Forty minutes into this podcast . . .
David Stockman's explanation to Chris Martenson about the Ukraine problem suddenly morphed into a dialogue about the present state of our financial markets.
I was so edified by what the former Director of Office of Management and Budget was saying, that I sat down on this Saturday afternoon and wrote a poem about it-- pretty unusual subject for a poem, for sure, nevertheless . . . we live in strange times. . .
We were out on the market that dark day when
the black swan came
and the dam
Fast money had driven us to the point
of no return but then we
were sliding on a
Someone said the central banks had ruined the
markets, and stabilizing factors
were gone with the
Two-sided trades had gone the way of the buffalo
because a big animal spirit like that has
no place in the high-freq
There we were hanging at the end of the long swan's road
with no ballast in our boat and no bids
to stop us on the way
short sellers driven over the falls by cascading
price plummets and overvalued shares
tumbling in bubblous
we were lucky to emerge upright after that, after the Fed had
monetized three and half trillion gallons
of rushing flushing
and then the dam went bust, banks caving, no saving,
until we tumulted through that broken Wall
and found our little boat
Astounded, broke, busted, rudder can't be trusted,
we drifted to portage on the flooded Main.
T'was there we saw black swan fly
It had long tails, and we saw red sails in the