Monday, June 20, 2016
To concentrate on one problem requires ignorance of the rest.
Analysis: “Democracy, national sovereignty and global economic integration are mutually incompatible: we can combine any two of the three, but never have all three simultaneously” Economist Dani Rodrik
Right To Wrong: Exxon, defending itself against lawsuits over its attempts to dismiss global warming for decades, claims its free speech rights include the right to lie to the public. You'd think they were politicians, but they've only bought a bunch of Republicans in the House to take over this investigation and wrest it from the less reliable hands at state level before someone finds Exxon guilty.
Entrails: Various financial institutions seem to be preparing us for an economic downturn. In the words or Richard Fisher, former head of the Dallas Fed, “There will be a correction. Suck it up. Deal with it. That's reality." The world's central bankers are doing all they can – through zero and negative interest rates – to get us to either (1) spend money to increase demand, or (2) buy stocks to increase capital. And we're not doing #1 and we don't seem too much inclined to do #2. What's behind door number three?
Punt: French President Hollande, faced with ever more recalcitrant laborers, has threatened to outlaw labor protests until his “labor reforms” have been accepted. Until morale improves, the French are forbidden to have any.
More Of The Same: May's housing numbers are out and it's another chorus of “Housing Starts Flat, Household Incomes Stagnant At 1995 levels.” Cribibing from the BLS jobs report.
Delusions: Turkey's president Erdoğan says he will build military barracks in Istanbul's Gezi Park, apparently feeling he now will be able to crush any opposition to the move and restructure the country's courts to suit his purposes. He also thinks Turkey is ready to build its own aircraft carriers – to confront which enemy is unclear, but Erdoğan seems capable of finding more than one if necessary. At home his chief advisor has proclaimed, "There is no need for anyone else to engage in politics. Our duty is to support the leader in this country."
Downward Spiral: Immediately following the carnage in Orlando, Republicans in Congress voted to continue the NRA sponsored 20 year prohibition against using federal funds to study gun violence in the US, despite the AMA's new push to get funding for such research. Obviously Americans have decided it is far easier to regularly bury the innocent with a great show of grief and contrition than to address the actual causes of this uniquely American disease. The problem is not “radical Islam”, the problem is ignorant, fearful, insecure Americans.
Porn O'Graph: Abnormal is the new normal.
A Parting Shot:
Posted by Charles Kingsley Michaelson, III at 7:19 AM