t do the trade!

It was not only free trade that brought the Dutch wealth. Freedom of religion and freedom of movement also contributed. Jews from Spain and Portugal. Protestants from France. Thinkers and tinkers from all over Europe found freedom in the Dutch Republic. Descartes, Bayle, Locke, Spinoza - all took refuge in Holland. And the new immigrants brought fresh ideas…and capital.

New products came in too. In the 17th century, Europeans were expanding their trade routes into Africa, Asia and the Americas. They brought back tobacco, tomatoes, potatoes and many other products never before available in Europe. With the new imports…and the new immigrants…Amsterdam became what New Amsterdam (aka New York) was to become years later - a dynamic melting pot.

But none of the arrivals had the effect of a plant that came from the Ottoman Empire - the tulip. It caught the eye not only of gardeners, but of investors. One of the innovations made by the Dutch was futures markets. They could bet on the future…using markets not only to set current prices, but also the prices that people expected tomorrow.

Typically, the tulips flowered in the springtime…and then the bulb was dug up and stored. For the autumn and the winter, the bulb stayed where it was. It was the ‘underlying’ asset. But the trades were made on paper. Prices soared on the most desirable bulbs - such as the Semper Augustus.

The buyers often borrowed, using their other bulb holdings - on paper - as collateral. And so it went for the proto-crypto traders; they began to see they could get rich just by trading things they would never see. Prices went up further and further… each one a measure of hope. Until…until…the future came.

In February 1637 an auction was held. This time, there were no buyers. Word quickly got around that there may be no one willing to buy the bulbs. Prices collapsed. Promises went unfulfilled. Loans went unpaid. Contracts were torn up. The bulbs - real things - were still there. But the ‘paper’ wealth disappeared. The Dutch ‘Golden Age,’ however, continued for another 65 years… until the death of Prince William III in 1702. Or, so they say."

Monday, June 2, 2025

Musical Interlude: 2002, "A Gift of Life"

Full screen recommended.
2002, "A Gift of Life"

"A Look to the Heavens"

"A star cluster around 2 million years young surrounded by natal clouds of dust and glowing gas, M16 is also known as The Eagle Nebula. This beautifully detailed image of the region adopts the colorful Hubble palette and includes cosmic sculptures made famous in Hubble Space Telescope close-ups of the starforming complex.
Described as elephant trunks or Pillars of Creation, dense, dusty columns rising near the center are light-years in length but are gravitationally contracting to form stars. Energetic radiation from the cluster stars erodes material near the tips, eventually exposing the embedded new stars. Extending from the ridge of bright emission left of center is another dusty starforming column known as the Fairy of Eagle Nebula. M16 lies about 7,000 light-years away, an easy target for binoculars or small telescopes in a nebula rich part of the sky toward the split constellation Serpens Cauda (the tail of the snake)."

"The Long Dark"

"The Long Dark"
by Chris Floyd

"We are in the Long Dark now. Both hope and despair are the enemies of our survival. We must live in the awareness that we might not see the light come back, without ceasing to work - with empathy, anger and knowledge - for its return.

We must be here, in the moment, experiencing its fullness (whatever its horrors or joys), yet be elsewhere, removed from the madness pouring in from every side, the avalanche of degradation. We must be here, now, but also in a future we can’t see or even imagine.

We must see that we are lost, with no clear way forward, no sureties or verities to cling to, no roots to anchor us, no structures within or without that will always keep their coalescence in the chaotic, surging flow.

We must live in discrete moments of illumination and connection, pearls hung on an almost invisible string winding through the darkness. Striving, always striving, but not expecting; striving without hope, without despair, without any certainty at all as to the outcome, good or bad.

These are the conditions of the Long Dark, this is what we have to work with, this is where we find ourselves in the brief time we have in this vast, indifferent, astounding universe. As I once wrote long ago, quoting the old hymn: “Work, for the night is coming.”

So do we counsel fatalism, a dark, defeated surrender, a retreat into bitter, curdled quietude? Not a whit. We advocate action, positive action, unstinting action, doing the only thing that human beings can do, ever: Try this, try that, try something else again; discard those approaches that don't work, that wreak havoc, that breed death and cruelty; fight against everything that would draw us down again into our own mud; expect no quarter, no lasting comfort, no true security; offer no last word, no eternal truth, but just keep stumbling, falling, careening, backsliding, crawling toward the broken light.

