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When you find yourself in a hole, stop digging.
The political narratives of the media have about as much to do with whatever it was AE was supposed to be about as the price of tea in China.
Where is the examination of the complete collapse of the peak oil narrative, or delay if you will. And along with it the collapse or delay of Nicole’s energy economics narrative. With the resultant guarantee of the further concentration of power and wealth of those already at the top and more importantly the extension of the atmospheric CO2 increase. If the liberals are mean to the fascists, in service of the neoliberals, is irrelevant.
The main questions become if and when climate change will become catastrophic for billions of humans and or the political economies of the world. Also, when will oil production or consumption peak and then how steep will the slope be. Bleeding again into climate change. Or perhaps if the debt based monetary system is going to dislocate, with or without some large scale change in fossil fuel supplies. Note in both cases, climate and monetary, I say if.
Let’s not forget the alteration of human minds and societies by the harnessing and control of information and let’s not discount the advance of let’s call it a trans-human future now unfolding as a dream or possibility.
These thing are not amenable to daily updates.
“Collusion” is a McGuffin. It’s a misdirection as well. The simple story is far more common and seedy. Like a hand job in a strip mall massage parlor. Trump was motivated to make a buck, well several hundred million bucks for himself, by influence peddling. The influence in this case the policies of the United States of America. Not based upon any principal that has ever been stated by Trump or anyone near him. (I am and have been well prepared since before Trump to advance the ideas that our Russophobia since the fall of the USSR has been profoundly destructive) There were no principals involved. Just seedy money grubbing. A sort of ultimate betrayal of Democracy.
There is nothing fancy or meta about the whole affair. It was all a figurative hand job for a fruitcake and a pig. Donald Trump.
What does this have to do with anything. Oh yea
Cripes. What next? Goldstein really is the great enemy? Yea, that’s it. Give it a try, Gotta do something to keep those few dollars flowing in. You and JHK have really staked out a pathetic spot here on the interwebs. As if the NY Times means a thing.
Just what the world needs. A lesson in the Constitution by a Dutchman, in defense of fascists, for clicks and $. America is the home of fascism, which arose as a rear guard movement against the loss of chattel slavery, which had been built into the Constitution by the way. The first lesson of the American Constitution was that freedom depends upon slavery, of the inferiors. When that got derailed and a bit later the Constitution had no trouble with America bombing to death several million non combatants, inferiors, after August 1945, residing in nations America did not declare war on.
The constitution is malleable so don’t worry your pretty little heads about it being attacked by social justice warriors, and anti fascists, the new niggers, along with the usual suspects, spics and faggots.
We enter the Reichstag to arm ourselves with democracy’s weapons. If democracy is foolish enough to give us free railway passes and salaries, that is its problem… We are coming neither as friends or neutrals. We come as enemies! As the wolf attacks the sheep, so come we.
Since AE’s deflation prediction was negated by vast monetary and credit expansion and there is no reason to believe such will not be deployed again, and then again, as long as the biosphere cooperates, the entire project has lost it’s meaning. IM like huge swaths of what I call the alt economic community have turned towards fascism to get clicks. Repeating it’s narratives, endlessly, as here in today’s post.
Life under fascism will not be so bad for those who know their place. The ‘conservative’ dream of a perfect society is that people know their place. I am actually agnostic on this point, that liberal democracy can work in any culture that is not uniform culturally, if not racially.The post Great Depression Liberal dream just an historic oddity perhaps.
Well at least you haven’t gone medieval on Social Justice Warriors, yet, I don’t think. Better step up your game IM.
Ca-ching. (That’s the sound of a an old fashioned mechanical cash register for those unfamiliar with American parlance) This stuff must really be paying off for you IM.
Thank God the real friends of the earth and America,, the Russians leadership, Middle East Princes and Israeli spooks, helped elect Trump by flooding social media with messages designed to inflame anti nigger, anti spic, anti faggot pro gun real Americans. If AE’s friends, the niggers of Europe, Greeks are no better off at least we can look forward to millions of dead Iranians as consolation.
