The globalized economy is a colossal Ponzi Scheme in which the vast majority survive on the bread crumbs falling off the table. The possibility of 7 billion people achieving a consumption-oriented lifestyle is zero, so the World Bank conveniently set the poverty line at $1.25/day to legalize global slavery. As long as someone else's children are doing the suffering, it's "all good". Post-2008, this illusion was extended merely by plundering all future generations.
Thursday, July 19, 2018
The Greatest Con Job In Human History
The current U.S. administration is the least competent, least honest, least moral, least intelligent in the history of the entire developed world without any comparison. It's as if the presidency was won, against all odds, by a fraudulent Manchurian Candidate picked by Russia. Nevertheless, for how spectacularly this all ends, whether that is actually true or not, is totally irrelevant...
Because for all of that non-stop lying and corruption, on the economic side this administration has nevertheless managed to con America's "Best and brightest" - Which will amply prove my long-standing theory that they are neither. The erstwhile "left" reserves all of their outrage for social issues while being as equally mesmerized by Supply Side lunacy as the right.
My biggest mistake over the past ten years was not realizing that post-2008 the entire developed world had become Japanified: an aging denialistic Idiocracy that will believe literally anything except the truth. Outside of that context, nothing makes sense, inside of that context everything makes perfect sense. Even to the point of being predictable, in the way one can predict what a degenerate geezer will say and do next. Had I realized that Japanification was large and in charge, I would have reached the conclusion that all of "this" would last long enough to convince "everyone" that it could go on forever. And then, only THEN would it implode spectacularly.
At this late juncture, the gap between fantasy and reality has never been wider nor more lethal. Listening to an extremely liberal commentator on TV today, she asked Elizabeth Warren why she is so far to the left on economic issues given that the Trump economy is booming. How can she draw voters when the economy is doing so well. Which serves to prove that there is no "left" anymore, except on social issues. The 38 year Republican Voodoo Economic mythology which has continually reinvented Supply Side Ponzinomic failure as success, has been bought hook, line, and sinker by the entire political spectrum this side of Bernie Sanders. Therefore, on economic issues the masses have been near universally conned by human history's biggest fraud, solely because expectations for what constitutes a "good" economy have been lowered for nearly forty years straight.
Where it all gets interesting however, is in the level of Trumptopian arrogance. Because not only does Trump have Kudlow pushing Supply Side fiscal profligacy to level '11' of historically unprecedented irresponsibility, on the other side he has the Powell Fed hawkishly tightening to offset the tax cut profligacy. Japan NEVER attempted to unwind their balance sheet, whereas now the U.S. is doing so at the fastest rate in Fed history.
The Fiscal side is ushering capital into risk, while the Monetary side is locking the door behind them.
Why? Because there is no one "left" to warn them. And perma-bears have been "wrong" for ten years straight, which is apparently the time it takes to con everyone. This just in:
"He said he's "not thrilled" with rate hikes and worries that the work the administration has done will be nullified."