And what is this "broken light"? Nothing more than a metaphor for the patches of understanding – awareness, attention, knowledge, connection – that break through our darkness and stupidity for a moment now and then. A light always fractured, under threat, shifting, found then lost again, always lost. For we are creatures steeped in imperfection, in breakage and mutation, tossed up – very briefly – from the boiling, chaotic crucible of Being, itself a ragged work in progress toward unknown ends, or rather, toward no particular end at all. Why should there be an "answer" in such a reality?

What matters is what works – what pulls us from our own darkness as far as possible, for as long as possible. Yet the truth remains that "what works" is always and forever only provisional – what works now, here, might not work there, then. What saves our soul today might make us sick tomorrow.

Thus all we can do is to keep looking, working, trying to clear a little more space for the light, to let it shine on our passions and our confusions, our anger and our hopes, informing and refining them, so that we can see each other better, for a moment – until death shutters all seeing forever."

Kahlil Gibran, "The Prophet: On Good and Evil "

"The Prophet: On Good and Evil"

 "Of the good in you I can speak, but not of the evil.
For what is evil but good tortured by its own hunger and thirst?
Verily when good is hungry it seeks food even in dark caves,
and when it thirsts it drinks even of dead waters.

You are good when you are one with yourself.
Yet when you are not one with yourself you are not evil.
For a divided house is not a den of thieves; it is only a divided house.
And a ship without rudder may wander aimlessly among
perilous isles yet sink not to the bottom.

You are good when you strive to give of yourself.
Yet you are not evil when you seek gain for yourself.
For when you strive for gain you are but a root
that clings to the earth and sucks at her breast.
Surely the fruit cannot say to the root,
 Be like me, ripe and full and ever giving of your abundance.
For to the fruit giving is a need, as receiving is a need to the root.

You are good when you are fully awake in your speech,
Yet you are not evil when you sleep
while your tongue staggers without purpose.
And even stumbling speech may strengthen a weak tongue.

You are good when you walk to your goal firmly and with bold steps.
Yet you are not evil when you go thither limping.
Even those who limp go not backward.
But you who are strong and swift,
see that you do not limp before the lame, deeming it kindness.

You are good in countless ways,
and you are not evil when you are not good,
You are only loitering and sluggard.
Pity that the stags cannot teach swiftness to the turtles.

In your longing for your giant self lies your goodness:
and that longing is in all of you.
But in some of you that longing is a torrent rushing with might to the sea,
carrying the secrets of the hillsides and the songs of the forest.
And in others it is a flat stream that loses itself in angles and
bends and lingers before it reaches the shore.
But let not him who longs much say to him who longs little,
 Wherefore are you slow and halting?
For the truly good ask not the naked,
 Where is your garment?
nor the houseless, What has befallen your house?"

- Kahlil Gibran
Freely download a PDF version of  "The Prophet" here:

"Is It Any Wonder..."

"Thomas Edison said in all seriousness: "There is no expedient to which a man will not resort to avoid the labor of thinking" - if we bother with facts at all, we hunt like bird dogs after the facts that bolster up what we already think - and ignore all the others! We want only the facts that justify our acts - the facts that fit in conveniently with our wishful thinking and justify our preconceived prejudices. As Andre Maurois put it: "Everything that is in agreement with our personal desires seems true. Everything that is not puts us into a rage." Is it any wonder, then, that we find it so hard to get at the answers to our problems? Wouldn't we have the same trouble trying to solve a second-grade arithmetic problem, if we went ahead on the assumption that two plus two equals five? Yet there are a lot of people in this world who make life a hell for themselves and others by insisting that two plus two equals five- or maybe five hundred!"
- Dale Carnegie

"Crisis At American Ports: Massive Traffic Decline Collapsing The Supply Chain, Disruption Everywhere"

Full screen recommended.
Epic Economist, 6/2/25
"Crisis At American Ports: Massive Traffic Decline
 Collapsing The Supply Chain, Disruption Everywhere"
"Our ports are emptying all across the country. The US economy is in big trouble. Imports are collapsing by record amounts. Trade is grinding to a halt. Import data, manufacturing indicators, GDP growth figures have all turned negative. America is doing very poorly right now. We're going to show you the real numbers and the picture isn't pretty. It seems like the American economy is giving up. And that's because we are losing this trade war with ourselves. After all the big talk about "America First" and bringing manufacturing back, our economy is willing to crash instead. The US just announced that GDP contracted by 0.3% in the first quarter. And the reason behind America's economic surrender is simple - the US economy is crashing and it's crashing fast."
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The Daily "Near You?

