You should watch this MJ segment from today. Earlier she ripped up Michael Steele a former RNC head and a housling at NBC/MSNBC over his audacity as an uppity housling for having the audacity to defend Trump. This violates a prime directive 0f Mikanation which enjoins that African-Americans cannot be abused on TV, or anywhere.
In the tape below she moves on to Michael Wolff, clearly a tribal urbanite, who has had the audacity to write an article stating the obvious truth that the US is dividing into two nations along 1850s lines, but with different boundaries, perhaps metro/vs other. He points to the evident unknownness and inscrutability of the people at Cleveland attending the GOP convention to such as he and Mika. He then says we are dividing, perhaps, irrevocably. Mika then throws a fit abusing him for daring to imagine that Trump people are other than ignorant and misinformed. Clearly she is sure that only her side is possessed of virtue.
IMO MSNBC should give her a rest, somewhere, anywhere. She should take Joe with her. Willy Geist would do an admirable job of running the show until they retune someday … pl
maybe it’s her job to be an uptown version of Nancy Grace.
Clearly Mika and her like (what do you expect of a Brzezinski? to add a cheap jibe) have not tried to learn anything from the Brexit vote.
What Michael Woolff has clearly grasped is that if people of one ‘tribe’ cannot try and understand another, and reach out and find some common ground, you may end up back in 1861. One can understand a great deal, if one puts some work into it.
But Mika doesn’t get it – any more than her father ‘gets it’ about Ukraine.
In Britain we are not out of the woods, but we have been bloody lucky.
Whatever her flaws, Teresa May has the great advantage of – genuinely – having a foot in both camps, and not sharing the contempt members of each side are too prone to have for each other.
“…stating the obvious truth that the US is dividing into two nations along 1850s …”
Professor Robertson (the CW historian) at VT stated the same in item you linked too a few years ago. It is looking more and more like that to me every day. The establishment must be in a real state of panic over actual polling levels given the mis-informaton be put out by the MSM.
I think that Mika is acting according to the directive of her corporate bosses. The owners and principal stockholders of the mainstream media are staunchly opposed to Trump. I believe that their objective is to brand him as a dangerous hand on the nuclear button, reminiscent of Johnson’s campaign against Goldwater. Note the similarity between “the daisy commercial” and the recent allegations that Trump asked why he couldn’t use nuclear weapons.
The reason for this biased press coverage is critically important. The world has entered the most serious financial crisis since the great depression. The question is whether an epic banking collapse can be delayed until after the election. The answer to that question will determine who is elected to the presidency.
Deutsche Bank is the epicenter of this crisis. Deutsche Bank holds more than $70 trillion in derivative contracts, more than five times the GDP of Germany. Deutsche Bank’s earnings last quarter fell by 98 percent from the second quarter last year. The threat to Deutsche Bank is rapidly intensifying. The European banking system is now in meltdown. The Italian banking system is completely bankrupt Deutsche Bank has meager capital and will not be able to cover its derivative contracts.
If Deutsche Bank falls, it will take the US banking system with it. The “too big to fail” banks hold more than $250 trillion in derivative exposure. Trillions in derivative contracts insure the value of the Euro. And if the Euro suddenly collapses, major US banks collapse as well.
A looming threat to Hillary Clinton: Italy holds elections in October. A crisis may erupt if the Five Star movement wins and takes Italy off the Euro currency. The Euro would plummet dramatically, fueling an international banking crisis.
The other threat comes from China. If China significantly depreciates their currency, US products will become even more uncompetitive and the earnings of American corporations may plummet further. American corporations have issued approximately $6 trillion in bonds since the Lehman crisis, and have spent more than $4 trillion to buy back shares of their own stock. More drastic losses in earnings may produce widespread corporate bankruptcy and massive unemployment.
Here’s what is especially troubling: the most dire threat to the United States intensified two days ago. Chinese banks issued bonds denominated in IMF special drawing rights (SDRs). Chinese leaders want to replace the dollar as the world’s reserve currency with SDRs. This would be catastrophic for the United States: our debt is approaching $20 trillion, and that does not include the exorbitant funding needed for social security. We simply cannot afford to pay a cent in interest, as the Federal Reserve has discovered. This has been the real cause of tension between the United States and China and Russia. In fairness to the Chinese and Russian leadership, this strategy may not be a hostile act towards the United States. I believe that they recognize that the current system is unsustainable, and that a new system must be established.
