Friday, October 03, 2014

The Sources of America's Political
& Financial Dysfunction
"The way to preserve great wealth is to buy political protection of that wealth. The way to protect great political leverage is to grease the machinery of governance with cash .. I confess that reading Francis Fukuyama's latest in Foreign Affairs, America in Decay: The Sources of Political Dysfunction made me think Mr. Fukuyama has either been reading or channeling Of Two , as his brutal assessment of America's terminal political dysfunction reflects many of the themes I've been hammering .. Unfortunately for his readers, Mr. Fukuyama stops short of identifying the key dynamic in America's dysfunction:
the exhaustion of Central Planning & centralized government as a 'solution' for every ill 
With the vast majority of power concentrated in Federal agencies and budgets, entrenched interests only need to buy a few key legislators and spin the revolving door between corporations and the agencies that regulate them to groom pliant regulators."
- Charles Hugh Smith*
link here to the reference
LINK HERE to the Francis Fukuyama essay


Anonymous said...

The Ritual of Our Existence

It is getting so bad, one cannot even continue to make allowances for gross incompetence and hubris on the part of The Fed. Today Bill Dudley had his James Clapper moment, and roundly denied any lack of regulatory zeal at the New York Fed. It was insensitive, arrogant, and pretty disgusting.

“I don’t think anyone should question our motives and what we are trying to accomplish.”

The Fed is to regulation what David Cameron's Tories are to the English people.

That is, they may sometimes sound eloquent and publicly appear to be broad minded, informed, and responsible. But deep down you know that they are worse than useless, being self-absorbed, atavistic, conspicuously indifferent to the public, myth driveling toffs and gits. At least the Tories have the stuff to put up a proper nob like Osborne as their man. The Fed's overlords have to hide behind bubbe.

Andrew Jackson was right.

Anonymous said...

AIG Bailout Trial and Whoppers, Um, Crisis Revisionist History

Various writers that one would not normally expect to be sympathetic to a grasping plutocrat like Greenberg, such as Gretchen Morgenson, Noam Schreiber, and DSWright at Firedoglake, nevertheless relishing the prospect of a Godzilla versus Mothra battle that will expose what happened in the heat of the crisis and why.

But be warned that getting more information does not necessarily mean getting anything approaching transparency. For instance, the depositions of Bernanke, Paulson, and Geithner are all under seal, so details that are potentially important are being kept from public view. The odds are high that the officialdom, both in court and in the media, will try offering more layers of spin.

Anonymous said...

Labor Participation Rate Drops To 36 Year Low, Wage Growth Zero, Bernanke Turned Down For Mortgage Refi

Today’s jobs report is ugly, yet if I turn on Fox Business and CNBC I will hear only joyous headlines: unemployment rate drops to 5.9!


What’s NOT to like about the employment report?

First, U6 unemployment (full-time and marginally attached) still remains higher than at anytime prior to September 2008 at 11.8%.


Second, civilian labor force participation dropped to 36 year lows. Back when Jimmy Carter was President.