"Having squandered trillions on mismanaged wars, tax cuts designed especially for the rich, a gigantic real estate bubble, and massive bailouts for its banks, the United States is confronting major fiscal problems. At the same time, America's fundamental economic competitiveness has declined severely, as its physical infrastructure, broad-band services, educational system, workforce skills, health care, and energy policies have failed to keep pace with the needs of an advanced economy.
This is not solely, or even primarily, a matter of money; it is a matter of policy and priorities. In some areas, insufficient government spending is indeed an issue. But in many areas, such as health care, the United States as a society is actually spending far more than other nations, without, however, obtaining the same results.
Politically powerful interest groups have been able to block reform. These and other groups, including, of course, lobbyists and politicians, have ferociously resisted efforts to improve America's future at their expense. Meanwhile, both political parties are ignoring, lying about, and/or exploiting the country's very real economic, social, and educational problems.
This process is starting to generate an additional danger: demagoguery. As America deteriorates, religious and political extremists are beginning to exploit the growing insecurity and discontent of the population.
Presiding over all this is an impressive, though utterly cynical, innovation on the part of American politicians: the political duopoly. Over the past quarter century, the leaders of both political parties have perfected a remarkable system for remaining in power while serving America's new oligarchy. Both parties take in huge amounts of money, in many forms—campaign contributions, lobbying, revolving-door hiring, favors, and special access of various kinds.
Politicians in both parties enrich themselves and betray the interests of the nation, including most of the people who vote for them. Yet both parties are still able to mobilize support because they skillfully exploit America's cultural polarization. Republicans warn social conservatives about the dangers of secularism, taxes, abortion, welfare, gay marriage, gun control, and liberals. Democrats warn social liberals about the dangers of guns, pollution, global warming, making abortion illegal, and conservatives.
Both parties make a public show of how bitter their conflicts are, and how dangerous it would be for the other party to achieve power, while both prostitute themselves to the financial sector, powerful industries, and the wealthy. Thus, the very intensity of the two parties' differences on 'values' issues enables them to collaborate when it comes to money."
Charles H. Ferguson, Predator Nation: Corporate Criminals, Political Corruption, and the Hijacking of America
Stocks managed to pull themselves together and rally a bit higher today.
The VIX fell.
The Dollar fell.
Gold fell in honor of the Comex futures option expiration.
Silver is hanging tough.
Wash, rinse, repeat.
Read the extended quote from Charles Ferguson above today.
It may help you to understand some of the things that are going on here in the US.
Probably the same can be said for the UK and most of Europe as well.
It may not change anything that you do.
Human nature is a funny old thing, fraught with a surfeit of willful foolishness.
But you can never say again that you did not know.
Have a pleasant evening.
