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Poetic Justice For The Aristocracy

Poetic Justice For The Aristocracy

Two points about today’s political economy – and then a prediction involving Illinois:

Point One: What’s coming is poetic justice for the aristocracy. The wave of populism/socialism/proto-fascism that’s sweeping the US and Europe is a direct result of the breathtaking hubris of a ruling class that didn’t know when to quit stealing. 

While it is possible for societies dominated by a small group of rich/connected people to endure and even thrive, they can do so only if the 99% enjoys a rising standard of living and a certain amount of upward mobility. In other words, people will accept the existence of an entrenched elite as long as everyone else does a little better each year. 

Today that’s not the case. The current crop of aristocrats (Google “Davos World Economic Forum images” for faces to go with the concept) are now simply harvesting the wealth of their subjects without much thought for their own vulnerability. 

For an easy-to-grasp example of how this works, look at interest rates. Over the past couple of decades, the world’s central banks have been pushing rates lower in each cycle, impoverishing small savers and retirees who depend on income from bonds and bank accounts while enriching the already rich by raising the prices of stocks and real estate. The following two charts (from Charles Hugh Smith’s recent Who Killed The Middle Class?) illustrate the widening gap between the pay and assets of the haves and the used-to-haves. To put this in economist-speak, capital is gobbling up labor. 

wage gap poetic justice
wage to GDP poetic justice

So the coming political tsunami is bit of French Revolution-style poetic justice, since most of the resulting policy changes will be aimed – either explicitly or accidentally – at the 1%.

 …click on the above link to read the rest of the article…

The Empire’s Sea of Woes

The Empire’s Sea of Woes

The noose cinches.

Second-rate George H.W. Bush got a first-rate Washington send-off. For one day it interrupted the downtrend in equity markets. It may mark the US apotheosis of inflated grandiosity. Across the Atlantic, Emmanuel Macron, pretentious popinjay of Gallic grandiosity, has gotten a deserved comeuppance. Brexit, Trump’s election, and nationalist uprisings in Southern and Eastern Europe apparently insufficient warning to the globalists who would rule us, the French rioters are sending yet another wake-up call. If that’s not enough, so too are many of the nations outside the Euro-American welfare state asylum.

The crazies’ kings, queens, and courtiers face a dwindling inheritance and mounting debt, but spend lavishly to keep up appearances. Falling markets and rioting taxpayers are unwelcome reminders that the money’s running out, leaving behind a stack of IOUs that won’t be paid. The aristocracy wants to offload the pain to the peasantry, but the riots demonstrate that the peasantry has other ideas. Our betters also want to blame their sea of woes on Eurasia’s leaders, but Russia, China, Russia, Turkey, and Iran are having none of that. They are, however, delighted to see the West crumbling and will do nothing to stop it.

Empire is America’s noose, hubris America’s curse. Once upon a time it didn’t matter much to the American people or their politicians what happened in Asia, Africa, the Middle East, or even Europe. During the nineteenth century, for the most part we minded our own business, and what a business it turned out to be. America became the world’s industrial, technological, and commercial powerhouse.

Success may be the hardest human condition to endure. Few individuals withstand it. For empires, it’s always temporary. They fail and topple from the pinnacle with monotonous regularity.

…click on the above link to read the rest of the article…

The Last History of the United States

The Last History of the United States

Photo Source Boston Public Library | CC BY 2.0

The words “We hold these truths to be self-evident, that all men are created equal…”, from America’s Declaration of Independence, stands as one of the finest historical examples of what Hitler, and later Goebbels, called the big lie. Hitler wrote in Mein Kamf (1925) “that in the big lie there is always a certain force of credibility; because the broad masses of a nation are always more easily corrupted in the deeper strata of their emotional nature than consciously or voluntarily…” In Jill Lepore’s These TruthsA History of the United States (2018), she painstakingly exposes the truth that America is founded on hypocrisy.

The greatest fear of the Founding Fathers was democracy. Their intent was to establish a white aristocracy of wealth largely based on the productivity of African slaves.  Lepore shows that they succeeded beyond their wildest dreams of avarice and power. She shows that big lies and little lies have subsequently sustained the illusion of democracy in the United States and the façade of inclusivity and freedom it presents to the world. The nation’s underlying hypocrisy is rarely challenged; instead, political factions compete to demonstrate (or at least propagandize) their fealty to its foundational “truths”. Along the way, the means of communication, from broadsheet to newspaper, radio, TV, computers and now the internet have serially compounded the ability of partisans to disseminate their truths – to propogandize more effectively.

The narrative she weaves, over almost 800 pages, is more requiem than history – the ship of state, in her telling, now wallows adrift on a rising ocean bereft of a mainsail.

…click on the above link to read the rest of the article…

Olduvai IV: Courage
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Olduvai II: Exodus
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