Irwin, Pennsylvania, USA. Thanks for stopping by!

"War..."

"War doesn't determine who is right - only who's left."
- Bertrand Russell

"Since the rise of the state some 5,000 years ago, military activity has occurred over much of the globe. The advent of gunpowder and the acceleration of technological advances led to modern warfare. According to Conway W. Henderson, "One source claims that 14,500 wars have taken place between 3500 BC and the late 20th century, costing 3.5 billion lives, leaving only 300 years of peace (Beer 1981: 20).] An unfavorable review of this estimate mentions the following regarding one of the proponents of this estimate: "In addition, perhaps feeling that the war casualties figure was improbably high, he changed 'approximately 3,640,000,000 human beings have been killed by war or the diseases produced by war' to 'approximately 1,240,000,000 human beings...&c.'" The lower figure is more plausible but could still be on the high side considering that the 100 deadliest acts of mass violence between 480 BC and 2002 AD (wars and other man-made disasters with at least 300,000 and up to 66 million victims) claimed about 455 million human lives in total."

"7 Hard Questions That Everyone Should Be Asking About The 'Pearl Harbor' Attack On Russia"

"7 Hard Questions That Everyone Should Be
 Asking About The 'Pearl Harbor' Attack On Russia"
by Michael Snyder

"In a world where deception is running rampant, it is so important to question the narratives that we are being fed. Ukraine’s “Pearl Harbor” attack on Russia was extremely impressive, and it appears that quite a bit of damage was done. But we are also extremely fortunate that this attack did not spark a nuclear war. If our nuclear bombers at Minot Air Force Base, Barksdale Air Force Base, and Whiteman Air Force Base were hit in a surprise attack, would we show similar restraint? We are literally closer to nuclear war right now than we have ever been in all of human history, and those that are mindlessly celebrating Ukraine’s recklessness don’t seem to have any idea. Striking Russia’s strategic nuclear assets is a really, really, really bad idea. Now Vladimir Putin will feel compelled to respond very forcefully, and the Ukrainians are very much counting on that. The following are 7 hard questions that everyone should be asking about the “Pearl Harbor” attack on Russia…

#1 Does anyone actually believe that Ukraine was able to pull this off without any outside help? It seems doubtful that the Ukrainians could have planned, organized and pulled off an operation of this magnitude without any western assistance. Apparently the drones that were used in the attack were hidden inside the roofs of wooden sheds which were driven to their locations by truck drivers that had no idea what their trucks were carrying…"Ukraine was able to carry out its stunning “Operation Spider Web” attack on Russian air bases and nuclear fleet by hiding explosives-laden drones in wooden sheds, according to officials.

Kyiv’s secret service (SBU) stashed the attack drones inside the roofs of the sheds, which were loaded onto trucks that were driven to the perimeter of the air bases, Ukrainian authorities revealed in a statement shared on social media. The roof panels were then lifted off by a remotely activated device so the 117 drones used in the strikes could fly out and make their devastating attacks."

That is a brilliant plan. Perhaps the Ukrainians came up with it themselves. But how did they get the precise coordinates of the targets that they were going to hit? And how were the drones guided to those precise coordinates? We definitely need some answers, but I don’t think we are going to get them.

#2 Other than the Ukrainians, who knew about this attack in advance? The Ukrainians and the Trump administration are both telling us that President Trump did not know about this attack in advance…"Ukraine did not notify the Trump administration of the attack in advance, a Ukrainian official said. A U.S. official also told reporters the Trump administration was not made aware of the attack."

I do think that there is a very good chance that President Trump had no idea this attack was coming. Of course even if he did know the attack was going to happen in advance, officials would still deny it in order to protect him. For the moment, let’s assume that Trump knew nothing. Okay, but what about everyone else? Are we supposed to believe that nobody else knew anything about a major operation that the Ukrainians had been working on for a year and a half? Somebody knew something, and we need to know when they knew it.

#3 Why were Russian bombers just sitting out in the open? Having extremely expensive bombers just sitting out in the open seems like a really foolish thing to do. But the truth is that there is a very good reason why nuclear bombers are kept out in the open where everyone can see them…"For decades, treaties kept nukes in check, bombers had to be out in the open, silos sealed, so nobody could pull off a surprise strike." It was the thin line stopping World War III. Zelensky shattered it all in one move. He threw out the rules, erased decades of stability, and threw us straight back into Cold War chaos. Anyone who helped make this happen isn’t just reckless,they’re a danger to the entire planet. And people actually celebrating this? Completely out of their minds.

