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Scary stuff for sure. Some similarity to 1930s Germany, but also stark differences. Unemployment was around 30% when the Third Reich came to power (more or less democratically elected). And the immense military buildup along with massive infrastructure spending did cure that problem (eventually leading to ruinous inflation).
My fear is that we’ll gradually slide into some form of military rule. I don’t think DT is going to be pushed out voluntarily, and so to retain some degree of control might willingly cede much power to the Generals. (Just unfounded idle speculation - hope I’m wrong).
But why is a substantial segment of the population apparently willing to go along for the ride? Having spent some time in Britain recently, I’ve come to appreciate both their Parliamentary system and their love for their constitutional monarchy ... And it’s finally dawned on me. It’s the Royal family with all the trappings that reminds them daily of how difficult it was to wrestle power from the monarchs and establish self government, how long that took, and how precious their democracy is. By some accounts it took nearly 1,000 years for that process to work itself out. http://www.telegraph.co.uk/news/0/general-election-2017-magna-carta-universal-suffrage-1000-year/. We Americans fought a revolution and wrote up a lot of documents (based in large measure on the British and French experience).
A bubble is a bubble. They happen. So I’m not attempting to link our blistering hot financial markets to the political shenanigans taking place in DC. However, watch out for whomever becomes the scapegoat(s) when things finally fall apart. (Hint: Any group not inside the governing elite will become prime candidates for blame).
Weird! The reason I put the hed on this thread that I did was that Bernstein was pointing not to any of this sort of thing but to something quite other.
I hope you’re not a strict constructionist. Some of us like a little slack now and than.
Bernstein makes many good points. Yeah - Deregulation works until it doesn’t. Summers has gone ballistic on the tax bill. I love how their spokepersons keep saying “most of the tax cut is going to the poor and middle class.” They fail to mention that that group comprises 90-95% of the population and is still growing. The bucket might be a little larger, but the feed doesn’t go nearly as far when you start throwing it around.
Comments
One that may shake thing up is presented here:
the-market-shock-no-one-is-ready-for
And a Bloomberg Opinion Piece:
the-trump-russia-probe-is-about-to-get-uglier
https://amazon.com/History-Financial-Euphoria-Penguin-business/dp/0140238565
@bee,
Scary stuff for sure. Some similarity to 1930s Germany, but also stark differences. Unemployment was around 30% when the Third Reich came to power (more or less democratically elected). And the immense military buildup along with massive infrastructure spending did cure that problem (eventually leading to ruinous inflation).
My fear is that we’ll gradually slide into some form of military rule. I don’t think DT is going to be pushed out voluntarily, and so to retain some degree of control might willingly cede much power to the Generals. (Just unfounded idle speculation - hope I’m wrong).
But why is a substantial segment of the population apparently willing to go along for the ride?
Having spent some time in Britain recently, I’ve come to appreciate both their Parliamentary system and their love for their constitutional monarchy ... And it’s finally dawned on me. It’s the Royal family with all the trappings that reminds them daily of how difficult it was to wrestle power from the monarchs and establish self government, how long that took, and how precious their democracy is. By some accounts it took nearly 1,000 years for that process to work itself out. http://www.telegraph.co.uk/news/0/general-election-2017-magna-carta-universal-suffrage-1000-year/. We Americans fought a revolution and wrote up a lot of documents (based in large measure on the British and French experience).
A bubble is a bubble. They happen. So I’m not attempting to link our blistering hot financial markets to the political shenanigans taking place in DC. However, watch out for whomever becomes the scapegoat(s) when things finally fall apart. (Hint: Any group not inside the governing elite will become prime candidates for blame).
I hope you’re not a strict constructionist. Some of us like a little slack now and than.
Bernstein makes many good points. Yeah - Deregulation works until it doesn’t. Summers has gone ballistic on the tax bill. I love how their spokepersons keep saying “most of the tax cut is going to the poor and middle class.” They fail to mention that that group comprises 90-95% of the population and is still growing. The bucket might be a little larger, but the feed doesn’t go nearly as far when you start throwing it around.