09 July 2018

How the Clinton-Obama Complex Gave Us Trump, And a New Thomas Frank Book Rendezvous With Oblivion


"Over the last month I have tried to describe conservative power in Washington, but with a small change of emphasis I could just as well have been describing the failure of liberalism: the center-left’s inability to comprehend the current political situation or to draw upon what is most vital in its own history.

What we have watched unfold for a few decades, I have argued, is a broad reversion to 19th-century political form, with free-market economics understood as the state of nature, plutocracy as the default social condition, and, enthroned as the nation’s necessary vice, an institutionalized corruption surpassing anything we have seen for 80 years...

When you view the world from the satisfied environs of Washington — a place where lawyers outnumber machinists 27 to 1 and where five suburban counties rank among the seven wealthiest in the nation — the fantasies of postindustrial liberalism make perfect sense. The reign of the 'knowledge workers' seems noble.

Seen from almost anywhere else, however, these are lousy times. The latest data confirms that as the productivity of workers has increased, the ones reaping the benefits are stockholders. Census data tells us that the only reason family income is keeping up with inflation is that more family members are working.

Everything I have written about in this space points to the same conclusion: Democratic leaders must learn to talk about class issues again. But they won’t on their own. So pressure must come from traditional liberal constituencies and the grass roots, like the much-vilified bloggers...

The more comfortable option for Democrats is to maintain their present course, gaming out each election with political science and a little triangulation magic, their relevance slowly ebbing as memories of the middle-class republic fade."

Thomas Frank, Rendezvous With Oblivion, NYT 2006

This guest opinion piece from Thomas Frank in 2006 seems particularly prescient in retrospect today.  It provided the name for a newly published collection of his essays.

This first video interview below is also reprise, but it is so insightful, so spot on, that I thought it would be useful to bring it back now ahead of the fall elections.  It is from that great series of interviews on Reality Asserts Itself.

How soon we forget, with all the distractions and dog and pony shows served up.

Not that the corporate wing of the Democratic Party will listen to reason. The pay is too good, and they will fight to retain their privileges until the bitter end.

They may begin to fake listening to their own broad base, not just the millionaires, more aggressively.  They are good at faking concern and feeling your pain while doing very little.

Change will come only as the Progressives turn the party over on its head from the bottom up, at the primary ballot box and the elections.

Obama was a well polished and timid sell-out, from his first 100 days.  But Bill and Hillary were  venal carnies from the first.    I never voted for either of them.  But I have family in Arkansas, and their nature was well established back then.

And may have been proto-fascists too, if you remember the two highest profile law enforcement actions of the Clinton administration: Waco and Ruby Ridge.

Obama was not much better if one recalls the brutal way in which dissent was suppressed under him, with the historic use of Espionage Act, and the coordinated crushing of Occupy movement and just about anyone else who stood against him.   Like so many verbally acute figures he was given over to paranoid overreach when words failed.

So whenever a hard core Democrat tells me how awful the Trump voters are, and there are some pretty ugly actors in that crowd, and how tragic it is that they failed the country at the polls, I want them to remember this video.

Make no mistake, Trump is embarrassing, and anyone with a view to history can see the damage he is doing with his dilettante, con man's approach to policy.   I forecast that in their anger and frustration people would grab the wrong solution from the shelf, and here it is.

But all things considered, we can thank the arrogant willfulness of Hillary and her corporate stooges for it.   The rise of a demagogue almost always owes something to the long term failure of the governing elite to stand up to the predations and depredations of the rich and the heartless.   And alas, the GOP sold their souls to the moneyed interests long ago, and are beyond redemption.

Thomas Frank has published a new collection of previously published essays titled Rendezvous With Oblivion.  The title comes from a column he wrote for the New York Times in 2006.

A video interview of this new book is included below in the second video.  The interview is an update on the state of US politics, and the Democratic Party in particular. The book is a thematic collection of previously published columns.

I think he could have done a bit more with the material in terms of updating and showing how what he has previously said, and foretold, is unfolding.

The Democratic establishment and highly placed party functionaries do not want to change—   they are dedicated to their own personal power and control, and all about getting paid off first and foremost. 

