People, including SLL, have been saying a cataclysmic crisis is coming for years. It hasn’t happened yet, but that doesn’t make them wrong, just early. From Jim Quinn at theburningplatform.com:
“Do not underestimate the ‘power of underestimation’. They can’t stop you, if they don’t see you coming.” ― Izey Victoria Odiase
During the summer of 2008 I was writing articles a few times per week predicting an economic catastrophe and a banking crisis. When the biggest financial crisis since the Great Depression swept across the world, resulting in double digit unemployment, a 50% stock market crash in a matter of months, millions of home foreclosures, and the virtual insolvency of the criminal Wall Street banks, my predictions were vindicated. I was pretty smug and sure the start of this Fourth Turning would follow the path of the last Crisis, with a Greater Depression, economic disaster and war.
In the summer of 2008, the national debt stood at $9.4 trillion, which amounted to 65% of GDP. Total credit market debt peaked at $54 trillion. Consumer debt peaked at $2.7 trillion. Mortgage debt crested at $14.8 trillion. The Federal Reserve balance sheet had been static at or below $900 billion for years.
Posted in banking, Business, Civil Liberties, Collapse, Debt, Economics, Economy, Financial markets, Foreign Policy, Geopolitics, Government, History, Money, Morality
Tagged 2008 crisis, central bank policies, interest rates, Jerome Powell
If you convince yourself of your own superiority, its much easier to justify whatever it is you want to do to other people. From Richard Moser at counterpunch.org:
American Exceptionalism remains one of the innermost ideas shaping our national identity and still lies behind all of the war stories used to justify US foreign policy. Exceptionalism has been a part of American culture since the very first European settlers landed.
At its core, exceptionalism places America outside of normal history into a category of its own. Our initial “escape” from history followed two interrelated tracks: one was the religious radicalism of the Puritans, the other was the frontier experience. Both paths were the warpath.
The early settlers believed that they were “chosen” — blessed by a special relationship to their God. They viewed their “errand in the wilderness” as a holy mission destined to bring a new and better way of life to the world. God’s judgment on their progress was revealed in the bounty of a harvest or the outcome of a war.
The government’s foreign and military policies are gambling with all of our lives. From Paul Craig Roberts at paulcraigroberts.org:
Washington’s Provocations of Russia and Russia’s Passivity Are Scheduling the Death of the Earth
The Zionist Neoconservatives who run US foreign policy are now herding the US out of the remaining arms limitations agreements. It appears that Washington intends to withdraw from the Open Skies agreement with Russia. https://www.vox.com/2019/10/9/20906509/open-skies-treaty-trump-russia-cheat
The Open Skies Treaty allowed the US and Russia to overfly each other’s territory in order that there could be mutual assurance that one country or the other wasn’t building up forces for attack. If Washington withdraws from the treaty, which seems in the cards, tensions and uncertainties between the two major nuclear powers will increase. In no way is this a good thing.
Never have central banks and the president labored so mightily to keep the stock market aloft. From Sven Henrich at northmantrader.com:
They sure are trying their best. To do what? To goose markets higher. It’s been quite the spectacle all year, but this Friday sure took the cake. The entire week had been a giant jerk fest of sudden rips and dips as headline chasing algos were ripping through support and resistance levels unleashed like fat kids at the candy shop. But this Friday was something else, almost designed to have markets overdose on an insulin spike.
Ever more hyped up on an impending China deal, every meeting, and movement of negotiators caused market spikes, a Trump tweet about “warm feelings”, a $82.7B repo operation by the Fed to keep things tidy, a sudden out of the blue $60B/month Treasury buying operation announced by the Fed, multiple Fed speakers to boot, what a scene.
Will Trump finally get the US out of Syria? From Eric Margolis at lewrockwell.com:
More war in wretched Syria. Half the population are now refugees; entire cities lie shattered by bombing; bands of crazed gunmen run rampant; US, French, Israeli and Russian warplanes bomb widely.
Now, adding to the chaos, President Donald Trump has finally given Turkey, NATO’s second military power, the green light to invade parts of northeastern Syria after he apparently ordered a token force of US troops there to withdraw.
This, of course, puts the Turks in a growing confrontation with the region’s Kurds, who have occupied large swaths of the area during Syria’s civil war. The Kurdish militia, known as YPG (confusingly part of the so-called Free Syrian Army), is armed, lavishly financed and directed by the CIA and Pentagon.
Posted in Foreign Policy, Geopolitics, Governments, History, Imperialism, Military, War
Tagged Kurds, President Trump, Russia, Syria, Turkey
President Trump may have finally done something right in the Middle East. From David Stockman at antiwar.com:
Just when you think the Donald has lost his marbles completely, he pulls a rabbit of rationality out of the hat of Imperial Washington’s Forever Wars madness.
We are referring, of course, to his sensible decision to decline the opportunity to put American soldiers in harms’ way in an impending showdown between Turks and Kurds on the northern border of Syria. To our recollection, that particular tribal enmity has been going on for centuries and needs no help from Washington to fester on for years to come.
But already he is being monkey-hammered by the bipartisan War Party because by standing down and removing US forces from the contested towns along the border Trump is basically sounding the death knell for the neocons’ failed, bloody, illegal and demented regime change project in Syria.
Now – and very soon – the Kurds will have to make a deal with Assad and his Russian and Iranian allies to counter Turkey’s incursion, including the creation of a “safe zone” along the Turkish border that would be off-limits to armed Kurdish forces.
Posted in Foreign Policy, Geopolitics, Government, Media, Military, Politics
Tagged Iran, Kurds, President Trump, Russia, Syrian withdrawal, Turkey
So far there has not been a word from ever voluble Mike Pompeo on this latest Middle East incident. From Tom Luongo at tomluongo.me:
“You’re gonna need a bigger boat”
Just when you thought it was safe to go back in the water someone poked a couple of holes in an oil tanker belonging to Iran. This sent oil prices up briefly in the vain hope of stabilizing them. But, strangely, Secretary of State Mike Pompeo was silent.
This was a warning to Iran from someone on the Saudi/Israeli/U.S. side, “You won’t win without costs.”
Well, of course, that’s true. The big question everyone is asking is, of course, “Who did this?”
Details are sketchy with a lot of back and forth. Iran initially reported missile strikes.