It’s tragic that this rapidly escalating crisis isn’t being addressed by our political leadership or by the MSM. Trump clearly understands the magnitude of the crisis. He recently said that if interested rates were raised to three or four percent , “we won’t have a country.” And he’s absolutely correct. But it falls to the media to educate the American public, and their corporate ownership profits from the largesse of the Federal Reserve.
This mounting crisis could be more effectively contained if the American public were educated and informed. America could easily reduce our skyrocketing debt. American corporations pay little taxes, and the United States spends far more than the rest of the world on health and defense. We can’t avoid the crash, but we could burn off enough fuel to lessen the impact.
This is an update on the European crisis:
Funny thing about Mika and her kind are that they fully expect that the Trump People will be fighting any wars that Hillary and her kind initiate. The audacity to say that Trump will be impeached 2 weeks after taking office….
Both parties are leaving moderate Americans underrepresented and unguarded. There is no ‘triangulation’ this time around. I believe a socially liberal fiscally conservative centrist third party is going to emerge in this country in the next election cycle if the two national parties cannot get their act together.
The media and the duopoly establishment backed by all the big money are doing everything in their power to push the meme that Trump is unfit for the presidency.
As they noted in that segment you linked to they are quite willing to subvert democracy if the people don’t vote the way they want. And we have all of them attacking Trump as the fascist. This is not lost on those who see this total hypocrisy of the SJW money grubbers. IMO, they see the rigged system and the potential to rig the coming general election.
Michael Wolff is correct. We have two nations. The coastal and urban financial, political and media elite have only contempt for the other nation. At least Wolff is honest that he and his nation don’t understand the other one. This flyover nation has been under attack for sometime. Their jobs have been shipped overseas and their sensibilities have been assaulted by the prevailing elite cultural PCness.
Now, if the elites are successful in thwarting Trump in November through both overt and covert means and flyover country recognize with no shadow of doubt that the system is permanently rigged against them and then they see the Borg Queen intensify the attacks on them by signing further trade deals, increased financialization and more immigrants and more SJW privileges, they will get to the point when they completely reject the current system. This nation then becomes susceptible to demagogues who will attempt to rally this nation with the message the current system is incorrigible. It needs to be overthrown and violence is acceptable as a means. The flyover nation is not going away. The question is who gets to speak to them and for them.
I think that this is the article by Michael Wolff in the Hollywood Reporter that is mentioned in the Morning Joe interview–
And this is the same video segment at another spot–
The most telling thing in the whole interview was Michael Wolff saying that he did not know who the Trump supporters are; that he does not know those people. Given the apparent time he has spent in New York City and Los Angeles, I can understand his ignorance of most of the people in the U.S.A., but still, someone who at least went to college and has read a lot and traveled some, and who is not blind and deaf, could have recognized and thought about the many other types of people here.
Maybe I should offer to take Mr. Wolff on a guided tour of Texas, during which he will go to a little restaurant in a small Texas town where ranchers who have more money in the bank than most New Yorkers go to eat in their work clothes after driving up in their pickup trucks that have actually been used to work; and go to the coast out to the harbor at 4:00 a.m. when the shrimp and oyster boats (in season) head out to the bay and Gulf to gather what Mr. Wolff might enjoy eating; and then travel north outside Texas to the heartland to what used to be factory towns where he can see people who used to work productively and enjoy life who now have no comparable jobs after “leveraged buyouts” and “corporate takeovers” (often orchestrated by folks in New York City), and after shops were closed so they could be sent to Mexico or overseas, or replaced by “independent contractors” overseas.
Mr. Wolff’s knowledge will increase. Quickly and exponentially.
That may spare the Tories a bloody civil war, but it will not spare Britain the deleterious consequences of its mindless act. A review of her record as Home Secretary suggests that she would be more comfortable as a Trump adviser than a healer of the UK’s many divides.
Which nation od the Wall Street barons belong to?