And their greed is killing us.





Thomas Frank discusses his new book, Rendezvous With Oblivion.




And for good measure, here is a specific discussion of the details of the election blunders and fatal complacency fueled by arrogance and disdain for the common people.





08 July 2018

Remembering Ed Schultz, Kind Of - This Is the World That We Live In Now


"The next moment a hideous, grinding speech, as of some monstrous machine running without oil, burst from the big telescreen at the end of the room. It was a noise that set one's teeth on edge and bristled the hair at the back of one's neck. The Hate had started. As usual, the face of Emmanuel Goldstein, the Enemy of the People, had flashed on to the screen...

Before the Hate had proceeded for thirty seconds, uncontrollable exclamations of rage were breaking out from half the people in the room. The self-satisfied sheep-like face on the screen, and the terrifying power of the Eurasian army behind it, were too much to be borne: besides the sight or even the thought of Goldstein produced fear and anger automatically...

To keep them in control was not difficult. A few agents of the Thought Police moved always among them, spreading false rumours and marking down and eliminating the few individuals who were judged capable of becoming dangerous; but no attempt was made to indoctrinate them with the ideology of the Party. It was not desirable that the proles should have strong political feelings.

All that was required of them was a primitive patriotism which could be appealed to whenever it was necessary to make them accept longer working-hours or shorter rations. And even when they became discontented, as they sometimes did, their discontent led nowhere, because being without general ideas, they could only focus it on petty specific grievances. The larger evils invariably escaped their notice...

The essential act of the Party is to use conscious deception while retaining the firmness of purpose that goes with complete honesty. To tell deliberate lies while genuinely believing in them, to forget any fact that has become inconvenient, and then, when it becomes necessary again, to draw it back from oblivion for just so long as it is needed, to deny the existence of objective reality and all the while to take account of the reality which one denies, all this is indispensibly necessary."

George Orwell, 1984




07 July 2018

Gold and Silver Holdings of Trusts and Funds - Price Manipulation: The Thing Speaks For Itself


Dangerous leverage in the gold markets seems to be pressing the ready supply of physical gold, even prompting withdrawals and redemptions from the trust and funds on relatively small price swings, as opposed to the silver market where supply is adequate.

If there is a dislocation in the physical gold market, which some have suggested as a possible outcome, then res ipsa loquitur. 'the thing speaks for itself'. 

There should be little surprise or debate with regard to the negligence of the regulators of the markets and those engaging in price manipulation including the Fed, the SEC, and the CFTC. 

The market price manipulators have been too long free to act with near impunity, much as Bernie Madoff had been able to do before his own price manipulation scheme toppled over, with the regulators and the Banks turning a blind eye to systematic fraud.


06 July 2018

Stocks and Precious metals Charts - Risk On! - Running With the Devil


"Maintaining the status quo of falling real wages and rising inequality by offshoring jobs to low cost countries like China, who then lend money back to the US, also risks pushing down growth rates.  We made a deal with the devil long ago; now he's here, and he wants his due."

Luke Gromen


“There can be few fields of human endeavor in which history counts for so little as in the world of finance.  Past experience, to the extent that it is part of memory at all, is dismissed as the primitive refuge of those who do not have the insight to appreciate the incredible wonders of the present.”

John Kenneth Galbraith, A Short History of Financial Euphoria


"There is a tide in the affairs of men, which taken at the flood, leads on to fortune. Omitted, all the voyage of their life is bound in shallows and in miseries.  On such a full sea are we now afloat.  And we must take the current when it serves, or lose our ventures."

William Shakespeare, Julius Caesar

The Non-Farm Payrolls Report came in about as expected on the headline numbers, but short on wage growth.   Stagnant wages—  who could have seen it coming.

It makes you wonder what sorts of jobs are being added.

The US tariffs on China took affect at midnight.  And China responds in kind.

So the trade war has begun.

And they bought it, with stocks up steadily, and gold, silver and the US Dollar all lower, if only a bit.

Gamble, gamble.

Next week may tell us about the precious metals, now that the short term noise is past.

Need little, want less, love more. For those who abide in love abide in God, and God in them.

Have a pleasant weekend.