I was recently talking with senior wonk in Washington DC about this very issue. Why was it for all the think tanks, all the white papers, all the fits and crying in the media about this issue and that, that policy on the big issues hardly ever changes to reflect the will of the American people?
My friend thought basically the same as the author interviewed in the attached article. There is a surface level government and then there is the “deep state,” a place where massive power is housed, and wielded by largely faceless and mostly unaccountable managers who have agendas which are often very different from what you and I might want.
This is a great video. Peter Thiel of Paypal fame (he was also the first investor in Facebook, among other things) speaks of the “slow impoverishment” of the United States through inflation and regulation.
And then the obvious question is – “Where do the central bankers get all this money?”
Only a few people think about that, and half of the people thinking about it don’t care that this “money” comes from nowhere. All they care about is the next quarter, the next day, the next tick, whatever helps them through their withdrawal.
Rest assured that none of the $7 billion dollars went directly to war lords and other avowed enemies of the United States. I am sure the money didn’t go to fund new “deep wells” which enable poppy cultivation in previously inhospitable places, or to finance the transport of heroin into Europe, China, and North America.
Nope. That money, that taxpayer money, was money well spent.
Crony capitalism is deep in the DNA of both major parties. Republicans do it. Democrats do it. This is a case in point.
GM is a cronyism vortex. The closer one gets to the company the stronger the crony force is. Taxpayer dollars disappear into it and are gone forever. Common sense too. The free market and genuine innovation? They long ago passed over the event horizon.
The “plunge protection team” (PPT) used to be something which was whispered about. Now it’s openly discussed in the New York Post. Hell will become a frost covered plain before the New York Times will ever mention the PPT of course.
As I have written before, there is an understanding among traders post-2008. If the market heads into a nose dive the Fed will intervene. It will actively buy futures (and likely whatever else it has to) in the market to buoy the market.
The PPT is kind of like the Israeli nuclear program. No one acknowledges it officially but almost everyone thinks it exists and as such this impacts markets.
Gambling is not a particularly good thing. But it is something which millions, if not billions of people enjoy responsibly. Many of those people go to casinos now. The casinos however are afraid that if gambling is legalized online in the USA many of those customers will never again walk through casino doors. As such the gambling industry has mounted an anti-online gambling campaign in Congress.
But the tack the casinos have taken is just insulting. Their argument is that online gambling will increase moral depravity and encourage the vice. The CASINOS are making this case.
A coalition of Michigan sports fans, consumer groups, and free market advocates are locked in a battle over the right to resell tickets. Michigan is one of the few states that still prohibits consumers from reselling their tickets on the secondary market for more than face value, without the venue’s permission.
In addition to representing a gross interference by the government in the free market, the 83 year old law has enabled big ticket companies like Ticketmaster and StubHub to create a state-sanctioned monopoly on reselling tickets for more than face value.