As depicted by the thtle of this post, we are now witnessing geopolitical/economic/environmental meltdown in real-time. It's an accelerating train wreck that has the public paralyzed - frogs in boiling water. Their only recourse is American Idol, South Park and Faux News.
I try not to get too political since I have outright disgust for the two party pseudo-democratic system, but when Mitt Romney indicated that his election platform involves yet another tax cut for the wealthy, I almost shit a brick. Bush's tax cut from a decade ago is still baselined into the recurring deficit and requires ongoing borrowing i.e. it's a tax cut paid for by America's grandchildren. And apparently paying for 60% of the Federal budget (borrowing the rest) is just too much burden for today's 'taxpayer'. So, they need a bigger break. Leave aside the fact that the wealthy, including Romney himself, already pay a lower tax rate than the middle class and they keep their real money in offshore bank accounts paying 0% tax. Meanwhile, lest we forget, Bernanke's latest lubing of the stock market (and all risk assets) is a direct income benefit to the wealthy and a commodity inflation tax on the middle class.
The Economist Goes Mad Magazine
No sooner had I written my most recent diatribe against the alpha males who bulldozed their way to the top by repeating the same moronic strategies over and over again, than I am presented with yet more mind boggling examples.
First off, with respect to Monetary Policy, I was remiss in not pointing out the most egregious (albeit obvious) aspect of the latest policy moves. Which is the constantly overlooked fact that monetary policy - cheap money - got us into this mess in the first place. Once again, it's the signature of the Idiocracy to believe that the way to get out of a problem is to just apply MORE of the same bad policy that caused the problem to begin with. As a reminder, both the ECB (via OMT) and the Fed (via QE3) this past week declared that they will print as much money as necessary to resolve these ongoing debt problems that were created by easy money.
With respect to Fiscal Policy, that Full Retard moment has been building for years across all Western Nations. However, the recent climactic moment occurred when non other than Larry Summers - Dean of Harvard and a key architect of the 2008 meltdown, said that the best way for the U.S. to get out of debt is to borrow MORE money.
I try not to get too political since I have outright disgust for the two party pseudo-democratic system, but when Mitt Romney indicated that his election platform involves yet another tax cut for the wealthy, I almost shit a brick. Bush's tax cut from a decade ago is still baselined into the recurring deficit and requires ongoing borrowing i.e. it's a tax cut paid for by America's grandchildren. And apparently paying for 60% of the Federal budget (borrowing the rest) is just too much burden for today's 'taxpayer'. So, they need a bigger break. Leave aside the fact that the wealthy, including Romney himself, already pay a lower tax rate than the middle class and they keep their real money in offshore bank accounts paying 0% tax. Meanwhile, lest we forget, Bernanke's latest lubing of the stock market (and all risk assets) is a direct income benefit to the wealthy and a commodity inflation tax on the middle class.
The Economist Goes Mad Magazine
Speaking of insanity, the subject that spawned this latest diatribe - geopolitics. Just this week "The Economist", in examining the recent spate of Anti-American protests across the entire Muslim world, declared that the best response for the U.S. was to interfere MORE in the region. So again, the best response to a failed policy leading to widespread anarchy, poverty and disillusion is to just double down on the same bad policy. To be specific, "The Economist", which is ostensibly an economics-oriented magazine devoted an entire article giving glib armchair general advice on how the U.S. should provide military support to the rebels in Syria. I didn't realize that the pencil necked geeks at "The Economist" were military strategists. Of course, the same magazine was a proponent of U.S. involvement in Libya where the U.S. embassy was just blown up. Who knew that intervention could have such high and immediate ROI? And dare I state the obvious, but if a Danish cartoon or homemade video on YouTube can cause a billion Muslims to go apeshit, then stay tuned for a lot more cartoons and homemade videos...
Wow, this shit is melting down in real time and the only thing preventing public acknowledgement of the fact is the new season of NFL football commanding attention. Also redirecting attention away from reality is the impending election to determine which of two Harvard buffoons will be the best spokeman for the 14,000 special interest groups operating in D.C.
Lastly, with respect to iPhoney 5 (really 6, but who's counting), as expected, the Idiocracy really, really wants one: lol this is hilarious...
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