by David Stockman, Ron Paul Institute:
A hundred years ago in response to the horror of WWI, the great Randolph Bourne famously pronounced the truth that “War is the Health of the State.” Said Bourne,
War is the health of the State. It automatically sets in motion throughout society those irresistible forces for uniformity, for passionate co-operation with the Government in coercing into obedience the minority groups and individuals which lack the larger herd sense. The machinery of government sets and enforces the drastic penalties, the minorities are either intimidated into silence or brought slowly around by a subtle process of persuasion which may seem to them to really converting them……
The DTCC is tasked with settling more than 500 MILLION shares of stock traded each day. If they aren’t doing so, you don’t own what you think you own, and it could cost you everything. Bix Weir joins me to cover REAL NEWS the mainstream media won’t touch.
by Charles Hugh Smith, Of Two Minds:
Flooding the financial system with “free money” only restores the illusion of stability
I updated my How Systems Collapse graphic from 2018 with a “we are here” line to indicate our current precarious position just before the waterfall:
For those who would argue we’re nowhere near collapse, consider that over 20% of the Federal Reserve’s $2 trillion spew of free money went directly into the pockets of America’s billionaires: $434 billion by the latest estimates, while most of the rest went into the pockets of the top 10% who own all the assets that the Fed is goosing higher while millions of households are worried about feeding themselves: (American billionaires got $434 billion richer during the pandemic).
by MN Gordon, Economic Prism:
This week’s standard refrain was one of pessimism. The quick return to economic health mantra that was popular not long ago has disappeared faster than you can say lickety-split. But there was one notable outlier this week. In fact, one leading economist stepped forward with assurances that renewed prosperity lays just ahead.
On Wednesday, Nobel prize economist Paul Krugman looked up from his liquidity trap graphs long enough to tell Noah Smith at Bloomberg that the 1979-82 economic slump “would suggest fast recovery once the virus is contained. I don’t see the case for a multiyear depression.”