Thursday, November 10, 2016

David Stockman*: 
"The Jig Is Up: America’s Voters 
Just Fired Their Ruling Elites"
"America’s voters fired their ruling elites last night. After 30 years of arrogant misrule and wantonly planting the seeds of economic and financial ruin throughout Flyover America, the Wall Street/Washington establishment and its mainstream media tools have been repudiated like never before in modern history .. The voters also said in no uncertain terms that they are fed-up with a 'rigged' system that has one set of rules for establishment insiders and another for everyone else .. Stated differently, the people did connect the dots. There is a straight line from repeal of Glass-Steagall by the Rubin-Clinton democrats in the late 1990s through the resounding repudiations of the Clintons last night .. The essence of last night’s thunderbolt—-Brexit 2.0 on steroids—–is that the ruinous rule of the existing Wall Street/Washington establishment has been repudiated and ended. But there is nothing to replace it. Donald Trump has no coherent program at all—-just a talent for .. rubbing them raw .. The election is over and the nation’s long nightmare has just begun. For months and years to come, the Imperial City will be ungovernable and the nation will be racked with fiscal, financial, political and even constitutional crisis. By kicking the can in a ruinous direction for decades, America implicitly opted eventually for the bleeding cure. Washington will descend into permanent warfare over the debt ceiling and an exploding $20 trillion+ public debt. Any notion of a Trump economic revival program—-even if it could now be confected—will be stillborn in the financial and fiscal chaos ahead. And most important of all, the almighty Fed will be stranded high and dry—-out of dry powder and under political attack like never before from angry politicians and citizens alike. The jig is up."
LINK HERE to the essay

No comments: