Time for a Mercy Killing at NATO, by David Stockman

Put NATO out of its gloriously lucrative (for militaries and their defense contractors) but completely unnecessary (for the rest of us) irrelevance. From David Stockman at antiwar.com:

The Great Disrupter was in fine fettle Wednesday. First he scolded Germany for investing in a natural gas pipeline from Russia that makes all the sense in the world and then blasted it for not spending money on defense it doesn’t need.

Well, I have to say, I think it’s very sad when Germany makes a massive oil and gas deal with Russia, where you’re supposed to be guarding against Russia, and Germany goes out and pays billions and billions of dollars a year to Russia……On top of that, Germany is just paying a little bit over 1 percent, whereas the United States, in actual numbers, is paying 4.2 percent of a much larger GDP. So I think that’s inappropriate also. You know, we’re protecting Germany, we’re protecting France. We’re protecting everybody. And yet we’re paying a lot of money to protect.

But not to worry. The talking heads of bubblevision say today’s market dip is the pause which refreshes. It’s still “risk-on” because by their lights when push comes to shove no mere politician – including the Donald – is going to do anything that the boys and girls on Wall Street might find troubling.

They apparently don’t dare – as was well and truly proven in late September 2008. When the remnants of principled Republicans voted down the TARP bailout of Wall Street, the Dow instantly plunged by 7% or $1.2 trillion, which would be equivalent to a 1700 point meltdown at today’s index level.

Of course, that particular hissy fit brought the GOP pols scampering back to the House floor. Having gotten their heads right in the interim, they marched back up the hill to approve George Bush’s $700 billion package of crony capitalist loot.

There hasn’t been even a close call since then. The only thing the gamblers really fear, apparently, is that a central banker might look at them cross-eyed. But as we told CNBC viewers yesterday, no central banker has the backbone to even wrinkle his brow in the direction of Wall Street.

To continue reading: Time for a Mercy Killing at NATO

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