For the past 35 years, it’s been the MSM’s standard practice to pick favorites and to pick “unfavorites.” They all fall into line. During the Bush years, there almost never was a critic of his foreign policy allowed on the air or on the op-ed pages. In the Reagan years, Democrats were relegated to second-class political citizens right across the board. This time, the emphasis is on the “unfavorite” – a role for which Trump is central casting perfect, in part because very few people like HRC. It’s the old American “cowboys vs Indians” mentality – which for a couple of decades in the era of modern communications was set aside by grown-ups with a sense of concern about the integrity of the public realm. Who in the MSM these days give a damn about the integrity of the public realm when the bottom line dictates that entertainment value rules everything?
Why is a collapse of the Euro a) likely and b) bad
First Europe doesn’t have a big current account deficit with the rest-of-the-world nor big outside debts so collapse doesn’t make sense.
European trade is overwhelmingly inside the EU so exchange rates don’t matter that much but the outside trade would love a depreciation
I hope they book Professor Stephen F. Cohen on Morning Joe. See https://en.wikipedia.org/wiki/Stephen_F._Cohen
Just watching Professor Cohen stare down that factous crowd with his weary, disbelieving eyes would be priceless.
For those of you who have not seen Professor Cohen in action, enjoy: https://www.youtube.com/watch?v=4StqO_HulQo
Looks like the Buffet/Hillary rally in Omaha was a super hit with locals who couldn’t get there in enough numbers.
How many were campaign operatives?
The $ 70 trillion in Germany and $ 250 trillion in US are also consistent with figures that I published 8 years ago here.
However, both EU and US can print more money to cover these assets – in effect, put them on ice.
I think banks in Spain and Portugal are also bankrupt; technically.
I’ve come to wonder if the debt really isn’t a feature rather than a bug. The rigging of the markets, the self-serving (literally) QE ad infinitum, and the imperviousness of the stock markets to gravity, all suggest to me something very sinister. By engineering the bailouts and printing presses, and enlisting the academics and press, the tiny fraction of the globe who possess so much power have enabled the continuation of their campaign to create a single global market, culture, and religion. They won’t let anything stop them.
By ginning up the markets without let up, the banks and corporations continue to buy-off politicians and anyone else they need to fit their globalist ends. Fixing the banking problems would only put these people on the streets and more likely in the jails. So, no, this won’t end without a fight.
I expect they’ll engineer a Clinton win. Then they won’t have to care any more about the economy; they full-blown corpratoctracy will be installed. They will then engineer both the “collapse” and the “recovery” on their terms, which will likely mean impoverishing everyone else through bail-ins and taxation to finally “fix” the problem. Once so impoverished, we’ll all be share croppers (to quote Warren Buffet) and forced to do what our overlords tells us (or starve or get arrested).
The model is the 2007 collapse. The failure to reorganize the banks and jail the perpetrators of that disaster only gave them still more power over the public and political institutions. We can only guess what will happen next time.
If you got out of the dorm youd know “fiscal conservative socially liberal” is a ridiculous pipe dream much like communism.
Until psychology changes what would have been considered nuts not too long ago is now considered as the new new thing. After all our best & brightest say so.
As this Zerohedge post notes, the SNB now has $62 billion of US stocks on its balance sheet that it purchased with liabilities that it created out of thin air. So, what is the “market” price of those stocks? Will the SNB make offers for your corner grocery store? Why don’t they and other central banks just buy all businesses on the planet at 100x their enterprise value? Since, there apparently is no limit to the size of their balance sheet and since they claim despite evidence to the contrary that these feats of alchemy are super awesome for the economy.
The Davos nation.
I don’t think that was Mr. Wolf’s point. His article was quite clear:
Point 1: (conventions) “…t heir real importance is not to people on the floor, but to television viewers and — for the first time with great significance — social media consumers. …. to force the message through the media filter and make it part of the public perception, …”
Point 2: (media establishment) “… And, of course, cable news experts — hundreds, it seemed — are there to make politics seem rational and to take speakers at their word….”
Point 3: “The historic departure here is in arguing legitimacy over policies.”