Assange made the same mistake AE did. That is aligning with the fascists to defeat neoliberalism It won’t work. The fascists today in the West are simply neoliberals with a catch. Catch 22 if you will. Markets, with a nationalist/racial patina.
Assange and AE are the Walter Duranty’s of this age. Imagining themselves players in some historic struggle that can be won. Making the hard tactical choices. Thus missing the great gift that is life. There is no final victory to be had.
It’s time to fold AE up. What is it’s purpose anymore? Almost everyone receptive to the message that modern centralized industrial society is unsustainable over any long term has already gotten that message. Daily compendiums tiny system failures against the backdrop of system entrenchment and advance serve no purpose but to stoke peoples emotions and apparently provide you with a little income. Reduced to aligning with the perfect synthesis of fascism and neoliberalism, ZH. That’s what you have been reduced to, to get your buck. AE has become a racket.
I hope your appeal yields some help for your Greek friends and the people they serve. Let me suggest it was probably a mistake to call out Kyle Bass since you base must certainly now include the denizens of T̶h̶e̶ ̶D̶a̶i̶l̶y̶ ̶S̶t̶o̶r̶m̶e̶r̶ ZH where Bass is practically a patron saint next to the likes of neo Confederate Ron Paul and the father of neoliberalism Hayak. It’s a shame no link has been found linking Hillary or Obama to the Greek tragedy but inaction does not supply evidence. At least then you might garner some real if short term sympathy from the ZH crowd for Greeks who truth be told are always going to be untermenschen to them. Not to be unfair, to the Clinton crowd too but they are after all known softies and snowflakes.
I could deduce from Ilargi’s fondness for ZH that he has about the same regard for niggers that Schäuble has for Greeks. So be it and no doubt that will help with donations. It just won’t do much to advance what is AE’s ever submerging cause.
A campaign law established rules for ‘independent’ political groups which were tax exempt, like charities. The rules stated that their activities, in order to maintain tax exempt status must be educational and not partisan. Billionaires poured hundreds of millions into these’ non partisan grass roots groups’ (if ever ironic quotes were ever needed it was here) in order to educate voters.
Here, get educated by the Tea Party
The IRS “apologized” because it is now lead by hyper partisan Republicans.
Did Illargi and we know that Greece was going to be raped and continue to be raped. Long before it became evident, even as nobody who is anybody thinks it has even been hurt a bit because they don’t think of it at all, up to this very moment? Absolutely he did.
So how in the hell can he get all atwitter over the very very old news that the Clinton campaign paid for the Steele oppo research, after the Republicans stopped paying for it because Trump was then their nominee. There is no news there, No there there. It’s what campaigns do. Trumps primary opponents did it, then the Clinton campaign took over. It’s the most normal thing in the world and it isn’t new, This was known months ago. It was known in the days after the dossier came out.
Illargi getting lead around by the nose on this stuff is so dispiriting to see here. Thrown crap against the wall, erstwhile information, oh so suspicious, to garner emotions. It’s all so sad.
Cue to the brilliant Marcy Wheeler at Emptywheel
” So the hard-left former president “,
Jimmy Carter, Hard left? OMG. AE is now ZH lite. Throw just about any crap at the wall and see what sticks.
I am way late back to this party; while one may like or choose metals as your store of values the king store of value is the price of corporations, ie. stocks, and their assets and debt, and the financial derivatives of those.
It makes no difference if we like it or not. History has been pointing in this direction for a very long time. So that now corporations have vast areas of sovereignty. Said asset prices are a sovereign decision.
There is nothing in the Western world to resist that, socially, culturally or politically.
The opinions and bets of mega speculators, pigmen, is of no concern of me.
Poverty is seen as a moral failure by people who think being wealthy denotes moral superiority. Which is the exact sort of hybrid moral/civic philosophy that was embraced by WASPS’s, white Anglo Saxon Protestants, who were America’s elites up until the 60’s. Well one can argue the dates. Shaw nor anyone destroyed that myth. Instead it just sort of faded. Replaced by simply eliminating the moral part and embracing the idea, made fact, that the wealthy are superior, full stop. Thus we have Donald Trump. The greatest leader the world has seen since Alexander the Great. Even IM is in the thrall of his genius which has all Trump’s words having deep inner meanings as he plays 11 dimensional chess with us mere mortals.
