It was another 'risk-on' day, although that was barely enough to keep the major indices treading water.

Gold and silver were flattish as the Dollar continued to decline.

The mispricing of risk is due to several factors. The misappropriation of the nation's money supply by the Fed and its Banks looms large. But the awful fiscal policy of Washington and the steady drumbeat of propaganda from the corporatist think tanks and media courtiers is not all that far behind.

Not one thing has changed. Except perhaps that the Fed has started to apply heavier doses of plaster to cover the rot in the walls and the foundation of the economy.

The elite and their courtiers are increasingly at a divergence from reality. And the many who have been slavishly mouthing their slogans and platitudes are in for a major case of cognitive dissonance.

Have a pleasant evening.

(Click on image to enlarge)

(Click on image to enlarge)

(Click on image to enlarge)

(Click on image to enlarge)

(Click on image to enlarge)

(Click on image to enlarge)

(Click on image to enlarge)

(Click on image to enlarge)