Point 4: (career politicians “confusion” here’s my state’s former governor): “Some people are angry, I get that,” said former Michigan Gov. Jennifer Granholm, but, more clearly, she was wholly bewildered, and not getting at all — along with the entire lineup of Democratic speakers — whatever it is that’s bothering Trump voters .
Point 5: (wink, wink guess who’s “normal”) “If this was horrifying to what was increasingly judged as normal America, including Democrats and Republicans alike, it was as likely galvanizing to abnormal America, this confounding population of Trump voters.” By this definition “abnormal” America, according to the MSM polls, is about 40% of America. Which leads to
Point 6: “Every time the good people and the established people… and the women and the LGBT people … and any other diversity subgroups shuddered and crossed themselves …, Trump seemed likely to cement another vote.”
Point 7: “…. The New York Times, joining the rest of respectable media in quite a daily drum beat against Trump.”
Point 8 ” if the Democrats, ,,,, overplay their Lena Dunham hand … not realizing how distasteful the Lena Dunham world is to possibly more than half of America. Trump’s message is clear: The other side’s virtue always is at the expense of the interests of Trump voters. The other side’s advantage exists because the system is rigged …” (Rigged was Bernie’s point).
I think he laid out the situation pretty well. Hilary is bound to win in 100 days, which is just what everyone said about Napoleon until he went to Belgium.
Isn’t this exactly where the Obama presidency placed itself? Do you realize that on most domestic issues, including civil liberties and the environment, he’s been to the right of Richard Nixon?
Well done Fred.
A point that the media elite may not fully get is that the “abnormal” people may get their information from alternative sources.
Here’s a couple of interesting blog post from 2009-10 written from a centre left perspective:
I disagree with some of it but his basic point – that a unifying concept for the American state is under ever increasing pressure – holds up.
At the end of the first article, he points out contradictions in the American narrative are becoming apparent. This is useful to read with Beetham’s model of legitimacy in mind: a governmental system is legitimate when “observable features of the system…show congruence between shared beliefs and public justifications” (Xavier Marquez summation of Beetham). In short, many Americans don’t share the beliefs necessary to sustain the ideographical appeals of the establishment, and whatsmore different groups of ‘Americans’ respond to fundamentally different ideographical appeals.
$62 billion sounds like a lot of money to a mere mortal but seen from the Nation of America it is almost peanuts
Totally agree with Liza about the economy. After a sixty year post war economic boom the latter half fueled by an overextension of credit I believe we are in the middle of a 15-20 year double dip world depression, the first crack in the dyke being the panic of ’08. Failure to rein in the banks caused them to double down on their reckless behavior and after an eight year non recovery the other shoe is about to drop. For several years I have feared that the European banking system would be the source of the next panic with Deutsche Bank the best candidate to be the next Credit-Anstalt as they are leveraged as much as Lehman Brothers but are far larger.
A frightening scenario is coming into focus but is unlikely to happen in the next three months.
I don’t think Wolff has to travel to Texas or Ohio to learn something that he couldn’t just as easily learn by taking a 45 minute subway trip outside of midtown Manhattan or a 45 minute freeway drive away from the westside of Los Angeles.
Obama isn’t running for president this term.
” fiscally conservative”? “Centrist”? Printing money on this scale? Running up the pubic debt on this level? Creating the largest army of Food Stamp collectors the nation has even see? Or, perhaps even, ever imagined? Use of Executive Orders on an unprecedented scale and scope, since perhaps FDR? Declaring, as a legal doctrine, that classes of people deserve a strict scrutiny standard of judicial review? Dispensing with MEANINGFUL due process before launching drone attacks on American citizens?
Look, these may be the wisest policy choices since Solomon. That is another argument, but I would not call them “centrist” or “conservative” by my historical interpretation of those terms.
“If you got out of the dorm youd know ” Really? You have no idea.
So, trying to recover its national sovereignty is a “mindless act?”
The media are unfit to be media, too. Not that this occupation requires many qualifications.
Good morning, all,
Here is a link to a post from Ian Welsh from just a little while back, Why Poor White Males are the Core of Trump’s Support.