We, or I anyway, read these stories about how China works, or at least stories about how the party/government does things that make this or that happen, or not, and I nod my head and say OK. The thing is I can’t imagine how it works, really. Does that make any sense?
And too , can they keep credit expanding at $4TN a year pace, never mind what isn’t getting paid back, forever? And let them win this capitalism thing?
Such triumphalist articles are, if they are getting more prevalent , are a classic sign of a top but that’s hard to quantify.. All you need to know is that by this time next year the Fed says it is going to be selling $50bn of Treasury bonds a month, and not buying the current appox. $25bn a month of MBS they have been buying lately and up to $50bn a month in recent years. Throw in that the US deficit is guaranteed to grow thus adding to supply and the ‘market’ is going to have to come up with nearly $100bn a month more to absorb the supply. by this time next year. It that happens then financial asset prices are going to fall. Period.
The question is will that come to pass, that near $100bn/mo in new Treasury supply and reduced MBS demand? I don’t think it will but that’s just me. I don’t think the Fed will ever reach $50bn/mo in sales. They are starting with $10bn/mo and ramp up from there. They don’t have the balls. I could be wrong, on the timing. Eventually there will be a sharp downturn in stocks and the Fed will be back by halting sales and then new rounds of QE is my bet. I fully expect that in 10 years the Feds balance sheet will be somewhere around $50tn to $100tn, to pick some crazy numbers out of my hat.
It’s time to hang it up Illargi Meijjer. This daily compendium of stories that is. It does not advance the world view stated by Nicole, in fact it demeans it. Give it up.
Yellen is history. As the Fed starts to sell off it’s assets interest rates will rise, then stocks will fall. then Trump will go nuclear and put in the GS guy Cohen or someone like him and then there will be more QE. A lot more.
Then AE and all we ethical bears will be stuck saying the same things we have been saying for 20 years.
That’s my story and I am sticking to it.
The Star Spangled Banner before games has been part of Major League Baseball since WWII and probably the NFL then or not much later. I cant imagine where this ‘didn’t stand till 09’ comes from but it is wrong. Wildly wrong. Standing for the national anthem is an almost universally honored cultural tradition.
Dave Stockman has a schoolboy earnestness fueled by his belief that the Market, used in whatever sense or scale you want, can fix all things. A more old fashioned market fundamentalism than the neoliberal version that was taking hold just as he joined the Reagan administration. His version of Economics as the rightful and proper arbiter of most all things may be slightly better than Hayek’s neoliberalism which assigns the Market god like powers but functionally it isn’t any better.
No system, market or otherwise, nor any ideology is perfect nor perfectible because all systems will be corrupted. Because of course humans are corrupt. I am guilty of the same sort or earnestness in making that assertion I suppose, based on a wide seam of Christian derived moral philosophy, but those ideas carry the weight of a few thousand years of experience and thought, As opposed to the 150 odd year history of Economics invented in support of business corporations, who I might add, are not people
When the next market liquidity crisis hits or seems likely to I see no reason why the Fed cannot usher in another round of QE and successfully reflate the financial markets. I am not saying it will succeed. What I am saying is that it could succeed.
Let’s hear Doug Noland on this deflation meme shall we?
Zero Hedge has an odd editorial style. It seems to be and almost is this; whatever it is, I’m against it.
It used to be against mostly the mechanisms of the financial markets and endless liquidity, often. Then it was more and more and more against Obama using sources from the huge Conservative media industry. Every crazy thing that could get thrown on the wall from the birth certificate to 7000 posts about Bengazi.
Well ZH is always for 2 things. Friedrich Hayek, the father and mother of neoliberalism and Ron Paul, the former congressmen, quasi libertarian neo confederate from Texas.