#4 How much damage was actually done? The Ukrainians are claiming that more than 40 aircraft were hit during the attack and a total of approximately 7 billion dollars in damage was done…"Ukraine’s Security Service (SBU) has officially confirmed it carried out a major drone strike against Russian military airfields, damaging or destroying what it claims is 34 percent of Russia’s strategic cruise missile carriers, in a long-planned covert operation codenamed “Spiderweb.”

The SBU said the strikes, which targeted airfields housing Russia’s long-range bombers, resulted in an estimated $7 billion in damage – a figure that has not yet been independently verified. “Seven billion US dollars. This is the estimated cost of the enemy’s strategic aviation, which was hit today as a result of a special operation by the SBU – ‘Spiderweb,’” the agency said in a statement released Sunday, June 1.

But other sources are claiming that the damage was far less extensive…"Judging by the images, four Tu-22M3 bombers and three Tu-95MS bombers were likely destroyed during the operation. In addition, one Tu-95MS was probably damaged." What everyone can agree on is that Russian strategic nuclear bombers were hit, and this could have easily sparked a nuclear war.

#5 The Ukrainians know that Russia reserves the right to use nuclear weapons if their strategic nuclear assets are attacked. So why would Ukraine risk this? As Scott Ritter has aptly pointed out, the Russians recently updated their nuclear doctrine to specifically address the kind of attack that just happened…"In 2024 Vladimir Putin ordered Russia’s nuclear doctrine to be updated to consider the complicated geopolitical realities that had emerged from the ongoing Special Military Operation (SMO) in Ukraine, where the conflict had morphed into a proxy war between the collective west (NATO and the US) and Russia.

The new doctrine declared that nuclear weapons would be authorized for use in case of an “aggression against the Russian Federation and (or) its allies by any non-nuclear state with the participation or support of a nuclear state is considered as their joint attack.” Russia’s nuclear arsenal would also come into play in the event of “actions by an adversary affecting elements of critically important state or military infrastructure of the Russian Federation, the disablement of which would disrupt response actions by nuclear forces.”

Thankfully, the Russians showed restraint and did not use nukes. But do we really want to bet the continued existence of our society on the ability of Vladimir Putin to show restraint every time the Ukrainians provoke him?

#6 How will the Russians respond? Many in the Russian media are openly discussing the possibility of using nuclear weapons in response to this attack…"Russian papers and military bloggers are discussing the prospect of Russia using nuclear weapons to strike Ukraine after Kyiv launched brutal strikes on Vladimir Putin’s airbases. The country is reeling after Ukrainian drones are reported to have destroyed more than £5 billion worth of strategic bombers in what some pro-Kremlin commentators have described as Russia’s “Pearl Harbour”.

Thankfully, Vladimir Putin isn’t going to use nukes at this stage. But everyone agrees that he will strike back really hard. Will he use his new Oreshnik missiles against Ukraine? Will Ukrainian cities be targeted? Unfortunately, it probably won’t be too long before we find out what Putin intends to do.

#7 Why would the Ukrainians conduct such an attack if they knew that the Russians would strike back really hard? Many have pointed out that the “Pearl Harbor” attack came just prior to the peace talks in Istanbul. If Ukraine really wanted to give those talks a chance to succeed, they wouldn’t have launched such an attack right before they started. But this attack wasn’t really about the peace talks at all.

When the Ukrainians first started planning this operation, they had no idea that these peace talks would happen. Ultimately, the primary goal of this operation was not to derail peace talks. Rather, the primary goal of this operation was to provoke a Russian response that is so large that it will force NATO to join the war.

The Ukrainians understand that the only way that they can win this war is to get NATO involved. That is why they invaded Kursk, that is why they tried to shoot down Putin’s helicopter, and that is why they just attacked Russia’s strategic nuclear bombers. They need the Russians to do something so dramatic that it will finally drag NATO directly into the conflict.

Of course once we are directly at war with Russia, we will be just one step away from the unthinkable. So I really hope that President Trump can see through the charade and understand what is really going on. There is going to be so much pressure on him during the days ahead, and ultimately he will be the one that decides which way things go."

"It's Officially A Crisis And It's Spreading Fast!"

Full screen recommended.
Steven Van Metre, 6/2/25
"It's Officially A Crisis And It's Spreading Fast!"
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