This was from March, and as events have unfolded, it is clear to me that many people are rallying to the support of Mr. Trump’s proposed policies, as nebulous as they sometimes seem, and despite his zig-zagging and his occasional foot-in-mouth disease (ruthlessly exploited and distorted by the baying pack in the MSM, I might add). And no, many of those rallying are not poor whites, and some of them may not even be white, yet they see the pernicious trend lines that Mr. Welsh points to as being quite likely THEIR FUTURE, TOO; an erosion of prospects for not only them, but for their children and grandchildren. The benefits accruing to the business and finance elite through first the leveraged buy-outs back in the 70s and 80s, and then the grander schemes of pump-and-dump in the 90s, and on to the criminality of these elites in the mortgage scams and their subsequent impunity from criminal prosecution have only convinced these elites that they can – pretty much literally – get away with murder at the expense of the citizenry, black, white, Hispanic, it matters not at all to these sociopaths. And in the litany of bad acts I catalogued above, I even omitted to mention further ongoing outrages that afflict the nation’s citizenry, namely the shipping overseas of manufacturing (labor arbitrage) and outsourcing in general, both mightily corrosive to the financial and social well-being of the nation’s citizens. More “falling prices” at Walmart do not make up for the loss of Americans’ jobs that are inextricably linked to those “falling prices”.
More years of the aggrandizement of these same exploitative types, and the continued lionizing of their priorities are exactly the reasons that the more aware citizens rallied to Senator Sanders (that’s me) and also to Mr. Trump. They were both seen to be repudiating business as usual, and as trying to restore balance to the national priorities in both the domestic and foreign policy spheres. Sanders and his supporters were knee-capped, and have fallen back to devise another way to skin the cat. Mr. Trump soldiers on to the full disapprobation of the Inner Parties, whether Democrat or Republican, both of them loathe to be pulled away from the hog trough that they have engineered.
The sheep look up, and are not fed. This cannot endure for very much longer.
In the NY Times newspaper of today (5 August), an editorial appears entitled, “I Ran the C.I.A. Now I’m Endorsing Hillary Clinton”, by Michael J. Morrell (you have to turn on web browser cookies to see it)–
A reader’s first reaction will probably be that Mr. Morrell’s opinion piece was ghost-written by S.J. Perelman–
At the end, the article says that Mr. Morrell was the acting director and deputy director of the CIA from 2010 to 2013. Now, the organized attack on the U.S. persons in Benghazi, Libya took place on September 11-12, 2012, followed by the false story about how it started and happened. And when did the violence in Syria start, about which a public pronouncement was made by the Obama administration that “Assad must go”; was that not around 2011?
It is always nice to start the day with a little humor.
“…people may get their information from alternative sources.”
This is one reason both campaigns focus so heavily on social media (especially Trump) as well as the complains on social media manipulation. (Type in “Free Milo” to get an idea of just one such complaint). It makes the polling even harder to to do.
Things are getting progressively crazier.
Yesterday, just as Carney announced a cut in interest rates and more QE, the ‘FT’ published an article by Robert Skidelsky entitled: ‘A tweak to helicopter money will help the economy take off; One idea is to give cash to households with an incentive not to hoard it’.
(See https://next.ft.com/content/a36c5a26-5997-11e6-9f70-badea1b336d4 .)
Apparently, the idea is that: ‘You could create smart cards with £1,000 for each person on the electoral register. The cards could be programmed to reduce the value of the balance automatically each week.’
I had always thought Lord Skidelsky an intelligent and rational person. But this to me smacks of panic. How the endgame plays out is quite beyond me.
Incidentally, our exchange on the ‘Trump is a nationalist, not an internationalist thread’ gave me a great deal to think about – particularly in relation to parallels between ‘strategic studies’ and economics.
I hope to feed some of the results into discussions here as we go along.
Because socially liberal is what we have now, and socially liberal is another way of saying “encouraging social dysgenics”. Which in turn leads to more social spending, which blows the idea of “fiscally conservative” out of the water.
You can pick one, not both.
Nice. The doublespeak [as in Is this irony???] quality of his credentials is not new:
too bad Perelman is not instantly recognized and needs a footnote.
The mask has slipped and Brenner has outed himself as another soulless Borg Globalist.
Good grief. You can t wrap your head around the fact that Leftism is tolitarianism, can you?