Now the article featured here is not offensive on the propoganda from the right basis and I suppose is due some consideration. Except, strangely, talking about productivity and GDP is to immerse oneself dead in the middle of Economics, big E. It’s a mugs game, Why IM went there I have no clue.
With every reference to ‘Tyler Durden’, not one person but a collection of persons and thus Zero Hedge, Automatic Earth goes down the drain, or maybe goes around the bend a better phrase. Unwittingly, I hope, a fellow traveler with the rising neo fascism of this time.
The Paris Accord was the maximum possible political response. Such is the nature of politics and centrally planned group action. It’s goals were not nothing. Not much but not nothing. 7 billion humans, or however many there are in the future, are going to burn every ounce of carbon they can. At a slightly slower rate wouldn’t make much difference.
Was this linked here not long ago? Well wherever it’s worth consideration. Note Albright is a fixture among Democratic Party foreign policy hands and so gets a pass by even the parties ‘liberal’ wing.
RE: It’s just that no one alive today has ever seen governments benefit the people by spending.
For better, and for worse, every single aspect of how you live your life is a product of government spending. Government is the the ground upon which is built society and culture. Government is the ground and society and culture are the field. I mean field and ground in the cognitive sense.
vase or faces
Now in many ways corporations are displacing government as the ground of our society and culture but recall that corporations themselves are a legal fiction created and made possible by government. They pretend to be the ground but it is pretense. Or one may posit that ‘markets’ are becoming the ground but under the neoliberal model which is infecting all aspects of our society and culture these ‘markets’ are themselves a creation of government. The great falacy is that neoliberalism is lazzez faire but in truth the neoliberal project is to take over government in order to create the markets those in power desire.
Well I go off into the weeds. Again, for better and for worse, our great modern centralized governments have created what for we middle class people is a very very comfortable and safe life. Some fantasy of an even more safe and comfortable and wealthy life with less government is just that, a fantasy. It is government which has allowed our bubble of a civilization.
Since 1978 when US federal tax cutting started and through all the changes in the tax laws the percent of taxes to GDP has been almost a constant near 20%. All the strum and drang has been about, nothing. Well the tax burden has shifted from corporations and the top to the middle which has always been the point. It isn’t about cutting taxes its about shifting taxes.
All the squiggles since 1945 are due mainly to changes in tax collection because of cyclical changes in the economy and not rates
There is no way to asses the macro effect of cutting taxes because taxes have never been cut. Actually cutting taxes doesn’t effect GDP much at all. It doesn’t make any difference who spends the money. Only ideologues imagine that somehow government spending money is any different than you spending it. Of course you all know the complex fairy tale about the why of this, evil government and all that. This idea isn’t even economics, it’s religion. The worst religion in the universe. The religion of money.
It’s just another iteration of the same problem addressed a couple of days ago with the political continuum, where the left has disappeared. Of course if there was a left alternative then the opposition to the neoliberal order would just be divided.
Speaking from America the old center of the Democratic party was barely left but it was anti fascist. That is what make it honorable to hate Trump, who isn’t a fascist but he just as well be one. Being anti Le Pen or anti Trump is honorable, and yet disastrous. Illargi and everyone else in the alt econ community seemed to think Trump stood for some possible good change but they were wrong. The enemy of our enemy, the neoliberals and their fellow travelers, are not our friends.
Draghi has it right but allow that the stimulus could get much much much bigger and last a very long time. I am not saying it will I am just saying it could.
But Tsipras is of the far left don’t you know. Every article about him says so in the first or second sentence. Yesterdays pictures of the altered political continuum does as much as anything to explain what has happened to Greece. Nobody within 2 degrees of separation from power will question the fundamental status quo.
What passes for the ‘left’ in America is support for people with gender issues and abhorrence of racism. Neither of witch is insignificant but compared to the big picture they don’t amount to much. No ‘liberal’ web site I have ever seen has ever mentioned the plight of Greece. Just as they ignore the disasters in the Mediterranean.
The left was never and will never consistently hold political power in the US. That was never their roll. Their roll was to be a conscience, a check on power. Instead liberals in the English speaking world decided to cash in.