Trump shocked the world last night by tapping into a “burning resentment” growing within the American electorate…something that he alone was able to identify while every other politician and mainstream media journalist clearly missed it. Trump’s victory, as Michael Moore said, is “the biggest fuck you” in human history as voters lashed out against a system they view as rigged and only working for the rich and powerful. Trump’s victory give a voice to those infuriated with the excesses of wall street, the corruption of the mainstream media that is more interested in spreading their own propaganda than reporting the truth and to those who are utterly fed up with politicians who are “all talk.”
Monetary policy has been an embarrassment of blunders with very real costs, some of which can be estimated and quantified, some, as noted yesterday, we just won’t be able to though they are what actually matter most. Despite all that, Janet Yellen as the technical and ideological heir of Greenspan and Bernanke is still afforded a level of deference and respect (intellectually) despite her and her institutional inclusion in IYI. They are easily exposed by forcing them to account for that which they simply cannot, and it has nothing to do with how they determined the exact level of the IOER; it is about why they thought IOER would be useful in the first place and more importantly, the whole emphasis for what this version of the “audit” should be, why it wasn’t.
Who could have seen this coming? Just weeks after Ford idled four factories due to slumping sales and excess inventory, GM just followed by slashing 2000 jobs permanently and suspending a third shift at production facilities in early 2017.
That this is a revolution is a bit of an understatement: revolutions are usually national in scope. This is an earthquake that will shake the whole world. The United States is a global empire, and from the Korean peninsula to the Baltic states, our protectorates are quavering in panic that the system they’ve depended on for over half a century is about to come down. During the election, America’s client states all but formally endorsed Hillary Clinton, and expressed their unmitigated horror at the prospect of a Trump presidency. After all, the GOP candidate pledged to make our allies start paying their own way, a possibility that naturally fills them with dread. And Trump committed the biggest heresy of all by not only openly questioning the continued existence of NATO, but also by asking “Wouldn’t it be nice if we could get along with Russia?”
The Source Of Voter Rage—The Ruling Elite Were Protected from the Consequences of Their Own Ruinous Policies
There are many sources of rage: injustice, the destruction of truth, powerlessness. But if we had to identify the one key source of non-elite rage that cuts across all age, ethnicity, gender and regional boundaries, it is this: The Ruling Elite is protected from the destructive consequences of its predatory dominance.
Indian Prime Minister Narendra Modi on Tuesday announced that 500 and 1,000 rupee banknotes would be withdrawn from circulation at midnight, saying it was part of a crackdown on rampant corruption and counterfeit currency.
From plush penthouse apartments on the Upper East Side to bars in midtown Manhattan, New York’s financial community watched in stunned dismay on Wednesday as Republican Donald Trump clinched the White House. An early party mood quickly soured as donors and supporters of Hillary Clinton realized that the Democratic candidate, Wall Street’s preferred choice because she represented the status quo, had lost.Many were stuck for words. “Not really much to say,” said Marc Lasry, a billionaire credit investor.
China’s $3.2 trillion corporate bond market is already starting to reel from rising interbank borrowing costs, and the traditional year-end funding crunch hasn’t even started yet. The yield premium for five-year AA rated notes over the sovereign climbed 10 basis points in October as money market rates surged to an 18-month high. Worse may be yet to come as lenders tend to hoard cash for year-end regulatory checks, prompting the overnight repurchase rate fixing to rise in December in four of the past five years, including a 33 basis point jump in the last month of 2015.
Voters in California, Massachusetts and Nevada approved recreational marijuana initiatives Tuesday night, and several other states passed medical marijuana provisions, in what is turning out to be the biggest electoral victory for marijuana reform since 2012, when Colorado and Washington first approved the drug’s recreational use. In addition to the states above, local outlets in Maine are declaring victory for that state’s legalization measure, but with 91 percent of precincts reporting just a few thousand votes separate the “Yes” and “No” columns.
Now that the 2016 election campaign is at long last over, an examination of the reckless, fact-free, innuendo-laden McCarthyite rhetoric which Hillary Clinton’s campaign surrogates deployed over the past several months is in order.The first and most obvious point to be made is that the anti-Russia hysteria that characterized the election, particularly in its final weeks, did not come out of nowhere; in fact, it should be seen as part of a natural progression of the elite media’s Russophobia which took root in and around the Ukraine crisis of late 2013-early 2014 and led, almost ineffably, not only to charges of Russian election-rigging in the United States but in the identification, in the pages of Newsweek and the Washington Post, of Russian fifth-columns within the United States.