How do you navigate with your head buried so firmly in the sand?
Brenner is either in denial or lying. Either way it’s not pretty.
It’s the size of the SNB balance sheet relative to the size of Switzerland’s economy. And it is also the point about the meaning of the “price” of a security when central banks buy securities with “money” they created with a keystroke. In the not too distant past people would have you committed if you expressed such ideas. But now it is considered perfectly normal although it has done nothing for median household incomes.
DH: If inflation was so easy to tame, why didn’t think of this in 1979?
The two Stephens, Cohen on the rare tv or radio appearance and Kinzer in the Boston Globe, are always a pleasant corrective to the Borg.
The FT is no longer a conservative paper. It has now become the mouthpiece for the craziness that goes for contemporary discourse on finance and strategic affairs.
Lord Skidelsky is only suggesting what Ben Bernanke has been advocating that Japan do as their program of neo-keynesian government spending and central bank balance sheet expansion has done nothing for their real economy. What is interesting is that these over-educated charlatans are determined to destroy the purchasing power of “money”. Their statistics they claim show no inflation. However, the average person sees shrinkflation in their packaged food, rising health care premiums, rents, school tuition for their kids, restaurant meals and pretty much everything they need to live on. Yes, gas prices have declined in the past year.
No one knows the end game. Rudi Dornbusch studied currency crises. But in an environment of competitive devaluation and relative values that may not be the first place where the change in psychology manifests itself. My own feeling is we will likely see the initial behavioral change in the asset class with the most egregious “pricing” – sovereign debt.
One thing I am absolutely certain is that sometime in the future people will ask “what were those people thinking” and “how did so many lose their head”. Future generations will study this period to understand how mass delusions get formed and sustained. The next Kindleberger will even write a book.
I expect mini landslides in the swing states which will not be contestable by the Democrats. Even though she will have won the popular vote, Trump will carry the electoral college.
Michael Wolfe is being honest in trying to get his “Wolfe Nation” audience to understand that there is a whole other Nation in this country. Of course, insisting that everyone is either part of Duck Nation or Dunham Nation leaves out a few couple million Bitter Bernistas. If Bernie wasn’t offering a real bridge between the two nations with his concerns of de-rigging the upper-class-biased economy and de-rigging its support structures in politics and government, he was at least trying to establish radio contact between Dunham Nation and Duck Nation. But his defeat was assured by electoral engineering by the DNC and in various Primary elections. So what will Sanders’ small legions of the defeated and the disregarded become? Bitter Bernie Borderers?
When all the (white) women who support Hilary look at their sons tonight they should reflect upon the fact that the establishment thinks there is an immigrant somewhere who deserves the same future as their son. Then they should question whether those politicians mean that future is “the same as” or “instead of.”
“Chinese banks issued bonds denominated in IMF special drawing rights (SDRs)”
Do you have a source on that? If true, that would/should be front-page news.
The MSM owe the Clintons for the Telecommunications Act of 1996, which led to massive industry consolidation and made all the media execs vastly richer. No doubt they can expect more goodies if Hellary is elected.
Yes, I find that the tone and content of Brenner’s comments is distinctly different from what it was before.
Did he had a “conversion moment” to some new ideology or is he forced to uncover his true beliefs by the current context?
Qualified participance in an transnational organsation limited to Europe,having grown from the express purpose of balancing the economies of steel and coal in crucial regions of Europe, is not “Borging”, it is not “Globalist”, and it has kept plenty of souls attached to their bodies that they might seek what ever they seek in relative peace.
The growth of the EU has always been elitist lead, but up until they were doing the Eurobaromater (until 2007 or so?) most Europeans felt themselves members of their own country and Europe, with a mix of which was most important.
What was a decade ago is not what is now.
Conversion, I imagine, between having to hold two different set of beliefs nearly driving him mad. So now he has the globalist outlook because arguing one way for FP and another for domestic policy took its toll.
nothing mindless about it. We don’t believe in the EU’s ultimate goal, which is a superstate. We prefer a sovereign UK.
But you can join the rest of the ‘remainers’ in calling us racist, uneducated or any of the other epithets they like to employ if it makes you feel better.