Of Two Minds

So enjoy the GBOAT (greatest bubble of all time) but watch the clock. Sports fans debate who qualifies as GOAT–the greatest of all time in hoops, Kobe, Jordan, Kareem, Magic; in boxing, Ali, and so forth. What we have today is GBOAT–the greatest bubble of all time. That it’s GOAT is beyond doubt, as the charts below reveal.

The core dynamic is ultimately the loss of social cohesion within the ruling elites and in the social order at large. There’s a definite feeling to the euphoria that the world didn’t end on November 3. And what better way to celebrate the victory of what passes for normalcy with a manic stock market rally?

We’re Number One in wealth, income and power inequality, yea for the Fed and the Empire! If we avert our eyes from the electoral battle on the blood-soaked sand of the Coliseum and look behind the screen, we find the powers that matter are not elected: are owned by a few big banks Federal Reserve, run by a handful of technocrats, and the immense National Security State, a.k.a. the Permanent Government.

Regardless of who holds the office, America’s Imperial Project and its Imperial Presidency are due for a grand reckoning. While elections and party politics generate the emotions and headlines, the truly consequential change in American governance has been the ascendancy of the Imperial Presidency over the past 75 years, since the end of World War II.

Wake up, America, and see the Fed for what it really is: a totalitarian tool of kleptocracy. You know what happens when fire suppression policies limit forest fires: deadwood piles up and all the trees killed by bark beetles are awaiting a spark to ignite.

This “capitalism” is only attractive to parasites, predators, kleptocrats, legalized looters, embezzlers, fraudsters and all those insiders whose palms get greased along the way.