It burns! It burns!
This is a very interesting discussion with one of the “good guys” in Washington (there are a few) on the nature of government and where we have gone wrong.
We don’t call it “mutant capitalism,” we call it crony capitalism. But the main point made in the attached article is vitally important.
What many young people know as “capitalism” is not capitalism. They’ve known only crony capitalism. Many young people have never seen a world in which the economy was allowed to breathe and one where people were generally free to start businesses and carve out a claim while helping fulfill the needs and desires of their fellow humans.
It really has been for both big “L” Libertarians and for small “l” libertarians. The curtain has been thrown back. We’ve seen the inner machinations of the electoral system. We’ve seen the lying and the deceit and the collusion and the media compliance. Many of us already knew. Some of us had already seen the nastiness first hand. But now my generally apolitical neighbors down the street have seen what’s really going on, and it is opening minds.
No kidding. Either be on the crony side of things or just drop out of the middle class. This is America today.
This is interesting. Every once in a while a little democracy breaks out.
This is where political correctness (a term coined by Marx) which is a type of religion, has taken us.
Science is racist. Just what South Africa needs, people who think witchcraft (which is indigenous) is equivalent (superior?) to the scientific method. Why? Because science is “Eurocentric.”
This kind of thinking ought to work out great for the country.
But the smug ignorance displayed by the woman in the attached video is the same I see displayed by some Americans on the “Left”
The War on Cash is on. The opening salvos were launched months ago, and now we are getting into the meat of the campaign which is being driven by central banks, governments, and by industry. They all want to kill cash.
The central banks hate cash particularly because it limits their power. There is real concern that in the event another significant recession rolls around central banks will have a hard time pushing down interest rates,
The European Union is eroding from its periphery and it is collapsing in pieces even in Germany and France. It is highly fragile and if real recessionary winds blow the EU will start to crumble at a faster pace.
We say the faster, the better.
The bureaucrats are clinging to the dream, but the dream has morphed into something very different for many in Europe. We can’t say that we’re disappointed.
The CFPB is/was housed within the Federal Reserve. The funding for the CFPB comes/came from the Federal Reserve. That’s a problem as Congress is the entity which is to allocate money for such programs.
The Crash of 2008 didn’t just go away (as too many of us know). It still hangs over the globe. But things have changed. We now have more debt on the books and an even more emboldened political class.
We have already mentioned Professor Pei’s new book China’s Crony Capitalism: The Dynamics of Regime Decay, but here’s a little more on it from The Economist.
China is the Ultimate Crony Capitalist State.
Modern China is driven by central planning and a deeply crony culture. Interestingly the country has succeeded in reinflating its housing bubble. I say reinflate because about a year and a half ago things looked like they were really going to bust. (Thanks to the unsound monetary policy that created the initial unstable boom.) Then the government and the banks intervened (in typical central planner fashion) and we’re off to the races again. The government delayed the inevitable. But the debt monster lurks,
Federal Reserve “independence” is a convenient untruth for the Fed and for many in the Washington political class. The Fed is absolutely influenced by politics. This is evident even to the fairly casual observer.
(From The Dallas News)
Carnegie Mellon University’s Allan Meltzer, a distinguished monetary economist, had this to say about Fed policy during the crisis: “Under Mr. Bernanke, the Fed has sacrificed its independence and become the monetary arm of the Treasury.”…
…Bernanke’s Fed seemed to care just as much about the health of prestigious financial houses as the state of the economy.
Embedded in the attached article is a video The Intercept was able to gain access to via FOIA request. It paints a dark picture. Urban megacities spread out across the landscape. Gangs rule the slums. Terror groups hide in the shadows. The chaos extends online. Pollution is everywhere. Misery. Death. Disease. Mad Max by 2030.
I’d take this assessment with a grain of salt however. Similar projections of doom go back as far as human history does.