Our leaders are proven failures - their only success is in telling ever larger lies. The denialists who believe them are in denial about everything, but mostly about being in denial. Whether on the topic of the economy, financial markets, global solvency, mass shootings, the U.S. empire, the environment, human health etc. today's level of denial is unprecedented. For a reason. Throughout this era, as the level of desperation grew, so did the lies and the obfuscations. The dumber the ideas that were applied, the dumber the populace had to become to accept those ideas. At this late stage, proven failure has been re-cast as success. The Idiocracy is flying blind - without the slightest clue what's real and what is fake. Casting about for the next bigger set of liars to tell them the next bigger set of bedtime stories.
It's a true old age home wherein the aged enter watching 60 Minutes, and by the end they're watching Gilligan's Island re-runs. Voila.
China definitively proved that global capitalism has failed. That country did more than any other to become "the factory to the world", and yet it still doesn't have a middle class. It can't turn the corner to become a balanced economy, because the factory slaves garner no real income. In the U.S. where the middle class has been systematically annihilated to fund stock buybacks and tax cuts, Zerohedge informs us continuously that having stagnated for fifty years straight, raising the minimum wage now is a "very bad idea" since we shouldn't overpay for a what a service is worth. No, instead we should continue to outsource the economy and displace it with debt - a much sounder idea. The people who write that bullshit evidence the same morality as a 12 year old carrying a pig's head on a stick. Throughout this entire Globalized era, the value of labour has fallen continuously. Skills never gain in value, they only lose value. Wages in aggregate can never be raised because the Fed always has its hand on the economic kill switch, at the slightest sign of "inflation". In other words, the status quo was a one way trip to Third World impoverization. There was no way back. Global poverty funded cheap capital, and the debt-bloated system is now married to ever-cheaper capital. Interest rates can't rise without imploding the temple of debt, therefore the standard of living can't rise under the current *free trade* paradigm.
In the next step of this fiasco, global corporations will learn that their profits are as ephemeral as the wages that no longer support them. There can be no real wealth without real incomes to support it. The Idiocracy has conflated debt with wealth.
This is the lesson of Globalization.
This cycle is ending the exact same way it started - with a blip in Submerging Markets:
"Global synchronized recovery"
