Sinners and Saints

Plus Zelensky's fall from grace, Epstein's many connections, a tale of two crusades and plenty more...

(Source: Getty Images)

Bill Bonner, reckoning today from Youghal, Ireland...

The Lord said to him: 

‘Go through the midst of the city, even through the midst of Jerusalem, and put a mark on the foreheads of the men who sigh and groan over the abominations that are being committed in their midst.

‘But to the others He said in my hearing, ‘Go through the city after him and strike; do not let your eye have pity and do not spare. Utterly slay old men, young men, maiden, little children, and women, but do not touch any man on whom is the mark; and you shall start from My sanctuary.’

So, they started with the elders who were before the temple…

Ezekiel 9:4-6

Poor Zelensky! 

So recently the Winston Churchill of the Ukrainian Steppe…now, he has been moved to second fiddle. He calls Biden…Macron…Sunak – and they don’t call him back.  

Yes, western leaders have other fish to fry. A massacre of the unjust…the ungodly…and the unprotected.

We do not get involved in politics. It is all scams and lies, given out by second rate grifters. But behind the politics that you see on TV – left vs. right, Republican vs. Democrat, Hamas vs. the Israeli Defense Forces – is megapolitics. That is where the more important dots lie. And our mission is to connect them…and to understand how they affect our finances and our lives.

Hangin’ with Epstein

One of the things we notice: success can be a hard cross to bear. In the world of ‘politics,’ we are all subject to the same rules. We all fear the disfavor of others and the retribution of the gods. Fear keeps us modest…and honest.

But in the megapolitical world…deeper, stronger currents run. And there, when you are favored by success…when you have nothing to fear from others…and the gods, you know in your heart, are on your side – you can do what you want.

It was a great coincidence that, inexplicably, they had turned off the video surveillance camera in Jeffrey Epstein’s cell on the very moment he chose to hang himself. Coincidentally also, the guards chose that same moment to go out and have a smoke, even though Mr. Epstein – probably the most high-value prisoner they had ever seen – was supposed to be under constant watch.

Epstein was the protégé of Les Wexner who was in the news this week. Mr. Wexner, in addition to being the most likely source of Epstein’s mysterious fortune, said he’d had it with Harvard; there were students there who didn’t agree with him! CNN:

A nonprofit founded by former Victoria’s Secret billionaire Leslie Wexner and his wife Abigail is breaking off ties with Harvard University, alleging the school has been “tiptoeing” over Hamas’ terror attacks against Israel.

The Wexner Foundation’s decision to end its relationship and financial support for Harvard is the latest fallout amid criticism from donors who were alarmed by the university’s initial response to the attacks and to an anti-Israel statement issued by student groups.

Floating Face Down

Mr. Epstein’s accomplice was Ghislaine Maxwell, now serving 20 years for ‘sex trafficking’ – and keeping her mouth closed. It was an open and shut case, said the toady media. She introduced young women to Mr. Epstein, on his ‘Lolita Express’ jet, who then generously shared them with his friends. Apparently, prosecutors were not curious to know why they would do such a thing…or what Bill Clinton, Donald Trump, Prince Andrew and other notables were doing on the plane with them.

Ms. Maxwell’s father was UK publisher Robert Maxwell, who died mysteriously, falling off of his yacht, in 1991. [A statistically improbable number of people – with much to tell – commit suicide…or end up floating face down. In 1996, our own inside source, former CIA director Bill Colby, apparently drowned in the Chesapeake Bay.]  

Maxwell was rumored to be a spy and was given a state funeral in Israel. Both the president of the country, and its prime minister, along with six current or past heads of Israeli intelligence services were there. The traditional kaddish farewell was read by his longtime attorney, Samuel Pisar, who – another coincidence! – happens to be Anthony Blinken’s stepfather.

No need to go further. The point is…there’s always more to the story. And the US has a deep and abiding connection to Israel’s public policies. It may even be said to be complicit in them. As in the Ukraine, they have little to do with truth or justice.  

On American campuses, students are voicing their displeasure. They think the US is wrong to support Israel in its hour of revenge. The US elite, however, is four-square behind the Israelites. Let the young babble about right and wrong, they say, it is time to ‘mow the lawn.’ 

That is the risk of success. When you are powerful enough, you don’t have to follow the rules; you have lawnmowers.  

Wading in Blood

In June of 1099, Christian crusaders, led by Godfrey of Bouillon, laid siege to Jerusalem. A month later, they attacked and took the city. Unrestrained…with the power of life or death over the city’s inhabitants, they chose death:

The Gesta Francorum records the battle:  “…our men were killing and slaying even to the Temple of Solomon, where the slaughter was so great that our men waded in blood up to their ankles.” Raymond of Aguilers said the blood was “up to their knees.” Fulcher of Chartres adds that “none of them were left alive; neither women nor children were spared.”

Massacres were common in the ancient world. But there were exceptions. In 1187, Saladin, the great muslim leader, reconquered Jerusalem. As was his custom, there were no murders…no bloodshed…no looting. “Everywhere,” writes John Julius Norwich, “order was preserved.”

One might hope that nine centuries later, some progress in human affairs might cause leaders to emulate Saladin, rather than Godfrey. But day after day, the women and children of Gaza – not to mention the men – pay for someone else’s sin…with their own lives.

Now on display is an Old Testament killing spree. In the West, those who groan with indignation at the abominations of Hamas are spared rebuke. But in the East, the Palestinians have no marks on their heads. 

Regards,

Bill Bonner

Joel’s Note: Meanwhile, we’re not too sure about frankincense and myrrh, but that other biblical gift, gold, has been on an absolute tear this week. (A tenuous segue, sure, but a segue nonetheless...)

As of this morning, the spot price was back to within ten bucks of the US$2,000/oz mark.

And this price action, even as yields on the 10-year Treasury briefly crested 5% yesterday – a view not glimpsed since those portentous, pre-crisis days back in 2007.

“The last time it did that [topped $2k] was in late May,” BPR’s macro-analyst, Dan Denning, reminds us. “And in late May (May 24th to be exact), the national debt was $2.16 trillion lower. With another war on the horizon, that number isn't likely going down.” 

Hmm… war on two fronts... the national debt rocketing towards $34 trillion... debt to GDP at 130% and climbing... one wonders if there’s anywhere for gold to go but up?

In Aussie dollar terms, it’s already crashed through the $3,000/oz ceiling…

(Source: goldprice.org)

Where to next? Dan Denning will have more for BPR members in his weekly market note, out this afternoon. Word to the wise men, sign up here: